Projects

Overview

Invicta Gold Development Project – 100% owned, the Company's flagship asset is an advanced stage gold-copper polymetallic underground deposit located approximately 120 kilometres north of Lima. Over $15 million of capital has been spent by previous owners on development and infrastructure at Invicta, and management expects to commence potential production in the second half of 2018 by using third-party mining contractors and utilizing the existing adit and underground workings. The Invicta project is fully permitted and community agreements are in place.

A recent PEA and updated resource estimate on the project outline a 350 tpd underground mining operation. Utilizing existing infrastructure, the project has very limited initial capital as the area contemplated by the PEA is close to the existing workings. As well, there is room for growth as only a portion of the resources are being contemplated as part of the initial 6 year mine life.

Current Resources

Indicated Resources of 558koz (2,999kt @ 5.78 g/t Au-Eq.)

Inferred Resource of 98koz (577kt @5.29 g/t Au-Eq.)

See “Invicta/Resources”, for full breakdown of resources including notes and sensitivity analysis.

PEA – Initial Mine Plan


>1 Year Payback

Pre-tax NPV (5%)

US$53.6 MM

After-tax NPV (5%)

US$43.4 MM

  

Capital

US$  4.3 MM

Sustaining Capital

US$  8.4 MM

  

Operating Cost (Au-Eq. oz)

US$   508/ oz

All-in Sustaining Cost (Au-Eq. oz)

US$   575/ oz

  

Pre-tax Annual Cash Flow

US$10.2MM

After-tax Annual Cash Flow

US$  8.2 MM

Invicta's approved EIA allows for mine production of 1,000 tpd, although the current mine plan will target an initial rate of 350 tpd with a current mine life of 6 years.


Total mine production of 0.6Mt at an average grade of 8.58 g/t Au-Eq., or 184,708 Au-Eq. ounces


Average annual production of 33,700 Au-Eq. ounces

Total Payable Metal of 145,765 Au-Eq. ounces

Average annual payable metal of 26,700 Au-Eq. ounces

Capital: US$4.3MM
LOM Sustaining Capital: US$8.4MM

Operating Cost (Au-Eq.):
US$508/oz
All-in Sustaining Costs (Au-Eq.): US$575/oz

See “Planned Production”, for more information on the PEA mine plan.


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