Hanwang Gold (03788): Mt Bundy Gold Project Site Removal Permit Approved and Received Authorization Notice to Carry Out Mining Operations

According to Zhitong Finance App, Hanwang Gold (03788) announced that Primary Gold Pty Ltd, a wholly-owned subsidiary of the company, has been issued a site removal permit for the Mt Bundy Gold Mine Project by the Ministry of Land, Planning and Environment of the Northern Territory Government, and has obtained an authorization notice from the Ministry of Mining and Energy to carry out mining operations. The above licenses and authorizations were granted in accordance with the provisions of the 2019 Environmental Protection Law and section 79A (1) of the 2010 Mineral Rights Law, and in accordance with the conditions set out in DML1209-01.

According to the JORC specification (2012 version), the Mt Bundy gold project currently has 3.47 million ounces of gold resources and 1.88 million ounces of gold reserves. All gold resources and reserves are within the scope of existing mining licenses. The company obtained environmental approval for land mining in 2020, and environmental approval for open pit mining, plant selection and supporting facilities in 2023.

Regarding the acquisition of site clearance and mining authorization, Dr. Qiu Yumin, the company's executive director, CEO and president, said, “The relevant government departments in the Northern Territory granted these permits in due course, which enabled us to commence plant selection and construction for the Mt Bundy gold mine project, including the construction of the ore yard. We sincerely thank the company's technical team and various departments of the Northern Territory government, particularly the Department of Land, Planning and Environment and the Department of Mines and Energy for their extensive work. After obtaining the approval, we immediately commenced the site clean-up operation. While preparing the mining tender documents, the company has issued invitations to qualified mining bidders. The company plans to start plant selection and construction in the third quarter of 2026, and gold production in the first quarter of 2028.”