Ann: MOUNT MORGAN DELIVERS FEASIBILITY STUDY WITH 2 YEAR PAYBACK, page-2

Carbine Resources Limited (Carbine) (ASX: CRB) is pleased to advise that a Feasibility Study (FS) has found its Mount
Morgan Gold-Copper Project in central Queensland, Australia will enjoy low operating costs, a rapid payback period and a
long mine life.
The estimated preproduction capital cost would be A$85 million and the all-in sustaining costs after by-product credits would
be A$549/oz. The Project’s economics enable a forecast payback period of just two years.
The Feasibility Study Base Case (FS Base Case) was based on a 1.1mtpa throughput rate achieving a 9.5 year mine life.
The estimated Ore Reserve is associated with just four of the historical tailings dumps at Mount Morgan delivering gold,
copper sulphate and premium unroasted iron pyrite concentrate to market.
Carbine and GR Engineering Services (GRES) entered into a strategic partnership in relation to the Mount Morgan Project
(ASX: 23 December 2015) and GRES were awarded the work associated with the FS. GRES have successfully completed
the FS including the study management, process design, and process layout and infrastructure design.
In light of the study’s strong technical and financial outcomes, the Board has decided to advance the project finance options,
optimize offtake arrangements for the premium unroasted iron pyrite market, continue with the Project’s regulatory approval
process and consolidate project ownership