Ann: 2021 BFS Confirms Citronen as World Class Zinc Project, page-5

Congratulations management. Huge news.

IBG priced way too cheaply at its current MC based on the following which is obviously on the conservative side for US EXIM Bank funding approval.

2021 Bankable Feasibility Study Highlights
• Robust economics, with the 3.3Mtpa operation to deliver a post-tax free cash flow of
US$1.46 billion (Bn)
o Post-tax NPV(8%) of US$363 million (M); IRR 15.2%; CAPEX US$654m
• Significant leverage to future zinc (Zn) price growth; 2.5 million tonnes (Mt) Zn metal produced life
of mine (LOM) averaging ~130ktpa
• Competitive C1+sustaining capital costs per pound payable zinc
o Year’s 1 to 5 US$ 0.68/lb; LOM US$ 0.76/lb
• 50% increase in mine life to 20 years in a low-risk jurisdiction and emerging mining frontier
• Environmental, Social and Governance (ESG) approvals and management plans are well advanced
o Process underway to ensure full compliance with Equator Principles and relevant IFC
Performance Standards
• Binding offtake agreements remain in place with major Ironbark shareholders Trafigura (35% of
LOM production) and Glencore 35% (10 years Zn, LOM Pb)
• IBG to now commence formal project financing process with United States EXIM Bank
• Significantly expanded Ore Reserve:
o Mineral Resource of 85Mt @ 4.7% Zn and 0.5% Pb
o Ore Reserve of 48.8Mt @ 4.8% Zn and 0.5% Pb
• Substantial exploration upside