REG - ECR Minerals PLC - Raglan initial mining plan

ECR MineralsAnnouncement

10/02/2026 07:15

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260210:nRSJ4002Sa&default-theme=true

RNS Number : 4002S  ECR Minerals PLC  10 February 2026

 

 

10 February 2026

 

ECR MINERALS PLC

 

("ECR Minerals", "ECR" or the "Company")

 

Raglan initial mining plan, illustrative internal economics and path to expansion

 

ECR Minerals plc (AIM: ECR), the gold exploration and development company
focused on Australia, is pleased to announce the results of an internal site
analysis of its 100% owned Raglan alluvial gold project in central Queensland
(the "Raglan Project").

 

The analysis defines an initial Phase 1 mine plan focused on a clearly
delineated section of the historic river system and the Board considers that
it illustrates the potential for attractive near-term economics, while
highlighting significant scope to expand mining activities in future phases.

 

Highlights

 

·      Initial mineable area identified along the main historic river
channel, forming the basis of the Company's Phase 1 mining plan

·      Internal analysis, which the Board considers conservative,
indicates potential to recover approximately 938 ounces of gold in Phase 1
over a multi-year period, which would have an illustrative gross in-situ value
of approximately A$7 million at prevailing gold prices

·      Indicative revenue over the coming years represents a multiple of
approximately seven times the Raglan Project acquisition price, based solely
on the initial Phase 1 mine plan

·      Phase 1 analysis excludes side creeks, extensions, deeper gravels
and optimisation opportunities, which represent potential upside for future
mining phases

·      Results support Raglan Project's role as a potential near-term
cash-generating asset and a platform for multi-year operational growth

 

Initial Mining Plan - Phase 1

 

Figure 1 below illustrates the area currently identified by the Company as
mineable under the initial mining plan. The plan follows the main historic
riverbed through the Raglan Project area.

·      Dark blue represents the area targeted for mining

·      Green shows areas previously trenched by historical operators

 

 

 

Figure 1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The proposed mineable area defined at this stage comprises approximately
162,000 m². Assuming gold-bearing gravels extend to an average depth of 1.5
metres, the initial plan would cover approximately 243,000 bank cubic metres
of material, which ECR would intend to mine and process over a multi-year
period.

 

Using what the Board considers to be a conservative average grade of 0.12
grammes per bank cubic metre, derived from all test work completed to date
(including lower-grade material), the Phase 1 mining area is illustratively
estimated to contain approximately 938 ounces of gold.

 

At current gold prices, this would equate to an indicative gross in-situ value
of approximately A$7 million.

 

Key Assumptions and Scope

 

Investors should note that the analysis is internal and illustrative only and
is only disclosed for the purpose of providing geological context and to
assist in understanding the rationale for the Company's Phase 1 mining plan
and has not been verified or validated by any third parties.

 

The Directors consider that the analysis is intentionally conservative and
based on the following assumptions:

·      The average grade used reflects all test results to date,
including lower-grade material and the analysis assumes that this is
representative across the Phase 1 mining area

·      Gold-bearing gravel depth is expected to vary across the project
area and the analysis assumes that an average depth of 1.5 metres is
representative across the Phase 1 mining area, to provide approximately
243,000 bank cubic metres of material for processing

·      The analysis assumes that a minimum gross gold price of A$7,150
per ounce will be achievable over the multi-year period required to mine and
process 243,000 bank cubic metres of material

·      Previously mined areas are assumed to contain no recoverable gold

·      No allowance has been made for side creeks, extensions along
strike, deeper gravels or optimisation of mining methods. Proposed mineable
side creeks are highlighted in yellow in Figure 1.

 

The analysis is based on internal operational planning work and does not
constitute a mineral resource or reserve estimate, or a resource update in
accordance with the AIM Note for Mining, Oil and Gas Companies (the "AIM MOG
Note"). In addition, nor was any analysis prepared to the standards set forth
in the Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves ("JORC") or prepared in accordance with any other
appropriate internationally recognised reporting standard ("Standard") for
mineral resources and reserves as set out in the AIM MOG Note.

 

Clear Path to Expansion

 

Importantly, the work completed to date represents only the initial phase of
mining planned at the Raglan Project. The defined area has been selected to
provide a conservative, clearly delineated starting point for operations.

 

Over the coming weeks, the Company intends to dig and process a series of test
pits at the northern end of the Raglan Project area outside of the Phase 1
area. These test pits are expected to provide additional insight into gravel
depth variability, grade distribution and potential extensions to the current
mine plan, whilst generating cash flow.

 

As mining progresses and operational data is gathered, ECR expects to refine
and potentially expand the mining footprint over time, with the objective of
extending mine life, increasing prospective annual gold output and enhancing
overall returns from the Raglan Project.

 

ECR's Chairman, Nick Tulloch, commented: "This work gives us a clear and
compelling starting point for mining at the Raglan Project. Using deliberately
conservative assumptions and focusing only on the main historic river channel,
the initial mining plan alone demonstrates the potential to deliver a strong
multiple of our original acquisition cost in gold revenue over the coming
years.

 

"What is particularly exciting is that this represents just the first phase.
We have not factored in any contribution from side creeks, extensions along
strike or deeper gravel horizons, all of which we intend to examine as
operations progress. As we gain more operating data from site, we see a clear
opportunity to refine and expand the mining plan over time, potentially
extending the mine life and increasing overall returns.

 

"Against a historically strong gold price backdrop, and with plant,
infrastructure and permitting already in place, we consider that the Raglan
Project provides ECR with an excellent foundation for near-term cash
generation and a platform from which to build a larger, longer-term alluvial
operation in Queensland."

 

Review of Announcement by Qualified Person

 

This announcement has been reviewed by Adam Jones, Chief Geologist at ECR
Minerals Plc. Adam Jones is a professional geologist and is a Member of the
Australian Institute of Geoscientists (MAIG). He is a qualified person as that
term is defined by the AIM Note for Mining, Oil and Gas Companies.

 

FOR FURTHER INFORMATION, PLEASE CONTACT:

 

 ECR Minerals plc                                                                                                                                                                                                                                   Tel: +44 (0) 20 8080 8176
 Nick Tulloch, Chairman                                                                                                                                                                                                                             info@ecrminerals.com (mailto:info@ecrminerals.com)

 Andrew Scott, Director

 Website: www.ecrminerals.com
 (http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.ecrminerals.com%2F&esheet=51817334&newsitemid=20180605005810&lan=en-US&anchor=www.ecrminerals.com&index=1&md5=820ad49dc1fc2c84a0538453c017bc1b)

 Allenby Capital Limited                                                                                                                                                                                                                            Tel: +44 (0) 3328 5656
 Nominated Adviser and Joint Broker                                                                                                                                                                                                                 info@allenbycapital.com (mailto:info@allenbycapital.com)

 Alex Brearley / Nick Naylor / Vivek Bhardwaj (Corporate Finance)

 Kelly Gardiner (Sales and Corporate Broking)
                                                                                                                                                                                                                                                    Tel: +44 (0) 3328 5656

 OAK Securities

 Joint Broker

 Jerry Keen / Robert Bell

 Axis Capital Markets Limited                                                                                                                                                                                                                       Tel: +44 (0) 203 026 0320
 Joint Broker
 Lewis Jones

 SI Capital Ltd                                                                                                                                                                                                                                     Tel: +44 (0) 1483 413500
 Joint Broker
 Nick Emerson

 Brand Communications                                                                                                                                                                                                                               Tel: +44 (0) 7976 431608
 Public & Investor Relations
 Alan Green

 

ABOUT ECR MINERALS PLC

 

ECR Minerals is a mineral exploration and development company operating
through three wholly owned Australian subsidiaries ECR Minerals (Australia)
Pty Ltd ("ECR Australia"), ECR Minerals (Queensland) Pty Ltd ("ECR
Queensland") and ECR Minerals (Raglan) Pty Ltd ("ECR Raglan").

 

ECR Australia owns the Bailieston and Creswick gold projects in central
Victoria, Australia as well as the Tambo gold project in eastern Victoria.

 

Raglan Resources has a mining lease at the Raglan alluvial gold project in
central Queensland, Australia and ECR Queensland has two approved exploration
permits over the nearby Blue Mountain alluvial gold project.  ECR is
currently working to bring both projects into production.  ECR Queensland
also has three approved exploration permits covering 946 km(2) over a
relatively unexplored area in Lolworth Range in northern Queensland.
Furthermore, it has also submitted a licence application at Kondaparinga which
is approximately 120km(2) in area and located within the Hodgkinson Gold
Province, 80km NW of Mareeba, North Queensland.

 

Following the sale of the Avoca, Moormbool and Timor gold projects in
Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX) and the
subsequent spin-out of the Avoca and Timor projects to Leviathan Gold Ltd
(TSX-V: LVX), ECR Australia has the right to receive up to A$2 million in
payments subject to future resource estimation or production from these
projects.

 

ECR Australia also has approximately A$76 million of unutilised tax losses
incurred during previous operations.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDAKKBKOBKKOBD



            Copyright 2019 Regulatory News Service, all rights reserved