PMET Resources (ASX:PMT) is targeting a final investment decision in late 2027 for its Shaakichiuwaanaan Project after an updated Feasibility Study lifted project economics.
The study covers the CV5 Pegmatite at the wholly owned project in Québec’s Eeyou Istchee James Bay region.
It adds tantalum recovery to the lithium plan and reorders the mine sequence to reach the ‘high-grade’ Nova Zone first through underground mining.
Average life-of-mine total cash operating cost falls 19% to C$549 ($562) per tonne free-on-board Québec ports, net of a C$148-per-tonne-tantalum credit. All-in sustaining cost drops 18% to C$657 per tonne.
At a spodumene price of US$1,788 ($2,599) per tonne and a tantalum price of US$120 per pound, the Feasibility Study delivers an after-tax net present value (NPV) at an 8% discount rate of US$3.72 billion.
Phase one has 2.2 million tonnes per annum (Mtpa) of processing capacity and costs C$1.4 billion. Expansion to 5.1Mtpa adds $C672 million, bringing total capital to C$2.063 billion.
The plan combines underground mining in phase one with open-pit mining in phase two over a 20-year mine life.
Spodumene concentrate output ramps to about 560,000 tonnes per annum (tpa) in the first three years and up to 800,000tpa in phase two. This includes a tantalite concentrate averaging about 288.03 tonnes of contained tantalum pentoxide a year.
The maiden probable mineral reserve for tantalum totals 83 million tonnes at 1.27% lithium oxide and 148 parts per million tantalum pentoxide.
CEO Ken Brinsden says the revised study supports the company’s timeline for a final investment decision.
“The study demonstrates improved economics, a stronger phase-one production profile, and a more advanced, de-risked execution plan to underpin an upcoming final investment decision,” Brinsden says.
Plant commissioning is targeted for late 2029, with a preliminary economic assessment assessing a combined CV5 and CV13 scenario due this quarter.
PMET Resources is a Canadian critical minerals company focused on advancing its district-scale lithium-caesium-tantalum assets in Québec towards production.
Write to JC Villarba at Mining.com.au
Images: PMET Resources
