Encore Makes Final Investment Decision on Windarra Tailings

Key points

• Encore Minerals made a positive Final Investment Decision (FID) on the Windarra Tailings Project
• Maritana receives $400,000 non-refundable payment and 3% net smelter return royalty
• Encore to develop, operate, and rehabilitate the project using Draslovka's technology

Full summary

Maritana Minerals Limited announced that Encore Minerals Pty Ltd has made a positive Final Investment Decision (FID) for the Windarra Tailings Project. Encore exercised its option to proceed to the Development Period under the binding Heads of Agreement with Maritana's subsidiary, Poseidon Nickel Pty Limited. Encore has provided Poseidon with an updated Definitive Feasibility Study (DFS) for the Tailings Project, which includes processing of tailings from both Windarra and Lancefield. Maritana will receive a non-refundable payment of $400,000 and is entitled to a 3% net smelter return royalty on production from the Tailings Project (1.5% on Lancefield tailings). Encore is responsible for all funding, development, operation, closure, and rehabilitation of the project using Draslovka's proprietary Glycine Leaching Technology. Maritana will continue to develop the gold prospectivity of the broader Windarra asset portfolio and evaluate options to maximize value from the Windarra assets.