ROXGOLD ANNOUNCES ROBUST SÉGUÉLA FEASIBILITY STUDY WITH AFTER-TAX

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Algemeen advies 19/04/2021 13:55
Toronto, Ontario – April 19, 2021 – Roxgold Inc. (“Roxgold” or the “Company”) (TSX: ROXG) (OTCQX: ROGFF) is pleased
to announce the results of the Feasibility Study (the “Feasibility Study”) and Mineral Reserve estimate for the high-grade
Séguéla Gold Project (“Séguéla” or the “Séguéla Gold Project”) in Côte d’Ivoire. The Feasibility Study was prepared in
accordance with Canadian Securities Administrators’ National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”).
The Feasibility Study confirms robust economics for the development of an open-pit mining operation at Séguéla, targeting a series of open-pit mines at Antenna, Koula, Ancien, Agouti and Boulder deposits that will feed a central gold processing facility. Roxgold intends to make a formal construction decision upon completion of a debt financing package
and signed mining convention with the Government of Côte d’Ivoire.
A webcast and conference call to discuss the Feasibility Study results will be held on Monday, April 19th, 2021 at 4:30PM
Eastern time – details with respect to participation on the call are outlined in the “Séguéla Gold Project Feasibility Study
Conference Call” section below.
Key Highlights (all financial results are in U.S. dollars unless otherwise noted):
1. Feasibility Study
Robust Economics
• The Feasibility Study considers an operation with an initial nameplate of 1.25 million tonnes per annum
(“Mtpa”) and mine life of 9 years.
• LOM after-tax net cash flow of $536 million at a gold price of $1,600 per ounce.
• Robust economics with after-tax net present value (“NPV”) and internal rate of return (“IRR”) of:
Metric Base Case @
$1,600/oz Au
Spot Price @
$1,750/oz Au
NPV5% after-tax – attr. to Roxgold’s 90% interest $380 million $451 million
After tax IRR 49% 56%
High-Grade Mineral Resource and Initial Mineral Reserve Estimate
• Initial Proven and Probable Mineral Reserve estimate of 12.1 million tonnes grading 2.8 g/t Au totalling 1.1 Moz Au – positioning Séguéla among the highest-grade open pit gold projects globally.
Enhanced and Extended Production Profile
• Average annual gold production of 133,000 ounces over the first six years of production, with an estimated production peak of 151,000 ounces in year four.
• Life of Mine (“LOM”) gold production of 1.03 million ounces of gold with average annual production of 120,000 ounces.
• Processing plant throughput rate will be expanded by approximately 25% to 1.57Mtpa in year three through a series of optimisation and debottlenecking measures with minimal capital requirements.

Low Quartile Costs
• Average cash costs1 per ounce produced of $567 per ounce over the LOM, including a cash cost of $528 per ounce over the first six years of production.
• Average All-In Sustaining Costs (“AISC”)1 of $832 per ounce over the LOM, including an AISC of $797 per ounce over the first six years of production.
Development Capital
• Estimated pre-production capital cost of $142 million.
• Early stage construction activities have commenced with site access road and camp construction underway. Full construction will commence following a formal construction decision and completion of debt financing.
• Front-end engineering and design work is well advanced and procurement activities of long lead items
are underway.
• All permits required to begin construction are in hand.
2. Further Optimisation Opportunities
• Ongoing expansion and optimisation of the project. Drilling at depth at Koula and Ancien have continued to intersect high grade mineralization which suggests the potential for an underground
expansion opportunity.
• An optimization study has commenced to explore the opportunity to mine more of the current Mineral Resource base from underground, which would reduce the need for larger respective pits and therefore
substantially lower accompanying strip ratios.
3. Future Growth
• Roxgold is positioned well to expand the Séguéla Project with:
o Potential for underground expansion at Koula and Ancien
o Significant exploration prospectivity with the recent discovery of the Sunbird prospect and over 20 prospective targets yet to be tested
John Dorward, President and Chief Executive Officer commented: “We are pleased to share with the market the results of our Feasibility Study on Séguéla which underscores the substantial value accretion that this project will bring to Roxgold and its shareholders. Séguéla has rapidly become a cornerstone asset for Roxgold, with the potential to more than double
the company’s production profile within a short time frame. We expect to be able to deliver this without the need for equity dilution.
“The value creation at Séguéla has been remarkable and we still believe there is significant upside through further optimisation opportunities and the exploration potential at the project. We acquired Séguéla in 2019 for $20 million in cash, and through the hard work of our exploration and project teams, we have been able to generate exceptional
prospective project economics with an after-tax NPV attributable to Roxgold of $380 million and an IRR of 49% at a gold price of $1,600/oz.

“In the first six years of operation, the project will produce an average of 133,000 ounces of gold per year at an AISC of
$797 per ounce generating an average annual EBITDA1 of $130 million per year.
“Importantly, the Séguéla project as outlined today is just a snapshot in time of the potential value of the project. Our drill
programs continue to have success delineating mineralization down plunge at Ancien and Koula, building confidence in
the potential of high-grade underground scenarios from these deposits. Further, we continue to see the significant exploration prospectivity of Séguéla with the recent announcement of the discovery of Sunbird, which has the potential
to be another high grade prospect within close proximity to our planned operations and infrastructure. As we continue to
drill and define additional targets on our property package, our understanding of the drivers of the mineralization
throughout the property continues to improve, increasing the likelihood of additional successes to come from the twenty
plus targets on the property yet to be tested. It is our belief that, with continued drilling success, there is the potential to
continue to add significant production ounces and value to Séguéla.”
Séguéla Gold Project Overview
The Séguéla Gold Project is located approximately 240 kilometres north-west of Yamoussoukro, the political capital of
Côte d'Ivoire, and approximately 480 kilometres north-west of Abidjan, the commercial capital of the country. The Séguéla
property covers an area of 35,360 hectares, defined by two exploration permits. The property is generally accessible yearround by road. Bituminised national highways facilitate transport between Abidjan, Yamoussoukro, and the town of
Séguéla (population 65,000) which is the nearest major town to the property. The project is accessible from the town of
Séguéla via approximately 40 km of unsealed road. The Séguéla Gold Project and the township of Séguéla occur in a region of low forested hills, with elevations averaging 347m above sea level.

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