Lycopodium secures A$49.4 million EPCM contract for Havieron project
Lycopodium Limited (ASX: LYL) has been awarded the Engineering, Procurement and Construction Management (EPCM) contract for Greatland Resources Limited’s (ASX: GGP) Havieron Project in Western Australia, with the contract valued at A$49.4 million.
Lycopodium has been engaged as project delivery partner, responsible for leading execution of the preproduction phase. Delivery has already commenced, following receipt of a Limited Notice of Award in early June 2026.
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What the EPCM contract covers
Under the contract, Lycopodium’s scope of work covers the preproduction phase. Key responsibilities include:
- Project management
- Engineering and procurement services
- Coordination and management of trade contractors and suppliers
- Project controls
- Construction and commissioning management
About the Havieron project
Havieron is a high-grade underground gold-copper deposit located in the Paterson Province, East Pilbara region of Western Australia, approximately 45 kilometres east of Greatland’s Telfer gold-copper mine.
Rather than constructing standalone processing facilities, Greatland will leverage Telfer’s existing processing infrastructure to handle ore mined from Havieron. This approach, referred to as the “Telfer Hub” strategy, benefits from Telfer’s scale as one of Australia’s largest gold processing facilities, comprising two processing trains each with 10 million tonnes per annum (Mtpa) capacity.
[Havieron–Telfer proximity map — as provided in the source announcement]
Understanding EPCM contracts and why they matter for investors
An EPCM contract differs from a standard construction contract in a fundamental way. Under an EPCM arrangement, the engineering firm manages and coordinates all aspects of project delivery, including design, procurement of equipment and materials, and construction oversight, without directly taking on the construction risk. The firm acts as the client’s representative, overseeing third-party trade contractors and suppliers on their behalf.
For engineering firms, EPCM contracts are typically high-value, relationship-driven engagements that provide sustained revenue over a project’s development timeline. They require deep technical expertise and established client trust, which creates a natural barrier to entry and supports repeat business.
The Blackwater Phase 2 EPCM contract, valued at approximately A$93 million and awarded by Artemis Gold for a British Columbia expansion targeting 21 Mtpa total throughput, represents another fee-based engagement where Lycopodium carries no direct capital construction risk.
For Lycopodium investors, this A$49.4 million contract represents a confirmed addition to the company’s order book. Critically, this is not a speculative opportunity: the contract has been awarded and work has already begun, meaning revenue recognition is underway.
CEO quote and strategic context
Peter De Leo, Managing Director and CEO of Lycopodium, reflected on the significance of the award and the company’s role in supporting Greatland’s project strategy.
Peter De Leo, Managing Director & CEO, Lycopodium Limited
“Havieron is a world-class, high-grade gold project and we are very pleased to have this opportunity to support Greatland in the development of its Telfer Hub strategy, leveraging the existing processing facilities available at Telfer to mine ore from Havieron.”
The award reinforces Lycopodium’s standing as a sought-after EPCM partner for major gold projects in Western Australia, consistent with its broader resources engineering capability. The company maintains offices across Australia, Canada, the USA, Argentina, Brazil, Peru, South Africa, Namibia, Botswana, Ghana, and the Philippines, underpinning its capacity to deliver complex, multidisciplinary projects globally.
The Havieron award follows a pattern Lycopodium has repeated across multiple projects: converting early technical involvement into full execution mandates, as seen with the Tulu Kapi Gold Project in Ethiopia, where prior feasibility work led to a A$118 million ESLH contract with revenue visibility extending to mid-2028.
Key contract facts at a glance
| Detail | Value |
|---|---|
| Contract value | A$49.4 million |
| Contract type | EPCM |
| Client | Greatland Resources Limited (ASX: GGP) |
| Project location | East Pilbara, Western Australia |
| Commencement | Early June 2026 (Limited Notice of Award) |
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