STRICTLY CONFIDENTIAL — NOT FOR DISTRIBUTION
Feasibility-stage · Development-ready energy asset
Wintinna Coal Project
Opal (via SA1 Pty Ltd) holds granted exploration licence EL 7142 (3 July 2026; six-year term) — exclusive tenure over the deposit: the sole right to explore the ground, and the established pathway to a mining lease. (Minerals in situ remain Crown property until mined under a lease — the standard position for every Australian mining project.)
Resource figures are a 2008 historical estimate (JORC-vintage), not re-stated under the JORC Code (2012).
Regional location
Far North SA · Arckaringa Basin · near the Adelaide–Darwin rail & Stuart Highway
Why the setting works
Infrastructure & geology advantages
- Flat terrain (~120–150 m AHD); open scrub on pastoral lease
- ~60 km east of the Adelaide–Darwin railway & Stuart Highway
- Ten persistent, flat-lying seams (dip <2°), no faulting, no weathering
- Consistent 140–180 m overburden — ideal for large open-cut
- CO₂ sequestration option in the East Officer Basin (~100 km)
Route to market & infrastructure
Great-circle distances from the deposit — transcontinental rail & sealed highway on the doorstep
Coal Resource & Geological Model
Seam inventory — modelled seams
Descending stratigraphic order · M&I resource, thickness & intercept count per seam
| Seam | M&I (Mt) | Avg thk (m) | Roof (m) | Picks |
|---|
JORC resource by category
2008 estimate · 1,287 Mt total
Covers only ~25% of the mapped deposit. Historical estimate — not re-stated under JORC 2012.
M&I resource by seam
Million tonnes · clean-coal product basis
Official mineral resource map (2008)
Measured / Indicated / Inferred outlines over drillhole collars & tenement
Seam thickness vs roof depth
Average seam thickness (bars) against average roof depth (line) — thick seams at open-cut depths
Cross-Sections & Section Location Plan
Interpreted seam geometry from the official 2008 resource statement (McElroy Bryan). Seventeen NW–SE section lines (EW01–EW17) run across the deposit; the location plan below shows where each lies relative to the resource area, and two representative sections — EW01 (north) and EW06 (central) — are reproduced beneath it.
Section location plan — 17 section lines (EW01–EW17)
Official Figure 4.2 · section lines, drillholes, "Area of Resource Estimate" & EL3361 boundary
Section A — EW01 (northern)
RL (m AHD) vs Easting · ground surface, drillholes & correlated coal seams
Section B — EW06 (central)
Gently NE-dipping seams between ~0 and −100 m RL
Official cross-sections reproduced from the Statement of Coal Resources, Wintinna (EL3361), 31 July 2008 — McElroy Bryan Geological Services. The full set of 17 sections is in the data room.
Holes by era
150 holes · two campaigns
Holes by tenement
Exploration licences
Depth distribution
Max hole depth (m)
Drill method
Rotary vs cored vs other
Coal-data coverage
Seam-detail vs measures-only vs none
Database at a glance
Consolidated May 2026
Coal Quality & Product Suitability
Low-rank sub-bituminous coal: high inherent moisture but low ash, low sulphur and high volatile matter — a strong feedstock for gasification and Coal-to-Liquids. Washing lifts calorific value and cuts ash; sulphur (largely organic) rises down-section into the basal seams.
Calorific value — raw vs washed
MJ/kg (dry basis), by seam
Ash & sulphur — washed product
% dry basis, by seam
Development Pathway & Economics
The value — 2026 cost basis
How this read-across is derived
The 2008 PFS — the studied base case
Jacobs / Altona Pre-Feasibility Study · after-tax · NPV @10% · report on file
The completed 2008 study the 2026 lens (left) is anchored to — full report in the data room.
Value vs diesel price — 2026 cost basis
Opal 2026 model · post-tax NPV @10% · ~US$4.8bn build · breakeven ~US$100/bbl
Post-tax NPV₁₀ (US$M)Below breakeven (negative)
Integrated CTL + power complex
Reference daily streams · Wintinna feed
Base case · 30-yr life · 8:1 strip · 2008 PFS capital US$3,206 M; ~US$4,800 M all-in at 2026 Chinese-EPC costs.
Alternative product pathway
Process concept — Jacobs block flow (gasification → Fischer-Tropsch → diesel + power)
2007 Jacobs Consultancy design; unit-level technology evaluations on file
Market, Peer & Regulatory Context
External sources (fetched July 2026)
Project history & study lineage
Four decades, successive operators
De-risking ledger
Completed vs outstanding workstreams
3D Coal Ore-Body Model
Interactive model built from the real drillhole database — the 105 seam-bearing holes (of the 150 in the database) and 1,224 of the 1,240 seam intercepts, rendered directly on each hole. Seams are shown as solid bodies (extruded to average thickness) that you can recolour by coal quality — calorific value, ash or sulphur — and cut with a live, draggable cross-section. Toggle and isolate seams, read depths off the scale, and rotate / zoom / pan. Best viewed full-screen.
Interactive 3D ore-body model — omitted from print. Open Wintinna_3D_Ore_Body_Model.html to explore seam solids, colour-by-quality, cross-sections and wireline logs.
Data Room — What's on File
Four decades of technical work assembled into a sale-ready data room. A selection of the key documents underpinning the figures above.