Name of the Project
Devon Pit gold project.

Location
South of Laverton, in the north-eastern goldfields of Western Australia.

Project Owner/s
ASX-listed Matsa Resources.

Project Description
A definitive feasibility study (DFS) on the restart of the Devon pit, completed in September 2023, has shown robust and technical results.

The DFS envisages a 260 000 t operation grading 4.6 g/t gold for about 38 370 oz of recovered gold.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has an internal rate of return of 387%. Payback is estimated at 14 months.

Capital Expenditure
Life-of-mine capital expenditure is estimated at $8.1-million.

Planned Start/End Date
A final investment decision is expected in late 2023.

Latest Developments
Matsa Resources has started ore haulage from its fully operational Devon Pit gold mine to FMR Investments' Greenfields processing plant, ahead of the company’s first scheduled processing campaign in mid-September.

The first 2 000 t of a planned 50 000 t processing parcel have been delivered to Greenfields, with road train haulage now operating on a 24-hour basis.

The first processing campaign is set to start on September 17, with Matsa targeting its first gold pour within seven days of ore entering the mill. Gold doré is expected to be dispatched to the Perth Mint for refining immediately thereafter.

Ore haulage operations comprise six road trains, with capacity expected to increase to ten in the coming weeks as the company ramps up towards full delivery of the initial processing parcel. A second campaign is scheduled for mid-December 2025, with the current mine plan targeting more than 40 000 oz of gold over an 18-month operation window.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Matsa Resources, tel +61 8 9230 3555 or email reception@matsa.com.au.