Everest Metals (ASX:EMC) has executed a right to mine agreement and specific security deed with Bain Global Resources’ wholly owned subsidiary MEGA Resources over activity at the Mt Dimer Taipan Gold-Silver Project, ahead of a resource upgrade at the project in Western Australia.
MEGA will be responsible to carry on all mining operations at the project by financing up to $18.6 million for mining, haulage, and third party processing activities and conducting geological and engineering services.
Mining activities are scheduled to commence next month, before ore processing is set to begin in March 2026. The companies intend to process 200,000 tonnes of ore from the project each year.
The agreement enforces an equal split of profits between Everest and MEGA following the return of committed capital.
The contract has no dated term, remaining in effect until ore processing is completed as described in the Mt Dimer Taipan mine plan, along with all profits being distributed.
Everest and Metals will also investigate the possibility of expanding the current resource estimate, with a drilling program intended to optimise development plans. Drilling will test priority pit extensional targets.
Everest CEO Mark Caruso says MEGA and Bain’s proposition bolsters the company’s goal of upgrading Mt Dimer Taipan Project’s resources.
“This agreement provides an excellent fast-track opportunity for Everest Metals to capitalise on the current high gold and silver prices,” Caruso says.
“Furthermore, it allows future potential funding of the Revere and Mt Edon Projects without further shareholder dilution.”
Trading Economics reports the price of gold to have seen a 53.04% increase for this year to date, marked at US$4,015 ($6,122) per ounce as of 28 October 2025.
Silver is currently sitting at US$47.12 per ounce, increasing 63.44% so far this year.
Located 150km northwest of Kalgoorlie and 120km northeast of Southern Cross in Western Australia, Mt Dimer has a maiden resource estimate of 722,000 tonnes @ 2.10 grams per tonne gold for 48,545 ounces, and 3.84g/t silver for 89,011 ounces, in the inferred category.
Everest Metals is a Western Australia-based explorer focused on uncovering gold, silver, base metals, and critical minerals across the state.
Write to Maddison Elliott at Mining.com.au
Images: Everest Metals
