Gold Tailings No. 1: Recording the Process from Source Material to Gold
A work record of Gold Tailings No. 1, from source material through transport and processing to gold production. Two site videos, the full process-film narration, and the assumptions behind the assay conversion and separate optimistic scenario.
Gold Capital’s No. 1 tailings gold-recovery project has reported another stage of progress. I’m sharing the process, from source material through transport and processing to gold production, as a work record.
I think physical projects need to be assessed through both the process and the numbers. We need to be clear about what has been done on site and what assumptions the calculations use.
There are two videos here: one follows the full sequence of operations, and the other is a short site film. Both retain their existing sound and on-screen text. The full narration from the process film is included below.
From Source Material to Gold | Process Film
Short Site Film
Full Narration from the Process Film
Gold Capital’s No. 1 tailings project has good news on its latest gold production!
October 18, 2026. Chenzhou, Hunan.
Gold Capital’s No. 1 tailings gold-recovery project has reported a new stage of progress!
According to the latest feedback from the factory in Chenzhou, Hunan, the gold assay of the process solution is 0.37–0.52 grams per tonne of solution.
At 2 tonnes of solution per tonne of tailings, this corresponds to a theoretical equivalent gold content of 0.74–1.04 grams per tonne of tailings.
Gold Tailings No. 1 has approximately 1 million tonnes of resources and an initial investment of RMB 35 million.
The theoretical calculations assume a gold price of RMB 1,000 per gram and a total operating cost of RMB 560 per tonne.
Within the assay-derived equivalent range of 0.74–1.04 grams per tonne, theoretical gold sales revenue is RMB 740 million–1.04 billion, and theoretical operating earnings over the full project cycle are RMB 180–480 million.
In the middle scenario, assuming gold production of 1 gram per tonne, theoretical sales revenue is RMB 1 billion and theoretical operating earnings are RMB 440 million.
A separate optimistic scenario assumes gold production of 1.5 grams per tonne, with theoretical sales revenue of RMB 1.5 billion and theoretical operating earnings of RMB 940 million.
Across these scenarios, theoretical gold sales revenue ranges from RMB 740 million to RMB 1.5 billion, theoretical operating earnings over the full project cycle range from RMB 180 million to RMB 940 million, and the theoretical operating margin ranges from 24.32% to 62.67%.
These are theoretical operating calculations under stated assumptions. Operating earnings do not deduct the initial investment and do not represent revenue or earnings already realized.
The gold industry provides the foundation, and physical operations create value. Gold Capital continues to advance the comprehensive utilization of gold tailings resources and development at scale.
The Basis of the Calculations
The assay figures come from feedback provided by the factory in Chenzhou, Hunan. The 0.74–1.04 grams per tonne range is a theoretical equivalent calculated from the solution assay and solution quantity. It cannot be equated directly with actual gold recovery. The 1.5 grams per tonne case is a separate optimistic assumption.
Operating earnings here are sales revenue less total operating costs, before deducting the RMB 35 million initial investment. The operating margin is operating earnings as a share of sales revenue, not a return on investment. Actual recovery, production capacity, and costs will need closer attention as the project progresses.