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Emerald Resources NL
Summary
| Project: | Okvau | |
|---|---|---|
| Deposit: | Okvau | |
| Location: | Cambodia | |
| Commodities: | Gold | |
| Date: | 11/26/2019 | |
| Report Code: | JORC | |
| Report Type: | Feasibility Study | |
| Project Stage: | Mine Development | |
| Report details: | 26-11-2019: Emerald Resources NL announces a Feasibility Study report for its Okvau deposit at the Okvau project. Updated DFS results incl. NPV of US$337M, IRR of 69%. Emerald Resources NL (ASX: EMR) (“Emerald”) is pleased to announce that it has received | |
| Resources: | (Reserve, Prob.): 14.26Mt @ 1.98g/t Au for 907Koz contained at Okvau | |
| CP/QP: | [Resources]: Brett Gossage (EGRM Consulting Pty Ltd.) | |
| ABSTRACT: | Emerald Resources NL (ASX: EMR) (“Emerald”) is pleased to announce that it has received approval from the Cambodian Council of Ministers for the execution of a Mineral Investment Agreement (“MIA”) for the Okvau Gold Project. A Sor Chor Nor, an official Government announcement letter, has now been issued by the Council of Ministers approving the execution of the MIA by the relevant ministries. Following the confirmation of the Sor Chor Nor and the key fiscal incentives of the MIA, Emerald has reviewed key assumptions and inputs of its Definitive Feasibility Study (“DFS”). Based on the prevailing gold price of US$1,450/oz. and updating the key assumptions and inputs, the NPV (5%) of the Okvau Gold Project has significantly improved to US$337M (A$488M) pre-tax and US$238M (A$345M) post-tax with an outstanding Internal Rate of Return (IRR) of 69% pa pre-tax and 57% post-tax. Managing Director Morgan Hart commented “The approval of a direct agreement with the Cambodian Government for the development of the Okvau Gold Project is a significant milestone for Emerald and the people of Cambodia as it is the first time this has been implemented for a large scale mining project.” The significant improvement in the NPV and IRR is the result of an ongoing effort by Emerald to critically examine and pursue improvements in all aspects of the 1.14Moz at 2.0g/t Au Okvau Gold Project economics. The comparison to the NPV announced as part of the DFS is outlined at Tables 3-4. Of note, the uplift is primarily based upon a gold price of US$1,450/oz and concessions negotiated within the MIA. | |
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