The company bought the Pilar mine and 4,000 tonnes per day plant in Goais from Equinox Gold in 2021 for US$38 million in cash, of which the final $17.5 million payment is due in November 2023.

The company aims to increase production from 3,800oz a month to 6,000oz/month by year end  by sending ore from other mining operations it has acquired nearby and then continue growing to 100,000oz/y production in the future.

This will include higher grade ore later this year from Sertao, which was formerly the highest-grade open pit mine in the world with an average grade of 29 grams per tonne between 2003-2007.

Ore will also be sourced from the Maia Lazara mine, the Caiamar mine restart opportunity, the Tres Buracos open pit which is a priority for development in the next 18-24 months, the restart of Cascavel in 2023 and the Pocone Gold alluvial operation in Mato Grosso.

Pilar has also been drilling at Pilar which has increased resources from 2.2 million ounces to 2.9Moz, within a company total of 3.9Moz.

The company is currently undertaking a C$3.5 million raise which has been increased to $5 million.