Projects
Classic Porphyry Au-Cu System with multiple exploration targets
4.2Moz AuEq*
Independently estimated NI 43-101 Inferred Resource
1.81Moz Au
Contained gold in 237 Mt at 0.24 g/t Au
802kt Cu
Contained copper at 0.34% Cu
14targets
Ranked exploration targets, six of them priority
Overview
The Kili Teke Copper-Gold Project covers 253 km² in Hela Province, Papua New Guinea, approximately 40 km west of the Porgera Mine. The Project hosts an Inferred Mineral Resource within the Central Main Porphyry (“CMP”) of 237 Mt grading 0.34% Cu, 0.24 g/t Au and 168 ppm Mo, containing approximately 802 kt Cu, 1.81 Moz Au and 40 kt Mo. The Mineral Resource has an effective date of November 18, 2022.
More than 36,000 metres of historical drilling have been completed at Kili Teke, with more than 95% directed toward the CMP. Subsequent technical work by SPMC has identified and ranked 14 exploration targets across the broader property, including targets adjacent to and below the current resource footprint and at the Ieru, Ridge Gold Area and skarn prospect areas.
*Au-equivalent contained ounces are based on equal recoveries of gold and copper only, using metal prices of US$3,300/oz Au and US$4.45/lb Cu. Preliminary metallurgical testwork by Harmony Gold indicates that gold reports to copper minerals, allowing co-recovery. Molybdenum is not included in the Au-equivalent calculation.
Highlights
The Central Main Porphyry hosts an Inferred Mineral Resource of 237 Mt grading 0.34% Cu, 0.24 g/t Au and 168 ppm Mo, effective November 18, 2022. The resource footprint is approximately 500 × 750 metres. Historical drilling has intersected porphyry-style mineralization below the current resource model.
SPMC has integrated historical geological, geochemical, geophysical and drill-core datasets with LithoLens™ machine-learning analysis, MPIx mineral-prospectivity analysis and 3-D magnetic modelling. This work has produced a ranked inventory of 14 exploration targets, including six ranked as priority targets for follow-up work.
More than 36,000 metres of historical drilling have been completed at Kili Teke, primarily within the Central Main Porphyry. Historical programs also included geological mapping, surface geochemistry and airborne and ground geophysics. SPMC acquired Kili Teke from Harmony Gold in 2023.
Interactive presentation
Maps, sections and results in the Company’s VRIFY presentation.
Investment case
Independently estimated 4.2 Moz Au Equivalent resource: A NI 43-101 Inferred Resource of 1.81 Moz Au and 802 kt Cu has already been defined within the Central Main Porphyry, representing only a fraction of the overall intrusive complex.
Skarns represent upside:
Exceptional skarn drill results: Drilling has returned 7.8 m @ 12.98% Cu and 11.75 g/t Au within a broader interval of 54 m @ 2.1% Cu, 1.82 g/t Au and 3.87 g/t Ag, highlighting the potential for high-grade Porgera-style alkalic gold targets at the Ridge Gold Area (RGA).
Three distinct high-value mineralization styles: Bulk-tonnage porphyry Cu-Au, high-grade skarn Cu-Au-Ag-Zn, and Porgera-style alkalic epithermal gold systems, each with the potential to support standalone economic significance.
World-class address: Located within the Papuan Fold Belt alongside Grasberg, Ok Tedi, Frieda River, Porgera and Wafi-Golpu. The belt hosts more than 100 Moz of gold and 60 Mt of copper across multiple world-class deposits.
Grade improving at depth: Three independent technical datasets demonstrate increasing Cu:S ratios, rising MPIx proximity index values and AI-assisted alteration mapping, all indicating a higher-grade porphyry core that remains untested by existing drilling.
Porgera analogue: The Ridge Gold Area exhibits Au-Te-As-Bi soil anomalies, alkalic monzodiorite intrusions and E-W structural controls directly comparable to the Porgera Gold Mine. Mineralization at the neighboring Porgera Mine is not necessarily indicative of mineralization at Kili Teke.
Porphyry with alkalic epithermal overprint: The Ieru target displays strong Au-Cu trench results together with higher gold tenor than the Central Main Porphyry. Combined with Au-Te-As-Bi pathfinder elements, this suggests an early porphyry system overprinted by later Porgera-style alkalic mineralization.
Licence in good standing: Warden’s Hearing for EL 2310 renewal was successfully completed in March 2025 with the support of the principal landowners.
Acquired from Harmony Gold in 2023 following more than US$20 million in historical exploration: SPMC inherited a drill-defined porphyry resource, comprehensive geochemical datasets and a mapped 2.5 km × 1.5 km multi-element geochemical footprint, significantly reducing exploration risk.
The existing resource
The Central Main Porphyry (CMP) is the foundation asset of the Kili Teke Project and the only part of the system carried into a Mineral Resource. The known deposit covers a drill-defined footprint of 500 x 750 metres and from surface down to > 700m deep, the CMP presents as an almost fully preserved porphyry system, with alteration styles very similar to classic porphyry Cu-Au model with a central core of potassic, grading to propylitic, advanced argillic and phyllic styles.
At a 0.2% Cu cut-off it hosts an Inferred Mineral Resource of 237 Mt at 0.34% Cu, 0.24 g/t Au and 168 ppm Mo (802 Kt contained copper, 1.81 Moz gold and 40 Kt molybdenum). The resource is classified entirely as Inferred on wide-spaced drilling, and it deliberately stops at the limit of confident drill coverage, not at the limit of mineralisation. Sitting outside that number defining the upside: high-grade skarns excluded from the estimate, and a porphyry core that drilling suggests continues at depth and down-plunge.
Kili Teke lies on the northern margin of the Papuan Fold Belt, where late Miocene–Pliocene dioritic-to-monzonitic intrusions track along the belt and host the region’s major porphyry systems. At the Central Main Porphyry (CMP), multiple phases of intermediate dioritic porphyry have intruded a sequence of Cretaceous Ieru Formation clastics and Miocene Darai Limestone. Later thrusting offset the top of the intrusive complex and emplaced a limestone cap over it, suggesting that surface mapping understates the full extent of the system and that much of the intrusive complex remains concealed.
The current NI 43-101 Mineral Resource Estimate (MRE) for Kili Teke was completed by Harmony in January 2017 and independently reviewed by Graeme Fleming, QP (MAIG), with an effective date of November 2022. The resource is classified entirely as Inferred, reflecting drill spacing of approximately 50–200 metres, and is reported using a 0.2% Cu cut-off above the 780 m RL (approximately 400–650 m below surface).
| Classification | Tonnes (Mt) | Cu (%) | Au (g/t) | Mo (ppm) | Cu (Kt) | Au (Moz) | Mo (Kt) |
|---|---|---|---|---|---|---|---|
| Inferred | 237 | 0.34 | 0.24 | 168 | 802 | 1.81 | 39.7 |
At a 0.2% Cu cut-off above 780 m RL. Skarns excluded. Source: NI 43-101 Technical Report, Fleming (2022).
Preliminary metallurgical testwork completed on nine samples indicates the potential for co-recovery of gold and copper, although the dataset remains limited. Conceptual open-pit studies undertaken by previous operators suggest the project may be amenable to open-pit mining; however, these studies are preliminary only, do not constitute a Preliminary Economic Assessment (PEA), exclude the skarn mineralization, and no Mineral Reserves have been declared.
NI 43-101 Mineral Resource Technical Report
Beyond the resource
Beyond the resource, SPMC has defined over ten exploration targets across three distinct mineralised styles, each capable of standing on its own: a Porgera-style alkalic epithermal gold target, a separately modelled intrusive complex, and a corridor of high-grade Cu-Au-Ag-Zn skarn targets, each largely untested. The most advanced of these sits close to the existing resource.
The following sections describe each major prospect with reference to the NI 43-101 Technical Report and SPMC’s subsequent technical work.
Prospects include: The Ieru Porphyry (IP), and the Ridge Gold Area (RGA), along with notable High-Grade Skarn Targets across the property
The Ieru Porphyry (IP) is an undrilled separately modelled intrusive complex immediately west of the CMP. Surface trenching by the previous operator returned 132 m at 0.55% Cu and 0.6 g/t Au (including 27 m at 0.97% Cu and 1.25 g/t Au), with individual rock chips up to 38.7% Cu, 40 g/t Au and 208 g/t Ag. SPMC’s geochemical fingerprinting shows Ieru is distinct from the CMP with higher Au:Cu and a strong tellurium overprint suggesting Porgera-style potential. MPIx modelling indicates the single historical Harmony hole sat very close to porphyry mineralisation but was drilled sub-parallel to structure, so the target was never effectively tested. New magnetic inversion modelling has defined two N-S elongate porphyry targets 1,500–2,000 m long and 200–500 m wide at depth, to be drill-tested on an E-W transect.
What makes the Ridge Gold Area (RGA) distinct from the rest of Kili Teke is the rock itself; the project’s standout gold-only target. Petrographic (microscope) work shows the local intrusion is richer in potassium feldspar than the main porphyry, classifying it as monzodiorite—an alkalic intrusion. Coupled with a series of generally E-W striking structures, high-grade gold in soil samples up to 9300 ppb Au (9.3 g/t Au) within a 500 × 900 m soil anomaly averaging >120 ppb Au, >10,000 ppb Te & >100 ppb As, the RGA presents as a potential Porgera-style alkali gold target. Previous drilling at RGA was drilled from north to south and is believed to have missed the south-dipping target structures.
Other similar style targets including East CP and South Zone, where high-grade Au-Cu-Te mineralisation is noted at surface, and extensive anomalies remain untested with drilling.
Alkali epithermal gold targets represent a particular class of epithermal gold deposit and are noted for their large size (generally >5 Moz Au), and considerable vertical extents (>800 m). Porgera in PNG, Cadia/Ridgeway in New South Wales (Australia), Cripple Creek (Colorado, USA), and Vatukoula (Fiji) are all classified as alkali systems.
Porgera, 40 km to the east, is one of the world’s great gold mines. Its single richest structure, the Roamane Fault (Zone 7), produced 5.9 Mt @ 27 g/t Au for 5.1 Moz. At the same map scale, the RGA surface footprint is comparable in size to Porgera’s surface expression. Structural orientation, host geology (sediments), alkalic intrusive composition, and geochemical pathfinders at the RGA are analogous to Porgera.
Kili Teke’s skarn system is the most immediately quantifiable upside at the Project. The limestone surrounding the porphyry is heavily altered. Carbonate-rich rocks have reacted with mineralising fluids and have deposited massive sulphide and skarn mineralisation as evidenced in drilling such as 7.8 m @ 12.98% Cu, 11.75 g/t Au within 54 m @ 2.1% Cu, 1.82 g/t Au, 3.87 g/t Ag (from 878 m depth downhole).
Modelling of limestone and intrusions has highlighted several high-grade skarn target areas, especially on the south to south-western sides of the CMP, entirely excluded from the current resource.
Fifty-seven rock chip samples from the four surface skarn bodies average 1.7% Cu, with peak values of:
These are among the highest-grade surface samples reported from any Cu-Au project in PNG and are directly comparable to the rich skarn zones mined at Grasberg, where skarns contributed substantial high-grade production alongside the main porphyry ore.
Drilling has confirmed the skarns continue at depth, including a standout intercept in hole KTDD014:
| Hole | Downhole Depth (m) | Interval (m) | Cu (%) | Au (g/t) | Ag (g/t) | Notes |
|---|---|---|---|---|---|---|
| KTDD014 | 878 | 54.0 | 2.10 | 1.82 | 3.87 | Peripheral skarn zone – entirely excluded from the current resource. |
| KTDD014 | 878 | 7.8 | 12.98 | 11.75 | 21.07 | Best drilled skarn interval; bornite-chalcopyrite-magnetite mineralization. |
Source: NI 43-101 Technical Report, Fleming (2022).
Exploration
Following SPMC’s acquisition of Kili Teke from Harmony Gold in 2023, the Company commissioned ALS GeoAnalytics to apply its proprietary LithoLens™ machine-learning platform to Harmony’s complete drill core dataset. This AI-assisted analysis reclassified alteration zones, vein styles and mineralization intensity throughout the drill core, generating geological vectors that had not previously been recognized.
SPMC also applied the MDRU Mineral Prospectivity Index (MPIx), a proximity-to-mineralization indicator developed by the University of British Columbia and validated across porphyry deposits worldwide. The MPIx consistently increases with depth beneath the Central Main Porphyry resource, indicating that the highest-grade core of the porphyry system remains untested. In addition, 3-D Magnetic Vector Inversion (MVI) modelling identified two previously unrecognized north-south magnetic bodies beneath the Ieru Porphyry target.
In March 2025, SPMC successfully completed the mandatory Warden’s Hearing for the renewal of Exploration Licence EL 2310, with the support of principal landowners and community representatives. This milestone secured the regulatory pathway for future exploration and reinforced SPMC’s social licence to operate. Building on this, the Company commenced its staged exploration programme in June 2026 with the endorsement of the Hela Provincial Government, the Koroba-Kopiago District and Local-Level Government, and local landowners.
CRA Exploration completed regional stream-sediment sampling during 1987–1988, discovering a 7.5 g/t Au float sample from the Logaiyu River, providing the first indication of an upstream gold source. Magnum Minerals followed with reconnaissance exploration between 1988 and 1989. In 1995, Placer Exploration, on behalf of the Porgera Extended Joint Venture, completed the first focused exploration programme at Kili Teke, including:
Aldridge Minerals completed the first targeted exploration campaign, including rock-chip and soil sampling together with an Induced Polarisation (IP) geophysical survey in June 2011. Between August 2011 and January 2012, the company completed three diamond drill holes (KT001–KT003) totaling 596.6 metres. Two of the three holes successfully confirmed copper-gold porphyry and skarn mineralization.
Harmony Gold, through its wholly owned PNG subsidiary, was granted Exploration Licence EL 2310 on 24 May 2014. Harmony subsequently completed the most comprehensive exploration programme ever undertaken at Kili Teke, investing approximately US$20 million.
Prior to drilling, Harmony completed an intensive field programme:
This programme defined four primary drill targets: the Central Mineralised Porphyry (CMP), the Transfer Zone Porphyry (TZP), the Ridge Gold Anomaly (RGA), and the Ieru Porphyry (IP).
Three separate drilling campaigns at the CMP, each culminating in a resource update, plus reconnaissance drilling at peripheral targets.
For more information, see NI 43-101 Technical Report on the Kili Teke Cu-Au Project, Papua New Guinea, effective date: November 18, 2022
Regional setting
The NI 43-101 Technical Report documents four principal structural elements at Kili Teke, each with direct implications for mineralisation geometry and exploration targeting:
A relatively flat-lying, sharp basal contact to the Darai Limestone cap forming the top of the main ridge. Post-dates mineralisation (no marbleisation of limestone occurs across the fault zone where it directly overlies intrusive phases). The thrust has obscured the full lateral extent of the underlying intrusive complex—a significant factor contributing to the system’s exploration upside.
A major N-S-trending, E-dipping inferred thrust fault parallel to the Logaiyu River on the western boundary of the prospect. Interpreted as a regional structure with Cretaceous Ieru Formation thrust over younger Mala Limestone. Acts as a sharp western boundary to surface geochemical anomalism and alteration. Likely exerts control on the mineralised system at depth.
An inferred NW-trending structure separating the Southern Stockwork Zone (SSZ) from the Northern Stockwork Zone (NSZ). Associated with skarn breccia zones and may represent post-mineralisation faulting that offset the two stockwork zones. Further drilling is required to confirm the degree of offset.
A major NE-trending topographical and magnetic lineament between the CMP and TZP targets. Interpreted to dip steeply to the southeast; may offset the N-S-trending Logaiyu Thrust. Could have been active relatively late in the structural history. This is the principal transfer structure that localises the intrusive complex.
The Kili Teke Project is located within the Papuan Fold Belt (PFB), a Miocene-to-Pliocene fold-and-thrust belt extending approximately 800 km across the Papua New Guinea Highlands into Indonesian New Guinea. The PFB is recognized as one of the world’s premier copper-gold metallogenic provinces.
The belt is bounded by the Lagaip Fault Zone to the north, interpreted as the northern margin of the Australian tectonic plate, and the Hegigio Thrust to the south. Mineralization throughout the belt is genetically linked to Miocene-to-Pliocene dioritic-to-monzonitic magmatic arcs emplaced along the intersections of major northwest-trending thrust faults and northeast- to east-west-trending transfer faults.
Kili Teke occupies precisely this structural setting, where the Logaiyu Thrust intersects the Kaham Creek Transfer Fault within the project area. This structural configuration controls every major porphyry gold deposit within the Papuan Fold Belt. The transfer suture hosting Kili Teke is the next major structural corridor immediately west of the one hosting the Porgera and Mt. Kare deposits.
The Central Main Porphyry (CMP) is a classic disseminated-to-stockwork chalcopyrite-bornite porphyry system. Increasing Cu:S ratios together with greater stockwork vein intensity at depth indicate the system is transitioning toward a higher-grade bornite-dominant core, a characteristic of world-class Grasberg-style porphyry deposits. The current resource model was intentionally constrained at approximately 400 m below surface (780 m RL), leaving substantial unassessed exploration potential beneath the existing resource.
Where mineralized porphyry intrusions come into contact with the Darai Limestone, magnetite-dominant skarn systems have developed. All skarn mineralization has been excluded from the current Mineral Resource Estimate, representing a significant source of future resource growth.
This rare and economically important deposit style is characterized by structurally controlled Au-Te-As-Bi gold-telluride veins hosted within alkalic intrusive complexes. At Kili Teke, petrological studies have confirmed a west-to-east transition from dioritic to monzodioritic (alkalic) intrusions, providing compelling evidence for the presence of a Porgera-style alkalic gold system.
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