WR1 0.40% $1.26 winsome resources limited

rough modelling based on 1350 USD /t SC6:Adina phase 1...

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    rough modelling based on 1350 USD /t SC6:

    Adina phase 1 (Y1-8):
    • reserve say 20mt @ 1.4% (surface high-grade part of main zone)
    • 2.5ktpa feed @ 1.4% grade and 75% recovery = 438ktpa SC6 equivalent (477ktpa SC5.5)
    • AISC say 720 USD /t and sale price 1350 USD /t = 423m AUD /yr EBITDA
    • less 26.7% tax = 310m AUD (i.e. not including tax credits)

    Conservative capex estimate:
    • Renard option exercise: 63m AUD (although likely some paid in shares, to make Quebec Govt and pension fund significant holders)
    • Renard upgrade: 120m AUD
    • Road share: 50m AUD
    • Adina capex: 30m AUD
    • 2.5 years C&M: 22m AUD (in addition to 6mo C&M that initial option fee represents)
    • TOTAL CAPEX: 285m AUD / 186m USD
    • i.e. initial capex repaid within 1 year at full production

    sensitivity:
    • if AISC = 800 USD /t, then EBITDA = 369m AUD /yr
    • if AISC = 850 USD /t, then EBITDA = 335m AUD /yr
    • if AISC = 900 USD /t, then EBITDA = 302m AUD /yr
 
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