RE: Abysmal month19 Nov 2025 10:48
Just been going back over the origonal FS detail. It's still published on Mark's linkedin, and includes the economics summary.
It's a stark reminder that La India's changed massively and materially since then. That study was based on a gold price of $1.7k /oz and focused solely on a tightly constrained starter project. It only cobered the the permitted open pit, (602,000 ounces) and an avg prod rate of roughly 81k oz p/year for the first six years. It didn't include the higher-grade satellite pits, underground potential, wider district resources, the multi-million-ounce exploration upside or a compounding POG. EVEN SO, at $1.7k gold the FS still delivered a post-tax NPV of US$418 million, a 54% IRR, and 12 mo payback on capex.
Metals has confirned the FS understated the scale and economic potential of the project - we were then looking at 145,k ounces per year over more than twelve years. At a gold price of $2.5k oz, which produced an NPV of around $882m post tax - with similar modest capital requirements that can be entirely financed.
HOWEVER, the commercial environment's changed AGAIN. With gold now around $4k/oz, the project’s margins are dramatically higher than those used in either Mark's or Darren's FS. The increase in gold price more than doubles operating margins and significantly expands the project cashflow. Applying the same methodology used in the company’s Jan 2025 assessment, La India’s post-tax NPV at current gold prices is in the region of $1.8 to $2 BILLION at minimum, before accounting for any further resource additions incl. Dupax, or on site.
Remember - this is all self financed. Runruno’s cashflow removes the need for equity dilution or project debt which is the major strategic difference from Condor’s position along side actual production capabilities, and materially improves our value.
Basically, La India's evolved from a modest 80k ounce, six-year open-pit project into a potential 145,000-ounce, multi-year operation with a significantly larger footprint and far stronger economics. Higher production, longer mine life, substantially higher gold prices, and self-funded development places the asset us in a very different position than that described in the original FS, and the numbers put us firmly as a tier 1 producer versus...whatever our current status is.
Sign In
Follow the stocks
