Ernest Henry (100% Ownership)

Ernest Henry – Mine life extended to at least 2040

The Ernest Henry copper-gold operation is a large-scale, long-life asset located 38km north-east of Cloncurry, Queensland, on the traditional lands of the Mitakoodi People. The operation commenced as an open pit mine in 1998 and transitioned to underground mining in 2011. The operation employs a low-cost and highly efficient sub-level caving ore extraction method.

FY23 was the first year of full ownership of Ernest Henry. Full-year production achieved 64,725 ounces of gold and 47,348 tonnes of copper at a new record low negative AISC of $2,334 per ounce compared to the 11 April 2023 revised production guidance of approximately 65,500 ounces of gold and 48,000 tonnes of copper. This guidance revision was triggered by a significant weather event on 8 March 2023, with the final AISC pleasingly only slightly below the original AISC guidance of negative $2,600 per ounce. Prior to this event the site was performing above budget. The mine resumed operations on 18 April and achieved full production capacity by the end of the June quarter as planned. Operating mine cash flow was $397.7 million, sustaining capital was $66.6 million, and major capital was $44.5 million.

Ernest Henry has commenced the transition back to the high-margin, strong cash-generating asset it has consistently proven itself to be. FY24 production is planned to be approximately 80,000 ounces of gold and 50,000 tonnes of copper (+/- 5%) at an AISC of negative $2,000 (+/- 5%).

The Board approved the Ernest Henry Mine Extension Project to progress to Feasibility Study phase following the completion of the Pre-Feasibility Study. This demonstrated a compelling opportunity to extend the Ernest Henry sub-level cave operation, extending the mine life to at least 2040. Details on the Pre-Feasibility Study are provided here.

The Feasibility Study is due for completion in the March quarter 2025. Material additions to the Mineral Resource are expected to be included in the Feasibility Study.


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