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Goldmining Inc. Announces Preliminary Economic Assessment Results for S O Jorge Project
GoldMining Inc. announced the results of a preliminary economic assessment (PEA) on its S o Jorge Project, located in Par State, Brazil. The PEA sets out a base case scenario with an after-tax net present value at a 5% discount rate (NPV) of USD 532 million and an after-tax internal rate of return (IRR) of 42.4% utilizing base case gold price of USD 3,500 per ounce and an initial payback of 2.8 years. At spot gold prices (USD 4,400/oz), the after-tax NPV increases to USD 836.8 million, yielding an IRR of 58.6% and an initial payback of just 2.4 years. Initial capital is estimated at USD 202 million (including a 25% contingency), representing an attractive 2.6x base case NPV to initial capital ratio. The Company's strong balance sheet comprising approximately USD 183 million in cash and publicly traded securities positions it well to advance the Project through the next stages of development. The PEA envisages a robust internal free cash flow, supported by a stable gold production profile averaging an estimated 51,250 oz annually over a 10.6-year life of mine (LOM), with peak gold production of 57,200 oz per year in years 2 through 4. The PEA highlights relatively strong estimated margins, supported by an estimated life of mine All-In Sustaining Cost (AISC) of USD 1,464/oz. The PEA contemplates a conventional open-pit truck-and-shovel operation and a processing rate of 5,500 tonnes per day. A proven processing flowsheet utilizing standard gravity and leach circuits achieves high metallurgical recoveries of 90% Au. The Company plans to expeditiously commence pre-feasibility studies as the Project is further de-risked and moves forward with permitting towards a construction decision. The PEA is preliminary in nature, and there is no certainty that the reported results will be realized. The PEA includes Inferred Mineral Resources, which are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is no certainty that this PEA, including the conceptual economics set out therein, will be realized. The S o Jorge Project is located in the southeastern portion of Par State, Brazil, in the municipality of Novo Progresso, approximately 460 km southeast of the main regional city of Santarem and approximately 70 km north of the town of Novo Progresso. Regional highway BR-163, an all-weather paved road, passes through the Project area. The city of Itaituba is located approximately 250 km north of the Project. The current mineral resource estimate for S o Jorge was reported in the Company's technical report titled "NI 43-101 Technical Report S o Jorge Project, Para State, Brazil" dated effective January 28, 2025. The PEA is based on such estimate. The PEA considers a conventional drill, blast, load, and haul open pit operation mining an average of 27,000 tpd (9.9 million tonnes per annum (Mtpa) over the 10.6 year life of mine. It contemplates that resources will be processed at a nominal rate of 5,500 tpd (1.9 Mtpa) at an average strip ratio of 4.27:1. Conventional gravity and leach circuit is planned to generate gold dor on site. The PEA includes on-site development including mining, haul roads, access roads, process facilities, tailings and waste storage facilities, and related ancillary facilities. Construction is anticipated to take approximately two years with an initial capital expenditure of USD 202.2 million, including a healthy 25% contingency, with operations continuing for 10.6 years. Sustaining capital expenditures over the LOM are expected to be approximately USD 53 million, consisting of a mix of mining capital equipment and staged expansion of the tailings and waste facilities. Closure costs have been estimated at USD 12 million. LOM operating costs are expected to average USD 34.88/t of material processed. Under the PEA, highest metal production occurs in the initial five years of production averaging 53.4 koz Au annual production. LOM average production is 51.2 koz Au. The S o Jorge Gold Project is located in the Tapaj s gold district in the south-central portion of the Amazon Craton. The S o Jorge gold deposit is a granite-hosted, intrusion-related gold mineral system which is a similar style to the Tocantinzinho gold mine owned and operated by G Mining located approximately 80 km northwest of S o Jorge, that commenced commercial production in 2024 and produced 171,871 ounces of gold in 2025. Exploration activities at the Project carried out by the Company over the past two years have successfully delineated several new exploration targets comprising gold copper molybdenum silver soil geochemical anomalies, which cumulatively outline a large mineral system. The S o Jorge mineral system is defined by a comprehensive exploration data set which the Company has developed over previous systematic exploration campaigns. Surrounding the currently delineated S o Jorge deposit, which has a defined 1.4 km strike length, the broader mineral system comprises a zone of contiguous surface geochemical anomalies over an area of 12 km x 7 km, which the Company interprets to be the surface expression of a broad intrusion related gold system. The PEA is based on the Company's existing previously disclosed mineral resource estimate, which is summarized in the table below. Indicated: 19,418,000 t at 1.00 g/t Au for 624,000 oz Au. Inferred: 5,557,000 t at 0.72 g/t Au for 129,000 oz Au. Mineral Resource are estimated at a break-even cut-off grade of 0.27 g/t Au for classified blocks above a constraining pit shell. Mineral Resources are estimated using a long-term gold price of USD 1,950 per ounce. A minimum mining width of five meters was used. There are no Mineral Reserves estimated at S o Jorge Project. Mineral Resources that are not Mineral Reserves have not demonstrated economic viability. Numbers may not add due to rounding.