Maritana Minerals Ltd. has reached an important milestone in unlocking value from its non-core assets, with technology firm Encore Minerals making a positive final investment decision (FID) on the Windarra Tailings project in Western Australia.
Under a binding agreement with Maritana subsidiary Poseidon Nickel, Encore has exercised its option to proceed to the project’s development period.
The decision triggers a non-refundable AU$400,000 payment to Maritana and advances plans to reprocess gold tailings at both Windarra and the nearby Lancefield site, located 18 kilometres north-west of Laverton.
Encore will fully fund, develop, operate, and rehabilitate the project using Draslovka’s proprietary Glycine Leaching Technology.
Maritana bears zero capital expenditure or operational risk, while retaining a 3 per cent net smelter return royalty on production from Windarra and a 1.5 per cent royalty on Lancefield tailings.
The project encompasses a combined gold tailings resource previously outlined at 5.5 million tonnes, containing roughly 150,000 ounces of gold, offering potential production of up to 55,200 ounces over an initial 45-month period.
An updated definitive feasibility study submitted by Encore confirms the technical and economic viability of gold recovery, while processing of nickel tailings from the central dam will be considered when nickel market conditions improve.
Maritana CEO Grant Haywood said the decision was a strong validation of the asset’s underlying value.
“The positive final investment decision by Encore is a strong endorsement of the value remaining in the Windarra tailings and an important milestone in our strategy of unlocking value from every part of our asset portfolio,” Haywood said.
“The Tailings Project will be fully funded, developed and operated by Encore, with Maritana receiving staged cash payments and retaining a 3 per cent net smelter return royalty on production — meaningful, ongoing exposure to the Tailings Project at no capital cost to our shareholders.”
Monetising the tailings allows Maritana to focus resources on converting its Black Swan Processing Hub, with first gold production targeted for the second half of 2026.