Maritana Minerals Declares Maiden 32koz Rose Hill Reserve Lifting Total to 236koz
Key Takeaways
- Maritana Minerals has declared a maiden Ore Reserve at Rose Hill Underground of 420kt at 2.34 g/t Au for 31,600 ounces, lifting group Ore Reserves to 235,600 ounces of gold.
- The declaration follows a Pre-Feasibility Study completed by Mining Plus in July 2026, which confirmed positive Free Cash Flow of A$24.5 million at A$4,500/oz gold over a 26-month project duration.
- Rose Hill ore will be processed at the Black Swan Processing Hub — a converted CIL plant with capacity of up to 2.2 Mtpa — located just 0.5km from the deposit, materially reducing development capital requirements.
- An Inferred Mineral Resource of 28,000 ounces was excluded from the Ore Reserve under JORC rules and represents genuine depth upside, with the deposit remaining open below current drilling.
- First gold production is targeted for H2 CY27, with the feasibility study on Black Swan's gold conversion and further drilling to grow inventory identified as the key near-term milestones.
Maritana declares maiden Rose Hill Ore Reserve, lifting group gold inventory to 236koz
Maritana Minerals has declared a maiden Ore Reserve for the Rose Hill Underground near Coolgardie, WA—420kt at 2.34 g/t Au for 31,600 ounces (Proved and Probable, 1.3 g/t Au cut-off). The declaration lifts Maritana’s group Ore Reserves by 31,600 ounces to 235,600 ounces of gold. A maiden Ore Reserve confirms Rose Hill stands up economically and moves the project a step closer to development.
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Inside the maiden Ore Reserve and upgraded resource
The maiden Ore Reserve draws on an updated Mineral Resource driven by a stronger gold price and optimisation study outcomes. The underground Mineral Resource was recalculated at a lower 1.0 g/t Au cut-off, returning 524kt at 4.49 g/t Au for 76,000 ounces. The open pit resource remains unchanged at 287kt at 1.99 g/t Au for 18,000 ounces (0.5 g/t cut-off). An Inferred Mineral Resource of 194kt at 4.53 g/t Au for 28,000 ounces was excluded from the Ore Reserve and offers upside at depth.
| Category | Tonnes (kt) | Au Grade (g/t) | Contained Gold (oz) |
|---|---|---|---|
| Ore Reserve – Proved | 70 | 2.14 | 4,700 |
| Ore Reserve – Probable | 350 | 2.37 | 26,800 |
| Ore Reserve Total | 420 | 2.34 | 31,600 |
| UG Mineral Resource Total | 524 | 4.49 | 76,000 |
| Open Pit Resource Total | 287 | 1.99 | 18,000 |
Grant Haywood, Managing Director & CEO
“Declaring a maiden Ore Reserve for the Rose Hill Underground is a significant milestone for Maritana and lifts our Ore Reserve inventory to 236 koz. It confirms that Rose Hill stands up economically and moves the Project a meaningful step closer to development.”
What a maiden Ore Reserve means for investors
A Mineral Resource is gold identified in the ground. An Ore Reserve is the portion proven economically and technically mineable after a study—in this case, a Pre-Feasibility Study (PFS) completed by Mining Plus in July 2026. Under JORC guidelines, Measured and Indicated Resources convert to Proved and Probable Reserves. Inferred material cannot be converted, which is why the 28,000oz Inferred was excluded. A maiden Ore Reserve is a de-risking milestone—it signals a project is moving from exploration toward development.
Key distinctions:
- Mineral Resource: Gold in the ground, varying confidence levels
- Ore Reserve: Economically and technically mineable subset, post-study
- JORC categories: Measured/Indicated convert to Proved/Probable; Inferred cannot
The Black Swan processing advantage
Rose Hill sits 0.5km southeast of Coolgardie, within reach of Maritana’s established processing infrastructure. Rose Hill ore will be hauled to the Black Swan Processing Hub, where works have commenced to convert the plant into a gold ore processing plant. Following the merger of Maritana with Poseidon Nickel, a feasibility study is underway to convert Black Swan to process gold ores via a carbon-in-leach (CIL) circuit. Black Swan will have capacity of up to 2.2 Mtpa, initially operating at 1.5 Mtpa throughput. Existing infrastructure—power, water, tailings—reduces development capital and shortens the path to production.
Economics and the path to first gold
PFS economics for the Ore Reserve case (Measured & Indicated only, 1.3 g/t cut-off) show positive Free Cash Flow of A$24.5 million at a A$4,500/oz gold price, over a 26-month project duration. Metallurgical assumptions include 91% processing recovery and A$43/tonne processing cost. The source references a broader LOM design (including Inferred material) generating higher illustrative cash flow—this LOM figure includes Inferred material that is NOT part of the Ore Reserve and is illustrative only. It should not be relied upon as a production target. First gold production is planned for H2 CY27.
Key next steps:
- Complete feasibility study on Black Swan gold conversion
- Advance Rose Hill toward development following the maiden Ore Reserve
- Target first gold production in H2 CY27
- Pursue additional drilling to grow inventory—deposit remains open at depth
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Growth potential remains open at depth
The deposit remains open at depth, and the Inferred Mineral Resource points to further upside. Managing Director Grant Haywood highlighted “genuine scope to grow this inventory with additional drilling.” Rose Hill sits within Maritana’s broader portfolio—group Ore Reserves now 235,600 ounces, group Mineral Resource inventory of 1.86 million ounces. A de-risked, infrastructure-advantaged gold project with a clear line of sight to production and organic growth potential.
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