Why Is Hanking Gold International Expanding Its Focus on Mount Bundy?

Highlights

• Primary Gold has received a Deemed Mining Licence for the Mount Bundy Gold Project in the Northern Territory.
• The Mount Bundy project is expected to become the Northern Territory’s second-largest gold mine once operational.
• The project is forecast to create more than 400 jobs during the construction phase.
• Hanking Gold estimates that Mount Bundy hosts approximately 3.47 million ounces of gold resources and 1.88 million ounces of gold reserves.
• Gold production at Mount Bundy is expected to commence from Q1 2028.

Primary Gold Limited has moved closer to developing its Mount Bundy Gold Project after securing a Deemed Mining Licence (DML) from the Northern Territory Government’s Department of Lands, Planning and Environment for the operation located approximately 100 kilometres south-east of Darwin.

The approval marks a major milestone for the project and positions Mount Bundy to become the Northern Territory’s tenth operating mine and the region’s second-largest gold mining operation.

The licence approval follows years of investment and project development activity linked to Mount Bundy, which includes the Rustlers Roost and Quest 29 open pit mining projects alongside associated infrastructure such as a worker’s camp, processing plant, tailings storage infrastructure and a gas pipeline connection.

The development also renewed focus on the ownership history of Primary Gold. Hanking Australia Investment Pty Ltd entered into a Bid Implementation Agreement with the company in February 2018. In March 2018, HGM Resources Pty Ltd, a wholly owned subsidiary of Hanking Australia, launched an off-market all-cash takeover offer for all shares in Primary Gold.

Primary Gold Pty Ltd is now owned by Hong Kong-listed Hanking Gold International Limited (03788.HK).

Mount Bundy Moves Toward Large-Scale Development

The newly granted Deemed Mining Licence covers several critical components of the Mount Bundy Gold Project. These include the worker accommodation camp, the processing plant, tailings storage facilities, associated infrastructure and the Rustlers Roost and Quest 29 mining areas.

Once operational, the project is expected to have a mine life of approximately 17 years.

According to Hanking Gold, the Mount Bundy Gold Mine Project hosts estimated gold resources of approximately 3.47 million ounces and gold reserves of approximately 1.88 million ounces, , positioning the project among the more substantial undeveloped gold assets in the Northern Territory.

The Northern Territory Government stated that the approval reinforces the Territory’s position as a major destination for mining and resource investment, while also expanding the number of operating mines in the region.

Mount Bundy is expected to commence gold production from the first quarter of 2028.

Regulatory and Environmental Milestones Continue Advancing

The Mount Bundy project obtained all environmental permits required for mine development in June 2023. Additionally, the mine management plan received approval, while mining operation authorisation was granted in April 2026.

These approvals represent important regulatory milestones as the project transitions from development planning toward construction and operational execution. The combination of environmental approvals, mining authorisation and infrastructure planning has accelerated project activity across the Mount Bundy development area.

Construction Activity Expected to Generate More Than 400 Jobs

The project is expected to create more than 400 jobs during the construction phase, with work spanning accommodation facilities, processing infrastructure and pipeline development. Construction activities are planned to include development of a 258-person worker camp, roads and associated mining infrastructure. The project will also include a gas pipeline connection allowing the operation to source gas through the existing Amadeus pipeline network running between Central Australia and Darwin.

The Northern Territory Government noted that local businesses are already participating in early project works, with Darwin-based NT Link commencing work associated with accommodation infrastructure.

Government commentary accompanying the approval also highlighted expected opportunities across construction, transport, hospitality and maintenance sectors.

Northern Territory Government Highlights Economic Impact

Northern Territory Minister for Mining and Energy Gerard Maley said the approval reflected the government’s focus on supporting major resource projects and economic activity across the region.

Mr Maley said the project represented another vote of confidence in the Northern Territory resources sector and would deliver employment opportunities alongside longer-term economic benefits.

The government also stated that the project is expected to contribute to broader regional development and strengthen the Territory’s position within the mining industry.

The approval arrives as the Northern Territory continues seeking to expand investment across resources, infrastructure and energy-linked projects.

Hanking Gold Outlines Expansion and Development Plans

Dr Mark Yumin QIU, President, MD and CEO of Hong Kong-listed Hanking Gold International, said construction activities including roads and a 258-person mine camp would commence following approval of the Deemed Mining Licence and satisfaction of related conditions, with processing plant construction planned after completion of the camp.

He added that Hanking had increased the project’s gold ore reserves more than tenfold since investing in Primary Gold in 2014 and stated that Mount Bundy is expected to become the Northern Territory’s second-largest gold mine.

He also noted the importance of energy security and said the project is expected to create more than 400 jobs while contributing to the local economy through taxes, royalties and long-term mining activity.

Investors and industry participants are likely to continue monitoring development milestones tied to Mount Bundy, including infrastructure construction, processing plant development and broader project execution timelines.

Attention may also remain focused on future updates regarding reserve growth, production planning and operational development as the company progresses toward the targeted Q1 2028 production timeline. The project’s scale, employment impact and infrastructure footprint position Mount Bundy as one of the larger upcoming mining developments in the Northern Territory resources sector.