Minnova has released a preliminary economic assessment (PEA) for restarting the PL Gold Mine in central Manitoba, using the existing mill. At a base-case gold price of US$3,000/oz, the project shows an after-tax NPV at a 5% discount rate of US$181 million, an IRR of 111% and a payback of 0.7 years, rising to US$439 million at US$4,000/oz. Pre-production capital is about US$53 million for 622,000 ounces of gold over a 10-year mine life, with first gold in 2028. The plan starts with open-pit mining in 2028-2030 before moving underground, with underground ore supplying all mill feed from 2031. The company stresses that no production decision has been made, as it depends on a feasibility study, financing and permitting.
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