ASX : HVY
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ASX : HVY · INDUSTRIAL MINERALS

Port Gregory PFS: post-tax NPV of A$322.8 million and a maiden Ore Reserve

24-year mine life · IRR 47.6% · development capital A$122.1 million

The Pre-Feasibility Study confirms Port Gregory as a 24-year Garnet operation with a Maiden Ore Reserve of 85.5 Mt at 4.43% THM. This is currently the largest of the Company's three Australian Garnet Projects and one it intends to build subject to a positive DFS. Ahead of it, the tailings processing agreement at Kanmantoo Mine brings potential first production forward to the first quarter of 2027.

Read the announcementPort Gregory project
Company snapshot

Industrial Minerals, Australian-built

Heavy Minerals Limited (ASX: HVY) is an Australian-domiciled industrial minerals developer with a current focus on Garnet. Incorporated in Australia in 2021, the company combines a near-term live tailings processing pathway at Kanmantoo (Hard Rock Garnet) with two large WA Alluvial Garnet projects at Port Gregory and Red Hill, plus an inferred resource position at Inhambane in Mozambique (non-Garnet).

Our Projects

Four projects, one great story

Kanmantoo tailings site, South Australia, partnered with Hillgrove Resources (ASX:HGO)
Potential production Q1 2027

Kanmantoo

South Australia · State Processing Agreement with HGO

Tailings retreatment agreement with Hillgrove Resources (ASX: HGO). Target 50 ktpa Garnet, scalable to 100 ktpa.

GARNET TARGET 50-100 ktpa
 Aerial photograph of the Port Gregory Garnet project, Western Australia
Flagship — PFS complete

Port Gregory

Western Australia · 100%

Maiden Ore Reserve 85.5 Mt @ 4.43% THM. PFS post-tax NPV A$322.8 million, IRR 47.6%, 24-year mine life. Bordering GMA Garnet and Lucky Bay.

POST-TAX NPV A$322.8M
 Red Hill exploration project site, Western Australia, adjacent to Port Gregory
Exploration

Red Hill

Western Australia · 100%

Exploration Target 90-150 Mt @ 5.4-4.1% THM. Composite samples in assay; JORC MRE in definition.

GARNET EX. TARGET 90-150 Mt
 Heavy mineral sands position at Inhambane, Mozambique, neighbouring Rio Tinto's Mutamba project
Inferred MRE

Inhambane

Mozambique · 70%

JORC Inferred 90 Mt @ 3.0% THM. Borders Rio Tinto's Mutamba project.

INFERRED 90 Mt
Strategy

Sequenced by capital intensity and time-to-cash

HVY prioritises projects by time-to-cash and capital intensity:

  • Near-term — Kanmantoo tailings retreatment with HGO, targeting potential first production in the first quarter of 2027 at 100 ktpa.
  • Mid-term — Port Gregory DFS commencement followed by FID; 5.9 Mt contained Garnet supports a flagship Australian operation.
  • Long-term — Red Hill exploration upside in WA and Inhambane optionality in Mozambique.

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ASX : HVY

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Why HVY

Three reasons the market is watching

Industrial demand

Garnet is critical to abrasive blasting, waterjet cutting and filtration — markets driven by infrastructure renewal, energy transition and shipbuilding. Stable industrial fundamentals.

Near-term production

Kanmantoo Hard Rock Garnet Project puts HVY on a credible end-of-2026 first-production pathway — de-risked by Hillgrove's existing operating envelope.

Resource depth

5.9 Mt of contained Garnet at Port Gregory plus substantial Red Hill exploration upside — one of the largest Garnet inventories in the world.