Royalty Qualitative Information
The Oncas de Pitangui project (“Pitangui”) is part of the Turmalina mining complex (known as the “MTL Complex”) owned by Jaguar Mining. Pitangui is located approximately 120 km northwest of the Minas Gerais state capital of Belo Horizonte. Jaguar Mining acquired the project from IAMGOLD Corporation in 2023 and plans to begin development of the project by H2 2026, with first gold production by 2027.
The mining method at Pitangui will be primarily cut-and-fill, using drift-and-fill mining methods where necessary. Cut-and-fill will be implemented bottom-up (overhand) with delayed backfill. The stopes will be accessed via access ramps to each slice of the stope. Water will be supplied from a local river and power will be via connection to the national grid through a 15 km transmission line. Ore will be hauled to the main Turmalina mill and initial processing tests have indicated 91% gold recoveries are possible.
Exploration has historically been limited at Pitangui, with IAMGOLD drilling only approximately 88,000 metres at the project between 2011 and 2019. Jaguar Mining did not complete any drilling in 2023 or 2024, but recently announced a large-scale exploration project at the broader MTL Complex which aims to increase the mineral endowment at Pitangui.