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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers

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From: LoneClone	10/18/2022 12:29:48 PM
	of 78404

EDV, MIRL Endeavour Mining aka EDV simultaneously released the results on a DFS on the Lafigué gold prject on its Feterko property in Côte d’Ivoire as well as a positive construction decision; indeed, construction is already underway. When you look at the numbers you can see why they have jumped at this opportunity: annual production of 200+koz at a cash cost of $781/oz over its 12.8 year initial mine life. The IRR is a little lower than I would like at 21%, but that is based on a PoG of $1500 and is certainly acceptable for a project this size being developed by a company this size. EDV with its portfolio of profitable gold mines in western Africa can certainly handle the capex of $448M. Lafigué (of which EDV owns 80% in a JV with a government company) will be a straightforward open pit mine whose ore will be processed through a 4Mtpa CIL plant, technology EDV already uses at other mines in the area. Construction will be relatively quick, with the first gold pour expected in Q3 2024. Also note the use of the word 'inittal' in the previous paragraph; EDV is also highlighting the' robust expansion potential' of this asset, forecasting the discovery of a further 1.5M to 2.0M oz Au in the M&I category over the next three years. This would be enough resources to add about 10 year to the mine life. Message 34041148 The sharks who are looting Minera IRL aka MIRL have of course told us nothing about the blockade that recently closed their Corihuarmi gold mine in Peru, but fortunately the IKN newsletter is keeping us posted. The blockade is now off, because MIRL and the locals have come to an agreement which includes, among other things, a guarantee the mine, which was originally supposed to run out of ore in 2001, will close by the end of 2024. Corihuarmi is all that has kept the company afloat over the year, so that is a big hit.

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