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DIGGERS & DEALERS PREVIEW REFINING THE GOLD STANDARD abcrefinery.com

Bardoc Gold DFS (March 2021):

Resources: 3.07 moz gold
Reserves: 1 moz gold
Throughput: 2.2 mtpa
Production 136,000 ozpa
Mine life: 8 years
Capex: $177 million
AISC: $1,188/oz
NPV: $479 million ($2,100/oz gold price)
IRR: 41% ($2,100/oz gold price)

Building a standalone plant will also allow Bardoc to deal its
own hand if the opportunity arises.
“We still have optionality in the region in and around Bardoc,”
Ryan said. “The district is still largely unconsolidated, so the
strategy is to get into production and exploit those stranded
assets, either via toll-treatment or acquisition.
“We are always in constant contact with the multitude of
companies in that North Kalgoorlie area about opportunities
which may arise for assets without treatment agreements.”
Consolidation is a key ingredient of the Bardoc story. The
company was originally created to act as a catalyst in North
Kalgoorlie, an area with a history of disparate ownership. The
Aphrodite deposit was acquired via a merger with Aphrodite
Gold in 2017 and the Excelsior and Zoroastrian projects Rob Ryan has led Bardoc’s consolidation play in North
Kalgoorlie and is now ready to take the company to
arrived via a similar deal to absorb Excelsior Gold in 2018.
producer status
Since then, Torian Resources (May 2019), the Vettersburg
tenement (August 2019) and Mayday North/North Kanowna
Star (September 2019) have all been added to the combined The first eight years of mine life have been defined by the
portfolio. DFS. The open pit reserve of 564,000oz is largely dominated
by Excelsior and Aphrodite but also includes contributions
The result is a company with a dominant position and
from Zoroastrian (65,000oz), Bulletin (35,000oz) and
numerous extension/expansion options.
Mayday North (32,000oz).
The underground mining will consist of standard long-hole
stoping methods and a twin-boom development.
The reserves at Zoroastrian (98,000oz) and Aphrodite
(344,000oz) are enough for nearly five years of production,
but the company is already well aware of extension targets.
“The resources are open and there is huge potential because
the resource is only constrained by surface drilling,” Ryan
said.
The company is currently drilling down-dip of the Zoroastrian
underground.
“That is where we see the biggest value proposition in the
medium term,” Ryan said. “There is a four-year mine life
at Zoroastrian but every underground mine in Kalgoorlie
started at four years and ended up 10-plus years.
“We have got an underground target there and we will be
able to focus on upgrading that into the mine plan and getting
as many ounces as possible into reserves.”
Outside extensions, Bardoc has a wealth of targets in
Bardoc will produce 54% of its gold in a concentrate,
circumventing the difficulties of refractory recoveries

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