TG Metals’ Van Uden heap leach plan gets a metallurgical tailwind

TG Metals has added a useful dose of metallurgical oomph to its Van Uden Gold Project in Western Australia, with ongoing column leach testwork on laterite material pushing gold recoveries above 90% after a relatively short 52-day leach period.

That is a step up from the 88% recovery reported after 35 days and, more importantly for investors, supports the company’s view that the surface laterite component of Van Uden could lend itself to a lower-cost heap leach operation rather than a more capital-hungry conventional processing route.

The standout result came from the Tasman sample, or Column Two, where indicated recovery reached 99.8% after 52 days. TG Metals notes this figure is likely influenced by an undercall in the assayed head grade versus the actual gold content, with final reconciliation to come once the column leach cycle is complete. Even with that caveat, the result is not the sort of thing a junior gold developer would quietly leave in the bottom drawer.

Why heap leach matters

Heap leaching is rarely glamorous. There are no shiny mills or heroic grinding circuits. But for the right ore, it can be an elegant way of getting gold into cash flow without detonating the balance sheet.

Van Uden’s laterite material sits at surface, meaning no pre-stripping is required. TG Metals also says the material has shown good percolation and rapid leach kinetics, two key ingredients in the heap leach recipe. The company argues that onsite heap leach processing could avoid ore transport costs, grinding costs and the need for a tailings dam.

Chief executive David Selfe said the testwork had “continued to outperform expectations” and reinforced confidence in a heap leaching operation on more than one million tonnes of laterite at Van Uden. He added that onsite processing through heap leach offered advantages including no transport costs, no grinding costs and no tailings dam costs.

That last bit is central to the investment case. TG Metals is not yet talking about a full-blown mine build with heroic throughput numbers. It is trying to shape a modest, potentially faster-start operation from a near-surface gold inventory.

The resource base is small, but potentially useful

The current laterite resource stands at 1.053 million tonnes at 0.52 grams per tonne gold for 17,700 ounces. Within that, the indicated component accounts for 886,000 tonnes at 0.56g/t for 15,900 ounces.

On its own, that is not a company-making gold inventory. But the point is not simply size. It is accessibility, metallurgy and capital intensity.

TG Metals also points to 1.855 million tonnes of transition material at 1.05g/t gold for 62,400 ounces that may be amenable to heap leaching, although that still needs to be tested. If transition material behaves favourably, the scale of the heap leach opportunity could look materially different.

The broader Van Uden resource totals 7.935 million tonnes at 1.06g/t gold for 270,800 ounces, split across laterite, oxide, transition and fresh material. The company says the updated estimate increased the indicated category by more than 120%, giving it a better foundation for near-term mining and processing studies.

Development clock is ticking

TG Metals is already moving beyond lab work. The company has held initial meetings with Western Australia’s Department of Mines, Petroleum and Exploration to progress the Mining Proposal pathway. Contractor engagement has started for mining and earthworks, while equipment sourcing is also underway, including the possible use of second-hand heap leach gear.

A conceptual heap leach layout has been prepared, covering pads, ponds and associated infrastructure. The design may be modified if used equipment is secured.

The company expects to lodge its Mining Proposal imminently, release scoping study outcomes in the June quarter of 2026 and make a final investment decision in the September quarter of 2026.

The investor read-through

The metallurgy is encouraging, but investors should keep the champagne corks holstered for now. The column tests are ongoing, final recoveries are yet to be reconciled and the company still needs to firm up operating parameters including leach cycle, reagent consumption, pad design and stability.

There is also a practical distinction between excellent lab-scale recoveries and reliable field performance. Heap leach projects can be simple in concept but fussy in execution, especially around permeability, irrigation, solution management and grade reconciliation.

Still, the latest results improve the odds that Van Uden’s laterite cap could become a near-term cash flow starter rather than just a geological footnote. For a small-cap developer, that is the prize: a project that might be cheap enough to build, simple enough to operate and quick enough to matter.

TG Metals has not yet proven the commercial case, but the test tubes are giving management something useful to work with. In junior gold-land, that beats interpretive dance and “strategic optionality” every day of the week.