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Twin Hills gold project, Namibia – update

Image of gold ore

Photo by ©Bloomberg

1st March 2024

By: Sheila Barradas

Creamer Media Research Coordinator & Senior Deputy Editor

     

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Name of the Project
Twin Hills gold project.

Location
Namibia’s prospective Damara sedimentary mineral belt, between the towns of Omaruru and Karibib, in the Erongo region.

Project Owner/s
Dundee Precious Metals (DPM) entered into a definitive agreement to acquire TSX-V-listed Osino Resources Corp and, in turn, Osino's high-quality, long-life Twin Hills openpit gold project, along with other exploration assets, in December 2023.

On February 19, 2024, Osino announced that it had received a proposal from a foreign-based mining company, Yintai Gold, for the acquisition of all the issued and outstanding common shares of the company, as well as all the issued and outstanding securities convertible into common shares for a cash consideration of C$1.90 for each common share through a plan of arrangement.

Osino’s board of directors unanimously determined, after consultation with its financial and legal advisers, and based upon the unanimous recommendation of the special committee of the board, that the new offer constituted a "superior proposal" in accordance with the terms of the DPM Arrangement Agreement between Osino and DPM.

DPM chose not to amend the terms of the DPM Arrangement Agreement in light of the superior proposal.

On February 25, 2024, Osino and Yimtai announced that that they had entered into a binding arrangement – the Yintai Arrangement Agreement – pursuant to which Yintai will acquire all the outstanding common shares of Osino. At the closing of the agreement, Osino’s portfolio will comprise only gold-related assets in Namibia, primarily the Twin Hills gold project, and the exploration projects Ondundu and Eureka.

Project Description
A definitive feasibility study (DFS) has proposed the development of a low-risk, technically simple openpit mine using contract mining.

Life-of-mine (LoM) gold recovery is estimated at 92% using three-stage crushing, ball milling, gravity separation, pre-oxidation and carbon-in-leach plus filtration, and dry-stack tailings deposition.

The carbon-in-leach metallurgical plant will process five-million tonnes a year of mineralised material over a 13-year LoM.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has a pretax net present value, at a 5% discount rate, of $742-million and an internal rate of return of 34%, with a payback of 2.2 years.

Capital Expenditure
The initial capital cost of the project is estimated at $365-million.

Planned Start/End Date
Initial gold production is expected in 2026.

Latest Developments
None stated. 

Key Contracts, Suppliers and Consultants
Lycopodium Minerals Africa (preliminary economic assessment and overall DFS study manager); DRA (infrastructure design, cost estimation and coordination of specialised consultants); Lycopodium and DRA/Senet (engineering, procurement and construction management); Qubeka Mining Consultants (enhancement, design, scheduling and cost estimates for the openpit mining operation); Knight Piésold (design and cost estimate of the filtered tailings storage facility, and extend the hydrogeological model of the project); CSA Global (resource estimation); SRK (geotechnical and geophysical works); ECC (environmental work); SLR (hydrocensus updates); FL Smidth, Paterson & Cooke, Bokela and STL (tailings filtration testwork); GSFA (bulk power supply); Kuchling & Associates (bulk water supply); Dornier Suntrace (renewable power supply); and Collis & Associates (sustainability work).

Contact Details for Project Information
Osino Resources manager investor relations Julia Becker, tel +1 604 785 0850 or email jbecker@osinoresources.com.

Edited by Creamer Media Reporter

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