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The DFS was built around production of 1.4 million tonnes per annum through open-cut mining, for a yield of 3,405 tonnes of contained tin per year, in the form of tin ingot.

This is expected to run for a mine life of 12 years, with a life of mine (LOM) all-in-sustaining-cost (AISC) of US$15,000 per tonne of tin metal.

The capital costs are now estimated at €149 million (A$260M), including a 10.4% contingency. With the study assuming a LOM tin price of US$30,000/t, it has confirmed a pre-tax ungeared net present value of A$270M, a pre-tax internal rate of return (IRR) of 26%, and a payback period of 2.7 years.

Alongside this, Elementos told investors the maiden ore reserve for Oropesa was estimated at 15.9Mt at 0.36% tin, with this being based on a previously published mineral resource estimate of 19.6Mt at 0.39% Sn.

Development activity for the project – which is built around a vertically integrated mine-to-metal smelting operation – continues to progress, with Environmental and Mining Licence permit applications recently lodged.

“I would like to congratulate the Elementos/Wave International team, the specialist consultants and the Spanish contractor community on the production of this top-class definitive feasibility study,” chairman Andy Greig said.

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“My fellow directors and I have undertaken a deep-dive review of this work product, and I am pleased to report we’ve found the DFS to be of great substance; prudently conservative; comprehensive and robust.”

Elementos shares moved up today for a 3.4% gain in value.

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The transaction is expected to wrap up in March 2025 and involves the Bonaire centre, which was closed until February due to flooding from October.

As a result, refurbishment has been completed on the common areas and retail units on the ground floor, with some tenants using this as an opportunity to upgrade their stores. The occupancy rate of Bonaire is currently 98%, with approximately 80% of stores either reopened or expected to be by the end of March.

Given the impact of the flooding, URW has now given Castellana an 18-month NOI guarantee – including a cap of €32.9 million to cover the stabilization period.

However, it is expected only a marginal part of this will actually be utilised to the fullest considering the strong occupancy levels in Bonaire right now.

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The sale ensures URW has completed or secured €900 million worth of transactions this year, helping to reduce its proportionate net debt.

URW shares have been trading at $6.36.

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The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.

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These results, together with additional high-grade mineralisation, suggest the presence of a feeder zone, the company said in a positive release today.

Underground drilling at La Caseta – part of San Jose’s Central Zone – in 2024’s fourth quarter picked up other high-grade assays: 14.30 metres at 8.09% Zn, 1.28% Pb in one; 15.25 metres at 6.10% Zn, 0.46% Pb in another.

This work was to infill high-grade mineralisation close to zones connected to measured and indicated resources, pin down a feeder system for San Jose, and eventually delineate an exploration target for further work.

All have been achieved; managing director and CEO Stewart Dickson said this boded well for San Jose’s restart, as well as the Novales-Udias project broadly.

“In recent times we have drilled some excellent holes at the San Jose Mine. On a grade-thickness basis, drillhole NDDT059 (15.3m @ 17.42% Zn, 4.40%Pb) is the best yet!” Mr Dickson wrote excitedly on Tuesday.

“This is very exciting. Firstly, it infills an area adjacent to defined measured and indicated mineral resources in the centre of the San Jose Mine which will be important for future MRE updates.

“These great drilling results also provide more strong comfort about the outlook for the re-start of mining at San Jose. The La Caseta area of the Central Zone is expected to be a key part of the early stage mining areas.”

Variscan shares were last trading at 0.8 cents per share at 2.18pm today.

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The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.