Overview
CuFe Restricted (ASX:CUF) is a multi-commodity exploration and improvement firm with curiosity in eight initiatives located all through mature mining jurisdictions in Western Australia and the Northern Territory. The corporate’s worth proposition relies on its high-grade premium product iron ore initiatives in addition to its publicity to copper, lithium and niobium. Its exploration portfolio contains mature copper targets at Tennant Creek, drill-ready lithium targets at North Dam, and greenfield exploration floor in shut proximity to WA1’s current niobium discovery.
Tennant Creek hosts a mineral useful resource estimate of seven.3 million tons (Mt) at 1.7 % copper and 0.6 grams per ton (g/t) gold for 127 kt copper and 145 koz gold. CuFe presently owns a 55 % curiosity over 240 kilometres of the highly-prospective tenure, located within the Northern Territory. CuFe’s near-term plan for the mine, primarily based on detailed mine planning, includes a staged cutback of the Orlando open pit to realize entry to an ore provide for quick begin choices.
The JWD iron ore operation is an ultra-flexible high-grade, low-impurity iron ore operation optimised for effectivity, the mine advantages from a low capex, with the capability to export 60 kt of lump and 15 kt of fines monthly at present manufacturing price. CuFe owns one hundred pc curiosity on this operation.
Along with making the most of the rising marketplace for strategic metals, CuFe additionally has publicity to a near-term iron ore value upside due to the high-grade JWD iron ore mine. It plans to leverage the mine to reap the benefits of elevated iron ore value cycles with the flexibility to cost-effectively droop manufacturing because the market dictates. CuFe can be evaluating the Yarram challenge, as its shut proximity to Darwin port offers it the potential for low opex.
Lastly, CuFe has a low-risk 2 % NSR gold royalty over the Northern Star Crossroads challenge, the place mining is anticipated to begin in 2024.
CuFe is led by a extremely skilled administration group adept at figuring out alternatives, making discoveries, evaluating and creating initiatives and sustaining operations. The group is led by govt director Mark Hancock, who has 25 years expertise in useful resource initiatives throughout quite a lot of commodities in senior finance, business and advertising and marketing roles.
Firm Highlights
- CuFe Restricted is an ASX-listed iron, copper, lithium and niobium exploration and improvement firm with a multi-commodity portfolio of property.
- The corporate’s property are located in mature mining areas in Western Australia and the Northern Territory, with entry to in depth pre-existing infrastructure.
- CuFe’s initiatives are extremely potential in copper (Tennant Creek, Bryah Basin), lithium (North Dam, Tambourah) and niobium (West Arunta).
- CuFe has one hundred pc curiosity within the iron ore mining rights on the working Wiluna West JWD mine, identified to comprise high-grade iron ore product.
- Moreover, the corporate has a 50 % curiosity within the Yarram challenge, a sophisticated iron ore improvement challenge with potential for low-cost manufacturing.
- CuFe additionally has a 2 % internet smelter royalty over the Crossroads gold challenge in Kalgoorlie.
- The corporate is led by a confirmed and skilled in-house group with experience in identification, discovery, analysis, deployment and operations.
Key Initiatives
Copper
Tennant Creek
The Tennant Creek challenge is positioned within the extremely potential Gecko-Goanna copper-gold hall of the Northern Territory. A mature challenge comprising three high-grade copper and gold mineral sources, it comprises a mixed JORC 2012 mineral useful resource of seven.3 at 1.7 % copper and 0.6 g/t gold for 127 kt copper and 145 koz gold. Extremely-prospective for additional useful resource development from useful resource extensions and new discoveries, Tennant Creek can be positioned in shut proximity to grid energy, a gasoline pipeline, the Stuart freeway and the rail line to Darwin.
The realm the place Tennant Creek is hosted is a re-emerging mineral discipline with current neighbouring exploration success from corporations equivalent to Emmerson Assets (ASX:ERM) and Tennant Minerals (ASX:TMS). Close to-mine targets embody the potential to increase sources and open enrichment inside the Orlando and Gecko structural corridors.
The present focus for Tennant Creek is to determine and drill high-potential exploration targets with a view to rising the useful resource base whereas contemplating a staged cutback of the prevailing Orlando open pit to realize entry to an ore provide for a quick begin possibility.
Bryah Basin JV initiatives
By way of wholly owned subsidiary Jackson Minerals, CuFe has a 20 % curiosity in roughly 804 sq. kilometres of highly-prospective tenements proximal to the previous Sandfire Assets’ (ASX:SFR) Doolgunna challenge and Degrussa copper gold mine, in addition to a number of different outstanding gold and copper prospects. Collectively often known as the Bryah Basin JV initiatives, the tenements are presently topic to joint ventures and farm-ins with a number of corporations. Essentially the most outstanding of those is the Morck Nicely challenge, which is below an exploration licence with Auris Minerals (ASX:AUR) alongside the Forrest challenge.
The Morck Nicely challenge tenements cowl an space of 600 sq. kilometres within the highly-prospective area, which has been acknowledged to have excessive iron ore potential.
Lithium
North Dam
The North Dam challenge is a extremely potential lithium tenure located within the rising Yilgarn Lithium Belt. Positioned roughly 50 kilometres south-southeast of the township of Coolgardie, the challenge is contained inside the similar lithium belt that comprises identified spodumene deposits equivalent to Mt Marion, Pioneer Dome, Bald Hill, Manna and Buldania. There have additionally been a number of well-known junior exploration successes instantly adjoining to the tenement, together with Kali Metals (ASX:KM1), Marquee Assets (ASX:MQR) and Most Assets.
So far, work on the challenge has included defining potential pegmatites by rock chip sampling, soil sampling and geological mapping. Anomalous lithium and key pathfinder components have additionally outlined a potential hall of roughly 3.5 kilometres in strike size. Columbite and tantalite rock chips chosen from a stream mattress additionally comprise as much as 44 % niobium and 14.53 % tantalum.
CuFe has additionally accomplished a current heritage survey and, pending outcomes and circumstances, plans to begin a maiden drill program.
Tambourah
The one hundred pc owned Tambourah Tenure is a potential lithium tenure with identified gold occurrences. Positioned roughly 90 kilometres south of the Pilgangoora and Wodgina lithium complexes, and 175 kilometres south of Port Hedland, the challenge was traditionally explored for gold and comprises identified gold occurrences inside alluvial materials and reef methods. Present work on the challenge so far has concerned geological mapping and rock chip sampling.
Niobium
West Arunta
The totally owned West Arunta consists of three tenements positioned within the highly-prospective area of the identical identify. The tenure is thought to be potential for carbonatite-hosted niobium and uncommon earth aspect mineralization. Spanning roughly 220 sq. kilometres, it surrounds Lycaon Assets’ (ASX:LYN) Stansmore challenge and is positioned 70 kilometres north of a number of outstanding current discoveries.
CuFe has not but finalised native title preparations to begin work within the floor so within the meantime it engaged Southern Geoscience Consulting to undertake a geophysical evaluation of publicly obtainable airborne magnetic knowledge for the tenements together with re-processing of mentioned knowledge and 3D unconstrained inversion modeling. Evaluation of the full magnetic imagery revealed three anomalous areas throughout the package deal, leading to 9 goal anomalies for additional investigation and exploration.
Iron
JWD iron ore mine
The JWD iron ore operation is an optimised and versatile high-grade, low impurity iron ore operation over the Wiluna West JWD deposit. CuFe has one hundred pc curiosity within the iron ore mining rights settlement for the challenge, which was began for lower than $5 million and produces a high-grade, low-impurity lump iron ore for direct transport.
At its present manufacturing price, the mine has capability for 60 kt of lump and 15 kt of fines monthly. Mining and crushing is carried out by contractors, with the completed product trucked 800 kilometres to the Geraldton port for export in vessels of circa 6Ma0 kt. The mine additionally advantages from versatile working contracts and value hedging, permitting CuFe to extra readily react to iron ore value volatility.
Though no JORC reserve has been reported, a JORC useful resource dated June 30, 2023 reveals an estimate of 9.6 Mt at 63.7 % iron utilizing a 55 % iron cut-off.
Yarram
The Yarram iron ore challenge is a mature improvement alternative with the potential for low-cost manufacturing. CuFe presently holds a 50 % curiosity within the challenge, which incorporates operatorship. Partially positioned on an current mining lease on freehold land, Yarram has a high-grade DSO useful resource of 5.6 MT at +60 % iron in addition to a low-grade part of seven.1 Mt with the potential for beneficiation.
Located 110 kilometres from Darwin Port and adjoining to underutilised mining infrastructure, Yarram additionally options beneficial ore physique geometry, with current infrastructure and providers contributing to its low capex and opex.
An preliminary diamond drilling program offered HG core from two deposits inside the challenge. Bodily and thermal metallurgical testing confirms the technology of a lump product with roughly 41 % yield, elevated gangue ranges within the very positive fractions and acceptable thermal and supplies dealing with properties, making it appropriate as a blast furnace lump burden feed.
CuFe has additionally undertaken geotechnical testwork on the diamond drill core to supply parameters for pit optimizations and designs. Last pit shells and a high-level mine schedule have been developed to be used in regulatory approvals.
Gold Royalty
Crossroad gold challenge
By way of totally owned subsidiary Jackson Minerals, CuFe holds a 2 % internet smelter royalty over M24/462, which comprises Northern Star’s (ASX:NST) Crossroads gold challenge. This challenge is the topic of a not too long ago accepted mining proposal envisaging the mining of two.67 Mt of gold-bearing ore. The challenge is anticipated to begin someday in 2024 and run for a 36-month interval, with the vast majority of ore mined within the second and third years after pre-stripping.
This challenge represents a possible near-term income supply for CuFe with no related prices.
Administration Staff
Tony Sage — Government Chairman (BCom, FCPA, CA, FTIA )
Tony Sage is an entrepreneur with over 36 years of expertise in company advisory providers, funds administration and capital elevating, predominantly inside the useful resource sector. He’s primarily based in Western Australia and has continued to be concerned in managing and financing listed mining and exploration corporations with a various commodity base.
Sage has developed world operational expertise inside Europe, North and South America, Africa, Oceania, Asia and the Center East. He’s presently govt chairman of ASX-listed Cyclone Metals Restricted (ASX:CLE) and European Lithium (ASX:EUR).
Mark Hancock — Government Director
Mark Hancock has over 30 years’ expertise in key monetary, business and advertising and marketing roles throughout quite a lot of industries with a robust give attention to pure sources. Throughout his 13 years at Atlas Iron Ltd, Hancock served in quite a few roles together with CCO, CFO, Government Director and Firm Secretary. He has additionally served as a director on numerous ASX listed entities and is presently a director of Centaurus Metals Ltd and Strandline Assets Ltd.
Hancock holds a Bachelor of Enterprise (B.Bus) diploma, is a Chartered Accountant (CA) and is a Fellow of the Monetary Providers Institute of Australia (F FIN).
Nicholas Sage — Non-executive Director
Nicholas Sage is an skilled advertising and marketing and communications skilled with in extra of 25 years in numerous administration and consulting roles. Sage is predicated in Western Australia and presently consults to varied corporations and has held numerous administration roles inside Tourism Western Australia. He additionally runs his personal administration consulting enterprise.
Scott Meacock — Non-executive Director
Scott Meacock has a wealth of expertise as exterior counsel performing in, and advising on, complicated company and business legislation transactions and disputes for shoppers in a variety of business sectors together with pure sources and monetary providers.
Meacock presently serves because the Chief Government Officer and Basic Counsel of the Gold Valley Group. He holds a Bachelor of Legal guidelines (LLB) diploma and a Bachelor of Commerce (BComm) diploma from the College of Western Australia.
Matthew Ramsden – GM Improvement
Matthew Ramsden is an skilled geologist and challenge developer commencing his profession in Tasmania earlier than stints within the Pilbara with Rio Tinto and Atlas Iron, the place he performed a key position within the improvement and ramp-up of six iron ore mines.
He joined CuFe in 2021 to begin the JWD operations and now has oversight over the corporate’s exploration and improvement initiatives.
Ramsden is a member of the Australasian Institute of Geoscientists.
Siobhán Sweeney — Geology Supervisor
Siobhán Sweeney brings over 13 years’ geology expertise to the CuFe group, from greenfield’s exploration to useful resource improvement with a robust give attention to goal technology and improvement of iron ore initiatives. Throughout her 8 years at Atlas Iron Ltd, Sweeney was instrumental in creating vital iron ore initiatives within the Pilbara equivalent to Miralga Creek and Corunna Downs. Her background in managing complicated and difficult exploration packages has been key to delivering profitable initiatives.
Since becoming a member of Cufe in July 2021, Sweeney has been tasked with creating and implementing mine geology processes in the course of the start-up part of the JWD mine. Most not too long ago she has delivered a profitable exploration drill marketing campaign to additional outline the Yarram iron ore deposit.
Sweeney is a member of the Australian Institute of Geoscientists and holds a Bachelor of Science diploma (hons) in geology from the Nationwide College of Eire Galway.
