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The figure is calculated on a on preâ€tax, net present value and includes the exploration target work conducted by subsidiary Terra Energy this year.
The model converts several highly prospective exploration areas within the BNU and Hovguun licenses to mines, utilising assumptions made and proven while developing its first mine – BNU North, the company said.
“Our BNU mine continues to receive many visits by potential customers and investors. However, bulk testing cannot be completed until the road permit is in place. Until then the mine remains in a cash preservation phase,” it said.
“The haulage permit to be granted to the haulage contractor is in its final stages of the government approval process.”
Canaccord have been appointed as financial advisors in order to explore more efficient debt avenues and to provide general corporate assistance in the next phase of the company’s evolution from explorer to miner, it said.
