Name of the Project
Antler copper project.

Location
Arizona, US.

Project Owner/s
New World Resources.

Project Description
An updated scoping study has evaluated the development of a 48% larger resource base than that considered in New World’s 2022 scoping study. The larger resource comprises 11.4-million tonnes at 2.1% copper, 5% zinc, 0.9% lead, 32.9 g/t silver and 0.36 g/t gold.

The 2023 scoping study considers a significantly increased production profile over a longer operating period than that of the 2022 scoping study. The 2023 study envisages mining a total of 15.4-million tonnes from an underground mining operation at 1.3-million tonnes to 1.5-million tonnes a year, exceeding an initial 13-year operating period.

The operation is expected to produce an average 32 700 t/y of copper equivalent metal-in-concentrate once steady-state production has been reached. This includes an average of 16 400 t/y and up to 18 700 t/y of copper-in-concentrate.

In addition to substantial increases in base metal production, 57 400 oz of gold and 7.7-million ounces of silver in concentrate are produced over the initial operating period.

New World has decided to pursue only underground mining operations at Antler – no starter openpit – which will minimise the project’s surface footprint, as well as its impact on the environment and the local community.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The 2022 scoping study project estimated a pretax net present value (NPV), at a 7% discount rate, of $525-million tonnes and an internal rate of return (IRR) of 42%, with a payback of 29 months after the preproduction period.

The 2023 scoping study estimates a pretax NPV, at a 7% discount rate, of $835-million and an IRR of 40.2%, with a payback of 36 months.

Capital Expenditure
Preproduction capital has increased from $201-million in the 2022 scoping study to $252-million in the 2023 scoping study.

Planned Start/End Date
A prefeasiblity study on the project is expected in the fourth quarter, with the start of preconstruction development works targeted for the first quarter of 2025.

Latest Developments
New World Resources has received firm commitments to raise about A$20.4-million to advance its Antler copper project towards development and production.

The placement was completed at A$0.36 a share.

Near-term work will include expediting exploration drilling to continue to expand the resource base while rapidly advancing Antler to production.

The company has recently defined a multitude of high-priority exploration targets that have never been drill-tested; the funds from the placement will allow for fast-tracking their evaluation.

Antler is an advanced-stage, high-grade copper/zinc polymetallic deposit with a mineral resource estimate of 11.4-million tonnes at 4.1% copper-equivalent for about 467 000 t of copper-equivalent.

Over a 13-year mine life, Antler will produce an average of 32 700 t of copper-equivalent.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
New World Resources, tel +61 9226 1356 or email info@newworldres.com.