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Amara Mining: Baomahun Feasibility Study confirms robust financial returns

Amara Mining plc, the dual AIM and TSX-listed West African focused gold mining company, announced the results of its Feasibility Study for its 100% owned Baomahun Gold Project in Sierra Leone.

  • The FS outlines a robust and economically viable project
  • The Project is expected to generate a post-tax Internal Rate of Return (“IRR”) of 22% and a post-tax NPV of US$127 million at a discount rate of 8% and a gold price of US$1,350/oz
  • Life of mine (“LOM”) average total cash costs of US$799 per ounce (inc. royalty and refining)
  • Maiden Mineral Reserve defined for Baomahun of 1.21 million ounces (23.3Mt at 1.62g/t) at a gold price of US$1,100oz
  • Amara intends to immediately investigate the recommendations generated by the FS to optimise capital intensity, initial capital outlay and payback period

The FS is based upon an open pit operation with a mine life of 11.5 years and a processing capacity of 2 million tonnes per annum (“Mtpa”) through a conventional carbon-in-leach (“CIL”) plant. Average production is expected to be 148,550 ounces per annum over the first six years at 2.53g/t head grade, with production of 203,970 ounces at 3.90g/t in the first year generating strong cash flow.
Peter Spivey, Chief Executive Officer of Amara, commented:
“The Feasibility Study has demonstrated the economic strength of the Baomahun Gold Project. We intend to maximise the opportunity for further upside through optimisation which, in light of the current poor equity valuation environment and uncertainty over the outlook for the gold price, is a prudent strategy and in keeping with our approach of lowering risk. This work will focus on opportunities highlighted by the FS including enhancing capital intensity, reducing initial capital outlay and shortening the payback period for Baomahun through exploring scenarios for a smaller plant and higher grade open pit, an earlier underground phase and hydro-electric power. We expect this to demonstrate an even more robust and deliverable project. Having proven the viability and value of Baomahun, we will now begin discussions with our partner, Samsung, and other interested parties with regards to funding the development in a non-dilutive fashion. The delivery of the Baomahun FS is an important step in demonstrating the intrinsic value in the Company’s portfolio of assets.”

 

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