Devon
OUR FLAGSHIP PRODUCTION ASSET WITHIN THE LAKE CAREY GOLD CAMP
A proven operation, the Devon Gold Mine is serving Matsa Resources as an immediate cash generator and cornerstone of future mining success across the broader Lake Carey Gold Camp.
Over a period of 18 months (mid 2025 to end 2026), the Company’s primary strategy at Devon consists of sequentially mining and selling a total of approximately 40,000oz of gold. These operations commenced as scheduled in June 2025, followed by a maiden gold pour in September 2025.
OVERVIEW OF THE OPEN PIT OPERATION
The Devon Pit Gold Mine is structured as a short-term, small inventory mine. Matsa intends to mine a reserve of 309kt @ 4.6g/t Au for 46koz, stockpiling the ore on site and hauling the ore for processing on a 50,000t batch campaign basis. Matsa’s first campaign took place in September 2025 with each successive campaign taking place 3 months thereafter.
This scenario came from a feasibility study conducted in February 2025, which further illustrated a potential project cash flow surplus of A$59.8M (pre-tax) over the stipulated 18-month period (based on a gold price of A$4,250).
Reflecting a traditional open pit operation, Devon’s mine plan is comprised of four pit stages throughout the project lifespan.
SEQUENTIAL CAMPAIGNS UNDERPIN THE DEVON GOLD MINING PLAN
Total Ore Production Estimate
>40,000 Oz Au
Total LoM:
18 months
LOCATED IN A GOLD ENDOWED GOLDFIELDS OF WA
The Devon Gold Mine is located in the north-eastern Goldfields of Western Australia. It lies approximately 170km south-east of Leonora and 230km north-east of the regional hub of Kalgoorlie-Boulder. The mine is situated on the western edge of Lake Carey, one of several salt lakes in the region; and the namesake for the broader Lake Carey Gold camp that hosts Devon.
Neighbouring mines of note include the Sunrise Dam Gold Mine, operated by AngloGold Ashanti and located approximately 23km north of the Devon Pit, as well as the Granny Smith Gold Mine/Wallaby Project, operated by Gold Fields and located ~50km south-west of Devon.
CHARACTERISED BY TYPICAL GOLDFIELDS GEOLOGY
The Devon Pit Gold Mine deposit is a typical Eastern Goldfield shear/faulted hosted narrow vein gold deposit, and lies in the Archaean Kurnalpi Terrane, within the Eastern Goldfields Province of the Yilgarn Craton. More specifically, Devon is geologically located within the Laverton Tectonic Zone (LTZ), a highly prolific part of the Norseman-Wiluna Greenstone Belt.
The main lode at the Devon Pit Gold Mine consists of banded quartz-sulphide veins containing 1-70% auriferous pyrite with variable but minor amounts of chalcopyrite, arsenopyrite, galena and sphalerite. Host lithologies include ultramafic pyroxenite in the south, mafic intrusives including metadolerite, porphyritic dolerite and quartz gabbro in the centre and metabasalt in the north. Mineralisation is open at depth and down plunge to the north.
In its entirety, Devon’s area covers a series of old mine workings that have historically produced high-grade mineralisation.
OPERATIONAL HIGHLIGHTS
Considered mining and processing agreements
Devon’s operational setup is designed for efficient gold extraction campaigns with contracts in place as follows:
- Blue Cap Mining (BCM): the designated development and operations contractor, with vast experience in open pit mines; inclusive of projects with fundamental similarities to the Devon Mine itself.
- FMR Investments Pty Ltd (FMR): a formal Toll Milling Agreement (TMA) exists for the treatment of gold ore extracted from the Devon Pit Gold Mine at FMR’s Greenfields Mill located 3km east of Coolgardie.
A central operational hub
Devon has an active mining workforce that utilises a central camp. The camp offers efficient logistics and support for round-the-clock (shift-based) mining activity and accommodation capacity of around 96 rooms.
Onsite airstrip
Devon is accessible via an on-site airstrip, which supports Matsa’s fly-in-fly-out (FIFO) workforce model. It allows direct, efficient transportation of staff and contractors to and from the mine site, minimising travel time and enhancing operational flexibility. Recently, the airstrip underwent upgrades to accommodate larger planes (expanding from 19-seat to 36-seat aircraft).
Scalable production campaigns
As all activities at Devon are delivered with the intent of short-term gold production, facilities and workforce arrangements are structured to support the multiple scheduled production campaigns in succession. The site is well-established from previous campaigns and can scale to match operational intensity as required.
MATSA’S LONG TERM STRATEGY IS UNDERSCORED BY DEVON
Matsa’s experience at Devon will lay the foundations for the broader Lake Carey Project and significantly shape approaches to mining at future sites such as Fortitude, Fortitude North and Red October. Key aspects of Devon that will influence future activity include:
