Future Metals NL has updated the mineral resource estimate for its Panton PGM project in Western Australia’s Kimberley region, providing a stable foundation to move into the development stage.
The updated MRE stands at 82.3 million tonnes (Mt) at 1.6 grams per tonne platinum equivalent (PtEq), containing an estimated 4.24 million ounces of platinum group metals.
The resource is evenly balanced, comprising 40 Mt in the higher-confidence Indicated category and 42.3 Mt classified as Inferred.
Future Metals has transitioned its reporting metric from palladium equivalent (PdEq) to platinum equivalent (PtEq). The change better reflects platinum as the dominant revenue driver across the project’s mineralised zones under current market conditions.
The update represents a major technical step forward, moving the high-grade deposit conclusively toward the development phase.
Unlike previous estimates, the 2026 MRE is underpinned by independent open-pit and underground mine optimisations managed by Cube Consulting.
This framework relies on net smelter return (NSR) cut-offs of AU$42.60 per tonne for open-pit mining and AU$140 per tonne for underground operations.
Future Metals Managing Director Keith Bowes said the model represents a meaningful evolution in how the company evaluates the asset.
“For the first time, the Panton MRE is supported by an independently developed net smelter return framework that captures the full economic contribution of all five payable commodities — platinum, palladium, gold, nickel and, with respect to the reef domains, chromite,” Bowes said.
Because the high-grade reef material outcrops at the surface, Future Metals expects to utilise early-stage open-pit mining to access premium material rapidly.
With a solid resource baseline established, the company is targeting a busy second half of 2026. Next steps include launching a refreshed scoping study, commencing environmental and regulatory approvals, and kicking off a targeted infill drilling program to further upgrade resource confidence.
The company also intends to progress metallurgical test work and continue engagement with local Traditional Owners.