RE: New Turner Pope research note8 Jan 2026 11:47
From the Turner Pope Note:
Note that TPI’s prudent conceptual economic model for the Pepas Prospect (below), produces a NPV10% of US$283m with a payback period of 2.2 years;awarding a 75% chance-of-success to this opportunity produces a conceptual NAV for Pepas of US$212.3m (or £154.9m).
Based on projected production of just 238koz Au throughout a 12-year LOM and a gold price of just US$3,300/oz (compared with a current level of c.US$4,445/oz), however, this is now considered rather overcautious. With the Prospect appearing to be almost an ideal, well-located low-cost gold mine at a time when there is considerable support for the precious metal, TPI considers an update following release of the MRE might well provide a reasonably significant improvement to its existing projected economics.