RE: POG up again14 Oct 2025 12:53
A blast from the past... well the 22nd of May
The pause in operations earlier this year (as announced on 18 February 2025) at the Bonanza Gold Mine on the Tesoro Gold Concession, following extreme weather conditions, has provided an opportunity for the Company to optimise the mine plan with a view to improving productivity and grades when mining resumes.
As part of this process, an engineering and geological contract has been awarded to Inveritas Global Holdings ("IGH"), a leading engineering and geological consultancy in Peru. IGH is well-established in the mining sector and specialises in providing comprehensive solutions and outsourcing of employees to mining projects across Peru and internationally.
The contract deliverables include an audit of work to date, a mine-based estimate of resources for the Bonanza and Morrocota mines, and a mine plan for restarting commercial production at Bonanza and initiating commercial production at Morrocota.
Subject to the near-term completion of these workstreams, the Company intends to engage a contract mining firm to optimise operational costs and maximise daily mining tonnages. Considering these steps, the Company is targeting the restarting of operations at Bonanza in July and commencing operations at Morrocota from August. A further announcement will be made once the contract has been awarded.