Ann: Mineral Resource Estimate Increased Threefold at Makuutu, page-22

I've updated the resource concentrate basket to reflect the JORC grade.



Noting this is for the JORC grade. The indicated zone which is the central zone has higher PPM values although the %'s of each element stays fairly linear it's just higher grade overall.

This doesn't materially change your concentrate basket. A lower grade resource changes the amount of tonnes that comes out the back end. i.e. 10mtpa for 3660 was based on I believe around 840ppm. So interested to see whether the SS is based of the higher grade zonations as i think this will reflect reality or if it will be on the overall JORC.

They have spoken about the modular plant design and will (in operation) probably focus on modules in the highest grade areas. Likely that area's in the central zone and area I is drilled to indicated levels in the future and a 2 module arrangement for BFS. Additionally a 3rd modules for the remaining area's could also be implemented. You can slightly tweek the process circuitry and overall the high grade modules would offset tonnage throuput from the lower grade areas. (When i say low grade i mean 500-600ppm which is still highish grade. (biolantanidos jorc similar to that).

So we will need to wait to see how the SS is constructed, many ways to skin the cat depending on what message wants to be sent. the slight decrease in JORC if processing that as your baseline across the project would maybe only impact annualised tonnes by 15-20%.

because of the vast resource this can easily be offset by simply implementing another module or increase capacity to say 12mtpa feed capacity and therefore maintain 3660tpa. Also this assumes recoveries don't improve which i showed previous with the h2so4 believe the recoveries pull that throughput closer to 5000tpa. imo. Upside also in the Sc at 30ppm which i've omitted currently as not having accurate data for credit in basket or spot pricing for 95% concentrate or whatever concentrate it will be at if separated earlier in circuit.

SF2TH