Revolver Resources (ASX:RRR) has received a grant of $1.3 million from the Queensland Critical Minerals and Battery Technology Fund (QCMBTF) to fast-track its Dianne Copper Mine Project.
After completing the site’s engineering design and meeting the full scope deliverables listed under the grant, the company will now focus on developing the key technical and design workstreams of the project.
Revolver, which has a market capitalisation of $8.28 million, plans to produce copper cathode in the first half of 2026, with a final investment decision expected in the next few months.
Managing Director Pat Williams says the company is pleased to satisfy the milestone grant requirements and receive support from the QCMBTF.
“This non-dilutive financing has been crucial in unlocking the final feasibility pathway towards targeted recommencement of mining operations at Dianne,” Williams says.
“It has placed Revolver and the Dianne Copper Mine Project in the best possible position from which to restart copper production and deliver a new Australian-based supply of this critical metal.”
Located 260km northwest of Cairns, the Dianne Copper Mine Project runs within the polymetallic Hodgkinson Province, previously producing 63,758 tonnes of copper ore with an average grade of 22.7% copper.
Copper is a crucial commodity in the global shift towards Net Zero, driving decarbonisation technologies such as wind turbines, electric vehicles, and energy-efficient equipment.
The price of copper is now at US$4.87 ($7.51) per pound, representing a 22.61% increase from this year to date.
The International Copper Association reports that the commodity is expected to double in demand to 50 million tonnes by 2050 as a reflection of this transition to greenhouse gas emissions.
Write to Maddison Elliott at Mining.com.au
Images: Revolver Resources
