The new report, produced by Wardell Armstrong International (WAI), sees 31.8mln tonnes of proved and probable reserves at a grade of 1.17% of copper, representing 370,800 tonnes of contained copper.
Meanwhile, it increases the project’s measured and indicated resource increased to 55mln tonnes for a total of 640,000 tonnes of copper, a 37% expansion.
Life of mine accordingly increases by 3 years to 14 years - also, some 34,500 tonnes worth of inferred resources are presently treated as waste, and not included as part of the life of mine plan.
The schedule anticipates average life of mine production of around 21,000 tonnes per year, peaking at 27,000 tonnes in year three.
Cradle Arc said the new reserve is estimated to be worth US$272.8mln (net present value) after tax.
"The successful completion of the Ore Reserve Estimate and upgrade of the Mineral Resource Estimate underpins the significant scale and long term commercial value potential of Mowana,” said Kevin van Wouw, Cradle Arc chief executive.
“WAI's independent assessment further supports our recently implemented accelerated development plan announced in April 2018, which we anticipate enabling us to reach steady state production and positive cash flows more rapidly, in addition to enabling management to make the final decision regarding the implementation of the DMS upgrades as we seek to ramp-up production and ultimately strengthen the value fundamentals of Mowana.”
He added: “Mining operations at Mowana have been ramping-up over the last six weeks and we currently have two mining units operating full time in the open pit.
“These works will support a doubling of tonnage to the existing processing plant and the planned integration of DMS will then enable the plant to produce an average of approximately 21,000 tonnes of copper per annum, and up to 27,000 tonnes of copper in year 3, over a newly extended 14-year life of mine."