The New Mining Cycle: Stronger Copper Market, Bigger Gold Projects

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Olive Resource Capital’s review flags Omai Gold as a major leverage play to the higher-gold-price environment: at $3,600/oz gold, the project’s after-tax NPV is estimated at $4bn, rising to $5.5bn at $4,200/oz. The PEA points to average output of 350koz/yr over an 18-year mine life, with several years above 400koz, and $8.1bn of cumulative undiscounted cash flow. The key takeaway is that large-scale gold developments are now being re-rated aggressively as gold stays elevated, but the market is still adjusting to the capital intensity of these projects.