Maritana Commits $25M to Lock in Equipment and Engineering for 2027 Gold Target
Early Works commence at Black Swan Processing Hub
Maritana Minerals (ASX: MRT) has commenced Early Works at its 100% owned Black Swan Processing Hub, located approximately 50km northeast of Kalgoorlie, Western Australia. The company has engaged GR Engineering Services Limited (ASX: GNG) to deliver the Early Works programme covering earthworks, demolition, detailed engineering and long-lead equipment procurement. This marks the transition from the 2.5Mtpa FEED phase to active site-based delivery, with a first gold target of H2 CY2027 and committed expenditure of approximately A$25.0 million for the Early Works phase.
The commencement of Early Works signals Maritana’s transition from study phase to active project delivery, de-risking costs and schedule ahead of a final investment decision. The company is targeting the start of full construction in Q3 CY2026.
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What are Early Works and why do they matter for mining projects?
Early Works is a pre-construction phase where detailed engineering, long-lead equipment procurement, and site preparation activities are advanced before the main EPC (Engineering, Procurement and Construction) contract begins. This phase de-risks costs and schedule by locking in pricing for critical equipment and completing foundational work before full construction commitment.
For mining projects, Early Works reduces execution risk by identifying and resolving engineering challenges before significant capital is deployed. It allows project teams to secure equipment with long manufacturing lead times, preventing schedule delays during peak construction. The phase also enables contractors to develop detailed cost estimates based on advanced engineering, reducing the uncertainty around final capital expenditure.
Understanding Early Works helps investors recognise that Maritana is actively advancing toward construction rather than remaining in study phases, which typically carry higher uncertainty. The ~A$25 million commitment demonstrates tangible project momentum and positions the Black Swan Processing Hub for a seamless transition into full construction.
GR Engineering and Zeal Engineering engaged for delivery
GR Engineering Services (ASX: GNG) has been engaged to deliver the ~20 week Early Works programme, targeting completion by early Q4 CY2026. GRES completed the Project’s FEED and will continue with key personnel carried through from Pre-Feasibility and FEED phases to ensure continuity. All engineering, procurement, estimating and scheduling will be completed in-house by GRES.
Zeal Engineering has been engaged as Maritana’s “Owner’s Engineer” to oversee delivery of the Early Works programme. Zeal will report to Maritana Project Director Doug Flanagan and support project management, engineering, construction, and commissioning.
Engineering partner roles:
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GR Engineering Services: Delivers the Early Works programme including engineering, procurement, estimating and scheduling. Provides continuity by retaining key personnel from FEED phase through to execution.
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Zeal Engineering: Acts as Owner’s Engineer, overseeing GRES delivery of Early Works. Supports Maritana’s project management, engineering, construction and commissioning of both greenfield and brownfield elements.
Scope of works and long-lead procurement
The Early Works phase covers converting the existing processing plant and building new plant areas at the Black Swan Processing Hub. The scope includes refurbishing the crushing and grinding circuit and converting the single-stage SAG (Semi-Autogenous Grinding) mill circuit to a SABC (Semi-Autogenous Ball mill Crusher) configuration, with the existing SAG and Ball mills recommissioned using new motors and variable speed drives.
New circuits will be added for gravity separation, pre-leach thickening, leaching and adsorption, gold recovery and reagents. The works will also include new water treatment services, refurbishment of the tailings thickener, and installation of new tailings and decant return lines to the tailings storage facility.
GRES has carried out analysis and non-destructive testing of the SAG mill shell and head welds, identifying a small number of defects. These will be repaired off-site or a new shell and heads fabricated, with the preferred method to be confirmed during the Early Works phase.
Long-lead equipment procurement status:
| Status | Equipment Category |
|---|---|
| Ordered | Mill motors, Thickeners |
| To Be Ordered | Apron feeders, Slurry and sump pumps, Process pumps, Agitators, Cyclone cluster, Regeneration kiln, Elution heater, Reverse osmosis plant, Vibrating feeders and screens, Flocculant plant, Chillers, Cranes and hoists, Slurry samplers, Conveyor drives/idlers/pulleys, Gravity recovery equipment (Knelson concentrators, InLine Leach Reactor, electrowinning cells), MV switchgear, PLC hardware, Transformers, HV/MV cables |
Long-lead equipment will be procured during the Early Works phase to support the project schedule and reduce cost and schedule risk ahead of the EPC phase.
Project timeline and next steps
The Early Works phase is expected to take approximately 20 weeks, targeting completion in early Q4 CY2026. The company is targeting the start of full construction in Q3 CY2026, with first gold targeted in H2 CY2027.
Project schedule milestones:
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Early Works commencement: July 2026 (commenced)
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Early Works completion: Early Q4 CY2026
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Full construction start: Q3 CY2026
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First gold production: H2 CY2027
Key milestones ahead
Maritana’s key activities as the Project advances through Early Works toward construction are to:
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Complete the engineering and design deliverables
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Finalise long-lead equipment procurement and award the Civil Installation and CIL Tank Construction contracts
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Progress refurbishment of the SAG mill and commence bulk earthworks, demolition and Greenfields concrete works
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Finalise the EPC contract arrangements with GRES and advance the Project toward a final investment decision
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Continue advancing operational readiness for mining across the initial ore sources, targeting production of first gold at BSPH in H2 CY2027
The company will develop scopes of work and AFC drawings to enable tendering and the commencement of site works during this phase, positioning the Project for a seamless transition from Early Works into full construction ahead of a final investment decision once all Works Approvals are received.
Investment thesis for Black Swan Processing Hub
The commencement of Early Works demonstrates Maritana’s commitment to advancing Black Swan toward production, with a clear pathway to first gold in H2 CY2027 and a defined capital commitment de-risking execution. The A$25 million committed expenditure secures critical long-lead items and advances detailed engineering, reducing cost and schedule risk ahead of the EPC phase.
GRES and Maritana completed the 2.5Mtpa FEED for the BSPH Gold Conversion Project in June 2026. The FEED followed the completion of studies that indicated the former 2.2Mtpa plant configuration would achieve an initial 5-year Life of Mine producing an average 102koz gold per annum.
The brownfield nature of the project provides cost and timeline advantages compared to greenfield developments. Converting existing processing plant infrastructure and refurbishing the crushing and grinding circuit reduces both capital requirements and construction duration relative to building entirely new facilities. The existing SAG and Ball mills will be recommissioned using new motors and variable speed drives, leveraging substantial installed capacity while upgrading to current performance standards.
The 2.5Mtpa CIL operation positions Maritana to process ore from multiple sources across its gold portfolio in the Kalgoorlie region, providing operational flexibility and the potential to extend mine life beyond the initial planning horizon.
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Management commentary
Grant Haywood, Managing Director and CEO
“The commencement of Early Works is a major step forward for the Black Swan Processing Hub and will see site-based activities begin shortly as we transition from design to delivery. GR Engineering Services will lead this phase while detailed engineering and the ordering of long-lead equipment is progressed in parallel. These steps de-risk costs and timing which keeps us on track for our objectives of advancing toward full construction in Q3 CY2026 and producing first gold from the Black Swan Processing Hub in H2 CY2027.”
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