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2026-11-06
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Maritana Minerals Limited

Funded Developer · Gold · Australia Rating locked: sign in to view v6.2
Last 2026-11-06
A$0.53
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$197.1M
EV
A$-32.4M
Cash
A$229.5M
Debt
A$0
8 newer ASX announcements not yet reflected in this valuation

Portfolio detail

Assets

7 assets

Core asset

Black Swan Processing Hub and current gold feed plan

Australia

Funded Developer100% ownedGold

Early works under way; full construction and final permits remain pending. Integrated value includes the current five-year feed schedule from Boorara, Burbanks open pit, Cannon/Pennys, Coote/Crake and other pits; no separate value is added for those planned ounces.

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$631.3M8% discount
Operating cost3,353AUD/oz AISC

Issuer project-level NPV excludes corporate costs and assumes A$5,500/oz gold; A$131m is maximum drawdown, not initial capex.

Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral Resourcetotal1.9M oz34.3Mt at 1.70g/t AuGold2026-02-13
Ore Reserveproven_and_probable214K oz4.3Mt at 1.54g/t AuGold2026-02-17
Tenements1
black_swan_miningGranted— None · No expiry supplied
Milestones2
  1. Full EPC award and construction start

    Pending · High materiality

  2. Black Swan first gold

    Pending · High materiality

Permits & approvals2
PermitJurisdictionStatusExpiryCritical path
Final gold conversion and construction approvalsWestern AustraliaPending—Yes
Existing Black Swan operating permits and approvalsWestern AustraliaGranted—No
Economic studies2
StudyStageStatusDateSummary
Standalone Western Australian gold development studyScoping StudyCurrent2026-02-17Five-year 546koz output; NPV8 A$631.3m at A$5,500/oz gold, AISC A$3,353/oz; 2.5Mtpa FEED upgrade later reaffirmed.
Black Swan process refurbishment pre-feasibility workPFSSuperseded2025-08-27Initial 1.5Mtpa process design superseded by 2.5Mtpa FEED.

Material

Burbanks underground expansion beyond the current hub plan

Australia

Resource Stage100% ownedGold

755koz total Burbanks resource; current hub plan includes 128.8koz recovered open-pit feed. This separate record captures only underground and later extension optionality, with no Ore Reserve declared.

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 Resourceindicated_and_inferred755K oz13.7Mt at 1.71g/t AuGold2026-09-11
Milestones1
  1. Burbanks Phase 2 resource update

    Pending · High materiality

Material

Nimbus silver-zinc project

Australia

Resource Stage100% ownedSilverZincGold

Unfunded silver-zinc optionality; no current integrated economic study or production route sufficient for a stand-alone NAV.

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 Resourcereported20.2M oz Ag20.2Moz Ag, 104kt Zn and 77koz Au reportedSilver · Zinc · Gold2026-08-03

Other

Mt Thirsty nickel-cobalt-manganese JV

Australia

Resource Stage50% ownedNickelCobaltManganese

Conico-managed 50:50 JV; no current decision-grade economics assigned.

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

Yarmany Gold Tiger earn-in

Australia

Early Explorer25% ownedGold

Gold Tiger has earned 75%; may earn 90% over four stages. Current ownership held at 25%, conditional future dilution to 10%.

Other

Regional gold and White Flag tenements

Australia

Resource Stage100% ownedGoldNickel

Residual regional assets and White Flag M26/616; some Kanowna and Balagundi tenure has nickel exposure, but no separately supported mine plan.

Tenements1
white_flag_m26616Granted— None · No expiry supplied

Other

Phillips Find historic tolling JV

Australia

Care And MaintenanceGold

Five toll campaigns completed and gold sold; final lower-grade reconciliation and cash distribution outstanding at June 2026.

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.