HRZ’s latest update on the PFS for Black Swan details positive progress across both plant and mining studies, with a preliminary trade-off analysis narrowing refurbishment options for the comminution circuit to two likely candidates: single-stage crush plus SAG or single-stage crush plus SAG and ball mill. Option two is expected to be favored for its flexibility and expansion potential, as initial engineering work confirms that a throughput of 1.5mtpa at a grind size of 106 microns is achievable, aligning with previous feasibility targets and supported by typical ore characteristics of HRZ’s resources.

On the mining side, Mining Plus has ranked 24 potential mines, with a select few proceeding to advanced assessment to optimize gold output for the plant’s proposed 1.5mtpa operation over five years. Burbanks is highlighted as a key gap requiring further exploration and metallurgical study, which will proceed at a scoping level for now. HRZ remains on track to declare FID based on PFS results and the Burbanks scoping study, aiming for plant start-up by late 2026. Overall, the initial findings support the feasibility of achieving the proposed throughput, shifting future attention to mine planning and gold production outcomes.