Heavy Minerals (ASX:HVY) is strategically focused on developing its Port Gregory Garnet Project in Western Australia, aiming to capitalize on the growing global demand for garnet. The company anticipates commencing garnet production by 2027, contingent upon the completion of its Prefeasibility Study (PFS) and subsequent Bankable Feasibility Study (BFS). Recent market activity saw Heavy Minerals’ shares surge by 37.5%, which the company attributed to increased investor interest following portfolio updates highlighting the project’s potential.
The Port Gregory project boasts a JORC-compliant mineral resource estimate of 166 million tonnes at 4% total heavy mineral concentrate, containing 5.9 million tonnes of garnet. This positions it favorably within the industrial garnet market, which Business Research Insights values at approximately US$450 million in the previous year and forecasts to reach US$830 million by 2033, demonstrating a compound annual growth rate of 7.08%. Heavy Minerals is also advancing its Red Hill Prospect and the Inhambane Mineral Sands Project in Mozambique, further expanding its resource base. The company utilizes its At-The-Market Subscription Agreement with Acuity Capital to raise funds, allocating these to working capital and project development, reinforcing its commitment to achieving its 2027 production target.
