Ann: Investor Presentation - Pathway to Production, page-33

WR1 could conceivably produce in Q3 or Q4 2026, because what are they actually waiting on, aside from studies?

(1) The road extension to Adina. See my notes below. The build time should be ~5 months, so it would need to be permitted and funded by Q1 2026. That seems optimistic to me but it may be possible if govts want it to happen. (Federal govt = CMIF funding)

(2) Renard plant modifications. Imo they have plenty of time to plan this and get it done by mid 2026.

I think 2027 is more likely though for first production.


Extending Route 167 from Renard to Adina:
https://hotcopper.com.au/threads/ann-exclusive-option-to-acquire-renard-project.7933100/page-202?post_id=73183817

After a bit of research, CE's estimate of 1m CAD per km seems pretty solid. If contractors build at the same rate as previously achieved, build time for 80km should be about 5 months.

Looking at the initial construction of Route 167 to Renard mine:

• 240km total, in four segments A, B, C and D
• It included 16 bridges and dozens of culverts
• Construction began Feb 2012 and was completed Sept 2013
• Quebec govt paid for A & B (143km) as a 70km/hr two-lane gravel highway (plus winter road to Renard)
• The budget for Stornoway's share, C & D (97km) was 77m CAD.
• In early Dec 2012 Stornoway entered into financing agreement with Quebec govt; 85m CAD credit facility
• By Feb 2013, the winter road to Renard was completed, allowing initial development of the site.
• In March 2013, Stornoway began building C & D as a 50 km/hr single-lane mining grade road ("the Renard Mine Road")
• Cree contractors (principally Eskan) completed the project 2 months early and for 70m (i.e. 7m under budget), with access to Renard achieved by the beginning of Sept 2013 (i.e. 6 months or 16.2 km /month)
• Some works on the entire 240km continued after this, e.g. several temporary bridges replaced by permanent bridges.
• For C & D, build cost was 800k CAD per km

More here:
https://stornowaydiamonds.com/English/our-business/renard-mine/access-road-to-renard/default.html
https://stornowaydiamonds.com/English/investors/news-releases/press-release-details/2013/First-Vehicle-Arrives-At-Renard-Project-Site-Via-New-Permanent-Road/default.html
https://stornowaydiamonds.com/English/investors/news-releases/press-release-details/2013/Stornoway-Provides-Construction-Update-On-The-Renard-Mine-Road/default.html