NRW Holdings has announced two significant contract awards that will expand its order book by approximately $613 million combined. Primero Group, NRW’s wholly owned subsidiary, has secured the Ramelius Resources Mount Magnet Expansion Project while NRW Contracting has been awarded additional optional works on the Tonkin Highway Grade Separations project in Western Australia. These wins arrive as the company continues to build exposure to the Australian gold sector and strengthen its position as a tier-one EPC and civil construction contractor.
The Ramelius Resources Mount Magnet Expansion Project represents a substantial engineering, procurement and construction contract that will upgrade processing infrastructure to support multiple ore sources at the site. The scope includes a new crushing circuit, coarse ore stockpile, grinding circuit, leach tanks and associated gold processing equipment, adding 3 million tonnes per annum of processing capacity to complement the existing 2 Mtpa operation. This scale of work speaks to Primero’s capability in delivering complex minerals processing infrastructure, a capability increasingly valued in Australia’s gold industry. The project win also validates Primero’s technical expertise and operational track record with major gold producers.
The Tonkin Highway Grade Separations optional works award increases that project’s total value to approximately $300 million, up from the base contract announced in May. The additional scope comprises a half-diamond interchange at Hale Road with north-facing ramps and associated civil, drainage, pavement, structural and utility works. The access date of 5 October 2026 provides clarity on the timing and establishes a defined schedule for execution. This expansion of the WA infrastructure project reinforces NRW’s standing with Main Roads Western Australia and demonstrates continued investment confidence in the company’s delivery capability.
For investors, these awards carry several implications. The combined contract value substantially strengthens the company’s order book and provides revenue visibility over coming years, reducing near-term earnings volatility. The expansion of gold sector exposure aligns NRW with one of Australia’s most resilient commodity markets, particularly as major producers continue to invest in capacity upgrades and processing infrastructure. Primero’s ability to compete for and win large EPC contracts against established competitors indicates the subsidiary has successfully differentiated itself through technical capability and execution track record. The Tonkin Highway win similarly confirms NRW’s competitiveness in major civil infrastructure projects.
Execution risk remains the primary consideration for investors. Both projects involve complex scopes and multi-year delivery timelines. Cost inflation, labour availability and schedule management will determine margin realization. The gold sector’s cyclicality also warrants monitoring, particularly as global gold prices influence mining operators’ expansion spending. Investors should track project milestones and any updates on execution and budget performance through NRW’s quarterly reporting. This announcement is price sensitive and has been flagged as material by the ASX.
View the full ASX announcement (PDF)
About NRW Holdings Limited (ASX: NWH)
NRW Holdings Limited provides diversified contract services to the resources and infrastructure sectors in Australia. The company operates through three segments: Civil, Mining, and Minerals, Energy and Technologies, offering services including civil infrastructure, mine management, contract mining, and related industrial services. The company is headquartered in Belmont, Western Australia.
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