A gold project is not ready to produce merely because a feasibility study reports a positive net present value or an attractive internal rate of return. A defensible assessment combines the latest technical report with current evidence on reserves, mine design, metallurgy, infrastructure, permits, financing, engineering and construction. The first task is to establish what the project has actually completed, then test whether its technical and economic assumptions still support the stated production plan.
Use the framework below to decide whether a proposed mine is a dated study case, a financeable construction project or a project already progressing toward commissioning. Always record the report’s effective date, governing disclosure framework, ownership, location and every material change since publication.
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1. Establish the project’s actual development stage
Start with the newest technical report and do not confuse its conclusion with the company’s present development status. A feasibility study can demonstrate technical feasibility and economic viability under stated assumptions while detailed engineering, permits, financing or construction remain incomplete.
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Read the latest report, not an old presentation
Obtain the complete technical report and its summary tables, not only an investor presentation. Record the publication date and the effective date: the effective date identifies the information cut-off used for geology, reserves, costs, prices and schedules. Then identify the study type—scoping or preliminary economic assessment, pre-feasibility, feasibility or an equivalent jurisdictional category. Study names are not interchangeable, so use the definition required by the project’s disclosure regime.
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Capture the project owner, ownership percentage, country and operating jurisdiction, proposed mine and processing methods, planned first-production date, mine life and the people who signed the report. A projected production date is an output of the model, not a commitment. Reconcile it with current permits, funding, engineering and construction milestones before presenting it as a realistic target.
Separate study assumptions from completed work
Create two columns in your notes: “assumed or planned” and “completed or legally committed.” A report may assume that a road will be upgraded, a power connection will be available, or a permit will be obtained by a certain quarter. Those assumptions should not be counted as achievements until contracts, approvals or physical work substantiate them.
Search subsequent regulatory filings, permit registers, financing announcements and construction updates. Mark each change since the report: revised costs, changed mine sequence, new metallurgical results, permit conditions, ownership changes, debt or equity commitments and delays. A later corporate presentation can be useful for chronology, but the technical report and filed documents should anchor your interpretation.
2. Test whether the technical case is internally coherent
The mine plan, reserves, processing route and infrastructure are one system. Assessing any one of them in isolation can hide a fatal dependency.
Reconcile reserves with the mine plan
Check the reserve statement’s classification, cut-off grade, modifying factors and effective date. Then follow the reserve ounces into the production schedule. Ask whether the planned mining method can deliver the stated tonnage and grade at the required rate, and whether the schedule uses realistic mining recovery and dilution.
- Compare reserve tonnes and grade with mill feed in each production period.
- Check whether dilution lowers the delivered grade or adds material that the plant cannot process economically.
- Identify stockpiles, low-grade campaigns and pre-stripping, and determine when their cash costs occur.
- Verify that the reported mine life is supported by the reserve base rather than by unclassified or merely resource material.
Exploration upside can improve a project later, but it should not be treated as production support unless it has been incorporated under the applicable reserve rules.
Check mining method and schedule logic
Read the geotechnical assumptions behind the selected method—open pit, underground or a combination. For an open pit, examine slope angles, pushbacks, strip ratio, waste-storage capacity and water management. For underground work, examine development metres, ground support, ventilation, dewatering, access and the transition from development to steady-state stoping.
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Compare the mining fleet, shift pattern and availability assumptions with the peak material movement in the schedule. A plan that requires the same equipment to perform pre-strip, ore mining and construction support simultaneously may need more capital or a longer schedule than the headline case indicates.
Validate metallurgy and recovery
Recovery is a technical assumption with direct revenue consequences. Determine how many samples were tested, whether they represent all ore types and domains, and whether variability testing covered the grades and mineralogy expected during the mine schedule. Confirm that the proposed crushing, grinding, flotation, leaching or other route matches the testwork.
Look for limitations such as insufficient sample mass, untested transition ore, deleterious elements, coarse gold, preg-robbing, clay, water-quality constraints or uncertain reagent consumption. Compare the recovery used in the economic model with the range achieved in laboratory or pilot work. If recovery changes by ore type, verify that the schedule applies the correct recovery to each period rather than one optimistic average.
Include every enabling facility
Production cannot begin without the supporting system described in the report. Confirm that the schedule and cost estimate include power generation or connection, water supply and treatment, access roads, bridges, camps, communications, laboratories, fuel storage, tailings, waste-rock facilities and closure works. Check capacity against peak throughput and peak water or waste volumes, not just average annual production.
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Infrastructure outside the mine boundary may depend on government agencies, utilities, communities or other users. Identify who must deliver each item, which agreements are signed, and what happens if the item is late. A technically sound pit and plant can still miss first production if a transmission line, all-season road or tailings facility is not available.
Verify the technical authors and disclosure framework
Confirm that the report’s Qualified Persons or equivalent competent professionals have the credentials and experience required by the relevant jurisdiction. An excerpt from the August 2026 Don David Gold Mine NI 43-101 report describes a Qualified Person as having a relevant degree or equivalent accreditation, at least five years of relevant experience, experience preparing or reviewing project reports and good standing with a recognized professional association. It also identifies specialist disciplines covering geology, reserves, mining, geotechnical work, permitting, processing, cost estimation and economics.
Those criteria are an example, not a universal rule. S-K 1300, NI 43-101 and other regimes use different terminology and definitions. Verify the project’s governing framework and confirm that the signatories’ scopes match the sections they approved. A respected author does not eliminate project risk, but missing qualifications, unexplained substitutions or a report that lacks necessary specialist coverage are warning signs.
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3. Reconstruct the complete capital and funding requirement
Initial construction capital is only one part of the money required to reach and sustain production. Rebuild the estimate from the report’s tables and reconcile it to the schedule.
Use all relevant cost categories
| Category | What to include | Question to ask |
|---|---|---|
| Initial capital | Design, permitting, construction, major equipment, infrastructure and commissioning | Does the amount cover the full scope needed to start the plant? |
| Pre-production costs | Owner’s costs, indirect costs, construction management, pre-stripping and operating costs before revenue | Are these costs shown separately or hidden in another line? |
| Contingency | Allowances for estimate uncertainty and defined risks | Is the percentage appropriate for the engineering maturity? |
| Sustaining capital | Equipment replacement, tailings lifts, underground development and plant upgrades | What must be spent each year to maintain output? |
| Working capital | Inventory, receivables, payroll and timing gaps before sales proceeds arrive | Is a cash buffer required after commissioning? |
| Closure and reclamation | Reclamation, restoration, demolition, monitoring and water treatment | When are these liabilities funded and posted as cash costs? |
| Taxes, freight and escalation | Project-specific taxes, duties, freight and stated price or inflation assumptions | Are these included consistently in the economic model? |
The Stibnite Gold Project S-K 1300 technical report illustrates why this reconstruction matters: its capital estimate includes initial design, permitting, construction and commissioning; sustaining capital and equipment replacement; working capital for timing gaps and inventory; and closure, reclamation, restoration and water-treatment costs. Omitting any of those categories can make the financing burden appear smaller than it is.
Reconcile cost, schedule and scope
Trace each major facility from the scope description to the capital table and the construction schedule. Look for scope that appears in one place but not another, such as a water-treatment plant included in permitting but absent from capital, or a tailings expansion shown in sustaining capital but required before the first production year.
Record the estimate class, currency, price basis, escalation date and contingency. A feasibility estimate remains an estimate tied to quantities, productivity, prices and engineering assumptions; it is not cash already available. If the report gives a range or sensitivity, preserve it instead of substituting a single point estimate.
Test funding certainty
Compare total funding needs with cash on hand, committed debt, committed equity, streaming or royalty proceeds and required future financing. For every source, record the amount, currency, closing status, maturity, interest or dilution terms, security, covenants and conditions precedent.
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1Clear out junk files and repair common Windows errors2Scan for outdated or missing drivers - takes under a minute3Repair Windows errors before they cause bigger problemsDistinguish signed and funded commitments from non-binding indications, proposed placements or management intentions. A facility conditional on permits, cost updates or a final investment decision may not be available when needed. Build a funding calendar that shows when construction payments, working capital and debt repayments occur; a project can be economically positive and still fail because cash arrives after the next payment is due.
4. Check permits and execution readiness
Build a permit register
List every approval required to build, operate, discharge water, handle tailings and waste, use land, draw water, move concentrates and close the site. For each permit, record the authority, application date, current status, conditions, appeal or consultation obligations and dependencies on land access or infrastructure agreements.
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Do not describe a permit as “in process” without identifying the actual milestone. Submitted, accepted as complete, under technical review, issued, appealed and legally effective are different states. Conditions can require design changes, monitoring, financial assurance or community agreements that add cost and time.
Map the execution gates
Create a dated path from detailed engineering through procurement, construction, commissioning and commercial ramp-up. A useful sequence is:
- Complete feasibility updates and detailed engineering.
- Secure legally effective permits and land, water and infrastructure agreements.
- Approve a construction budget and close the required financing.
- Order long-lead equipment and verify vendor delivery dates.
- Construct mine access, power, water, tailings, waste facilities and the process plant.
- Commission individual systems, introduce ore and demonstrate recovery and throughput.
- Reach commercial production under the company’s stated definition.
Label each milestone as completed, contractually committed, management guidance or a study assumption. The distinction prevents a feasibility schedule from being mistaken for a construction schedule.
Use physical evidence, not only announcements
For a project claiming progress, look for executed engineering or construction contracts, equipment orders, site photographs with dates, contractor mobilisation, earthworks quantities, installed power and water systems, and independent or regulatory inspection records. Announced groundbreaking ceremonies and generic “fully funded” language do not prove that the critical path is secure.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.5. Stress-test the economic model
Make assumptions visible
Record the gold price, exchange rate, inflation, tax regime, royalties, refining charges, transport costs, recovery, production schedule, sustaining capital and closure timing used in the model. Note whether the price is constant, escalated or based on a particular forecast date. A project value calculated in one currency and price basis is not directly comparable with a value calculated in another.
Interpret NPV and IRR correctly
Net present value depends on the discount rate, timing of capital and cash flow, tax treatment and the selected gold price. Internal rate of return can look high when capital is small or cash flows are delayed, while a large project may show a lower percentage return but greater absolute value. Payback, all-in sustaining cost and annual free cash flow add context but do not replace a review of the underlying schedule.
Inspect the cash-flow model for construction-period deficits, ramp-up losses, sustaining capital spikes, reclamation payments and debt service. Confirm whether the reported NPV is before or after financing and whether corporate overhead, working capital and closure obligations are included.
Run sensitivities and identify break points
At minimum, examine lower gold prices, lower recovery, higher operating costs, higher initial capital, schedule delay and currency movement. Record the price or cost level at which NPV reaches zero, debt coverage fails or additional financing is required. If the report provides only a single sensitivity, treat the untested risks as unresolved rather than assuming linear results.
6. Compare two projects on a like-for-like basis
Ranking projects by headline NPV or IRR is unreliable when their assumptions and maturity differ. Use a comparison table that preserves the qualifiers beside each number.
| Comparison axis | What to normalize or disclose |
|---|---|
| Study maturity and date | Study type, publication date and effective date; later updates and delays |
| Reserve support | Reserve classification, tonnes, grade, cut-off grade, dilution and mining recovery |
| Mining plan | Method, strip ratio or development needs, peak movement and mine life |
| Processing | Throughput, recovery by ore type, testwork coverage and plant route |
| Production profile | First production, ramp-up, average and peak annual ounces, commercial-production definition |
| Capital burden | Initial, sustaining, working-capital and closure capital, with currency and price basis |
| Operating costs | Unit-cost definition, taxes, royalties, freight and inflation treatment |
| Permits and land | Issued, effective, pending or appealed approvals and outstanding conditions |
| Funding | Cash, binding commitments, conditions precedent and remaining funding gap |
| Execution | Engineering completion, procurement, construction progress and critical-path risks |
| Resilience | Sensitivity to gold price, recovery, capital, operating cost and schedule delay |
If a value is not stated in one project’s report, write “not stated” and retain the source date. Do not fill the gap with an estimate from another project.
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- The newest technical report is old relative to major changes in prices, ownership, permits or design.
- First production is repeated from a study schedule even though detailed engineering or permitting is unfinished.
- Reserve ounces do not reconcile with scheduled mill feed, or the plan relies on unclassified material.
- Recovery is based on limited samples and the report does not explain ore-type variability.
- Power, water, roads, tailings or waste capacity is described but not costed, permitted or scheduled.
- Initial capital is highlighted while sustaining, working-capital or closure requirements are missing.
- Funding is described as available even though it depends on future approvals, a final investment decision or an uncompleted financing.
- Permit language does not distinguish an application from an issued and legally effective approval.
- Cost and production tables use different currencies, price dates, tax assumptions or schedule versions.
- Qualified Person responsibilities, specialist coverage or the applicable reporting framework are unclear.
8. A repeatable due-diligence workflow
Use this sequence when reviewing an unnamed project or updating an earlier assessment:
- Collect the source set. Obtain the latest technical report, subsequent filings, permit register, financing agreements, engineering updates and construction disclosures.
- Freeze the timeline. Write down each document’s publication and effective date, then create a chronology of changes.
- Classify the study. Identify the disclosure framework and what the study can and cannot establish.
- Rebuild the technical chain. Trace reserves through mining, stockpiles, processing, recovery and payable ounces.
- Rebuild the cash requirement. Add initial, pre-production, sustaining, working-capital, closure, tax and other disclosed costs.
- Verify execution gates. Mark permits, agreements, engineering, procurement, construction and commissioning as completed, committed or assumed.
- Audit funding. Match the timing and conditions of every financing source to the cash-flow schedule.
- Stress the model. Apply price, recovery, cost, capital and delay sensitivities and record break points.
- Write the conclusion with a status label. Use a category such as study-stage, construction-ready, construction-underway or commissioning, and state the evidence supporting it.
9. What the CK Gold example demonstrates
The CK Gold Project’s May 2026 S-K 1300 report described feasibility-level mine scheduling, recoveries, infrastructure and cost estimates. Its recommendation was to advance detailed engineering and permitting before making a construction decision. That combination is important: a feasibility conclusion can be positive while the project remains short of a build decision.
The report summary states: “The study demonstrates that the selected mining and processing option is technically feasible and economically viable under the stated assumptions.” The qualifying phrase matters. “Under the stated assumptions” directs the reader back to the report date, prices, recovery, capital, schedule, permits and financing rather than treating the sentence as a guarantee of production.
The December 31, 2025 Era Dorada Gold Project S-K 1300 feasibility report provides another useful document pattern: its contents connect mine schedule, mining methods, capital estimate and reserve classification. Those sections should be read together; a reserve table by itself cannot establish that the planned mine can be built or operated.
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Project facts are volatile and jurisdiction-dependent. A sound review should be refreshed after a new technical report, material permit decision, financing close, major cost revision, construction delay, ownership change or metallurgical result. Preserve the earlier version of your model so that changes in NPV, schedule or funding can be attributed to changed assumptions rather than hidden spreadsheet edits.
No broad, independently applicable statistic establishes the probability that a gold project will reach first production. Project-specific quantities should always be quoted with the project name, reporting entity, report and effective date, assumptions and applicable disclosure framework. For an investment, lending or acquisition decision, obtain current legal, engineering, environmental and financial advice in the project’s jurisdiction.
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