Hello. While gold prices are now higher, an email I sent on 4/2/25. I cannot remember the different deposits & prospects but i recall Coronation and Edwards may have been lower grade prospects compared to the main deposit.
Below is the Granite Castle Deposit with 77,000 ounces at 3.14 grams per tonne, which would be a great grade for a thicker near surface deposit. Based on the drill holes, it starts at 28 metres deep, which is reasonably shallow. I guess this is more economic than the Great Britain deposit because MNM worked in this (rather than the Great Britain deposit) for around 10 years. If it can be mined at US$1,600/oz, at the current gold price of US$2,800/oz (and 82.5% recovery of the gold) it could earn AUD$85 million after tax. Therefore, with only the two minor deposits, we have AUD$165M in cash flow. If the plant currently can produce 30,000 ounces year and could easily be upgraded to 50,000 ounces per annum. Therefore the 153,000 ounces of Granite Castle and Great Britain would take say 4 years to mine to earn the AUD$165M at current gold prices. Next we move to the main Far Fanning deposit and the near to mine Blackjack deposit.
NMR Price at posting:
16.5¢ Sentiment: None Disclosure: Not Held
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