Vertex Minerals' Reward Gold Mine Development Application Deferred to August 2026, Impacting Expansion Timeline

Extension of Reward Gold Mine Development Application Decision

On 12 June 2026, Vertex Minerals Limited revealed that the development application to modify work hours and blasting times at the Reward Gold Mine was on track for a mid-July 2026 decision. The company has now updated that Bathurst Regional Council has postponed this determination to mid-August 2026, delaying the timeline by about one month. The application targets easing restrictions on underground work hours, which currently limit production growth. This deferral indicates the council requires additional time to thoroughly evaluate the proposed modifications.

This development application process is a standard regulatory step for mining operation changes in New South Wales, involving assessments of environmental, operational, and community impacts. The extended review period may reflect the need for further technical analysis, supplementary information from Vertex Minerals, or stakeholder consultations regarding the proposed adjustments to work hours and blasting schedules.

Vertex Minerals’ Core Gold Asset and Resource Profile

The Reward Gold Mine is Vertex Minerals’ flagship asset, representing their main production operation. Situated at Hill End, New South Wales, the mine benefits from over 100 years of regional mining history. Vertex Minerals holds 100% ownership with no gold production hedging in place. As of the June 2023 resource update, the Reward deposit’s Mineral Resource Estimate is 419,000 tonnes at 16.72 g/t gold, containing 225,200 ounces. This includes 141,000 tonnes indicated at 15.54 g/t (70,500 ounces) and 278,000 tonnes inferred at 17.28 g/t (154,700 ounces).

The company has inherited approximately AUD 25 million in underground development capital at Reward. The broader Hill End and Hargraves Gold Project includes additional resources, with a combined total across Reward, Hargraves, and Red Hill projects of 4,214,000 tonnes grading 8.7 g/t gold for 482,000 ounces. The Reward deposit lies adjacent to the historic Hawkins Hill mine, known for exceptionally high-grade gold production at 309 g/t from 435,000 ounces of ore.

Production Initiation and Advanced Processing Technology

Vertex Minerals has commenced gold production from stockpiles using a newly installed Gekko gravity gold plant at Reward. The company reports production has started while underground development continues. The gravity processing technology achieves up to 95% gold recovery using gravity methods alone, avoiding flotation or chemical treatments. This method offers operational benefits such as reduced processing costs and a smaller environmental footprint compared to conventional chemical processes. Processing stockpiles enables revenue generation and cash flow while awaiting regulatory approval for expanded underground mining.

The Gekko gravity plant installation marks a key operational milestone, transitioning the project from exploration and development into active production. Processing stockpiled ore provides valuable operational data and experience ahead of scaling underground mining. The high recovery efficiency suits the high-grade Reward deposit, where ore grades exceed 16 g/t gold.

Historical Mining Background and Geological Potential

The Hill End district has a mining heritage exceeding 150 years. The Reward Gold Mine is located beneath the historic Hawkins Hill mine, which produced significant high-grade gold. Hawkins Hill yielded ore grading 309 g/t gold with historic production of 435,000 ounces. This proximity to a historically rich high-grade zone supports strong exploration potential at Reward. Geological continuity between Hawkins Hill and Reward suggests similar mineralization processes, with Reward remaining partially unexplored and undeveloped, indicating potential resource expansion as exploration progresses.

The Hill End gold system extends over 25 kilometres in strike length, encompassing multiple deposits at various development stages. The historical mining context provides operational and geological benchmarks, supporting current mining methods and processing strategies. Hawkins Hill serves as a high-grade reference point within the broader gold system.

Regulatory Approval as Key to Mining Expansion

The mid-August 2026 development application decision is a critical regulatory milestone for Vertex Minerals. Approval of the requested modifications to work hours and blasting times would enable expanded underground mining at Reward, addressing current operational restrictions. This would allow increased production capacity and faster ore extraction. Without approval, underground mining expansion remains constrained, delaying production growth and cash flow acceleration.

New South Wales mining regulations require comprehensive assessments including environmental impact, operational safety, and community consultation. Bathurst Regional Council’s extended review suggests a detailed evaluation is underway. The decision will significantly affect Vertex Minerals’ near-term mining plans and production schedule. Investors should closely monitor the August 2026 determination as approval would likely accelerate underground development and production expansion.

Expanded Project Portfolio and Global Resource Overview

In addition to Reward, Vertex Minerals holds mineral resources at Hargraves and Red Hill within the Hill End region. Hargraves contains 1,109,000 tonnes indicated at 2.7 g/t gold (97,000 ounces) and 1,210,000 tonnes inferred at 2.1 g/t (80,000 ounces), totaling 2,319,000 tonnes at 2.4 g/t gold (178,000 ounces). Red Hill holds 413,000 tonnes indicated at 1.4 g/t gold (19,000 ounces) and 1,063,000 tonnes inferred at 1.8 g/t (61,000 ounces), totaling 1,476,000 tonnes at 1.7 g/t gold (80,000 ounces).

The combined global resource across Reward, Hargraves, and Red Hill totals 4,214,000 tonnes averaging 8.7 g/t gold, containing 482,000 ounces. This includes 1,663,000 tonnes indicated at 8.9 g/t (187,000 ounces) and 2,551,000 tonnes inferred at 8.6 g/t (296,000 ounces). Reward accounts for approximately 47% of the total resource base, underscoring its importance as the primary asset. Hargraves and Red Hill offer future development potential but are at earlier stages compared to Reward.

Operational Limitations and Regulatory Environment

The development application targets modifications to work hours and blasting times, identified as limiting underground operations at Reward. These restrictions stem from existing approvals or conditions imposed by Bathurst Regional Council or other authorities, likely reflecting concerns about noise, vibration, or environmental impacts. Vertex Minerals seeks to adjust these conditions to support expanded underground mining.

New South Wales mining regulations balance resource development with environmental and community considerations. Mining companies must secure appropriate approvals for operational changes. The current restrictions indicate prior approvals included such limitations. The development application is the formal mechanism to request changes based on operational needs. Approval is not assured; regulators may impose conditions, require further assessments, or reject the application.

Company Strategy and Production Outlook

Vertex Minerals aims to advance Reward Gold Mine from development to expanded production. The company has invested heavily in underground infrastructure and processing equipment, including the Gekko gravity plant, enabling production commencement. Processing stockpiles provides a foundation for scaling operations as underground mining expands. Regulatory approval is a necessary step to unlock full-scale underground mining and increased production throughput.

Management, led by Executive Chairman Bruce McInnes and Executive Directors Roger Jackson and Jim Simpson, along with Director Tully Richards, has endorsed the update on the development application deferral. The team brings technical expertise aligned with mining operations and resource development. The focus on gravity processing technology reflects a strategic choice for efficient, cost-effective gold recovery suited to Reward’s high-grade ore. The phased development approach—from stockpile processing to underground expansion—is designed to build production capacity and enhance cash flow generation.

Investor Guidance and Upcoming Milestones

Investors should monitor the mid-August 2026 determination of the development application closely. Approval would likely lead to announcements about increased underground mining capacity and updated production forecasts. Conversely, deferral, conditional approval, or rejection would require alternative strategic responses. The regulatory outcome will heavily influence near-term production growth and cash flow.

Current production on stockpiles offers operational data and initial revenue while awaiting regulatory decisions. Vertex Minerals does not hedge gold production, so gold price fluctuations will directly impact profitability as production scales. The high-grade Reward deposit provides economic resilience even if gold prices soften. The company has not provided detailed guidance on production volumes, timing, or capital needs for subsequent development phases. Investors should seek ongoing operational updates and announcements regarding the August regulatory decision, stockpile production metrics, and plans for underground expansion contingent on approval.