Highlights of the Feasibility Study
- Total gold recovered of over 1.10 million ounces over an approximately 11-year open pit life of mine (“LOM”) with average gold production of 100,000 ounces per annum and an average diluted grade of 2.26 grams per tonne (“g/t”) gold;
- Pre-tax Net Present Value at a 5% discount rate (“NPV 5%”) of $484 million and a pre-tax Internal Rate of Return (“IRR”) of 31.2%, with a projected pre-tax payback of 2.7 years;
- After-tax NPV 5% of $328 million and an after-tax IRR of 25.5%, projected after-tax payback of 2.9 years;
- Maiden Open Pit Probable Mineral Reserves of 1,150,200 ounces of gold (15.8 million tonnes (“Mt”) at 2.26 g/t gold);
- Open pit Measured and Indicated Mineral Resources of 1,422,000 ounces (15.7 Mt at 2.82 g/t gold) and Underground Measured and Indicated Mineral resources of 1,159,000 ounces (5.9 Mt at 6.09 g/t gold);
- Open pit Inferred Mineral Resources of 66,000 (0.98 Mt at 2.11 g/t gold) and Underground Inferred Mineral Resources of 418,000 ounces (2.2 Mt at 5.89 g/t gold);
- Initial capital cost (“Capex”) of $271 million and LOM sustaining capital of $63.1 million;
- LOM Operating Cash Costs of $966 (US$773) per ounce1 and All-In Sustaining Costs (“AISC”) of $1,062 (US$849) per ounce1;
- Projected creation of approximately 345 direct full-time jobs during construction and 215 direct full-time jobs during operations, while generating in excess of $226 million in federal and provincial tax payments;
- Mill capacity of 4,000 tonnes per day (“tpd”) based on a combined gravity and leaching circuit, yielding an average gold recovery of 95.8%; and
- At a gold price of $2,200 (~US$1,760), Goldboro could generate cumulative after-tax net cash flows of approximately $684 million, an after-tax NPV 5% of over $442 million and an after-tax IRR of 31.7%.