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Slide-Deck Outline
DMMP flowsheet strategy
Slide 1
CIP → RIP → Flotation
Phased Development in a $4,300+/oz Gold Environment
- Project: 3.0 g/t historical tailings resource
- Objective: Maximize NPV while minimizing upfront capital and risk
Executive framing
Why a phased strategy now?
Slide 2
- Gold at $4,300+/oz changes the economics of early production.
- Priority shifts from “perfect flowsheet” to the fastest path to cash flow.
- A phased strategy reduces technical and financing risk while preserving upside.
- Decision focus: maximize NPV with minimal initial CAPEX and dilution.
In this price environment, delaying production for an ideal flowsheet is often more costly
than starting with an imperfect but highly profitable one.
Flowsheet options
The three development pathways
Slide 3
- 1. Direct CIP — the simplest, fastest, lowest‑CAPEX route to first gold.
- 2. CIP + Resin-in-Pulp (RIP) — metallurgical upgrade to address preg-robbing and fouling.
- 3. Flotation + Concentrate Leach — the structural optimization and long-term endgame.
We are not choosing one technology in isolation; we are sequencing them to create a
capital-efficient development arc.
Phase 1
Why start with Direct CIP?
Slide 4
- Lowest initial CAPEX – no flotation cells, UFG, or complex resin systems required.
- Fastest to first gold – simple, proven design with minimal engineering lead time.
- Ideal vehicle to capture high margins at $4,300+/oz quickly.
- Provides the operating platform for later metallurgical upgrades.
Direct CIP is the shortest and cheapest bridge from resource to revenue in this cycle.
Phase 1 limitations
Direct CIP: performance on this material
Slide 5
- Preg-robbing caps recovery at roughly 40–55%.
- High leaching agent and lime consumption due to full-mass leaching.
- Large detox circuit and full-mass cyanide TSF footprint.
- Carbon fouling and attrition on clay/organic-rich tailings.
- Despite these weaknesses, margins remain strong at current gold prices.
- CIP becomes a cash engine, not the final flowsheet.
CIP is acceptable as a temporary, cash-generating phase precisely because gold prices are
unusually high.
Phase 1 economics
CIP as a cash engine
Slide 6
- Even modest recoveries at 3.0 g/t generate exceptional margins at $4,300+/oz.
- Early cash flow reduces reliance on dilutive equity and high-cost debt.
- Internal capital can be earmarked for RIP and later flotation build-out.
- Real operating data de-risks subsequent design decisions.
Phase 1 is about turning in-situ ounces into internal capital as quickly and safely as possible.
Phase 2
CIP + Resin-in-Pulp (RIP) upgrade
Slide 7
- Resin replaces activated carbon in the adsorption circuit.
- Resins are more robust on preg-robbing and clay-rich tailings.
- Recovery lifts into the 65–75% range, depending on mineralogy.
- RIP retrofit leverages existing CIP tanks and infrastructure.
- Elution becomes simpler and less energy-intensive.
- Phase 2 is funded largely from Phase 1 cash flow.
RIP is the “metallurgy-first” response once CIP’s limitations are understood in practice.
Phase 2 role
RIP as the bridge, not the destination
Slide 8
- RIP is an incremental improvement, not a structural change.
- 100% of the mass is still leached and detoxified.
- TSF remains a full-mass cyanide facility.
- But: improved recovery and robustness enhance cash flow and de-risk the project.
RIP extends the life and profitability of the direct-leach phase while the team prepares for
the structural step-change: flotation.
Phase 3
Flotation + concentrate leach
Slide 9
- Concentrates gold-bearing sulfides into 5–15% of the mass.
- Preg-robbing carbon reports mostly to tails.
- Concentrate is subjected to UFG + intensive leach.
- Recovery targets: 80–85%+.
- High-cost reagents and power applied only to a small mass fraction.
- Bulk tailings stream is largely cyanide-free.
Flotation is the first step in the flowsheet that fundamentally changes the mass balance
and long-term risk profile.
Long-term solution
Why flotation is the endgame
Slide 10
- Highest recovery among the three routes.
- Lowest reagent consumption per tonne of tailings processed.
- Smallest cyanide footprint and TSF liability.
- Best ESG and permitting position for a long-life operation.
Flotation + concentrate leach is where the project ultimately wants to live for most of its life.
Strategy arc
The phased development pathway
Slide 11
- Phase 1 – CIP: Fastest path to cash; low CAPEX; high margins at $4,300+/oz.
- Phase 2 – CIP + RIP: Metallurgical upgrade; better recovery; funded by CIP cash flow.
- Phase 3 – Flotation: Structural optimization; highest NPV; best ESG footprint.
Each phase is value-accretive on its own, and each phase lays the groundwork for the next.
Capital allocation
How each phase funds the next
Slide 12
- Phase 1 CIP minimizes initial equity and debt requirements.
- Phase 1 cash flow is earmarked for RIP retrofit and flotation engineering.
- Phase 2 incremental cash supports flotation CAPEX without over‑dilution.
- Staged CAPEX deployment aligns with de-risked metallurgical understanding.
The project grows out of its own cash generation instead of front-loading capital and risk.
Risk profile
Risk management in a volatile gold market
Slide 13
- Avoids committing to a large, complex flotation build before cash flow.
- Allows real‑world metallurgical learning on CIP and RIP before scaling.
- Provides flexibility to slow or accelerate expansions as gold prices move.
- Reduces the chance of being trapped mid‑build if the cycle turns.
This is an anti‑fragile development pathway: robust across a wide range of gold price outcomes.
Conclusion
Final recommendation
Slide 14
- Build Direct CIP now to capture current gold prices and generate internal capital.
- Upgrade to RIP to improve recovery and robustness once cash flow is established.
- Transition to flotation + concentrate leach as the long‑term, high‑NPV, ESG‑aligned flowsheet.
CIP is the bridge. RIP is the upgrade. Flotation is the destination.