Name of the Project
Sihayo gold project.

Location
The project is located in North Sumatra, Indonesia.

Project Owner/s
Sihayo Gold (75%).

Project Description
The definitive feasibility study on the Sihayo project is based on mineral resources estimated at 24-million tonnes grading 2 g/t gold and combined ore reserves of 12.5-million tonnes grading 2.1 g/t gold.

The DFS envisages an operation producing about 635 000 oz over an eight-year mine life.

The processing plant has been designed as a simple carbon-in-leach circuit for a nonrefractory ore. Although the plant has been designed around a hard-rock throughput of 1.5-million tonnes a year, the design allows for the treatment of up to two-million tonnes a year of oxide and transitional ore.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has an after-tax net present value, at a 5% discount rate, of $205-million in the base case and an internal rate of return of 28%, with a payback of 33 months.

Capital Expenditure
Total project capital is estimated at $144-million.

Planned Start/End Date
First gold is expected in the first quarter of 2023.

Latest Developments
Sihayo announced in August that it was hoping to raise A$32.1-million through a share placement and nonrenounceable entitlement offer to fund exploration and early works at its Sihayo starter project.

The proceeds from the capital raise will be used to fund early project-construction works and other critical-path items, including final permitting, an exploration programme, debt repayment and working capital.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Sihayo Gold, tel +61 427 401198 or email sihayogold@sihayogold.com.