Beacon Minerals Limited has released an initial Ore Reserve estimate of 11.0 million tonnes at 1.20 g/t gold for 430,200 ounces at the Iguana deposit, representing a 325% increase in ore reserves compared to previous positions.

The deposit forms part of the Lady Ida Project in Western Australia’s Mount Ida Greenstone Belt and sits approximately 43 kilometres by road from the company’s Jaurdi processing plant.

The pre-feasibility study models a nine-year operational life with an estimated undiscounted pre-tax free cash flow of A$841 million at a flat gold price of A$5,500 per ounce, or A$1,085 million using a spot price of A$6,190 per ounce. Establishment capital is estimated at A$2.5 million to cover a camp and haul roads. All proven and probable reserves derive entirely from measured and indicated mineral resources, with no inferred material included in the life-of-mine plan.

The updated Mineral Resource estimate for Iguana now stands at 11.5 million tonnes at 1.4 g/t gold for 533,000 ounces, representing a 266% increase in measured and indicated resource ounces.

The reserve estimate follows a comprehensive 75,000-metre drill campaign that concluded in May 2026. This marked a substantial expansion from earlier work, which included a Stage 2 air core program comprising 215 holes for 2,572 metres.

"The significant increase in ore reserves following our +75,000 metre drill campaign which concluded in May 2026 has enhanced the value of the Iguana deposit for the benefit of our shareholders.

"The Jaurdi Mill upgrade scheduled to be completed in November will complement our successful ore reserve drill campaign."

— Graham McGarry, Executive Chairman and Managing Director

Mining operations at the Iguana deposit are expected to commence in 2026.

Read the full announcement: Ore Reserve Statement - Iguana Deposit