RE: RNS12 May 2021 08:09
Minto Explorations Ltd - NI 43-101 Preliminary Economic Assessment Technical Report
London, United Kingdom - Pembridge Resources plc (LSE: PERE) ("Pembridge" or the "Company") is pleased to announce the key results from Minto Exploration Ltd. ("Minto") NI 43-101 Preliminary Economic Assessment Technical Report ("Technical Report") and the resulting estimate of Minto's mine life and Net Present Value ("NPV").
Highlights
- Life of mine extended from initial 4 years previously announced (up to 2023) to 8 years (up to 2028) while processing 10,893 kt of a total Indicated and Inferred Resources of 24,105 kt.
- Total Resources have been increased from 22,554 kt1 (including 1,4171 kt of Reserves) to 24,105 kt with a resulting change in Cu Metal Resources from 7122 Mlbs (including 602 Mlbs of Reserves) to 727 Mlbs; Au Metal Resources from 394 koz (including 312 koz of Reserves) to 396 koz; Ag Metal Reserves and Resources from 3,5522 koz (including 3032 koz of Reserves) to 3,947 koz.
- Economic model presented in the Technical Report evaluates Minto NPV after tax using 8% discount rate of USD$84 million (using long term copper price at $3.10 per pound and USD CAD exchange rate of 1.315)
- Average annual production of 38 million lbs and average annual EBITDA in excess of US$40 million between 2021 and 20253
- Using a flat copper price of US$4.50 per lb over the life of mine and USD CAD exchange rate of 1.250, the Minto NPV after tax using 8% discount rate is USD$265 million3
- C1 cash Cost per lb of Cu is US$2.20
- All In Sustaining Cost (AISC) per lb of Cu is USD$2.65 for life of mine after by-product credits and before closure costs
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