Niche Capital Emas Holdings Berhad (“NICE” or “the Company”) is proud to announce the successful commissioning of the Heap Leaching plant at the Sokor North Gold Mine, which is part of its mining concession area totalling approximately 4,524.6 acres (18.3 km²), comprising Sokor North (1352.7 acres / 5.47 km2), Sokor Midlands (922.5 acres / 3.73 km2), and Sokor South (2249.4 acres/ 9.10 km2) located in Hutan Simpan Kekal Sokor Taku, Mukim Sokor, Daerah Ulu Kusial, Tanah Merah, Kelantan. This significant achievement is the culmination of an intensive three-year journey in mineral exploration and mining and marks a pivotal moment in NICE’s journey in Malaysia’s mineral exploration and precious metals mining sector.
As a company listed on the Main Market of Bursa Malaysia Securities Berhad, NICE diversified from its existing core business in 2021 to include exploration of minerals, mining and mining related business. Since this strategic diversification, the Company has been focused on developing the Sokor Gold Mine project. Following comprehensive exploration work, the Company achieved a significant milestone in 2023 with the completion of its maiden mineral resource report, prepared in accordance with the Joint Ore Reserves Committee Code ("JORC") with an initial total resource of 17,100 ounces. Notably, this resource estimation is based on exploration of only approximately 20 acres out of the total 1352.7 acres of the Sokor North tenement area, highlighting the significant potential for additional resources across the broader concession. At current market price of roughly RM378 per gram (as of noon 7th November 2024), this initial resource represents a value of approximately RM 201 million (based on the conversion rate of 1 troy ounce = 31.1 grams). The Company is actively conducting continuous exploration works across its tenements, with the potential for additional resources to be proven over time.
The Company's development path included securing the Environmental Impact Assessment ("EIA") approval in March 2024 - a comprehensive regulatory requirement that ensures mining operations meet rigorous environmental protection and sustainability standards. The EIA approval process, which began in June 2023 following the completion of resource estimation and technical feasibility studies, represented nine months of detailed environmental studies, planning, and regulatory review. The approved EIA encompasses two heap leach plants and one carbon-in-leach plant. Following this milestone, the Company obtained its Operating Mining Scheme ("OMS") approval for Hard Rock mining in September 2024. Within just 1.5 months of obtaining these regulatory approvals, NICE has constructed and commissioned its Heap Leach Plant, marking the commencement of its gold mining operations.
The timing of this operational milestone aligns with favourable gold market conditions, which have seen prices strengthen substantially from an average of USD1,798.89 per troy ounce in 2021 to current levels exceeding USD2,700 per troy ounce.
Ir. Tan Ken Sim, Chief Operating Officer of Niche Capital Emas Holdings Berhad said, “We are thrilled to successfully commission our first heap leach plant, which represents an important milestone in NICE's development. This feat reflects our team's dedication in navigating the complex journey of a mine development and reflects our commitment to growth and innovation.
He elaborated, “Given the global demand for minerals, this maiden venture provides NICE with a valuable opportunity to explore additional prospects in the mining sector. We believe this milestone will support our ongoing efforts for growth and expansion as we work towards establishing a strong presence in the gold and minerals industry in the region.”
NICE is now focused on establishing consistent production flows and implementing systematic improvements to optimize operations at the Sokor North site while continuing exploration works to discover additional resources across its tenements. The Company is methodically advancing its expansion strategy across its mining concession area. Additionally, NICE has recently signed a memorandum of understanding for exclusive exploration rights over a 3,255 hectares area in proximity to its existing Sokor tenements, strengthening its presence in the region.
