Name of the Project
Borborema gold project.

Location
The project is located in the Seridó area of the Borborema province in north-eastern Brazil.

Project Owner/s
Big River Gold.

Project Description
A review of the 2019 definitive feasibility study (DFS) has recommended plant and equipment changes to the comminution and elution circuits.

The plant changes will provide additional operational security and benefits.

The revised 2020 DFS recommends that the planned semiautogenous grinding mill be replaced by a three-stage crushing and ball mill, and that the Anglo American Research Laboratories elution circuit be replaced by a pres­sure Zadra plant. The selection of the Zadra plant was made to conserve water and is con­sidered better suited when operating with treated sewage water from Currais Novos.

Stage 1 of the project is expected to produce 729 400 oz of gold over 10.2 years, which comprises only a portion of the Borborema resources and reserves of 2.43-million ounces and 1.61-million ounces respectively.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The Stage 1 pretax net present value has increased from $218-million tonnes, at an 8% discount rate, in the 2019 DFS to $342-million at an 8% discount rate in the revised 2020 DFS.

The internal rate of return has increased from 43.6% and 64.7%.

Payback has decreased from 2.4 years in the 2019 DFS to 1.4 years in the revised 2020 DFS.

Capital Expenditure
Startup capital costs of the two-million-tonnes-a-year project have been reduced from $99.33-million to $90.7-million.

Planned Start/End Date
Big River has previously stated that construction of the project is expected to take 23 months, subject to the conclusion of financing.

Latest Developments
The company is looking to source financing through a combination of equity and debt instruments from existing shareholders, new equity investment and debt providers in Australia and overseas.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Big River Gold (Brazil), tel +55 31 2534 3620 or email admin@bigrivergold.com.au.