A $20 million investment from the QIC-managed Queensland Critical Minerals Fund (QCMF) will help accelerate development of unlisted Aeon Metals' Walford Creek copper, zinc, lead, silver and cobalt project in North West Queensland.
The funding will support a prefeasibility study (PFS), further drilling, environmental studies and project approvals, with work ultimately progressing towards a definitive feasibility study (DFS) and final investment decision.
QCMF will provide the development capital through a royalty structure, receiving a contractual share of future project revenues if Walford Creek moves into production.
Aeon Metals executive chair Paul Harris said the investment was an endorsement of the project and the technical work completed to date.
“We are pleased to welcome QIC as a funding partner at an important stage in Walford Creek's development,” Harris said.
“This investment enables us to accelerate the technical, drilling, environmental and approvals work required to progress the project and demonstrate its development potential.”
Major undeveloped critical minerals project
Walford Creek is 100%-owned by Aeon and lies about 350 kilometres northwest of Mount Isa in Queensland’s North West Minerals Province.
The project hosts resources containing copper, zinc, lead and silver, along with what Aeon describes as one of Australia’s highest-grade sulphide-hosted cobalt resources.
Aeon is assessing a development pathway based on a 2 million to 3 million tonnes per annum open pit and underground mining operation.
Conventional on-site flotation processing is proposed to produce separate copper, lead and zinc concentrates.
QCMF fund manager Joshua Risson said Walford Creek had the potential to support regional investment, employment and economic activity in North West Queensland.
“The project aligns with the objectives of the Critical Minerals Fund by supporting the development of projects which will produce the critical minerals required for electrification, renewable energy infrastructure, advanced manufacturing and resilient supply chains,” Risson said.
Next steps
The $20 million investment will allow Aeon to advance the work required to further de-risk Walford Creek and prepare the project for future investment and approval decisions.
Near-term activities are expected to include the PFS, additional drilling, environmental studies and approvals work, followed by progression towards a DFS and eventual final investment decision.
Walford Creek becomes the 11th investment in the QCMF portfolio. The fund has committed more than $190 million since inception through royalty, debt and equity investments across commodities including copper, rare earths, vanadium, silica, silver-indium and high-purity alumina, as well as industrial processing.
About Aeon Metals
Aeon Metals is an unlisted mineral exploration and development company focused on Walford Creek and other tenements in the Mount Isa region of North West Queensland.
The company is privately owned by funds managed by OCP Asia, a specialist alternative investment manager that has supported resource projects through development and growth phases.