Everest Metals kicks off mining at Mt Dimer with zero upfront cost and fast cashflow plan

Everest Metals Corporation (ASX: EMC) has officially begun mining operations at its Mt Dimer Taipan Gold Project in Western Australia, marking a major milestone for the junior explorer as it transitions into production with a neat twist — no upfront cost and a cash-generating toll-treatment pathway locked in from March.

Located 150 kilometres northwest of Kalgoorlie, Mt Dimer now shifts from development to extraction, with ore being mined since late November 2025. The project is fully funded under a Right to Mine Agreement (RTMA) struck with private group MEGA Resources, which is footing the bill to the tune of up to $18.6 million in non-dilutive capital.

That means Everest Metals shoulders zero upfront capital costs, with MEGA recouping expenses through operational cash flow, and net profits to be split 50:50 between the two groups — a rare structure for a junior gold play.

Gold now, cash soon

Ore from the Mt Dimer open pit will be trucked to a Kalgoorlie-based toll treatment plant with a 200,000-tonne-per-annum capacity, with first processing pencilled in for March 2026. The company expects this to generate early cashflow in a buoyant gold market, while sidestepping the need for expensive infrastructure builds or capital raisings.

Executive Chairman and CEO Mark Caruso called the rapid move from approvals to production a show of execution strength. “In under four months from receiving final approvals, we’ve transitioned from exploration drilling to active mining — a clear demonstration of our team’s execution capability and the strength of our MEGA partnership,” he said.

“With mining now underway and toll-treatment on the horizon, Mt Dimer is perfectly positioned to deliver near-term cashflow in a very strong gold market.”

A modest resource, but meaningful margin

Mt Dimer is no multi-million-ounce monster — but for a small-cap, it’s nothing to sneeze at either. The current JORC Inferred Resource stands at:

• 722,000 tonnes at 2.10g/t gold for 48,545 ounces of contained gold, and

• 3.84g/t silver for 89,011 ounces of contained silver

The resource, defined in 2021 and based on a 1.0g/t Au cut-off for deeper material, includes multiple high-grade vein systems above and below the 380mRL, with silver credits adding a sweetener to the economics. Caruso has hinted previously that the modest scale could be offset by high operating margins thanks to strong grades and favourable logistics.

Mining is being conducted on granted mining lease M77/515, and EMC also controls adjacent exploration ground (E77/2383), where recent drilling has returned encouraging results — including a December intercept of 6m at 10.2g/t Au, pointing to possible resource growth beyond the current model.

Fast-tracked by design

The Mt Dimer story has been one of deliberate speed. EMC only finalised its mining agreement with MEGA in October 2025, kicked off resource upgrade drilling in November, and had the mining fleet mobilised before Christmas. By January 2026, ore is already being shifted — an unusually brisk schedule in an industry often bogged down by permitting and funding delays.

Importantly, this deal structure allows EMC to retain exposure to upside without shareholder dilution — a key consideration for investors wary of juniors raising capital into soft markets.

What’s next?

Processing begins in March, and with that comes cashflow — a rare commodity for most ASX gold juniors. The next potential catalysts include production updates, toll-milling recoveries, and exploration news from the wider Mt Dimer area.

The company has also flagged that it may revisit the resource estimate after incorporating results from its recent drilling campaigns. That, combined with its broader WA exploration portfolio, positions EMC as one of the few juniors actually mining, generating revenue, and retaining upside in 2026.

While not a giant, Mt Dimer is shaping up to be a lean, cash-positive operation — and for Everest Metals, that’s more than enough to start climbing.