EMC Executes Mining Agreement for Mt Dimer Gold Project
| Stock | Everest Metals Corporation Ltd (EMC.ASX) |
|---|---|
| Release Time | 28 Oct 2025, 8:20 a.m. |
| Price Sensitive | Yes |
EMC Executes Mining Agreement for Mt Dimer Gold Project
- EMC has entered into a Right to Mine Agreement with MEGA Resources to commence mining at the Mt Dimer Taipan Gold & Silver Project
- MEGA will provide up to A$18.6 million in financing for development and working capital, with profits to be shared equally (50/50) between MEGA and EMC
- Mining is scheduled to commence in November 2025 with ore processing to begin in March 2026
Everest Metals Corporation (EMC) has executed a Right to Mine Agreement (RTMA) with MEGA Resources Pty Ltd (MEGA) to commence mining at the Mt Dimer Taipan Gold & Silver Project, located 150km northwest of Kalgoorlie and 120km northeast of Southern Cross in Western Australia. Under the RTMA, MEGA will be responsible for all mining operations, including haulage, geological and engineering services, and the management of project approvals. MEGA will provide up to A$18.6 million in development and working capital funding, which will be secured by a Specific Security Deed and recoverable only from project revenues. Profits will be shared equally (50:50) between MEGA and EMC after recovery of the committed working capital. Mining is scheduled to commence in the first week of November 2025 with mobilization already underway, and ore processing is expected to begin in March 2026. The Mt Dimer Project sits on a granted Mining Lease and has an Inferred Mineral Resource of 722kt @ 2.10g/t Au (48,545oz gold) and 3.84g/t Ag (89,011oz silver). In parallel with the agreement, EMC and MEGA will undertake drilling to further investigate the potential to expand the current Mineral Resource and optimize the development plan.
MEGA will provide up to A$18.6 million in financing for the Mt Dimer Taipan Gold & Silver Project development and working capital. Profits will be shared equally (50/50) between MEGA and EMC after recovery of the committed working capital.
The Mt Dimer Taipan resource remains open to the south and down dip, with strong potential to extend mineralisation along the southern strike. This indicates significant opportunity for identifying additional gold and silver resources within the Mt Dimer Taipan project and the surrounding tenements.