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04/07/23

14:42

Post #: 68612932
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Originally posted by 4leedy: ↑

.2g/t is the cut off, .54g/t is the overall grade. Ian Bamborough has variously stated a 10,000,000 tonne per annum operation when in full swing. Remember this would be from the single Apollo pit. 10,000,000 x .54grams x .77 (recovery) / 31.1035 (troy ounce) gives you production of around 130,000 ounces per year.

Have a look at this interview (google "Saturn works dual-focus opportunity" on YouTube) This is only a few months old where Ian talks about de-risking the project with the pilot pit* (hopefully next year) and mentions the 10 mtpa figure (as Norsdemic mentioned above).

*I think they are aiming at a production of 14,000 ounces from the Pilot Pit.

PS ... Ian does respond, well he did, to emails and the like. Absolute gentleman.

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Originally posted by nordesmic: ↑

A quick NPV(8) model of 100koz for 10 years at A$1000 margin and A$250M capex is ~ A$400M.

While that might show that it is 'feasible', I agree with Joel's assessment that it isn't financeable in this market. When I look at something like Ausgold though with A$100M market cap (and project metrics not too far off the above), Saturn does seem undervalued. I think there is a big knowledge gap of heap leach economics on the ASX. Most investors looking at grade and saying it is too low.

The other option might be a staged approach to keep early capex down. Some of the shallower parts of the deposit have good grades. Heap leach lends itself to staged approach pretty well, especially when early grades and cashflow are good.

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STN Price at posting: 18.5¢ Sentiment: None Disclosure: Held
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