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2026-11-06
◂ Monitor CUF ASX

CuFe Ltd

Scoping Study Developer · Gold · Copper · Others · Australia Rating locked: sign in to view v6.2
Last 2026-11-06
A$0.052
1D
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1M
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YTD
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1Y
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Upside
Locked: sign in to view
Mkt cap
A$107.8M
EV
A$88.8M
Cash
A$19M
Debt
A$0
7 newer ASX announcements not yet reflected in this valuation

Portfolio detail

Assets

8 assets

Core asset

Orlando copper-gold-bismuth

Australia

Scoping Study Developer55% ownedCopperGoldOthersSilver

55% held by CuFe Tennant Creek Pty Ltd, with Gecko Mining Company Pty Ltd holding 45%; scoping study only, with no ore reserve or committed finance.

Project location

Approximate location

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© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Published study economicsIssuer or study metrics
NPVA$705M7% discount
IRR111%Published return
Initial capexA$141MPublished capital estimate
Operating cost790,000,000AUD life-of-mine

100% project, pre-tax scoping case; CuFe owns 55%. Excludes financing and stage-risk discount.

Resources & reserves3
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceIndicated4.9M tonnes1.12% Cu; 1.85 g/t AuCopper · Gold · Others · Silver2026-03-18
Mineral ResourceInferred735K tonnes1.07% Cu; 0.96 g/t AuCopper · Gold · Others · Silver2026-03-18
Mineral ResourceTotal Indicated and Inferred5.7M tonnes1.11% Cu; 1.73 g/t AuCopper · Gold · Others · Silver2026-03-18
Tenements3
ml29919Granted— None · No expiry supplied
el29488Granted— None · No expiry supplied
el30614Granted— None · No expiry supplied
Milestones1
  1. Drilling and engineering programme

    Pending · High materiality

Permits & approvals2
PermitJurisdictionStatusExpiryCritical path
AAPA heritage certificatesNorthern Territory, AustraliaGranted—No
Development environmental and mining approvalsNorthern Territory, AustraliaPending—Yes
Economic studies2
StudyStageStatusDateSummary
Open-pit scoping studyScoping StudySuperseded2025-07-29Initial open-pit cutback study.
Expanded open-pit and underground scoping studyScoping StudyCurrent2026-05-06100% pre-tax NPV7 of A$705m; six-year production target, with 12% Inferred tonnes.

Core asset

Gecko copper-gold-bismuth

Australia

Resource Stage55% ownedCopperGoldOthersSilver

55% CuFe JV interest. Updated 2026 resource enables study work but there is no published Gecko economic study or reserve.

Project location

Approximate location

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© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Resources & reserves3
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceIndicated11.7M tonnes1.91% Cu; 0.33 g/t AuCopper · Gold · Others · Silver2026-06-18
Mineral ResourceInferred6M tonnes1.95% Cu; 0.53 g/t AuCopper · Gold · Others · Silver2026-06-18
Mineral ResourceTotal Indicated and Inferred17.8M tonnes1.92% Cu; 0.40 g/t AuCopper · Gold · Others · Silver2026-06-18
Tenements3
ml33872Granted— None · No expiry supplied
ml23969Granted— None · No expiry supplied
ml31023Granted— None · No expiry supplied
Milestones1
  1. Combined Gecko and Orlando study update

    Pending · High materiality

Permits & approvals2
PermitJurisdictionStatusExpiryCritical path
AAPA heritage certificatesNorthern Territory, AustraliaGranted—No
Development permitsNorthern Territory, AustraliaRequired—Yes

Material

Yarram iron ore

Australia

Resource Stage50% ownedIron Ore

50% interest in Gold Valley Iron and Manganese Pty Ltd's iron rights; Captain Morgan low-grade product concept is being assessed.

Project location

Approximate location

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© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Resources & reserves1
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceInferred12.7M tonnes55.41% Fe at 48% Fe cut-offIron Ore2023-02-28
Tenements3
mln1163Granted— None · No expiry supplied
elr125Granted— None · No expiry supplied
elr146Granted— None · No expiry supplied
Milestones1
  1. Captain Morgan low-grade concept study

    Pending · Medium materiality

Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
Environmental and heritage approvalsNorthern Territory, AustraliaRequired—Yes

Other

West Arunta niobium-copper exploration

Australia

Early Explorer100% ownedOthersCopper

Ground sampling completed; laboratory assay results pending as of the June-quarter release.

Milestones1
  1. West Arunta rock-chip and soil assay results

    Pending · Medium materiality

Other

North Dam gold exploration

Australia

Early Explorer100% ownedGold

No work reported in June quarter.

Project location

Approximate location

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© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Other

Pilbara gold and Tambourah

Australia

Early Explorer100% ownedGold

Nullagine tenement package is subject to a conditional sale to Helix; other Pilbara applications and heritage agreement remain under consideration.

Project location

Approximate location

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© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Other

Bryah Basin interests

Australia

Early Explorer20% ownedCopperGoldIron Ore

20% free-carried rights to decision to mine over several JV tenements; no significant operator activity in June quarter.

Other

Camp Creek exploration

Australia

Early Explorer100% ownedIron Ore

No work reported in June quarter.

Project location

Approximate location

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© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Tenements1
el33835Granted— None · No expiry supplied