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Excelsior Mining Announces Updated Technical Report for Gunnison Copper Project and Johnson Camp Mine
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PR Newswire
PHOENIX, March 30, 2022
PHOENIX, March 30, 2022 /PRNewswire/ - Excelsior Mining Corp. (TSX: MIN) (PFSE: 3XS) (OTCQX: EXMGF) ("Excelsior" or the "Company") is pleased to announce the results of its Prefeasibility Study Update ("PFS" or "Report") on the North Star Deposit of the Gunnison Copper Project and Preliminary Economic Assessment ("PEA") on the Johnson Camp Mine Heap Leach, both located in Cochise County, southeastern Arizona. The Gunnison Project is designed as a copper in-situ recovery ("ISR") mine using solvent extraction-electrowinning ("SX-EW") to produce copper cathode and the Johnson Camp mine is a heap leach operation. Results of the PFS and PEA disclosed in this press release are in United States dollars.
GUNNISON PROJECT PREFEASIBILITY STUDY
Highlights of the PFS (United States dollars)
- Net Present Value ("NPV") of $1,348.5 million after-tax
- at 7.5% discount rate using a life of mine ("LOM") average copper price of $3.93/lb;
- Internal Rate of Return ("IRR") of 44.9% after-tax;
- Pre-production capital costs of $45.1 million
- includes 15% contingency, EPCM, freight, mobile equipment, owner's costs and capital spares;
- Payback period for pre-production capital of 4.8 years after-tax;
- Average life of mine operating costs of $0.91/lb;
- Total Operating Cash Cost (including royalties, non-income taxes, salvage, reclamation and closure) of $1.21/lb
- All-In Cost (LOM capital costs plus operating costs) of $1.70/lb;
- Life of Mine: 2,153 million pounds of commercial production over 24 years;
- Staged production profile: initial production rate of 25 million pounds of copper cathode per annum, followed by an intermediate expansion stage to 75 million pounds per annum and final expansion stage to full production of 125 million pounds per annum (includes the construction of an acid plant at full production). The staged production profile makes possible the funding of future expansions out of cash flow;
- Approximately 15 months of wellfield pre-conditioning (additional operations) to dissolve and remove calcite, along with the addition of a raffinate neutralization plant to assist with the flushing and removal of accumulated CO2 gas;
- Requirement for some additional work to reduce risk and optimize process and production.
A detailed sensitivity analysis to copper price, including a comparison to the results of the 2016 Feasibility Study, is set out below under the heading "Financial Analysis". In addition, the risks and opportunities associated with the Gunnison Project are discussed below.
Commenting on this Report, President & CEO, Dr. Stephen Twyerould said, "Excelsior is committed to innovative and environmentally sustainable copper production through our flagship asset, the Gunnison Copper Project. Production challenges have highlighted the need to re-engineer wellfield ramp-up, including the introduction of a long period of pre-production CO2 flushing and calcite removal. Capital costs, operating costs and the production schedule have been re-estimated to account for wellfield pre-conditioning and flushing using neutralized raffinate. These changes have been incorporated in the new PFS, which highlights the value of our Gunnison Project along with the need for additional time and work before commercial production is achieved. The Company looks forward to undertaking the recommendations of the PFS and getting back-on-track."
The PFS was completed by M3 Engineering & Technology Corporation ("M3") of Tucson, AZ and is effective as of March 11, 2022. The Technical Report (the "Report") summarizing the results of the PFS, and prepared in accordance with National Instrument ("NI") 43-101, will be filed on SEDAR today.
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Financial Analysis
The PFS base case generates an after-tax NPV of approximately $1,348.5 million (at a cash flow discount of 7.5%) and an IRR of 44.9%. This financial analysis is based on a number of assumptions which will be fully set out in the Report.
The base case uses the following parameters over the 24-years of production:
- Copper selling price of:
- Years 1 thru 5: $4.25/lb
- Years 6 thru 15: $4.00/lb
- Years 16 and beyond: $3.75/lb
- Total copper recovery of approximately 48% (based on a combination of metallurgical recovery and estimated sweep efficiency);
- Average of approximately 9.5 pounds of acid consumed for every pound of copper produced;
- Acid plant construction in year 7 with the price of sulfuric acid prior to that of approximately $120/ton and the price of sulfur of $120 per ton delivered after that:
- Combined state and federal tax rate of 32.9%;
- Staged production commencing at 25 million pounds per annum, ramping up to 75 million pounds in year 4, and then to 125 million pounds per annum in Year 7.
- The introduction of an additional year of pre-production calcite removal and neutralized raffinate flushing for every well to address CO2 flow restrictions.
| FINANCIAL ANALYSIS SUMMARY | ||
| | Pre-Tax | Post-Tax |
| IRR | 50.3% | 44.9% |
| Pre-Production Capital Payback (years) | 4.4 | 4.8 |
| NPV (million $) @7.5% | 1,777.5 | 1,348.5 |
| Ratio of New Capital of NPV7.5 | 0.025 | 0.033 |
| COST METRICS | ||
| | | Cost/lb Copper |
| Direct Operating Costs | | 0.91 |
| Royalties, Taxes, Recl. & Salvage | | 0.30 |
| Total Cash Cost | | 1.21 |
Total initial (pre-breakthrough) capital expenditures (including 15% contingency, EPCM, capital spares, owner's costs, mobile equipment and freight) are estimated at $45.1 million. The production wellfield is estimated at $6.1 million for drilling and wellfield infrastructure and $29.7 million is estimated for the water treatment plant. Capitalized pre-production costs for the wellfield and water treatment plant total $9.3 million. Initial production of copper cathode is estimated to be 25 million pounds per annum. Total sustaining capital costs over the life of the mine are $1,026.6 million, which includes production wellfield expansion, SX-EW expansion, acid plant construction and water treatment facilities. The average life of mine Direct Operating Cash Cost is $0.91/lb and the average life of mine Total Operating Cash Cost (including royalties, non-income taxes, salvage, reclamation and closure) is $1.21/lb.
The Company has also evaluated an Alternate case without an Acid Plant. This case generated a pre-tax NPV@7.5% of $1,585.7 million and an IRR of 51.9% (after-tax: NPV@7.5% of $1,218.6 million and IRR of 46.6%). Total initial capital expenditures remain the same as the "Acid Plant" scenario. Total sustaining capital costs over the life of the mine are $873.1 million, which includes production well-field expansion, SX-EW expansion and water treatment facilities. Average life of mine Operating Direct Cash Costs are estimated at $1.24/lb for the "No-Acid Plant" option with an average life of mine Total Operating Cash Cost of $1.53 per pound.
Sensitivity analysis on copper price is shown in the table below.
| Sensitivity Analysis (After-Tax) | |||||
| Sensitivity | Base Case (Acid Plant) | ||||
| | -20% | -10% | 0 | +10% | +20% |
| Cu Price | $3.15 | $3.54 | $3.93 | $4.33 | $4.72 |
| IRR | 30.3% | 37.6% | 44.9% | 52.1% | 59.5% |
| NPV* | $821 | $1,086 | $1,348 | $1,609 | $1,870 |
| | Alternate Case (Non-Acid Plant) | ||||
| | -20% | -10% | 0 | +10% | +20% |
| Cu Price | $3.15 | $3.54 | $3.93 | $4.33 | $4.72 |
| IRR | 31.1% | 39.1% | 46.6% | 54.0% | 61.5% |
| NPV* | $691 | $957 | $1.219 | $1,480 | $1,741 |
| *million $ at 7.5% discount rate | |||||
The impact of the changes compared to the 2016 Feasibility Study can be estimated by comparing the 2022 PFS Base Case at a copper price of $2.75/lb to the Acid Plant case from the 2016 FS at $2.75/lb copper price (see table below).
| | 2022 Base Case at $2.75/lb Cu Price | 2016 Acid Plant Case at $2.75 Cu Price |
| Years of Commercial Production | 24 | 24 |
| Total Copper Produced (million lbs) | 2,153 | 2,165 |
| LOM Copper Price (avg $/lb) * | $2.75 Werbung Mehr Nachrichten zur MFS INTERMEDIATE INCOME TRUST Aktie kostenlos abonnieren
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