The Mining Proposal Permit for the Neta Gold Prospect at the Edjudina Project has been granted by the WA Mines Department (DMPE). This MPP allows for the commencement of mining at the Neta Prospect to Gibb River Diamonds Limited [GIB].
JV partner and private mining contractor BML Ventures Pty Ltd have indicated to GIB that they expect to mobilise plant and equipment during August 2025 to facilitate ground preparation and logistics requirements prior to the commencement of mining at the Neta Prospect.
The most likely and preferred ore processing arrangement for the Neta ore is to utilise capacity within pre-existing BML milling contracts. The Company will update the market regarding ore processing arrangements when these are finalised.
As previously reported, mining development at Neta will be conducted by private mining contractor BML, who are responsible for all mining related capital and working capital costs. BML’s role is to cover all aspects of mining and deliver the mineralised material to one of a number of nearby gold processing plants. GIB is not providing any capital or operating expenses for this mining project6 and as such carry’s minimal financial exposure to the project.
BML has an excellent track record of working with local toll treatment operators to maximise profitability and cash generation from small to medium sized mining projects. These include agreements for conducting mining operations with ASX listed Companies including Auric Mining Limited and Horizon Minerals Limited.
Once project expenses have been paid with costs being re-imbursed from operational cashflow, the net surplus cash will be split 50/50 between GIB and BML on an ongoing basis until the cessation of the BML-GIB agreement.
There are no forward sales locked in for this mining operation and all production will be sold into the spot gold market. The above permitting represents the final regulatory hurdle towards mining the Neta gold deposit. Neta has an Indicated and Inferred JORC (2012) Resource of 378,000 tonnes.
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