The met work that resulted in 87.9% of the copper at the project recovered in a 21.7% concentrate saw the pre-tax NPV double to A$625 million, IRR do almost the same to 74% and average annual free cashflow increase from $82 million to $120 million.
Capex remains the same at US$147 million PolarX said, noting the scale of the project hasn’t changed.
Payback reduced from 2.75 years to 1.6 years.
PolarX’s scoping study used a copper price of8500/t, a gold price of $1900/oz and a silver price of $25/oz.
Alaska Range is currently scoped to produce 149,000t of copper, 102,600 ounces of gold and 1.37 million ounces of silver over 9.5 years.
In terms of PolarX’s current financial situation, the company said early last month it had entered into an “At-the-Market subscription agreement (ATM)” with Acuity Capital that would provide up to A$3 million of standby equity capital.
During the September quarter PolarX raised equity of $2.26 million by issuing new shares priced at 1.1c each.
Shares in PolarX were unchanged at 0.9c in midday trade, capitalising the company at about $15 million.
