INVESTORS · VERAGOLD MINING COMPANY
An investment case
built on certainty.
Mina Santa Rosa is a pre-production gold and silver project in the Veraguas Goldbelt, Panama — with a confirmed legal framework, four approved environmental permits, and 16 years of community partnership. Detailed financial projections are available to qualified investors under NDA.
Confidential information. NPV, EBIT, and full financial model are available exclusively to qualified investors following execution of a Non-Disclosure Agreement. Use the access request form below.
Two levels
of disclosure.
The public record establishes the legal framework, the asset quality, and the ESG credentials. Full financial projections — NPV, EBIT, production schedule, capital requirements — are provided to qualified investors after identity verification and NDA execution.
This structure is standard practice for pre-production mining projects. It protects the integrity of the financial model, ensures regulatory compliance, and means that every investor who receives our numbers has been identified and has acknowledged the confidential nature of the material.
Four reasons
this project is different.
The gold mining sector is not short of projects. What distinguishes Mina Santa Rosa is a specific combination of legal security, environmental design, operational cost, and community tenure that is rare in any jurisdiction — and exceptional in Central America.
The Contrato Ley under Law 407 is Panama’s strongest investment instrument — ratified by the National Assembly, confirmed by MICI in March 2024. It cannot be revoked by executive order. This is not a standard mining concession. It is a contract with the force of law.
20 + 20 year termAISC of $944/oz against a global industry average of $1,456/oz generates a $512/oz structural cost advantage. At the 200-day SMA gold price of $3,878/oz (March 2026), the free cash flow margin per ounce is approximately $2,934 — before capital recovery.
$512 below global avg.Zero cyanide. No tailings dam. Four approved environmental assessments. These are not retrofitted compliance measures — they were the design brief. For ESG-conscious institutional capital, this removes the single largest category of reputational and operational risk in gold mining.
4 / 4 EIAs approved16 years of community presence in Cañazas before a single tonne of ore was moved. The social licence to operate is not an assumption — it was built year by year, relationship by relationship, and is now codified in a formal local employment framework.
Est. 2008 · CañazasThree phases.
One mine.
Mina Santa Rosa is developed in three capital-efficient phases. Each milestone unlocks the next tranche of funding — eliminating construction risk for investors and allowing the project to reach positive cash flow within 6–8 months of initial financing.
Projections based on 200-day SMA gold price of USD 3,878/oz (March 2026) and AISC of USD 944/oz. Full financial model including sensitivity analysis available under NDA. Timelines from date of secured financing.
Three structures.
Aligned with investor preference.
Veragold offers three distinct investment instruments — each structured to match different return profiles and institutional frameworks. All are governed under German or New York law with ICSID arbitration. Minimum investment in this round: USD 25–30 M.
Gold-price-linked corporate bond under German law (ISIN: DE000A2TR091, maturity 2029). Use of proceeds is strictly ring-fenced to construction and commissioning. The bond carries senior ranking and is secured by a Patronatserklärung from the parent company covering all assets. A physical gold delivery option is available.
ISIN DE000A2TR091 · 2029Net Smelter Royalty (NSR) or Precious Metals Purchase Agreement (PMPA / streaming) — modelled on Franco-Nevada and Wheaton Precious Metals structures. The royalty/stream percentage is calibrated to the CapEx financed (Scenario A: USD 69.5 M; Scenario B: USD 111.5 M) and the target investor IRR (12.5% – 17.5%). Milestone-based disbursement in three tranches.
15% target IRR · 15-yr LOMPrepaid forward sale of 63,714 oz Au at USD 1,750/oz — generating USD 111.5 M upfront for full CapEx coverage. The investor acquires gold at a 54.9% discount to current spot and receives delivery by January 2029 (before bond repayments begin). At the current 200-day SMA of USD 3,878/oz, the investor IRR is 34.12%.
34.12% IRR · $1,750/oz · Jan 2029Full term sheets, sensitivity tables, and legal documentation for each instrument are available under NDA. All three structures include milestone-based disbursement with independent engineering certification. Repayment pari passu with all non-subordinated existing obligations.
Request instrument details →Project valuation
under NDA.
Full financial modelling — including NPV at multiple discount rates, annual EBIT, capital schedule, and sensitivity tables — is provided after NDA execution. The metrics below are indicative of order of magnitude only and are intentionally obscured on this public page.
Risks we see.
How we address them.
Transparency on risk is a prerequisite for informed investment. The table below presents the risks we consider material, our assessment of their likelihood, and the specific mitigations in place.
| RISK | DESCRIPTION | MITIGATION | LEVEL |
|---|---|---|---|
| Country / political | Panama’s political environment became contentious following the Cobre Panama closure in 2023. Investor concern about mining regulation is legitimate. | Contrato Ley under Law 407 is categorically distinct from Cobre Panama’s standard contract. Confirmed in good standing by MICI, March 2024. Cannot be revoked by executive order. | LOW |
| Gold price | Project economics are sensitive to the gold price. A sustained decline from current levels would compress margins. | AISC of $944/oz provides substantial margin. The PEA break-even is $1,350/oz — gold would need to fall 65% from current levels to threaten project viability. | LOW |
| Construction | As a project in active construction phase from Q2 2026, schedule delays and cost overruns are a standard pre-production risk. | Construction commenced with all permits in place. Qualified engineering team with MMSA QP oversight. Capital schedule available under NDA. | MEDIUM |
| Community | Community opposition has been a disruptive factor for mining projects across Panama and Central America. | 16 years of continuous presence in Cañazas since 2008. Local employment programme and formal consultation formalised prior to construction. | LOW |
| Environmental | Regulatory changes or unforeseen environmental events could affect permits or impose additional compliance costs. | 4 EIAs fully approved. Zero-cyanide process and dry-stack tailings eliminate the two most common sources of environmental liability in gold mining. | LOW |
| Liquidity | Pre-production investment is illiquid by nature. There is no secondary market for early-stage participation prior to production. | Fully disclosed in investment documentation. Capital structure and exit mechanisms detailed in NDA materials. | MEDIUM |
Panama’s highest-security investment instrument. Ratified by the National Assembly. Confirmed in good standing by MICI, March 2024. 50 km concession radius, 20-year term with 20-year extension. Cannot be revoked by executive decree.
The Cobre Panama mine (First Quantum Minerals) operated under a standard mining contract later voided by Panama’s Supreme Court. Veragold’s Contrato Ley under Law 407 is a categorically different instrument with categorically different legal protection.
Nothing on this page constitutes a public offering of securities. All financial information is provided in a private capacity to qualified investors under NDA. Investors are advised to conduct independent due diligence and seek professional advice.
Speak directly
to the team.
For investor enquiries, NDA execution, and access to the full financial model, contact Veragold Mining Company GmbH. For operational and project-specific questions, contact the Panama operations team.