Tabba Tabba PFS Shows $1.2B Value; Bolt Cutter Central Yields High-Grade Lithium

Robust Economics at Tabba Tabba

Wildcat Resources Limited (ASX – WC8) has delivered a compelling Preliminary Feasibility Study (PFS) for its flagship Tabba Tabba lithium project in Western Australia's Pilbara region. The study highlights a substantial 17-year mine life, underpinned by a JORC-compliant Mineral Resource Estimate of 74.1 million tonnes at 1.0% lithium oxide (Li2O). Financially, the project boasts a post-tax net present value (NPV) of approximately $1.2 billion and an internal rate of return (IRR) of 22.9%, based on a long-term spodumene concentrate price forecast of US$1,384 per tonne.

With an All-in-Sustaining-Cost (AISC) of US$658 per tonne, Tabba Tabba is positioned in the lowest cost quartile of lithium producers globally. The project benefits from its strategic location just 80 kilometres from Port Hedland, the world’s largest bulk export port, and proximity to major lithium operations such as Pilgangoora and Wodgina. The PFS envisages a combination of open pit and underground mining, with 79% of reserves accessible via open pit, supported by robust metallurgical recoveries of up to 84.5% spodumene concentrate.

Exciting New Discovery at Bolt Cutter Central

Adding to its growth narrative, Wildcat announced a significant greenfields lithium discovery at its Bolt Cutter Central project, located just 10 kilometres west of Tabba Tabba. Early drilling has confirmed high-grade spodumene-bearing pegmatites across multiple northeast trending swarms, notably the Harry and Hermoine prospects. The Harry Pegmatite alone extends more than 700 metres down dip, with intercepts including 20 metres at 1.7% Li2O and 12.8 metres at 2.0% Li2O, indicating promising scale and grade.

The Bolt Cutter Central lithium anomaly spans an area larger than Tabba Tabba itself, with ongoing reconnaissance drilling planned to test additional soil anomalies and expand the known mineralised zones. The pegmatites here are hosted in granodiorite, potentially offering lower iron contamination in concentrates, a positive for downstream processing.

Advancing Definitive Feasibility and Exploration

Wildcat has completed its Definitive Feasibility Study (DFS) metallurgical drilling at Tabba Tabba, confirming wide and consistent lithium grades, including a standout intercept of 110.1 metres at 1.2% Li2O. This reinforces the project's strong resource base, particularly within the Leia Pegmatite, which accounts for 63% of the mineral resource estimate.

With $51.2 million in cash at the end of September 2025, the company is well-funded to progress the DFS, environmental studies, statutory approvals, and heritage surveys. Regional exploration continues across its extensive tenement portfolio, including the Mt Adrah gold project in New South Wales, further diversifying Wildcat’s mineral interests.

Corporate Developments and Outlook

On the corporate front, Wildcat appointed Jairo Bernal as Chief Financial Officer and Joint Company Secretary, bringing extensive experience in lithium and critical minerals sectors. Meanwhile, Samuel Ekins transitioned to a Non-Executive Director role, reflecting the company’s evolving governance as it advances development milestones.

Looking ahead, Wildcat plans to intensify drilling at Bolt Cutter Central to delineate the extent of the newly discovered pegmatite swarms and to continue advancing the DFS at Tabba Tabba. The company’s strategic focus on low-cost, long-life lithium assets in a Tier-1 jurisdiction positions it well amid growing global demand for battery materials.