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Case Study

TMAC Resources

Madrid Project PFS

Location: Hope Bay, Nunavut 
Commodity: Gold Doré 
Phases: Pre-Feasibility Study 

Client Overview 

TMAC Resources Inc., a Canadian-based company with a market capitalization exceeding $650 Million, aimed to develop the Hope Bay mining district in Nunavut responsibly. As part of their vision, TMAC embarked on the Madrid Project, a significant expansion effort within the district.

Client Needs 

TMAC completed an expansion of their operating Doris mill and sought to develop the Hope Bay property further. Advanced exploration and Pre-Feasibility Study efforts were underway for the district’s Madrid, Naartok, and Boston deposits.

TMG’s Contributions

  • Pre-Feasibility Study: TMG provided technical expertise and oversight for the Madrid Pre-Feasibility Study, focusing on compliant disclosures, project governance, and feasibility study-level engineering for the process plant. Additionally, TMG facilitated the development of the project execution plan, procurement plan, and Level-2 schedule.
  • Owner’s Team Consulting: TMG conducted a technical review of piping, instruments, and valves to optimize processes and reduce costs. Furthermore, TMG provided ongoing Owner’s Team Project Management Services, ensuring efficient project execution and compliance with regulatory requirements.


The Pre-Feasibility Study conducted by TMG was a pivotal milestone for TMAC, offering a clear roadmap for developing their mining project. The study’s findings were promising and financially compelling, with a pre-tax net present value discounted at 5% (NPV5%) of C$549 million and an after-tax NPV5% of C$486 million. These figures underscored the project’s economic viability and potential for robust returns on investment.

TMG’s expertise in project management and engineering was central to the study’s success. TMG played a crucial role in de-risking the project by refining the process flowsheet and recommending the design and construction of a new 4,000 t/d conventional processing plant. This strategic decision ensured that the project’s production processes were optimized for efficiency, throughput, and cost-effectiveness.

TMG’s contributions didn’t stop at technical recommendations; they also provided invaluable support in project execution. Their team worked tirelessly to facilitate the timely completion of the study, adhering to strict timelines and quality standards. This enabled TMAC to meet regulatory requirements confidently and update its corporate reserves statement, providing stakeholders with accurate and up-to-date information about the project’s potential.

By leveraging TMG’s expertise, TMAC could navigate the complexities of project development with greater certainty and clarity. The Pre-Feasibility Study was a foundation for informed decision-making, guiding TMAC’s strategic priorities and investment decisions. Ultimately, TMG’s involvement accelerated the project’s progress and instilled confidence in its long-term success, laying the groundwork for sustainable growth and value creation.

This case study underscores TMG’s commitment to delivering comprehensive consulting services and technical expertise, driving value and operational efficiency for TMAC Resources Inc.’s Madrid Project in the Hope Bay mining district.