Maritana Minerals increases BSPH capacity to 2.5MT per annum

• FEED studies increase nameplate throughput from 2.2 Mtpa to 2.5 Mtpa.
• Process plant capex likely to increase in line with the throughput uplift.
• Enlarged run-of-mine (ROM) pad design finalised.
• Key regulatory approvals lodged, progressing.

Maritana Minerals (ASX:MRT) has significantly upgraded the size of its Black Swan Processing Hub project in Western Australia after obtaining positive front-end engineering and design (FEED) study results.

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FEED has identified a throughput increase to 2.5 million tonnes per annum (Mtpa) based on further assessment of ore sources and the capability of existing crushing and grinding infrastructure at BSPH.

MD and CEO, Grant Haywood, said the uplift could meaningfully enhance the project’s production capacity, subject to further technical and economic studies and supports the company’s target of becoming a 100,000 ounce per annum gold producer.

“We are delighted with the substantial progress made at the Black Swan Processing Hub. The completion of the FEED study, with the increase in nameplate throughput above 2.2 Mtpa, materially improves the Project’s production capacity. Site activity is ramping up quickly, and key approvals are advancing,” he said.

“These activities, combined with our other de-risking initiatives across infrastructure, accommodation, and power, position us well for construction commencement in mid-2026 and first production from multiple ore sources in H2 CY27.

“The entire team is executing strongly, and we look forward to delivering the Black Swan Processing Hub as a cornerstone asset for Maritana Minerals.”

Mr Haywood told shareholders the capital cost implications of the throughput increase are currently being assessed as part of the ongoing FEED review process.

The company is looking to identify the potential to reduce costs, defer expenditure beyond first gold production and/or enter separate financing options for certain capital items.

In the meantime, a comprehensive LiDAR survey of the Black Swan site has been completed. The resulting point-cloud data has been used to create an as-built digital representation of the existing brownfield infrastructure. This de-risks detailed engineering design and reduces the potential for clashes between new and existing infrastructure.

The company continues to advance on multiple fronts, with construction targeted to start in mid-CY26. Maritana remains in a strong funding position with a $229M cash balance and $11M of listed investments.

MRT is steady at 67.5¢. Mkt cap $249.1M.

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