Die besten Gold-/Silberminen auf der Welt

https://www.minenportal.de/artikel/...-at-Fenn-Gib-Footwall-Zone.html  

Abverkauf bis 0,25 CAD bei höchstem Jahresvolumen und jetzt Rebound?

https://www.finanzen.net/aktien/...ilver_resource-aktie@stBoerse_CDNX

Und noch ne News

https://www.stockwatch.com/News/Item/Z-C!ABRA-3417458/C/ABRA  

https://www.finanzen.net/aktien/nighthawk_gold_3-aktie  

Seit Teck sich beteiligt hat geht wieder es bergauf.
https://ceo.ca/@thenewswire/...le-gold-announces-drilling-is-underway

Silver Valley hält sich auch gut.
https://ceo.ca/silv

Siren Gold fällt immer tiefer -  11Mio AUD - 1.2 Moz Au @ 3g/t Au
https://stocknessmonster.com/charts/sng.asx/
https://hotcopper.com.au/...LKhOROKAxjvTDYL4gq1zhH0v%2BR3%2BLFiGug%3D

Medallion Metals auch - 17Mio AUD - 1.6Moz AuEq @ 2.6g/t near surface, open
https://stocknessmonster.com/announcements/mm8.asx-6A1154913/

Auteco leidet auch weiter - 63Mio AUD ,  2.8Moz Au at 7.2g/t
https://stocknessmonster.com/announcements/aut.asx-6A1148686/

Antipa auch schwer gefallen - 46Mio AUD - 2.6 Moz @ 1,6 g/t Au + Cu + Co +Ag
https://hotcopper.com.au/threads/...-conference-presentation.7373434/

Der Markt ist schon sehr zerfahren, manche weisen Moz Gold nach sind sind bewertet wie ein Grassroot - Explorer der gerade frisch an die Börse kommt.

Hier ein Beispiel Augustus Minerals - ca. 35Mio AUD Marktkapitalisierung
Klar können die auch die Bohrergebnisse liefern, das der Kurs steigt - die Gegend hat Potential.
https://hotcopper.com.au/threads/ann-investor-presentation.7407763/
 

mit verschiedenen Berechnungsmodellen

https://www.stockwatch.com/News/Item/Z-C!NHK-3395877/C/NHK  

https://www.deraktionaer.tv/videos/rohstoffe/...fchance-20334278.html  

der preiswerteste (neben anderen positiven Argumenten) Explorer, den ich kenne. Wieder mit glänzenden Bohrresultaten.

https://omaigoldmines.com/site/assets/files/5741/...l_results_063.pdf  

Neues Update und Kursziel von 0,42 aud. Aktuell interessiert es nicht. Genehmigungsverfahren für Minenstandort wurde gestartet.
https://southharzpotash.com/wp-content/uploads/...Planning_Update.pdf  

200 MA Linie vom Silbrigen nach unten durchbrochen - hab irgendwie keinen Bock mehr auf den Sch...  

@ Goldkinder   mir geht's immer wieder ähnlich wie dir, mein Depotminus erspare ich mir an dieser Stelle mal,  aber ich versuche dann halt auf mein persönliches Ziel zu schauen .....

Für mich gibts nur eins,  Silber bei über 40$ und Gold bei 2300$ .... vorher verkaufe ich nicht. Punkt.

Hab ich wieder Geld, kaufe ich nach ....

Mein Problem ist der kurzfristige Lärm (Vola) und das dauernde lesen von meist negativen oder Hoffnung machenden Nachrichten. Ein ständiges up and down ... und das ist für meine Psyche nicht besonders gut im Gegenteil schei...e

Also, auf das Ziel schauen und weniger Informationen reinziehen ... ist aber auch leichter gesagt als getan ....

Hab gestern im Fernsehen zum 3.ten Mal den Film "The big short" angeschaut.

2006 haben sie begonnen gegen die amerikanische Wirtschaft zu Wetten gegen den Immobilienmarkt ... für  die Gebühren mussten sie  Wertpapiere verkaufen ... die haben mächtigen Druck gehabt ... und nur ihre Überzeugung hat sie durchhalten lassen  .... der eine Banker hat dann 1 Mrd und Burrys Firma 2,7 Mrd Gewinn gemacht .... unvorstellbare Summen ....

Der Weg nach oben, kann auch mal tief nach unten führen, aber am Ende werden wir belohnt werden ...... hoffe ich 😉


 

Sehr gute Nachricht aus Downunder. Heute hat das Bohrprogramm gestartet. Ein erstes Bohrloch wurde nach unten in die Tiefe gesetzt um eine Orientierung für die Mineralisierung zu bekommen. Der Mineralisierungsstrike wird in der Läund in der Tiefe getestet um die Ausmaße zu testen. Wird sehr wichtig sein das das erste Bohrloch sitzt. Bin Ende Juni soll es fertig sein und danach in 20 Tagen das Ergebnis da sein. Was sehr wichtig jedoch sein wird ist die Visualisierung die schon nach dem erstellen des Bohrlochs kommen wird. Das wird neben der Fertigstellung die erste wichtige Meldung sein und ein wichtiger Indicator für den Markt. Also auf Ende Juni bzw Anfang Juli die erste Nachricht abwarten. Da wird der Markt definitiv in die eine oder andere Richtung reagieren. Heute hohes Volumen mit ca 2,9 Millionen Shares ging es in der Spitze auf 1,17 aud. Schlusskurs 1,01 aud. Nachbörslicher Handel läuft noch.
https://cdn-api.markitdigital.com/apiman-gateway/...094df02a206a39ff4  

Nachmittag für den Goldpreis was das sehr kurzfristige Sentiment angeht. Die Sektoren melden Daten zur Wirtschaftlichkeit. Sollten die Daten schwächer ausfallen wird das Rezessionssznario wieder gespielt werden und der Goldpreis sollte stark ansteigen. Im umgekehrten Fall bei starken Dazen wird es den Goldpreis unter die 1900 USDollar prügeln was unser Sentiment katastrophal wird werden.
Das ändert nichts daran das die Rezession in den USA kommen wird. Nach neusten Daten und Infos wo ich bekommen habe sollte es spätestens ab November bzw Dezember losgehen. Bis dahin sollen laut aktuellen Daten die letzten Reserven der US Verbraucher bis Ende Oktober aufgebracht sein und dazu kommt das viele Rohstoffe und der Commodity Index vor dem Ausbruch nach oben stehen von tiefen Niveaus aus gesehen. Dazu kommt ab Juli der Ölpreis der sich wieder berechnungstechnisch wieder negativ auf die Inflation auswirken kann da ab dem Zeitpunkt der Berechnungspreis viel niedriger sein wird. Das heißt ab Juli kann die Inflation wieder langsam ansteigen und so das Stagflationszenario wieder stärker befeuern. Also nichts mit weiter fallender Inflation wie bisher was hauptsächlich auf niedrige Energiepreise zurück zu führen ist. Also Licht am Himmel ist zu erkennen jedoch kurzfristig wird es heute sehr wichtig für uns sein das die richtigen Daten reinkommen werden.  

Gestern bis auf Nova Minerals und AIS Resources alle Werte durchgearbeitet. Vom unternehmerischen Fortschritt her gesehen geht es wirklich gut voran nur die Kursentwicklung ist aktuell noch einfach mies. Liegt jedoch weniger am Unternehmen selbst sondern am schlechten Sentiment plus schlechter Marktlage. Vor allem meine PGM Werte sind in Australien komplett unter die Räder gekommen und die Bewertung ist objektiv ein Witz. Auch wenn aktuell die Preise sehr niedrig sind für Palladium und Platin sowie Rhodium.  Dazu haben jedoch beide Lagerstätten Anteile von Gold plus Kupfer, Nickel und Iridium. Es ist alles da was für die grüne Revolution benötigt wird, jedoch wird es vom Markt aktuell nicht gewürdigt .

Hier eine aktuelle Übersicht dazu

South Harz Potash
Aktuelles permitting Programm gestartet
https://cdn-api.markitdigital.com/apiman-gateway/...094df02a206a39ff4

Anson Resources aktuelle Fast markets Präsentation
https://cdn-api.markitdigital.com/apiman-gateway/...094df02a206a39ff4

Argosy Minerals Letztes Update
https://cdn-api.markitdigital.com/apiman-gateway/...094df02a206a39ff4

Lepidico letztes Update plus Präsentation
https://cdn-api.markitdigital.com/apiman-gateway/...094df02a206a39ff4

Minbos Resources mit weiteren Fortschritten plus ECPVertrag zum Bau der Anlage
https://cdn-api.markitdigital.com/apiman-gateway/...094df02a206a39ff4

https://cdn-api.markitdigital.com/apiman-gateway/...094df02a206a39ff4

Die günstigen Explorer mit den größten Resourcen Ppdium und Future Metals. Sehr günstig und absolute Kaufkurse auf dem Niveau.Sobald Cash da ist wird hier nachgekauft. Wie bei South Harz Potash auch

Podium Minerals
https://cdn-api.markitdigital.com/apiman-gateway/...094df02a206a39ff4

Future Metals
Webinar
https://cdn-api.markitdigital.com/apiman-gateway/...094df02a206a39ff4

Junipräsentation
https://cdn-api.markitdigital.com/apiman-gateway/...094df02a206a39ff4

Group 6 Metals
Neustes Update mit neuen Kennzahlen und Daten. Hier hat die Inflation eingeschlagen trotzdem ist das Projekt weiterhin sehr wirtschaftlich plus stabile hohe Tungstenpreise plus Potential für ein 2 Projekt wo die Studie im Anmarsch ist plus weiteres Explorationspotential vorhanden. Es ist die höchstgradige Tungstenmine in Australien.
https://cdn-api.markitdigital.com/apiman-gateway/...094df02a206a39ff4

Präsentation Juni
https://cdn-api.markitdigital.com/apiman-gateway/...094df02a206a39ff4

Erstes Tungstenkonzentrat wurde produziert
https://cdn-api.markitdigital.com/apiman-gateway/...094df02a206a39ff4

Volt Resources mit sehr guten Fortschritten und sehr guter Produktqualität
Hier auch null Kursreaktion
https://cdn-api.markitdigital.com/apiman-gateway/...094df02a206a39ff4

Strategisches Asset

https://cdn-api.markitdigital.com/apiman-gateway/...094df02a206a39ff4

https://cdn-api.markitdigital.com/apiman-gateway/...094df02a206a39ff4

Restart der Produktion
https://cdn-api.markitdigital.com/apiman-gateway/...094df02a206a39ff4

Weiterer Fortschritt plus Präsentation bei Sovereign Metals
https://cdn-api.markitdigital.com/apiman-gateway/...094df02a206a39ff4

https://cdn-api.markitdigital.com/apiman-gateway/...094df02a206a39ff4


 

Sehr gutes und ausführliches Interview wo sich detailliert die Pläne und die nächsten Schritte angekündigt werden. Sehr günstig bewertet mit einer hochgradigen Resource. Hier wird die nächste Mine in Portugal entstehen. Das Projekt wurde von der Regierung als Prioritäsprojekt eingestuft das heißt die Unterstützung für das Projekt ist gegeben.
https://youtube.com/watch?v=Z8QmEP8XQa0&feature=share7  

Letzte Präsentation mit allen 3 Projekten
https://youtube.com/watch?v=qHYBg2SVwJM&feature=share7  

in Nordamerika. Sehr gut performt.

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NOTIFICATIONS (50 UNREAD)
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Earnings Analysis
Basic Materials

Alamos Gold: A Solid Start To The Year

Apr. 28, 2023 1:27 AM ETAlamos Gold Inc. (AGI), AGI:CA9 Comments
Taylor Dart profile picture
Taylor Dart
27.4K Followers
Summary

Alamos Gold continues to be one of the best-performing stocks sector-wide, up ~100% from its Q3 2022 lows and 30% year-to-date.
Its outperformance can be attributed to Alamos being one of the few miners to meet cost guidance and not report cost blowouts at growth projects, combined with continued capital discipline.
As for the Q1 results, AGI continues to fire on all cylinders, tracking at 26% of annual guidance with improving costs helped by higher-grade La Yaqui Grande ore.
Given Alamos' continued track record of growing reserves, production growth per share, and consistently increasing shareholder value, I would view any sharp pullbacks in the stock as buying opportunities.
Red hot molten Gold being poured
slovegrove

The Q1 Earnings Season for the Gold Miners Index (GDX) has finally begun and one of the first companies to report its results is Alamos Gold (NYSE:AGI). Unlike some of its peers that reported rising operating costs, Alamos came out of the gate strong from an output and margin standpoint, producing ~128,400 ounces of gold at cash costs of $821/oz. This was a material improvement from the year-ago period, though it helped to up against easy year-over-year comps, and this translated to record revenue, positive free cash flow despite increased spending on the Island P3+ Expansion and helped Alamos exit Q1 with one of the strongest balance sheets sector-wide. Let's take a look below:

Q1 Production & Sales

Alamos Gold released its Q1 results this week, reporting quarterly production of ~128,400 ounces of gold, a 30% increase from the year-ago period. The significant increase in costs was partially due to being up against easy year-over-year comps with lower grades in Q1 2022 at Island (~8.1 grams per tonne of gold) and the fact that Mulatos barely contributed in the period as the company worked to put its new La Yaqui Grande Mine (part of the Mulatos District) into production. The company is now realizing the fruits of this labor, with La Yaqui Grande producing ~38,400 ounces in the period, pushing Mulatos District production to ~50,500 ounces with this being Alamos' largest contributor in the quarter.

Alamos Gold - Quarterly Production by Mine
Alamos Gold - Quarterly Production by Mine (Company Filings, Author's Chart)
As shown in the chart below, this was Alamos' third best quarter to date from a production standpoint and production came up just shy of the previous Q1 record (Q1 2018: ~128,900 ounces) when the company had four mines in operation (El Chanate moved into reclamation in 2019) and Alamos was benefiting from higher grades (11.1 grams per tonne of gold). Hence, the near-record performance despite working with three mines is quite impressive. As noted above, the primary contributor to the increased production was La Yaqui Grande, where Alamos stacked ~1.02 million tonnes and saw an average processed grade of 1.55 grams per tonne of gold, nearly 70% higher than the average processed grade of 0.92 grams per tonne of gold at Mulatos.

Moving over to Canada, where the company generates the bulk of its revenue, Alamos' two assets combined for ~77,900 ounces, with Island's production up year-over-year on the back of higher grades and increased throughput (~107,500 tonnes processed vs. ~100,600 tonnes in Q1 2022). Meanwhile, at Young-Davidson, production declined year-over-year to ~45,000 ounces, but the company was lapping tough comps with production of ~51,900 ounces in the year-ago period. The near-record performance in Q1 2022 was due to higher grades and throughput (~737,700 tonnes processed at 2.38 grams per tonne of gold), but grades should improve in H2 and the mine will finish the year much stronger.

Island Gold Mineralization
Island Gold Mineralization (Company Website)
Finally, from a cost standpoint, Alamos reported cash costs of $821/oz (down 17% year-over-year) and all-in sustaining costs of $1,176/oz, which were down 14% vs. Q1 2022 levels. The significant improvement in costs was related to much lower operating costs at its Mulatos District operations as it benefited from higher-grade ore and increased sales volumes from La Yaqui Grande, plus lower costs at Island with a more normal quarter from a production standpoint. Notably, the lower all-in sustaining costs across the board was despite 19% higher sustaining capital in the period, a minor headwind, with some help from a weaker Canadian Dollar.

Financial Results

As for Alamos' financial results, the company reported record revenue of $251.5 million (+36% year-over-year), driven by higher sales volumes and a higher average realized gold price of $1,896/oz. Meanwhile, operating cash flow improved to $94.3 million (+103% year-over-year), helped by significant margin improvement and the higher gold sales in the period. The result was that Alamos generated positive free cash flow of $10.5 million despite relatively high capex with Island Gold P3+ construction ramping up (Q1: ~$43.2 million in growth capital spent at Island alone), and Alamos finished the quarter with ~$134.0 million in cash and no debt.

Alamos - AISC, Gold Price, AISC Margins
Alamos - AISC, Gold Price, AISC Margins (Company Filings, Author's Chart)
Alamos Gold - Operating Cash Flow, Capital Expenditures, Free Cash Flow
Alamos Gold - Operating Cash Flow, Capital Expenditures, Free Cash Flow (Company Filings, Author's Chart)
Looking at the margin performance, Alamos saw its AISC margins improve to $720/oz (Q1 2022: $517/oz), helped by a higher average realized gold price and lower costs because of the start of production at La Yaqui Grande, increased production at Island, and a weaker Canadian Dollar. And looking ahead to Q2 2023, we could see AISC margins improve further to ~$770/oz, assuming a similar AISC of $1,190/oz and an average realized gold price of $1,960/oz (quarter-to-date gold price of $1,940/oz). Finally, from a capital expenditures standpoint, Alamos is tracking right in line with planned spending of ~$337 million this year with ~$83.8 million spent in Q1.

Island Gold - Shaft Site
Island Gold - Shaft Site (Company Website)
Lastly, while Alamos will incur significantly higher capital spending from 2023 through 2025 (total growth capital of $750 million for P3+ Expansion) as it works to more than double Island's production, the higher gold price and the shift from an investment period (YD Lower Mine Expansion) to a period of strong cash flow generation plus higher grades at La Yaqui Grande is allowing it to execute this growth while maintaining a strong balance sheet and without share dilution. This is a rarity in the sector among sub 500,000-ounce producers and even some million-ounce producers, with growth often being accompanied by material share dilution like Argonaut (OTCPK:ARNGF) and First Majestic (AG) or a stressed balance sheet like Kinross (KGC) and Evolution Mining (OTCPK:CAHPF).

To summarize, investors don't have to worry about any share dilution or balance sheet stress as Alamos works on its next phase of growth and the company could generate upwards of $140 million in free cash flow this year despite the significant increase in growth capital if gold prices continue to cooperate.

Recent Developments

As for recent developments, Alamos noted that shaft sinking will begin later this year for its Island P3+ Expansion and that the construction of the hoist house is underway. Once the project is complete in 2026, annual production will increase to nearly 300,000 ounces per annum at industry-leading AISC of sub $650/oz, making this one of the most profitable mines in North America. In addition, Alamos announced the acquisition of Manitou Gold for a very reasonable valuation of ~$13 million. This will significantly increase Alamos' regional position to 55,000+ hectares, similar to SSR Mining's (SSRM) move last year to bolster its land position in Saskatchewan with the Taiga Gold acquisition, which was also welcomed by the market given that it added considerable potential future value at minimal cost to shareholders.

Alamos Gold - Manitou / Island Gold Landholdings
Alamos Gold - Manitou / Island Gold Landholdings (Company Presentation)
Elsewhere, at its Mulatos District in Mexico, Alamos expects to spend over $20 million in exploration to continue to advance Puerto Del Aire [PDA], a high-grade underground opportunity at the asset which lies adjacent to the Mulatos Pit and can be processed through the Mulatos Mill. The current reserve at PDA sits at 4.7 million tonnes at 4.8 grams per tonne of gold (~730,000 ounces), and Alamos expects to release a development plan by year-end for PDA, with investors able to get a better idea of whether this will fit into medium production. As it stands, this project is not included in Alamos' 2025 guidance, suggesting upside to FY2025 guidance of ~490,000 ounces at $1,000/oz which would already give Alamos one of the most impressive production/cost profiles sector-wide.

Finally, Alamos received good news from its Lynn Lake Project in Manitoba with a positive Decision Statement issued by the Minister of Environment and Climate Change Canada and Environment Act licenses from the Province of Manitoba for the Maclellan and Gordon sites, with this expected to be a medium-grade open-pit project that will employ over 400 people if put into production. Assuming Alamos goes ahead with the project, and assuming it can extend its mine life at Mulatos which is certainly looking likely given the material ounce growth at PDA, this has paved a path for Alamos to become an ~800,000-ounce producer later this decade with some of the sector's longest mine lives in the safest jurisdictions (over 80% of production from Canada if Lynn Lake brought online).

Alamos Gold - Organic Growth Profile
Alamos Gold - Organic Growth Profile (Company Presentation)
For now, the Lynn Lake numbers are quite stale (Q4 2017 report), but this still should be a very robust project with sub $1,080/oz AISC, roughly 20% below the industry average (~$1,310/oz), with an updated study expected later this year.

Technical Picture

As for the technical picture, Alamos Gold continues to have one of the more constructive long-term setups in the gold space, breaking out of a multi-year base last year and continuing to see follow-through to this breakout. This is a very positive development, with this breakout ultimately targeting a move to the US$14.60 level in the future if it meets its target. Obviously, there's no guarantee that the stock gets there in a straight line, and we often see healthy pullbacks along the way. However, with Alamos being one of the few producers with a combination of strong growth, significant margin expansion, and being a name investors can trust due to strict capital discipline and ~80% of future production from attractive jurisdictions, I see it as one of the highest-quality names from an investment standpoint sector-wide.

AGI - Quarterly Chart
AGI - Quarterly Chart (TC2000.com)
Summary

Alamos Gold continues to be one of the best-performing names in the precious metals sector, a distinction that it well deserved for its continued capital discipline, improving margin profile, ownership of what will be one of the highest-margin assets in North America post-2025. When combined with a track record of delivering on promises to investors, I continue to see Alamos Gold as a top-5 name from a quality standpoint sector-wide, and one of the best ways for investors looking for leverage to metals prices. That said, the stock's outperformance has been significant with a ~100% rally off its lows. So, if I were looking to add exposure to the stock, I see the best course of action being to take advantage of sharp pullback vs. chasing rallies.  

Sehr guter Start und Bohrprogramm 23gleich mit schönen neuen Treffern.
https://www.minenportal.de/artikel/...-12.44-gpt-Gold-over-6.0-m.html

New Found Gold Update  3 D Survey
https://www.minenportal.de/artikel/...Its-Queensway-Gold-Project.html

 

entspricht rd. 3% der Weltjahresproduktion - ob das hilft?  

schaut Euch mal diese Charts an. Laut diesen Analysten wird trotz anders lautender Verkündung im Hintergrund der Markt weiter mit Liquidität versorgt.
Dazu passt das ein FED Vertreter die Tage sagte das 90 Prozent der geschaffenen Liquidität in der Corna Zeit zurück geführt werden müsste was natürlich nicht real passieren wird. Dementsprechend steigen auch die Märkt noch und das Gold hält sich wirklich gut. Im Juli so9llten wir das tief von Gold sehen bevor es dann wieder übergeordnet ansteigen wird da der Dollar langfristig weiterhin abwerten wird genauso wie der Euro auch.
https://www.youtube.com/watch?v=PMFOBARTMUE

Dazu eine Lithiumexplorer aus Australien der heute umsatte 168 Prozent angestiegen ist da 17 von 18 Löchern Pegamatite herausgebracht haben. Kürzel FRS in Australien.  

Es sieht gut aus bezüglich der PFS. Laut Ankündigung sind von der Studie 50 Prozent geschafft und alles läuft nach dem Budget und dem Zeitplan. Das heißt zum Ende des Jahres soll die PFS beendet und veröffentlicht werden. Absolute Kaufkurse aktuell für mich.
https://cdn-api.markitdigital.com/apiman-gateway/...094df02a206a39ff4  

https://www.irw-press.com/de/news/...-ag_71126.html?isin=CA00379L1067  

Hört sich ganz gut an, ob es jemanden interessiert, keine Ahnung. Positive Meldungen verlaufen ja zur Zeit meist im Sande.  

https://ceo.ca/@newswire/...tive-mining-drills-79225-metres-at-171-gt
 

Hört und liest sich gut auf den ersten Blick.

Tony Makuch, Chairman of Wallbridge, stated:

“Projects such as Fenelon, with a projected annual production profile of more than 200,000 gold ounces, located in a mining-friendly jurisdiction with established infrastructure, having substantial exploration upside and access to clean hydro-electric energy are highly desirable yet exceedingly rare in the mining industry today. We are extremely pleased that the PEA on Fenelon alone is demonstrating robust economics at this early stage. We expect further improvements as we continue to add to the resource base through our exploration efforts at Fenelon and elsewhere on our very large land position in the northern Abitibi greenstone belt.”

All results herein are reported in Canadian dollars unless otherwise indicated.

PEA SUMMARY

Average annual gold production of 212,000 oz over 12.3 years.
Average annual free cash flow of $157 million over life of mine (“LOM”).
After-tax NPV of $721 million at base case gold price of US$1,750 and $C/US$ of 1.30
After-tax NPV of $1,070 million at spot gold price of US$1,950 and $C/US$ of 1.34
Initial capital expenditures of $645 million.
Sustaining capital expenditures of $594 million.
Total cash costs of US$749/oz.
All-in-sustaining costs of US$924/oz.
Marz Kord, Wallbridge’s President and Chief Executive Officer, commented:

“Wallbridge acquired the original Fenelon property in 2016 with a small historic resource based on sporadic geological work by previous owners. Since then, we have been very successful in delineating a multi-million-ounce gold resource, which remains open in virtually all directions. Fenelon has now reached another milestone with a robust PEA that demonstrates a viable path to development and attractive economic returns based on conservative assumptions. The PEA was designed to be rigorous, using current cost data from contractors, suppliers and mining companies operating in the region to arrive at realistic projections. It represents a compelling starting point to build upon as we scope out the full opportunity at Fenelon and Martiniere, the two most advanced projects on our large, underexplored property.

Over the next few months, we will evaluate alternatives to advance Fenelon. While doing so, we will continue to test new areas of mineralization at Fenelon. We have a great near-term opportunity to incorporate satellite deposits such as Martiniere into future studies, with the potential for substantial synergies on a district scale. Our 2023 exploration programs will further delineate the size and scale of the Fenelon and Martiniere deposits while also targeting new greenfield discoveries on our land package.”

Table 1: PEA Summary of Key Metrics and Project Economics

Description      Unit§Base Case
Spot Prices
Metal Prices/FX
Gold (Au) US$/oz $1,750 $1,950
Currency Exchange Rate C$/US$ 1.30 1.34
Production Data
Milled Tonnes million tonnes 31
Gold Grade Mined g/t 2.73
Gold Recovery % 96
Daily Mill Throughput tpd 7,000
Mine Life years 12.3
Avg Annual Production oz Au 212,000
Recovered Gold million oz 2.61
Operating Costs
Total Cash Costs 1,3 $/tonne milled 82
Total Cash Costs 1,3 US$/oz 749
All-in Sustaining Costs2,3 US$/oz 924
Capital Costs
Initial Capital3 $ million 645
Sustaining Capital3 $ million 594
Financial Analysis
Pre-Tax NPV 5% $ million 1,210 1,788
Pre-Tax IRR % 23.0 30.8
After-Tax NPV 5% $ million 721 1,070
After-Tax IRR % 18 24
Payback Period (Production Start) years 5.4 4.2
Total cash costs include mining, processing, tailings, surface infrastructures, transport, G&A and royalty costs.
All-in sustaining cost (“AISC”) includes total cash costs, sustaining capital expenses to support the on-going operations, and closure and rehabilitation costs divided by payable gold ounces.
Non-IFRS financial performance measures with no standardized definition under IFRS. Refer to note at end of this press release.
Financial Analysis

At base case gold price of US$1,750/oz, the Project generates after-tax Net Present Value (“NPV”) of $721 million using 5% discount rate and an after-tax Internal Rate of Return (“IRR”) of 18%.

The Project generates cumulative free cash flow of $1,395 million and average annual free cash flow of $157 million over a mine life of 12.3 years (Figure 1). Total taxes payable over LOM at the base case gold price is $792 million.

Figure 1. Project After-Tax Cash Flow

Project After-Tax Cash Flow

Sensitivities

The PEA financial economic analysis is significantly influenced by gold prices. At a spot gold price of US$1,950/oz and FX of 1.34, the Project generates an after-tax NPV of $1,070 million and an after-tax IRR of 24% with a payback period of 4.2 years from the commencement of production (Table 2).

Table 2: PEA Sensitivity to Gold Price, Operating Costs & Capital Costs

Gold Price
US $/oz FX NPV
        $M       IRR
         % Payback
Years§
    $1,600      1.30       512        14       6.2          §
     $1750      1.30       721        18       5.4          §
    $1,900      1.30       923        21       4.6§
$1,950 – Spot 1.34 1,070 24 4.2


Operating Costs NPV
        $M§ Capital Costs NPV
$M
Base Case -10% 823 Base Case -10% 786
Base Case 721 Base Case 721
Base Case +10% 614 Base Case +10% 653
Base Case +20% 506 Base Case +20% 586
Production

Annual production over LOM is expected to average 212,000 ounces with peak year production of 240,000 ounces (Figure 2).

Figure 2. Production Profile

Production Profile

Capital Costs

The initial capital costs are estimated at $645 million, and the sustaining capital is estimated at $594 million (Tables 3 & 4). A contingency of $54 million and $44 million is included in initial and sustaining capital costs, respectively.

Initial and sustaining capital costs were estimated based on current costs received from vendors as well as developed from first principles, while some were estimated based on factored references and experience from similar operating projects.

Table 3: Initial Capital

Cost Element Initial Capital ($M)1,2
      Mill       220          §
Paste Plant 46
Tailings and Water Treatment 36
Capitalized Operating (Pre-production) 99
Surface Civil & Infrastructure 87
Mining Equipment 18
Underground Development 83
Hydro Electric Line & Distribution 55
Total Initial Capital $645
All values stated are undiscounted. No depreciation of costs was applied.
Non-IFRS financial performance measures with no standardized definition under IFRS. Refer to note at end of this press release.
Table 4: Sustaining Capital

Cost Element Sustaining Capital ($M)1,2
Production Shaft 143
Mining Equipment 140
Development       158          §
Tailings & Water Treatment 63
Paste Distribution Network 13
Underground Infrastructure 45
Surface Infrastructure 26
   Closure         8          §
Total Sustaining Capital $594
All values stated are undiscounted. No depreciation of costs was applied.
Non-IFRS financial performance measures with no standardized definition under IFRS. Refer to note at end of this press release.
Cash Costs

The total cash costs including the 4% royalties, is estimated at $82/t milled or US$749/oz payable gold. The AISC is estimated at US$924/oz payable gold.

Operating cost estimates were developed using first principles methodology, vendor quotes, and productivities being derived from benchmarking and industry practices.

Table 5: Total Cash Costs

LOM Total
$ million Average LOM
($/tonne milled) Average LOM
(US$/oz)
    Mining     1,320      42.7       391          §
Processing       521      16.8       153§
Water Treatment & Tailings 51 1.6 15
General & Admin. 408 13.2 120
Royalty (4%) 237 7.7 70
Total Cash Costs 1,2 2,537 82.0 749
Total operating costs include mining, processing, tailings, surface infrastructures, transport, G&A and royalty costs.
Non-IFRS financial performance measures with no standardized definition under IFRS. Refer to note at end of this press release.
Opportunities

The main opportunities for the Project that have been identified include:

Opportunity§Potential Benefits
Additional infill drilling at Fenelon Would likely increase the resource grade and ounces and convert more inferred to measured and indicated categories.
Additional exploration drilling at Fenelon Deposit is open in all directions. Would likely increase the mineral resources and extend mine life.
Additional technical studies (borrow pits, geotechnical investigation, hydrogeology, geochemical) Would likely improve project economics by reducing the capital requirements.
Additional geotechnical/rock mechanics Would likely reduce crown pillar thicknesses thus increasing overall ounces.
Additional metallurgical studies, paste fill testing, and tailings testing Would likely lower project operating costs.
Additional waste rock sampling Would likely identify clean waste rock to reduce site infrastructure costs.
Additional drilling at Martiniere Would likely add organic production growth by increasing mineral resources and converting from inferred to measured and indicated categories.
Additional exploration outside the current mineral resources Large, underexplored land package. Potential for new discoveries to add organic production growth.
Mineral Resource Estimate

The PEA is based on the 2023 Fenelon Deposit Mineral Resource Estimate (“MRE”) and contains indicated and inferred mineral resource. Carl Pelletier, P.Geo., Vincent Nadeau-Benoit, P.Geo., Simon Boudreau, P.Eng. and Marc R, Beauvais, P.Eng., all of InnovExplo Inc. (“InnovExplo”) are the independent qualified persons within the meaning of NI 43-101 for the 2023 Fenelon MRE.

Table 6: Fenelon Deposit Mineral Resource Estimate

Fenelon Deposit Mineral Resource Estimate

Notes:

The independent and qualified persons for the current Detour-Fenelon Gold Trend 2023 MRE are Carl Pelletier, P.Geo., Vincent Nadeau-Benoit, P.Geo., Simon Boudreau, P.Eng. and Marc R, Beauvais, P.Eng., of InnovExplo Inc. The Detour-Fenelon Gold Trend 2023 MRE follows 2014 CIM Definition Standards and 2019 CIM MRMR Best Practice Guidelines. The effective date of the Detour-Fenelon Gold Trend 2023 MRE is January 13, 2023.
These mineral resources are not mineral reserves as they do not have demonstrated economic viability.
The QPs are not aware of any known environmental, permitting, legal, title-related, taxation, sociopolitical or marketing issues, or any other relevant issue, that could materially affect the potential development of mineral resources other than those discussed in the Detour-Fenelon Gold Trend 2023 MRE.
For Fenelon, 112 high-grade zones and seven (7) low-grade envelopes were modelled in 3D to the true thickness of the mineralization. Supported by measurements, a density value of 2.80 g/cm3 was applied to the blocks inside the high-grade zones, and 2.81 g/cm3 was applied to the blocks inside the low-grade envelopes. High-grade capping was done on raw assay data and established on a per-zone basis and ranges between 25 g/t and 100 g/t Au for the high-grade zones (except for the high-grade zones Chipotle and Cayenne 3 a high-grade capping values of 330 g/t Au was applied) and ranges between 4 g/t and 10 g/t Au for the low-grade envelopes. Composites (1.0 m) were calculated within the zones and envelopes using the grade of the adjacent material when assayed or a value of zero when not assayed. A minimum mining width of 2 metres was used for underground stope optimization.
The criterion of reasonable prospects for eventual economic extraction has been met by having constraining volumes applied to any blocks (potential surface and underground extraction scenario) using Whittle and DSO and by the application of cut-off grades. The cut-off grade for the Fenelon deposit was calculated using a gold price of US$1,600 per ounce; a CA/US exchange rate of 1.30; a refining cost of $5.00/t; a processing cost of $18.15/t; a mining cost of $5.50/t (bedrock) or $2.15/t (overburden) for the surface portion, a mining cost of $65.00/t for the underground portion and a G&A cost of $9.20/t. Values of metallurgical recovery of 95.0% and royalty of 4.0% were applied during the cut-off grade calculation. The cut-off grade for the Martiniere deposit was calculated using a gold price of US$1,600 per ounce; a CA/US exchange rate of 1.30; a refining cost of $5.00/t; a processing cost of $18.15/t; a mining cost of $4.55/t (bedrock) or $2.15/t (overburden) for the surface portion, a mining cost of $118.80/t for the underground portion using the long-hole mining method (LH), a mining cost of $130.70/t for the underground portion using the cut and fill mining method (C & F), a G&A cost of $9.20/t and a transport to process cost of $6.50/t. Values of metallurgical recovery of 96.0% and royalty of 2.0% were applied during the cut-off grade calculation. The cut-off grades should be re-evaluated in light of future prevailing market conditions (metal prices, exchange rate, mining cost, etc.).
Results are presented in-situ. Ounce (troy) = metric tons x grade/31.10348. The number of tonnes and ounces was rounded to the nearest thousand. Any discrepancies in the totals are due to rounding effects; rounding followed the recommendations as per NI 43-101.
Mining

The underground mine will have a production rate of 7,000 tpd over a 12.3-year mine life. A total of 30.8 Mt of mineralized material at an average grade of 2.73 g/t will be extracted from three different mining zones:

Tabasco-Cayenne zones with 68.5% of the ounces to be mined;
Area 51 zones with 31.1% of the ounces to be mined; and
Gabbro zones with 0.4% of the ounces to be mined.
The mining method will be long hole with longitudinal stopes for 5 to 8 metres width, corresponding to 40% of the stope tonnage. Transverse stopes are designed for stopes with 8 to +15 metres width, which account for 60% of the remaining stope tonnage. (Figure 3)

Stope dimensions are 30 metres (A51 Zones) to 40 metres (Tabasco-Cayenne Zones) in height, 5 to 15 metres in width and 20 to 25 metres in length. The average size of the stopes from all zones is approximately 15,000 tonnes and about 150 stopes will be mined annually. Mining recovery is estimated at 96%. Stope backfilling will be done with cemented rock fill (50%) and rock fill (50%) or with paste backfill depending on the stope dimensions and sequence.

Development will be done with a mining contractor during Pre-Production Year 1. Starting at Pre-production Year 2, development will be done with owner equipment-personnel. Development priority is to develop the main Tabasco ramp and to access production centers. The development mineralized material will generate 10% of the total gold production.

The mining fleet, comprised of 99 pieces of mobile equipment, will be purchased via a lease financing agreement. Supporting underground infrastructure includes several main pumping stations, two ventilation and heating systems and one exhaust raise.

Figure 3. LOM schematic

LOM schematic

Metallurgy

Metallurgical test work was completed in two phases in 2020 and 2021 on material from Area 51 and Tabasco-Cayenne zones by SGS Canada Inc.

Grindability testing was completed in 2021, including SAG mill comminution test. The samples were characterized as hard with respect to resistance to impact breakage during SMC test, with Axb drop weight test values ranging from 23 to 31. Bond rod mill index results are in a range of 15.6 to 16.9 kWh/tonne, which can be classified as moderately hard to hard range. The bond ball index ranges from 13.4 to 16.2 kWh/tonne, considered as in the medium range of hardness.

Gravity gold recovery testing was done in 2021 on representative composite sample of Tabasco-Cayenne and Area 51 zone material. Gold recoveries to the gravity concentrate were as high as 66.5% for Tabasco-Cayenne and 84.3% for Area 51, in line with prior testing in 2020. The results of gold gravity recovery testing show the need for a gravity circuit in the process flowsheet.

Cyanidation testing was completed in 2020 on representative samples following gravity recovery. Overall, gold recoveries ranged from 94.6% to 96.9% for the Tabasco Zone and 95.3% to 97.1% for Area 51.

Based on 2020 and 2021 testing and planned process flowsheet, the estimated process plant payable gold recovery is to average 96.0% over the LOM.

Processing

A total of 7,000 tpd of material will be processed in the plant, which will consist of a semi-autogenous grinding mill in closed circuit with a pebble crusher and ball mill in closed circuit with cyclones (SABC circuit). The crushing circuit will consist of a temporary crusher at surface operated by a contractor until the production shaft is operational. Once the shaft is operating, the material will be crushed underground prior to hoisting. A gravity circuit followed by leaching will recover coarse gold from the cyclone underflow, while the cyclone overflow is treated in one pre-leach tank and in a seven-tank carbon in-leach circuit, followed by SO2/Air cyanide destruction. Gold will be recovered in an adsorption-desorption-recovery Zedra process circuit and electrowinning cells with gold room recovery and production of gold bars, which will be shipped to mint facilities for purification.

The SO2/Air circuit is followed by a tailings flotation circuit with sulphide concentrate to produce paste backfill to send underground and/or dry for tailings storage.

The process plant building will include a laboratory, mill maintenance workshop, offices and a dry.

Figure 4. Process Flow Sheet

Process Flow Sheet

Surface Infrastructure

The Project is approximately 75 kilometres from the town of Matagami in Quebec and is accessible via a 24-kilometre forestry road from Hwy. 810. The existing Fenelon camp site includes a welcome center, 155-room dormitories, dry, kitchen, dining room, game room, workshop and first nation cultural center.

The existing mine site includes core shack, modular offices, garage, water treatment plant, air ventilation-heating system to serve underground opening, an open pit and a portal connecting to an underground ramp. The camp and mine site are served by diesel generators for electricity production. All these facilities will be used at the start of the Project, and will be upgraded, expanded or replaced during construction and operations.

The mining and processing infrastructure will be located at the Fenelon site. The mine envisions the upgrade of existing surface infrastructure: site access road, potable water and sewage systems, underground mine portal, mine ventilation systems (intake and exhaust), main and remote gatehouses, surface maintenance shop, waste rock stockpile, overburden stockpile, and mineralized material stockpile. The Project will require construction of the following infrastructure items: 7,000 tpd process plant complex, paste plant, offices, dry, truck shop and warehouse; 20 kilometres of 120 kV overhead transmission line; 120 kV main substation; final effluent water treatment plant; surface water management facility, including ditches, pond and pumping stations; service and haulage roads; and tailings management facility.

The camp site will be expanded to 370 rooms with associated kitchen, dining room and game-exercise room. A local office with 25 places is planned in a nearby town to support administration, communication, human resources and technical personnel.

Figure 5. Fenelon Location Map

Fenelon Location Map

Figure 6. Mine Site

Mine Site

Production Shaft and Underground Infrastructure

The construction of the shaft is planned to start in Year 2 of production and be fully operational prior to Year 5 of production.

The surface infrastructure for the production shaft consists of a steel headframe with backlegs, a hoist room building, a silo and a conveyor feeding the process plant dome stockpile. The shaft is dedicated for material handling only. The skip will be raised to the surface in a dedicated rope guided shaft by a double drum hoist located on the surface in a 1,040 metre deep shaft.

The construction of the following infrastructure is envisioned for the underground material handling complex: a grizzly on top of a 4-metre diameter by 25-metre high silo for the mineralized material. The same is planned for the waste rock. Both would be equipped with a rock breaker. The mineralized material from the silo will go through a crushing plant equipped with a jaw crusher and sacrificial conveyor. The crushed mineralized material will then be accumulated in a 6.1-metre diameter by 25-metre high silo. A loading station with an apron fed conveyor from the waste and crushed mineralized material silos will bring the material to measuring boxes to be loaded into the 18-tonne skip and hoisted to the surface.

Tailings Management and Paste Plant

The desulfurized thickened tailings from the mill operations will be managed with two approaches: used as underground paste backfill or disposed on surface as high-density thickened tailings. From the tailing thickener underflow will be pumped either to the paste backfill plant or to the tailings management facility (“TMF”).

The selected site is located 1.4 kilometres northwest of the existing small pit.

The waste rock proposed for construction coming from underground development, may be metal leaching. As a mitigation measure, an impervious geomembrane will be installed to encapsulate the waste rock. A geomembrane is also considered on the bottom of the emergency cell.

At the paste backfill plant, thickened sulphide tailings are stored in a large, agitated tank which is sized to provide several days of storage at peak sulphide production from the mill. When the paste backfill plant is running, tailings from the filter feed tank are fed to a single vacuum disc filter for dewatering. The vacuum filter cake feeds the paste mixer. The thickened sulphide tailings are also pumped into the paste mixer during backfill production for inclusion in the paste recipe. This is the primary means of sulphide tailings disposal – underground in the paste backfill. The other streams reporting into the paste mixer to achieve the target recipe are binder (a slag cement mixture) and slump water if required to further control the paste density. The paste backfill will be distributed throughout the mine using either a single paste pump or gravity depending on the location of the stope.

Water treatment

All contact water, including groundwater, surface runoff and water from the TMF shall be collected and treated at the water treatment plant before being discharged to the environment.

Environment and Permitting

In Northern Quebec (James Bay region located south of the 55th parallel), all mining developments must follow the environmental assessment (“EA”) and review procedures under the Regulation respecting the environmental and social impact assessment (“ESIA”) and review procedure applicable to the territory of James Bay and Northern Québec. Additionally, with a planned production capacity of 7,000 tpd, the mining project exceeds the 5,000 tpd threshold for the federal environmental assessment procedure, therefore an EA in compliance with the requirements of the new Impact Assessment Act (S.C. 2019, c. 28, s. 1) will be required.

The acquisition of baseline environmental knowledge on the Fenelon property began several years ago and is still ongoing today. To date, preliminary environmental characterizations of the physical environment and biological environment have been carried out and/or are ongoing. Confirmation of the regulatory context made it possible to identify the scope of the environmental studies required to obtain environmental authorizations. Inventory work is underway to fill these gaps.

To date, no major environmental issues have been identified in the work undertaken. The situation of the woodland caribou, designated as vulnerable in Quebec and threatened at the federal level, remains uncertain to date in the Project area with regard to future legal protection of its habitat.

A preliminary geochemical characterization program has been in progress since 2020 to identify the geo-environmental characteristics of ore and mine wastes and classify their environmental risk (e.g., for acid rock drainage and metal leaching) based on Québec provincial guidance documents. Findings from the geochemical study have been incorporated into the Project design.

Closure

A closure and rehabilitation plan for the land affected by the Project will be prepared and submitted for authorization. The preliminary concept for site closure is estimated at $10.5 million. The current financial deposit for site closure is estimated at $2.9 million for a net closure cost of $7.6 million.

Stakeholder Engagement

The Project is located in the Nord-du-Québec region, within the James Bay and Northern Qué bec Agreement territory on Category III lands, managed by the Eeyou Istchee James Bay Regional Government, with exclusive trapping rights for the Crees. The Project site is located on lands that are part of the traditional territories claimed by the Cree people of Waskaganish and Washaw Sibi, and by the Algonquin people of Abitibiwinni (Pikogan). The Project is located on a Washaw Sibi trapline.

Wallbridge has always prioritized engaging stakeholders and implementing a consultation plan. Over 130 communication activities have been conducted since acquisition, including meetings, site visits, and workshops. The First Nation communities of Washaw Sibi, Waskaganish and Abitibiwinni (Pikogan) have been extensively consulted. Concerns raised include employment, entrepreneurial opportunities, training, land use and disturbance, water quality, impacts to wildlife, and the cumulative effects of all projects in the area. To date, Wallbridge has taken actions to address these concerns and promote local benefits, including a hiring and contracting policy and the construction of a Cultural Centre. Furthermore, Wallbridge signed a Pre-Development Agreement with the Cree Nations of Waskaganish and Washaw Sibi and the Cree Nation Government in 2022. Wallbridge is committed to continuing consultations with First Nations, local communities, and stakeholders through the EA process.

Workforce

During production, the average number of employees and contractors will be 535 with a maximum at 670. The working schedule for hourly workers is based on 7 days at site (10 or 12 hours per day) and 7 days off site. The working schedule for staff is based on 5 days at site and 2 days off. The maximum employees and contractor on site will reach 340.

During the pre-production period, the average number of employees, contractor and construction workers will be 490 with a peak of 690 during the second half of pre-production Year 2.

Next Steps

The positive results of the PEA study warrants advancing the Project to the next study stages. In order to advance the Project to pre-feasibility study level, the following programs.

 

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