Anax Metals (ASX: ANX) has announced plans to upgrade its Whim Creek Heap Leach Scoping Study to a full Feasibility Study, establishing a second processing pathway alongside its base case concentrator project. The dual-track approach targets low-grade and transitional ores that fall outside the primary concentrator operation. The heap leach study incorporates CSIRO-validated column testwork demonstrating copper extraction rates of 77-80% and zinc extraction exceeding 90%.
The company expects completion of the feasibility study in Q1 2027. Importantly, the heap leach circuit is designed as an additive component to the existing concentrator economics rather than a replacement, providing additional upside potential to the project. The base case concentrator project currently shows a pre-tax NPV of A$501M with a 14-month payback period.
Anax noted that existing permitted heap leach infrastructure already on site reduces regulatory burden for the feasibility study, streamlining the development pathway. Managing Director Geoff Laing commented that the heap leach opportunity provides upside potential to the compelling base case concentrator project. The concentrator project continues advancing on a parallel track, with Front-End Engineering Design underway and financing discussions progressing.
Beyond the Whim Creek project, the company is developing proprietary preconcentration and bioleaching technology that is being prepared for potential broader commercialisation opportunities. Source: Discovery Alert, Anax Metals ASX announcement, September 2026.
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