Elenor Siebring JV Manager GOLD FIELDS
What are the main updates from the Windfall project JV in recent months?
Our Windfall project, a 50:50 JV with Osisko Mining, is a unique opportunity to develop a world-class orebody in a Tier 1 mining jurisdiction. The project’s environmental impact assessment (EIA) study was submitted to the regulator in March 2023.
The EIA project review process by COMEX continues, and Windfall is expecting to receive the first round of questions soon. With a positive recommendation, Windfall will then proceed to the authorizations required to begin construction and operations.
Since January 2024, the Windfall project site has been powered by hydroelectricity. The move away from diesel power generation for the camp and underground mine will reduce both power costs and greenhouse gas emissions. Can you discuss Gold Fields’ long-term approach to investing in Québec?
The EIA estimates that Windfall will create 17,120 full-time equivalent jobs by 2036. As part of the Osisko partnership, Gold Fields has also acquired a 50% interest in Osisko’s highly prospective Urban Barry and Quévillon district exploration tenements, which total approximately 2,400 km2. These will be co-explored and co-developed with Osisko, with Gold Fields funding the first C$75 million in regional exploration. How does Québec compare as a top-tier mining jurisdiction with South Africa for instance?
Québec and South Africa have a lot in common. Gold mining is an important part of the history and the future of both. South Africa has a long and extensive history of underground gold mining and we have been part of that history for over 120 years. We feel we can bring this experience to bear at Windfall. What will be the main priorities for Gold Fields in Québec in 2024?
Supporting the Windfall JV through the EIA project review is our main priority. The Windfall management team will also continue the preparatory work to ensure that the project is ready to start construction should the EIA be approved.
Mathieu Savard President OSISKO MINING
What are the updates in the past 12 months?
In 2023, we filed the Feasibility Study, and the EIA, secured Osisko’s financing of the mine build through the 50/50 deal with Gold Fields, secured a 27.4 MW energy block, and completed a power transmission agreement with the Waswanipi First Nation. For Windfall, we expect production by the second half of 2026. Can you elaborate on the expertise Gold Fields brings to Osisko Mining?
As gold miners, they bring expertise in processing and mining which complements our strengths. Do you have figures for gold guidance and production estimates?
The current guidance remains at 306,000 gold oz/y, but we wouldn’t be surprised to see a higher production. How do you plan to capitalize on the high gold prices?
With an estimated AISC of US$760/ oz and a current gold spot price of around US$2,300/ oz the margins could be excellent. How do you anticipate the funding environment for gold projects to shape up?
We need more generalists and retail investors to support discoveries. What is the potential for discoveries in Québec?
Tremendous, especially in less explored volcanic belts or in belts that have been neglected. Most exploration has focused on the southern Abitibi Greenstone Belt. Jurisdiction is crucial, and Québec is favorable for exploration. What are your priorities for generating value in the coming months?
Our focus is on finalizing the EIA process, obtaining permits, and moving toward production by 2026. We are also actively exploring the Urban Barry area.