Maronan Metals (MMA) Noosa Mining Conference 2026 summary

Key project updates and milestones

• Completed a scoping study and PEA on the Starter Zone, representing less than 25% of the total resource, showing a $377M NPV8 and 37% IRR, leading to a pre-feasibility study commitment.

• Secured AUD 22 million investment from Kinterra Capital for a 19.99% stake, now the largest shareholder, to accelerate a 40,000-m infill drilling program and support technical studies.

• Mineral Development Licence granted within 12 months, enabling Boxcut and exploration decline permitting; exploration decline permit approved, with progress toward a full mining lease application by year-end.

• 40,000m drilling program underway, with two rigs on site and a third mobilizing; infill drilling aims to double the Indicated Resource.

• Prefeasibility Study and updated Mineral Resource Estimate targeted for completion before the end of the financial year or H2 FY27.

Financial and operational highlights

• Market cap is around AUD 125 million ($124.1M), with 315 million shares on issue and cash of $33.4M as of June 2026; enterprise value at $90.7M.

• Starter Zone PEA supports a 10-year mine plan at 1.2Mtpa, AUD 260 million CapEx, and NPV of AUD 377 million at AUD 36/oz silver; current spot prices lift NPV to around AUD 750 million.

• Sensitivity analysis shows a $20M NPV increase for every US$1/oz rise in silver price.

• Substantial shareholders include Kinterra Capital (19.99%) and Perth Capital Pty Ltd (8.22%).

• AUD 33 million in cash at the end of June quarter funds ongoing drilling and studies.

Resource and exploration updates

• Global resource exceeds 65Mt (33Mt silver-lead, 32Mt copper-gold), with 122Moz silver, 2Mt lead, 271Kt copper, and 760Koz gold.

• The deposit has a 1 km strike length, drilled to 1.2 km depth, remaining open at depth.

• High-grade drilling results outside the Starter Zone include up to 11% lead and 120 g/t silver, with recent intercepts supporting resource conversion.

• Updated Mineral Resource Estimate and PFS expected in H2 FY27, with ongoing infill and resource conversion drilling.

• Project positioned among major ore deposits in Northwest Queensland, aiming for long-term mine development.