Wildcat Resources: Tabba Tabba Lithium PFS, Costs, and Funding Outlook | AJ Saverimutto

Oct 16, 2025

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In this episode, we sit down with Ajanth (Aj) Saverimutto, Managing Director of Wildcat Resources (ASX: WC8), to discuss the company’s Tabba Tabba lithium project in Western Australia, recent exploration at Bolt Cutter Central, and what the latest pre-feasibility study (PFS) implies for costs, scale, and timelines.

What we cover

- Project overview: Why Tabba Tabba’s location near Port Hedland and tier-one Pilbara lithium mines matters for logistics and costs.

- Acquisition story: How Wildcat secured the asset and accelerated drilling to reach resource, reserve and PFS milestones.

- PFS takeaways: Base-case design, contingencies, strip assumptions, and the rationale for a staged ramp-up.

- Costs & scale: Headline Capex/Opex, targeted 5.5% spodumene concentrate, recoveries, and throughput steps (2.2Mtpa → 4.5Mtpa).

- Mining plan: Predominantly open pit with later underground; implications for mine life and cash flow sequencing.

- Exploration upside: Early results at Bolt Cutter Central (stacked pegmatites) and potential additions from Chewy/Han/Hutt and tantalum.

- Funding pathways: Debt, offtake/prepay, strategic and government options—and what counterparties are engaging.

- Market context: How Pilbara cost curves, sentiment, and recent moves by majors frame risk and opportunity.

Key numbers discussed (from the interview)

- Capex (incl. pre-strip): ~A$680m (base case).
- Unit costs: ~US$541/t C1 and ~US$650/t AISC (FOB basis discussed).
- Production profile: Stage 1 ~300kt/y SC5.5 ramping to ~600kt/y in Stage 2.
- Recoveries: ~70–80% (with conservative haircut in PFS).
- Mine life: ~17 years initial plan (with potential extensions).
- Mining mix: ~79% open pit / 21% underground over life.
- Balance sheet & history: Last equity raise Nov 2023 (~A$100m @ A$0.76); cash balance discussed at ~A$55m at time of interview.

About the guest

AJ is a mining engineer and accountant with senior ops experience at Freeport-McMoRan’s Grasberg and BHP. He previously restarted and sold the Beta Hunt nickel-gold mine before joining Wildcat.