The Warrego project sits at the heart of Pan African Resources’ ambition to transform Tennant Creek into a major gold-copper production centre. A historical giant of the district, Warrego produced significant quantities of both copper and gold from ore bodies hosted within massive magnetite-rich ironstones, a geological signature characteristic of the Tennant Creek IOCG mineral system. The remaining mineral endowment is substantial: a current Mineral Resource of 16.5 million tonnes grading 1.3% copper and 1.1 grams per tonne gold, with a gold-equivalent resource in the order of 1.2 million ounces .
A pre-feasibility study on the required processing plant infrastructure has been completed, marking a critical milestone in advancing Warrego from a resource-stage asset toward a development decision. The project is a more complex undertaking than the initial Stage 1 operations at Nobles: it will require purpose-built processing capacity for both copper and gold recovery, along with underground infrastructure to access the ore body at depth. The capital requirements and development timeline for Warrego are the key watch items for the market.
Strategically, Warrego is the asset that bridges the gap between the current ~50,000-ounce/yr production profile and the plus 100,000-ounce/yr medium-term target. Its multi-commodity nature, providing exposure to both gold and copper, adds an additional layer of diversification within a single project. Copper’s critical role in electrification and the global energy transition provides a structural demand tailwind that complements the traditional gold investment thesis.
For investors focused on resource optionality in the mid-tier gold sector, Warrego represents a material catalyst, a multi-commodity project of sufficient scale to redefine the Tennant Creek operation’s production and cost profile over the coming development cycle.