McIlvenna Bay
Feasibility Study
Foran Mining Corporation is pleased to announce results from a Feasibility Study on its re-scoped, expanded and re-designed mine plan for its 100%-owned McIlvenna Bay project in east-central Saskatchewan.
Overview
The feasibility study envisions a state of the art and re-designed mine plan to accommodate a larger production base at 4,200tpd, which will serve as the starter-plant and is designed to accommodate future expansions as Foran advances and delineates the District.
Key Summary Table
DESCRIPTION | UNITS | BANKABLE FEASABILITY STUDY | |
---|---|---|---|
Metal Prices /FX1 | Base Case | Spot Prices | |
Copper | US$/lb | $3.50 | $4.53 |
Zinc | US$/lb | $1.20 | $1.64 |
Gold | US$/oz | $1,600 | $1,936 |
Silver | US$/oz | $22.50 | $24.52 |
Currency Exchange Rate | USD/CAD | 1.26 | 1.27 |
Production Data | |||
Reserve tonnes | Mt | 25.70 | 27.50 |
Copper Equivalent Grade2 | % | 2.51% | 2.51% |
Copper Grade | % | 1.23% | 1.23% |
Zinc Grade | % | 2.39% | 2.39% |
Gold Grade | g/t | 0.47 | 0.47 |
Silver Grade | g/t | 15.3 | 15.3 |
Daily Throughput | tpd | 4,200 | 4,200 |
Annual Processing Rate | Mtpa | 1.51 | 1.51 |
Mine Life | years | 18.4 | 18.4 |
Blended Recoveries3 | |||
Copper | % | 91.1% | 91.1% |
Zinc | % | 79.8% | 79.8% |
Gold | % | 86.6% | 86.6% |
Silver | % | 63.2% | 63.2% |
Average annual production (in concentrate) | |||
Copper Equivalent – First 15-years2 | Mlbs CuEq | 72.8 | 72.9 |
Copper Equivalent – Life-of-Mine2 | Mlbs CuEq | 65.4 | 65.6 |
Copper | Mlbs Cu | 34.5 | 34.5 |
Zinc | Mlbs Zn | 58.6 | 58.6 |
Gold | koz Au | 17.5 | 17.5 |
Silver | koz Ag | 435.2 | 435.2 |
Life-of-Mine (LOM) Operating Costs | |||
Total Operating Costs4 | C$t/milled | $73.55 | $73.55 |
Opex + Sustaining Capex | C$/tonne | $91.94 | $91.94 |
C1 Copper Cash Costs (net of credits)5 | US$/lb | $0.26 | -$0.62 |
All-In Sustaining Costs (net of credits)6 | US$/lb Cu | $0.90 | $0.01 |
Capital Costs | |||
Initial Capital7 | C$M | $368 | $351 |
LOM Sustaining Capital | C$M | $481 | $481 |
Financial Analysis | |||
Pre-Tax NPV7% | C$M | $678 | $1,493 |
Pre-Tax IRR | % | 26% | 46% |
After-Tax NPV7% | C$M | $466 | $1,055 |
After-Tax IRR | % | 22% | 38% |
Payback Period | years | 4.5 | 2.2 |
1 Current prices and FX based on Feb 23, 2022 closing values.
2 CuEa metrics based on commodity prices under each scenario.
3 Blended recoveries detailed in section below.
4 Total Operating costs include mining, processing, G&A and Tailings costs.
5 C1 Cash costs (net of credits) = total operating costs, plus treatment charges & refining costs, less by-product credits, divided by payable copper production.
6 All-in Sustaining Costs = C1 Cash Costs (net of credits), plus LOM sustaining capital, plus royalties, divided by payable copper production.
7 Initial Captial costs included pre-commercial production credits and costs, please refer to section below.