The PEA sees an after-tax NPV5% of US$150.5 million, pre-production capital costs of $28.1 million, and a payback period of 11 months, the company said.

"Leaning on our team's collective experience in mine building in Mexico with capital and operating costs informed by the recent construction and ramp up of the Santana gold mine, the Cerro do Oro PEA is a game changer for Minera as we strive to reach our initial target of a +100,000 ounce/year gold producer," Ramshaw said.

The average annual gold production is projected to be about 60,000oz to 70,000oz in years one through four, with an 8.2 year mine life.

The LOM all-in sustaining cost is set at $873/oz - averaging $763/oz in the first four years.

The Mexico-focused company produced its first gold in October 2021. Its portfolio includes the Santana open-pit, heap-leach mine in Sonora, which is going through an operational ramp-up, and the La Fortuna open pit project in Durango - along with Cerro do Oro in Zacatecas.

Minera's share price climbed 13% day on day to more than a three-month high of C$0.54 (US$0.40) on 4 October. The company has a market capitalisation of C$242.05 million.