SONORO ANNOUNCES UPDATED MINERAL RESOURCE ESTIMATE AND ROBUST UPDATED PEA FOR CERRO CALICHE GOLD PROJECT: AFTER-TAX NPV OF USD $224 MILLION AND AFTER-TAX IRR OF 50%
Executive Summary
- Sonoro Gold released an updated NI 43‑101 Mineral Resource Estimate and a revised PEA for the Cerro Caliche gold project, indicating a 10‑year LOM open‑pit heap‑leach mine with initial production of 12,000 tpd ramping to 16,000 tpd.
- Base‑case economics (gold $3,500/oz, silver $48/oz) show a pre‑tax NPV₈ of $360 M and IRR of 65%, with after‑tax NPV₈ of $224 M and IRR of 50%; spot‑price scenarios raise pre‑tax NPV₈ to $846 M (IRR 121%).
- The updated resource totals 51.8 Mt Measured + Indicated at 0.37 g/t Au (6,230 koz AuEq) plus 8.8 Mt Inferred (1,040 koz AuEq). Initial CAPEX is estimated at $83 M (including $11 M contingency); sustaining capital of $26 M; total LOM operating cost of $820 M ($1,842/oz AuEq cash cost, $1,902/oz AISC).
Key Details
- Resource Estimate (effective 4 Dec 2025)
- Measured: 9.7 Mt @ 0.41 g/t Au → 129 koz Au, 3.5 g/t Ag → 1,086 koz AuEq
- Indicated: 42.1 Mt @ 0.36 g/t Au → 489 koz Au, 3.8 g/t Ag → 5,144 koz AuEq
- Measured + Indicated total: 51.8 Mt @ 0.37 g/t Au (6,230 koz AuEq)
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Inferred: 8.8 Mt @ 0.33 g/t Au → 93 koz Au, 3.7 g/t Ag → 1,040 koz AuEq
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PEA Economic Highlights – Base Case ($3,500/oz Au, $48/oz Ag)
- Pre‑tax NPV₈: $360 M; IRR: 65%
- After‑tax NPV₈: $224 M; IRR: 50%
- Payback period: 1.7 years
- LOM production: 459 koz AuEq (average 46 k oz AuEq/yr, grade 0.38 g/t AuEq)
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Cash operating cost: $1,842/oz AuEq; AISC: $1,902/oz AuEq
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Spot‑Price Sensitivity (Gold $5,186/oz, Silver $88/oz)
- Pre‑tax NPV₈ rises to $846 M; IRR to 121%
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After‑tax NPV₈: $525 M; IRR: 91%
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Capital Cost Breakdown (Initial $83 M)
- Site & General: $2 M
- Utilities & Services: $4 M
- Process Plant: $47 M
- Owner’s Costs: $9 M
- Pre‑Stripping & Mine Development: $10 M
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Contingency (15%): $11 M
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Sustaining Capital ($26 M) – Process plant expansion, mining, owner costs, contingency.
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Operating Cost Summary (LOM $820 M total)
- Mining: $416 M ($7.88/t)
- Processing: $376 M ($7.13/t)
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Administration: $28 M ($0.53/t)
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All‑in‑Sustaining Costs (AISC $873 M total) – includes royalties (2% NSR landholder, 1% NSR Mexican government), sustaining capital, closure ($4 M), and mill salvage credit.
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Recovery Rates – Gold 72%; Silver 27%.
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Royalties & Taxes – Two land‑holder NSR payments of $2 M each (buy‑out option) plus 1% NSR to Mexican government.
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Qualified Persons – Eugene Puritch, P.Eng., et al. (P&E Mining Consultants) and Sonoro’s Stephen Kenwood, P.Geo., signed off per NI 43‑101.
Notable Quotes
“This updated PEA and MRE clearly illustrates a significant increase in value of the Cerro Caliche project as a result of higher gold prices and a revised mine plan with increased production rates,” – Kenneth MacLeod, President & CEO, Sonoro Gold Corp.
Materiality Assessment: Material – Positive (the release provides substantive economic metrics indicating strong project viability and significant value creation potential).