Credit: Matsa Resources
Matsa Resources Devon Pit gold is being processed on its journey through the FMR Investments Greenfields processing plant in Coolgardie, marking a significant milestone for the company’s Lake Carey operation in Western Australia’s Goldfields.
The Devon Pit toll milling operation, which is now confirmed by Matsa this week, is not just a production run—its the first tangible fruit of the company’s recent toll milling agreement with FMR. According to the contract, Matsa will receive ore from the Devon Pit milled offsite, keeping the initial capital outlay of building its own plant at bay.
From Pit to Plant: The Journey of Devon Ore
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The Devon Pit at the northern extremity of Matsa’s Lake Carey gold project at Laverton has been churning out top-grade ore on a short interval. The ore is now being trucked nearly 900 kilometres south to Coolgardie, where it will be crushed, milled, and gold recovered at the Greenfields plant.
FMR’s Greenfields operation is also highly regarded for being a very efficient refinery and processor, with its activities resulting in gold doré bars available for off-take at the Perth Mint. Not only is this guaranteeing Matsa a rapid channel to revenue, but it’s also giving the company the ability to step up or cut back production according to the market.
Why This Processing Start Matters
For Matsa, this is a key moment in its strategy for the Lake Carey project overall. The company has been seeking to transform its portfolio of resource-intensive assets into a reliable cash flow producer, and processing Devon ore is a crucial first step.
Instead of waiting a number of years to construct an onsite plant on a full scale, Matsa is tolling in order to monetize ore as quickly as possible, reduce risk, and keep its attention focused on increasing resources. It is especially useful in today’s gold market, where prices remain elevated but undifferentiated cost pressures—diesel all the way through to labour—have a tendency to erode margins fast.
A Strategic Toll Milling Agreement
Source: Matsa Resources Limited
The toll milling agreement with FMR Investments is no hasty Band-Aid fix—it’s an aggressive move to bridge the gap between development and independence. By negotiating access to the Greenfields mill, Matsa is able to process ore without the wait typically associated with building new infrastructure.
The flexibility to accept a variety of ore types and grades allows Matsa the ability to blend to achieve optimal recovery. Gold doré from the plant will be minted at the Perth Mint, with quick turnaround from pit to saleable product.
Inside the Devon Pit
Devon Pit has been a high-priority target for Matsa’s mining activities following the project reconciliation. The geology of the deposit is better developed with high-grade shoot structures that render it extremely ideal for short-term production.
The mining has been streamlined to maximize the extraction of ore before waste in the initial phases, allowing for earlier starting of processing. This process enables quick returns as the business continues with additional exploration on the Lake Carey leases.
More Than a First Batch
While the first load of ore shipped to Greenfields is a boost, it’s the regular stream of trucks going south that could be the bigger difference. Matsa’s short-term plan is in stages over the next few months, with each batch coming almost directly across as gold production and returns.
The flexibility of the toll milling model enables Matsa to synchronize its mining schedule with the capacity for processing, without bottlenecks and low-cost stockpile storage.
The Bigger Picture: The Potential of Lake Carey
Lake Carey, in the heart of WA’s gold-bearing Laverton district, holds more than the Devon deposit. Matsa exploration activity has discovered multiple targets across the project tenement, and success at Devon could fund further drilling and development.
The project sits in a proven mining district, surrounded by production from major and mid-rank gold producers. That proximity isn’t just excellent for geological confidence—it also offers potential processing partners and logistic efficiencies in the future.
Industry Context: Why Timing Matters
Gold prices are buoyant, trading close to multi-year highs, underpinned by global economic uncertainty and investor demand for safe-haven assets. For firms like Matsa, such an environment in the market is a stimulus to push projects towards production in haste.
Making the decision to launch toll milling now maximizes this window, locking in revenue while the company continues to build out its resource base. Speed to market is the difference between a strong balance sheet and opportunity lost in the cycle nature of the mining industry.
Looking Ahead
With processing underway at Greenfields, Matsa will accept its first shipment of refined gold doré bars in the coming weeks. Outcomes of this first campaign will determine future mining and processing schedules, the company has said.
If the Devon Pit processing trial goes as desired with regard to grade, recovery, and cost, then it could lead the way for subsequent larger-scale operations and potentially an onsite plant in the future.
Key Takeaways:
- Devon Pit ore is being processed via FMR’s Greenfields plant at Coolgardie.
- The start-up follows a fresh toll milling agreement between FMR Investments and Matsa Resources.
- Gold doré from the run will be processed in the Perth Mint.
- The move allows Matsa to capitalize on ore quickly while recommencing exploration at Lake Carey.
Matsa Resources’ resolution to continue with toll milling from Devon Pit is a sensible approach to gold mining in 2025—synchronizing speed, cost-effectiveness, and market opportunity. To investors and watchers, it’s a clear signal that the firm is positioning itself for WA’s long-term growth in the competitive goldfields.
