# TG6: Positive Scoping Study Results For Van Uden Gold Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/tg6-positive-scoping-study-results-for-van-uden-gold--1a508eec-ddb7-4842-9cd3-b37118184d6b Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03145086 Publisher: asx Original announcement: 2026-09-28T22:37:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-29T16:45:49.051Z Atlas analysis updated: 2026-09-29T16:45:49.051Z - Company: TG Metals Ltd - Ticker: TG6 - Exchange: ASX - Region: Western Australia - Primary commodity: Gold - Secondary commodities: None reported - Document categories: Metallurgy, Resource update - Extracted: 2026-09-29 16:45:49 UTC Narrative sentiment: 0.40 · Bullish ## Minestarters Atlas summary TG Metals Ltd has released positive Scoping Study results for its Van Uden Gold Project in Western Australia, outlining a low-capex, near-term heap leaching opportunity for its at-surface laterite gold material. The study projects robust financial metrics, including a pre-tax NPV8 of A$26.8 million and an IRR of 121%, based on processing 250,000 tonnes per annum over a three-year mine life with 90% gold recovery. While the study highlights significant potential, it is a preliminary assessment with cautionary statements regarding its accuracy, reliance on Inferred resources, and a high gold price assumption of US$4,400/oz. Reasoning: The Scoping Study outlines positive preliminary economics for a low-capex heap leach operation at Van Uden, supported by a high-confidence laterite resource and good recoveries, but it is an early-stage study with significant cautionary statements and a very high gold price assumption. - Positive factor: Positive financial metrics \(NPV, IRR, payback\) - Positive factor: Low pre-production capital cost - Positive factor: High gold recovery \(90% adopted\) - Positive factor: Laterite material is at-surface and low-cost - Positive factor: High percentage of Indicated resources in the laterite MRE \(89.8%\) - Positive factor: JORC 2012 compliant resource estimate - Positive factor: Slight increase in total MRE tonnage - Negative factor: Scoping Study level of accuracy \(preliminary, not sufficient for Ore Reserves\) - Negative factor: High gold price assumption \(US$4,400/oz\) used in financial model - Negative factor: Reliance on Inferred resources \(15% of mine plan, though stated not material to viability\) - Negative factor: Funding required \(A$15 million\) with no certainty of non-dilutive financing - Negative factor: Metallurgical testwork results are preliminary \(residue not analyzed, one column ongoing\) - Negative factor: No Ore Reserve declared Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 4 ## Classification and evidence **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Mineral Resource Estimate is reported in accordance with The JORC Code \(2012 Edition\). Evidence · text > The MRE for the Van Uden Gold Project is reported in accordance with The JORC Code \(2012 Edition\) **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: Mr Lynn Widenbar, a Competent Person, compiled the Mineral Resources information, and Mr Michael Rodriguez, a Competent Person, compiled the metallurgical results. Evidence · text > The information in this report that relates to Mineral Resources is based on information compiled by Mr Lynn Widenbar, a Competent Person... Information in this announcement that relates to metallurgical results, is based on information compiled by Mr Michael Rodriguez who is a Fellow of the Australasian Institute of Mining and Metallurgy and a Engineering Metallurgical consultant. **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. Why it applies: The document refers to the 'current gold bearing laterite Mineral Resource Estimate' and discusses its growth potential, implying it's a relatively new estimate for this specific laterite material. Evidence · text > The current gold bearing laterite Mineral Resource Estimate \(MRE\)2 contains ~1.1Mt @ 0.52g/t Au for 17,700oz of gold, with significant opportunity to grow the laterite Resource. **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: The current MRE of 1.1Mt is a slight increase from the prior RAG estimate of 1.053Mt. Evidence · text > The current gold bearing laterite Mineral Resource Estimate \(MRE\)2 contains ~1.1Mt @ 0.52g/t Au for 17,700oz of gold **Heap Leach Route** Polarity: neutral Definition: Processing via heap leach — lower CAPEX and OPEX, lower recovery expected. Why it applies: The Scoping Study is based on a heap leaching production opportunity for the laterite material. Evidence · text > At-surface, gold-bearing laterite material assessed as a potential low-cost, near term heap leaching production opportunity at the Van Uden Gold Project **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: The column leach tests achieved recoveries of +95% and 81.3%, with 90% adopted for the study financials, which is strong for a heap leach operation. Evidence · text > Estimated gold extractions for each column are: +95% for LAT Column, 4m height, leach completed. +95% for TAS Column, 4m height, leach completed. 81.3% for DBS Column, 2m height, leaching ongoing. Hence a 90% recovery has been adopted for the study financials. **Pilot Scale Complete** Polarity: positive Definition: Pilot or demonstration plant testing completed under continuous operation. Why it applies: Column leach testwork was conducted, which is a strong test scale for metallurgical studies. Evidence · text > Column leach testwork was conducted on three composite samples from three locations across the Van Uden Gold laterite deposits. **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The Scoping Study is based on laterite resources comprising 10.2% Inferred Resources, and 15% of the mining schedule is Inferred material. Evidence · text > The Scoping Study is based on laterite resources comprising Indicated \(89.8%\) and Inferred \(10.2%\) Resources. From the life of mine schedule, 85% of mineralisation is classified as ‘Indicated’ and 15% is classified as ‘Inferred’. **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: The MRE was reported to the ASX on April 2026, which is more than 2 years old relative to the current document date of September 2026. Evidence · text > The MRE for the Van Uden Gold Project is reported in accordance with The JORC Code \(2012 Edition\) and was reported to the ASX on April 2026. **POX/BIOX Route** Polarity: neutral Definition: Pressure or bio-oxidation for refractory ore — high CAPEX and OPEX. Why it applies: the document describes a pox\_biox route \("roaster"\) **Multi-Domain Tested** Polarity: positive Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed. Why it applies: 3 distinct composites were tested ## Extracted facts Stored fact records: 4. Some facts used in scoring do not have a stored record. ## Resource Estimates (1) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/tg6-positive-scoping-study-results-for-van-uden-gold--1a508eec-ddb7-4842-9cd3-b37118184d6b#fact-resource-facts-0) Van Uden · gold #### Identity - Project: Van Uden - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: TG6 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Lynn Widenbar - Resource group id: resource:4787c409223a1eb3d5fa - Deposit or zone: laterite - Mining method: open\_pit - Material type: laterite - Ownership percent: 80 % #### Resource Data - Category: indicated - Tonnes: 1100000 - Grade: 0.52 - Grade Unit: g/t - Contained Metal: 17700 - Contained Unit: oz - Cutoff Grade: 0.1 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-04-01 - Prior Tonnes: 1053000 - Prior Grade: 0.52 - Prior Contained Metal: 17700 #### Location - Loc. Confidence: low #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: The updated laterite MRE shows a slight increase in tonnage while maintaining grade and contained metal, with a high proportion of Indicated resources, providing a solid foundation for the Scoping Study. - Positive factor: JORC 2012 compliant - Positive factor: Competent Person signed off - Positive factor: Tonnage growth \(4.5%\) compared to prior estimate - Positive factor: High percentage of Indicated resources \(89.8%\) in the laterite MRE Evidence · text > The current gold bearing laterite Mineral Resource Estimate \(MRE\)2 contains ~1.1Mt @ 0.52g/t Au for 17,700oz of gold, with significant opportunity to grow the laterite Resource. Scoping Study based on Laterite MRE comprising ~90% Indicated Resources. The MRE for the Van Uden Gold Project is reported in accordance with The JORC Code \(2012 Edition\) and was reported to the ASX on April 2026. The laterite portion of the mineralisation has been reported at a cut-off grade of 0.10 g/t Au by area within a A$6,000/oz Au optimised pit shell. #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Dilutive Growth** Polarity: negative Definition: Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion. Why it applies: tonnage rose while contained metal went 17700 from 17700 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## Metallurgical Results (3) ### column leach [Link to this fact](https://atlas-staging.minestarters.com/news/tg6-positive-scoping-study-results-for-van-uden-gold--1a508eec-ddb7-4842-9cd3-b37118184d6b#fact-metallurgical-facts-1) Van Uden · gold #### Identity - Project: Van Uden - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: TG6 #### Test Work - Program Status: preliminary - Test Type: column leach - Processing Route: heap leach - Sample: LAT Column, laterite #### Recovery - Recovery: 95 % - Recovery Basis: actual\_test #### Reagents - Cyanide: 0.5 kg/t - Lime: 5 kg/t - Reagent Notes: 15kg/tonne cement #### Lab - Laboratory: IMO Laboratories - Consultant: Independent Metallurgical Operations Pty Ltd #### Location - Loc. Confidence: low #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: The LAT column leach test achieved a high gold recovery of over 95%, which is an excellent result for a heap leach operation, supporting the project's viability, though results are preliminary. - Positive factor: High recovery \(+95%\) for gold - Positive factor: Column leach testwork \(strong test scale\) - Positive factor: Recovery is above the exceptional band for heap leach gold - Positive factor: Competent Person signed off - Negative factor: Preliminary results \(residue not yet analyzed\) Evidence · text > Column leach testwork was conducted on three composite samples from three locations across the Van Uden Gold laterite deposits. Estimated gold extractions for each column are: +95% for LAT Column, 4m height, leach completed. The forecast reagent consumption is 0.5kg/t cyanide, 5kg/t of lime and 15kg/t of cement. Metallurgical testwork conducted at IMO Laboratories in Perth. Independent Metallurgical Operations Pty Ltd \(IMO\) Metallurgical testwork management and interpretation. #### Tags used in scoring **Heap Leach Route** Polarity: neutral Definition: Processing via heap leach — lower CAPEX and OPEX, lower recovery expected. Why it applies: processing\_route matches the heap\_leach signal **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: 95% is at or above the exceptional band \(75%\) ### column leach [Link to this fact](https://atlas-staging.minestarters.com/news/tg6-positive-scoping-study-results-for-van-uden-gold--1a508eec-ddb7-4842-9cd3-b37118184d6b#fact-metallurgical-facts-2) Van Uden · gold #### Identity - Project: Van Uden - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: TG6 #### Test Work - Program Status: preliminary - Test Type: column leach - Processing Route: heap leach - Sample: TAS Column, laterite #### Recovery - Recovery: 95 % - Recovery Basis: actual\_test #### Reagents - Cyanide: 0.5 kg/t - Lime: 5 kg/t - Reagent Notes: 15kg/tonne cement #### Lab - Laboratory: IMO Laboratories - Consultant: Independent Metallurgical Operations Pty Ltd #### Location - Loc. Confidence: low #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: The TAS column leach test also achieved a high gold recovery of over 95%, reinforcing the positive metallurgical characteristics of the laterite material for heap leaching, though results are preliminary. - Positive factor: High recovery \(+95%\) for gold - Positive factor: Column leach testwork \(strong test scale\) - Positive factor: Recovery is above the exceptional band for heap leach gold - Positive factor: Competent Person signed off - Negative factor: Preliminary results \(residue not yet analyzed\) Evidence · text > Estimated gold extractions for each column are: +95% for TAS Column, 4m height, leach completed. The forecast reagent consumption is 0.5kg/t cyanide, 5kg/t of lime and 15kg/t of cement. Metallurgical testwork conducted at IMO Laboratories in Perth. Independent Metallurgical Operations Pty Ltd \(IMO\) Metallurgical testwork management and interpretation. #### Tags used in scoring **Heap Leach Route** Polarity: neutral Definition: Processing via heap leach — lower CAPEX and OPEX, lower recovery expected. Why it applies: processing\_route matches the heap\_leach signal **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: 95% is at or above the exceptional band \(75%\) ### column leach [Link to this fact](https://atlas-staging.minestarters.com/news/tg6-positive-scoping-study-results-for-van-uden-gold--1a508eec-ddb7-4842-9cd3-b37118184d6b#fact-metallurgical-facts-3) Van Uden · gold #### Identity - Project: Van Uden - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: TG6 #### Test Work - Program Status: preliminary - Test Type: column leach - Processing Route: heap leach - Sample: DBS Column, laterite #### Recovery - Recovery: 81.3 % - Recovery Basis: actual\_test #### Reagents - Cyanide: 0.5 kg/t - Lime: 5 kg/t - Reagent Notes: 15kg/tonne cement #### Lab - Laboratory: IMO Laboratories - Consultant: Independent Metallurgical Operations Pty Ltd #### Location - Loc. Confidence: low #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: The DBS column leach test achieved 81.3% gold recovery, which is a strong result for heap leaching, but is still ongoing and slightly lower than the other completed columns, indicating some variability. - Positive factor: Recovery is within the strong band for heap leach gold - Positive factor: Column leach testwork \(strong test scale\) - Positive factor: Competent Person signed off - Negative factor: Preliminary results \(leaching ongoing\) - Negative factor: Lower recovery compared to other columns Evidence · text > Estimated gold extractions for each column are: 81.3% for DBS Column, 2m height, leaching ongoing. The forecast reagent consumption is 0.5kg/t cyanide, 5kg/t of lime and 15kg/t of cement. Metallurgical testwork conducted at IMO Laboratories in Perth. Independent Metallurgical Operations Pty Ltd \(IMO\) Metallurgical testwork management and interpretation. #### Tags used in scoring **Heap Leach Route** Polarity: neutral Definition: Processing via heap leach — lower CAPEX and OPEX, lower recovery expected. Why it applies: processing\_route matches the heap\_leach signal **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: 81.3% is at or above the exceptional band \(75%\) ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.