Along with the completion of Euro Sun's environmental impact assessment technical report, the Company is also pleased to share the results of its optimized and updated definitive feasibility study ("DFS") respecting CAPEX and OPEX revalidation and economic modelling, finalized this week for the Colnic and Rovina open pits - representing the first stage of development at the Company's flagship Rovina Valley Copper-Gold Project. All amounts summarized below are in US dollars unless otherwise indicated.
Key Highlights Include (summary table set out in Table 1):
Pre-tax net present value ("NPV") increased 173% to $1,776 million, with a pre-tax internal rate of return ("IRR") of 39.7%, based on $4.5/lb copper and $3,300/oz gold
Estimated to produce 403Mlbs of copper and 1.472Moz of gold over the life of the project (first stage development) at an all-in sustaining costs ("AISC") of $1,206.3/gold equivalent ounce
The updated study incorporates the most current cost and capital expenditure ("CAPEX") data, with initial CAPEX of $607.1 million
The Rovina Valley Project incorporates dry stack tailings and is a cyanide free operation
Commenting on the latest developments, Grant Sboros, Chief Executive Officer of Euro Sun said, "It has been a good week for Euro Sun. We are obviously jubilant that finally the Single Point Of Contact part of the EU's CRMA regulation has been implemented into Romanian law. This major milestone finally provides our company with a streamlined framework to advance permitting to construct the mine.
We are also pleased to report that the results of our updated economic modelling for the DFS are significant, and that our environmental impact assessment technical report has now been successfully completed. The notable increase in the value of the project - including pre-tax NPV to US$1.77 billion - continues to underscore the economic strength of our Rovina Valley Project and its potential as one of Europe's most important future sources of strategic metals.
At this time, I would also like to extend my sincere appreciation to our chairman, board and investors for their continued patience and confidence shown to me these past few months as we worked to support the CRMA implementation, along with finalizing both our updated DFS and environmental impact assessment. All these crucial milestones bring us markedly closer on our path to responsible development."
Secured Debenture Repayment
The Company is also pleased to announce that it has repaid the debenture (the "Debenture") previously entered into with a holding company of a director of the Company in the principal amount of $350,000 (the "Principal Amount") and which had a maturity date of December 19, 2025. The Debenture was secured against all of the assets and property of the Company pursuant to a general security agreement. Following the repayment of all the Principal Amount and accrued interest under the Debenture, the general security agreement is no longer in place, with all security interests released and no residual encumbrances. The Company relied on exemptions from the formal valuation and minority shareholder approval requirements of Multilateral Instrument 61‑101 Protection of Minority Security Holders in Special Transactions respecting the issuance of the Debenture For more information about the Debenture, please see the Company's press release dated February 13, 2025, which is available under the Company's SEDAR+ profile at www.sedarplus.ca.
Appointment of Cantor Fitzgerald Canada Corp.
Euro Sun is also pleased to announce that it has engaged Cantor Fitzgerald Canada Corp. as its exclusive financial advisor to assist in evaluating potential strategic transactions involving the Company or its assets, including mergers, acquisitions, or sales. This engagement supports Euro Sun's ongoing efforts to maximize shareholder value at its flagship Rovina Valley Copper-Gold Project in Romania, a key European strategic asset under the European Union's Critical Raw Materials Act.
"We are excited to partner with Cantor Fitzgerald to explore opportunities that align with our growth objectives," said Grant Sboros.
Environmental Impact Assessment
The Company also announces it has completed its environmental impact assessment technical report and management intends to work closely with Romanian officials to coordinate the official submission of the document. This milestone, together with the recent designation as a strategic asset under the CRMA, helps advance the Rovina Valley Project towards construction.
Definitive Feasibility Study
The optimized and updated economic modelling of the DFS for the Rovina Valley Project continues to focus on responsible mining procedures including, dry stacking, continuous revegetation, and a cyanide free processing facility. The updated economic modelling for the DFS also incorporated updated cost estimates and metal price assumptions.
Euro Sun is incorporating strong responsible mining procedures into every aspect of the project and is utilizing a phased development approach for the Rovina Valley Project. The Rovina Valley Project consists of two open pit copper-gold deposits, Colnic and Rovina, and the underground Ciresata copper-gold deposit. The Ciresata underground deposit is expected to be phased in following the completion of the Colnic and Rovina pits, assuming future mining studies are completed, and positive results are obtained.
Table 1: Updated Definitive Feasibility Highlights (first stage development)
Life of mine
First 10 years
Copper price
$4.50/lb
Gold price
$3,300/oz
Process Rate
