Name of the Project
Devon gold project.

Location
South of Laverton, in the north-eastern goldfields of Western Australia.

Project Owner/s
Devon Joint Venture (JV), a collaboration between Matsa (50%) and Linden Gold Alliance (50%).

Under the terms of the JV, Matsa is free carried on a nonrecourse basis for all costs associated with permitting, financing, development and mining of the Devon pit, with Linden required to meet certain milestones.

Project Description
A definitive feasibility study (DFS) on the restart of the Devon pit, completed in September 2023, has shown robust and technical results.

The DFS envisages a 260 000 t operation grading 4.6 g/t gold for about 38 370 oz of recovered gold.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has an internal rate of return of 387%. Payback is estimated at 14 months.

Capital Expenditure
Life-of-mine capital expenditure is estimated at $8.1-million.

Planned Start/End Date
A final investment decision is expected in late 2023.

Latest Developments
Matsa Resources has entered into a standstill agreement with fellow-listed Linden Gold Alliance over the Devon JV.

The two companies are in confidential, without prejudice, discussions and are hoping to reach a commercial dispute regarding the JV.

Matsa issued Linden a notice of default event under the mine management and JV agreement for the Devon gold mine in September, following Linden’s release of a DFS for the project in late August.

Matsa has maintained that the company had neither approved nor authorised the outcomes or the public disclosure of the study released by Linden.

Matsa said on October 6 that with the standstill agreement now in place, the two companies would not make any further claims or demands against each under until October 10. 

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Matsa Resources, tel +61 8 9230 3555 or email reception@matsa.com.au.