Legacy Minerals Holdings Limited (ASX: LGM) has released compelling results from its Scoping Study for the Mt Carrington Project in New South Wales. Legacy Minerals is an ASX-listed public company exploring gold, silver, copper, and base-metal projects across NSW, focusing on discovery drilling and the development of Mt Carrington. The Ausenco-led study indicates a robust financial outlook for the gold-silver project.
Under the Spot Case, the study projects a pre-tax Net Present Value (NPV7) of A$716 million and an Internal Rate of Return (IRR) of 38% over a 19-year mine life. A more conservative Base Case also showed strong viability, with a pre-tax NPV7 of A$542 million and an IRR of 32%. Initial capital expenditure is estimated at A$220.5 million. The project anticipates a rapid payback period of 32 months from first production.
Operationally, the study outlines average annual production of 21,420 ounces of gold and 568,707 ounces of silver from a 1 million tonne per annum (Mtpa) processing plant. This involves shallow open-pit mining with a conventional, cyanide-free flotation flowsheet. The All-In Sustaining Cost (AISC) is projected at a competitive A$1,061 per gold ounce (including silver credits) under the Spot Case, placing it in the first quartile globally.
Legacy Minerals CEO, Christopher Byrne, highlighted the project’s robust profile and potential for value improvement through resource extensions. The company plans to advance Mt Carrington to a Pre-Feasibility Study, beginning with targeted drilling to upgrade Inferred Resources. Investors are cautioned the Scoping Study is preliminary, not supporting Ore Reserves, and is subject to a confidence range of -30% to +45%. Required funding is approximately A$220.5 million.
