お知らせ • 2h
Kootenay Silver Announces Positive Preliminary Economic Assessment For La Cigarra Silver Project
Kootenay Silver announced the results of a positive Preliminary Economic Assessment for its 100%-owned La Cigarra Silver Project in Chihuahua, Mexico. The Project includes a 14-year open-pit silver project delivering strong economics, a rapid 1.9 year payback, and a 63.7-million-ounce payable silver production profile with significant exploration upside remaining along a 9-kilometre mineralized trend. The La Cigarra Project is situated within the well-established Parral Mining District of Chihuahua State, Mexico, which hosts two nearby mining operations, the Santa Barbara Mine and the San Francisco Del Oro Mine. Key highlights of the PEA include: After-tax net present value at consensus metal prices (5% discount rate): USD 763 million; After-tax internal rate of return (IRR): 41%; After-tax net present value at spot metal prices (5% discount rate): USD 1,295 million and IRR of 64%. Initial capital cost: USD 332 million; Sustaining capital cost: USD 80 million; Payback period: 1.9 years (after tax); Study life-of-mine (LOM): 14 years. Average annual silver production over Years 1–5: 6.22 million ounces. Average LOM annual payable silver production: 4.55 million ounces. LOM payable-silver production: 63.6 million ounces. Average annual after-tax revenue: USD 107 million per year. Average all-in sustaining cost: USD 18.73/oz Ag. Processing rate: 6,000 tonnes per day. Average silver recovery: 89.3%. The PEA is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves. Inferred Mineral Resources have a lower level of confidence than that applied to Measured and Indicated Mineral Resources and there is no certainty that Inferred Mineral Resources will be converted to Measured or Indicated Mineral Resources through further exploration. There is no certainty that the results of the PEA will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The Project does not contain any Mineral Reserves and the economic analysis contained in the PEA is based on Mineral Resources, including Inferred Mineral Resources and there is no certainty that Mineral Resources will be converted into Mineral Reserves. The following tables outline various operation and capital cost inputs, production details including ounces of silver and gold produced and pounds of lead and zinc produced, mining rate, tonnes mined, strip ratio, metal recovery factors, total cash cost for silver, all in sustaining cost for silver long term price assumptions for silver, gold, lead and zinc, tax inputs, EBITA, pre and post-tax for net present values, internal rate of return, free cash flow, and payback period. General assumptions: Silver price USD 50.0/oz, Gold price USD 3,611.0/oz, Lead price USD 0.91/lb, Zinc price USD 1.25/lb, Discount rate 5.00%. Production: Total payable silver 63,663.9 koz, Total payable gold 27.3 koz, Total payable lead 45.3 Mlb, Total payable zinc 48.5 Mlb. Operating costs: Mining cost USD 2.11/t mined, Processing cost USD 9.49/t processed, Site G&A cost USD 3.50/t processed, Operating cash cost USD 16.85/oz AgEq, AISC USD 18.73/oz AgEq. Capital costs: Initial capital (Inc. Closure Deposit) USD 332.2 million, Sustaining capital USD 79.7 million. Economics: Net Revenue USD 3,326.3 million, EBITDA USD 2,342.1 million, Pre-tax Free Cashflow USD 1,897.0 million, Pre-tax NPV (5%) USD 1,265.0 million, Pre-tax IRR 55%, Pre-tax payback 1.7 years, Post-tax Free Cashflow USD 1,166.0 million, Post-tax NPV (5%) USD 762.7 million, Post-tax IRR 41%, Post-tax payback 1.9 years. Project Overview: La Cigarra is approximately 26 kilometers from the historic mining city of Parral, and benefits from strong existing infrastructure, including road access, nearby power, and a skilled local workforce. The updated Project Mineral Resource estimate forms the basis of the PEA. Measured + Indicated Mineral Resources are estimated at 23.02 Mt grading 81 g/t Ag, 0.06 g/t Au, 0.14% Pb, and 0.19% Zn (93 g/t AgEq). The Measured + Indicated MRE includes 60.02 Moz Ag, 45.2 koz Au, 71.3 Mlb Pb, and 97.0 Mlb Zn (69.02 Moz AgEq). Inferred Mineral Resources are estimated at 6.78 Mt grading 79 g/t Ag, 0.05 g/t Au, 0.15% Pb, and 0.17% Zn (90 g/t AgEq). The Inferred MRE includes 17.25 Moz Ag, 11.90 koz Au, 22.7 Mlb Pb, and 25.5 Mlb Zn (19.72 Moz AgEq). The base-case AgEq cut-off grade considers metal prices of USD 36.00/oz Ag, USD 3,600/oz Au, USD 0.91/lb Pb, and USD 1.23/lb Zn, and considers variable metal recoveries for Ag, Au, Pb, and Zn: for oxide mineralization—88.3% for Ag, 37.5% for Au; for sulphide mineralization—89.3% for Ag, 61.8% for Au, 70.0% for Pb, and 59.1% for Zn. The base-case cut-off grade of 30 g/t AgEq considers a mining cost of USD 2.00/t mined, and processing, treatment, refining, General & Administrative, and transportation cost of USD 23.23/t for oxide mineralization, and USD 22.33/t for sulphide mineralization. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. In addition to silver, the deposit contains gold, lead, and zinc credits that contribute to Project economics and provides additional optionality as engineering work advances. The PEA contemplates developing: Conventional open-pit mining, Crushing and grinding circuits, Flotation and leaching process plant, Tailings and rock management facilities, Mine infrastructure and support facilities, Progressive mine development over a 14-year operating life. The Project also remains open for expansion along strike and at depth, with mineralization traced over a broader 9-kilometre trend that supports further exploration upside. The Company has identified several opportunities to further enhance Project value, including: Resource expansion drilling along strike and at depth, Conversion of Inferred Mineral Resources to higher-confidence categories, Evaluation and conversion of satellite and extension mineralized zones, Metallurgical optimization studies, Mine plan optimization and staged development alternatives. Following completion of the PEA, Kootenay intends to: Initiate additional resource expansion drilling, Advance environmental baseline studies, Conduct geotechnical and hydrogeological investigations, Evaluate opportunities for a Feasibility Study, Continue stakeholder engagement and permitting activities. The full National Instrument 43-101 Standards of Disclosure for Mineral Projects Technical Report supporting the PEA will be filed on SEDAR+ within 45 days of this news release and will also be available on the Company's website.