Rand Mining Boosts EKJV Gold Resources by 8%, Reserves Up 4% in 2024

Overview of EKJV Ownership and Location

The East Kundana Joint Venture (EKJV), situated near Kalgoorlie in Western Australia, is a collaborative mining operation with Evolution Mining Limited holding a majority 51% stake, Tribune Resources Ltd at 36.75%, and Rand Mining Ltd owning 12.25%. The joint venture forms a significant part of the Mungari Gold Operations, a well-established mining district with a history of consistent production.

Mineral Resource Growth Driven by Revised Assumptions

As of 31 December 2024, the EKJV reported a total Mineral Resource of 14 million tonnes grading 3.74 grams per tonne (g/t) gold, equating to approximately 1.657 million ounces of contained gold. This represents an 8% increase in contained ounces compared to the previous year’s estimate. The growth is attributed primarily to a revised gold price assumption, which increased from A$2,500 to A$3,300 per ounce, alongside updated mining and processing cost parameters and refined geological models across multiple deposits including Hornet, Golden Hind, Pegasus, and others.

Ore Reserve Update Reflects Positive Economic Outlook

The Ore Reserve estimate for EKJV also saw a healthy 4% increase, now standing at 4.3 million tonnes at 3.57 g/t gold, containing 491,000 ounces. This was supported by updated mining cost assumptions, including contractor rates and sustaining capital, and a gold price assumption of A$3,000 per ounce for economic evaluation. The Ore Reserve remains economically viable under these assumptions, with sensitivity analyses confirming robustness against fluctuations in key inputs such as gold price and operating costs.

Mining and Processing Operations

Mining methods continue to employ conventional open pit truck and shovel fleets and underground longhole open stoping, with geotechnical reviews ensuring operational safety and efficiency. The Mungari processing plant is undergoing expansion from 2.0 Mtpa to 4.2 Mtpa throughput, with metallurgical recoveries between 91% and 95% expected to be maintained. This expansion underpins the updated resource and reserve estimates and supports longer mine life projections.

Environmental and Regulatory Compliance

The EKJV operates within a well-regulated jurisdiction, maintaining all necessary permits and licenses. Environmental management systems are in place, and no material environmental or social issues have been identified that could impact the ongoing operations or future development plans. The joint venture continues to engage constructively with regulatory bodies and local stakeholders.

Looking Ahead

With the resource and reserve base strengthened and the processing plant expansion underway, EKJV is positioned for sustained production. Ongoing drilling programs aim to further delineate and potentially expand resources, while operational efficiencies and cost controls remain a focus to maximize value. Investors will be watching closely how these developments translate into production growth and financial performance.