Savannah Goldfields Ltd has declared the maiden Ore Reserve at its fully owned Agate Creek Project in Far North Queensland, marking a significant milestone as the company readies itself to resume gold production. The recently completed report, prepared in accordance with JORC 2012 standards, outlines a combined Ore Reserve of 460,000 tonnes averaging 2.5 g/t gold, containing an estimated 36,800 ounces of gold. Within this reserve, 87,000 tonnes of material have been classified as proved at 3.3 g/t with 9,200 ounces of gold, while the probable category covers 373,000 tonnes at 2.3 g/t yielding about 27,600 ounces. The Agate Creek Project, located approximately 100 km south of the Georgetown Gold Processing Plant, benefits from a well-established infrastructure. The project strategy involves trucking mined material to the Georgetown facility where gold doré is produced. Key assumptions underpinning the reserve include a cash flow modelling gold price of AUD 3,750 per ounce, although current market prices are reported to exceed AUD 5,000 per ounce. The technical report also details mining and processing cost estimates, including an all-in mining cost of AUD 5.92 per tonne and a processing cost of approximately AUD 138.90 per ore tonne. Processing recoveries have been conservatively set at 92%, based on historical performance from previous campaigns at the processing plant. The comprehensive assessment incorporates extensive historical data from previous mining campaigns at Agate Creek, where material was processed at multiple plants including the Georgetown facility. The report outlines updated mine optimisation studies utilizing Whittle software, with the technical analysis covering key parameters such as ore dilution, pit geometry, and robust geotechnical assessments. The report also indicates that the capital requirements for recommencing processing are modest at under AUD 1 million, covering belt replacements, road upgrades, and initial reagent purchases. Market sentiment surrounding this development appears twofold. On the bullish side, the established reserve and positive cash flow metrics—as indicated by operating costs between AUD 2,152 and 2,323 per troy ounce and a potential payback period as short as four months under current gold prices—signal a strong foundation for future production and potential value appreciation. Furthermore, the project benefits from a long operating history and existing infrastructure, reducing the time and cost to restart operations. Conversely, bearish factors include the vulnerability to adverse weather conditions, as seen when tropical cyclones temporarily disrupted feed material transport in early 2024. Additionally, the resumption of operations remains partly contingent upon securing further environmental approvals and the progression of non-dilutive financing initiatives, which could introduce uncertainties. Overall, Savannah Goldfields Ltd’s maiden Ore Reserve announcement at Agate Creek underlines significant potential in a historically productive asset, combining robust technical parameters with cost-effective operational assumptions, while also highlighting inherent risks typical of resource projects in challenging climatic and regulatory environments.