Astral Resources has signed a letter of intent (LoI) with Mineral Mining Services (MMS) to develop the Think Big Gold Project, part of the Feysville Gold Project near Kalgoorlie, Western Australia (WA).
Under the agreement, MMS will cover all development costs, which will be recouped from the project’s initial cash flows.
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Profits will then be shared between the two parties, with MMS receiving between 30% and 50% of the profits.
The LoI includes a 90-day exclusivity period for finalising binding agreements.
MMS will manage development activities including heritage and environmental studies, resource development and securing mining approvals.
The joint venture (JV) aims to commence mining by the third quarter of 2026 (Q3 2026).
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By GlobalDataAstral Resources managing director Marc Ducler said: “The agreement with MMS provides a clear, fully funded pathway to establish early gold production from our Think Big Gold Project, providing an initial income stream for the company and potentially reducing the external funding requirement to develop our flagship Mandilla Gold Project.
“Partnering with an expert local mining services provider in Mineral Mining Services significantly de-risks the development and funding process for our shareholders, delivering early production and cash flow while allowing Astral to focus on delivering the broader Mandilla Project from a greatly strengthened financial base.”
Think Big hosts a mineral resource estimate (MRE) of 2.4 million tonnes at 1.1 grams per tonne gold, equating to 85,200oz.
Initially part of the Mandilla project’s life-of-mine plan, the new agreement advances production to the start of the mine plan.
MMS will also hold an option to propose involvement in other gold development opportunities within Astral’s portfolio.
Both parties will work to finalise agreements within the exclusivity period, with MMS conducting a scoping study and development plan for Think Big.
MMS CEO Robert Ryan said: “We are excited to partner with Astral Resources on the development of Think Big.
“Our initial review of the project highlights the exceptional work completed by the Astral team, which gives us great confidence in the joint venture’s potential to be highly profitable for both companies.”
In May this year, Astral announced an updated MRE for its Spargoville Gold Project in WA, now reporting 139,000oz of contained gold.
