Ann: Positive Urucum Underground Pre-Feasibility Study, page-4

Key Highlights
? Underground Probable Ore Reserve 2.97 million tonnes @ 3.61 g/t for 344,500 ounces
? Total recovered ounces 310,000 ounces
? Cash Costs US$714 per ounce
? AISC US$825 per ounce
? Initial Life of Mine (“LOM”) 7 - 8 years
? Gross revenue US$347 million
? Pre-production capital (Capex and Opex) US$18.1 million
? LOM Sustaining Capex US$34.3 million
? Pre-tax NPV5% US$49 million
? Payback period 4 years
? Pre-tax IRR 30%
? PFS study accuracy +25%