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Maritana Minerals Limited (ASX:MRT)

ALERT: Price-sensitive ASX Announcement for MRT
Current share price for MRT : $0.570 -0.225 (-28.30%)+
Announcement
Release
8 Sep 2026 9:40AM
Price at Release
$0.795
Full Release
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Summary
Maritana Minerals Limited (ASX: MRT) announced that Encore Minerals Pty Ltd has made a positive Final Investment Decision on the Windarra Tailings Project and exercised its option to move into the Development Period under the 31 July 2024 binding Heads of Agreement involving Encore, Mining and Process Solutions Pty Ltd, Encore Resources S.a.r.l and Maritana’s wholly owned subsidiary Poseidon Nickel Pty Limited. As a result, Poseidon has received a non-refundable $400,000 payment, bringing total cash payments received or payable under the agreement to $1.25 million, while Maritana also retains a 3% net smelter return royalty on production from the Tailings Project and 1.5% on Lancefield tailings, plus a $1.6 million rehabilitation bond contribution payable on execution of the full form agreement. The project, located near Laverton in Western Australia, includes tailings from both Windarra and Lancefield and will be fully funded, developed, operated, closed and rehabilitated by Encore using Draslovka’s Glycine Leaching Technology, with nickel tailings from the central dam to be considered later when market conditions improve. Maritana said the Updated Definitive Feasibility Study provided by Encore confirms the technical and economic viability of the gold project, building on the 2021 DFS that outlined an Ore Reserve of about 5.5 million tonnes containing roughly 150,000 ounces of gold and potential production of about 53,500 to 55,200 ounces over an initial 45-month period, and the company noted that higher Australian dollar gold prices since that study should improve project economics while allowing Maritana to monetise a non-core asset and continue focusing on broader Windarra gold potential and the Black Swan Processing Hub, where first gold production is planned for the second half of calendar 2026.
Key Points
  • Encore made a positive Final Investment Decision on the Windarra Tailings Project and exercised its option to proceed to the Development Period.
  • Maritana’s subsidiary Poseidon received a non-refundable $400,000 payment following commencement of the Development Period.
  • Total cash payments under the agreement amount to $1.25 million, including prior payments received in July 2024 and July 2025.
  • Maritana retains a 3% net smelter return royalty on Windarra production and 1.5% on Lancefield tailings production.
  • Encore is responsible for all project funding, development, operation, closure and rehabilitation.
  • The project will use Draslovka’s proprietary Glycine Leaching Technology.
  • The Tailings Project includes processing of tailings from both Windarra and Lancefield near Laverton in Western Australia.
  • An Updated Definitive Feasibility Study provided by Encore confirms the technical and economic viability of the gold project.
  • The 2021 DFS outlined an Ore Reserve of about 5.5Mt containing approximately 150,000oz of gold and potential production of about 53,500 to 55,200oz over 45 months.
  • Processing of nickel tailings from the central dam has been deferred until nickel market conditions improve.
  • The $1.6 million Encore rehabilitation bond will be payable upon execution of the full form agreement rather than at the start of the Development Period.
  • Maritana said monetisation of non-core assets such as Windarra supports increased focus on the Black Swan Processing Hub, with first gold planned for H2 CY2026.
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.