Executive Summary

Phased Direct Carbon-In-Pulp → Resin-In-Pulp → Flotation Strategy

Overview

With gold above $4,300/oz, the economics of early production shift dramatically. The optimal strategy is no longer to build the perfect flowsheet upfront, but to build the fastest, lowest-CAPEX path to cash flow, then use internally generated capital to fund metallurgical upgrades.

DMMP’s strategic pathway is a deliberate three-phase development arc:

Phase 1: Direct CIP — Fastest Path to Cash

Direct CIP is not the optimal long-term flowsheet for this material, but it is:

• The cheapest to build
• The fastest to commission
• The simplest to operate
• The most effective at generating early cash in a high-gold-price environment

Even at modest recoveries (40–55%), CIP becomes a cash-printing machine at $4,300+/oz. This early cash flow reduces financing risk and builds internal capital reserves.

Phase 2: CIP + RIP — Metallurgical Upgrade

Resin-in-Pulp (RIP) replaces activated carbon with ion-exchange resin, solving the key weaknesses of CIP:

• Preg-robbing
• Carbon fouling
• Slow adsorption kinetics

RIP typically lifts recovery to 65–75% and can be retrofitted into the existing CIP footprint. This phase increases revenue and extends the life of the direct-leach circuit.

Phase 3: Flotation + Concentrate Leach — Structural Optimization

Flotation changes the mass balance of the flowsheet:

• Only 5–15% of the mass enters the high-cost leach circuit
• Preg-robbing carbon reports largely to tails
• Leaching agent footprint shrinks dramatically
• Recovery increases to 80–85%+

This is the long-term, high-NPV flowsheet and the ultimate destination of the project.

Strategic Rationale

This phased approach:

• Minimizes initial CAPEX
• Maximizes early cash flow
• Reduces dilution and debt
• Allows staged metallurgical learning
• Provides flexibility in volatile markets
• Aligns with investor preference for fast payback and optionality