Investment Highlights
Key Highlights of the Black Volta Gold Project
Key Highlights
Key Highlights of the Black Volta Gold Project
Large Scale Project of C.148 koz P.A Production With Clear Exploration Upside
- •2.8 Moz Resource; 11 year mine life; 148 koz pa for the first 9 years
- •~ 934 km² of tenements; one of the largest available land packages in West Africa
- •Multiple prospects showing drill-defined, open ore-grade mineralization for immediate follow-up
- •Long mine life with clear exploration upside to drive organic growth
Low Capital & Operating Cost
- •Development Capital of US$204m including mining fleet
- •Development capital intensity (US$126/oz LOM production1) at lower-end of African development peers
- •LOM AISC cost of US$905/oz, delivering a total pre-tax cashflow of US$887 million2
- •Simple metallurgy, conventional CIL gold processing
Recently Delivered DFS Highlights Attractive Economics
- •Project NPV5%: US$609m (post-tax US$370m)2
- •IRR: 59% with pre-tax payback of 1.2 years (post-tax 44% and 1.7 years)
- •Reserves calculated using US$1,350/oz gold price. Economics estimated using US$1,750/oz gold price
Premier Mining Jurisdiction With an Established Gold Mining Sector
- •Ghana is the largest gold producing country in Africa
- •Stable political environment and well understood mining code
- •Top 3 ranked mining jurisdiction in Africa for investment attractiveness in the 2020 Fraser Institute Survey
Ready to Build
- •DFS-level studies completed; mining licences and environmental permits approved to mine
- •All critical infrastructure nearby and already in place. c.40% renewable supply via the national Ghana grid
- •Capable of delivering first gold in 21 months from start of construction of mine
Mining Inventory
Mining Inventory Highlights
- The Kunche deposit consists of one main pit with five smaller satellite pits, the Bepkong deposit contains one pit and underground operation, and the Aduane deposit includes six small pits.
- The main Julie deposit consists of two large pits with eight smaller satellite pits. The other five Julie region deposits (Julie West, Danyawu, Josephine and Manue) have single pits.
- The Black Volta DFS is based on a 1.60 Moz mining inventory @ 1.65 g/t over a 11-year LOM to produce 148 koz pa for the first 9 years (148 koz pa over the first 5 years).
- A mining study was completed as part of the DFS by Orelogy, a Perth based specialist in gold mine design.
- The cut-off grades vary by deposit due to variations in recoveries, costs for ore processing and ore haulage (refer to DFS Part 8 Mining in the VDR for further detail).
- It is expected that further drilling in the Kunche Bepkong area mainly Kunche North, Kunche North-East and Bepkong North along with other nearby targets will significantly increase the mining inventory.
Summary
Project Pre-tax Net Cashflows
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