Encore Minerals reaches investment decision for Windarra Tailings Project

Encore Minerals Pty Ltd has reached a Final Investment Decision (FID) to proceed with the development of the Windarra Tailings Project. This decision follows a binding Heads of Agreement with Maritana Minerals Limited, through its subsidiary Poseidon Nickel Pty Limited.

Under the agreement, Encore Minerals will take full responsibility for the funding, development, operation, closure, and rehabilitation of the project. The operation will utilize Draslovka’s proprietary Glycine Leaching Technology to process tailings from both the Windarra and Lancefield sites for gold extraction, with potential future consideration for nickel.

Maritana Minerals will receive a non-refundable payment of $400,000 and ongoing financial benefits via royalties: a 3% net smelter return on Windarra tailings production and a 1.5% royalty on Lancefield tailings. This arrangement allows Maritana to maintain exposure to the project's value without requiring capital expenditure.