The company is transitioning to new high-grade ore sources that will help it achieve this target, including the Golden Eagle, Redbeard and Au81 West deposits.

Golden Eagle is the largest of the Nullagine deposits and focuses on oxide exploration hosting a current mineral resource of over 320,000oz.

First production at Redbeard, the highest grade of Nullagine’s deposits, is scheduled for August, eight months after first drilling took place.

Additionally, the company’s newly developed Bartons underground mine is expected to begin in July following a positive scoping study, with high-grade stoping ore scheduled to commence in the first quarter of 2019.

A $17.5 million revolving loan commitment received from Investec Australia in the first week of June to expand the project’s processing plant remains undrawn.
The company produced 12,600oz of gold (15,127oz sold) in the second quarter, while production guidance for the third and fourth quarter is 20,000–22,000oz and 25,000oz respectively.

Peter Cash, chief executive of Millennium said the company was well on track to reach its 100,000oz goal.
“This is an exceptional result, with a huge amount of work completed over the course of the June quarter to position the company to achieve our targeted 100,000oz/y production rate by year-end,” he said. “I would like to sincerely thank the Millennium team for their hard work in getting us to this point.”