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Anax Metals Limited (ASX:ANX) has officially started the Front-End Engineering Design (FEED) phase for its 80%-owned Whim Creek Copper Project located in Western Australia's Pilbara region. This engineering initiative marks a significant milestone following the positive Definitive Feasibility Study Update published in February 2026, aiming to advance project design and support a Final Investment Decision (FID) scheduled for Q4 2026. The FEED will be executed by an Integrated Project Team including Anax, WSP, Orelogy, CPC Engineering, and Gekko Systems, under the leadership of newly appointed Chief Operating Officer Danny George.
Key Highlights
- Anax Metals Limited (ASX:ANX) has launched FEED for the Whim Creek Copper Project, in which it holds an 80% stake.
- The FEED aims to underpin a Final Investment Decision in Q4 2026, facilitating the transition to the project execution phase.
- The February 2026 DFS Update reported a pre-tax NPV7 of A$501 million, an IRR of 98%, free cash flow of A$723 million, and a capital payback period of roughly 14 months on a 100% project basis.
- The FEED will be delivered via an Integrated Project Team led by COO Danny George, who has over 20 years of mining project delivery experience.
- Anax is actively engaging with shortlisted financing and strategic partners, with site visits and due diligence underway.
Whim Creek Copper Project Financial Overview and Feasibility Study Results
The Whim Creek Copper Project in the Pilbara region of Western Australia demonstrated strong economic metrics in the February 2026 Definitive Feasibility Study Update. The DFS confirmed a pre-tax net present value (NPV7) of A$501 million, an internal rate of return (IRR) of 98%, and free cash flow totaling A$723 million on a 100% project basis. The project’s capital expenditure is estimated at approximately A$91 million, with a swift capital payback period of about 14 months. These financial indicators underpin the current FEED program and reinforce investor confidence in the project's feasibility.
The robust DFS outcomes position Whim Creek as a compelling copper development opportunity. Its relatively low capital requirement, rapid payback timeline, and significant free cash flow generation have attracted interest from potential financiers and strategic partners. Selected parties have been shortlisted and are progressing with site visits and due diligence as part of ongoing funding efforts. The FEED phase will further refine these economic parameters by enhancing engineering definition and cost certainty across all project elements.
Integrated Project Team Approach and Engineering Collaborations
Anax Metals is implementing an Integrated Project Team (IPT) model for FEED, combining internal expertise with leading global and Australian engineering specialists. WSP, a global engineering consultancy, has been engaged to provide embedded project management services including project controls, cost estimating, planning, and contract management. WSP’s extensive experience in the Northwest Pilbara region adds valuable local insight. This collaborative owner-team approach, rather than a traditional client-consultant model, aims to strengthen governance and improve cost certainty throughout FEED.
Additional specialist partners include Orelogy, an Australian mining consultancy with global multi-commodity expertise, providing mining engineering support; CPC Engineering, a Western Australian firm specializing in mineral processing plants and mining infrastructure with significant copper processing experience, delivering process and metallurgical engineering; and Gekko Systems, an Australian minerals processing technology company specializing in energy-efficient gravity separation, flotation, and intensive leaching solutions, responsible for modular process plant design. This unified decision-making framework enables concurrent engineering, cost estimation, and schedule optimization, reducing interface risks and progressively enhancing cost certainty during FEED.
Leadership Under COO Danny George and Project Execution Expertise
Danny George has been appointed Chief Operating Officer to lead the FEED phase. With over 20 years of experience delivering resource projects from study through construction, commissioning, and commercial operations, George’s extensive track record equips him to steer the Whim Creek project through this critical stage toward FID. His comprehensive expertise across full project lifecycles ensures the technical and commercial acumen needed to advance the copper project from engineering design to execution.
George’s appointment underscores Anax Metals’ commitment to disciplined project development and execution. His leadership provides financing partners and strategic investors with assurance that the project is managed with senior-level focus and accountability. His hands-on experience in construction and commissioning phases ensures FEED will be conducted rigorously, with execution planning informed by practical operational realities and challenges encountered in similar projects.
FEED Scope Encompassing 400 ktpa Concentrator and Supporting Infrastructure
The FEED program will enhance engineering definition across key infrastructure and operational components of the Whim Creek project. This includes the 400 ktpa concentrator facility, the project's central processing asset. FEED will also cover ore sorting and pre-concentration circuits designed to upgrade ore quality and reduce processing loads before material enters the concentrator. Additionally, mining fleet selection and optimization, along with all supporting non-process infrastructure essential for operations, will be addressed.
FEED will deliver refined capital and operating cost estimates, an updated project execution plan, and an enhanced financial model reflecting matured engineering data. These outputs are intended to support project financing and provide the cost certainty and execution confidence required by debt providers and strategic partners. The comprehensive FEED scope across processing, mining, and infrastructure aims to mitigate execution risks and validate the economic assumptions from the February 2026 DFS Update. Early Contractor Involvement (ECI) during FEED will engage contractors, equipment manufacturers, and strategic suppliers in engineering development to improve constructability, confirm market pricing, and optimize procurement for long-lead equipment.
Final Investment Decision Timeline and Financing Strategy
Anax Metals targets a Final Investment Decision in Q4 2026 for the Whim Creek Copper Project. FEED will advance concurrently with project financing activities, including debt financing and concentrate offtake negotiations initiated after the February 2026 DFS Update. Completion of FEED, along with finalized financing arrangements and an updated financial model reflecting engineering outcomes, will enable the company to seek Board approval for FID. This parallel progression ensures alignment and mutual reinforcement between engineering and financing workstreams.
The Q4 2026 FID milestone will enable Whim Creek to transition into the execution phase. Engagement with financing and strategic partners has progressed, with shortlisted parties conducting site visits and due diligence. This concurrent advancement of FEED and financing demonstrates Anax Metals’ multi-front approach to project development. Additionally, an updated Mineral Resource and Ore Reserve estimate for Mons Cupri, reflecting current metal prices and operating costs, will be completed as part of the FID preparation, ensuring resource models incorporate up-to-date economic factors.
Mons Cupri Mineral Resource and Ore Reserve Updates
As part of the FID pathway, Anax Metals will update the Mineral Resource estimate for Mons Cupri and the Ore Reserve estimate, incorporating current metal prices and operating costs. Mons Cupri is a key deposit within the Whim Creek project, and these updated estimates will feed into the refined execution plan and financial model developed during FEED. Current metal prices are critical inputs for resource classification and reserve definition, determining the economic viability of mineral extraction and processing.
Including current operating costs in these updates ensures alignment between mineral inventory definitions and FEED cost assumptions. This iterative process, where resource and reserve updates coincide with engineering cost development, strengthens the foundation for financing and investment decisions. Providing financing partners with current, relevant data supports thorough due diligence and confidence in the project’s ore supply profile and financial projections.
Project Debt Financing and Concentrate Offtake Progress
Anax Metals is actively pursuing project debt financing for Whim Creek, including debt agreements and concentrate offtake contracts initiated post-February 2026 DFS Update. Concentrate offtake agreements are essential for financing as they secure committed product supply to smelters and refiners, providing long-term revenue certainty. These agreements typically form a key part of the covenant and security package for lenders, demonstrating market commitment for the project’s output. The concurrent advancement of financing discussions and engineering work ensures lenders have access to evolving technical and cost data to support lending decisions.
The company has shortlisted potential financing and strategic partners, with site visits and due diligence progressing as planned. This indicates strong interest from qualified financiers moving beyond initial talks to substantive evaluation. Site visits allow investors and lenders to assess project location, infrastructure, and management firsthand. Securing debt and concentrate offtake agreements is a critical next step toward FID, expected during the FEED phase.
Anax Metals’ Ownership and Role in Whim Creek Copper Project
Anax Metals Limited owns an 80% interest in the Whim Creek Copper Project, providing operational control and primary entitlement to project cash flows upon production. The remaining 20% non-controlling interest is held by other parties, though details of these stakeholders or joint venture terms have not been disclosed. As majority owner and operator, Anax bears principal responsibility for financing, development, execution, and associated risks and opportunities.
Whim Creek is a significant asset within Anax Metals’ portfolio and the focus of near-term development efforts. Its location in Western Australia’s Pilbara region offers access to established mining infrastructure, skilled labor, and logistics networks for product shipment. The absence of disclosures on other material projects suggests Whim Creek is the company’s core development asset driving near-term value. Advancing Whim Creek toward production is therefore pivotal for shareholder value, with the FEED program and targeted Q4 2026 FID representing crucial milestones in unlocking the project’s economic potential.
Risk Mitigation via Early Contractor Involvement and Engineering Maturity
The IPT model for FEED incorporates Early Contractor Involvement (ECI), engaging key contractors, equipment manufacturers, and strategic suppliers during engineering development. Early engagement aims to enhance constructability, validate market pricing for major equipment and services, and optimize procurement strategies for long-lead items. This approach mitigates risks of designing infrastructure that is difficult to build or based on outdated cost assumptions. Iterative contractor and supplier involvement ensures engineering is informed by practical construction and procurement realities rather than theoretical or obsolete data.
The structured progression of engineering maturity and cost certainty through FEED is designed to reduce execution risks ahead of construction. By continuously improving cost estimates with ECI, the project gains greater confidence in capital costs and delivery schedules before FID. The integrated development of engineering, commercial, and execution plans within the IPT framework strengthens governance and provides a solid foundation for financing and project delivery. The engagement of globally recognized engineering partners, combined with experienced leadership and disciplined delivery, demonstrates Anax Metals’ risk-managed approach to advancing Whim Creek toward construction.
