"Tremendous work has been completed during the first nine months of 2021 as we propel the project towards a production decision," president and CEO Bruce McLeod said yesterday.

Work included advancing the underground exploration ramp, offloading the first ship in its largest sealift planned to date and completing critical civil works.

"In parallel we continue to work towards project financing in order to make a production decision," McLeod said.

The company had raised almost C$40 million in March at $1.95 per share to help secure long lead time items in time for this year's sealift.

An updated feasibility study for Goose in February had put initial capex at $610 million for a 15-year operation, split almost equally between openpit and underground, producing an average annual 223,000 ounces of gold.

It put the after-tax NPV5 at $1.1 billion and IRR at 27.7%, using a gold price of US$1,600/oz.

Sabina's shares peaked at C$3.54 in early January after Agnico Eagle Mines swooped on fellow Nunavut-focused TMAC Resources, after Canada's government rejected a bid by China's Shandong Gold for TMAC on national security grounds.

Sabina's shares (TSX: SBB) have since more than halved.

Zhaojin International elected to maintain its 9.9% stake in the company in conjunction with the March raising.

Sabina rose 5.96% yesterday to $1.60 to capitalise it about $557 million (US$442 million).