Location
East and Central Kazakhstan
Commodity
Expansion Underway
Stage
Pre-Production / Advanced Exploration
Ownership
Core Mining Group Ltd. (Kazakhstan subsidiary)
Operator
Hudson Heartland (Operational Partner)
License Type
Mining and Exploration Licenses (combined area over 54 km²)
Through Core Mining Group Ltd., we are expanding the Zhhaltyrbulak open-pit gold mine in Kazakhstan.
The asset is currently producing gold via heap leaching of oxide ore and is being upgraded for long-term sulphide ore processing. The project generates approximately $10M USD per year in current cash flow, with significant growth potential through resource expansion and infrastructure upgrades.
Oxide and Sulphide Resources:
15.7 million tonnes @ 1.11 g/t Au
Total Estimated Gold: Over 1.4 million ounces (NI 43-101 compliant, indicated and inferred)
Open-pit operations with current oxide production and plans for deepening into sulphide zones.
– Strip ratios = 1:4.2
– Waste management and expansion plans in place
– Existing heap leach operations active
– Sulphide Processing Plants (Under Construction):
• Free-milling ore – Conventional CIL plant
• 2M tonnes/year capacity
• Tailings: Dry stack integrated with leach pad infrastructure
–Grid power, water treatment, on-site labs, full employee housing
– Power upgrades underway for sulphide plant capacity
–Currently cash-flow positive
– Forecast AISC: $1,130–$1,167/oz
– NPV (10%, after tax): $108M USD
– IRR: 18–24% depending on gold price and hedge
– Capex: $225M total incl. acquisition, processing plant, infrastructure
– Hedging optionality with gold pricing above $1,800/oz
Operational with oxide heap leach; sulphide plant under construction.
Operated by Hudson Heartland with Canadian and expatriate site leadership. Local technical and operational staffing in place.