9 December 2021
The PDAC Sustainability Award recognizes outstanding initiative and accomplishment in protecting and preserving the natural environment, or establishing good community relations during an exploration program, development or operation of a mine.
Sabina is being recognized for its efforts related to environmental responsibility and Indigenous engagement in Canada’s north. Sabina is committed to developing a world class gold mine at the Project which benefits Nunavut and contributes to the sustainable development of its communities.
Sabina’s Vice President of Environment & Sustainability, Matthew Pickard, said “after ten years of consultation with Nunavummiut of the Kitikmeot Region we have been able to advance a Project that enjoys widespread community support and will result in meaningful contributions to northerners. I am proud of the work we have been able to accomplish with our community partners and look forward to developing a successful mine together.”
“We are extremely pleased to receive this prestigious international award recognizing our accomplishments in sustainability” said Bruce McLeod, President & CEO.” Considerable stakeholder engagement and consultation has resulted in the creation of what we believe are new standards for environmental protection in the North. We couldn’t have achieved this recognition without the hard work and contributions of the Kitikmeot Inuit Association and all the communities of the Kitikmeot Region.”
Sabina Gold & Silver Corp. is an emerging gold mining that 100% owns the district scale, advanced, high grade Back River Gold District in Nunavut, Canada.
Sabina recently filed an Updated Feasibility Study (the “UFS”) on its first mine in the district, the Goose Mine, which presents a project that will produce ~223,000 ounces of gold a year (first five years average of 287,000 ounces a year with peak production of 312,000 ounces in year three) for ~15 years with a rapid payback of 2.3 years, and a post-tax IRR of ~28% and NPV5% of C$1.1B. See “National Instrument (NI) 43-101 Technical Report – 2021 Updated Feasibility Study for the Goose Project at the Back River Gold District, Nunavut, Canada” dated March 3, 2021.
The Project received its final major authorization on June 25, 2020 and is now in receipt of all major permits and authorizations for construction and operations.
The Company is also very committed to its Inuit stakeholders, with Inuit employment and opportunities a focus. The Company has signed a 20-year renewable land use agreement with the Kitikmeot Inuit Association and has committed to various sustainability initiatives under the agreement.
In addition to Back River, Sabina also owns a significant silver royalty on Glencore’s Hackett River Project. The silver royalty on Hackett River’s silver production is comprised of 22.5% of the first 190 million ounces produced and 12.5% of all silver produced thereafter.
The Company recently announced that it has received indicative terms sheet for project debt and a streaming agreement and is currently advancing definitive documentation in connection with both the project finance facility and the streaming transaction. Final definitive documentation is expected to be concluded in January 2022, which would enable construction to commence in the new year.