Aurelia Metals(ASX:AMI) has completed a pre-feasibility study for the New Occidental Tailings Retreatment Project at its Peak Operation in New South Wales, with a mineral resource estimate of 2.6 million tonnes at 0.65 grams per tonne grade of gold and an ore reserve estimate of 2.3 million tonnes at 0.64 g/t gold, according to a Tuesday Australian bourse filing.

The company said the project has a post-tax net present value (NPV) of AU$42 million at an 8% discount rate and an internal rate of return of 258%, based on an average gold price of AU$5,017 per ounce, with project capital of AU$3.3 million for the addition of a feed trommel, associated plant, and minor road works.

The project will process two dry-stacked stockpiles through the existing Peak carbon-in-leach (CIL) circuit and tertiary ball mill, with 32,000 ounces of saleable gold forecast to be produced over 10 years.

The project is gated into a feasibility study, with feasibility engineering and permitting targeting a final investment decision in the first half of fiscal year 2027, construction in the second half of fiscal year 2027, and operations commencing in fiscal year 2028, it added.