- 01Resource: 82.3Mt, 4.24Moz PtEq.
- 02Study weighs standalone vs Savannah processing.
- 03Eileen Bore target: 12–15Mt at 0.62–0.86% CuEq; $3.6m placement.
Future Metals NL (ASX: FME) has advanced two potential development pathways for its Panton platinum group metals (PGM) project in Western Australia following a resource update and processing review during the September quarter.
The revised mineral resource estimate stands at 82.3 million tonnes grading 1.6 grams per tonne platinum equivalent (PtEq), containing 4.24 million ounces of PtEq across the Indicated and Inferred categories.
An updated scoping study will compare a standalone operation against transporting Panton material to the existing Savannah processing facility about 60 kilometres north.
The company also defined a maiden copper-nickel-gold exploration target at Eileen Bore and conducted a $3.6 million placement to support technical studies and exploration.
Development Assessment
The 100%-owned Panton project contains 65.1Mt of open-pit resources at 1.2g/t PtEq for 2.58Moz and 17.2Mt of underground resources at 3.0g/t PtEq for 1.66Moz.
Of the total resource, 40Mt grading 1.6g/t PtEq for 2.06Moz is classified as Indicated, with the balance classified as Inferred.
A review of historical metallurgical test work identified a single flotation train treating blended reef and dunite material as a potentially lower-capital alternative to the dual-circuit design considered in 2023.
Ore sorting previously demonstrated potential to lift PGM feed grades by up to 1.16 times while rejecting 10% to 22% of feed mass.
Further work will examine grinding and flotation optimisation, with preliminary engineering suggesting the Savannah mill could potentially process 0.7Mt to 1.15Mt annually depending on grind size, subject to further engineering and representative test work.
Two Processing Routes
The scoping study, which began in August, is examining both a new Panton processing operation with concentrate transported to the Port of Wyndham and an option to process ore at Savannah.
The second route could reduce upfront capital requirements but would introduce haulage and refurbishment costs and requires definitive commercial agreements with Savannah owner Zeta Resources.
Specialists have been engaged across mining, processing, infrastructure and approvals, while environmental surveys, Traditional Owner consultation and regulatory engagement are being planned.
“This quarter marked important progress at Panton, with the updated MRE, metallurgical review, and commencement of the updated Scoping Study advancing our assessment of the project’s development potential,” managing director Keith Bowes said.
“Evaluating both standalone development and the use of existing Savannah infrastructure will help us identify a practical, capital-efficient pathway forward.”
Eileen Bore Exploration Potential
At Eileen Bore, about 12km north-east of Panton, Future Metals defined a conceptual exploration target of 12Mt to 15Mt grading 0.62% to 0.86% copper equivalent (CuEq).
The target corresponds to approximately 74,900 to 128,300 tonnes of contained CuEq metal across copper, nickel and gold mineralisation.
Insufficient exploration has been completed to estimate a mineral resource, and the CuEq calculation assumes full recovery and payability despite the absence of metallurgical recovery test work.
Reverse circulation step-out and down-dip drilling is targeted for 2027, conditional on approvals, heritage clearances and rig availability.
A broader review of the 18km Alice Downs Corridor is planned to assess additional targets while Panton remains the main development priority.
Placement Supports Study Phase
The company received commitments for approximately 254.6 million shares at $0.014 each, including $500,000 from major shareholder Zeta Resources and $65,000 from directors and employees.
The first tranche raised $3m in August, while shareholders approved a second tranche of about $565,000 and associated lead-manager options on 7 October.
Quarter-end cash was approximately $3.52m following receipt of the first tranche, with exploration and development expenditure of $582,000 during the period.
The funding is intended to support further studies, permitting and exploration as Future Metals tests the relative costs and technical requirements of its Panton development alternatives.
We thank shareholders, including Zeta Resources, for their support of the placement, which will fund the next phase of technical studies, permitting and exploration,” Mr Bowes said.
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