RTG Mining's High-Grade Copper-Gold DSO Start-Up in Philippines Fully Financed and Nearing Commencement
- Noel Ong
- 14 hours ago
- 6 min read
RTG Mining Limited (ASX: RTG) has outlined a clear pathway toward near-term production at its Mabilo Copper-Gold Project in the Philippines.
The company's Stage 1 Direct Shipping Ore (DSO) operations are now fully financed and approaching development commitment.
The project hosts a high-grade reserve of 400kt at 5.13% copper equivalent (CuEq) and is supported by binding financing and offtake agreements covering 100% of Stage 1 production.
The RTG Mining story is a revelation on the Samso platform as I have just come across the story. With a market capitalisation of only AUD $67.18M (as of 19th March 2026) , this is going paces with the current storyboard that is in place. I will say that "stumbling" onto RTG Mining bears some similarity to when I learned about the Titan Minerals Limited story who has made significant value addition since I spoke to them late 2025.
The initial DSO operation is designed as a capital-light start-up, targeting approximately 100,000 tonnes of high-grade supergene chalcocite material grading around 21% copper, with forecast net operating cashflow of approximately US$198 million after tax. A staged development strategy is planned, with Stage 2 involving a larger-scale processing operation producing copper-gold concentrate.
The update highlights strong project economics, including an after-tax NPV of approximately US$1.085 billion, along with sensitivity to copper and gold pricing. Exploration upside remains a key component, with identified porphyry targets and potential for resource expansion beyond the current defined mineralisation.
RTG Mining – High-Grade Copper-Gold Project in Philippines Moving Toward Production
RTG Mining is advancing the Mabilo Project, a high-grade copper-gold development asset located in the Philippines. The project hosts a Copper Equivalent (CuEq) Reserve of 400kt at 5.13% and Resource of 595kt at 4.68%, placing it among higher-grade undeveloped assets globally.
Figure 1: RTG Mining Mabilo Project Location Map (source: RTG Mining Limited)
The project is fully permitted with a Mining Permit and Environmental Compliance Certificate and is supported by binding financing and offtake agreements covering 100% of Stage 1 production.
Stage 1 focuses on a high-grade DSO operation targeting supergene chalcocite material grading ~21% Cu, designed to generate early cashflow with relatively low capital intensity.
The Business of the Company: Focus – Copper-Gold Development with Near-Term Cashflow
RTG Mining is a dual-listed (ASX/TSX) company focused on developing high-grade copper and gold assets, with its flagship Mabilo Project as the near-term production driver.
The company operates under a joint venture structure in the Philippines, holding 40% equity and approximately 50% of Stage 1 economics, alongside a local partner.
Beyond Mabilo, RTG also holds the Chanach Project in the Kyrgyz Republic, a copper-gold exploration asset with a defined resource and ongoing drilling success, providing longer-term growth optionality.
Highlights
Stage 1 DSO fully financed, including debt facility and offtake agreement with Glencore
Capital-light development, with CAPEX estimated at less than US$25M
High-grade reserve base, including ~100,000t of 21% Cu supergene chalcocite
Net operating cashflow (Stage 1): ~US$198M after tax
Figure 2: Mabilo Project Economic Highlights (source: RTG Mining Limited)
Stage 2 expansion planned, with 1.35Mtpa processing plant producing copper-gold concentrate
Project NPV5 of ~US$1.085B (after tax)
Strong leverage to commodity prices, with NPV increasing materially under higher copper and gold pricing scenarios
Exploration upside, including porphyry targets and potential resource expansion
Figure 3: Strong leverage to key commodty pricing. (source: RTG Mining Limited)
Management Commentary
The update highlights that RTG has secured binding finance and offtake agreements, enabling the transition into development and production. The company has also outlined that development commitment and start-up activities are targeted for 2026, with operational ramp-up expected thereafter.
The presence of an experienced management team with a track record of developing mines across multiple jurisdictions is positioned as a key execution factor.
Near-Term Milestones to Watch
Finalisation of remaining operating permits (conversion and land clearing)
Commitment to Stage 1 development and mobilisation
Commencement of DSO mining (targeted 2026)
Initial production from oxide gold cap and skarn material
Transition into high-grade chalcocite mining phase
Progression of Stage 2 engineering and development planning
Continued drilling targeting resource expansion and porphyry system
Figure 4: Near Term Commitment. (source: RTG mining)
Samso Concluding Comments
The RTG Mining update outlines a project that is moving from development into production, with the key focus on Stage 1 DSO operations at the Mabilo Project. The presence of high-grade copper material, combined with a capital-light start-up model, provides a pathway for early cashflow generation.
The economic metrics presented in the update indicate strong project fundamentals, with a defined net present value and operating cashflow profile. The sensitivity to copper and gold prices shows that the project outcomes are closely tied to commodity market conditions, which is consistent with most development-stage assets.
The staged development approach, beginning with DSO and followed by a larger-scale processing plant, demonstrates a structured pathway to scale. This reduces upfront capital requirements while allowing for operational progression based on initial cashflow.
Figure 5: Mabilo exploration upside. (source: RTG mining)
The broader project potential is supported by exploration upside (Figure 5), including porphyry targets (Figure 6) and regional extensions. These elements indicate that the current resource base may not represent the full extent of the mineral system.
Figure 6: Mabilo project potential porphry target. (source: RTG mining)
Market Implication - The Investor Lens
The RTG Mining Limited story is a fairly simple one, the story is just about to start. The investment upside is laid out for everyone to see and we can all see the matrix of how the Mabilo project will easily make RTG over USD $1B at current commodity prices. There is one caveat, the projects are in the Philippines and their other project is in Kyrgyzstan. Both projects to most ASX investors are in poor jurisdiction but when you talk to management, they have been successful in these kinds of jurisdiction.
Figure 7: Share price chart for RTG Mining Limited as of 19th March 2026. (source: commsec)
Effective management is crucial, and I witnessed this firsthand with an investment in CGA Mining around 2008 which had the same management as RTG. After talking to Justine Magee (CEO) and Mark Turner (COO), I can see that the team is competent, reminiscent of a conversation I had with Titan Minerals Limited (ASX: TTM). Both companies are clearly undervalued currently, but TTM has more than doubled their market cap since I had the discussion with Melanie Leighton (CEO).
For me, this is a must DYOR and a strong candidate for investors to take this seriously. Look at what they have and the market capitalisation. There is definitely a great divide in the current valuation and what the valuation would be if things go well for management.
The Samso Way – Seek the Research
Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story.
Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity.
Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:
There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals.
Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete.
The Samso Philosophy:
Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value.
In Life, there is no such thing as a Free Lunch.
Never bite off more than you can chew is my parting comment.
Happy Investing, and the only four-letter word you need to know is DYOR.
To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018.
Disclaimer
The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints.
Share to Grow: Your Bonus
Samso has just released an eBook: How to Add Value to your Share Portfolio
A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook.
If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au.
Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.
Comments