Can Hawthorn Sustain Growth Amid Delays in Mt Bevan Approvals?

Anglo Saxon Gold Project – Drilling to Enhance Resource Confidence

Hawthorn Resources Limited and its joint venture partner Gel Resources Pty Ltd continue to explore development options for the Anglo Saxon gold project located near Pinjin in Western Australia. Following a recent pit optimisation study conducted by MineComp, which reaffirmed the project's robust mineral resource estimate of 157,000 ounces at 6.1 grams per tonne, the partners have approved an 8,000-metre reverse circulation (RC) drilling program. The initial phase of 3,000 metres is set to commence in early August, aiming to improve confidence in the current resource and support potential extensions and expansions of the open pit.

This drilling campaign is a critical step in de-risking the project’s first-stage mining cutback and underpins ongoing discussions with potential development partners. The high-grade nature of the Anglo Saxon ore body, combined with favourable gold prices, positions the project well for value maximisation.

Mt Bevan Magnetite Project – Progressing Towards Production

Meanwhile, Hawthorn’s interests at the Mt Bevan magnetite project continue to advance under the stewardship of joint venture partners Hancock Magnetite Holdings and Legacy Iron Ore. Hawthorn holds a 1% net free-on-board royalty following its conversion from a 19.6% equity stake. The project boasts a substantial mineral resource estimate of 1.29 billion tonnes of magnetite, confirmed by a pre-feasibility study released in July 2024.

The JV partners have submitted a mining lease application and are actively progressing environmental and heritage surveys, as well as groundwater exploration, to support project development. These steps are essential to de-risking the project and moving towards production of a premium-grade direct reduced iron (DRI) product, which aligns with growing demand for greener steelmaking inputs.

Corporate and Financial Position

Hawthorn Resources closed the quarter with a solid cash balance of $12.59 million, reflecting prudent financial management and ongoing monetisation of low-grade stockpiles at Anglo Saxon. The company’s share structure remains stable, with the top 20 shareholders holding over 74% of issued shares. No changes in tenement interests were reported during the quarter.

The company’s strategy to self-fund exploration through stockpile processing and royalty income from Mt Bevan positions it well to sustain its activities without immediate capital raises. Directors’ fees and salaries were consistent with prior quarters, underscoring disciplined cost control.

Looking Ahead

With drilling poised to commence at Anglo Saxon and critical approvals underway at Mt Bevan, Hawthorn Resources is navigating a pivotal phase. The outcomes of these activities will be closely watched by investors eager to see how resource confidence and project de-risking translate into tangible development milestones and potential production.