After being on care and maintenance since 2019, the Casposo mine—operated by Austral Gold in the Calingasta department of San Juan—resumed mineral processing during Q3 2025, following the successful refurbishment and commissioning of its plant.
By Panorama Minero
During the commissioning phase, Casposo produced 232 gold equivalent ounces (GEOs), comprising 185 ounces of gold and 4,123 ounces of silver. Around 80% of this production was sold in September at an average price of US$3,857 per GEO, generating revenues of approximately US$714,000, with funds received in October.
Concurrently, the company updated its mineral resource and reserve estimates, reporting an after-tax Net Present Value (NPV) of US$72.7 million. The valuation was calculated using a gold price of US$2,855/oz, an 11.8% discount rate, and a projected mine life of 74 months.
Production Outlook
For the final quarter of 2025, Casposo expects to produce between 4,000 and 6,000 GEOs, with operating cash costs (C1) projected between US$1,700 and US$1,900 per ounce, and all-in sustaining costs (AISC) between US$1,750 and US$1,950.
Initial ore processing is being carried out using the company’s existing stockpiles. However, the company plans to transition to open-pit operations through a partnership with a local contractor, expected to be finalized in November.
Additionally, Casposo has signed a toll processing agreement with Australian firm Challenger Gold, which will begin delivering ore from its Hualilán project during Q1 2026. Challenger has already reimbursed Casposo approximately US$450,000 for additional works related to the weighing system and precious metals recovery.
District Exploration and Evaluation
Throughout the quarter, the geology team focused on Casposo Norte, the Aurora vein, and the Manantiales district, with emphasis on structures not previously included in the latest technical report dated October 14, 2025. New geological models, surface sampling, mapping, and structural reinterpretations were completed.
Among the key targets is a 250-meter corridor between Casposo Norte and Aurora, where field mapping and geochemical sampling are being used to assess gold and silver mineralization potential. Aurora is emerging as a possible candidate for open-pit development, though further drilling is required.
The Casposo-Manantiales complex spans 100.2 km² of granted land and exploration rights under the jurisdiction of IPEEM. On the safety front, the company reported zero lost-time incidents and two non-lost-time incidents during Q3 2025.
