Preliminary Economic Assessment


The PEA study indicates exceptionally high-margin and meaningful returns on a robust project.

Ikkari is proving to be an all-weather discovery: a gold deposit resilient through all cycles.

All infrastructure located on 100% Rupert held property, with access to renewable power.


  • 46%(after tax)


  • 2 Yrs


  • $759/oz


NI 43-101 Tech Report


PEA Investor Presentation


PEA press release



The Preliminary Economic Assessment study includes our flagship Ikkari gold discovery and Pahtavaara mine and mill.

Our flagship Ikkari project’s updated resource estimate includes 84% conversion of ounces to indicated, and defines a cohesive deposit featuring broad intervals of consistent high-grade gold.*

A phased mine plan optimizing near-term cash flow is outlined. Open-pit operation at Ikkari is suggested for first 11 years, transitioning to Ikkari underground (years 10-23) and Pahtavaara concentrate (years 12 to 24). The 22-year life of mine includes recovered gold of 4.25 million ounces with average annual production of 200,000 ounces. The open pit operation is expected to support average annual production of 220,000 ounces in years one to 11.

An expected lowest quartile all-in sustaining cost (“AISC”) of $759/oz is outlined over LOM, and $596/oz during the open-pit operation. Low sensitivity to cut-off grade and low initial strip ratio is also detailed.



Life Of Mine Years 22
Net Present Value (5% discount rate) USD Million 1,600
Internal rate of return (unlevered) % 46
Payback Years 2.0
Capital expenditure (Initial) USD million 405
Capital expenditure (Sustaining) USD million 395
Revenue USD million 6,955
Operating cost USD million 2,775
Free cash (after tax) USD million 2,710


Years 1 to 11 LOM (22 years)
Milled tonnes Million tonnes 37.9 71.6
Mill throughput Million tonnes per annum 3.5 3.5
Strip ratio Waste : Ore 3.7 4.6
Average processed grade Grams per tonne (gold) 2.1 1.9
Average metallurgical recovery % 95 95
Average annual gold production 000 troy ounces (k oz) 220 200
Recovered gold Million troy ounces 2.4 4.2
Total Cash Cost $ / troy ounce 501 667
Sustaining Capital $ / troy ounce 95 93
All in Sustaining Cost (AISC) $ / troy ounce 596 759

* The Mineral Resource estimate included in the PEA is reported according to the classification criteria set out in the Canadian Institute of Mining, Metallurgy, and Petroleum Definition Standards for Mineral Resources and Reserves (“CIM Definition Standards”). These standards are internationally recognized and allow the reader to compare the Mineral Resource with that reported for similar projects. Readers are cautioned that the PEA is preliminary in nature and is intended to provide an initial assessment of the project’s economic potential and development options. The PEA mine schedule and economic assessment includes numerous assumptions and is based on both Indicated and Inferred mineral resources. Inferred resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA results will be realized. Mineral resources are not mineral reserves and do not have demonstrated economic viability. Additional exploration will be required to potentially upgrade the classification of the inferred mineral resources to be considered in future advanced studies.