- Overview
- Reserves & Resources
- Technical Report
Overview
Overview
The Xavantina Operations are located in southeastern Mato Grosso State, Brazil, and consist of a high-grade, narrow-vein underground gold mine and an on-site processing facility. Current mining activities are focused on the Santo Antônio and Matinha veins.
Ore is processed at the adjacent Xavantina Mill, which is designed with a conventional three-stage crushing circuit, milling, and a combination of gravity concentration and intensive leaching and flotation, followed by carbon-in-leach. This produces high-quality gold doré bars, which are sold to refiners.
The Xavantina property covers nearly 135,000 hectares, offering significant exploration upside potential. Our current exploration program is focused on down-dip extensions of known mineralization, as well as the discovery and definition of new veins, aimed at both sustaining and growing production over the long term.
In August 2021, RGLD Gold AG, a wholly owned subsidiary of Royal Gold, Inc., purchased a $110 million gold stream on the Xavantina Operations, which was extended in March 2025 with an additional $50 million payment. Under the terms of the agreement, RGLD Gold AG receives 25% of gold produced from the operation until 160,000 ounces have been delivered, after which the rate decreases to 10% for the life of mine. Ongoing payments are equal to 20% of the prevailing spot gold price for each ounce delivered until 49,000 ounces have been received – a milestone that has now been met – after which RGLD Gold AG pays 40% of the prevailing spot gold price for each ounce delivered. Full transaction details are available in the Company’s March 31, 2025 press release.
Ownership
97.6%
Primary Commodity
Gold
Mine Type
Underground
2024 Production
57,210 ounces of gold
2024 C1 Cash Costs
$493 per ounce of gold produced
2024 AISC
$1,006 per ounce of gold produced
2025 Production Guidance:
40,000 - 50,000 ounces of gold
2025 AISC Guidance:
$1,800 - $2,000 per ounce of gold produced
| Classification | Tonnage (000 tonnes) |
Grade (%Cu) |
Contained Copper (000 tones) |
|---|---|---|---|
| Mineral Reserves | |||
| Proven, Santo Antônio Vein | 221 | 6.48 | 46,1 |
| Proven, Matinha Vein | - | - | - |
| Total Proven | 221 | 6.48 | 46,1 |
| Probable, Santo Antônio Vein | 1,793 | 6.98 | 402,5 |
| Probable, Matinha Vein | 82 | 6.65 | 17,6 |
| Total Probable | 1,875 | 6.97 | 420,1 |
| Total Proven & Probable | 2,096 | 6.92 | 466,2 |
| Mineral Resources (Including Reserves) | |||
| Measured, Santo Antônio Vein | 312 | 8.05 | 80,8 |
| Measured, Matinha Vein | - | - | - |
| Total Measured | 312 | 8.05 | 80,8 |
| Indicated, Santo Antônio Vein | 1,949 | 8.75 | 548,2 |
| Indicated, Matinha Vein | 98 | 11.11 | 35,1 |
| Total Indicated | 2,047 | 8.86 | 583,3 |
| Total Measured & Indicated | 2,359 | 8.75 | 664,0 |
| Inferred, Santo Antônio Vein | 1,057 | 9.31 | 316,5 |
| Inferred, Matinha Vein | 84 | 7.26 | 19,7 |
| Gold Concentrates | 24 | 37.41 | 29,3 |
| Total Inferred | 1,166 | 9.75 | 365,4 |
Mineral Reserves Notes:
- Effective Date of June 30, 2025.
- Mineral reserves included within stated mineral resources. All figures have been rounded to the relative accuracy of the estimates. Summed amounts may not add due to rounding.
- The 2025 mine plan incorporates the Sublevel Stoping (SLS) mining method, replacing the previously used room-and-pillar and cut-and-fill methods in most areas. Practical mining shapes (wireframes) were designed using geological wireframes and mineral resource block models as a guide to ensure operational selectivity and mineability. Mining parameters applied to the reserve estimates include total dilution and recovery factors appropriate for each mining are: (i) Productive stopes: 23% planned dilution and 10% operational dilution, for a total of 33%, with an assumed mining recovery of 90%; and (ii) Remaining room-and-pillar areas: 7.0% planned dilution and 8.5% operational dilution, for a total of 16% dilution, with an assumed mining recovery of 92.5%.
- Mineral reserve estimates for the Xavantina Operations are prepared under the supervision of and verified by Mr. Cid Gonçalves Monteiro Filho, SME RM (04317974), MAIG (No. 8444), FAusIMM (No. 329148) and Manager, Resources & Reserves of the Company who is a “qualified person” within the meanings of NI 43-101.
Mineral Resources Notes:
- Effective Date of June 30, 2025.
- Presented mineral resources inclusive of mineral reserves. Indicated mineral resource totals are undiluted. All figures have been rounded to the relative accuracy of the estimates. Summed amounts may not add due to rounding. Mineral resources that are not mineral reserves do not have a demonstrated economic viability. The Mineral Resource estimates were prepared in accordance with the Canadian Standards fand the CIM Guidelines, using geostatistical and/or classical methods, plus economic and mining parameters appropriate to the deposit.
- Mineral resources are estimated using ordinary kriging within 10 meter by 10 meter by 2 meter block size, with a minimum sub-block size of 1.25 meter by 1.25 meter by 0.5 meter.
- Mineral resource are constrained using a minimum stope dimension of 2.0 meters by 2.0 meters by 1.5 meters, a cut-off of 1.46 gpt based on underground mining and processing costs of US$107 per tonne and a gold price of US$2,500 per ounce.
- The 2025 inferred mineral resource estimate for gold concentrates was determined using gold assay data compiled from 25 auger drill holes drilled at an approximate spacing of 12.5 meters at depths ranging between 2.0 to 3.0 meters. Auger holes were sampled on 1.0 meter intervals producing 68 sample composites. Samples were analyzed for gold content at the Xavantina laboratory using fire-assay and verified by an independent third-party laboratory (see Quality Assurance and Quality Control). Grade estimation within the gold concentrate stockpile was determined using the Inverse Quadratic Distance interpolation method constrained to the volume that was sampled.
- Mineral resource estimates for the Xavantina Operations are prepared under the supervision of and verified by Mr. Cid Gonçalves Monteiro Filho, SME RM (04317974), MAIG (No. 8444), FAusIMM (No. 329148) and Manager, Resources & Reserves of the Company who is a “qualified person” within the meanings of NI 43-101.