20 August 2026 | Lady Ida Project, Western Australia
Beacon Minerals has reported a major increase in the ore reserve at its Iguana deposit, part of the Lady Ida Project in Western Australia.
The updated reserve stands at 11.0 million tonnes at 1.20 grams per tonne gold for 430,200 ounces. That represents a 325 per cent increase in contained gold compared with Beacon's previous Iguana reserve estimate. The reserve is classified as 1 per cent Proved and 99 per cent Probable.
The company also reported an updated mineral resource of 11.5 million tonnes at 1.4 grams per tonne gold for 533,000 ounces. Measured and Indicated resource ounces have increased by 266 per cent, while the conversion of resource ounces into reserves is 81 per cent.
Development plan
Beacon's pre-feasibility study outlines conventional owner-operated open-pit mining using 90-tonne haul trucks and a 120-tonne excavator. Ore is planned to be hauled about 43 kilometres to Beacon's existing Jaurdi processing plant.
The study models 104 months of mining and 112 months of milling, or about nine years of processing, with total gold production of 379,190 ounces and average metallurgical recovery of 88.1 per cent.
The company estimates post-August 2026 project capital of $2.5 million because the mining fleet and processing infrastructure are already in place. The study reports an all-in sustaining cost of $3,283 per ounce. Its financial outcomes use assumed gold prices, including a base case of $5,500 per ounce, and should be considered in that context.
Why it matters
The reserve upgrade gives Beacon a substantially larger defined mining inventory at Iguana and extends the potential operating horizon around its existing Jaurdi infrastructure. The plan is built around Beacon's established owner-operator model, supplemented by contractors, rather than a new standalone treatment plant.
The development could support sustained demand for open-pit mining, geology, technical services, haulage and processing personnel if the mine plan proceeds as outlined.
Next steps
Beacon is progressing project implementation through its internal team and contractors. The company is also upgrading the Jaurdi mill, with completion scheduled for November 2026. Processing is expected to run at about 80,000 tonnes a month to December 2026 before increasing to 100,000 tonnes a month from January 2027.
Source: Beacon Minerals Limited, “Ore Reserve Statement – Iguana Deposit”, 20 August 2026.