Greatland Gold PLC (AIM:GGP, OTC:GRLGF) reiterated work so far on the Havieron gold and copper deposit was just the "tip of the iceberg" for the project.
A pre-feasibility study published earlier this year covered just a fraction of the initial resource, Greatland said, and justified the fast start approach to early cashflow generation and reinvesting back into Havieron development and infrastructure.
Alex Borelli, Greatland's chairman, said: "Havieron provides an outstanding cornerstone project on which to develop and pursue our aim to become a multi-asset producer.
"It enables us to leverage our established footprint and proven methodology in the Paterson region, one of the world's most attractive jurisdictions for discoveries of tier-one, gold-copper deposits.”
Greatland has a 30% stake in Havieron, in Western Australia, with its partner Newcrest currently in the process of building an underground mine at the site, which lies 45km from its existing Telfer mine.
Work on a full feasibility study is ongoing, though the scope is likely to be extended, said Greatland, to allow further time to maximise value and de-risk the project.
Elsewhere, exploration work at the Juri Juri joint venture, also with Newcrest, currently involves drilling at Black Hills with further drilling planned at Paterson Range East.
Losses in the year to June 2022 rose to £11.4mln (£5.5mln) reflecting the ramp-up in Havieron's exploration and development, with net cash at the year-end of £10.4mln.
In September, Greatland raised £30mln and also secured up to A$340mln (£200mln) in funding for its share of the Havieron costs (read more).
Wyloo Metals put up A$120mln and is now the company's largest investor.
Three heavyweight Australian mining veterans also joined the board as non-executives.