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This project is economically attractive and based upon assumptions that we believe can be delivered upon. Cascabel will be a significant, multi-decade and very low cost producer of copper that can help enable Ecuador’s emergence as the next copper frontier at a time when the world needs copper the most as we transition to a net zero carbon emissions future. In essence, it supports what we have believed all along – that this project is no ordinary mining asset. “I am extremely pleased to announce the results of the pre-feasibility study for the proposed Cascabel mine in Ecuador. SolGold's MD & CEO, Darryl Cuzzubbo, commented on the PFS: The PFS supports our view that Cornerstone’s 20.8% strategic direct and indirect stake in Cascabel is extremely valuable.” We undoubtedly believe that Cascabel is a multi-generational asset with strong cash flow generation potential. “The PFS confirms the great potential of the Alpala deposit which we view as a step towards daylighting value across the entire Cascabel concession. Please register at: Ĭornerstone CEO, Brooke Macdonald, commented: SolGold will host a PFS presentation on 20 April 2022 at 9:30am London time.

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Potential mine life upside in excess of 50 years following initial LOM 10Īnnual after-tax free cash flow (“FCF”) to average US$740m 5, 7, peaking at over US$1.6bn 5, 9Īverage annual EBITDA 11 of nearly US$1.2bn 5, 7, peaking at over US$2.4bn 5, 9Īdditional optimizations being progressed for a PFS Addendum planned for completion in H2 CY22Ĭascabel project Definitive Feasibility Study (“DFS”) planned for completion in H2 CY23 Initial Mineral Reserve of 558Mt containing 3.3Mt Cu 0.58%, 9.4Moz Au 0.52g/t and 30Moz Ag 1.65g/t over an initial 26-year mine life On achieving nameplate capacity, average of approximately 190ktpa of copper, 680kozpa of gold and 1.3Mozpa of silver (>330ktpa CuEq 8) over initial 5 years at an average negative AISC of US$(1.38)/lbĮstimated pre-production capital expenditure of US$2.7bn for the initial cave development, first process plant module and infrastructure Initial project Life-of-Mine (“LOM”) All-In-Sustaining Cost (“AISC”) of US$0.06/lb of copper, placing Cascabel well within the first decile of the copper industry cost curve 1 Įstimated US$5.2bn pre-tax Net Present Value (“NPV”) and 25.3% Internal Rate of Return (“IRR”)Įstimated US$2.9bn after-tax NPV, 19.3% IRR and 4.7 year payback period from start of processing 2, 3, 4, 5Īfter-tax NPV would be US$4.1bn (US$7.9bn pre-tax) and IRR 23.4% (30.5% pre-tax) at current spot commodity prices 6Įstimated average production 7 of 132ktpa of copper, 358kozpa of gold and 1Mozpa of silver – 212ktpa copper equivalent (“CuEq”) 8 – with peak 9 copper production of 210ktpa (391ktpa CuEq 8) The mine is expected to produce a clean copper-gold-silver concentrate expected to be sold to Asian and European smelters.įigures referenced in this news release can be viewed through the following link.

Once constructed, Cascabel is expected to be a top 20 1 South American copper & gold mine benefiting from a high-grade core, advantageous infrastructure and an increasingly investor friendly government. The PFS confirms the Cascabel project’s potential to be a large, low-cost, and long-life mining operation that is based on achievable, proven, and tested mining and processing assumptions.

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(“Cornerstone” or “the Company”) (TSXV:CGP) (OTC:CTNXF) (FWB:GW N1) is pleased to announce the results of the Pre-Feasibility Study (“PFS”) for the Cascabel copper-gold porphyry joint venture project in northern Ecuador in which Cornerstone has a 15% interest financed through to completion of a feasibility study and repayable out of Cornerstone’s share of project earnings, plus 6.85% of the shares of joint venture partner and Project operator SolGold Plc (“SolGold”), for a total direct and indirect interest in Cascabel of 20.8%. OTTAWA, Ap(GLOBE NEWSWIRE) - Cornerstone Capital Resources Inc.