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Scoping Study

You are here: Matador Mining / Cape Ray Gold Project / Scoping Study

Scoping Study

Based on a proposed 1.2 Mtpa standalone mining and processing operation, the Scoping Study has demonstrated potentially strong financial metrics for the Cape Ray Gold Project (Table 1). 

The preliminary economics indicate the Project has positive financial metrics over an initial mine life of 7 years with capital payback during the first 1.75 years of the Project’s life.  This decreases to 1.5 years based on the current gold spot price of US$1,700. The first year of production includes a 6-month ramp up to full throughput capacity.

Table 1 below provides an indication of the sensitivities on the Project’s economics highlighting the NPV and IRR.

Table 1: NPV and IRR Valuations

Scoping Study - 100% equity – Pre-taxNPV (C$)NPV (A$)IRR
5%$300$34461%
8%$256$295
10%$231$266
Scoping Study - 100% equity – Post-taxNPV (C$)NPV (A$)IRR
5%$196$22651%
8%$168$194
10%$152$174

Table 2 below highlights the key input assumptions

Table 2: Base Case – Summary of Projects Economics (estimated)

Post-Tax Financial outputLOM total / Avg.
NPV (8%) (A$ m) 194
NPV (8%) (C$ m) 168
IRR (%)51
Payback (Years)1.75
Undiscounted Cumulative Cashflow (C$ m)253
Pre-Tax Financial outputLOM total / Avg.
NPV (8%) (A$ m) 295
NPV (8%) (C$ m) 256
IRR (%)61
Undiscounted Cumulative Cashflow (C$ m)583
Financial InputsLOM total / Avg.
Gold Price (US$/ oz)1550
Silver Price (US$/ oz)18
Exchange rate (US$: C$)0.7
Exchange rate (C$: A$)0.87
GeneralLOM total / Avg.
Mine Life (Yrs)7
Ramp up period (Yrs)0.5
Processing Facility Throughput (Mt)1.2
Total Ore Mined (Mt)7.8
Total Material Mined (Mt)92.7
Strip Ratio (Operational)9.6
Total Gold Mined (Au koz)504
ProductionLOM total / Avg.
Mill Head Grade (Au g/t)2
Au Mill Recovery (%)0.96
Mill Head Grade (Ag g/t)6.13
Ag Mill Recovery (%)0.56
Av. Annual Production (1-4) (Au koz)88
LOM Production (Au koz)483
Operating costsLOM total / Avg.
Mining Costs - OP (C$ / t mined)2.8
Mining Costs - UG (C$ / t mined)90
Processing Costs (C$ / t processed)21.35
G&A Costs (C$ / t processed)4.94
Royalty rate (%)1.9
C1 Cash costs (C$ / oz)1013
C1 Cash costs (US$ / oz)709
AISC (C$ / oz)1108
AISC (US$ / oz)776
Capital costsLOM total / Avg.
Initial Capital (exc. Mine Development) (C$ m)136.7
Mine Development (Initial) (C$ m)8.7
Mine Development – OP (Sustaining) (C$ m)28.2
Mine Development – UG (C$ m)12.2
Other Sustaining Capital (C$ m) 6.9

Full details of the Study can be accessed by clicking the link below.

https://www.investi.com.au/api/announcements/mzz/4338dd64-18a.pdf

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