Asset decisions · Bergbau products

What should we build, and when?

Asset Pathways and Value Chain Optimiser. Independent of the Planning Agent. Sold separately.

Model the whole asset from whatever data you have, then compare every way it could be developed on the same basis.

Walk through your asset with us
Asset Pathways · Value Chain Optimiserboards · executives · project managers

Standalone tools for the capital decision

No dependency on any third-party package. Built for asset and provincial strategy work, and for early stage due diligence, including before a technical team is engaged.

Asset Pathways
capital decisions
01

Models the whole mine from whatever data you have, then builds and compares the ways it could be developed.

Block models in, or text and report data where there are none
First pass open pit optimisations and mineable underground inventories
Ore sources, plants, product specifications and infrastructure in one model
Water, access, power, permitting and capital screened together
Exploration and acquisition targets tested as options
Development, consolidation, divestment and study pathways
Value Chain Optimiser
mine to market
02

Balances the chain against what the mine plan actually delivers, period by period.

Cut off grades varied by period
Plant throughput and recovery trade offs
Logistics and routing options
Product specifications and offtake terms
Bottlenecks across the chain
Value maximised against each period of the plan
Asset Pathways and Value Chain Optimiser behind

Explore the asset. Compare the pathways. Optimise the chain.

asset-pathways · northwater.hpx · rev 4 · region
ASSET PATHWAYS Bergbau
Asset Base case Pathways Region Grounding Sources Facts and assumptions Runs
Region Northwater District Integration Revision 4 gap overlay on Compare routes ▶ Run analysis

Layers

Our tenements
Third-party tenure
Ore sources
Processing
Exploration targets
M&A candidates
Power
Water
Rail and road
Tailings
Haulage rings
Structural controls
Prospective geology
1 : 250 000 · district view
50 km haulage radius · central mill Northwater L. Night L. legacy tailings cover obligation NORTHRIDGE RES. 115 kV HWY 101 RAIL · 3.5 Mtpa OUR TENEMENTS SPUR REQUIRED 30 mo · US$96M 3 exploration targets TIMMINS Aldan UG 6.2 Mt @ 5.4 g/t Brack UG 160 kt @ 4.1 g/t Corvin OP 38 Mt @ 1.1 g/t Delve pit · restart 21 Mt @ 0.9 g/t Ember deposit M&A · 30% · 14 Mt Central mill 11.5 ktpd · 78% utilised Second plant · 4 lines 7.2 Mtpa · 1 running Third-party mill · 2.0 Mtpa toll capacity available ROUTE A · 13 km current haul · base case ROUTE B · 1 km pit → second plant UTM zone 17N 20 km N

Second plant, selected

Ownerours, since FY26
Lines4, 1 running
Nameplate7.2 Mtpa total
To Corvin1 km
To central mill14 km
Power at gate115 kV, to 4.4 Mtpa
Waterconstrained, wet season
Sourcesrc-02 · p.14
Line 2 condition assessment outstanding. Refurbishment scope drives Gate 1 timing.
Gap: expansion beyond 4.4 Mtpa needs a 115 kV spur, 30 months, US$96M, no connection agreement lodged. Drawn dashed on the map.

District at a glance

Ore sources4 ours · 1 M&A · 3 targets
Processing2 ours · 1 third-party
Inside 50 km ring3 of 4 sources
Infrastructure gaps3 open
11 layers, curated local data
2 routes compared
3 required but absent features drawn
works offline · UTM zone 17N
value-chain-optimiser · northwater.hpx · rev 4 → vco 2
VALUE CHAIN
OPTIMISER Bergbau
Scenario Chain Mine Plant Product and logistics Run Levers Runs
Chain Route A, second plant line from Asset Pathways rev 4 gap 1.8% proven Compare to Pathways case ▶ Optimise
OPEN PIT 4.1 Mtpa
cut-off 0.42 g/t
UNDERGROUND 0.9 Mtpa
cut-off 2.10 g/t
STOCKPILE 3.2 Mt held
reclaim FY33+
PLANT, LINE 2 3.9 Mtpa
P80 118 µm
recovery 89.4%
LINE 3, REFRACTORY 0.6 Mtpa · 82%
PRODUCT doré + con
con 62% payable
MARKET rail 340 km
TC/RC terms
line thickness = tonnes · every stage carries recovery, capacity, unit cost and a step ladder
bottleneck: Line 2 classification at 3.9 Mtpa, coarsening past P80 124 µm loses more to recovery than it gains in throughput

Levers found

Grind P80132 → 118 µm
+$34M
OP cut-off0.50 → 0.42 g/t
+$41M
UG cut-off2.40 → 2.10 g/t
+$19M
Stockpile reclaimdefer to FY33
+$23M
Con payable target58 → 62%
+$16M
Rail vs road split82% rail
+$11M
Total +US$144M over the route as handed over, with every constraint honoured. Optimality gap 1.8%, proven, not a claim.

Constraints honoured

Plant classification cap · mine movement cap · UG development rate · ventilation airflow vs concurrent diesel · TSF deposition rate · rail allocation window · blend spec on arsenic · closure timing.
No constraint was relaxed to return this answer. If a case is infeasible we say which constraint binds, and we do not produce a number.
6 levers evaluated
gap 1.8%, proven bound
deterministic · same answer every run
asset-pathways · northwater.hpx · rev 4
ASSET PATHWAYS Bergbau
Asset Base case Pathways Region Grounding Inputs Sources Runs
Pathways Northwater District Integration Revision 4 AACE Class 5 Export board pack ▶ Run analysis
Gold US$2,400/oz flat real Discount 8% real, mid-year Currency US$ real, FY26 Royalty 2.5% NSR NPV figures are pathway totals, not increments
 
FY27
FY28
FY29
FY30
FY31
FY32
FY33
FY34
FY35
FY36
Base case as disclosed
GATE 1 · FY27 Q3
GATE 2 · FY30
GATE 3 · FY31
ALL SOURCES → CENTRAL MILL · 11.5 ktpd
DEPLETING
A · Convert second plant lines 2 + 4 · open pit re-routed NPV US$270M · capital US$225M
US$140M
CONVERT LINES 2+4
RAMP
PRODUCTION · 3.5 Mtpa open-pit feed
US$85M
DELVE PIT RESTART, unlocked by freeing the mill
B · Dedicated line + refractory circuit NPV US$215M · capital US$216M
US$120M
BUILD
RAMP
PRODUCTION · recovery +2.5pp, refractory unlocked
US$96M
grid spur, required for B, 30 month lead
Future sources may not exist · risked, excluded from NPV above
EXPL TARGET · 45% · FY31+
REGIONAL M&A · 30% · FY32+
TOLL FEED · third-party mill
Studies and approvals must close before the gate they feed
plant condition
haul road permit · 18 mo · 35% refusal risk · gates A
metallurgical testwork, refractory · gates B
grid connection agreement · 30 mo
A or B, the numbers a board decides on
Base case A · convert second plant B · dedicated line
NPV @ 8% real US$40M US$270M US$215M
NPV range, Class 5 inputs -US$120M to +US$210M US$95M to US$470M US$45M to US$400M
IRR n/a 27% 21%
Growth capital nil US$225M US$216M
Payback from first ore n/a 3.4 yrs 4.1 yrs
AISC US$1,640/oz US$1,405/oz US$1,470/oz
Decide by n/a Sep 2027 Mar 2030
Blocking gap n/a haul permit, 35% refusal refractory testwork absent
2 pathways, 2 exit options
3 gates set by lead time
future sources risked, excluded from NPV
preferred route → Value Chain Optimiser

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Asset Pathways · Value Chain Optimiser

See the options for your asset.

Walk through your asset, development pathways and mine-to-market decisions with us.

Walk through your asset with us