Amazon vs ArcticInteresting comparison. G Mining (GMIN) this morning announced a financing package for the 2.1 million oz TZ project in the Amazon. Start-up late 2024 vs early 2015 for Sabina.
Including contingencies and taxes, Tocantinzinho has a capex of $476 million, remarkably similar to the $469 million for Back River as of March ’21 updated feas. study.
GMIN will produce 174,700 annual ounces, 78% of the 233,000 annual ounces at Brrr. For the first 5 years, production of 196,174 ann. oz or 68% of 287,000 respectively.
GMIN will mill 12,900 tpd from a pit that will eventually measure 1250 meters strike, 860 meters wide and 355 deep. Remember that SBB will mill 4000 tpd.
By my calculation, Sabina has 549 million fully-diluted shares and GMIN 453 million. Ignoring cash balances, at 75 cents (Cdn), GMIN has a market cap of Cdn$340 million or 62% of Sabina’s Cdn$549 million at an even buck per share.
TZ has resources of 2.1 mm oz, Brrrr about 8 mm. Both have upside potential to those numbers. As I understand it, Sabina has 2million more in the bag at George.
I point all this out because I think it’ll be interesting to compare the projects’ progress. Would you prefer to swat mosquitos and leeches in the darkest Amazon, or mosquitos and frostbite in the Arctic?