29Metals Limited announced the results of feasibility studies for Gossan Valley (the `GV Studies') and the prefeasibility study for Cervantes (the `Cervantes PFS'), confirming the viability of each project and extending Golden Grove's history of organic growth potential. 29Metals will commence the regulatory approval process for Gossan Valley in the March 2023 quarter. Final approval submissions are expected to be lodged at the beginning of the September 2023 quarter. During 2023, 29Metals will also continue to evaluate opportunities to accelerate access to first production ore at Gossan
Valley, including the potential to develop an exploration decline to provide access to underground drilling platforms to test open areas of the Gossan Valley Deposits, as well as providing early access to production ore (subject to regulatory approvals). Vendor engagement regarding long lead items is expected to commence in the second half 2023. The Mineral Resources estimates applied for the Cervantes PFS do not incorporate the drilling results reported in 2022 (year-to-date). Updates to 29Metals' Mineral Resources estimates for Cervantes are underway. 29Metals expects to
report its 2022 Mineral Resources estimates in the March 2023 quarter. 29Metals also plans to undertake further resource conversion drilling in 2023, seeking to convert Inferred Mineral Resources at Cervantes to Indicated Mineral Resources, and providing the geological confidence required to report a production target and associated project economics. Evaluation of the timing of Gossan Valley and Cervantes, and integration into the Golden Grove mine plan, is ongoing. In parallel, 29Metals will also evaluate other whole-of-site value enhancement opportunities, including the optimal milling
rate at Golden Grove.