Vertex Minerals Limited (VTXXF) Operational Update Reward Gold Mine
Vertex Minerals Limited (ASX:VTX) (OTCMKTS:VTXXF) has announced an operational update on the Reward Gold Mine.
Operational milestones
- Vertex has poured its maiden gold bar weighing close to 1kg of gold. Previously, gold was sold as a concentrate (~30% gold). Two gold bars have been poured this month.
- With both the DA Modification and the varied EPL now in place, the Reward Gold Mine is conducting underground mining 12 hours a day, 7 days a week, with underground blasting permitted at any hour within the licensed limits. This has made a considerable improvement in productivity.
- The next step is to move to 24 hours a day for mining operations and 12 hours a day for processing.
- A total of 44oz of gold was sold in September 2026, with a further 22oz of gold on hand at the refinery and another 60oz to be sold as low-grade gold concentrate. An offtake agreement is being negotiated with third parties.
- September 2026 production was achieved while the mine was still operating under restricted hours and blasting times, and with limited equipment availability. The full benefit of continuous operations and the additional equipment will be reflected from October 2026 onwards.
- The trial long hole open stope at Decline 3 (620 M1 STP 1695N) has been completed. Whilst the grades were not as high as expected, the stoping method and the ability to stope narrow veins have proven a great success.
- Development of the smaller drive profiles has started using the new Muki rail boom arrangements fitted to the jumbos, which are now reducing dilution by more than 20%.
- The second Bird underground truck has been commissioned and is now in operation (Figure 8*).
- The Resemin Muki LHBP-2R long hole drill is expected to be commissioned on site in early November 2026.
Blasting times
Blasting is now being conducted at any time, 7 days per week, within the licensed limits. With this flexibility of timing, hours are saved every shift.
Trial long hole stope
The trial long hole open stope at Decline 3 (620 M1 STP 1695N), targeting the high-grade Mica 1 lens, has been a technical success, with stoping complete and panels 4 and 5 extracted. The stope is being filled ready for the next lift. See Figures 1 and 5*.
This success supports the Company's move to mechanised long hole stoping. The Company's dedicated Resemin Muki long hole production drill rig is en route to Australia.
Development and new drive profiles
The first of the new, smaller drive profiles on the individual Mica veins is being mined using the Muki boom arrangements. The smaller profiles, as expected, are reducing dilution and improving the grade to the processing plant (Figure 2*). With the smaller headings, the reduction in ground support, drill holes, explosives and bogging time, the cycle time has reduced. Focus now is maximizing the development metres.
Metallurgy
A key breakthrough has been achieved with the introduction of a spiral wheel, which upgrades the gold concentrate from the Wilfley and Gemini gold tables. The concentrate purity from these tables has historically been ~30%. In order to smelt gold, a concentrate of >50% is required; hence, past gold concentrates have been sold to a third-party refinery (Figure 3*).
Equipment
The Resemin Muki LHBP-2R long hole drill was completed at the Resemin factory on 30 September 2026 and is currently in transit to Australia. It is expected to arrive in Australia in midNovember (Figures 9 and 10*).
Long hole open stoping is a key component of Vertex's planned mining operations at the Reward Gold Mine. The introduction of the Muki LHBP-2R is therefore an important step towards establishing the drilling capability required to prepare and extract stope ore. Its ability to drill accurate long holes will support the planned transition towards increased stope production and more consistent underground ore supply.
Planning update
The mine plan has been updated to reflect continuous operations. Near-term focus areas include:
- the 677 PX STP 1472N airleg stope has been completely scraped out and mining has commenced on the next panel to the south (Figure 6*);
- the 683 North Ore Drive and the North Paxtons stoping block development have been completed and are ready for stoping (Figure 7*);
- the 618 Level Mica 1 North ore drive and the Star of Peace South ore drives off the Decline 2 bypass and Decline 3, and the take-off from Decline 1 on M2, are the current headings; and
- once the Decline 3 long hole stope has been filled, the next lift will be supported ready for the Muki long hole rig.
September 2026 production
- Gold produced: 39oz; gold sold: 44oz; gold on hand: 82oz
- Development: 68m advance and 13m rehabilitation October 2026 forecast
- Development on ore at Declines 1, 2 and 3 (Figure 4*), with five ore headings
- Development: +100m advance on day shift
- Preparation to move to night shift and increase to +180m/month for future months
- Production: ~100oz
November 2026 forecast
- Development on ore at 618L and 628L, Decline 3 (Figure 5*), with five ore headings
- Development: +120m advance on day and night shift
- Increase to +180m/month for future months
- Production: ~150oz
December 2026 forecast
- Development on ore at 618L and 628L, Decline 3 (Figure 5*), with five ore headings
- Development: +180m advance on day and night shift
- Production: ~500oz
Vertex Executive Director Operations, Jim Simpson, commented:
"There have been many impediments to ramping up the mine as originally planned. Whilst there have been significant delays, we are still in a position to ramp up operations from October 2026 onwards."
*To view tables and figures included in the announcement, please visit:
https://abnnewswire.net/lnk/730HFABN
Roger Jackson Executive Chairman Tully Richards Technical Director tully@vertexminerals.com.au
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