DFS update for Twin Hills Gold Project in Namibia released
Osino Resources Corp. has provided an update on the definitive feasibility study (DFS) for its Twin Hills Gold Project in Namibia. The DFS is being conducted by Lycopodium Minerals Africa (Pty) Ltd., in accordance with the standards set by National Instrument 43-101. The study involves input from various consultants and Osino itself.
According to Heye Daun, Osino’s President and CEO, the team is on track to deliver the Twin Hills DFS by mid-June. Throughout the preparation of the study, the project has been optimized in terms of cost estimates, flow sheet performance, and risk reduction in preparation for construction. The updated DFS and mineral resource estimate (MRE) indicate a strong and economically viable project, positioning Twin Hills as a prominent gold development project in Africa.
Twin Hills Gold Project
The Twin Hills Gold Project is situated within Namibia’s Damara sedimentary mineral belt, near the operating Navachab and Otjikoto gold mines. The project is suitable for conventional open-pit gold mining and conventional whole-ore CIL metallurgical processing.
The DFS is based on an updated MRE that incorporates additional infill and resource expansion drilling completed since the previous preliminary feasibility study (PFS). The PFS’s findings, including mineral resource and reserve estimates, production and financial results, and key valuation metrics, were previously reported in a Technical Report filed on October 26, 2022.
The DFS has generated cost estimates with an accuracy range of approximately ±15%. In July 2023, Osino plans to begin a five-month front-end engineering design (FEED) package. An Owner’s Project team will oversee the activities of the main engineering, procurement, and construction management (EPCM) contractor, along with other consultancies. The Owner’s team will be responsible for project implementation, detailed planning, and early implementation of Operational Readiness activities.
While finalizing the DFS, Osino has been engaged in negotiations with a credible mining project financier for financing the project. The company is working closely with the financier’s team to advance due diligence and transaction structuring, with the aim of securing relevant approvals in the second half of 2023. Osino will provide further updates on the financing process upon receiving these approvals. Project implementation will commence once permitting is complete, full project financing is secured, and a formal investment decision (FID) is made by Osino’s Board of Directors.
Additionally, Osino is evaluating the possibility of a dual listing of its shares on the standard listing segment of the Official List of the Financial Conduct Authority (FCA) and admission to trading on the main market of the London Stock Exchange. This move is intended to expand the company’s shareholder base and improve its access to capital markets. The Board will announce a formal decision on pursuing an LSE listing, which is expected to increase investor awareness of Osino’s African projects and enhance its access to equity capital in the UK and the EMEA region.
