RE: Bonanza Moving Forward – Underground Phase Active16 Dec 2025 12:44
PT 2
A contractor is expected ? to be formally appointed next week, with mobilisation to site expected ? in January 2026. This represents a modest scheduling delay, driven primarily by the Christmas period and the exceptionally high activity levels across Peru's mining sector due to record gold prices, which has made securing specialised labour more challenging ?? than anticipated. ??
Explosives Permitting
Recent modifications to the Peruvian government's REINFO process have required a re-application for explosives permits. ?? The Company has completed all necessary submissions, and approvals are forecast ? to be in place in time for the contractor's arrival.
Camp Refurbishment and Operational Readiness
Work to upgrade the central operations camp - supporting both Bonanza and Morrocota - has been delayed due to issues with contractors ?? and is now advancing in parallel. As reported on 18 November 2025, capacity is being expanded from 20 to 40 personnel. Refurbishment is now expected ?? to progress according to the revised schedule and is expected ?? to be completed in time for the mining contractor's
As noted in the 18 November 2025 update, surface trenching, mapping and sample preparation along the Bonanza Vein have been completed with 100 samples already collected and dispatched to the Certimin laboratory in Lima. A further 40+ underground samples will be taken over December and into January. Processing capacity constraints at the laboratory have extended turnaround times beyond original expectations. ??
Laboratory backlogs have created delays in the broader geological study programme at Bonanza, Morrocota and the concession-wide evaluation across Tesoro. The final geological report is now forecast to be ready by February 2026. The new reporting date is not expected ?? to delay returning to mining, as the mine contractor will begin mining at the existing faces and developed blocks while the final geological model is complete
the whole RNS although sound good in some places was filled with delay / EXPECTED and maybe, design to kill confidence I really do hope for all concern that FEB 26 timeline is kept this time round and the SP is not left to slip further before it happens, but for now NTVO has become just another stock to trade on any uptick, like the 15% the other day and it's such a shame...
I will most certainly buy in again end of JAN to see if mining really will restart... but until then it's just a watch list for me
ATB
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