Fortuna Mining has announced positive results from the feasibility study for its Diamba Sud gold project in Senegal, confirming an economically robust open-pit conventional carbon-in-leach gold mine. The study shows an after-tax net present value of $1 billion, an internal rate of return of 60% at $3,500 per ounce gold, and a mine life of 9.4 years, which is more than a year longer than the preliminary economic assessment from last year. Average annual gold production is targeted at 158,000 ounces over the first four years at an average all-in sustaining cost of $1,056 per ounce, with an average AISC of $1,332 per ounce over the life of the mine, reflecting an 8% increase over the PEA, while estimated initial capital costs rose 40% to $397.5 million due to the longer mine life. Diamba Sud now has an estimated probable reserve base of 20.5 million metric tons grading 1.75 grams per ton for 1.1 million ounces of gold. First gold production is targeted by the second quarter of 2028 following an expected final investment decision after receipt of the mining permit. President and CEO Jorge Ganoza said that together with the Séguéla mine expansion, Diamba Sud supports the company's plan to grow its annual gold production rate by about 60% to more than 500,000 ounces in 2028.
Fortuna Silver Mines IncFeasibility study shows strong economics with $1B NPV and 60% IRR, supporting project advancement.