- KGD owns 100% interest in the Woodlark Island Gold Project in Papua New Guinea, which is fully permitted with grant of mining lease and receipt of environment permit. The Project has 2.1Moz of JORC Resource gold at 1.5g/t, including a higher grade JORC Reserve of 766koz at 2.2g/t.
- KGD has completed a Feasability Study on a 1.8Mtpa operation the Woodlark Project, as well as a Scoping Study for a 4Mtpa scenario. Mining is open pit of three deposits located within close proximity and conventional gravity/CIL plant.
- We demonstrate that further conversion of inferred resources to reserves, as well as exploration can markedly improve valuation of Woodlark Project, by underpinning a longer life 1.8Mtpa operation or a staged 4Mtpa expansion.
- In order to identify drill targets under the sedimentary cover, KGD undertook a helimag survey, which has improved on previous operator’s aeromag. Initial results from targets identified by helimag have been promising, with a successful drill hole and trenching results. This provides us with confidence that the Woodlark Project can grow in size and life.
- KGD has minimized social risk to the Project, with completion of both a compensation and relocation agreements with the local communities. The company is also in the final stages of completing a Memorandum of Agreement with the National, Provincial, and Local government, as well as local landowner communities. The PNG government has decided to take 5% equity in the Project which should further align government and KGD’s interests.
- The Project is currently supported by reasonable flat terrain, a well serviced camp, good network of roads, and airstrip.