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Gold: $1,806/oz

South Railroad Project

In February 2022, Gold Standard announced a Feasibility Study (“FS”) for the South Railroad Project consisting of the Dark Star deposit and the Pinion deposit, which showed positive results. Key highlights of the Base Case of the FS include (all currencies are shown in U.S. dollars):

  • After-tax net present value at a 5% discount rate (“NPV (5%)”) of $315M at a gold price of $1,650 per ounce (“Base Case Gold Price”)
  • NPV (5%) increases to $487M at a gold price of $1,899 per ounce
  • After-tax IRR of 44% at Base Case Gold Price; After-tax IRR increases to 62% at a gold price of $1,899 per ounce
  • 10.5-year operating life with average annual gold production of 152,000 ounces per year over the first 4 years
  • Average life of mine cash costs of $792 per ounce after by-product credits, and all-in sustaining costs (“AISC”) of $1,021 per ounce
  • Mineral reserve pit designs based on a gold price of $1,450 per ounce
  • Proven and probable mineral reserves of 1.60 million ounces of gold
  • Life of mine strip ratio of 4.1:1
  • Initial capital expenditures of $190M