Ity CIL Project Overview

Transcription

1 November 10, 2016 All amounts in US$ Endeavour announces positive Feasibility Study for its Ity CIL project Robust CIL Project Feasibility Study results demonstrate potential for the Ity mine to become another Endeavour long-life low-cost flagship asset Long 14-year mine life based on current reserves which increased to 1.9Moz, up 31% compared to Pre-Feasibility Study Low All-In Sustaining Costs ( AISC ) of $507/oz on average over the first 5 years and $603/oz over life of mine ( LOM ) Solid average annual production of 165koz over the first 5 years and 114koz over LOM Robust economics with after-tax NPV 5% of $411m, IRR of 36% and quick payback period of 25 months based on a gold price of $1,250/oz Upside potential remains with further conversion of known resources, inclusion of new discoveries, and on-going exploration on several near-mine targets Feasibility Study expected to significantly improve in H1-2017, following an update to include the new high-grade discoveries and resource conversion potential George Town, November 10, 2016 Endeavour Mining (TSX:EDV) (OTCQX:EDVMF) is pleased to announce positive results for its independent Feasibility Study ( FS ) for the Carbon in Leach ( CIL ) Project at its 55%-owned Ity Mine in Cote d Ivoire. The Ity CIL Project is expected to deliver average production of 114,000 ounces per year over a 14- year mine life at an AISC of $603/oz, based on current reserves. The project will be comprised of multiple open pit mines and existing decommissioned heap leach stockpiles, and will include the construction of a new 3.0Mtpa gravity circuit/ Carbon-In-Leach plant. The initial capital cost is estimated at $307 million with a 20-month construction period. Sebastien de Montessus, President and CEO of Endeavour, stated: The robust results of the feasibility study for the Ity CIL project and the exploration upside demonstrate the potential for the Ity mine complex to become another flagship asset. We believe this project aligns very well with our key strategic criteria for project development and is another example of our ability to identify and advance internal development opportunities that crystallize long-term value for our shareholders. The Ity CIL project has the potential to be a long-life, low-cost mine with exploration upside that can add materially to our overall production and be a positive cash flow generator, while lowering our group all-in sustaining cost profile. Furthermore, the greater Ity area also offers some of the most promising exploration potential within our portfolio and along the prolific Birimian greenstone belt. Its importance as our top priority exploration area will be highlighted in our soon to be released five year exploration strategy. With strong financing and liquidity sources available, we look forward to quickly moving toward an investment decision in early This would allow us to smoothly transition our in-house construction team currently working on our Houndé project. In addition, we will also explore the potential and trade-offs to run the CIL and Heap leaching operations in parallel for the first few years. 1

2 Ity CIL Project Overview The Ity CIL Project Feasibility Study ( FS ) has been prepared and compiled in accordance with National Instrument ( NI ) by Lycopodium Minerals Pty Ltd ( Lycopodium ) with the support of six globally recognized engineering firms as described in the section entitled Qualified Persons of this press release. The Feasibility Study has been conducted on a stand-alone basis to analyze the economic viability of constructing a 3.0Mtpa gravity circuit/carbon-in-leach plant as an alternate processing route to the current heap leach process, for notably the new discoveries made in recent years. The study will be summarized in a Technical Report prepared in accordance with National Instrument that will be filed on SEDAR within 45 days. The Feasibility Study production profile and economics have significantly improved compared to the September 2015 Pre-Feasibility Study 1 mainly as a result of: A 31% increase in reserves due to the inclusion of additional deposits and further resource conversion Increased mill size from 2.0Mtpa to 3.0Mtpa, lifting annual production while maintaining a 14-year mine life Optimized Tailings Storage Facility ( TSF ) and associated earthworks Optimized mine sequencing, processing scheduling, and river diversions/hydrogeology Optimized mining equipment to reduce load and haul, overhaul and re-handle costs Simplified and optimized process plant design, by Endeavour Project services along with Lycopodium, to follow the same path as the Houndé project, and Agbaou and Nzema mines, in addition to removing the refractory processing route, which will be investigated further Optimized upfront capital cost and re-sequenced overall build time The Ity CIL Project Feasibility Study results are summarized in Tables 1 and 2 below. Table 1: Ity CIL Project Feasibility Study Highlights Life of Mine Production Strip ratio, w:o 2.1 Tonnes of ore processed, Mt 41.0 Mt Grade processed, Au g/t 1.42 g/t Gold content processed, Moz 1.88Moz LOM Average Gold recovery, % 83% Gold production, Moz 1.56Moz Mine life, years 14 years Average annual gold production, koz 114Koz Cash costs, $/oz $528 AISC, $/oz $603 Average for years 1 to 5: Gold production, kozpa 165koz Cash costs, $/oz $446 AISC, $/oz $507 Average for years 1 to 9: Gold production, kozpa 144koz Cash costs, $/oz $475 AISC, $/oz $542 Capital Cost Upfront capital cost, $m $282m Equipment lease $25m 1 The technical report related to the Ity CIL Project 2015 Pre-Feasibility Study, entitled Technical Report for the Ity Gold Mine, Côte d Ivoire, West Africa was filed on Sedar on October 7,

3 Table 2: Ity CIL Feasibility Study Project Economics Gold Price ($/oz) $1,150 $1,200 $1,250 $1,300 1,350 After-tax Project NPV 5%, $m After-tax Project IRR, % 30% 33% 36% 39% 42% Payback, years Notes: Economics have been centered on a Base Case using a gold Price of $1,250/oz. Economics based on 100% equity funding with equipment lease financing. Payback period calculated starting from production start. NEWS RELEASE - TSX: EDV Prior to making a final investment decision in H1-2017, the key project milestones expected are: Completion of ownership discussions to increase Endeavour s stake of the Ity asset Award of mining permits for the Gbeitouo and Daapleu deposits Commencement of the pre-project optimization phase and completion of the Sulphide processing investigation Update of Feasibility Study to include the recent high-grade Bakatouo and CollineSud discoveries and expected further resource conversion of existing deposits Trade-off study to run the CIL and Heap leaching operations in parallel for the first few years Feasibility Study Reserves Increased by 31% A total of eight Indicated Mineral Resource prospect areas were included in the Feasibility Study. These included six insitu gold deposits (Daapleu, Mont Ity, Ity Flat, Zia NE, Walter and Gbeitouo) in addition to the Teckraie stockpile and the Aires decommissioned leach pad. As shown in Table 3 below, the Ity CIL reserves increased by 373koz, up 31% compared to the Pre- Feasibility Study Reserves. Completion of in-fill drilling and resource estimations, following the publication of the PFS, allowed for additional deposits and further resources to be included in the scope of the Feasibility Study. Deposits on a 100% basis Table 3: Comparison of Feasibility Study to Pre-Feasibility Study CIL Reserves Feasibility Study Reserves, as at October 1, 2016 Grade (Au g/t) Tonnage (Mt) Content (Au koz) Pre-Feasibility Study Reserves, as at September 30, 2015 Tonnage Grade Content (Mt) (Au g/t) (Au koz) Variance (koz) Open Pits Daapleu Mont Ity / Ity Flat Gbeitouo Walter Zia NE (12) Sub-total , , Existing Stockpiles Aires (4) Teckraie Stockpiles (16) Sub-total Total , , Mineral Reserve estimates follow the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") definitions standards for mineral resources and reserves and have been completed in accordance with the Standards of Disclosure for Mineral Projects as defined by National Instrument Notes provided in Section About the Mineral Reserves and Resources of this Press Release. 3

4 Additional Resource to Reserve Conversion Potential Mineral Resource Estimate used in the Feasibility Study The Mineral Resource estimate used in the Ity CIL Feasibility Study was completed by Cube Consulting, and was based on more conservative assumptions allowing for increased confidence and a higher Indicated Resource to Reserve conversion ratio. The largest deposit is Daapleu which contains up to 50% of the mineable reserve and is the only deposit to contain significant sulphide mineralization, while the other deposits contain mainly oxide mineralization. Optimization work and increased oxide content has enabled the proportion of Sulfide mineralization to be reduced to 25% of the total reserve tonnage (24% of reserve ounces). Additional Potential for Resource Conversion Beyond the potential to delineate additional resources at known deposits and make new discoveries, a significant opportunity exists to convert delineated resources to reserves. An updated study is therefore expected to be completed in the first half of 2017 to include: The recently discovered Bakatouo and Colline Sud deposits and the results from the ongoing 11,700 meter reverse-circulation ( RC ) and diamond-drilling ( DD ) program to test their extensions and conduct infill drilling. Further resource conversion potential on both Daapleu and Mont Ity following the completion of the planned 33,000 meter in-fill drilling program Inclusion of Verse Ouest following the recent completion of the in-fill drilling program Deposits on a 100% basis. Resources are inclusive of reserves. Open Pits Table 4: Resource to Reserve Conversion Probable Reserves Indicated Resources Inferred Resources Tonnage Grade Content Tonnage Grade Content Tonnage Grade Content (Mt) (Au g/t) (Au koz) (Mt) (Au g/t) (Au koz) (Mt) (Au g/t) (Au koz) Daapleu Mont Ity / Ity Flat Gbeitouo Walter Zia NE Bakatouo Colline Sud Total Open Pits , , ,172 Existing Stockpiles Aires Teckraie Verse Ouest Total Stockpiles Total , , ,410 Both Mineral Reserve and Resource estimates follow the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") definitions standards for mineral resources and reserves and have been completed in accordance with the Standards of Disclosure for Mineral Projects as defined by National Instrument Notes provided in Section About the Mineral Reserves and Resources of this Press Release. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Investors are cautioned not to assume that part or all of an inferred resource is economically mineable. 4

5 Mining Operations, Processing, and Metallurgy Mining and Processing Strategy The selected strategy is to mine and process Daapleu and Ity Flat higher grade ore early, while stockpiling low grade ore for treatment when open pit mining operations are complete. As such, the mining period is 9 years followed by the processing of stockpiled low-grade ore for another 5 years. This strategy was established through pit optimization work which indicated that parallel processing of the Daapleu sulphide ores with free milling oxide ores gave the best return. As such, the higher grade Daapleu and Ity Flat material will be mined and processed first with lower grade Daapleu and Ity Flat material stockpiled during this time and processed once mining ends. Mill feed requirements will be supplemented successively with oxide material from Mont Ity, Gbeitouo, Walter and Zia NE and existing ore stockpiled from current heap leach operations. Mining Operations The mine planning, resource and cost estimation for the Feasibility Study is based on an owner operated mining operation using 90-tonne haul trucks. Mining is scheduled to commence three months before the start of the processing plant to pre-strip the pits and stockpile ore. Preprod Table 5: Mine Plan Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Total Total material moved, Mt Total ore mined, Mt Stripping ratio, w:o Grade mined, g/t Au Contained gold mined, koz ,880 Processing Operations The conventional gravity circuit/carbon-in-leach plant is designed to process a nominal capacity of 3.0 Mtpa based on a constant ore blend of approximately 60% primary and 40% oxide. The process plant will compose of a vibrating grizzly / single stage primary crushing circuit that produces a crushed product size of (P mm), followed by a coarse ore stockpile area that supplies the SAG / Ball mill grinding circuit. The product size of the grinding circuit is (P80 75um). The gravity testwork has indicated that a portion of the Gold in CIL feed can be recovered by gravity gold recovery methods. A gravity concentrator and Intensive Leach Reactor (ILR) have been included in the design. The CIL circuit comprises six CIL tanks containing carbon for gold and silver adsorption and a fifteen tonne split Anglo (AARL) elution circuit. Electrowinning and induction furnace smelting completes the gold doré production process. A cyanide detoxification circuit is included in the process facility design, for treatment of process residue before discharge to the 46Mt Tailings Storage Facility (TSF), located adjacent to the processing facility. Feed water for the processing facility will come from various sources such as, pit dewatering bores, the Cavally river for (make-up) and decant return from the TSF. Table 6: Processing Schedule (first 9 years) Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Total (Year 1-14) Ore processed, Mt Grade processed, g/t Au Recovery rate, % 76% 76% 80% 85% 77% 85% 93% 94% 93% 83% Recovered gold, koz ,

6 Metallurgy It is expected that overall gold recovery rates for the life of mine will be 83%, varying between 60% and 97% amongst deposits and mineralization, as shown in Table 7 below. Daapleu Sulphides Daapleu Oxides Table 7: Gold Recovery Rate by Deposit Gbeitouo Ity Flat Mont Ity Walter Zia NE Stockpiles Total LOM Tonnage, Mt % of LOM Tonnage % 3.9% 5.4% 4.5% 11.8% 21.0% 100% Gold Grade, g/t Au Gold Recovery rate, % 60% 85% 88% 90% 89% 96% 97% 86% 83% Metallurgical testwork indicated that the Ity CIL ores do not show any indication of 'preg-robbing' characteristics. Testwork leach kinetics for most of the oxide ores are rapid (with 80-90% of total gold recovery being achieved in less than the first eight hours of leaching). Metallurgical testwork has also indicated that silver levels in Ity ores were significant, with silver-to-gold ratios of between 2 and 4 recorded from the variability head assays and overall silver recovery rates of 60%. For the economic model, payable silver in the doré ingots has been estimated on a conservative ratio of 2 to 1. In addition, a sulphide ore metallurgical testwork campaign is currently underway with a view to exploring potential further increases in sulphide material recovery. Low Operating Costs The operating cost estimates, as summarized in the Table below, are based on prices obtained during the third quarter of Table 8: Life of Mine Operating Costs in US$, estimated at ± 15% accuracy Open Pit Mining, $/tonne moved Ore Rehandle & Crusher Feed, $/t ore rehandled Processing, $/t milled G&A costs, $/t milled Operating Cost, $/t milled (including power) $2.27/t $0.83/t $10.56/t $2.79/t $20.56/t Operating costs have been based on a delivered diesel price of $1.00/L and are in line with current local pricing. Following the connection to the grid, electricity costs have been estimated based on$0.1243/kwh, in line with Agbaou s current costs (corresponding to $3.63/t milled on average over the life of mine). Upfront Capital Costs of $307m and 20-month Construction Period The initial capital cost has been estimated at $307 million, inclusive of $26 million for contingencies. The upfront capital is expected to be $282 million as a $25 million lease financing is expected to be put in place for the mining fleet. Table 9: Initial Capital Cost Estimate Summary in US$m, ± 15% Treatment Plant 63 Reagents and Services 9 Infrastructure and Tailings 46 Mining (includes pre-striping and $38m for upfront equipment) 59 Construction Distributables 24 Management Costs 16 Owners Project Costs 59 Owners Operations Costs 4 Sub-Total 282 Contingency 26 Total 307 Capital costs include the construction of a 58 kilometer, 91kv overhead power line to connect to the national grid at Danane with a substation at Ity which will be owned by Côte d Ivoire Energie ( CIE ). 6

7 The infrastructure in place will be improved with roads upgraded to an all-weather and free draining carriageway to provide access for the delivery of equipment, materials and services to the site. A new camp will be built approximately 1 kilometer west of the process plant and will provide accommodation for 200 employees, and provisions have been made to construct a suitable airstrip. A Cavally River diversion will be installed upstream of the Daapleu pit, with a second diversion upstream of the Walter pit. Pit protection bunds will also be installed and a bridge/culvert road structure from Daapleu over the Cavally River will also be built. The proposed approach to project implementation is similar in nature to the current execution methodology of the Endeavour Project Services In-House team in that EDV will engage a suitably qualified Engineering, Procurement and Construction Management (EPCM) Engineer for design and construction management of the process plant and infrastructure, which will then be handed over to an Owner s operating team. Endeavour will self-perform the development of the mine infrastructure and provision of ongoing drill and blast and mine operating services under an Owner s mine technical team. A preliminary schedule shows the project can be executed within 20 months from EPCM award. Community and Social Responsibility Actions Endeavour recognizes that an active CSR program is the foundation of long-term success and its social license to operate. Baseline studies for the ESIA from 2013 to 2016 have been completed and an ESIA report was published in March 2016 and a Resettlement Action Plan ( RAP ) has been completed. Three environmental permits have been granted covering the mining and process plant, Daapleu and Gbeitouo exploitation and mining and surface infrastructure. During the LOM construction and operation activities Endeavour is confident of achieving similar employment opportunities for the Local and National Ivorian population to that experienced in the past. Conference call and live webcast Management will host a conference call and live webcast on November 10, 2016, at 9:30am Toronto time (EST), 2:30pm London time (GMT), 3:30pm Paris time (CET), to discuss the Ity CIL Project Feasibility Study. The live webcast can be accessed through the following link: Analysts and interested investors are also invited to participate and ask questions using the dialin numbers below: International: North American toll-free: UK toll-free: Confirmation code: A replay of the conference call and webcast will be available on Endeavour's website. 7

8 About the Mineral Reserves and Resources NEWS RELEASE - TSX: EDV The insitu Mineral Resources which include Daapleu, Gbeitouo, Mont Ity / Ity Flat, Walter, ZiaNE, Bakatouo, and CollineSud have been reported inside optimised pit shells and above a 0.5 g/t Au cutoff. Reporting within an optimised pit shell satisfies the requirement for the Mineral Resource to have reasonable prospects for future economic extraction. The pit optimisation assumes a US$1,500/oz Au price. The Mineral Resource for the rock dumps which include the Teckraie and Verse Ouest Mineral Resources and also the Aires heap leach pad have not been reported inside an optimised pit shell. These deposits have been built up above the existing topography and the associated shallow laterite located directly below, therefore satisfying the requirement for the Mineral Resource to have reasonable prospects for future economic extraction. The Teckraie and Verse Ouest rock dump Mineral Resources and Aires leach pad Mineral Resources have been reported above 0.0 g/t Au because there is unlikely to be any grade selectivity during mining. The underlying laterite Mineral Resources for each of the deposits has been reported above 0.5 g/t Au given the possibility for some mining selectivity. All Mineral Resources are current as at May 31, 2016, other than Bakatouo and Colline Sud for which it is June 27, 2016 as published on November 7, 2016 and available on the Company s website. Mineral resources which are not mineral reserves do not have demonstrated economic viability. Reported tonnage and grade figures have been rounded from raw estimates to reflect the relative accuracy of the estimate. Minor variations may occur during the addition of rounded numbers. The Qualified Person as defined by National Instrument for the Mineral Reserves and Resources presented in this Press Release, with the exception of Bakatouo and CollineSud, are described in the Qualified Persons section of this news release. The statistical analysis, geological modelling and resource estimation for Bakatouo and Colline Sud were prepared by Kevin Harris, CPG. Mr. Harris is Endeavour Mining s Group Resource Manager and is a "Qualified Person" as defined by National Instrument Standards of Disclosure for Mineral Projects ("NI "). A gold price of US$1,250/oz was used in the pit optimizations for Mineral Reserves. The estimation of break-even cut-off grades are based on net revenue (gold price x process recovery) and the throughput (ore related) costs. 8

9 Qualified Persons The complete NI Technical Report pertaining to the Feasibility Study will be filed within 45 days and will be available on Endeavour s website and on The technical information contained in Feasibility Study was carried out, reviewed and approved by the following companies and independent Qualified Persons: Qualified Person Company Scope / Responsibility David Gordon, BAppSc FAusIMM Mark Zammit, BSc (Hons) Grad Cert Geostat MAIG Tamer Dincer, BSc and MSc Mining Engineering FAusIMM David Morgan, BSc and MSc CEng Institute Engineers (Aust) Peter O Bryan, BE (Mining) MEngSc MAusIMM (CP) MMICA Lycopodium Minerals Cube Consulting (Cube) Perth, Australia Mining Solutions Consultancy Knight Piesold Consulting Peter O'Bryan & Associates Metallurgical testwork supervision and interpretation Process plant and related process infrastructure design Process capital and operating cost estimation Compilation of overall capital and operating cost estimates Risk assessment Project implementation Overall report compilation Sampling and verification Database validation Review of geological interpretation of geology and mineralization Exploratory data analysis Geological modelling Mineral Resource documentation Reserve Calculation Pit optimisation Mining design and scheduling Mining cost estimation Mine fleet selection and optimisation Preparation of tender documentation and equipment cost sourcing Technical and commercial evaluation Hydrology modelling and geotechnical investigation Waste rock geochemistry review Tailings storage facility (TSF) design Hydrology design Haul road design Airstrip conceptual design Cavally River diversion Pit wall geotechnical This press release has been reviewed and approved by Adriaan Attie Roux, Pr.Sci.Nat, Endeavour s Chief Operating Officer, a Qualified Person under NI About Endeavour Mining Corporation Endeavour Mining is a TSX-listed intermediate gold producer, focused on developing a portfolio of high quality mines in the prolific West-African region, where it has established a solid operational and construction track record. Endeavour is ideally positioned as the major pure West African multi-operation gold mining company, operating 5 mines in Côte d Ivoire (Agbaou and Ity), Burkina Faso (Karma), Mali (Tabakoto), and Ghana (Nzema). In 2016, it expects to produce between 575koz and 610koz at an AISC of $870 to $920/oz. Endeavour is currently building its Houndé project in Burkina Faso, which is expected to commence production in Q and to become its flagship low-cost mine with an average annual production of 190koz at an AISC of $709/oz over an initial 10-year mine life based on reserves. The development of the Houndé project is expected to lift Endeavour s group production to + 900kozpa and decrease its average AISC to circa $800/oz by 2018, while exploration aims to extend all mine lives to +10 years. 9

10 Contact Information Martino De Ciccio VP Strategy & Investor Relations +33 (0) DFH Public Affairs in Toronto John Vincic (416) x.224 Brunswick Group LLP in London Carole Cable, Partner Corporate Office: 5 Young St, Kensington, London W8 5EH, UK This news release contains "forward-looking statements" including but not limited to, statements with respect to Endeavour's plans and operating performance, the estimation of mineral reserves and resources, the timing and amount of estimated future production, costs of future production, future capital expenditures, future financing sources, and the success of exploration activities. Generally, these forwardlooking statements can be identified by the use of forward-looking terminology such as "expects", "expected", "budgeted", "forecasts" and "anticipates". Forward-looking statements, while based on management's best estimates and assumptions, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the successful integration of acquisitions; risks related to international operations; risks related to general economic conditions and credit availability, actual results of current exploration activities, unanticipated reclamation expenses; changes in project parameters as plans continue to be refined; fluctuations in prices of metals including gold; fluctuations in foreign currency exchange rates, increases in market prices of mining consumables, possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; delays in the completion of development or construction activities, changes in national and local government regulation of mining operations, tax rules and regulations, and political and economic developments in countries in which Endeavour operates. Although Endeavour has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forwardlooking statements. Please refer to Endeavour's most recent Annual Information Form filed under its profile at for further information respecting the risks affecting Endeavour and its business. AISC, all-in sustaining costs at the mine level, cash costs, operating EBITDA, all-in sustaining margin, free cash flow, net free cash flow, free cash flow per share, net debt, and adjusted earnings are non-gaap financial performance measures with no standard meaning under IFRS, further discussed in the section Non-GAAP Measures in the most recently filed Management Discussion and Analysis for the year ended December 31,

11 Appendix A: Maps and Figures Figure 1: Site Layout 11

12 Figure 2: Simplified Ity Area Map with Exploration Targets NEWS RELEASE - TSX: EDV 12

13 Appendix B: Mine Plan Total/ Average Preprod Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Mining schedule Total material moved, kt 128,564 3,116 15,501 15,332 17,394 16,064 15,740 15,727 12,454 11,626 5, Total waste moved, kt 87,522 2,435 10,113 10,558 13,053 9,822 10,744 11,536 8,810 7,462 2, Total ore mined, kt 41, ,388 4,774 4,340 6,243 4,996 4,190 3,644 4,165 2, Stripping ratio, w: Au grade - ore mined, g/t Contained gold - ore mined, oz 1,879,948 33, , , , , , , , , , Processing schedule Total ore processed, kt 41, ,815 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 2,227 0 Au grade - ore processed, g/t Contained gold - ore processed, oz 1,879, , , , , , , , , ,700 66,167 66,167 66,167 66,167 48,409 0 Au recovery, % 83.1% % 75.7% 80.2% 84.8% 77.4% 85.1% 92.5% 94.0% 92.7% 85.1% 85.1% 85.1% 85.1% 86.6% 0.0% Recovered gold, oz 1,561, , , , , , , , , ,071 56,340 56,340 56,340 56,340 41,912 0 Payable gold, oz 1,560, , , , , , , , , ,962 56,284 56,284 56,284 56,284 41,870 0 Cash flow summary, $m Gross revenue 1, Plus: Silver credits Less: Royalties Less: Refining & transport charges Net revenue 1, Operating costs Mining Processing and maintenance Site G&A Total operating costs Operating margin 1, Construction capital Lease payments - mine equipment Sustaining capital - mine equipment Sustaining capital - TSF lifts Closure Working capital Net project cash flow before tax Taxes Net after-tax cash flow Cash cost (net Ag credit), $/oz $528 $422 $358 $536 $440 $509 $530 $541 $485 $559 $781 $779 $768 $783 $804 All-in sustaining cost, $/oz $603 $477 $409 $608 $500 $582 $622 $608 $554 $638 $943 $900 $861 $876 $