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First Mining Announces Positive Pre-Feasibility Study for the Springpole Gold Project, Ontario, Canada
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PR Newswire
VANCOUVER, BC, Jan. 20, 2021
Pre-Tax NPV5% of US$1.5 billion, Pre-Tax IRR of 36%
After-Tax NPV5% of US$995 million, After-Tax IRR of 29%
Average Annual Gold Production of 335,000 ounces and AISC of US$577/oz in Years 1 through 9
VANCOUVER, BC, Jan. 20, 2021 /PRNewswire/ - First Mining Gold Corp. ("First Mining" or the "Company") (TSX: FF) (OTCQX: FFMGF) (FRANKFURT: FMG) is pleased to announce the positive results of a Pre-Feasibility Study ("PFS") completed for its 100%-owned Springpole Gold Project (the "Project" or "Springpole") located in northwestern Ontario, Canada. The PFS results support a 30,000 tonnes-per-day open pit mining operation over an 11.3 year mine life.
PFS Highlights
- US$1.5 billion pre-tax net present value at a 5% discount rate ("NPV5%") at US$1,600/oz gold ("Au"), increasing to US$1.9 billion at US$1,800/oz Au
- US$995 million after-tax NPV5% at US$1,600/oz Au, increasing to US$1.3 billion at US$1,800/oz Au
- 36.4% pre-tax internal rate of return ("IRR"); 29.4% after-tax IRR at US$1,600/oz Au
- Life of mine ("LOM") of 11.3 years, with primary mining and processing during the first 9 years and processing lower-grade stockpiles for the balance of the mine life
- After-tax payback of 2.4 years
- Declaration of Mineral Reserves: Proven and Probable Reserves of 3.8 Moz Au, 20.5 Moz silver ("Ag") (121.6 Mt at 0.97 g/t Au, 5.23 g/t Ag)
- Initial capital costs estimated at US$718 million, sustaining capital costs estimated at US$55 million, plus US$29 million in closure costs
- Average annual payable gold production of 335 koz (Years 1 to 9); 287 koz (LOM)
- Total cash costs of US$558/oz (Years 1 to 9); and US$618/oz (LOM)(1)
- All-in sustaining costs ("AISC") of US$577/oz (Years 1 to 9), and AISC US$645 (LOM)(2)
| Note: Base case parameters assume a gold price of US$1,600/oz and a silver price of US$20, and an exchange rate (C$ to US$) of 0.75. All currencies are reported in U.S. dollars unless otherwise specified. NPV calculated as of the commencement of construction and excludes all pre-construction costs. |
| (1) Total cash costs consist of mining costs, processing costs, mine-level general and administrative ("G&A") costs, treatment and refining charges and royalties. |
| (2) AISC consists of total cash costs plus sustaining and closure costs. |
"This PFS is an important milestone for the Company as we continue to advance and de-risk the Springpole Gold Project," stated Dan Wilton, CEO of First Mining. "First Mining is declaring mineral reserves for the first time ever on the Springpole Gold Project, reflecting the culmination of a year of detailed data collection, trade-off studies, and engineering and technical de-risking work done by First Mining and our partners on our project team. The results of the PFS confirm that Springpole has the potential to become a strategically significant, highly profitable gold mine in one of the most attractive mining jurisdictions in North America. The work we have undertaken to date to reduce the potential environmental impact from the project demonstrates the potential for Springpole to be developed in a responsible manner and to mitigate long-term impacts. We look forward to the Project's continual improvement through collaboration with our local and Indigenous communities of interest as we advance Springpole through the federal and provincial Environmental Assessment processes. We are very excited to have added Steve Lines and his team to lead this effort for First Mining. The team's recent and significant experience successfully permitting the Hardrock project in Ontario and other similar open pit mining projects in Canada requiring in-lake cofferdams and associated dewatering will serve us well as we continue to advance Springpole."
This PFS for the Springpole Gold Project was prepared by AGP Mining Consultants Inc. ("AGP") of Toronto, Canada, and a technical report summarizing the PFS will be filed by the Company on SEDAR within 45 days of this news release.
PFS Overview
The Springpole Gold Project, located in northwestern Ontario, Canada, is one of the largest undeveloped open pit gold projects in North America. The Project is located approximately 110 kilometres northeast of Red Lake. Springpole currently hosts 4.6 million ounces ("Moz") of gold in the Indicated Mineral Resource category and 0.3 Moz of gold in the Inferred Mineral Resource category, as set out in the table below.
The PFS evaluates recovery of gold and silver from a 30,000 tonne-per-day ("tpd") open pit operation, with a process plant that will include crushing, grinding, and flotation, with fine grinding of the flotation concentrate and agitated leaching of both the flotation concentrate and the flotation tails followed by a carbon-in-pulp recovery process to produce doré bars.
Important parameters of the PFS are presented in the following table:
| Key Assumptions | LOM | Years 1 to 9 |
| Base Case Commodity Prices | US$1,600/oz Au, US$20/oz Ag | |
| Exchange Rate (C$ to US$) | 0.75 | |
| Production Profile | LOM | Years 1 to 9 |
| Total Tonnes Processed (Mt) | 121.6 | 97.4 |
| Total Tonnes Waste (Mt) | 287.5 | 259.6 |
| Mill Grade - Gold, Silver | 0.97 g/t Au, 5.2 g/t Ag | 1.12 g/t Au, 5.7 g/t Ag |
| Mine Life | 11.3 years | 9 years |
| Throughput (tonnes per day) | 30,000 | 30,000 |
| Strip Ratio (waste:ore) | 2.36 : 1 | 2.66 : 1 (inc. PP period) |
| Overall Recovery - Gold, Silver | 85.7% Au, 89.5% Ag | 87.0% Au, 89.8% Ag |
| LOM Metal Recovered - Gold, Silver | 3.2 Moz Au, 18.1 Moz Ag | 3.0 Moz Au, 16.1 Moz Ag |
| Average Annual Production - Gold, Silver | 287 koz Au, 1.6 Moz Ag | 335 koz Au, 1.8 Moz Ag |
| Unit Operating Costs (1) | LOM | Years 1 to 9 |
| Total Cash Cost (2) | US$618/oz Au (net) US$673/oz AuEq (co-product) | US$558/oz Au (net) US$612/oz AuEq (co-product) |
| All-In Sustaining Cost AISC (3) | US$645/oz Au (net) US$698/oz AuEq (co-product) | US$577/oz Au (net) US$631/oz AuEq (co-product) |
| Project Economics -US$1600/oz Gold Price | | |
| NPV5% - Pre-Tax, After-Tax | US$1.5 billion, US$995 million | |
| IRR - Pre-Tax, After-Tax | 36.4%, 29.4% | |
| Payback Period - Pre-Tax, After-Tax | 2.2 years, 2.4 years | |
| LOM Cash Flow - Pre-Tax, After-Tax | US$2.3 billion, US$1.6 billion | |
| (1) All unit operating costs are shown on both equivalent as well as net of silver by-product credits |
| (2) Cash costs consist of mining costs, processing costs, mine-level G&A, treatment and refining charges and royalties |
| (3) AISC includes cash costs plus sustaining capital and closure costs |
Economic Sensitivities
The Project economics and cash flows are highly sensitive to changes to the gold price.
Springpole Economic Sensitivity to Gold Price (base case in bold)
| Gold Price (US$/oz) | $1,400 | $1,600 | $1,800 | $2,000 |
| Pre-Tax NPV5% | US$1.04 billion | US$1.48 billion | US$1.92 billion | US$2.36 billion |
| Pre-Tax IRR | 28.9% | 36.4% | 43.2% | 49.5% |
| After-Tax NPV5% | US$690 million | US$995 million | $1.30 billion | $1.60 billion |
| After-Tax IRR Werbung Mehr Nachrichten zur First Mining Finance Aktie kostenlos abonnieren
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