Gill looks to enhance Scoping Study metrics at Mt Carrington

By Trevor Hoey. Published at Jan 17, 2017, in Small Caps

Chief Executive of White Rock Minerals (ASX:WRM), Matt Gill, announced on Tuesday morning that the company was ready to embark on what could be a transformational journey for the group as it undertakes a revised Scoping Study and moves towards a Definitive Feasibility Study (DFS) at its Mt Carrington gold/silver project located in north-eastern New South Wales.

Gill has an established reputation for transforming small early stage mining projects into robust going concerns with some of the previous companies he has been at the helm of being the subject of takeovers following successful development.

Of course, WRM is still in its early stages and similar events may not occur, so when looking at investing in this stock seek professional financial advice.

As Gill prepares to guide the project through a revised Scoping Study process, leading to a Definitive Feasibility Study he also highlighted the already impressive aspects of the previously conducted Scoping Study in saying, “The potential uplift of a revised Scoping Study would further enhance the strong financial metrics of the project where the current project Scoping Study results already imply an outstanding investment proposition with a pre-tax NPV10 of $60.6 million and an internal rate of return of more than 100%, with $100 million in free cash (undiscounted and before financing) delivered over the initial seven year mine life”.

Mt Carrington currently has a JORC resource of 338,000 ounces of gold and 23.4 ounces of silver, but Gill highlighted the significant potential upside for expanding the in pit mineral resource which could then flow through to increased mine life and/or higher gold and silver production rates.

While the Scoping Study, was conducted in mid-2012 the implied Australian dollar gold price was in line with today’s spot price taking into account foreign exchange rate movements.

Having substantial infrastructure in place from previous mine site work would benefit White Rock should it be able to bring the project into production.

Having raised $4.9 million before costs late last year and negotiated future financing for the construction and commissioning of the Mt Carrington project with repayments to be made from a percentage of future gold and silver production, the project has been substantially de-risked.

Furthermore, this should alleviate the need to conduct dilutive capital raisings that involve the issue of new shares. In commenting on the WRM’s financial position, Gill noted, “The funding proposal will directly provide for construction and commissioning through to commercial production, subject to the successful delivery of the Definitive Feasibility Study.”

View Our Investment Portfolios



S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.

Conflict of Interest Notice

S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.

Publishers Notice

The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.

Australian ASX Small Cap stocks | Why is Australia’s leading small cap publication

Founded seven years ago, is Australia’s leading and longest standing website for investor and finance news, education and expert opinion.

Published by StocksDigital, Finfeed was created to report daily on the comings and goings of ASX listed stocks in the small cap market.

As the first digital publication dedicated specifically to this space, Finfeed soon became the most trusted publication in the market, quickly garnering over two million page views – a number that continues to rise. provides its readers with informative articles that tackle the latest in market moving #ASX small cap news, plus exclusive content you won’t find anywhere else. It is aimed at those with an interest in investing, market education, company performance, start-ups and much more. is the only media organisation operating under the strength of a Financial Services License and is backed by leading journalists and analysts all with brands of their own.

The website aims to inform, educate and entertain with content that drills down into the heart of financial matters.

Finfeed is a leading source of investor and market information, with everything investors need to know about how to invest written in a way that anyone can understand. 

Over the years, the website has expanded beyond exclusively reporting on small caps, to profile Australia’s leading ASX listed small, mid and large caps as well as some of the country’s most successful CEOs and business leaders to find out what makes them tick.

Every day you will find fresh content covering:

Fast Facts

Over 4,000 articles published

Over 2.3 Million Page Views and counting

Over 10,000 followers on social media

Subscriber list growing by 2% monthly

Thanks for subscribing!