Minnova maps $53M restart for Manitoba gold mine

AI desk brief

Minnova outlined a C$76.2 million ($53.4 million) restart plan for its Manitoba PL gold mine, targeting first production in 2028 and average output of 62,200 oz/year over 10 years. The PEA assumes a $3,000/oz gold price, which implies an after-tax NPV(5%) of $180.6 million, 111% IRR and roughly eight-month payback; at $2,400/oz, the after-tax value drops to $5 million, highlighting strong price sensitivity.

The project leans on existing mill and infrastructure to limit upfront spending, with an open-pit start feeding surface ore before a shift toward underground mining. Management is also planning mill expansion from 1,000 to 2,000 t/d in year two and further resource, metallurgical and prefeasibility work; the shares fell 3.2% on the announcement.