Initial call outs:
- Headline figures look ok
- 9yr LOM - very good
- Discount rate 7% (ok)
- Metal price and AUD assumptions look ok (the recent spike in metals have helped)
- Capex - $163m (AUD) in start up capex which includes 7.5% of contingency (might be a bit on the light side)
- The mill will run at 1.5m t/pa (reasonable capacity)
- 1.8g/t AU (ok) @ ~95% recovery (recovery rate - more work required form them to validate)
- Metallurgy - a bit iffy (needs to be shored up)
Metallurgy
They state a lot more work is required to validate the recovery grades. They go into detail of this from page 32-39.
The proposed plant (Standard CIP then Cyanide leaching) would provide a gravity/float/leach process to accommodate processing 6 different types of ore over the life of the mine. It looks like in any one year of operations there will generally be around 3 different ore type going through the plant so they'll definitely want to get a high level of confidence around the best process flows to maximise recovery rates each of those ore types.
I haven't had chance to review in detail but on first glance it looks quite a reasonable PFS.... no big concerns in their assumptions.
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- Ann: PFS demonstrates technical and commercial viability of RGP
Ann: PFS demonstrates technical and commercial viability of RGP, page-4
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