The updated resource estimate is 10.3 million tonnes at 1.8% copper, 6.1% zinc, 2.2% lead, 47.2 grams per tonne silver 0.5gpt gold, or 4.3% copper equivalent.

Contained copper is up 43% to 190,000t, while contained zinc is up 50% to 620,000t for a combined 445,000t CuEq.

Measured and indicated resources were up 48% and now comprise 70% of the total resource.

Tonnage was added at a cost of just A$5 per tonne.

“This is an outstanding result which demonstrates that Woodlawn is well on track to becoming a significant producer of the copper and zinc which will be in huge demand as part of the world’s energy transition,” Develop managing director Bill Beament said.

“This major expansion of the resource paves the way for an increase in Woodlawn’s mine life from the existing seven years to 10-plus years based on the existing processing throughput capacity of 850,000tpa.

“This increased mine life will be a key feature of the new mine plan, which is set for release in the March 2024 quarter.”

Develop expects to report a further resource and reserve update in the March quarter as today’s update only included results up to June 30.

Mineralisation is open down-plunge and along strike to the north and south with multiple new lenses identified in recent drilling.

“Our focus is now on completing the remaining infill drilling to drive further increases in resources, reserves and mine life,” Beament said.

“The organic growth since we acquired Woodlawn has been exceptional.”

Develop acquired Woodlawn last year for $30 million up-front, plus up to $70 million in future milestone payments, from the creditors of Heron Resources.

Heron had previously invested $340 million in the operation.

Develop has already spent $44 million on pre-production activities.

An updated mine plan, released last month, put restart costs at just A$32 million with the mine forecast to generate revenue of $1.8 billion over a seven-year life.

Under the plan, Woodlawn was expected to produce an average 10,000t of copper and 35,000t of zinc per year at concentrate grades of 21% copper and 50% zinc.

The production forecast was based on an updated reserve of 3.4 Mt at 1.6% copper and 3.8% zinc.

The study returned a pre-tax net present value of A$481 million, at a 7% discount rate, and internal rate of return of 367%.