Executive chairman Brett Mitchell told the Resources Rising Stars Gather Round conference in Adelaide on Thursday that like his AFL team, the West Coast Eagles, last year had been a rebuilding period for Javelin.

“Like the Eagles, we’re starting to see some green shoots on the field,” he said.

“We’ve really got now a set of assets and a team and a strategy in place, as well as funding, which sets us up really, really well for the future.”

Javelin’s flagship asset is Eureka, which is 50km north of Kalgoorlie in Western Australia.

Around 32,000 ounces of gold has been mined from Eureka previously, at recoveries of well above 90%.

Eureka, which sits on a granted mining lease, has a resource of 110,687oz at 1.69g/t gold, including an indicated 78,678oz at 1.8g/t.

In September 2025, Javelin signed a right to mine contract with mining services provider MEGA Resources for mining, project financing and haulage services at Eureka.

MEGA will provide up to $25 million in funding for the operation, with no upfront funding requirements for Javelin.

Subject to final approvals, MEGA will start mining at the end of the current quarter, with just under 700,000 tonnes of ore set to be mined over 18 months.

MEGA and Javelin are in advanced talks with nearby mills to lock in a toll treatment deal.

A scoping study is due out in the coming weeks.

Javelin will receive 50% of the profits from mining at Eureka, including cash advances of $250,000 per month against its profit share.

If Javelin finds any additional ounces, it can elect for MEGA to develop them and receive 30% of the profits.

“We also get $250,000 a month in cash prepayments as part of the deal with MEGA, which is fantastic for us, because basically that’s our overhead and our exploration spend covered through this 18-month mining program,” Mitchell said. 

“So it means, in addition to the $4 million that we have in the bank today, we can aggressively run a dual strategy of mining Eureka and also accelerating our priority exploration plans, both at Eureka and also at Coogee, which is our second project, 50km south of Kalgoorlie.”

In late March, Javelin kicked off a 38-hole reverse circulation drilling program at Eureka, to test north and south of the planned pit

Shallow drilling north of the pit previously hit 4m at 32.6g/t Au from 104m grade, while previous hits from the Northwest zone included 4m at 134.52g/t Au from 53m; 3m at 48.75g/t from 129m; and 4m at 11g/t from 42m. 

Javelin is also planning to drill its Coogee project this quarter.

Coogee sits on a granted mining lease, providing another near-term mining opportunity for Javelin.

The project is in the same neighbourhood as Gold Fields’ St Ives complex, Vault Minerals’ Mt Monger operation and Westgold Resources’ Beta Hunt mine.

Ramelius Resources produced 20,400oz at 4.7g/t Au via a 70m-deep open pit at Coogee in 2013-14.

Coogee has resources of 3.65Mt at 1.08g/t Au for 126,685oz and 1.01Mt at 0.41% copper for 4133t of contained copper.

Mitchell said it was two separate systems.

“A gold system where the pit sits, and punches to the south, and then there’s a copper-gold system that sits to the north of the pit,” he said. 

“And some of the initial drilling that we’ve done at Coogee in late 2024 returned some nice intercepts of 10m at 4.5 grams gold, and there’s some nice combined copper-gold hits.”

Mitchell described the copper-gold system as “intriguing” and something the company planned to focus on.

“Mineralisation remains open to the north and down-dip, and that potential is something that really intrigues Mark Cossom and Peter Langworthy, who are our consultants on the project,” he said.

The company has also defined two “interesting” undrilled magnetic anomalies to the west and north of the pit, which will be tested later in the year.

Last month, Javelin acquired the Central Yilgarn gold project, which adjoins the northern border of Dreadnought Resources’ Illaara gold project.

Consideration was $585,000 worth of shares and Mitchell said it represented a greenfields option in the portfolio.

“So, everything’s in place now in terms of the assets, board, management, capital structure and funding and very supportive shareholders to support the company’s future endeavours,” Mitchell said.