Mining intelligence · Project

PL Gold Mine

FSGoldCanada

Total gold resources: 0.8 Moz
After-tax NPV (5%): 36.7 C$M
Linked companies: 1

The asset

Project overview

An advanced gold development and restart project in Manitoba, Canada, encompassing the PL deposit, PL North zones and the Nokomis satellite deposit, located 7 km northeast of the PL mill. The past-producing Puffy Lake mine has existing underground development and processing infrastructure and is permitted for an underground restart. A feasibility study was completed in 2018 and is planned for updating; the project also has dated 2017 PL and 2014 Nokomis mineral resource estimates. Current plans contemplate both underground development and starter open-pit mining.

Mine type: Open Pit and Underground
Region: North America

How this data is collected

Canada

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An advanced gold development and restart project in Manitoba, Canada, encompassing the PL deposit, PL North zones and the Nokomis satellite deposit, located 7 km northeast of the PL mill.

Companies behind the asset

Ownership & project roles

Minnova Corp100%
Owner · PL Gold Mine in central Manitoba
Source PL Gold Mine Restart Update PL Gold Mine Restart Update · PDF page 1 · Sep 10, 2026

Mineral inventory

Resources and reserves

How this data is collected

Explore the reported mineral inventory, from headline totals to individual deposits. Resources and reserves remain separate; equivalent metal uses the company’s own assumptions.

Mineral resources as at Sep 10, 2026NI 43-101

Total gold: 0.8Moz gold
Measured & indicated: 0.6Moz gold
Inferred: 0.2Moz gold

PL Gold Deposit – Open Pit, Underground, and combined Open Pit and Underground. Total combines resource categories with different confidence levels; inferred resources are not reserves.

Source PL Gold Mine Restart Update PL Gold Mine Restart Update · PDF page 2 · Sep 10, 2026

Market cap per resource ounce

Minnova Corp · US$16M market cap

All categories: US$19.89/ oz gold
Measured & indicated: US$26.60/ oz gold
Inferred: US$78.84/ oz gold

Each figure divides the whole company market cap by that category’s reported ounces in this estimate. No ownership adjustment; other company assets are not deducted. Resource ounces are not recoverable production or cash value. Share price 2026-09-21 · FX 2026-09-22.

PL Deposit – Open Pit and Underground

Category	TonnageMt	Grade	Contained metal	Cut-off
Category	TonnageMt	Goldg/t	Goldkoz	Cut-off
Measured	2.63	5.2	440.18	—
Indicated	1.12	4.45	160.98	—
Measured & indicatedsubtotal	3.76	4.98	601.16	—
Inferred	1.67	3.78	202.81	—

Breakdown by deposit (2) — restates the totals above, not additional to them

PL Deposit – Open Pit

Category	TonnageMt	Grade	Contained metal
Category	TonnageMt	Goldg/t	Goldkoz
Measured	1.29	5.35	221.58
Indicated	0.29	4.99	46.52
Measured & indicatedsubtotal	1.58	5.28	268.09
Inferred	0.119	5.75	21.96

Cut-off 0.6 g/t

PL Deposit – Underground

Category	TonnageMt	Grade	Contained metal	Cut-off
Category	TonnageMt	Goldg/t	Goldkoz	Cut-off
Measured	1.34	5.06	218.6	—
Indicated	0.835	4.26	114.46	—
Measured & indicatedsubtotal	2.18	4.75	333.07	—
Inferred	1.55	3.63	180.86	—

The development case

Project economics

Company-reported study estimates, modelled under the assumptions below. These are not actual operating results.

FS · 2018

Feasibility study

Reported project economics for the 2018 FS.

After-tax NPV (5% discount rate): 36.7C$M
After-tax NPV (0% discount rate): 46.8C$M
After-tax IRR: 53%

Metal prices the company used in this FS

Gold: $1,250/oz

All prices in US dollars.

US$2,500/oz gold

Company-reported alternative price case from the same study.

Gold price assumption: 2,500 US$/oz
After-tax NPV (0% discount rate): 400 C$M
After-tax NPV (5% discount rate): 323.4 C$M
After-tax IRR: 299 %
After-tax payback: 0.4 years

Explore NPV at your metal prices

Awaiting verified inputs

The annual payable-metal schedule has not yet been verified for this study.

The calculator becomes available when those inputs are verified. Reported study economics remain shown above.

An annual production schedule has not been verified for this study. Reported averages below are not a year-by-year forecast.

Mine life & production

Phase-1 mine life: 5 years
Underground reserve contained gold: 259,000 oz Au
Underground reserve gold grade: 7 g/t Au
Average annual gold production: 46,500 oz Au
Historical PL in-pit measured resource tonnage at 0.6 g/t Au cutoff: 75,993 t
Historical PL in-pit measured resource contained gold at 0.6 g/t Au cutoff: 12,124 oz Au
Historical PL in-pit indicated resource tonnage at 0.6 g/t Au cutoff: 185,433 t
Historical PL in-pit indicated resource contained gold at 0.6 g/t Au cutoff: 33,702 oz Au
Historical PL underground measured and indicated resource tonnage at 2.5 g/t Au cutoff: 1,573,000 t
Historical PL underground measured and indicated resource contained gold at 2.5 g/t Au cutoff: 206,800 oz Au
Historical PL underground inferred resource tonnage at 2.5 g/t Au cutoff: 1,920,000 t
Historical PL underground inferred resource contained gold at 2.5 g/t Au cutoff: 300,000 oz Au

Cash flow, capital & returns

After-tax payback: 1.5 years
Pre-tax NPV (5% discount rate): 56 C$M
Pre-tax IRR: 65 %
Average LOM operating cost: 162 C$/tonne
Average LOM operating cost: 750 US$/oz
Total estimated capital expenditure: 35 C$M

Study assumptions, grades & recoveries

Gold price assumption: 1,250 US$/oz
Exchange rate: 0.77 US$/C$

The reported economics retain their original 2017 mineral-resource basis; the FS itself continues to be cited and is not treated as withdrawn. The cited Technical Report had an effective date of October 31, 2017. Resource metrics below are historical mineral-resource figures, not mine-plan production.

Source MCI Presentation April 2025 · PDF page 6 · Apr 1, 2025

Source MCI Presentation April 2025 · PDF page 7 · Apr 1, 2025

Source MCI Presentation April 2025 · PDF page 18 · Apr 1, 2025