Looks good
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
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