Medcalf 矿业勘探项目

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Medcalf V-Ti-Fe Project

Project Highlights

  • Strategic metal asset containing three valuable metals – Vanadium, titanium and iron
  • 100% Audalia Resources owned.
  • Positive Update Prefeasibility Study Jan 2026 gives CAPEX range from $31.1M to $120.9M depending largely on the standard of the access road build.
  • Two options evaluated:
    • Low capex, high opex option delivers a NPV $141M and IRR 164%
    • High capex, low opex option delivers a NPV $227M and IRR 64%
  • Orebody close to surface, low risk and simple mining operation delivering Direct Shipping Ore (DSO) to the Asian markets.

Overview

The Medcalf Project is a vanadium-titanium-iron project located some 470 kilometres south east of Perth near Lake Johnston, Western Australia. The Medcalf Project comprises of one granted exploration licence E63/1855, two miscellaneous licences L63/75 and L63/94 and two General Purpose licences G63/10 and G63/12 as well as mining lease M63/656. Together these licences cover a total area of 38 km2.

The Medcalf Project lies in the southern end of the Archaean Lake Johnston greenstone belt. This greenstone belt is a narrow, north-northwest trending belt approximately 110 km in length. It is located near the south margin of the Yilgarn Craton, midway between the southern ends of the Norseman-Wiluna and the Forrestania-Southern Cross greenstone belts.

Activities conducted by the Medcalf Project to date include completing:

  • signed Land Access and Heritage Agreement with The Ngadju People.
  • obtaining Environment approval.
  • signed non-binding MOU with Southern Ports Authority (SPA) for access to the Port of Esperance.
  • Environmental Part 1V approval.
  • 283 RC holes for 9,693m.
  • 20 PQ metallurgical holes for 864.2m.
  • 9 PQ geotechnical holes for 500.7m.
  • A JORC (2012) Mineral Resource Estimate of an Indicated and Inferred Resource (Sep 2025) of 24.2Mt @ 9.80% TiO2, 0.52% V2O5 and 50.2% Fe2O3 using a 6% TiO2 lower cut.
  • A JORC (2012) Ore Reserve of the Probable category (Jan 2026) of 11.77Mt @ 11.01% TiO2, 0.61% V2O5 and 53.8% Fe2O3 using a 7.5% TiO2 .

Activities currently in progress

  • Advancing towards submitting a Mine Development and Plan Q3, 2026.
  • Advancing towards targeting production Q2, 2027.
  • Procuring the offtake agreement for the products.
  • Securing capital expenditure (CAPEX) funding.