HIGHLIGHTS STAGE I – ANTAS NORTH Brazil’s regulatory authorities have approved the Stage I Mineral Resources including the Antas North Deposit1 . This timely decision paves the way to progress to a full Mining License. The next regulatory step is submission of a Mining Study2 and this is nearing completion. The Company has received its first Indicative Term Sheets for debt financing with further submissions expected. The Stage I Feasibility Study delivered very robust economic outcomes with key indicators including:3 Copper production: ~12,000tpa Gold production: ~7,000ozpa Start-up capital: $50M Direct Cash costs: 75c/Lb Cu4 NPV7%: $224M IRR: 94% Payback: 9 months Annual cash flow: ~$55M EBITA5 STAGE II – PEDRA BRANCA During the quarter a 24% growth6 in JORC Reported Mineral Resources was achieved at the Stage II Copper Project. Stage II continues to grow the more it is drilled, with another significant resource upgrade expected next quarter. REGIONAL EXPLORATION The Company’s maiden regional drill programme consisted of 3 holes at the Sao Jorge Prospect. All intersected multiple zones of coppergold mineralisation throughout the entire length of each hole. Scout drilling has moved to the Serraria Prospect while further work is being planned at Sao Jorge. RESOURCE INVENTORY JORC Reported Mineral Resources for Stage I & II now stands at: 60.64Mt at 1.24% Copper, 0.33g/t Gold for 755,000 tonnes of contained Copper and 638,000oz of Gold7,8
AVB Price at posting:
5.8¢ Sentiment: LT Buy Disclosure: Held
