From copper to lithium and tungsten: The ASX developers racing towards

• Larvotto Resources and Core Lithium recently joined the ranks of ASX producers
• ASX developers are also targeting output across critical and industrial commodities
• Copper, graphite, rare earths, tungsten and antimony feature in the next wave of projects

For resources stocks, the journey from exploration to production is often a long one.

A series of drilling campaigns, technical studies, capital raisings and economic evaluations are generally required just to reach a final investment decision. Building a mine can then take several more years.

Some companies pursue an early-production strategy, aiming to fast-track their projects by deferring some of these steps.

Regardless of the approach, achieving production is a pivotal moment in a company’s lifecycle.

The ASX is awash with gold stocks, so it comes as little surprise that the precious metal features prominently amongst the next wave of potential producers.

Beyond gold, a cohort of ASX explorers and developers is targeting production across critical and industrial commodities.

Larvotto Resources (ASX:LRV) recently joined the ranks at its Hillgrove project in NSW.

It delivered its first antimony concentrate in September and shipped its first consignment earlier this month.

Hillgrove is now on a path to becoming an important new source of antimony – a critical mineral used in defence, electronics and flame-retardant applications.

Core Lithium (ASX:CXO)has also resumed production at its Finniss lithium project in the NT.

The operation churned out its first concentrate in September, marking a milestone in the staged restart of the project.

A maiden shipment of the newly produced concentrate is scheduled for this quarter.

Plant commissioning and optimisation activities are also continuing as Core works towards sustainable production.

Beyond Larvotto and Core, a series of ASX explorers and developers are approaching production or making progress towards it at their respective projects.

Nearing the finish line

Lindian Resources (ASX:LIN) is on the cusp of producing its first monazite concentrate from its Kangankunde rare earths project in Malawi.

Mining is underway and construction of the processing plant is also nearing completion.

The first stage of production is designed to deliver about 20,000 tonnes of monazite concentrate annually, grading at about 55% total rare earths oxide.

First production is targeted for December.

A DFS for a proposed second stage of mining is evaluating an expansion to 120,000 tonnes of concentrate per year.

Cyprium Metals (ASX:CYM) is approaching output from its Nifty copper complex in WA’s Paterson region.

The mine historically churned out more than 700,000 tonnes of copper.

Cyprium is restarting the existing heap-leach and solvent extraction-electrowinning plant to produce copper cathodes.

Acid commissioning of the heap-leach pads began in September, marking the first application of acid since operations ceased in 2009.

The initial phase aims to produce 6000 tonnes of copper cathode annually.

Cyprium is also evaluating an expansion towards 20,000 tonnes per annum and a return to mining oxide and sulphide ore.

Prairie Lithium (ASX:PL9) is working towards first commercial production from its namesake lithium project in Canada.

The asset lies in the infrastructure-rich province of Saskatchewan and hosts a brine resource containing 4.6Mt lithium carbonate equivalent.

Prairie is pursuing a scalable direct lithium extraction (DLE) operation, leveraging existing regional infrastructure to support development.

A commercial-scale DLE unit arrived on site in July, with installation and commissioning amongst the next key milestones.

First production is expected in the current quarter.

The first phase aims to produce 150 tonnes of LCE annually over 10 years.

Prairie has secured an offtake agreement with South Korean group Hydro Lithium for all lithium produced during this first stage.

The next wave

Pacific Lime and Cement (ASX:PLA)is targeting first quicklime production from its Central Lime project in PNG early next year.

The company is building an integrated facility near Port Moresby, combining limestone mining, processing and export infrastructure.

The project seeks to reduce PNG’s reliance on imported lime and potentially position the nation as a supplier to other Asia-Pacific markets.

Stage one of the operation will feature two kilns capable of producing up to 1200 tonnes of quicklime per day, supplying mining, construction and other industrial customers.

In July, the PNG government acquired a 13% interest in the project through a US$16.3 million equity investment.

Avenira (ASX:AEV) aims to deliver its maiden phosphate rock shipment from its Wonarah project in the NT in the first half of 2027.

The group is pursuing a direct shipping ore strategy, where the phosphate rock is mined and exported without the need for extensive processing.

Pre-strip activities are planned for the current quarter.

Avenira has locked in a four-year offtake agreement with Chinese outfit Hebang covering up to 500,000 tonnes of material annually.

Product qualification works to support the agreement are ongoing.

Boab Metals (ASX:BML) is advancing construction of its Sorby Hills silver-lead project in WA’s Kimberley region, with first output scheduled for the September quarter of 2027.

The company has secured more than $350 million in debt and equity funding to help develop the project.

Sorby Hills is forecast to produce 2.1Moz of silver and 60,000 tonnes of lead per annum over a 10.5-year mine life.

The project is expected to generate nearly $4 billion in revenue, with silver contributing more than 55% of the total.

Other contenders

Tungsten Mining (ASX:TGN) is looking to move its Watershed tungsten project in QLD to production in the first half of next year.

A recent economic study outlined an eight-year mine life – with the processing plant operating for a further seven years – to produce 31,350 tonnes of WO3.

It estimated a pre-tax NPV of about $1.31 billion and an IRR of 198%.

The project sits within granted mining leases.

The company also seeks to develop its large-scale Mt Mulgine tungsten project in WA by 2029.

Evolution Energy Minerals (ASX:EV1) is targeting graphite production from its Chilalo project in Tanzania in 2027.

It is pursuing a staged, modular development strategy designed to reduce upfront capital requirements and improve financing flexibility.

Chilalo hosts a reserve totalling 8Mt at 10.5% total graphitic carbon.

A 2023 DFS outlined production of 52,000 tonnes of graphite concentrate annually over a 17-year mine life.

Felix Gold (ASX:FXG) is working to develop a fully integrated antimony operation in the US, with a proposed refinery processing ore from its Treasure Creek project in Alaska.

Its strategy is centred on rebuilding America’s domestic antimony supply for the nation’s defence sector.

Felix is currently extracting antimony at pilot scale.

It is looking to secure permits for larger-scale production planned for next year, with construction of its proposed refinery targeted for 2028.

Nova Minerals (ASX:NVA) is also progressing a pilot-scale antimony processing and refining facility in Alaska, supported by a US$43.4 million award from the US government.

In Victoria, Astron (ASX:ATR) is advancing its Donald mineral sands and rare earths project towards production under a JV with US-based outfit Energy Fuels.

A final investment decision for the first stage of mining is expected later this year, with first production planned for 2028.

At Stockhead, we tell it like it is. While Prairie Lithium, Pacific Lime and Cement, Tungsten Mining, Felix Gold, Nova Minerals and Astron are Stockhead advertisers, they did not sponsor this article.

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