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Gold Operations
Operational Schematic — Q1 2026
UNDERGROUND DRIFTOPEN PITEXTRACTIONHAULAGEMILLINGREFININGQUARTZ SEAM0m-240m-480mVEIN OPERATIONS — SCHEMATIC REV.4
4.2MToz
Proven + Probable
NI 43-101 Certified
Extraction
Haulage
Milling
Refining
Equity AnalysisFY2025 · AUDITED

The numbers
don't require
a pitch deck.

Vein operates deep-shaft and open-pit gold mines across two jurisdictions. Every metric on this page is drawn from audited production reports, NI 43-101 reserve statements, and independently verified AISC filings.

$847/oz
All-In Sustaining Cost
FY2025 actuals
94.3%
Mill Recovery Rate
vs. 87.1% sector avg
18.4yr
Reserve Mine Life
at current production
Download Full ReportCompare Our AISC Live

* AISC per World Gold Council definition. Reserves per NI 43-101 technical report dated Jan 2026.

◆PROVEN RESERVES: 4.2M TOZ◆AISC: $847/OZ◆MILL RECOVERY: 94.3%◆ANNUAL PRODUCTION: 342,000 TOZ◆RESERVE LIFE: 18.4 YRS◆DORÉ PURITY: 89.4%◆DRILL METERS: 148,000 M/YR◆ORE PROCESSED: 8.2M TONNES
◆PROVEN RESERVES: 4.2M TOZ◆AISC: $847/OZ◆MILL RECOVERY: 94.3%◆ANNUAL PRODUCTION: 342,000 TOZ◆RESERVE LIFE: 18.4 YRS◆DORÉ PURITY: 89.4%◆DRILL METERS: 148,000 M/YR◆ORE PROCESSED: 8.2M TONNES
Cost Structure Analysis — Industry Teardown

Every dollar of AISC advantage
compounds at the margin.

The following metrics are drawn from audited filings and independently sourced industry benchmarks. Each row represents a structural cost advantage — not a projection.

◆ Industry Average
◆ Vein Gold Operations
All-In Sustaining Cost
USD / troy oz
$1,241
85%
Vein
▼Below avg
$847
58%
Cash Cost
USD / troy oz
$842
78%
Vein
▼Below avg
$603
56%
Strip Ratio
waste:ore tonnes
5.8:1
72%
Vein
▼Below avg
3.4:1
42%
Capital Intensity
USD / annual oz capacity
$4,200
80%
Vein
▼Below avg
$2,890
55%

At current gold prices (~$2,340/oz spot), Vein's $847 AISC generates an operating margin of $1,493/oz — approximately 63% above the industry median margin of $908/oz. Click any row to view source methodology.

Full Cost Breakdown →
Recovery & Reserve Life — Peer Benchmarks

Recovering more from every tonne.
Running longer than the sector.

Combined Advantage
Higher recovery on a longer-lived reserve base = structurally superior net asset value per share.
Comparative Metric
Mill Recovery Rate
+7.2pp vs. sector
◆ Sector Median
87.1%

Source: SME Annual Review 2025, n=62 CIL/CIP operations

◆ Vein Gold Operations
94.3%

FY2025 audited mill recovery — carbon-in-leach circuit

◆

Each percentage point of recovery = ~3,100 additional oz/yr at current throughput

†Recovery measured as gold in final product ÷ gold in feed. Vein operates a CIL circuit with pre-oxidation stage.

Comparative Metric
Reserve Mine Life
+7.2 yr vs. sector
◆ Sector Median
11.2 yr

Source: S&P Global Market Intelligence, mid-tier producers 2025

◆ Vein Gold Operations
18.4 yr

At 342,000 oz/yr production rate — proven + probable reserves

◆

Extended mine life reduces per-unit financing costs and supports long-dated offtake contracts

†Calculated as proven + probable reserves (4.2M Toz) ÷ FY2025 production (342,000 Toz). NI 43-101 compliant.

Reserve Classification — Jan 2026
Proven Reserves
2.8M Toz
Probable Reserves
1.4M Toz
Measured Resources
0.9M Toz
Indicated Resources
2.1M Toz

† NI 43-101 Technical Report, Qualified Person: Dr. Elena Marchetti, P.Geo., Jan 15 2026.

Reserves-to-Production Ratio
12.3×
R/P RATIO
vs. 6.8× sector median

A reserves-to-production ratio of 12.3× signals a producer with sufficient inventory to sustain output through commodity cycles without distressed reserve replacement capital.

Operational Proof — FY2025 Actuals

Numbers from the ground up —
audited, not modelled.

The following figures are extracted from Vein's FY2025 annual production report and independently audited financial statements. No projections.

◆ Annual Doré Production
—
troy oz / yr

FY2025 actuals — 6% above guidance

† Doré bars cast at on-site refinery. Average purity 89.4% Au, 8.1% Ag.

Ore Processed
—
tonnes / yr

CIL mill throughput, FY2025

Drill Meters Completed
—
m / yr

Infill + exploration drilling

Water Recycled
—
of process water

Closed-loop circuit, FY2025

Active Drill Rigs
—
rigs

Across 3 active mining zones

Doré Bar Purity
—
% Au

On-site refinery, avg FY2025

Haul Truck Fleet
—
units

220-tonne capacity average

Site Headcount
—
employees

Direct + contractor, FY2025

✓NI 43-101 Certified Reserve Statement
✓WGC AISC Methodology
✓Big Four Audited Financials
✓ISO 14001 Environmental Management
Investor Access — Full Operational Report

The data builds the case.
The report closes it.

Download the full FY2025 operational report — 48 pages of audited production data, reserve estimates, AISC methodology, and comparative peer analysis.

Download Full Operational Report
PDF · 48 pages · FY2025 Audited

No marketing emails. Report delivered immediately to your inbox. Data governed by Vein's investor privacy protocol.

Compare Our AISC Live
Interactive Cost Calculator
$2,340
$1,400$3,200
Vein Margin
$1,493/oz
Industry Margin
$1,099/oz
Vein margin advantage:+$394/oz
Annual advantage at 342k oz:$134.7M

AISC inputs: Vein $847/oz (FY2025 audited). Industry $1,241/oz (WGC Q3 2025 average). Calculator uses current production of 342,000 Toz/yr. For modelling only — not investment advice.

Download Full Cost Analysis