Investors were pleased with the news, pushing Ormonde's shares up 10.43% to 5.08p (US6.4c) Friday.

It said the project's development schedule had progressed as expected with the crush and screen plant commissioning nearing completion, openpit mining contract awarded and mobilisation of mining equipment underway, and key operations staff recruited.

At the process plant, it had almost completed the installation of equipment and supporting structures, advanced pipework and low voltage electrical installations, and started commissioning of some circuits.

Commissioning of the water treatment plant of the water management system was done and it was continuing dewatering of the historic pit, with over 100,000 cubic metres, about 10% of the water content, pumped to the water dams.

Ormonde said the project's forecast construction costs had remained within the budgeted €53.6 million (US$60.6 million).

Interim managing director Michael Donoghue said the project was entering a transition period after substantial construction progress was made during the December quarter.

"It is particularly pleasing to have recently completed the recruitment of the first wave of plant operators, and to see the commencement of process plant commissioning," he said.