Rex Minerals Ltd is a copper and gold development company. It is listed on the Australian Securities Exchange (ASX:RXM) and on the US OTC Markets Group exchange (OTCQB:RXRLP). The Company has two key assets, both company-defining opportunities in their own right – the Hillside Copper-Gold Project in South Australia and the Hog Ranch Gold Property in Nevada USA. Both assets are 100% owned by Rex.
Hillside is one of the most significant copper-gold projects in Australia. It is located less than two hours’ drive from Adelaide. Hillside is fully permitted, with key approvals in place. At nearly one million tonnes, it has one of the biggest copper Ore Reserves in Australia and nearly double that amount of copper in Mineral Resource.
In December 2022, the Company announced that it is moving ahead with Hillside project financing and operational readiness plans, following completion of a major study that estimates annual payable metal of circa 42kt copper (Cu) and 30koz gold (Au) following ramp-up, with first concentrate delivery timed for Q4CY2025. The estimated pre-production capital cost is A$854M (US$598M).
Hog Ranch has a JORC-compliant Mineral Resource of 2.2Moz gold. Hog Ranch offers significant scope to grow inventory as current defined mineralisation on a number of projects remains unconstrained.
Hillside is shovel ready. Recent study (Stage One) highlights include:
• NPV A$1,252M (pre-tax) and A$847M (post-tax)
• IRR of 19% (nominal IRR 23%) (spot IRR 21%)
• C1 of US$1.52/lb copper (spot C1 US$1.39/lb) and
• 4.3-year payback period.
Stage One (11 years) lays the foundation for a 20-plus year operation, extracting around half the current Ore Reserve. Substantial potential exists for Mineral Resource and Ore Reserve growth, leading to mine life extension and higher processing rates beyond Stage One.
