Maritana Minerals (ASX MRT), Research and Coverage

Maritana Minerals Ltd (ASX: MRT), formerly Horizon Minerals (ASX: HRZ). Maritana is building a gold processing hub near Kalgoorlie in Western Australia. It is not producing gold at the moment and it is not simply exploring either, which puts it in the middle category: a developer, a company that has defined enough gold and done enough engineering to be constructing something, but has not poured metal from it yet. It did mine recently. Operations at Boorara and Phillips Find ran until December 2025 and produced about A$80.4 million of gold revenue in the year to 30 June 2026. Both are now on care and maintenance, meaning kept safe and ready but not being mined. The plan is to feed its own ore through its own mill instead, and first gold from the 2.5 million tonne a year Black Swan Processing Hub is targeted for the second half of calendar 2027. It held A$229.5 million in cash at 30 June 2026.