Kal East gold project, Australia – update
Name of the Project
Kal East gold project.
Location
About 50 km east of Kalgoorlie, Western Australia.
Project Owner/s
Black Cat Syndicate.
Project Description
An update to the 2022 prefeasibility study (PFS) has again demonstrated strong financial returns from the base case Kal East production target, with initial production targeted at 302 000 oz at 1.9 g/t gold.
Eighty per cent of the production target is high-confidence ore reserves of 243 000 oz at 2 g/t gold.
The updated PFS – as in the 2022 PFS – still estimates the recovery of 278 000 oz.
The updated PFS forecasts average gold production of 56 000 oz/y at a processing rate of 800 000 t/y over an initial life-of-mine of 5.5 years.
Potential Job Creation
Not stated.
Net Present Value/Internal Rate of Return
The project has an internal rate of return of 44%.
Capital Expenditure
Preproduction capital expenditure has increased from A$87.9-million, estimated in June 2022, to A$99-million.
Planned Start/End Date
Not stated.
Latest Developments
Black Cat Syndicated reported on June 4 that the immediate funding required to start major refurbishment works and mining activities at its Paulsens gold mine had been secured. The funds will also be used for the advancement and mining approvals to potentially mine other openpit resources at Kal East.
The company has received firm commitments for A$36-million through a two-tranche placement at A$0.27 a share, with strong support from existing shareholders, as well as several new North American and Australian institutional shareholders.
The placement was upscaled to introduce additional equity funding and to replace the A$6-million Sundy convertible note that had been terminated at no cost.
In May 2024, Kal East entered into a turn-key funding, development and processing arrangement to mine and mill the Myhree and Boundary openpit deposits with mining to start in June/July 2024.
Key Contracts and Suppliers
None stated.
Contact Details for Project Information
Black Cat Syndicate, tel +61 458 007 713 or email admin@bc8.com.au.
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