Early cash flows coming in 2024Imo, this should be obvious to everyone.
Its been clearly stated by implication....not definitive but clearly very atttactive.
I refer to Maritime Mines (MAE) in which NFG already owns a piece , and will now or very soon have completed their due diligence on using the Pine Cove mill to toll mill Queenie ore.
That is of course several years away.
But MAE has nearly 1 million ounces in its HammerDown mine 43-101 and Approx 550,000 ounces in reserves.
The Pine Cove mill has 450,000 tpa capacity and X-RAY sorting of waste rock will boost head grades by over 50% to 6.8 grams per ton.
The production calculations are elementary but the outcome is 90,000 to 100,000 ounces per year for
3 years of the HD open pit mine.
Besides that, MAE still have the 250,000 tpa Nugget Cove mill.
NFG cannot have too much processing capacity once Queenie open pit mining begins, but 700,000 tons already onstream at MAE, and Queenie 10 grams per ton gets us 225,000 ounces per year beginning in 2026, and while waiting , the low cash cost HD pit provinding $100 m cad per year in free cash flows to fund the next 3 years of Queenie open pit development plus ongoing exploration ...and plenty of reserves still available at HD with excellent exploration upside.
This move gets us out of the assay fatigue doldrums, bulks up our share price in step function just in time to take over Marathon s mines.
Don't ever forget the quasi Altius model being followed here ....NFG plans to be the mining powerhouse in NL and we do exactly that..