Mt Dimer Project to Begin Mining with $18.6M Financing from MEGA and Bain

A Fully Funded Mining Partnership

Everest Metals Corporation (ASX, EMC) has taken a decisive step forward in developing its Mt Dimer Taipan Gold & Silver Project in Western Australia by executing a Right to Mine Agreement with MEGA Resources Pty Ltd and Bain Global Resources. This agreement entrusts MEGA and Bain with full operational and financial responsibility for mining, haulage, and geological management, backed by up to AUD 18.6 million in project financing. Crucially, this funding is provided at MEGA’s risk and is repayable solely from project revenues, meaning Everest Metals avoids any upfront capital outlay.

Mining and Processing Timeline

Mining activities at Mt Dimer are scheduled to commence in the first week of November 2025, with mobilisation already underway. Ore processing is set to begin in March 2026 under a third-party processing agreement. The project benefits from a fully granted mining lease and all necessary regulatory approvals, including mining proposal and closure plans, ensuring a smooth operational start. The mining plan involves extraction from the existing open pit, utilising heavy equipment such as 55-tonne dump trucks and a 120-tonne excavator, with operations expected to span approximately eight months.

Resource Potential and Growth Prospects

The Mt Dimer project hosts an inferred mineral resource estimated at 722,000 tonnes grading 2.10 grams per tonne gold and 3.84 grams per tonne silver, equating to roughly 48,545 ounces of gold and 89,011 ounces of silver. Importantly, the resource remains open along strike and at depth, presenting significant upside potential. To capitalize on this, drilling programs funded by Bain are planned to test extensions and enhance the resource base, potentially extending the mine life and increasing production volumes.

Financial and Strategic Implications

The profit-sharing arrangement equally divides earnings between Everest Metals and MEGA after MEGA recovers its development and working capital costs from project revenues. This structure aligns incentives and mitigates financial risk for Everest Metals, allowing the company to focus on advancing other projects such as Revere and Mt Edon without diluting shareholders. Executive Chairman and CEO Mark Caruso highlighted the strategic advantage of this fully funded, turnkey approach, enabling EMC to swiftly capitalize on favourable gold and silver market conditions.

Looking Ahead

With mining set to begin imminently and exploration drilling planned, Everest Metals is positioning Mt Dimer as a cornerstone asset in its portfolio. The partnership with MEGA and Bain not only accelerates project development but also provides a blueprint for future collaborations that could underpin growth across EMC’s suite of precious and critical metal projects in Western Australia.