Anax Metals (ASX:ANX) has commenced front-end engineering design (FEED) for its 80%-owned Whim Creek Copper Project in Western Australia’s Pilbara region.
The program is intended to support a final investment decision (FID), which Anax is targeting in the fourth quarter of 2026.
FEED follows the Definitive Feasibility Study update released in February 2026. On a 100% project basis, the study outlined a pre-tax net present value of $501 million at a 7% discount rate, an internal rate of return of 98%, free cash flow of $723 million, and estimated capital expenditure of $91 million. The estimated capital payback period is 14 months.
The FEED program will refine engineering across project infrastructure, including the planned 400,000-tonne-per-annum concentrator, ore-sorting and pre-concentration circuits, mining fleet, and non-process infrastructure.
It will also deliver updated capital and operating cost estimates, a revised execution plan, and an updated financial model to support project financing and the planned FID.
“FEED will provide the engineering maturity, cost certainty, and execution planning required to support project financing and our targeted final investment decision in the fourth quarter of 2026,” Managing Director Geoff Laing says.
The work is being delivered through an integrated project team led by newly appointed COO Danny George. WSP Global (TSX:WSP) will provide project management, cost estimation, and contract management services, while Orelogy, CPC Engineering, and Gekko Systems will contribute mining, processing, and modular plant expertise.
The delivery model includes early contractor involvement to help assess constructability, validate market pricing, and plan procurement of long-lead equipment.
Alongside FEED, Anax says it is progressing debt financing and concentrate offtake discussions. The company also plans to update the mineral resource estimate for the Mons Cupri deposit and revise the project’s ore reserve estimate.
Whim Creek is about 120km from both Port Hedland and Karratha. Anax says the permitted project has a planned 10-year mine life and is expected to produce an average of 13,000 tonnes per annum of copper equivalent during its first eight years.
Anax Metals is an Australian explorer focused on becoming a near-term producer of copper and zinc through its 80%-owned Whim Creek Project in WA.
Write to France Pinzon at Mining.com.au
Images: Anax Metals
