TG Metals Limited (ASX:TG6)

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Announcement

Positive Scoping Study Results For Van Uden Gold

Release

29 Sep 2026 8:37AM

Price at Release

$0.230

Full Release

Summary

TG Metals Limited announced positive Scoping Study results for the Van Uden Laterite Gold Project in Western Australia, outlining a potentially low-capex, near-term heap leach development based on an at-surface laterite Mineral Resource of about 1.1Mt at 0.52g/t Au for 17,700oz, with the study mine plan processing 766,311 tonnes at 0.61g/t Au over an initial roughly three-year life to recover about 13,630oz at 90% recovery; the study, which is preliminary and does not support Ore Reserves, forecasts net revenue of about A$83.2 million, pre-tax free operating cashflow of about A$48.3 million, pre-tax NPV8 of about A$26.8 million, pre-tax IRR of about 121%, a payback of about 12 months, pre-production capital of about A$14.2 million and AISC of A$2,835/oz, supported by shallow free-dig mining, low strip ratio, strong column leach metallurgical results and use of crush-screen-agglomerate heap leach processing with loaded carbon sent offsite for stripping and doré refining; the announcement also highlights upside from ongoing laterite expansion drilling, potential inclusion of 62,400oz of transitional material in future heap leach scenarios, possible larger-scale development options, parallel development opportunities with the primary gold resource, and progress toward permitting, environmental studies, geotechnical work, project financing discussions and advancement to Pre-Feasibility Study stage, while noting key risks around funding, commodity prices, diesel costs and labour availability.

Key Points

ASX announcement released on 29 September 2026 by TG Metals Limited.
The announcement presents a Scoping Study for the Van Uden Laterite Gold Project in Western Australia.
The laterite Mineral Resource Estimate is about 1.1Mt at 0.52g/t Au for 17,700oz of gold.
The Scoping Study is based mainly on Indicated Resources, with laterite resources comprising about 89.8% Indicated and 10.2% Inferred.
The proposed development is a stand-alone shallow open pit and heap leach operation treating at-surface laterite gold material.
Planned processing rate is 250,000 tonnes per annum.
Life-of-mine ore processed is 766,311 tonnes at an average grade of 0.61g/t Au.
Forecast gold recovery is 90%.
Total recovered gold is estimated at about 13,630 ounces.
Initial mine life is approximately 3 years, with a 4-month construction period and 39-month operating period.
Net revenue is estimated at about A$83.2 million net of state and private royalties.
Pre-tax EBITDA is estimated at about A$48.4 million.
Pre-tax project cashflow is estimated at about A$32.9 million and post-tax cashflow at about A$22.8 million.
Pre-tax NPV8 is estimated at about A$26.8 million.
Pre-tax IRR is estimated at about 121.7%.
Pre-tax payback is estimated at about 12.1 months from first production.
Post-tax NPV is estimated at about A$18.1 million and post-tax IRR at about 86.5%.
Development capital including contingency is estimated at about A$14.18 million.
Total life-of-mine capital including sustaining and closure is estimated at about A$15.5 million.
Forecast all-in sustaining cost is A$2,835 per ounce.
Mining costs are estimated at about A$7.56 million and heap leach processing costs at about A$16.40 million.
The strip ratio is low at 0.6.
Mining is shallow, free-dig and requires no drilling or blasting.
The project is located on previously disturbed brownfields land about 90 km northeast of Hyden in Western Australia.
The Van Uden Gold Heap Leach deposit is on mining leases M77/477 and M77/478, with TG Gold Pty Ltd holding 80% and Barto Gold Mining Pty Ltd 20%.
TG Metals says additional drilling underway could support further laterite resources and extend mine life.
The study identifies transitional material of about 1.85Mt at 1.05g/t Au for 62,400oz as a future heap leach opportunity.
Metallurgical column leach testwork on laterite showed strong results, with two 4m columns reporting estimated gold extraction above 95%.
The processing route involves crushing, screening, agglomeration, heap leaching, carbon recovery and offsite stripping, with doré ultimately refined at the Perth Mint.
Residue is planned to be washed and returned to mined pits for in-pit storage.
Power is planned from onsite diesel generators, with renewable integration identified as a future opportunity.
Water is expected from nearby bores and pit water, with potable water trucked to site.
A camp for about 35 personnel is planned and the workforce is expected to be drive-in/drive-out from Perth.
Key upside opportunities include increasing heap heights, expanding laterite resources and potential parallel toll milling or ore purchase for the primary gold resource.
Key risks identified include gold price and foreign exchange volatility, diesel prices and difficulty sourcing personnel.
The company has started early discussions on potential non-dilutive financing, but there is no certainty a funding solution will be secured.
Further work includes expansion drilling, environmental surveys, permitting, geotechnical studies and upgrading the project to Pre-Feasibility Study level.
TG Metals emphasises the Scoping Study is preliminary, insufficient to support Ore Reserves and subject to funding, technical and market risks.

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.