Mr Aurelia bought the Daggers gold mine and the nearby exploration rights in New South Wales;
It is estimated that Daggers can produce an average of 45,000 to 55,000 ounces of gold per year, with an average AISC cost of 1,150 to 1,350 Australian dollars per ounce in the next five years.
The acquisition is in line with the company's strategy of shifting more of the company's strategic portfolio to gold mines, increasing its assets in NEW South Wales by one-third, and improving AISC structure;
Aurelia's discovery of the Daggers gold mine has room to grow by improving mine design and beneficiation processes. The project also has the opportunity to extend drilling targets and extend mine life.
The acquisition price is A $205 million, including:
A $176 million in cash;
A $24m stake in Aurelia;
Contingent expenditures up to A $5 million.
The Company will undertake full underwriting financing, new loans and cash worth A $130 million to cover the cost of the acquisition;
The transaction is expected to be based on net asset value per share (NAV);
The acquisition is expected to be completed in late 2020 or early 2021 subject to the approval of the NSW Government and the consent of the Minister, as well as other customary conditions.
(Photo of The Daggers Gold Mine)
The Daggers mine, located in the east west of New South Wales, produced its first gold concentrate in June 2020.
The project, which includes an underground mine and a newly constructed mineral processing plant, is expected to increase its rated production to 355,000 tons per year by mid-2021.
Daggers is expected to produce 4.5 to 55,000 ounces of gold annually, with AISC averaging a $1,150 to A $1,350 per ounce.
Aurelia shares traded at A $0.505 today, giving it a market value of A $441 million.
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