Odyssey Gold Ltd (ODY) has released the results of a Stage 1 Scoping Study for its Tuckanarra gold project in Western Australia. The study outlines a development path for the Cable open pit, targeting the production of approximately 79,000 ounces of recovered gold over a 29-month mine life. The operation is designed as a contractor-run project with an initial capital requirement of A$7 million, aimed at leveraging existing mining approvals to facilitate a near-term production restart.

The study assumes ore will be hauled 195km for toll treatment, supported by a binding, conditional agreement with Gylden Resources to process material at the Kirkalocka plant. Financial modelling for the operation indicates potential pre-tax cashflows of roughly A$180 million, based on an assumed gold price of A$6,000 per ounce. Operating cash costs are estimated at A$3,400 per ounce, with an average life-of-mine strip ratio of 11.9:1.

"Completing this Study on Stage 1 of mining at Tuckanarra has demonstrated a technically robust and commercially very compelling Project. The permitting advantages at Tuckanarra gives us a great opportunity to re-start mining in the very near term and demonstrates processing at Kirkalocka provides excellent prospective returns for shareholders. Following the positive results from the Stage 1 Scoping Study, Odyssey will now proceed with a Stage 1 Feasibility Study on the Project. Progress on all fronts has been accelerated with the target of completing the required workstreams to transition into Project delivery later."

— Matt Syme, Executive Director

Odyssey manages a consolidated portfolio in the Murchison district, which includes both the Tuckanarra and Stakewell gold projects. Looking ahead, the company has commenced a Stage 1 Feasibility Study to further refine the economics of the operation. Additionally, management expects to release new Mineral Resource Estimates for all deposits across the project later in 2026. The toll milling arrangement remains scheduled for a Q1 2027 commencement.

Read the full announcement: Stage 1 Scoping Study Supports Development at Tuckanarra