Toral Project

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Europa Toral Project Fly Through

Toral, Spain - a European Metals Base

  • Province of Leon - established mining region
  • Close cooperation with Junta of Castilla y Leon has allowed delivery of multiple work programmes
  • Industrialised area - regional mining expertise
  • Infrastructure corridor - road, rail & power
  • EU/Regional grant access

Immediate Toral Area

Toral - Resource Overview


  • $156m NPV
  • 31.3% IRR
  • $79m Capex to production
  • Payback Year 4
  • 700kt/a- 12LOM
  • 49 Op Margin ($63.56/6)'

Resource (JORC 2012)

  • 17 Mt @ 6.9% Zn Eq (inc. Pb credits), 4.1% Zn, 2.9% Pb & 24 g/t Ag (inf/ind: 720,000 Zn, 510,000t of Pb and 14Moz of Ag (Approx.)
  • 3.8 Mt @ 8.3% Zn Eq (inc. Pb credits) and 30 g/t Ag indicated:180,000t Zn,150,000t Pb & 3.7 Moz Ag (Approx.)


  • 'SLOS with ramp/raise-bore shaft access - 10% dilution;
  • 3.5m average mined mineralised widths'
  • Environmental Baseline studies underway
  • Initial hydrogeological report successful
  • Advancing geotechnical approach

Metallurgy/ Economic recovery

  • Significant Indicated and Inferred JORC (2012) resource, Spain
  • Metallurgy and XRT ore sorting proving up high grade concentrates
  • 'Grade/recovery 3.3% Pb/87%; 4.2% Zn/86%; 26.7g/t Ag/85%'
  • Scoping Study and PEA complete - PFS underway

Toral - Block Model

The updated mineral resource estimate as of August 2020 for the Toral lead-zinc-silver deposit comprises:

  • High grade core identified in initial work, area has been focus of recent campaigns and successfully upgraded from inferred to indicated.
  • Purple - Indicated Resources of approximately 3.8Mt@8.3% Zn Equivalent (including Pb credits), 4.7% Zn, 3.9% Pb and 30 g/t Ag
  • Green - Inferred Resources of approximately 14Mt@6.5% Zn Equivalent (including Pb credits), 4% Zn, 2.7% Pb and 23 g/t Ag

Toral - Economics

  • US$156m NPV at an 8% discount rate
  • 31.3% IRR
  • 17Mt @ 6.7% ZnEq (including Pb credits) resource (JORC 2012) including indicated resource of 3.8Mt @ 8.1% ZnEq (including Pb and Ag credits) - 4% cut off grade
  • Sub-Level Longhole Stoping (“SLOS”) mining method selected
  • 700k tonnes per annum operation with a 7.6% ZnEq mined grade:
    • SLOS with ramp/raise-bore shaft access;
    • 10% dilution;
    • 3.5m average mined mineralised widths
    • Processing comprises an ore sorting front-end using X-ray Transmission (“XRT”) followed by grinding and flotation
    • Grade/recovery:3.3% Pb/87%; 4.2% Zn/86%; 26.7g/t Ag/85%
    • US$79m upfront Capex
    • 3-year trailing average metals prices of US$2,668/t for zinc, US$2,099/t for lead and US$16.5/oz for silver
    • US$963m Revenue over Life of Mine (“LOM”)
    • US$477m Opex over LOM
    • US$471m EBITDA over LOM
    • 49% Operating Margin (US$63.56/t all-in cost)
    • 12-year LOM scenario
    • Conceptual LOM production schedule incorporates 100% of the existing Indicated resource in the early years, ending with elevated zinc grades in the deep Inferred zones
    • Deposit open to the east and at depth for potential production expansion during the mine’s life
    • Project’s 3-year Investigation Permit renewed until 15 November 2023 (as announced previously on 12 November 2020)’

Toral - Bara Preliminary Economic Report highlights

A graph of mined production, revenues and costs, showing major project milestones is presented
Summary Mining Schedule (Years)
Key observations:
  • Payback in Year 4;
  • Year 12 ends in high grade zinc; and
  • Resource expansion potential exists at depth and along strike to the east.
Toral Live of Mine Development Plan (looking North)
Typical sub-level set of 3 levels showing underhand development sequence, overhand stoping sequence and pillar layout

Total revenue is $962m over the life of mine, with zinc the major revenue contributor at $526m, followed by lead at $370m and silver at $66m. 3-year trailing average metal prices were used including $2668/t for zinc, $2099/t for lead and $16.5/oz for silver. A graph of relative metal revenue contributions is shown in Figure 1