Maximus Resources has moved from gold developer to gold processor after pouring its first gold bar from a recently refurbished Burbanks plant near Coolgardie in Eastern Goldfields, Western Australia.

The gold bar was produced following start of toll mill operations late last month at the plant.

Maximus (ASX:MXR) shares doubled to 0.2c on Friday before cooling to close unchanged at 0.1c.

The first gold bar poured from a refurbished plant. Pic: Maximus

The initial gold bar is from low grade feed provided during the commissioning phase of the Burbanks plant.

“This represents a significant milestone for the company – marking its transition from gold developer to gold processor,” the company told investors.

Maximus said it had received interest from gold miners in the Eastern Goldfields region about using its milling services.

The company will now restart feasibility studies on five projects on its Spargoville gold tenements south of Coolgardie. The projects have a combined proven resource more than 1.4 million tonnes for 112,000 ounces of gold.

Maximus is aiming to progress two projects to the approvals stage late next year.

The company has a market cap of $3 million.