Name of the Project
Whim Creek copper/lead project.

Location
Pilbara, Western Australia.

Project Owner/s
Anax Metals (80%) and Develop Global (20%). 

Project Description
A February 2026 update to the definitive feasibility study (DFS) demonstrated Whim Creek as a technically and economically robust polymetallic project and strategic processing hub development.

The project has ore reserves of 4.61-million tonnes at 1.36% copper, 2.31% zinc, 0.67% lead, 30 g/t silver and 0.27 g/t gold. They support average production of about 13 000 t/y of copper-equivalent saleable metal in concentrate over the first eight years of a ten-year mine life from openpit resources at Mons Cupri and Whim Creek, and underground resources that are open at depth at Evelyn and Salt Creek.

The DFS incorporates openpit and underground mining, and the development of a processing hub at the existing infrastructure site. 

Contractor mining will be used for the openpit and underground operations.

Existing site infrastructure will be used to develop an expandable processing hub capable of treating sulphide, as well as transitional and oxide ore types. 

The processing infrastructure will include an 800 000 t/y crushing circuit feeding two-stage X-ray transmission ore sorting and an inline pressure jig, followed by a new modular 400 000 t/y polymetallic concentrator producing separate copper, lead and zinc concentrates. Existing heap-leach infrastructure will be used for the proposed parallel treatment of lower-grade and secondary material. Tailings will be stored in mined-out pits.

Potential Job Creation
None stated.

Net Present Value/Internal Rate of Return
The project has an estimated pretax net present value, at a 7% discount rate, of A$501-million and an internal rate of return of 98%, based on forecast metal prices, exchange rates, capital and operating costs, with a payback of 14 months. 

Capital Expenditure
Preproduction capital expenditure is estimated at A$77-million, with a further A$14-million in working capital, resulting in a total development cost of A$91-million on a 100% project basis. 

Planned Start/End Date
A final investment decision is targeted for the fourth quarter of 2026, with production envisaged 18 months later.

Latest Developments
Anax has started front-end engineering design (FEED) to support a final investment decision in the fourth quarter of 2026. The work will refine the 400 000 t/y concentrator, ore-sorting and preconcentration circuits, mining fleet and infrastructure, in addition to updating the capital and operating costs, execution plan and financial model.

The integrated project team comprises Anax, WSP, Orelogy, CPC Engineering and Gekko Systems. Financing and offtake discussions are progressing in parallel, with selected parties shortlisted and due diligence under way.

An 18-hole, 5 000 m Phase 1 diamond-drilling programme has also started at Mons Cupri to test extensions at depth and along strike. It is fully funded by an A$6-million placement completed in June 2026.

Key Contracts, Suppliers and Consultants
WSP, Orelogy, CPC Engineering and Gekko Systems (FEED integrated project team); Nexus Bonum, ABGM and Qube (2026 DFS update); and TopDrill and Newexco Exploration Services (Mons Cupri drilling programme).

Contact Details for Project Information
Anax Metals, tel +61 8 6143 1840 or email info@anaxmetals.com.au.