Cowal (100% Ownership)

Cowal had another great year in FY20. During the year
the operation was faced with Stage 3 water restrictions
which accelerated the completion of critical projects to
mitigate the effect of the drought conditions. This included:
a pipeline twinning project; advancing several new saline
bores; and completing assessments for the suitability of
newly identified saline bore fields to reduce our reliance
on fresh water sources into the future.

We also completed the Warraga Decline development
and metallurgical bulk sample. Approximately 22,000m
of underground diamond drilling was also completed
improving our orebody knowledge. Also pleasing to
note the ongoing development of the Integrated Waste
Landform and the Stage H cutback progressed as
expected during the year.

Cowal declared an initial underground Ore Reserve of
804kozs and increased the GRE46 Mineral Resources to
2.9Mozs in July 2020. I would like to recognise the entire
project team for the enormous amount of work completed
to date that has enabled us to release this great result.

FY20 gold production of 262,035 ounces was within
guidance of 255,000 – 265,000oz. AISC of A$933/oz was
pleasingly at the bottom end of the A$930 – A$980/oz
guidance range. Full year net mine cash flow was
A$235.6 million. 

Cowal is a long life, low cost asset that will be a cornerstone of our business for many years to come.

Blasting is undertaken on-site daily, generally between the hours of 11.00am and 3.00pm.