AUS
NZ
UK
CA
USA
IND
_07_03_2026_03_50_21_133108.jpg)
Maritana Minerals Limited (ASX:MRT) has finalised a Front-End Engineering Design (FEED) study that increases the planned throughput of its Black Swan Processing Hub from 2.2Mtpa to 2.5Mtpa, enabling the company to target approximately 100,000 ounces of annual gold production by the second half of 2027. Site mobilisation is advancing rapidly with key personnel appointments, ongoing infrastructure preparations, and the engagement of Zeal Engineering as Owner's Engineers. Additionally, exploration at Burbanks is progressing with notable high-grade gold intercepts, alongside the launch of a 60,000-metre resource conversion drilling program across multiple assets.
Key Points
- Maritana Minerals Limited (ASX:MRT) manages 1,167 square kilometres of tenements in Western Australia's Kalgoorlie and Coolgardie regions, holding 1.88 million ounces of gold resources.
- The Black Swan Processing Hub's nameplate throughput has been raised from 2.2Mtpa to 2.5Mtpa following completion of the FEED study by GR Engineering Services.
- First gold production from the BSPH is planned for H2 CY2027, with site mobilisation accelerating and a temporary construction camp scheduled for installation by early August 2026.
- Burbanks Phase 1 diamond drilling yielded high-grade intercepts including 4.20m at 42.43g/t Au; Phase 2 extensional drilling is now underway, targeting depths up to 450m.
- Elizabeth Jones has been appointed Chief Operating Officer effective 26 August 2026, bringing over 30 years of mining experience, including prior roles at Ramelius Resources.
- As of 30 June 2026, the company held $229.5 million in cash and is conducting a 60,000-metre resource conversion drilling program across Boorara, Coote, Gordons Dam, and Crake.
Completion of FEED Study and Throughput Enhancement
Maritana announced that GR Engineering Services completed the Front-End Engineering Design study for the Black Swan Processing Hub, marking a key milestone towards gold production. The FEED review led to an increase in planned nameplate processing capacity from 2.2Mtpa to 2.5Mtpa, reflecting further evaluation of ore sources and the capability of existing crushing and grinding infrastructure at the brownfield site.
This throughput uplift aligns with Maritana's strategic goal to become a ~100,000 ounce per year gold producer. The company noted that process plant capital costs are expected to rise due to the higher throughput target and inflationary pressures in the resources sector. To manage costs, Maritana is reviewing capital expenditure to identify optimisation opportunities, including potential deferrals and alternative financing options. Updated capital estimates will be provided upon completion of this review. Engineering, Procurement and Construction (EPC) and reimbursable contract arrangements with GRES are being finalised.
Accelerated Site Mobilisation and Infrastructure Preparation at Black Swan
Site activities at the Black Swan Processing Hub intensified during the quarter ended 30 June 2026. Zeal Engineering was engaged to provide Owner's Engineers services and project management support. The company appointed two Site Senior Executives and an Occupational Health and Safety Manager to oversee operations. Site preparation commenced, including clean-up and removal of legacy infrastructure to ready the site for construction. These mobilisation efforts mark the transition from engineering and planning to active site development.
A detailed LiDAR survey has been completed across the project site, producing an accurate digital representation of existing brownfield infrastructure. This data reduces engineering risks and potential clashes between new and existing infrastructure. A redesigned run-of-mine (ROM) pad has been finished, accommodating ore delivery from quad side-tipping road trains with added stockpiling capacity to support ore blending and optimise mill feed. These preparations demonstrate the company’s commitment to maintaining momentum towards the targeted H2 CY2027 production start.
Accommodation Plans for Construction and Operations at Black Swan
Maritana updated its accommodation strategy to support both temporary construction and permanent operational needs at the Black Swan Processing Hub. The company procured kitchen and accommodation modules for a permanent 60-room camp at the BSPH site, expandable to 120 rooms. A design and construct contract for this facility is expected to be awarded next quarter. Additionally, Maritana acquired a property in Kalgoorlie with approval for a 50-room camp, providing extra accommodation near the regional centre.
For immediate construction requirements, a temporary camp is being installed and was anticipated to be operational by early August 2026. Workforce ramp-up is underway to support site development. These accommodation provisions are vital for attracting and retaining skilled personnel during construction and eventual operations. The multi-location strategy addresses the remote Black Swan site while offering flexibility for staff preferring accommodation in Kalgoorlie township.
Development of Power and Water Infrastructure for BSPH
Non-processing infrastructure at the Black Swan Processing Hub is progressing on several fronts. Western Power has initiated grid connection studies, with approvals expected next quarter, a critical element of the power strategy. Concurrently, the company completed design of a diesel backup power station to ensure operational redundancy. A gas-fired hybrid power system is under final evaluation, reflecting the company’s exploration of multiple power supply options to optimise reliability and cost.
Water infrastructure development advances with specialist consultants Western Groundwater and Flow Water Services engaged for comprehensive water studies and borefield refurbishment planning. The Black Swan water bore refurbishment is underway to support development, alongside long-term water strategy planning. Reliable water supply is essential for gold processing, and engaging specialists underscores the complexity of water management in the semi-arid Kalgoorlie region.
Mining Contract Tendering and Extraction Preparations
Preparations for mining at the Black Swan Processing Hub are progressing well. MineBuild Global was appointed to support mine development. Tendering for open pit, underground, and haulage contracts is ongoing, with contract awards targeted for H2 CY2026. These contracts are critical for delivering ore to the processing hub and represent the next major capital commitment.
Operational readiness is advancing for near-term mines including Cannon and Boorara, planned to supply ore to BSPH. Detailed mine planning is underway to ensure these satellite deposits can feed the centralised processing facility. The staggered mine development and contract awards through H2 2026 align mining operations with processing plant engineering and construction schedules.
Burbanks Phase 1 Diamond Drilling Yields High-Grade Gold Intercepts
The Burbanks Gold Project reported significant exploration results this quarter. Phase 1 diamond drilling completed 53 holes totalling 15,798 metres. Final assays confirmed multiple high-grade gold intercepts, including 4.20 metres at 42.43 grams per tonne gold from 289.63 metres depth. Within this interval, a 1.37-metre section averaged 126.93 grams per tonne gold. Another intercept recorded 2.02 metres at 5.99 grams per tonne gold from 244.98 metres, including a 0.37-metre high-grade section at 9.05 grams per tonne gold.
These results reinforce the prospectivity of Burbanks lodes and potential resource extensions. Phase 2 extensional drilling has commenced with a second rig mobilised, testing Burbanks Main and Birthday Gift lodes to depths of 450 metres, extending beyond the current 250-metre depth. The increased drilling capacity reflects confidence in ore body geometry and grade potential, supporting Burbanks’ contribution to the Black Swan Processing Hub.
Extensive Resource Conversion Drilling Across Multiple Assets
Maritana launched a major resource conversion drilling campaign this quarter, targeting 60,000 metres of rotary chip (RC) drilling across Boorara, Coote, Gordons Dam, and Crake. The aim is to convert Inferred Resources to Indicated Resources, reducing risk in mine planning for the Black Swan Processing Hub. Upgrading resource classifications enhances confidence in mine planning and ore scheduling for the processing hub.
This campaign aligns strategically with BSPH development and mining contract tendering. By upgrading resources across multiple deposits, Maritana is building a diverse ore supply portfolio for the 2.5Mtpa facility. The scale of the 60,000-metre program highlights significant investment in definition drilling and commitment to securing sufficient ore to sustain targeted production.
Tenement Consolidation Through Nano Metals and Accelerate Resources Acquisitions
During the quarter, Maritana expanded its tenement position around the Black Swan Processing Hub via strategic acquisitions from Nano Metals and Accelerate Resources. These purchases enlarge the landholding surrounding BSPH, reducing risks of third-party claims or competing exploration and strengthening the company’s asset base.
These acquisitions support a broader strategy to build a cohesive landholding for future mine development and exploration. Maritana’s 1,167 square kilometres of tenements in Kalgoorlie and Coolgardie offer substantial exploration upside and multiple ore sources. Consolidating tenure near the processing hub optimises mining logistics and ore sourcing flexibility.
Appointment of Chief Operating Officer to Lead Production Transition
Elizabeth Jones was appointed Chief Operating Officer effective 26 August 2026. With over 30 years of mining experience, including as General Manager of Ramelius Resources' Mt Magnet Gold Operations, Jones is positioned to lead Maritana’s transition from development to production. Her appointment signals the company’s move toward operational execution and reflects strong governance as BSPH advances.
Jones’s expertise in managing gold operations at regional mines equips her to establish operational systems, manage stakeholders, and drive safe, efficient production. Her leadership comes at a pivotal time as BSPH moves from engineering design to site mobilisation, construction, commissioning, and steady-state operations.
Strong Financial Position Supports Development Progress
As of 30 June 2026, Maritana held $229.5 million in cash, providing solid financial capacity to advance Black Swan Processing Hub development, the 60,000-metre drilling program, and corporate activities. This cash position enables self-funding without immediate external capital needs.
The company is actively reviewing capital expenditure to identify optimisation opportunities and exploring alternative financing for select project items. This financial discipline amid inflationary pressures demonstrates prudent project management. Updated capital estimates will be shared following the capital review, offering clarity on funding and project economics as BSPH moves toward execution.
On Track for First Gold Production in H2 CY2027
The Black Swan Processing Hub development remains on schedule to deliver first gold production in the second half of calendar year 2027. This assumes continued progress in engineering finalisation, successful site mobilisation and construction, and timely mining contract awards in H2 CY2026. The H2 CY2027 target marks the transition from engineering, procurement, and construction phases to commissioning and ramp-up toward the 100,000 ounces per year production goal.
Investors will monitor progress against key milestones through late 2026 and 2027, including EPC contract finalisation, mining contract awards, power grid connection approvals, and detailed engineering completion. The company’s confidence is supported by the FEED study completion and accelerated site mobilisation. Achieving first gold in H2 CY2027 will establish Maritana as a producing gold company with a multi-deposit ore supply and exploration potential across its extensive landholding.
