It comes as the company continues discussions with nearby mill operators with the aim of starting ore processing as soon as practicable.

Execution of an ore purchase agreement would in turn satisfy a condition for $25m in project financing from Goldfields mining services provider MEGA Resources, which will also provide geological, engineering, mining and transport services under the Right to Mine agreement.

Javelin Minerals’ (ASX:JAV) now shovel-ready Eureka project is backed by a resource of 2.04Mt at 1.69g/t gold, or 110,687oz of contained gold.

This includes a higher-confidence indicated resource of 1.36Mt at 1.8g/t gold, or 78,677oz of contained gold.

Clearing and water permits are already in place along with an approved mine plan.

The approval follows a 37-hole reverse circulation drilling program that firmed up shallow mineralisation within the planned Eureka open pit cutback and extended known high-grade mineralisation at the northern end of the planned Eureka Northwest pit.

Results included 4m at 2.7g/t gold from 91m and 10m at 1.2g/t gold from 85m.

The main Eureka orebody also remains open down-plunge to the north, providing a target for further growth.

Javelin plans to complete two existing RC pre-collars with diamond tails to test the northern extensions, leaving room for resource growth beyond the current mine plan if drilling is successful. 

Development is being supported by the Right to Mine agreement with MEGA, which will provide mining and haulage services for the project.

In return, MEGA will receive a 50% share of profits from the current Eureka mine plan, with its share dropping to 30% for additional resources mined beyond that.

The approval comes amid a still-elevated gold market.

Spot gold was around US$4,608/oz on August 27 after climbing to a more than three-month high above US$4,639/oz earlier that week.

Reuters also reported a 46.7t weekly inflow into gold-backed ETFs in late August, the strongest weekly gain in 10 months.

Demand has remained resilient even as prices cooled from those early-2026 records.

World Gold Council data shows total gold demand including OTC was 1,269t in the June quarter, taking first-half demand to 2522t, up 2% year-on-year, with demand reaching a record value of US$380bn.

Meanwhile, mine production rose 2% year-on-year to a record 966t for a second quarter.

Central bank demand provided further support, with net purchases rising 62% year-on-year to 289t in the June quarter.