Valentine Gold Mine

Overview

The Valentine Gold Mine is located in central Newfoundland and Labrador, one of the world’s top mining jurisdictions. When complete, Valentine will be the largest gold mine in Atlantic Canada and a significant economic driver for the province.

The project spans a 32-km mineralized trend with multiple deposits and strong exploration upside. A December 2022 Feasibility Study outlined an open-pit mining and conventional milling operation with an initial 14-year mine life and average annual gold production of 195,000 ounces for the first 12 years.

Construction Highlights

Construction continues to advance with first gold expected by the end of Q3 2025. The tailings management facility, primary crusher, and CIL leach tanks are in place, and the SAG and ball mills are advancing toward pre-commissioning. The project is fully funded with approximately C$197 million remaining to be spent for construction completion.

• Tailings Management Facility is complete and ready to receive water
• SAG and Ball Mill continue to advance toward pre-commissioning
• Structural, mechanical and piping activities continue to advance in the Grinding, ADR, Reagents, and Gold Room areas
• CIL leaching area tanks construction is complete and mechancial/electrical work has commenced
• Overland and coarse ore stockpile conveyor is progressing and reclaim tunnel is preparing for apron feeders
• Primary crusher installation is complete and preparing for commissioning
• Pre-commissioning is well underway
• Commencement of ore processing expected during Q3
• Updated initial project capital cost estimated at approximately C$854 million (excluding sunk costs). At April 30, 2025, initial project capital costs on an incurred basis totalled C$753 million (excluding sunk costs)
• Phase 2 technical studies progressing, targeting an increase in plant throughput from 2.5 Mtpa to >5 Mtpa