Windhoek, Khomas, Namibia, third Sep 2024 – Trustco Group Holdings Restricted (TTO.SJ), listed on the Namibian Inventory Alternate (NSX), the Johannesburg Inventory Alternate (JSE), and the OTCQX Finest Market, is happy to announce NI 43-101 Technical Report for the Meya Diamond Mine Challenge, Sierra Leone (the “Technical Report”). The Technical Report, dated 26 August 2024 with an efficient date of 19 August 2024, was ready at a Preliminary Financial Evaluation (PEA) degree. The PEA signifies beneficial financial potential with a post-tax Inside Price of Return (IRR) of 65% and a post-tax Web Current Worth (NPV) of United States Greenback (USD) 95.1 million at a ten% low cost fee over a 7-year lifetime of mine.
Quinton Z van Rooyen, Trustco’s Deputy CEO
Quinton Z van Rooyen, Trustco’s Deputy CEO, commented on the PEA outcomes: “The positive outcome of this PEA marks a significant milestone for Trustco’s mining portfolio and validates our strategic investment in Meya Mining. With an impressive IRR and substantial NPV, the Meya Mine project not only demonstrates its robust economic potential but also underscores our commitment to creating long-term value for our investors. We are particularly excited about the opportunities for resource expansion, given that this PEA covers only a fraction of our licensed area.”
The Technical Report evaluates the potential viability for underground mining of the Meya River area utilizing the Lengthy Gap Open Stoping (LHOS) methodology. It applies Tomra sorting expertise to get rid of run of mine waste rock from the diamond-bearing kimberlite previous to treating the fabric by way of a dense media separation (DMS) plant. The method plant features a collection of Tomra XRT items to get well massive diamonds, because the Meya Challenge has demonstrated the potential for producing massive stones.
Geological research have revealed the presence of high-quality diamonds throughout the Meya River kimberlite dyke system, together with a major proportion of useful Kind IIa diamonds. Core
drilling and sampling accomplished by way of June 2024 have offered the inspiration for the maiden mineral useful resource estimate. The financial evaluation tasks constructive cashflows all through the challenge’s life, with peak cashflows anticipated within the center years of operation.
You will need to spotlight that this technical report covers solely a 1.3 km portion of the Meya River area’s 2.8 km strike size right down to 800m beneath the floor, representing lower than 3% of the license space’s intrinsic geo-economic potential. With no less than 16 extra domains but to be evaluated, there are vital alternatives for useful resource growth and optimization of mining strategies within the coming years.
Meya Mining intends to proceed the useful resource improvement marketing campaign on the remaining domains, with the intention so as to add extra assets on an annual foundation over the remaining 20-year license interval. The Meya River area supplies a strong cornerstone from which the mine will proceed to develop. The mine is anticipated to succeed in steady-state industrial manufacturing in the course of the forthcoming monetary yr.
In accordance with paragraph 12.12(a)(i) of the Listings Necessities, Sean Duggan, Pri.Sci.Nat., M.Sc., Principal Mineral Useful resource Analyst and Director of Z Star Mineral Useful resource Consultants, has authored Part 14, in addition to related content material in Sections 1, 25, 26, of the Technical Report as a Certified Particular person. Mr Duggan has authorised the Useful resource Estimate and its inclusion on this announcement, confirming the estimate is in accordance with the SAMREC reporting code.
In accordance with paragraph 12.12(a)(i) of the Listings Necessities, Casey Hetman, P. Geo., M.Sc., company guide/follow chief of the mining and geology SRK Consulting (Canada) Inc. in Vancouver, has authored Sections 4, 5, 6, 7, 8, 9, 10, 11, 12, 23, 24, in addition to related content material in Sections 1, 25, 26, References, and Date and Signature of the Technical Report as a Certified Particular person and has reviewed the inclusion of the abstract of the Report on this announcement. The Technical Report was authored in accordance with the NI 43-101 reporting code.
In accordance with paragraph 12.12(a)(i) of the Listings Necessities, Philip John Rider, Pr.Eng., MIMMM, B.Sc., has authored Sections 13.1 to 13.6 and 13.8 of the Technical Report, in addition to related content material in Sections 1, 25, 26, References, and Date and Signature of the PEA as a Certified Particular person and has reviewed the inclusion of the abstract of the Report on this announcement. The Technical Report was authored in accordance with the NI 43-101 reporting code.
In accordance with paragraph 12.12(a)(i) of the Listings Necessities, Jarek Jakubec, C.Eng., FIMMM, M.Sc., company guide/follow chief of the mining and geology SRK Consulting (Canada) Inc. in Vancouver, has authored Sections 3, 12, 15, 16, 19, 21.1.1, 21.2.1, 22, in addition to related content material in Sections 1, 25, 26, of the Technical Report as a Certified Particular person and has reviewed the inclusion of the abstract of the Report on this announcement. The Technical Report was authored in accordance with the NI 43-101 reporting code.
In accordance with paragraph 12.12(a)(i) of the Listings Necessities, Molojwa Bennett Herbet Keikelame, Pr.Eng. SAIMM, B.Sc., has authored Sections 16.7, 17, 21.1.2, and 21.1.3 of the Technical Report, in addition to related content material in Sections 1, 25, 26, References, and Date and Signature of the PEA as a Certified Particular person and has reviewed the inclusion of the abstract of the Report on this announcement. The Technical Report was authored in accordance with the NI 43-101 reporting code.
Trustco’s funding in mining was initiated in 2015 with the strategic goal of diversifying Trustco’s funding holdings into the pure assets sector. It goals to generate USD returns, appearing as an inner hedge towards potential macroeconomic impacts on the group’s conventional markets in Namibia and South Africa. Whereas the mining mandate encompasses constructing a diversified mining portfolio, the first focus stays on unlocking the complete financial potential of its diamond property, as Meya Mining’s mining license space has yielded 5 of the world’s largest stones recovered. Trustco holds a 19.5% fairness stake in Meya Mining and a mortgage receivable from Meya of USD 46 million. The mixed worth of Trustco’s funding in Meya Mining is mirrored in Trustco’s monetary statements at roughly USD 110 million.
The NI 43-101 Unbiased Technical PEA Report is offered at https://tinyurl.com/yvy8p6xs. With the continuing improvement of Meya Mining, Trustco continues to display its capability to place itself for continued excessive development success in its mining portfolio. Trustco’s strategic funding in Meya Mining is about to yield glowing returns for years to return.
About Trustco:
Trustco Group Holdings Ltd is an funding entity headquartered in Windhoek, Namibia, which manages a various portfolio of investments spanning the insurance coverage, actual property, non-deposit taking monetary providers, micro-finance, schooling, and mining sectors. Selections are biased in the direction of generational funding efficiency alongside shareholder wealth creation, and short-term hurdles are considered as catalysts for future development.
Since inception in 1992, Trustco’s funding portfolio has delivered robust returns with a CAGR of 68.97%, with a well-balanced asset combine, with a present common weighting of 34% in US Greenback primarily based property, whereas the remaining 66% is invested in Namibia Greenback (1 NAD = 1 ZAR) primarily based property. Trustco enjoys the backing of a variety of coinvestors, together with 3 610 from Namibia, 1 443 from overseas, and 94 from institutional entities.
About Namibia:
Namibia is a Southern African nation with a inhabitants of roughly three million and a GDP per capita of USD 5 031 in 2022. The nation is endowed with wealthy pure assets, with current main discoveries of oil and fuel reserves, lithium deposits and uncommon earth minerals which might be very important for expertise demand globally, with developments additionally underway in its inexperienced hydrogen tasks.The Namibian authorities has heralded these discoveries as a transformative interval, holding the potential to double the nation’s GDP by 2040.
The nation’s economic system expanded by 4.2% in 2023 and is projected to develop by 3.7% in 2024, following a restoration of 5.3% in 2022 from the COVID-19 pandemic. With its wealth of pure assets, pro-business setting, political stability and more and more expert workforce, Namibia provides enticing funding prospects throughout all sectors.
Ahead-Trying Statements:
All statements made on this media launch with respect to Trustco’s present plans, estimates, methods beliefs and different statements that aren’t historic details, together with statements relating to Trustco’s plans to improve its ADR program and the outcomes of such an improve, are forward-looking statements. In some circumstances, you may establish forward-looking statements as a result of they comprise phrases similar to “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would,” or the detrimental of those phrases or different related phrases or expressions. Such statements mirror the present views of administration and are topic to a lot of dangers and uncertainties. The Firm could not truly obtain the plans, intentions or expectations disclosed in its forward-looking statements, and you shouldn’t place undue reliance on these forward-looking statements. The statements are primarily based on many assumptions and components, together with common financial and market circumstances, business circumstances, and working components. Any adjustments in such assumptions or components may trigger precise outcomes to vary materially from present expectations.
Media Contact
Group: Trustco Group Holdings
Contact Particular person: Neville Basson
Web site: https://www.tgh.na
E mail: Ship E mail
Contact Quantity: +264612754501
Deal with: 2 Keller Road, Trustco Home
Deal with 2: Windhoek
Metropolis: Windhoek
State: Khomas
Nation: Namibia
Launch Id: 03092416482
The publish MEYA MINE P.E.A. SPARKS BRIGHT FUTURE FOR TRUSTCO’S MINING PORTFOLIO appeared on King Newswire. It’s offered by a third-party content material supplier. King Newswire makes no warranties or representations in reference to it.
