Oroco Resource Corp. reports developments tied to advancing the Santo Tomás porphyry copper project in northwestern Mexico. Company news commonly covers diamond drilling, mineral-resource classification work, Pre-Feasibility Study programs, baseline environmental and permitting work, and project infrastructure context, including access to port, highway, rail, power and natural gas corridors.
Oroco updates also include capital-structure actions, financing proceeds directed toward project work and general working capital, shareholder and securities matters, and governance changes affecting senior leadership and board oversight.
Oroco Resource Corp. (TSXV: OCO; OTCQB: ORRCF) has filed a Preliminary Economic Assessment (PEA) technical report for its Santo Tomas Copper Project in Sinaloa, Mexico. The report, dated August 20, 2024, is now available on the company's website and SEDAR. The PEA results remain consistent with the previously announced findings on August 20, 2024.
Oroco has also announced a webinar scheduled for August 28th at 11:00 AM PDT to discuss the PEA results. CEO Richard Lock, Principal Geological Consultant Andrew Ware, and Corporate Finance representative Adam Smith will lead the discussion on the PEA and outline next steps for advancing the Santo Tomas porphyry project.
Oroco Resource has released a revised Preliminary Economic Assessment (PEA) and updated Mineral Resource Estimate (MRE) for its Santo Tomas Porphyry Copper Project in Mexico. The PEA, prepared by Ausenco Engineering, envisions a staged open pit mine reaching 120,000 tonnes per day production by year 8, over a 22.6-year life of mine.
Key highlights include a post-tax Net Present Value (NPV) of $1.48 billion, a 22.2% Internal Rate of Return (IRR), and total Life of Mine (LOM) payable copper production of 4,774 million pounds. Initial capital costs are estimated at $1.103 billion, with sustaining and expansion costs at $1.734 billion. C1 cash costs are projected at $1.54/lb Cu.
The MRE estimates 540.6 million tonnes of indicated resources with an average grade of 0.37% CuEq. The PEA details plans for a highly efficient use of capital, achieving a rapid post-tax payback of 3.8 years. The project is poised to be one of the most capital efficient large-scale, low-cost copper projects globally.
Oroco Resource Corp. has completed a brokered private placement, raising $6.3 million through the sale of 14,051,127 units at $0.45 per unit. Each unit includes one common share and one half of a common share purchase warrant, exercisable at $0.65 for 24 months. The offering was led by Red Cloud Securities Inc. and Canaccord Genuity Corp. Oroco paid a cash commission of $271,636.20 and issued 603,636 broker warrants, and 99,763 advisory warrants. Proceeds will fund the Santo Tomás Project in Mexico, working capital, and general corporate purposes. The units are immediately freely tradeable under Canadian law but are subject to a hold period until October 7, 2024, on the TSXV.
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