2021 what will it bring?, page-74

The reasons that both Newcrest and Rio Tinto are interested in Antipa deposits are a bit clearer when looking at the metal values per tonne of resource. Rio wants to increase tonnage at Citadel as the metal values per tonne dictate that it should be mined first, more tonnes create even better economies of scale. I think less cover at Citadel (?) and therefore less waste removal. I am not sure what grades are going through Newcrest's Telfer mill at present but Antipa's North Telfer deposits must be looking very attractive. If Newcrest can find deposits in the JV area even closer they will be happy.

Taking prices today of: Au $2200/oz = $70.74/g Ag $33/oz =$1.06/g Cu $12045/t (LME quote with AUD$1.3 = US$1)

WINU 503 Mt @ 0.27g/t Au, 2.15g/t Ag and 0.35% Cu = 0.27x$70.74 + 2.15x$1.06 + (0.35/100)x$12045 = $19.1 (Au) + $2.28 (Ag) + $42.16 (Cu)
WINU = $63.54/t contained metals

ANTIPA - CITADEL
MAGNUM 16.1 Mt @ 0.66g/t Au, 0.99g/t Ag, 0.36% Cu = 0.66x$70.74 + 0.99x$1.06 + (0.36/100)x$12045 = $46.69 (Au) + $1.05 (Ag) + $43.36 (Cu) MAGNUM = $91.1/t contained metals
CALIBRE 47.7 Mt @ 0.85g/t Au, 0.48g/t Ag, 0.15% Cu = 0.85x$70.74 + 0.48x$1.06 + (0.15/100)x$12045 = $60.13 (Au) + $0.51 (Ag) + $18.07 (Cu)
CALIBRE = $78.71/t contained metals

ANTIPA - NORTH TELFER
MINYARI 7.7Mt @ 2.2g/t Au, 0.9g/t Ag, 0.3% Cu = 2.2x$70.74 + 0.9x$1.06 + (0.3/100)x$12045 = $155.63 (Au) + $0.95 (Ag) + $36.14 (Cu)
MINYARI = $192.72/t contained metals
WACA 3.3Mt @ 1.6g/t Au, 0.2g/t Ag, 0.11% Cu = 1.6x$70.74 + 0.2x$1.06 + (0.11/100)x$12045 = $113.18 (Au) +$0.21 (Ag) + $13.25 (Cu)
WACA = $126.64/t contained metals