The Springfield Joint Venture Projects are located approximately 150km north-east of Meekatharra in the northern Murchison Goldfields region of Western Australia.

The Springfield Joint Venture consists of 2 projects – Springfield (30%) and Halloween West (27%) – all of which are prospective for VMS-style copper-gold mineralisation. The tenements are located immediately adjacent to Sandfire Resources’ DeGrussa Copper-Gold Project, which is one of the Asia-Pacific region’s premier, high-grade copper mines.

Talisman holds a 30% interest in the Springfield Joint Venture (Springfield) with Sandfire Resources NL (70% and JV manager). Springfield is located in a proven Volcanogenic Massive Sulphide province in Western Australia’s Bryah Basin and contains multiple prospective corridors and active exploration activities. Springfield hosts the high-grade Monty Copper-Gold deposit (Monty) which is located 10 kilometres from Sandfire’s DeGrussa operations. Monty is one of the highest-grade copper-gold discoveries made globally in recent decades and a Feasibility Study on Monty development was completed in March 2017. The Feasibility Study highlighted the strong technical and financial viability of Monty and as a result, the Joint Venture partners have approved to proceed to development. 

Investor Presentation - Monty FS April 2017

The strength, size and grade of the DeGrussa Volcanogenic Massive Sulphide (VMS) system and Monty Copper-Gold deposit support Talisman’s view that the exploration potential of the Company’s Doolgunna projects –particularly the Springfield Project which is located just 4km to the east of the DeGrussa deposits – is very high.

Both Sandfire and Talisman are party to an Exploration Joint Venture Agreement, which Talisman holds a 30 per cent contributing interest in the Doolgunna Projects (including the Springfield Project) with Sandfire holding a 70 per cent interest and managing the Joint Venture.

The EJVA covers the ongoing exploration activities of the Joint Venture on the Joint Venture tenements and outlines the rights and obligations of the Joint Venture parties. In addition, it provides a mechanism to progress future mineral discoveries, including the pathway for entering into a new Mining Joint Venture Agreement (MJVA) or utilising the existing MJVA.

The MJVA establishes the rights and obligations of the Joint Venture parties relating to activities associated with the development, mining and ultimate decommissioning of mineral discoveries. The development and mining of Monty will operate under the terms of this MJVA.

An Ore Sale and Purchase Agreement (OSPA) has been executed between Talisman and Sandfire with Talisman’s share of the ore mined from Monty – and any mineralised extensions to the Monty deposit – to be sold to Sandfire for subsequent treatment at Sandfire’s nearby DeGrussa plant, allowing Talisman to benefit from the established infrastructure. 

The OSPA provides for the sale of Talisman’s share of Monty ore to Sandfire at the point of delivery, being a dedicated weighbridge near the ROM ore pad at the DeGrussa plant.

Talisman has executed a Facility Agreement with Taurus Mining Finance Fund (Taurus).  The Facility Agreement enables Talisman to fully fund its A$22 million share of forecast pre-production capital costs for the development of the Monty Copper-Gold Project (Monty or the Project). 

Key terms of the PFF are contained in Talisman’s ASX release of 30 October 2017 and include:

  • Facilty amount of US$20 million.
  • Interest rate of 6.75% per annum payable quartley in arrears.
  • Facilty repayable by 30 September 2020.
  • A royalty of 2.25% of Talisman's gross payable copper and gold metal-in-ore sales recepits from Monty. The obligation to pay the royalty ceases once Talisman has received revenue from Monty sales continuing 29,7000 tonnes of copper and 16,500 ounces of gold.
  • No Mandatory copper of gold hedging requirements.


Talisman’s Doolgunna Copper-Gold Projects subject to the Joint Venture with Sandfire overlaid on interpreted DeGrussa Mine Corridor and regional geology.