Overview
CuFe Restricted (ASX:CUF) is a multi-commodity exploration and growth firm with curiosity in eight tasks 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 tasks 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 p.c copper and 0.6 grams per ton (g/t) gold for 127 kt copper and 145 koz gold. CuFe at present owns a 55 p.c 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, entails 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 per thirty days at present manufacturing price. CuFe owns 100% curiosity on this operation.
Along with benefiting from the rising marketplace for strategic metals, CuFe additionally has publicity to a near-term iron ore worth upside due to the high-grade JWD iron ore mine. It plans to leverage the mine to make the most of elevated iron ore worth cycles with the flexibility to cost-effectively droop manufacturing because the market dictates. CuFe can be evaluating the Yarram mission, as its shut proximity to Darwin port provides it the potential for low opex.
Lastly, CuFe has a low-risk 2 p.c NSR gold royalty over the Northern Star Crossroads mission, the place mining is predicted to start in 2024.
CuFe is led by a extremely skilled administration workforce adept at figuring out alternatives, making discoveries, evaluating and creating tasks and sustaining operations. The workforce is led by government director Mark Hancock, who has 25 years expertise in useful resource tasks throughout quite a lot of commodities in senior finance, industrial and advertising and marketing roles.
Firm Highlights
- CuFe Restricted is an ASX-listed iron, copper, lithium and niobium exploration and growth 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 tasks are extremely potential in copper (Tennant Creek, Bryah Basin), lithium (North Dam, Tambourah) and niobium (West Arunta).
- CuFe has 100% curiosity within the iron ore mining rights on the working Wiluna West JWD mine, identified to include high-grade iron ore product.
- Moreover, the corporate has a 50 p.c curiosity within the Yarram mission, a sophisticated iron ore growth mission with potential for low-cost manufacturing.
- CuFe additionally has a 2 p.c internet smelter royalty over the Crossroads gold mission in Kalgoorlie.
- The corporate is led by a confirmed and skilled in-house workforce with experience in identification, discovery, analysis, deployment and operations.
Key Tasks
Copper
Tennant Creek
The Tennant Creek mission is situated within the extremely potential Gecko-Goanna copper-gold hall of the Northern Territory. A mature mission comprising three high-grade copper and gold mineral assets, it accommodates a mixed JORC 2012 mineral useful resource of seven.3 at 1.7 p.c 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 situated in shut proximity to grid energy, a fuel pipeline, the Stuart freeway and the rail line to Darwin.
The world the place Tennant Creek is hosted is a re-emerging mineral area with current neighbouring exploration success from corporations equivalent to Emmerson Assets (ASX:ERM) and Tennant Minerals (ASX:TMS). Close to-mine targets embrace the potential to increase assets and open enrichment throughout 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 present Orlando open pit to realize entry to an ore provide for a quick begin choice.
Bryah Basin JV tasks
By means of wholly owned subsidiary Jackson Minerals, CuFe has a 20 p.c curiosity in roughly 804 sq. kilometres of highly-prospective tenements proximal to the previous Sandfire Assets’ (ASX:SFR) Doolgunna mission and Degrussa copper gold mine, in addition to a number of different outstanding gold and copper prospects. Collectively referred to as the Bryah Basin JV tasks, the tenements are at present topic to joint ventures and farm-ins with a number of corporations. Probably the most outstanding of those is the Morck Nicely mission, which is below an exploration licence with Auris Minerals (ASX:AUR) alongside the Forrest mission.
The Morck Nicely mission 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 mission 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 mission is contained throughout the similar lithium belt that accommodates 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 mission has included defining potential pegmatites via 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 include as much as 44 p.c niobium and 14.53 p.c tantalum.
CuFe has additionally accomplished a current heritage survey and, pending outcomes and circumstances, plans to start a maiden drill program.
Tambourah
The 100% 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 mission was traditionally explored for gold and accommodates identified gold occurrences inside alluvial materials and reef techniques. Present work on the mission to this point has concerned geological mapping and rock chip sampling.
Niobium
West Arunta
The absolutely owned West Arunta consists of three tenements situated within the highly-prospective area of the identical title. The tenure is thought to be potential for carbonatite-hosted niobium and uncommon earth factor mineralization. Spanning roughly 220 sq. kilometres, it surrounds Lycaon Assets’ (ASX:LYN) Stansmore mission and is situated 70 kilometres north of a number of outstanding current discoveries.
CuFe has not but finalised native title preparations to start work within the floor so within the meantime it engaged Southern Geoscience Consulting to undertake a geophysical evaluate of publicly accessible airborne magnetic knowledge for the tenements together with re-processing of stated 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 100% curiosity within the iron ore mining rights settlement for the mission, which was began for lower than $5 million and produces a high-grade, low-impurity lump iron ore for direct delivery.
At its present manufacturing price, the mine has capability for 60 kt of lump and 15 kt of fines per thirty days. 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 worth hedging, permitting CuFe to extra readily react to iron ore worth 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 p.c iron utilizing a 55 p.c iron cut-off.
Yarram
The Yarram iron ore mission is a mature growth alternative with the potential for low-cost manufacturing. CuFe at present holds a 50 p.c curiosity within the mission, which incorporates operatorship. Partially situated on an current mining lease on freehold land, Yarram has a high-grade DSO useful resource of 5.6 MT at +60 p.c 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 companies contributing to its low capex and opex.
An preliminary diamond drilling program supplied HG core from two deposits throughout the mission. Bodily and thermal metallurgical testing confirms the technology of a lump product with roughly 41 p.c yield, elevated gangue ranges within the very superb 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. Closing pit shells and a high-level mine schedule have been developed to be used in regulatory approvals.
Gold Royalty
Crossroad gold mission
By means of absolutely owned subsidiary Jackson Minerals, CuFe holds a 2 p.c internet smelter royalty over M24/462, which accommodates Northern Star’s (ASX:NST) Crossroads gold mission. This mission is the topic of a just lately accepted mining proposal envisaging the mining of two.67 Mt of gold-bearing ore. The mission is predicted to start someday in 2024 and run for a 36-month interval, with nearly all of ore mined within the second and third years after pre-stripping.
This mission represents a possible near-term income supply for CuFe with no related prices.
Administration Group
Tony Sage — Government Chairman (BCom, FCPA, CA, FTIA )
Tony Sage is an entrepreneur with over 36 years of expertise in company advisory companies, funds administration and capital elevating, predominantly throughout 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 at present government 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, industrial and advertising and marketing roles throughout quite a lot of industries with a robust concentrate on pure assets. 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 a lot of ASX listed entities and is at present 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 relies in Western Australia and at present consults to numerous 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 appearing in, and advising on, advanced company and industrial regulation transactions and disputes for shoppers in a variety of business sectors together with pure assets and monetary companies.
Meacock at present serves because the Chief Government Officer and Common 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 mission developer commencing his profession in Tasmania earlier than stints within the Pilbara with Rio Tinto and Atlas Iron, the place he performed a key function within the growth and ramp-up of six iron ore mines.
He joined CuFe in 2021 to start the JWD operations and now has oversight over the corporate’s exploration and growth tasks.
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 workforce, from greenfield’s exploration to useful resource growth with a robust concentrate on goal technology and growth of iron ore tasks. Throughout her 8 years at Atlas Iron Ltd, Sweeney was instrumental in creating vital iron ore tasks within the Pilbara equivalent to Miralga Creek and Corunna Downs. Her background in managing advanced and difficult exploration applications has been key to delivering profitable tasks.
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 section of the JWD mine. Most just lately 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.
