Kalkaroo’s ore reserves, 0.83 CuEq% and longevity also compare...

Kalkaroo’s ore reserves, 0.83 CuEq% and longevity also compare favourably with Evolution Mining Limited’s Northparkes mine (a Tier 2 copper asset in Australia):

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6	Column 7	Column 8	Column 9
0		Location	Open pit/ Underground	Copper grade %	Gold grade (g/t)	Ore Reserves -copper (kt)	Ore Reserves -gold (koz)	Commodity Price assumptions used for Ore Reserves	Long life asset
1	Northparkes - producing mine 1 & 2	27 km northwest of Parks, NSW	Stockpiles, OP and UG (depth over 540 metres)	0.52	0.28	420	730	A$11,500/tonne copper (A$5.22/lb); A$2,500/oz gold	7+ years (potential to extend mine life beyond 30 years)
2	Kalkaroo - development project 3	90 km northwest of Broken Hill	OP (conceptual open pit, depth under 300 metres)	0.47	0.44	474	1,407	US$6,380/tonne (or US$2.89/lb) copper; US$1,200/oz gold	13 years
3	Kalkaroo - BHP Study Program 4 & 5	90 km northwest of Broken Hill	OP (conceptual open pit)	0.42	0.36	772	2,130	Not disclosed to the ASX	20+ years

Notes:

1. The Northparkes mine owner (Evolution Mining Limited) holds an equity interest of 80%. Ore reserves are shown at 80%.
2. The Northparkes mine has a royalty arrangement with Triple Flag Precious Metals Corp Triple Flag Metal. The Purchase and Sale Agreement purchases 67.5% of gold production capped at 630 koz gold, followed by 33.75% gold production for the remaining life of mine with ongoing payments equal to 10% of the spot metal price delivered.
3. Ore reserve numbers and commodity price assumptions for the Kalkaroo project have not been officially updated since June 2018, when its maiden JORC Ore Reserves numbers were released on the ASX.
4. As part of BHP’s Study Program, open pit optimisations were run on the Kalkaroo project for higher long-term consensus copper and gold prices and higher recoveries, which had a material impact on the Kalkaroo conceptual open pit mining phase design. See Slide 14 of Havilah’s investor presentation in Post #73494827
5. BHP estimated a Kalkaroo conceptual open pit mine life of up to 23 years. See Slide 15 of Havilah’s investor presentation in Post # 73494827

Cheers

These are only my thoughts and it does not constitute investment advice. Before acting on any information you read and before making any financial or investment decisions, you should always consult your advisor(s) or other relevant professional experts.