EnviroGold Global Announces Positive Preliminary Test Results & Improved Gold Recovery Rates

TORONTO, March 22, 2023 (GLOBE NEWSWIRE) -- EnviroGold Global Limited (CSE:NVRO | OTCQB:ESGLF | FSE:YGK) (“EnviroGold Global” or the “Company”), a clean technology company accelerating the world’s transition to a circular-resource economy, is pleased to announce preliminary results from the pilot plant test program for the Hellyer Project (Hellyer). The Hellyer project is a joint project between EnviroGold Global and Hellyer Gold Mines Pty Ltd that includes an off-site pilot study at the world-renowned ALS Laboratory in Perth Australia.

The Company is very encouraged that the Phase 1 and Phase 2 work completed to date confirms the previous test work carried out at the Core Resources Laboratory for the liberation of critical and precious metals. Not only does this work confirm previous third-party testing but it also exhibits improved gold recovery rates over and above the current preliminary economic assessment (“PEA”). The current ALS recovery rates should produce economics in line with the PEA. Gold and silver recoveries without the EnviroGold Global process are about 5% and 30%, respectively.

The recovery rates for each metal are demonstrated in the chart below.

Overall Metal Recovery	PEA	Phase 1 and 2 Average
Gold	75%*	82%**
Silver	90%*	74%**
Post Acid-Leach Solution
Zinc	87%	79%
Copper	89%	81%

*48-hour leach, **24-hour leach

Dr. Mark Thorpe (CEO) commented, “Independent test work carried out by ALS confirms the previous assumptions and work completed at the Core Resources and Tingalpa Laboratories in Brisbane. We are excited about the next phases that includes the work to build and operate the pilot plant, and the ongoing collaboration with ALS and Sedgman as we continue to advance the project.”

The test work is now proceeding with the goal of confirming the acid recycling process and generate further residue to evaluate the downstream metal recovery and catalyst recycling.

The Hellyer Project has robust economics as demonstrated by the Company’s PEA. Using a base case of US$1650 /oz gold price, EnviroGold Global’s after tax share of the project could generate a free cash flow of CDN$271.8M and an NPV(10%) of CDN$143.7M. Based on a US$1900/oz gold price, the adjusted EnviroGold Global after tax free cash flows (PEA) would be CDN$344.2M with an NPV(10%) of CDN$184.5M.