Briggs Project
Briggs JV
Canterbury holds 49% of the Briggs Project in central Queensland which comprises six tenements that are prospective for porphyry-style copper, molybdenum and silver mineralisation. It includes the Briggs deposit which is one of the largest undeveloped copper projects in Australia containing over 2Mt Cu, 73Mlb Mo and 16.5Moz Ag.
The project is being explored in partnership with Alma Metals Limited (ASX: ALM), which has earned 51% interest under an Earn-in and Joint Venture Agreement and is currently in Stage-3 of the agreement whereby it can increase its interest to 70% by funding a further $10m of exploration and assessment activity.
Briggs is located at the southern end of the northwest–southeast trending Mt Morgan structural belt. The high-grade Mt Morgan mine produced around 8Moz of gold and 350,000t of copper before its closure in 1989.
A Mineral Resource Estimate was completed for the Briggs Project in April 2025, as outlined below at selected cut-off grades:
Copper mineralisation at Briggs is related to multiple early-Triassic (ca. 248Ma) porphyritic granodiorite intrusions into older Devonian volcanic rocks and volcanoclastic sediments. The intrusions have formed stockworks of mm- to cm- scale porphyry style quartz-chalcopyrite-pyrite+/-molybdenite veins, both within the intrusions and extending more than 100m into the surrounding volcanic sediments. Many of the veins and the immediately surrounding rocks contain potassic alteration (biotite, K-feldspar, anhydrite) and locally intense phyllic alteration (sericite-quartz-pyrite).
Multiple intrusive phases and multiple mineralising events are evident. Highest copper grades are associated with sub-vertical banded silica bodies at the contacts between different intrusive phases, or in the volcanic sediments immediately adjacent to the granodiorite intrusions.
Geochemical soil sampling is an effective exploration tool in the area and indicates the overall mineral system is at least 2,000m long x 500m wide, elongated along a prominent WNW to NW trending structural corridor. Drilling has demonstrated that the mineralisation extends to depths of at least 500m.
Briggs Scoping Study
The Scoping Study assessing the Briggs copper deposit (Briggs) in Central Queensland was completed in November 2025 and comprised the following major components:
- The updated Mineral Resource Estimate (MRE), containing 2.0Mt copper, 73Mt Mo and 16.5Moz Ag
- Metallurgical test work showing 94-95% copper recovery at relatively coarse grind size, producing a highly marketable copper concentrate product.
- Evaluation of large-scale open pit mining, including preliminary pit optimisation, scheduling and capital and mining operating cost estimates.
- Assessment of the preliminary process flowsheet and an estimation of capital and operating costs for a suitable comminution circuit and froth flotation process plant.
- Assessment of the suitability of sand impounded tailings storage and evaluation of potential sites for tailings storage.
- Preliminary environmental assessment to determine areas requiring investigation and mitigation, and development of a detailed permitting pathway.
The Briggs MRE comprises Inferred Resources and Indicated Resources. A higher proportion of Indicated Resources is required before the joint venture partners may publish the production targets, cost estimates, and project returns derived from the Scoping Study. See Cautionary Statement below.
Based on the robust nature of results from the Scoping Study, the joint venture partners have commenced prefeasibility studies, to include:
- Drilling aimed at enhancing and expanding the MRE, supporting detailed mine planning and scheduling at an aspirational mining rate of 30 Mtpa of mineralisation. This is an aspirational statement and not a production target. The Company does not yet have reasonable grounds to believe this statement can be achieved.
- Detailed metallurgical test work to evaluate metallurgical domaining and optimise Cu, Mo, Ag and Au recoveries.
- Evaluation of the addition of a molybdenum recovery circuit to the process flowsheet.
- Evaluation of coarse particle flotation technologies and applicability to reducing operating and capital costs.
- Baseline environmental surveys to support future permitting activities.
The Scoping Study referred above has been undertaken to determine the Project’s potential and features a high level of mineralisation currently classified as Inferred Resources. Investors are cautioned there is a low level of geological confidence in the Inferred Resources and therefore a key focus of the Company will be to conduct infill drilling, exploration and evaluation work and further studies to seek to enhance the Resources to a higher category. However, there is no certainty that further drilling will result in the determination of further Indicated or new Measured Resources. The Study is a preliminary technical and economic study of the potential viability of the Project and the Mineral Resources underpinning it. It is based on low level economic and technical assessments that are not sufficient to support the estimation of ore reserves. Further, due to the high level of Inferred Resources, there is not sufficient reliability to publish production targets, revenue and project returns in the Study. Given the uncertainties involved, investors should not make any investment decision based solely on the Study.