Future Metals NL (ASX: FME) has released an updated Mineral Resource Estimate for its Panton PGM Project, located in Western Australia. The new estimate reports 82.3 million tonnes at 1.6 g/t platinum equivalent, totaling 4.24 million ounces. This update is significant for the company as it transitions its primary reporting metric from palladium equivalent to platinum equivalent, a change management believes better reflects the project's core value drivers.

The resource update is underpinned by a more rigorous evaluation framework developed by Cube Consulting. By applying independent Net Smelter Return modeling, the company has demonstrated that a material portion of the deposit meets criteria for eventual economic extraction. This involved applying specific pit-shell and underground mineable shape constraints to the model, ensuring the resource is supported by realistic technical assumptions for open pit and underground scenarios.

"This updated Mineral Resource Estimate represents a meaningful step change in the maturity of the Panton PGM Project. While the underlying geology and block model has not changed, the way we have evaluated it has evolved substantially." — Keith Bowes, Managing Director

Future Metals is advancing the project as its primary asset in the Kimberley region of Western Australia. The company is now using this revised technical foundation to initiate an updated Scoping Study, which aims to further define the development pathway for the site.

Beyond the current resource modeling, a specific infill drilling program has been developed to target an increase in Indicated resources within the project's ABC Block. This work is intended to provide greater confidence for future development studies as the team continues to refine the project’s scope and economics in preparation for potential production.

Read the full announcement: Panton Project advances towards development on updated MRE