Alice Queen Limited (ASX:AQX), an advanced gold and copper explorer, has provided an update on its strategy for the Horn Island Gold Project. The update comes in light of a substantial increase in the gold price, which has risen approximately 150% from A$2,450/oz in the 2021 Scoping Study to the current price of around A$6,000/oz. The company is now reviewing partnering opportunities and progressing with an updated economic assessment of the 2021 Scoping Study to explore direct funding opportunities.
The 2021 Scoping Study indicated a Net Present Value (NPV5%) of A$140 million at a gold price of A$2,450/oz. Alice Queen has commenced the process of updating the Scoping Study, incorporating the latest gold price and key geological, mining, processing, infrastructure, operating cost, and capital expenditure assumptions. This update will be conducted alongside a review of the Mineral Resource Estimate (MRE). The company has engaged RSC to complete a review and update of the previous 2021 MRE.
GBA Capital has been appointed as a strategic advisor for the project’s proposed development and financing. The updated Scoping Study is expected to be completed in the first half of C2026. Alice Queen’s Managing Director, Andrew Buxton, noted that the Horn Island Gold Project presents a compelling opportunity for shareholders, especially given the recent surge in gold prices. GBA Capital’s Executive Director, John Ciganek, said that GBA is well placed to procure the debt and equity package to develop the Horn Island gold mine, particularly given the recent increase in gold price.
