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Consolidated Project

Santander – Consolidated Project

  1. The project consists of expanding the current operation of the Magistral Mine and integrating it into the area called the Santander Pipe.  
  2. The project considers using our 2,500 tpd Mill and Concentrator facility that has produced over 7.0 Mt @ 3 – 5% Zn, during 2013 – 2022, and expanding it to 3,125 tpd by 2025 to maximize production.
  3. The Santander Pipe used to be the old Santander Mine owned and operated by Compañía Minerales Santander (CMS) from 1957 to 1992, and according to historical records, produced over 8 million tonnes (Mt) @ 7% Zn with significant Pb-Ag content and minor copper credits.
  4. The Consolidated project has the potential to generate a 10+ Year mine life, 240M+ USD pre-tax NPV (6%), 56.1% IRR. 420M+ USD 10-year EBITDA, 20M+ FC average per year for a 95,000 dmt Zn Concentrate per year average once at full production.
  5. The Consolidated plan considers production from 4 mineral sources; the Magistral area, and the Pipe area which is divided in 3 sources: The main Santander Pipe, the Upper-Zone potential, and the Pipe North-extension.
  6. For validation of geologic modeling assumptions, mining method and production profile, metallurgical and concentrate assumptions, and to show that the project can stand on its own, CDPR commissioned DRA-Global to do a PEA study on the Santander Pipe.
POTENTIAL CONSOLIDATED MODEL
  000’s Total
Project Life (a) years 13
Production ZnEq (b) lbs 1,380,310
Production Zn lbs 1,265,888
Production Pb lbs 34,083
Production Cu lbs 31,528
Production Ag oz 1,012
Net Revenue $ 1,052,955
OPEX $ (513,278)
LOM CAPEX $ (122,546)
Max Drawdown 2023-2024 $ (25,000)
Operating Cash Flow $ 340,076
Free Cash Flow $ 217,554
Net Cash Flow $ 213,701
NPV @6% Pre-tax $ 240,863
NPV @6% After-tax $ 134,226
IRR % % 56.1%
$/tn Milled $ 41.40
C1 Cash Cost per pound* $/lb 0.89
ALL-in Sustaining Cost per pound* $/lb 1.00
  1. Schedule based on mineable resources material plus potential sources; thus not 43101 compliant and should only be used to gauge project potential. Minable Resources that are not yet Reserves don't have demonstrated economic viability.
  2. Metal prices used in the NSR calculations were US$2,800/tonne for Zn, US$1,896/tonne for Pb, and US$21/Oz for Ag.

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