Mt Carbine Expansion Project - Bankable Feasibility Study

The Company has released positive results from its Bankable Feasibility Study (“BFS”) for the Mt Carbine Expansion Project (“Project”), which had been prepared by independent lead study manager JukesTodd Pty Ltd.

The Project comprises the expansion of existing crushing, screening and XRT sorting operations, as well as further expanding the existing processing plant. Feedstock for the expanded operation will come from the 12 million tonne Low-Grade Stockpile (“LGS”), which is a 50:50 joint venture with global metals group Cronimet and high-grade ore from the Company’s 100%-owned, reactivated Andy White Open Pit.

As part of the BFS, an In-Situ Ore Reserve has been compiled, which considers only 15.5% of the Mt Carbine In-Situ Mineral Resource covered in the production forecast. The BFS outlines a phased investment approach, with Phase 1 and Phase 2 allowing the Company to restart the Open Pit and to generate positive cash flow without overcapitalizing the Project, in advance of Phase 3 (excluded from this BFS) plans which investigates potential underground mining operations.

Please find following download section of the BFS chapters:

Cautionary Statements

Chapter 1 – Executive Summary

Chapter 2 – Strategy & Market Analysis

Chapter 3 – Geology & Resources

Chapter 4 – Mining

Chapter 5 – Processing

Chapter 6 – Infrastructure

Chapter 7 – Project Execution

Chapter 8 – Operations Management

Chapter 9 – Closure & Rehabilitation

Chapter 10 – Environment & Approvals