RE: RNS out25 Mar 2022 11:12
Overview
· Gold production began at Homase Mine this year, with 1,717 troy ounces of gold produced and sold to date, realising an average price of US$1,907 per oz.
· Gold loan repayments from first gold of US$1.1m, via the delivery of 610 troy ounces to Asia Investments Management Services Limited ("AIMS"), resulting in the interest rate being taken out of default.
· Construction was completed for the initial stage of the mine, which includes crushing, sizing, agglomeration and stacking unit, three Heap Leach Pads, a Carbon-in-Column Plant, and an Elution and Gold Room, for a total investment of US$15 million including overheads.
· Start-up agglomeration issues have now been resolved and gold recovery from the heap leach pads has increased to over 65%, with the latest in situ test work indicating that the leach recovery of 82% will be achieved over a 12-month period.
· An additional crushing, agglomeration and stacking circuit is currently being built to improve productivity and heap stacking flexibility, using existing cash resources.
· 2022 production target of approximately 20,000 oz gold.
· Homase Mine is continuing to progress its capital efficient mine and expects to achieve a cash cost of around US$840 per oz for the remainder of 2022, with an all in sustaining cost of US$970 per ounce.
· Exploration is being ramped up within the Homase and Akrokeri Licences.
· Diamond drilling to commence around Akrokeri Underground Mine during March 2022.
· Grade Control drilling is now underway at the third pit along the Homase Trend.
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