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Nativo Resources plc Provides Update on La Patona Gold Ore Processing Plant Development Plan
Nativo Resources PLC provided an update on the development plan for the La Patona Gold Ore Processing Plant, located in Acarí, approximately 45 km from the Company's wholly owned Tesoro Gold Concession. Following completion of front-end engineering design, detailed line-item capital costings and production modelling, the Company has re-sequenced the development of La Patona into three phases, designed to optimise capital deployment, accelerate time to first revenue and reduce scale-up risk. This announcement sets out the revised phased development plan, including updated capital cost estimates and production targets. Development re-sequenced into three phases: Phase 1: Crushing, milling and cyanidation (lixiviation) circuit, 70 t/d, 15-25 g/t, 0.94-1.59 kg/d gold doré, USD 2.03 million (USD 2.75 million incl. 35% contingency) new capex estimate. Phase 1a: Cyanidation circuit capacity expansion (additional tank capacity), 110 t/d, 15-25 g/t, 1.47-2.50 kg/d, USD 0.09 million (before contingency) new capex estimate. Phase 2: Addition of an approximately 240 t/d flotation circuit, 350 t/d, 5-15 g/t Au, 2.54-5.78 kg/d, USD 1.10 million (before contingency) new capex estimate. Production targets assume gold recoveries of 90-92% and a smelting yield of 99%, and are subject to the availability of suitable feed material from Nativo's own operations and third-party suppliers. The ranges reflect the low and high ends of the targeted blended feed grades. Phase 1 to be fully funded through a combination of project finance, royalty stream finance and equity finance, optimising dilution. Subsequent phases to be funded from free cashflow from Phase 1, removing further capex requirements for scale-up. Final investment decision remains subject only to completion of project financing; advanced financing discussions continue with multiple potential funding partners and the offtake proposal from a major commodities trading house remains under consideration. On completion of financing, Phase 1 construction and commissioning is targeted for H2 2026, with first gold targeted in Fourth Quarter 2026. La Patona will be developed as a dual-circuit flotation and cyanidation facility with an on-site smelter producing gold doré bars and on-site metallurgy and assaying of all ore. The crushing and milling circuit will be sized for the full plant capacity from the outset, allowing each subsequent phase to be delivered with modest incremental capital and minimal disruption to operations. The phased capital cost schedule below has been prepared from detailed line-item costings, reconciled to the Company's source capital expenditure workbooks, and reviewed against the completed FEED and Basis of Design. A contingency allowance of 35% has been applied, which the Board considers conservative at this stage of definition. Cost category (USD) Phase 1 (70 t/d): Equipment 1,699,078; Services 131,138; Civil works 203,308; Total capex (base) 2,033,523; Contingency @ 35% 711,733; Total incl. contingency 2,745,257. Phase 1a (110 t/d): Equipment 1,786,628; Services 131,138; Civil works 203,308; Total capex (base) 2,121,074; Contingency @ 35% 742,376; Total incl. contingency 2,863,449. Phase 2 (350 t/d): Equipment 2,137,262; Services 778,138; Civil works 303,308; Total capex (base) 3,218,708; Contingency @ 35% 1,126,548; Total incl. contingency 4,345,255. The incremental (step-up) capital is approximately USD 87,550 from Phase 1 to Phase 1a and approximately USD 1,097,634 from Phase 1a to Phase 2, in each case before contingency. Phase 2 includes approximately USD 635,000 of initial working capital (three months of spares, reagents, consumables and initial ore purchases). The final investment decision for Phase 1 will be taken on completion of project financing. On funding, the Company will commit to Phase 1, with construction and commissioning targeted for H2 2026 and first gold production targeted in Fourth Quarter 2026. Phase 1a will be initiated once Phase 1 is operational and generating revenue and is expected to take approximately six months to build and commission. Phase 2 will be initiated once Phase 1a is operational and is expected to take approximately six to eight months to finalise detailed design, procure equipment, build and commission. On this basis the Company expects each phase to be substantially funded, beyond the initial Phase 1 raise, from a combination of operating cash flow and modest incremental capital.