Fully Funded

Operations:

• Resources 50.1mt @ 0.86 Cu (0.3% cut off) (JORC)
• Open Pit reserve 22.7mt @ 0.95 Cu (0.3% cut off) (JORC)
• Mine Life 11 years
• Recovered Copper 183,300t
• Copper Recovery 85%
• Plant Design Capacity 17,000 tpa copper cathode
• Mining Strip Ratio 7.45 : 1 (ave. LOM)

Financials:

• Initial capital $N693m (US$81m)
• Life of mine capital $N941m (US$109m)
• Life of min cash cost (C1) US$4,267/t Cu (US$ 1.94/lb)
• After tax NPV (8%) - Consensus Case $N915m (US$105m)
• After tax IRR - Consensus Case 32.1%
• Payback from start of production 2.43 yrs
• After tax NPV (8%) - Alternative Case $N2055m (US$238m)
• After Tax IRR - Alternative Case 50.8%
• Payback 1.98 yrs

General Information:

• The project is located on a granted mining license (ML125)
• The project has an existing environmental clearance certificate
• Easy access to site by rail and road for delivering equipment and supplies
• An array of light industrial services are available in Tsumeb 25kms away
• Tsumeb smelter is constructing an acid plant which is due for commissioning at a similar time to Tschudi
• Sufficient process water is available through local aquifers
• Flat surface terrain makes the construction of site infrastructure easier
• Grid power available on site

Potential Additional Upside:

• The planned mine sits on only a small section of the Tschudi syncline
• The ore body is open along strike and at depth