Projects

Overview

FARELLON

LA SERENA, CHILE

Farellon is located near the town of La Serena, Chile, approximately a one-hour flight north from the Chilean capital, Santiago. Acquired in 2017, Farellon is an Iron Oxide Copper Gold mineralized system, currently being developed and explored from an underground decline and drift system.

The underground development program at Farellon since Q1 2018 has resulted in the processing of approximately 172,000 tonnes of mineralized Cu/Au material at a grade of approximately 1.80% (Q1 2024). The processing of this material has generated US$14.9 million (after processing costs) from the recovery and sale of 6.5 million pounds of copper (Q1 2024). This material was processed off-site where proceeds generated from the sale of the copper material have resulted in a cash positive position that has been used to support operations, purchase of equipment, and facilitated further development underground. A mill to support the production at Farellon was commissioned at the end of Q2 2022 at El Peñón, located 15 km from Farellon. Processing of the copper, gold and iron contained in the material at Farellon is expected to begin concentrate sales at El Peñón in Q2 2024.

Sectional view of Farellon’s underground operations*. Intervals are core length – estimated true width is ~70-80% of core length. The decision to commence production at Farellon is not based on a feasibility study of mineral reserves demonstrating economic and technical viability and there is increased uncertainty and economic and technical risks of failure associated with the production decision.

Mined, Processed & Cu Grade

Processed Material & Incomes vs Mining Costs

Quarterly Comparative Analysis

Period (Quarter) Mined (Tonnes) Processed (Tonnes) Cu Sales (Pounds) Cu Grade (%) Revenue (US$)
Q1 2018 2,520 2,395 94,909 1.85 148,200
Q2 2018 10,269 4,732 118,287 1.25 210,492
Q3 2018 6,298 3,231 109,283 1.58 274,499
Q4 2018 11,365 7,988 272,381 1.60 695,386
Q1 2019 8,075 6,795 233,425 1.61 589,098
Q2 2019 6,935 5,775 229,986 1.87 578,282
Q3 2019 5,643 6,411 318,832 2.33 460,273
Q4 2019 5,968 5,964 238,371 1.86 381,427
Q1 2020 5,557 4,489 188,671 1.97 320,960
Q2 2020 9,075 6,962 310,256 2.09 431,906
Q3 2020 9,660 10,795 460,384 2.00 831,241
Q4 2020 11,685 9,149 322,130 1.68 576,386
Q1 2021 9,770 8,055 257,522 1.53 540,713
Q2 2021 10,090 7,047 220,660 1.49 599,711
Q3 2021 11,624 7,635 221,518 1.38 561,345
Q4 2021 11,189 7,254 267,927 1.75 779,054
Q1 2022 9,843 6,751 295,199 2.06 908,419
Q2 2022 10,742 7,488 310,062 1.96 967,686
Q3 2022 13,440 7,570 297,403 1.96 691,323
Q4 2022 11,340 6,804 295,397 2.05 691,103
Q1 2023 7,765 7,584 307,104 1.90 822,764
Q2 2023 8,315 7,883 294.162 1.75 745,162
Q3 2023 8,116 7,152 263.232 1.72 639,458
Q4 2023 9,114 8,125 325,300 1.87 799,000
Q1 2024 8,600 7,822 292,900 1.74 716,000

Total

222,900 171,850 6,545,000 1.80% $14,960,000

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