Preliminary Economic Assessment (PEA)

The Full Technical Report for the Preliminary Economic Assessment on the Combined North Bullfrog - Mother Lode Project can be found HERE

Highlights of PEA stats:

Life of Mine Preliminary Economic Assessment - North Bullfrog-Mother Lode Project

@ USD $1,250/oz Gold Price

Parameter Summary Data
Pre-Tax Cash Flow; IRR USD $970.2 M; 45%
Post-Tax NPV5%; IRR USD $585.6 M; 38%
Overall Strip Ratio 1.08 to 1 (overburden – process tonne)
Cash Cost Years 1-4 (USD per Aueq ounce) $591
Year 1-4 Average Annual Gold Production 347,000 ounces
LOM Cash Cost (USD per Aueq ounce) $680
LOM Average Annual Gold Production 282,000 ounces
Initial Capital Cost (USD) $424M
Sustaining Capital Cost (USD) $60M
LOM Capital Cost (USD per Au Eq oz) $187
Average Mill Recovery (%) Au 83%
Ag 74%
Average Heap Leach Recovery (%) Au 74%
Ag 6%
Average Total Mining Rate* (t/day) 169,860
Average Mineralization Mining Rate* (t/day) 81,680
AISC (USD/produced Au oz) $694

*-10 year rate including capitalized mining in year -1
 

Bullfrog Map

North Bullfrog – Mother Lode Project location map and conceptual infrastructure layout for area

Select Statistics for first 4 years of PEA production Plan for North Bullfrog-Mother Lode Project

First 4 Years of Production (Mill & Heap Leach)
  Heap Leach Mill Total
Total Estimated Ozs of Mineralized Material Processed Au 909,000 914,000 1,823,000
Ag 2,052,000 3,337,000 5,390,000
Recovery (%) Au 69% 84% 76%
Ag 5% 74% 48%
Total Estimated Ozs of Mineralized Material Recoverable Au 624,670 764,000 1,388,000
Ag 110,080 2,480,000 2,591,000
Estimated Average Annual Ozs Gold Production 156,170 191,000 347,090

Sensitivity Analysis for Preliminary Economic Assessment,
North Bullfrog-Mother Lode Project

Gold Price ($/Oz) Pre-tax Cash Flow (USD $M) IRR Post-tax NPV@5% (USD $M) IRR Payback (Yrs)
$1,050 $456 25% $237 20% 2.9
$1,150 $713 35% $413 30% 2.4
$1,250
(base case)
$970 45% $586 38% 2.1
$1,350 $1,227 54% $756 46% 1.8
$1,450 $1,470 63% $914 53% 1.7

Cost & Resource Assumptions for North Bullfrog-Mother Lode Project PEA

Parameter Unit Mayflower Jolly Jane Sierra Blanca YellowJacket Mother Lode
Mining Cost USD/total tonne 1.42 1.42 1.42 1.42 1.42
Au Cut-Off g/tonne 0.1 0.1 0.06 0.35 0.76
Processing Cost USD/process tonne 1.20 1.20 1.20 16.74 18.89
Au Recovery % 72 72 74 86.8 80
Ag Recovery % 6 6 6 74.3 na
Administrative Cost USD/process tonne 0.46 0.46 0.46 0.46 0.46
Refining & Sales USD/Au oz 2.50 2.50 2.50 2.50 2.50
Au Selling Price USD/oz 1,250 1,250 1,250 1,250 1,250
Slope Angle Degrees 50 50 50 50 65