Economics
The Preliminary Economic Assessment (September 2025) models a 27-year operation with a revenue-to-cost ratio of 2.2, placing Cape Zircon in the first quartile of the global industry cost curve.
8% real discount rate. Prices as at July 2025, based on third-party long-term forecasts. ZAR/US$ 18.50.
Capital
Class 4 estimate (AACE), from the PEA study.
Operating costs
*PEA estimate, 2025.
Forecast revenue
Weighted average annual revenue, real US$, July 2025 prices.
Revenue
From the PEA financial model.
Real US$, PEA financial model.
Cautionary statement
The PEA is preliminary in nature. It includes Inferred Mineral Resources and an Exploration Target that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorised as Ore Reserves. Resource drilling for the PFS has increased resource confidence to Measured, Indicated and Inferred levels of confidence.
Questions
The September 2025 Preliminary Economic Assessment outlines a 27-year operation with US$194M capex, a US$766M pre-tax NPV and a US$556M after-tax NPV at 8% real, and a 51% IRR. These results are to be replaced by the Pre-Feasibility Study currently underway.
US$194M (Class 4 estimate), according to the PEA study.
An estimated US$5.29 per tonne mined and US$224 per tonne of product, about US$86M a year, once in production. A revenue-to-cost ratio of 2.2 places it in the first quartile of the industry cost curve from the PEA study.
Data room
Companies and institutions evaluating an acquisition or partnership can submit an expression of interest to Questco, corporate advisor to the project, for access to the full PEA, the JORC resource report and supporting data.