Analyst Summary
- The Carlin Complex’s Mineral Resource estimates have been updated to reflect depletion from mining, geological framework updates, improved estimation domaining, and changes in optimization methodology.
- Mineral Resources are reported inclusive of Mineral Reserves, using a long-term gold price of US$1,900/oz.
- The Mineral Reserve estimates have been prepared using a gold price of US$1,400/oz.
- The Carlin Complex consists of several open pit and underground mines, stockpiles, and leach pads.
- The remaining mine life, based on the Mineral Reserves estimate, is projected to be 13 years until 2037, with the processing of stockpiled ore continuing until 2044.
- Capital expenditure over the remaining LOM is estimated to be $2,429.3 million (from 2025) based on Mineral Reserves.
- Open pit mining costs range from $2.74$3.91/t over the expected open pit LOM, with an average LOM cost of $3.17/t. Underground mining costs range from $112.29$134.37/t over the expected underground LOM, with an average LOM cost of $126.51/t.
- Goldstrike Autoclave processing cost range from $34.23-52.27/t, with an average LOM cost of $43.76/t. Roaster processing costs range from $29.53-$38.62/t, with an average LOM cost of $33.23/t. Leach processing LOM average costs are $6.47/t.
Opportunities and Risks
- Upside potential exists if Inferred Resources can be upgraded to higher-confidence Mineral Resource categories.
- Continued cost escalation due to inflation of labor, consumables, and contractor costs.