Gold X2 Mining Delivers Preliminary Economic Assessment and Updated Mineral Resource Estimate for the Moss Gold Project
Executive Summary
- Gold X2 Mining released a PEA for the Moss Gold Project showing after‑tax NPV5% of $2.232 bn (base case), IRR 22.1 % and a 3.2‑year payback at a gold price of US$2,750/oz.
- Updated MRE reports indicated resources of 2.125 Moz Au (Indicated) and 3.910 Moz Au (Inferred) with accompanying silver grades, representing a ~73 % increase in Indicated ounces versus the prior estimate.
- Capital requirements are projected at C$2.001 bn initial capex plus C$839 M sustaining capex; operating costs are low‑quartile (AISC US$1,188/oz Au).
Key Details
- PEA Economic Highlights (Base Case – US$2,750/oz Au):
- After‑tax NPV5%: C$2.232 bn
- IRR: 22.1 %
- Payback period: 3.2 years
- Average annual payable gold production: ~265,000 oz; silver: ~374,000 oz (13.2‑year mine life)
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After‑tax free cash flow over LOM: C$4.035 bn
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PEA Economic Highlights (Long‑Term Consensus – US$3,137/oz Au):
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After‑tax NPV5%: C$3.152 bn; IRR 28.1 %; Payback 2.5 years
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PEA Economic Highlights (Spot Gold – US$4,600/oz Au):
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After‑tax NPV5%: C$6.578 bn; IRR 48.6 %; Payback 1.0 year
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Operating Cost Summary:
- Mining cost: C$18.88/t milled (US$14.09)
- Processing cost: C$12.29/t milled (US$9.17)
- G&A cost: C$3.16/t milled (US$2.36)
- Total site cost: C$34.33/t milled (US$25.62)
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Cash Cost: US$999/oz Au; AISC: US$1,188/oz Au
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Capital Expenditure:
- Initial capex: C$2.001 bn (US$1.493 bn) – includes $303 M contingency
- Sustaining capex: C$839 M (US$626 M)
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Closure & monitoring: C$49 M; Working capital during construction: C$26 M; Salvage value: C$32 M
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Mineral Resource Estimate (effective Jan 16 2026):
- Indicated: 2.125 Moz Au at 1.03 g/t; 3.160 Moz Ag at 1.53 g/t within 64.3 Mt
- Inferred: 3.910 Moz Au at 0.97 g/t; 6.273 Moz Ag at 1.55 g/t within 125.9 Mt
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73 % increase in Indicated ounces versus prior estimate, driven by new structural modeling and 2025 drilling
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Mine Plan & Production Profile:
- Open‑pit truck‑and‑shovel operation; 30,000 t/d processing plant
- Total mill feed: 138,982 kt at 0.88 g/t Au; waste rock 668,255 kt; overburden 72,208 kt (strip ratio 5.3:1)
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Expected total gold production: ~3.6 Moz; silver: ~4.5 Moz over LOM
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Metallurgical Recovery:
- Gold recovery: 91.7 % (consistent with PEA)
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Silver recovery: 82.8 %
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Power & Infrastructure:
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Planned 40 MW power supply via a 12 km spur from Hydro One line; expected cost C$0.11/kWh
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Royalties & Net Profit Interest:
- NSR royalty average 0.11 % LOM
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Net profit interest: 7.25 % after costs (capped at 5 % of sales)
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Forward‑Looking Plans:
- Feasibility Study targeted for H2 2027; environmental assessment and permitting work ongoing.
- Exploration programs planned to expand resources adjacent to the pit, increase depth potential, and improve grade control.
Notable Quotes
“The Moss deposit MRE and PEA represents a major milestone… we have clearly demonstrated the potential for the Moss Deposit to be a top ten gold producer in Canada.” – Michael Henrichsen, CEO
All amounts are in Canadian dollars unless otherwise noted.