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Heavy Minerals Limited (ASX:HVY)

ALERT: Price-sensitive ASX Announcement for HVY
Current share price for HVY : $0.400 -0.145 (-26.61%)+
Announcement
Release
27 Jan 2026 9:12AM
Price at Release
$0.545
Full Release
download
Summary
Heavy Minerals Limited has executed a Binding Tailings Processing Agreement with Hillgrove Copper Pty Ltd for the extraction of industrial use Hardrock Almandine Garnet from the Kanmantoo Copper Mine Tailings in South Australia. The agreement outlines terms for operations during the mine's life and potential extended project life if Heavy Minerals opts to extract garnet from the tailings storage facility. Initial production is targeted for Q4 2026, with an output limit of 50,000 tonnes per annum until mining tenure is obtained. Financial arrangements include payments to Hillgrove and royalties based on revenue and specifications. The project aims to position Heavy Minerals as a leading, low-cost producer of waterjet garnet, with significant preparatory work already completed, including equipment design and bulk sample testing. The company plans to raise $25-$30 million through various funding strategies.
Key Points
  • Binding Tailings Processing Agreement executed with Hillgrove Copper Pty Ltd.
  • Extraction of Hardrock Almandine Garnet from Kanmantoo Copper Mine Tailings.
  • Initial production aimed for Q4 2026, with a limit of 50,000 tonnes per annum until mining tenure is obtained.
  • Financial arrangements include initial payments and royalties to Hillgrove.
  • Heavy Minerals to take over Kanmantoo mining leases post Hillgrove's operations.
  • Significant preparatory work completed including plant designs and bulk sample testing.
  • Funding requirement estimated at AU$25m - AU$30m, with non-dilutive funding strategies in place.
  • Project positions Heavy Minerals as Australia’s only domestic Hardrock Almandine Waterjet Garnet Producer.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.