Ann: Feasibility Study - Bowdens Silver Project, page-2

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Highlights• Feasibility Study completed for a two million tonne per annum open-pitmining and conventional processing operation.• Low strip ratio of 1.6:1.• Production of 52.9 million ounces of silver plus 108.0 kilotonnes of zincand 79.26 kilotonnes lead.• Life of Mine (LOM) 16 years.• Operating margin of A$558.70 million with project payback of 4.8 years.• Initial three years of operations to produce concentrates containing 5.4million ounces of silver per annum and 6000 tonnes of zinc and 5200tonnes of lead per annum.• LOM Operating C1 Cost of A$15.47/oz (US$11.60/oz) and an All inSustaining Cost (AISC) of A$17.25 /oz (US$12.94/oz).• Pre-tax Project NPV5 of A$143.90 million and IRR of 20.8%.• Post-tax Project NPV5 of A$70.58 million and IRR of 17.9%.• Sensitivity analysis demonstrates that the project is highly leveraged toan accretive commodity price environment.• Initial development capital estimated at A$246 million.• Board approval to complete remaining elements of the EnvironmentalImpact Statement in lead up to Development Application submission