Name of the Project
Nyanzaga gold project (NGP).

Location
Lake Victoria Goldfields region, north-west Tanzania.

Project Owner/s
Africa-focused gold miner Perseus Mining.

Project Description
A final investment decision to proceed with the project was made in April 2025.

The NGP comprises the adjacent Nyanzaga and Kilimani deposits. The probable reserve is estimated as 52-million tonnes, grading 1.40 g/t gold and containing 2.3-million ounces of gold.

The updated feasibility study proposes gold production of more than 200 000 oz/y of gold from 2028 to 2035, with peak production of 246 000 oz in the 2028 financial year.

Perseus plans to mine the Nyanzaga (Tusker) and Kilimani deposits using a large openpit, as opposed to the smaller openpit and underground mine concept considered in the previous feasibility study.

Openpit mining will be undertaken with medium- to large-scale off-highway equipment, including 180 t to 350 t class excavators and 90 t to 150 t class dump trucks. Trucks haul ore to surface ore stockpiles, with waste being hauled to and disposed of in waste rock dumps. Front-end loaders will be used for stockpile rehandling. 

Drill-and-blast practices will be used to break competent rock. Drill-and-blast techniques, including presplit and trim shots, will be applied to minimise openpit wall damage, and blasting is proposed to be configured to minimise ore loss and waste dilution.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has a pretax net present value, at a 10% discount rate, of $404-million and an internal rate of return of 26%.

Capital Expenditure
$523-million. This includes $49-million in contingency, and preproduction capital of $51-million.

Planned Start/End Date
The project is expected to produce first gold in the first quarter of 2027.

Latest Developments
Perseus has reported that the NGP remains on budget and schedule, with first gold expected in January 2027. Project development is progressing to plan, with $160.8- million (31%) of budgeted project cost incurred for the supply of goods and services, and a further $101.4-million (19%) committed by the end of December 2025. 

Construction activities on site continued during the quarter ending December 31, 2025, gathering strong momentum. Several key work fronts achieved significant progress over the period.

The resettlement housing project is almost complete, with the final ten homes planned to be delivered to project-affected families before the end of January.

The fabrication of the semiautogenous grinding mill and ball mill continued during the December quarter, the construction and installation of which are on the current project schedule critical path, in addition to progressing well and ahead of schedule.

The construction of the camp progressed to 70% complete, with 32 senior rooms occupied and a further 32 rooms expected to be handed over by the end of January.

The tailings storage facility remains ahead of schedule with clearing and topsoil removal. 

Detailed design is complete and procurement is well advanced.

Key Contracts, Suppliers and Consultants
Lycopodium (EPCM).

Contact Details for Project Information
Perseus Mining, tel +61 8 6144 1700.