Highlights
Proven and Probable Reserves(i) increased to 1,182 kt of nickel and 144 kt of cobalt, an increase of 110% and 129%(ii), respectively; The life of mine (LOM) extends to 2048, an increase of 14 years, with total estimated metal recovered of 724 kt of nickel and 85 kt of cobalt; Over the next 10 years, average annual finished metal production of 30 kt of nickel and 3.3 kt of cobalt from Moa is expected, excluding the impact of the Moa JV expansion program and refining of third-party feeds; Favourable economics in the base case scenario supports an after-tax NPV (8%) of
The updated reserves and associated life of mine at the Moa JV underpins and validates our long-term strategy for producing low cost, high purity nickel and cobalt,' said Leon Binedell, President and CEO of
Mineral Reserve Estimates
The 2023 Moa JV Technical Report, which incorporates a newly developed strategic LOM plan based on the economic cut-off grade (ECOG) methodology, estimates that as of
About the Moa Joint Venture
The Moa Joint Venture is a 50/50 joint venture between
About
Forward-Looking Statements
This press release contains certain forward-looking statements. Forward-looking statements can generally be identified by the use of statements that include such words as 'believe', 'expect', 'anticipate', 'intend', 'plan', 'forecast', 'likely', 'may', 'will', 'could', 'should', 'suspect', 'outlook', 'potential', 'projected', 'continue' or other similar words or phrases.
Specifically, forward-looking statements in this document include, but are not limited to, statements regarding resource and reserve estimates, including potential resources and reserves expansion, assumed commodity prices and exchange rates, life of mine and life of mine production plan, production, net present value, operating and capital cost estimates. Forward-looking statements are not based on historical facts, but rather on current expectations, assumptions and projections about future events, including commodity and product prices and demand; the level of liquidity and access to funding; share price volatility; production results; realized prices for production; earnings and revenues; global demand for electric vehicles and the anticipated corresponding demand for cobalt and nickel; the commercialization of certain proprietary technologies and services; advancements in environmental and greenhouse gas (GHG) reduction technology; GHG emissions reduction goals and the anticipated timing of achieving such goals, if at all; statistics and metrics relating to Environmental, Social and Governance (ESG) matters which are based on assumptions or developing standards; environmental rehabilitation provisions; environmental risks and liabilities; compliance with applicable environmental laws and regulations; risks related to the
Risks, uncertainties and other factors regarding resources and reserves include, but are not limited to: the ability to obtain required Cuban approvals for the Economic Cut-Off Grade methodology and new cut-off grade, the degree of confidence that can be attained in relation to the resource models for certain areas, the frequency of waste dump and stockpile surveying and lower resource categorization with respect to saprolites. In addition, those associated with reserves include but are not limited to: the ability to assure sufficient and continuous tailings capacity, the ability to successfully implement the revised mine plan associated with the increased reserves on site Risks to forward looking statements also include changes to costs of production from what is assumed, unrecognized environmental risks, unanticipated reclamation expenses, unexpected variations in the quantity of mineralized material, grade or recovery rates, geotechnical or hydrological considerations differing from what is assumed, failure of mining methods to operate as anticipated, changes to assumptions as to the availability and cost of electrical power and process reagents, the ability to maintain the social license to operate, accidents, labour disputes and other risks of the mining industry, changes to interest rates and changes to tax rates, and availability of allowances for depreciation and amortization.
Additional risks, uncertainties and other factors include, but are not limited to, security market fluctuations and price volatility; level of liquidity and the related ability of the Moa Joint Venture to pay dividends; access to capital; access to financing; the risk to
The Corporation, together with its Moa Joint Venture is pursuing a range of growth and expansion opportunities, including without limitation, process technology solutions, development projects, commercial implementation opportunities, life of mine extension opportunities and the conversion of mineral resources to reserves. In addition to the risks noted above, factors that could, alone or in combination, prevent the Corporation from successfully achieving these opportunities may include, without limitation: identifying suitable commercialization and other partners; successfully advancing discussions and successfully concluding applicable agreements with external parties and/or partners; successfully attracting required financing; successfully developing and proving technology required for the potential opportunity; successfully overcoming technical and technological challenges; successful environmental assessment and stakeholder engagement; successfully obtaining intellectual property protection; successfully completing test work and engineering studies, prefeasibility and feasibility studies, piloting, scaling from small scale to large scale production, , procurement, construction, commissioning, ramp-up to commercial scale production and completion and securing regulatory and government approvals. There can be no assurance that any opportunity will be successful, commercially viable, completed on time or on budget, or will generate any meaningful revenues, savings or earnings, as the case may be, for the Corporation. In addition, the Corporation will incur costs in pursuing any particular opportunity, which may be significant.
Readers are cautioned that the foregoing list of factors is not exhaustive and should be considered in conjunction with the risk factors described in the Corporation's other documents filed with the Canadian securities authorities, including without limitation the 'Managing Risk' section of the Management's Discussion and Analysis for the year ended
The Corporation may, from time to time, make oral forward-looking statements. The Corporation advises that the above paragraph and the risk factors described in this press release and in the Corporation's other documents filed with the Canadian securities authorities should be read for a description of certain factors that could cause the actual results of the Corporation to differ materially from those in the oral forward-looking statements. The forward-looking information and statements contained in this press release are made as of the date hereof and the Corporation undertakes no obligation to update publicly or revise any oral or written forward-looking information or statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. The forward-looking information and statements contained herein are expressly qualified in their entirety by this cautionary statement.
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