Rover 1

The flagship: gold and critical minerals from one deposit.

Rover 1 is a high-grade IOCG deposit 57 km from Tennant Creek. The 2026 Scoping Study models a two-stage development — a 750,000 tpa underground operation producing gold doré, 99% copper, bismuth, cobalt and magnetite, refined downstream at Middle Arm in Darwin — over an 11-year initial mine life.

August 2026 study

What the 2026 Scoping Study concluded.

The 2026 Scoping Study lifts Rover 1 from the 500 ktpa plan of the 2022 PFS to a 750 ktpa steady-state operation over an 11-year initial mine life, with roughly ten years of steady-state production from 2030 to 2039. On base case metal prices it values the project at A$1.08B pre-tax NPV at an 8% discount rate, and pays back the pre-production capital in a little over eighteen months.

Steady-state rate: 750 ktpa
Initial mine life: 11 yrs
Payback period: 1 yr 7 mths
Material processed: 7.27 Mt

2026 Scoping Study — financial highlights

Project economics	Base case	Upside case
Total revenue	4,806.5	5,507.5
Project operating costs	1,953.8	1,952.3
Project cash flow	1,941.4	2,598.4
Pre-production capital	171.6	171.6
Underlying mine profit	2,070.1	2,727.4
NPV at 8%, pre-tax	1,077.1	1,491.4
IRR, pre-tax	56.3%	72.3%
NPV at 8%, post-tax	682.8	956.9
IRR, post-tax	43.3%	55.9%

Figures in A$M unless shown as a percentage.

Base case: US$5,000/oz Au, US$7.50/lb Cu, US$35/lb Bi, US$60,000/t Co, US$210/t Fe₃O₄. Exchange rate US$1.00:A$0.70.
Upside case: US$7,667/oz Au, US$7.37/lb Cu, US$42.18/lb Bi, US$88,083/t Co, US$230/t Fe₃O₄. Exchange rate US$1.00:A$0.77.

Metal price assumptions and financial results from ASX:CST, 20 August 2026 — “2026 Rover 1 Scoping Study Produces Outstanding Results”.

Read the full scoping study presentation (PDF)

Sources: “2026 Rover 1 Scoping Study Produces Outstanding Results”, ASX:CST, 20 August 2026 · Mineral Resource update, ASX:CST, 20 October 2025.

Production and cashflow

What an average year looks like.

At steady state the study models 750,000 tonnes of ore a year through the plant, producing around 28,200 ounces of gold, 7,500 tonnes of copper, 500 tonnes of bismuth, 300 tonnes of cobalt and 110,500 tonnes of magnetite — A$479.9M of revenue and A$219.1M of pre-tax cash flow in an average year.

Production and cashflow summary

Summary	Annual average	Life of project
Cashflow
Total revenue(A$M)	479.9	4,806.5
Pre-tax cash flow(A$M)	219.1	1,941.4
Production
Total ore mined(t)	750,000	7,268,800
Gold(oz Au)	28,200	270,900
Copper(t Cu)	7,500	72,500
Bismuth(t Bi)	500	5,400
Magnetite(t Fe₃O₄)	110,500	1,102,300
Cobalt(t Co)	300	2,800

Production and cashflow summary from ASX:CST, 20 August 2026 — “2026 Rover 1 Scoping Study Produces Outstanding Results”. Base case metal price assumptions as above.

Mineral Resource

What is in the ground.

The October 2025 estimate lifted the Rover 1 JORC 2012 Mineral Resource 41% to 7.86 Mt at 1.35 g/t Au, 1.24% Cu, 0.11% Bi, 0.07% Co and 23.97% Fe₃O₄, and raised every contained metal against the prior estimate. It is the resource the 2026 Bankable Feasibility Study will be built on. The breakdown by Indicated and Inferred category is in the scoping study presentation.

Gold: 341.3 koz
Copper: 97.4 kt
Bismuth: 8,900 t
Cobalt: 5,200 t
Magnetite: 1.88 Mt

Rover 1 Mineral Resource Estimate, ASX:CST, 20 October 2025, reported under JORC 2012. Tonnages and grades are rounded; minor computational and summation rounding differences may occur.

Mine to metal

Beneficiate at Tennant Creek, refine in Darwin.

Ore is beneficiated at Rover 1 to a concentrate, then refined downstream at the Middle Arm Sustainable Development Precinct in Darwin. The NT Government awarded the project Major Project Status in April 2024, with land allocated at Middle Arm.

The finished products are gold doré, 99% copper, 99% cobalt, 96.5% magnetite and a bismuth concentrate — all refined on Australian soil.

Stage One funds Stage Two: concentrate sales from Tennant Creek pay for the Darwin refinery, so the downstream position is built out of the mine's own cash flow rather than a second raise. Rail, highway, airport and gas all sit near the project.

Geology

Jupiter and the broader Rover 1 system.

Rover 1 is an IOCG polymetallic deposit. The October 2025 Mineral Resource update lifted the JORC Mineral Resource 41% to 7.86 Mt. The orebody is open at depth and to the east, and is mined by long hole open stoping from a decline, at a 750 ktpa production rate.

Project video

A four-minute walk through the case.

Recorded after the 2022 PFS, the video walks through the mining and processing design and the downstream product strategy. The fundamentals are unchanged; the 2026 Scoping Study lifts throughput to 750 ktpa and adds the bismuth case.