Viva Gold files PEA report on Tonopah

Executive Summary

• Viva Gold filed a NI 43‑101 PEA for the Tonopah Gold Project, indicating potential viability as an open‑pit gold‑silver mine.
• The PEA projects 404,000 oz Au and 354,000 oz Ag over a 7‑year mine life with after‑tax NPV of $111.6 M (gold $2,400/oz) and IRR of 17.6 %.
• Capital requirements are estimated at $219.9 M pre‑production plus $22.2 M working capital and $70.4 M sustaining capital.

Key Details

• Report filing: “Preliminary Economic Assessment, NI43‑101 Technical Report, Tonopah Gold Project, Nevada, USA” filed on SEDAR+ (report date Aug 20 2025).
• Study preparation: Conducted by WSP Canada Inc. and Kappes, Cassiday Associates (KCA).
• Mining plan: Conventional truck/loader open‑pit operation, 45,000 tpd feed to a 10,000 tpd crushing plant; 2,000 tpd to gravity/CIL mill, 8,000 tpd to heap leach.
• Production schedule: ~75,000 oz Au/year for Years 1‑2; average ~50,000 oz Au/year Years 3‑7; residual leach in Year 8.
• Recoveries: Mill circuit – 93 % Au, 37 % Ag; Heap leach – 75 % Au, 14 % Ag.
• Total payable metals: 404,000 oz Au and 354,000 oz Ag over mine life.
• Economic results (gold $2,400/oz):
• After‑tax NPV (5 % discount) – $111.6 M
• After‑tax IRR – 17.6 %
• Payback period – 3.6 years
• Average cash cost – $1,164/oz Au
• All‑in sustaining cost (AISC) – $1,269/oz Au
• Economic results (gold $3,200/oz):
• NPV – $363.6 M
• IRR – 43.4 %
• Payback period – 1.8 years
• Capital expenditures:
• Pre‑production capex – $219.9 M
• Working capital – $22.2 M
• Life‑of‑mine sustaining capex – $70.4 M (includes lease/purchase of mine fleet).
• Future work program: Recommended studies detailed in attached table (not reproduced).

Notable Quotes

“Even after this robust approach, the PEA study demonstrates that the Tonopah gold project is potentially viable for development as an economic open‑pit gold mine… A favourable gold price and permitting environment in Nevada further supports this development potential,” – James Hesketh, President & CEO.