[East Money Coal & Nonferrous* Li Miao/Zhang Henghao] Chifeng Gold: SND Project Adds 153t Gold Equivalent Reserves, Substantial Exploration Potential Remains (0730)

English summary

#Reserve increase of 153t gold equivalent. At a cut-off grade of 0.4 g/t gold equivalent, total gold metal is 170t @ 0.47 g/t (96+76), copper metal is 810,000t @ 0.22% (45+36), and gold equivalent is approximately 260t. Compared with the June 2025 estimate, this represents an increase of about 153t gold equivalent. #Significant exploration upside. The SND mineralization remains open to the southwest and at depth, and there is potential for further resource growth and upgrade. The company plans to continue step-out drilling after the rainy season to achieve resource growth and upgrades. The remaining areas within the exploration license have low exploration degree; geological mapping and geophysical work have identified targets suitable for further exploration. #Recovery rates are much higher than the existing Saiban mining area. SND ore is typical easy-to-beneficiate gold-copper ore. Using conventional flotation plus cyanide leaching of flotation tailings, the overall gold recovery can reach 88%, and copper recovery up to 88.5%. ...