GreenTech Metals Limited (ASX: GRE) has announced a successful $3.4 million funding initiative to accelerate exploration at its flagship Whundo Copper Project in Western Australia’s Pilbara region. The funding comes from an oversubscribed $2.3 million placement and a $1 million drill-for-equity agreement with Topdrill. Additionally, a $140,000 grant from the WA Government’s Exploration Incentive Scheme (EIS) will co-fund the drilling of high-priority targets at the project.
Whundo Copper project location
The Whundo Copper Project, located near Karratha, is a volcanogenic massive sulphide (VMS) system with an existing resource of 6.2 million tonnes grading 1.12% copper and 1.04% zinc. This advanced-stage asset is strategically positioned near established infrastructure, including the Radio Hill processing facility, enabling potential fast-tracked development.
GreenTech aims to expand Whundo’s resource significantly through staged drilling programs set to begin in December 2024. The primary targets include depth extensions at known mineralised zones, potential new discoveries between existing deposits, and unexplored areas northeast and west of the current pits.
The Whundo Project boasts six known Cu-Zn sulphide deposits, with key prospects including:
The combined EM footprint of the Austin, Shelby, and Yannery zones is three times larger than the current resource area, suggesting immense potential for resource growth.
GreenTech’s partnership with Topdrill exemplifies innovative funding strategies. The drill-for-equity agreement allows Topdrill to receive GreenTech shares as partial payment for drilling services, ensuring alignment between the two companies.
Furthermore, GreenTech is part of the Pilbara Base Metal Alliance with Anax Metals, exploring synergies between the Whundo and Whim Creek projects. This collaboration could enable near-term monetisation of Whundo’s open-pittable ore through processing options at Whim Creek or Radio Hill.
Copper’s role in electrification and decarbonisation makes Whundo a timely opportunity. With declining global copper grades and increasing demand for renewable energy infrastructure, GreenTech aims to position itself as a critical supplier.
GreenTech Executive Director Tom Reddicliffe commented, “The strong support for this capital raise reflects confidence in Whundo’s potential. We’re excited to commence drilling and unlock the significant upside we believe this project holds. This funding enables us to target substantial resource growth while assessing development pathways for rapid commercialisation.”
The staged drilling program planned for Whundo will focus on:
Alongside drilling, GreenTech will conduct metallurgical test work and conceptual mining studies to evaluate both open-pit and underground mining scenarios. A resource update is targeted for late 2025.
With a robust cash injection and a promising copper-zinc resource in a top-tier mining jurisdiction, GreenTech Metals is well-positioned to advance Whundo. The company’s strategic funding approach, coupled with its exploration momentum, underscores its ambition to capitalise on the growing demand for battery metals.
For GreenTech, the Whundo Copper Project represents not just a valuable asset but a key to unlocking future growth in the global energy transition.