Marshall Koval President & CEO LUMINA GOLD
Cangrejos is one of the largest gold deposits in the world. Can you provide an overview of the project?
Cangrejos is the world's 26th largest gold deposit at any stage—exploration, development, or production. It contains 20 Moz of gold across all resource categories, along with 2.6 billion lb of copper and a 1:1 silver-to-gold ratio. In 2023, we released a PFS highlighting an NVP of US$2.2 billion and an IRR at about 17% using conservative reference prices. How prepared is the market to fund such a large project in an emerging jurisdiction like Ecuador?
Ecuador went from no major mines to two large developments - the Fruta del Norte gold mine of Lundin Gold and the Mirador copper mine owned by Ecuacorriente – in 10 years. Successfully financed, permitted and commissioned, these projects were trailblazers for mining in the country. Ecuador is becoming increasingly competitive, promising a high discovery potential since the country has not been systematically explored like Peru or Chile.
*Since the interview, CMOC has announced the acquisition of Lumina Gold.
Scott Hicks CEO PRIME MINING
Could you introduce Prime Mining and its flagship Los Reyes gold-silver project in Sinaloa, Mexico?
Since acquiring the Los Reyes project in 2019, we increased the 1.1 million oz AuEq resource to 3 million oz, also defining an underground portion. We believe Los Reyes can be a low-CapEx, low-OpEx, high-return project with a growing resource base. Given the recent progress made by Prime Mining, how do you see the potential for a market re-rating?
Prime Mining has a unique blend of highly experienced senior gold executives, a strong financial position, and an excellent asset in a well-established mining jurisdiction, yet our Net Asset Value (NAV) multiple does not reflect the quality of our work. We are focused on communicating our de-risking work which clearly positions Los Royes as a potential high-return project. I am confident that once investors take a closer look at our work, we are set for a significant re-rate.
Luis Santana CEO GOLDQUEST MINING
Could you introduce the Romero project?
The Romero discovery in 2012 marked a milestone for the Dominican Republic’s emerging mineral sector. Following the discovery, we defined an underground resource of 2.2 Moz AuEq, including copper and silver, with 1.1 Moz in reserves at an average grade of 5 g/t Au Eq. We published the PFS in 2016, showcasing the project's strong fundamentals. However, at that time, there were concerns and questions from certain communities beyond the immediate area of the project. These concerns, coupled with a politically sensitive period, led to delays in advancing Romero further. What does the development timeline look like for Romero?
The support of the local community has opened the road for us to begin the ESIA process. In November 2024, we submitted all documentation and by December our application had been reviewed. We expect that by the end of Q1 2026, we will have both ESIA and BFS ready so that we are able to begin the financing package.