Walford Creek investment advances one of Queensland’s largest undeveloped copper systems

One of Queensland’s largest undeveloped copper-cobalt sulphide systems is set to advance into its next phase of development following a $20 million investment from the QIC-managed Queensland Critical Minerals Fund (QCMF).

The investment will support Aeon Metals' Walford Creek Project in North West Queensland, funding a Pre-Feasibility Study, Definitive Feasibility Study and resource expansion drilling as the Project progresses toward a Final Investment Decision.

Walford Creek hosts an estimated 75 million tonnes of mineral resources containing copper, cobalt, zinc, lead, silver and nickel, representing a substantial undeveloped polymetallic resource with the scale to support a long-life mining operation and future production of multiple strategic metals.

QCMF Fund Manager Joshua Risson said the Project combines resource scale, technical maturity and significant development optionality within one of Australia's most established mining provinces.

Walford Creek has benefited from extensive drilling and technical studies over many years and is now entering a stage where development capital can have a meaningful impact.

 

Joshua Risson - Fund Manager, QCMF

"Importantly, we see considerable optionality beyond the current development case through further resource growth, development optimisation and the broader district-scale opportunity.

"The North West Minerals Province continues to be an important source of future copper supply, combining globally significant mineral endowment with a proven track record of project development.

"As the industry looks to bring the next generation of copper supply to market, we expect projects that can demonstrate both scale and a credible pathway to development will continue to attract interest from capital providers and strategic partners."

The Walford Creek mineral system extends across more than 10 kilometres of strike and remains open for further resource growth across a broader prospective corridor. 

Current development plans target an initial processing capacity of at least two million tonnes per annum, producing copper, lead and zinc concentrates from a large-scale polymetallic resource.

Aeon Metals Executive Chair Paul Harris said the QCMF investment would accelerate the next phase of development at Walford Creek and provide strong support for the company's long-term vision for the project.

We are pleased to welcome QIC as a partner in Walford Creek and appreciate the confidence they have shown in both the project and our team.

 

Paul Harris - Executive Chair, Aeon Metals

"The funding will allow us to accelerate the studies and development activities required to progress Walford Creek toward a Final Investment Decision while continuing to unlock value across the broader mineral system.

"We believe Walford Creek is one of Queensland’s most compelling greenfield copper-cobalt opportunities, with the scale, flexibility and growth potential to support a long-life operation.

"The next phase of work will help define the full potential of a mineral system that extends well beyond the current development case, and we look forward to working closely with QIC as we advance the project through its next stage of growth."

Walford Creek becomes the tenth investment in the QCMF portfolio with diversification across copper, rare earths, vanadium, silica, silver-indium, high-purity alumina and industrial processing. Since inception, the Fund has committed more than $175 million across royalties, debt and equity.