Kalamazoo WA mine study shines with $1.4b gold upside

The West Australian

Nov 05

Kalamazoo Resources has tabled a set of numbers at its Mt Olympus gold project in Western Australia’s Pilbara that would turn heads in any gold cycle.The scoping study highlights a deposit which could...

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height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nKalamazoo WA mine study shines with $1.4b gold upside\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-11-05 03:11 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://thewest.com.au/business/public-companies/kalamazoo-wa-mine-study-shines-with-14b-gold-upside-c-20583145><strong>The West Australian</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Kalamazoo Resources has tabled a set of numbers at its Mt Olympus gold project in Western Australia’s Pilbara that would turn heads in any gold cycle.The scoping study highlights a deposit which could...</p>\n\n<a href=\"https://thewest.com.au/business/public-companies/kalamazoo-wa-mine-study-shines-with-14b-gold-upside-c-20583145\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"PLS.AU","symbol_name":"PILBARA MINERALS LTD","start_time":0,"source_url":"https://thewest.com.au/business/public-companies/kalamazoo-wa-mine-study-shines-with-14b-gold-upside-c-20583145","article_id":"2581715222","we_media_id":null,"thumbnails":["https://images.thewest.com.au/publication/C-20583145/9d12a48ebf9e8b94323166b41af94ad576c0537d.jpg"],"rights":{"source":"thewest_stock","url":"https://thewest.com.au/business/public-companies/kalamazoo-wa-mine-study-shines-with-14b-gold-upside-c-20583145","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2581715222","pubTimestamp":1762283475,"columns":[],"sourceInfo":{"source_id":"thewest_stock","name":"The West Australian"},"weMediaInfo":null,"summary":"Kalamazoo has unveiled a compelling scoping study for its Mt Olympus gold deposit in WA’s Pilbara, projecting 524,000 ounces of gold, $1.4 billion in free cashflow and a 23-month payback in a record gold market","collect":0,"end_time":0,"defaultTopTitle":"thewest.com.au","property":[],"viewcount":null,"language":"en","relate_stocks":{"PLS.AU":"PILBARA MINERALS LTD","BK7507":"资源股","NPV":"弗吉尼亚纽文市保","BK7095":"多种金属与采矿","BK7504":"锂钴概念"},"translate_title":"Kalamazoo WA矿山研究闪耀$1.4 B黄金上涨空间","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"NPV":1,"PLS.AU":0.9},"content_text":"Kalamazoo Resources has tabled a set of numbers at its Mt Olympus gold project in Western Australia’s Pilbara that would turn heads in any gold cycle.The scoping study highlights a deposit which could deliver more than 500,000 ounces of gold over just six years and generate up to $1.4 billion in free cashflow, with capital repaid in less than two years.The report pegs total recoverable gold at about 524,000 ounces from an 8.5-million-tonne open-pit operation, processed through a 1.5 million-tonne-per-annum flotation circuit to produce a high-grade 25 grams per tonne (g/t) concentrate at 86 per cent recovery.At a conservative gold price of $4500 an ounce – more than $1500 beneath the current spot price - the base-case economics show a pre-tax NPV of $423 million, an internal rate of return of 47 per cent and free cashflow of $747 million. Pre-production capital bill of just $208 million and is forecast to be repaid within 23 months.Those figures swell sharply at today’s prevailing bullion levels with free cashflow bloating to $1.396 billion and pre-tax net present value (NPV) of $842 million based on a gold price of $6000 an ounce, with margins fattening as the gold price continues to defy gravity. At current prices, the IRR hits 74 per cent, an enviable ratio in any jurisdiction, let alone Western Australia’s Pilbara heartland.It is the sort of profile that would have once belonged to a mid-tier producer, not a $45 million market cap explorer. Kalamazoo’s real advantage is geological leverage married to timing. After years under De Grey and Northern Star’s microscope, Mt Olympus has now returned to its original owner as a technically de-risked, high-grade system in a gold market trading above $6000 an ounce.The proposed development centres on an integrated Mt Olympus–West Olympus open pit, averaging 2.2 g/t gold with a nine-to-one strip ratio. About 83 per cent of the production target is supported by indicated resources, providing a high level of confidence in the mine schedule. The remainder sits in the inferred category and is expected to be upgraded through imminent drilling. Average production is forecast at 73,000 ounces a year, peaking at 110,000 ounces in year five.This Scoping Study highlights the potential for the 100 per cent-owned Ashburton Gold Project to become an outstanding high-margin, cashflow-generating operation in a world-class jurisdiction. Importantly, it does not include the 350,000–500,000 ounces we’ve already identified below the pit, which represents significant upside as we move to pre-feasibility.Kalamazoo Resources executive chairman Luke ReinehrThe underground opportunity Reinehr refers to was quantified only last month - 1.44 million tonnes at 3.76 g/t for 174,500 ounces in a new underground resource. It also includes an additional exploration target of 2-6 million tonnes at 2–3.8 g/t for 129,000–387,000 ounces sitting directly beneath the open pit. That potential lift, combined with the existing 363,000 ounces at Peake, Zeus and Waugh, positions Ashburton as a possible multi-deposit gold precinct rather than a single-pit play.And recent corporate moves have expanded that footprint again. The Xanadu gold project, acquired from Platina Resources in September, adds 142 square kilometres of contiguous ground along strike to Ashburton, taking Kalamazoo’s total holding to 380 square kilometres.Historical drilling at Xanadu delivered intercepts such as 11 metres at 5.32 g/t gold from 17 metres and 5 metres at 8.71 g/t from 16 metres, highlighting the same Carlin-style mineralisation seen at Mt Olympus.The broader Pilbara backdrop adds its own colour. The region’s major towns of Paraburdoo, Tom Price and Karratha already host mining infrastructure and daily flights from Perth. Nearby peers like Capricorn Metals’ 2.1-million-ounce Karlawinda project and Northern Star’s Hemi deposit have underscored the Pilbara’s re-emergence as a gold growth province. Kalamazoo’s deposit, at 2.8 grams per tonne, stands out for grade and proximity to road networks.In corporate terms, the company’s $45 million market cap and $1.4 million cash balance underline its small-cap status relative to the potential it is now quantifying. The study assumes funding of just $208 million to reach production, which Kalamazoo acknowledges will require external partners - although somewhat offset by the project’s short payback and strong cash generation.Pre-feasibility work will now focus on converting inferred material, expanding the underground resource and testing the Peake and Zeus deposits as potential satellite feed. Management says early discussions suggest “keen demand” for the company’s proposed gold-in-concentrate product, which could further streamline financing.For now, the numbers do most of the talking. A half-million ounces at nearly $2200 an ounce margin, two-year payback, and growing inventory in the current gold environment is a combination that should attract plenty of attention across the market, possibly even from the majors that walked away when gold was cheaper.Kalamazoo’s next move will be to prove Mt Olympus isn’t just compelling on paper but capable of anchoring a new Pilbara gold hub. If the pre-feasibility study due next year confirms anything close to these economics, the project’s name may prove fitting.Is your ASX-listed company doing something interesting? Contact: matt.birney@wanews.com.au","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}