Classic Minerals Limited (ASX: CLZ) today announced its formal decision to commence mining operations at the Lady Ada and Lady Magdalene gold deposits. The notice, issued on 26 May 2026, marks a significant step towards the commercial development of these gold assets, located within Mining Lease M77/1310 in Western Australia. Classic Minerals is an Australian mineral exploration company focused on advancing its Forrestania Gold Project, which holds inferred and indicated mineral resources of 6.95 million tonnes at 1.33 grams per tonne for 297,579 ounces of gold, reported under JORC Code (2012).
The formal Notice of Decision to Commence Mining was issued to Hyden Project Holdings Pty Ltd (HPH), the holder of the remaining 20% interest in the Forrestania Gold Rights, which Classic Minerals has historically free-carried. Following this notice, HPH now has a five-business-day window to elect its future involvement. HPH can choose either to participate with Classic as a joint venture participant in the development and mining operation or to convert its 20% gold rights interest into a 2% Net Smelter Royalty applicable to production from ML77/1310.
Classic Minerals also noted an ongoing legal dispute in the Supreme Court of Western Australia related to the tenements involving Lady Ada and Lady Magdalene. A summary judgment application filed by Classic was not deemed appropriate by the Court on 7 May 2026, resulting in an order for the matter to proceed to a full trial to determine the dispute’s outcome.
Executive Chairman John Lester commented on the announcement, stating, “The issuance of the Notice of Decision to Commence Mining represents an important operational and contractual milestone for the Company and reflects management’s confidence in the long-term development potential of the Forrestania assets.” This move is authorised by the Board to comply with continuous disclosure obligations.
