Maritana Minerals Limited (ASX: MRT) has announced a significant development for its Windarra Tailings Project, with Encore Minerals Pty Ltd making a positive Final Investment Decision (FID). Maritana Minerals Limited is an ASX-listed company primarily involved in the exploration and development of gold and nickel projects in Western Australia, with a strategic focus on monetising its diverse asset portfolio. The decision by Encore, communicated to Maritana’s wholly owned subsidiary, Poseidon Nickel Pty Limited, confirms Encore’s exercise of its option to proceed to the Development Period under their existing binding Heads of Agreement.
Under the terms of the agreement, this progression triggers a non-refundable payment of $400,000 to Maritana, through Poseidon. Encore Minerals will assume full responsibility for all funding, development, operation, closure, and rehabilitation of the Tailings Project, which will utilise Draslovka’s proprietary Glycine Leaching Technology. Maritana is set to receive a 3% net smelter return royalty on production from the Windarra tailings and a 1.5% royalty on Lancefield tailings, ensuring ongoing financial benefits with no capital expenditure required from the company. The project incorporates the processing of tailings from both Windarra and the nearby Lancefield site.
Furthermore, Encore has provided Poseidon with an updated Definitive Feasibility Study (DFS), confirming the technical and economic viability of the Tailings Project for gold extraction, with future consideration for nickel. Maritana’s Managing Director and CEO, Mr. Grant Haywood, commented that Encore’s positive FID is a strong endorsement of the value remaining in the Windarra tailings and an important milestone in their strategy to unlock value from every part of their asset portfolio. He added that the project provides meaningful, ongoing exposure at no capital cost to shareholders. Beyond this, Maritana continues to develop the gold prospectivity of its broader Windarra asset portfolio and evaluate options to maximise shareholder value, while increasing focus on its Black Swan Processing Hub with planned first gold production in H2 CY2026.
