Gibb River Diamonds Banks $7m From Neta Gold JV as Edjudina Mining Wraps Up

Gibb River Diamonds Limited ( (AU:GIB) ) just unveiled an announcement.

Gibb River Diamonds has completed mining and processing activities at the Neta prospect within its Edjudina Gold Project, with total reported gold production of 5,267.9 ounces trucked to multiple processing plants and sold for nearly $38 million in revenue. The company has received a $7 million cash distribution from joint venture partner BML as its share of profits from this production, expects a smaller additional payment once lower-grade ore processed at Greenfields Mill is fully reconciled, and has commenced a new aircore drilling program on nearby mining lease M31/481 to test further exploration upside.

Gold from the Neta operation was processed through Three Mile Hill and Lakewood mills, with Three Mile Hill alone treating 33,529 dry tonnes of ore for 1,792 ounces at 90.7% recovery, while results from the final Greenfields Mill campaign on about 9,000 tonnes of lower-grade ore remain pending. The strong cash inflow from the completed campaigns, together with the potential for further distributions and exploration results, materially strengthens Gibb River Diamonds’ balance sheet and supports its strategic positioning as a small but cash-generating gold developer in the Eastern Goldfields.

More about Gibb River Diamonds Limited

Gibb River Diamonds Limited is an Australian resources company with a focus on gold exploration and development in Western Australia, notably at its Edjudina Gold Project in the Eastern Goldfields. The company operates the Neta gold deposit through a 50/50 profit-sharing mining joint venture with private contractor BML Ventures while holding 100% ownership of the broader project area.

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Technical Sentiment Signal: Strong Sell

Current Market Cap: A$9.65M

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