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Persistence through its wholly-owned subsidiary – Majestic Yantai BVI has set up a joint venture company – Yantai Zhongjia with Yantai Dahedong. Persistence holds 75% of Yantai Zhongjia and other 25% of Yantai Zhongjia is owned by Yantai Dahedong.
The project has two mining licenses and one processing plant.
As at 30 June 2023, at a cut-off grade of 0.3 g/t Au, our Songjiagou Open-Pit Mine has Probable Mineral Reserves of approximately 22,600kt at averaging gold grade of 1.17 g/t, approximately 34,200 kt of Indicated Mineral Resources at averaging gold grade of 1.10 g/t, and approximately 36,700 kt of Inferred Mineral Resources at averaging gold grade of 0.95 g/t.
Persistence through its wholly-owned subsidiary – Majestic Yantai BVI has set up a joint venture company – Yantai Zhongjia with Yantai Dahedong. Persistence holds 75% of Yantai Zhongjia and other 25% of Yantai Zhongjia is owned by Yantai Dahedong.
The project has two mining licenses and one processing plant.
As at 30 June 2023, at a cut-off grade of 0.7 g/t Au, our Songjiagou Underground Mine has Probable Mineral Reserves of approximately 530kt at averaging gold grade of 1.39 g/t, approximately 1,640 kt of Indicated Mineral Resources at averaging gold grade of 1.38 g/t, and approximately 3,010 kt of Inferred Mineral Resources at averaging gold grade of 1.24 g/t.
Persistence through its wholly-owned subsidiaries, PRG Res HK 2 Limited and Majestic Yantai Gold Ltd., the Company holds an aggregate 52% equity interest in Yantai Mujin Mining Co., Ltd.
Yantai Mujin Mining Co., Ltd. possesses three mining licenses covering three mining areas: the Denggezhuang Underground Mine, the Chahe Underground Mine, and the Heiniutai Underground Mine.
As of June 30, 2024, using a cut-off grade of 1.9 g/t, the Mujin Denggezhuang mining area contains approximately 1.3 million tonnes of Probable Ore Reserves (averaging 3.8 g/t Au). The Indicated Mineral Resources are approximately 1.0 million tonnes, with an average gold grade of 6.0 g/t. The Inferred Mineral Resources are approximately 1.7 million tonnes, averaging 4.8 g/t Au.
As of June 30, 2024, using a cut-off grade of 1.0 g/t, the Mujin Chahe mining area contains approximately 0.3 million tonnes of Indicated Mineral Resources, averaging 4.3 g/t Au. The Inferred Mineral Resources are approximately 0.57 million tonnes, with an average gold grade of 3.9 g/t.
As of June 30, 2024, using a cut-off grade of 1.0 g/t, the Mujin Heiniutai mining area contains approximately 0.27 million tonnes of Indicated Mineral Resources, averaging 2.6 g/t Au. The Inferred Mineral Resources are approximately 76,000 tonnes, with an average gold grade of 2.3 g/t.
Persistence was incorporated in the Cayman Islands on 21 May 2019. Persistence through its wholly-owned subsidiary – Majestic Yantai Gold Ltd. (BVI) (“Majestic Yantai BVI”) has established Yantai Zhongjia Mining Co. Ltd. (“Yantai Zhongjia”) in Yantai city of Shandong Province, China.
On 1 March 2025, Persistence Gold and Majestic Yantai Gold Ltd. (BVI) together completed the acquisition of a 52% equity shares in Yantai Mujin Mining, officially becoming its controlling shareholder.
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