ERL has a 470,000 tonne Resource that’s then bolstered by an...

ERL has a 470,000 tonne Resource that’s then bolstered by an efficient cost schedule which stands as one of the most competitive in the industry.
ERL is able to extract its ore at around $140 per tonne, and has an assumed recovery rate of 93%.


Processing the ore through ERL to become one of the most efficient junior producers in the local area, and estimates seen so far suggest ERL will be paying approximately $45-$50 per tonne.

Each haulage and treatment campaign is scheduled to process between 15,000 and 20,000 tonnes of gold ore..which is being hauled 24/7..

For every $100 per ounce increase in the price of gold above $1,500 per ounce, the open pit would generate an additional $2 million in free cash flow. So at a  price of say $1,575 per ounce, equating to $1.5 million in additional free cash flow. This circa $9 million in free cash flow will be of substantial assistance in funding the group's exploration program going forward.

The company works to eventually take the mine underground as Penny's Find's gold mineralisation extends to at least 250 metres in depth where it remains open with a current known deeper inferred and indicated resource inventory of 170,000 tonnes grading 5.4 grams per tonne gold beneath the open pit.
A preliminary underground mine design has been completed.