27 Oct 2023resource reserve update● NeutralMajor
The company released an updated resource estimate and an initial economic study for its 100%-owned Back Forty Project in Michigan, the development asset gained through the 2021 Aquila acquisition. The study shows a 9-year mine life, after-tax NPV (at a 6% discount rate) of $214.4 million, after-tax IRR of 25.7% and initial capital cost of $325.1 million, assuming gold at $1,800/oz. Measured and Indicated resources fell 21% versus the previous estimate while Inferred resources were within 1%.