Sturec scoping study results sees MetalsTech soar on ASX

MetalsTech (ASX:MTC) closed trade on the Australian Securities Exchange (ASX) today (14 November 2023) some 100% higher on the back of positive Scoping Study results for its wholly owned Sturec Gold Mine in central Slovakia.

The company’s share price rose to $0.240 giving it a market capitalisation of $22.63 million.

MetalsTech says the Scoping Study delivered ‘highly encouraging’ economics and technical viability, highlighting its potential to become a low-cost gold and silver concentrate producer.

The study shows pre-production capital of US$75.8 million will be needed based on a significant portion of the process plant infrastructure being built ex-China. The project is poised to have pre-tax NPV8% of US$506 million ($791 million) and Internal Rate of Return (IRR) of 116%.

Life of Mine (LoM) operating cost estimates of US$927/oz AuEq (AISC) will deliver ‘robust’ operating margins – based on a forecast gold price of US$1,850/oz (Consensus LT Forecast), shows that the Sturec Gold Mine exhibits an operating margin of more than 200%.

MetalsTech commissioned JP-Ant Geoconsulting, an independent consultant, to complete the study, which is based on the JP Geoconsulting Services JORC (2012) Mineral Resource model (2023) and includes results from Drill Chamber #1, #2 and #3, but excludes more recent drilling from Drill Chamber #4 and drilling from surface.

This study aimed to develop high level accuracy evaluations on the basis of a high-tonnage, high-value underground-only mining operation at Sturec.

JP-Ant considered several development options for Sturec, determining that an underground mining operation with a plant throughput of 2.3Mtpa and mine life of 9 years using tailings co-disposal in waste dumps is the highest value development option.

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Written By Adam Orlando Editor-in-Chief Adam Orlando has more than 20 years’ experience in the media having held senior roles at various publications, including as Asia-Pacific Sector Head (Mining) at global newswire Acuris (formerly Mergermarket). Orlando has worked in newsrooms around the world including Hong Kong, Singapore, London, and Sydney.