St. Augustine hires Stantec, IMC for DFS on Kingking

Executive Summary

• St. Augustine Gold and Copper Ltd. has engaged Stantec Consulting Ltd. and Independent Mining Consultants Inc. to conduct a definitive feasibility study (DFS) for the Kingking copper‑gold project in the Philippines, with completion targeted for Q4 2026.
• The company’s July 2025 prefeasibility study (PFS) disclosed world‑class economics—including a post‑tax NPV of $4.18 billion and IRR of 34.2%—supporting an accelerated path to production.
• The DFS will refine key recommendations, evaluate chloride leach processing, improve crushing/grinding efficiency, and potentially shorten mine life to 21–25 years while maintaining a 100,000‑tpa mine delivery schedule.

Key Details

• Consulting firms: Stantec (lead engineering) and Independent Mining Consultants (IMC) will execute the DFS; Stantec will also prepare the EPCM bid package, long‑lead material list, and procurement plan.
• DFS timeline: Planned completion in Q4 2026.
• PFS economic highlights (July 2025):
• Post‑tax NPV (7% discount) – $4.18 billion
• Post‑tax IRR – 34.2%
• Payback period – 1.9 years
• Initial capital estimate – $2.37 billion
• After‑tax benefit‑cost ratio – 1.8
• Reserve estimate – 960 Mt (849 Mt milling reserves, 111 Mt leaching reserves) containing 5.40 M lb Cu and 9.77 M oz Au
• Projected mine parameters:
• Mine life – 31 years (plus up to 7 years low‑grade/stockpile milling)
• Production schedule – 100,000 tpa mine delivery; 60,000 tpd milling; 40,000 tpd heap leach
• First‑five‑year average output – 129,000 t of payable Cu and 333,000 oz of payable Au per year
• Net cash cost – $0.73 per lb Cu (first five years)
• DFS focus areas:
• Implementation of chloride leach to boost Cu recovery from low‑grade sulphide stockpiles early in life
• Enhanced crushing/grinding circuit efficiency for levelized throughput
• Potential reduction of mine life to ~21–25 years via increased throughput
• Process flowsheet optimization to raise Au and Cu recoveries
• Management comments:
• Andy Russell (Project Director) highlighted the strong PFS economics as a foundation for DFS advancement.
• Mike Regino (COO) emphasized the combined expertise of Stantec, IMC, and St. Augustine’s team in delivering value to shareholders and stakeholders.

Notable Quotes

• “The Kingking project's outstanding economics, as demonstrated in the PFS, provide a strong foundation for advancing to the DFS phase.” – Andy Russell, Project Director
• “With Stantec's and IMC's expertise, along with the excellent St. Augustine management team, we are well positioned to optimize the project and move toward production on an expedited schedule, delivering significant value to our shareholders and stakeholders in the Philippines.” – Mike Regino, Chief Operating Officer

Materiality Assessment: Material – Positive (the announcement signals a major development milestone with substantial economic implications for the company).