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Highlights
- Hanking Gold secured a major mining approval for the Cygnet Gold Project in Western Australia.
- Mt Bundy received mining management plan approval and a deemed mining licence.
- The company targets first gold production at Mt Bundy in the first quarter of 2028.
- JORC gold reserves increased by 53.1% to 2.62 million ounces in 2025.
- Domestic iron ore and high-purity iron businesses recorded higher revenue and profit before tax in 2025.
Hanking Gold has entered a new phase in the development of its Australian gold assets, with important milestones achieved at both the Cygnet and Mt Bundy Gold projects. While the year has brought project approvals, construction activity and development milestones across its Australian assets, much of that progress can be traced back to decisions and achievements made in 2025. From reshaping its gold strategy to expanding its resource base, the company is advancing with a clearer development path. The latest updates at the Cygnet and Mt Bundy Gold projects show how those earlier steps are now translating into on-the-ground activity.
A Strategy Reset Changed the Direction
The company's biggest shift came after reassessing how it wanted to build its gold business.
In July 2025, Hanking Gold proposed spinning off and separately listing its gold business on the Hong Kong Stock Exchange to raise capital for the Cygnet Gold Project. However, after reviewing developments across its technical, financing and corporate activities in January 2026, the company decided a different approach would create greater value.
Instead of proceeding with the spin-off, Hanking Gold chose to develop its gold business through the existing listed company. The revised strategy allows the company to focus its financial and operational resources on advancing the Mt Bundy Gold Project, while maintaining its target of achieving first gold production in the first quarter of 2028.
Cygnet Takes an Important Step Towards Mining
That strategic decision was followed by an important milestone at the Cygnet Gold Project in Western Australia.
Cygnet Gold Pty Ltd received approval for the Copperhead and Golden Pig Mining Development and Closure Proposal from the Department of Mines, Petroleum and Exploration. The approval marks an important step towards recommencing underground mining activities at the project.
The approved scope includes the Copperhead mining void, a new underground access portal, underground mining operations, a Run-of-Mine pad, supporting mining infrastructure and the construction of the Copperhead evaporation pond. Underground mining activities at Golden Pig have also been approved, while applications for related miscellaneous licences continue to be processed.
The Cygnet Gold Project, located around 360 kilometres east of Perth, comprises the Copperhead and Golden Pig underground mines together with the Corinthia open pit mine. Ore from the underground operations is planned to be transported to a central processing facility at Corinthia.
Mt Bundy Moves Beyond Approvals
While Cygnet reached a regulatory milestone, the Mt Bundy Gold Project progressed into its next phase.
After receiving mining management plan approval and a deemed mining licence from the Northern Territory Government, Hanking Gold commenced construction of the project's access road, a 258-man mine camp and associated infrastructure.
The approved mining management plan covers the mine camp, processing plant, tailings storage facilities, associated infrastructure and the Rustlers Roost and Quest 29 open pit mines. The project will continue to operate under the standard environmental and engineering conditions required for developments of this nature.
Located approximately 100 kilometres south-east of Darwin, Mt Bundy hosts 3.47 million ounces of JORC gold resources and 1.88 million ounces of JORC gold reserves. Based on the updated definitive feasibility study, the project is expected to produce an average of 150,000 ounces of gold annually during its first 10 years across an initial mine life of 17 years. The company aims for first production in the first quarter of 2028.
Alongside project milestones, Hanking Gold also expanded its resource base during 2025. Following the Stage 1 pre-feasibility study at Cygnet and the updated definitive feasibility study at Mt Bundy, the company's JORC gold reserves increased by 53.1% to 2.62 million ounces, while JORC gold resources reached 5.54 million ounces.
With regulatory approvals now in place at Cygnet, construction underway at Mt Bundy and the resource base expanded during 2025, Hanking Gold's recent progress reflects how last year's strategic decisions have begun to take shape across its Australian gold portfolio.
