Alice Queen Limited is updating its Horn Island Gold Project strategy and scoping assumptions to reflect current gold prices and updated geological, mining, processing, infrastructure, operating cost, and capital expenditure inputs.

The company is re-evaluating the Horn Island project economics as gold prices surge, with work underway on strategy and feasibility.

A review of the mineral resource base and feasibility will be conducted, led by mining consultant RSC, with GBA Capital serving as strategic adviser for development and financing.

Horn Island sits in the Torres Strait between Queensland and Papua New Guinea and has a small population of under 1,000.

GBA Capital has been appointed as strategic advisor for development and financing of the Horn Island project, and will help assemble debt and equity to fund progression.

Despite the price rally, the company’s stock remained unchanged at a nominal level on the trading day.

Historical context notes late-19th-century mining and a failed 1980s open-pit attempt that necessitated environmental remediation.

The 2021 scoping study valued Horn Island deposits at about $140 million, based on a $2,450/oz gold price and a plan for roughly 37,000 ounces per year over an 8.5-year mine life.

Gold has surged about 150% from the 2021 assumption to around $6,000 per ounce, impacting project economics and financing options.

The updated Scoping Study is targeted for completion in the first half of 2026, and will reassess economics, explore direct funding opportunities, and consider partnerships.

An updated Mineral Resource Estimate is being coordinated with RSC engaged to review and refresh the 2021 MRE.

The 2021 study estimated initial capex at $75 million and all-in sustaining costs of about $1,388 per ounce.