공시 • Sep 09
Condor Gold Plc Announces Details of Technical Report on Its 100% La India Gold Project
Condor Gold announced the key findings of a technical report on its 100% owned La India Gold Project (the "Project") prepared by SRK Consulting (UK) Limited ("SRK"). This technical report (the "Technical Report") presents the results of a strategic mining study to Preliminary Economic Assessment ("PEA") standards completed on the Project in 2021. The strategic study covers two scenarios: Scenario A, in which the mining is undertaken from four open pits, termed La India, America, Mestiza and Central Breccia Zone ("CBZ"), which targets a plant feed rate of 1.225 million tonnes per annum ("Mtpa"); and Scenario B, where the mining is extended to include three underground operations at La India, America and Mestiza, in which the processing rate is increased to 1.4 Mtpa. The 2021 PEA Technical Report will be issued within 45 days of the public disclosure to NI 43-101 standards. Internal Rate of Return ("IRR") of 54% and a post-tax Net Present Value ("NPV") of USD 418 million, after deducting upfront capex, at a discount rate of 5% and gold price of USD 1,700/oz. Average annual production of 150,000 oz of gold over the initial 9 years of production. 1,469,000 oz of gold produced over 12-year Life Of Mine ("LOM"). Initial capital requirement of USD 160 million (including contingency), where the underground development is funded through cash flow. Pay back period 12 months. All-in Sustaining Costs of USD 958 per oz gold over LOM. Robust Base Case presents an IRR of 43% and a post-tax NPV of USD 312 million at a discount rate of 5% and gold price of USD 1,550/oz. IRR of 58% and a post-tax NPV of USD 302 million, at a discount rate of 5% and gold price of USD 1,700/oz. Average annual production of 120,000 oz of gold over the initial 6 years of production. 862,000 oz of gold produced over 9 year Life of Mine ("LOM"). Initial capital requirement of USD 153 million (including contingency). Pay back period 12 months. All-in Sustaining Costs of USD 813 per oz gold. Robust Base Case presents an IRR of 48% and a post-tax NPV of USD 236 million at a discount rate of 5% and gold price of USD 1,550/oz. The 2021 PEA reflects the January 2019 Mineral Resource Estimate (as reported in the RNS dated 28 January 2019), incorporating advances in understanding and technical study detail relating to a number of areas of the Project (relative to the Pre-Feasibility Study ("PFS") and PEA scenarios presented in the "Technical Report on the La India Gold Project, Nicaragua, December 2014", reported in the RNS dated 21 December 2014, updates provided in final prospectus filed with the Ontario Securities Commission as announced on 27 December 2017), as well as the incorporation of the Mestiza open pit. The most significant area of advancement relates to the mining studies conducted for each of the open pits, where this has focused on producing optimised pit designs considering maximising access to mineralised material and the opportunity to maintain the grade profile through stockpiling, without requiring the relocation of the village. The other technical disciplines, namely open pit geotechnics, underground mining, hydrogeology, tailings management and infrastructure remain relatively unchanged compared to the 2014 PFS/PEA (accounting for the changes in production), with minor updates relating to mineral processing and hydrological. The environmental and social studies reflect Condor's achievement of being granted an Environmental Permit to construct and operate a processing plant with capacity of up to 2,800 tonnes per day ("tpd") and develop the associated mine site infrastructure for a new mine at the Project (the "Main Permit").