OREMAVEN
XMM 7,722.00 -2.63% YTD +5.6% OM ASX 450.55 -2.56% YTD +0.1% OM PRECIOUS 349.20 -2.24% YTD +2.5% OM EX-PREC 418.91 -2.72% YTD -1.1% XAU 4,115.59 +2.31% YTD -4.9% GLD 375.49 +0.81% YTD -5.2% GDX 85.75 +1.37% YTD -0.0% SIL 77.33 -1.00% YTD -7.3% COPX 70.23 -5.81% YTD -1.8% URNM 40.07 -2.79% YTD -27.0%
2026-11-06
◂ Monitor SHN ASX

Sunshine Metals Limited

Scoping Study Developer · Gold · Silver · Copper · Zinc · Lead · Australia Rating locked: sign in to view v6.2
Last 2026-11-06
A$0.023
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$82.7M
EV
A$72.1M
Cash
A$20.6M
Debt
A$0
6 newer ASX announcements not yet reflected in this valuation

Portfolio detail

Assets

6 assets

Core asset

Ravenswood Consolidated Project

Australia

Scoping Study Developer100% ownedGoldSilverCopperZincLead

Liontown gold and polymetallic development complex; September 2026 updated scoping study assumes Mt Moss processing and targets first gold in mid-2027. No Ore Reserve is established.

Project location

Approximate location

Loading location…

© 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
Initial capexA$4.6MPublished capital estimate
Operating cost2,741AUD/oz Au AISC
Initial capexA$5.5MPublished capital estimate
Operating cost2,579AUD/oz Au AISC

Issuer-reported maximum cash drawdown and AISC; the study reported undiscounted net operating cash flow rather than NPV or IRR.

Issuer reports A$5.5m maximum Liontown cash drawdown, A$56m life-of-mine capital and A$179.8m undiscounted cash flow after Liontown capital; no NPV or reserve. Separate Mt Moss build funding is about A$30m.

Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured, Indicated and Inferred aggregate; recoverable AuEq8.4M tonnes3.47 g/t AuEq; underlying 1.3 g/t Au, 28 g/t Ag, 0.8% Cu, 4.7% Zn and 1.5% PbGold · Silver · Copper · Zinc · Lead2026-07-15
Mineral ResourceMeasured, Indicated and Inferred subset of the Ravenswood total1M tonnes3.75 g/t Au and 29.9 g/t AgGold · Silver2026-07-15
Tenements3
tenement-ml10277Granted— None · No expiry supplied
tenement-epm14161Granted— None · No expiry supplied
tenement-ml100221Application— None · No expiry supplied
Milestones2
  1. Publish updated Liontown Gold Mining Study

    Achieved · High materiality

  2. Commence processing Liontown gold ore at Mt Moss

    Pending · High materiality

Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
Liontown mining lease applicationsQueenslandPending—Yes
Economic studies2
StudyStageStatusDateSummary
Liontown Gold Mining StudyScoping StudySuperseded2026-02-16Preliminary toll-treatment study based on an older Resource; reported A$162.7m net operating cash flow after all capital at A$6,500/oz gold and A$100/oz silver.
Updated Liontown Gold Mining StudyScoping StudyCurrent2026-09-2166-month preliminary plan, A$497.5m gross revenue and A$179.8m net operating cash flow after Liontown capital at A$6,500/oz gold and A$100/oz silver; A$30m Mt Moss funding is separately required.

Core asset

Mt Moss Project and Processing Facility

Australia

Care And Maintenance100% ownedGoldCopperZincIron Ore

Acquired mill and tenements; magnetite plant decommissioned, detailed engineering and long-lead procurement advanced, with October-November 2026 construction and mid-2027 commissioning targeted.

Project location

Approximate location

Loading location…

© 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
Initial capexA$30MPublished capital estimate

September study identifies approximately A$30m funding to finish Mt Moss refurbishment and working capital; April estimate was A$28.5m preliminary construction cost.

Tenements3
tenement-ml4487Granted— None · No expiry supplied
tenement-ml4488Granted— None · No expiry supplied
tenement-epm27593Granted— None · No expiry supplied
Milestones2
  1. Complete Mt Moss engineering and design works

    Achieved · High materiality

  2. Commence refurbishment and gold-circuit construction

    Pending · High materiality

Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
Final gold-processing permitsQueenslandPending—Yes

Material

Sybil Epithermal Gold Project

Australia

Discovery Drill Stage100% ownedGold

Early-stage high-grade epithermal gold project; a 72-hole RC program commenced on 3 August 2026.

Project location

Approximate location

Loading location…

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

Tenements3
tenement-epm26931Granted— None · No expiry supplied
tenement-epm29251Granted— None · No expiry supplied
tenement-epm29218Application— None · No expiry supplied
Milestones1
  1. Commence 72-hole Sybil RC drilling program

    Achieved · High materiality

Other

Investigator Project

Australia

Early Explorer100% ownedCopper

Copper exploration tenure identified as non-core and intended for orderly divestment.

Tenements1
tenement-epm27343Granted— None · No expiry supplied

Other

Hodgkinson Project

Australia

Early Explorer100% ownedGoldTungsten

Binding A$250,000 conditional divestment to EQ Resources remained subject to approvals at the cutoff; legal ownership was retained pending completion.

Project location

Approximate location

Loading location…

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

Tenements2
tenement-epm18171Granted— None · No expiry supplied
tenement-epm19809Granted— None · No expiry supplied
Milestones1
  1. Complete conditional Hodgkinson divestment

    Pending · Medium materiality

Other

Lighthouse / Plateau Farm-In

Australia

Early Explorer0% ownedGoldSilver

Rockfire holds title; Sunshine was earning up to 75% under a three-year farm-in. The last local tenure table reports 0% beneficial interest and current vested interest was not verified.

Project location

Approximate location

Loading location…

© 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
tenement-epm25617Granted— None · No expiry supplied