| 1 | | Kalkaroo Copper-Gold Project (South Australia) | T3 Motheo Copper-Silver Project (Botswana) |
|---|
| 2 | Company | Havilah Resources Limited | Sandfire Resources Limited |
|---|
| 3 | Ownership of project | 100% | 100% (subject to 15% back in by Botswana government) |
|---|
| 4 | Status | PFS published 18 June 2019; Mining Leases granted; ownership of land on which project is located is via Kalkaroo pastoral lease; PEPR not yet granted | DFS published 1 December 2020; FID approval; Environmental Impact Assessment approved; land not yet acquired for the project and infrastructure; Mining Licence not yet granted |
|---|
| 5 | Pre-tax NPV A$ | A$903 million | A$451 million |
|---|
| 6 | IRR | 26% (based on original PFS long-term copper price of US$2.89/lb and gold price US$1,200/oz) | 25% |
|---|
| 7 | Discount rate | 7.5% (2019 real) | 7% (2020 real) |
|---|
| 8 | A$/US$ exchange rate | 0.75 | 0.70 |
|---|
| 9 | Copper price (long-term) | US$3.10/lb | US$3.16/lb |
|---|
| 10 | Gold price (long-term) | US$1,500/oz | - |
|---|
| 11 | Silver price (long-term) | - | US$17.92/oz |
|---|
| 12 | JORC Ore Reserve | 474,000 copper tonnes; 1.4 million gold ounces. 90% in 'Proved'; 10% in 'Probable' classification | 360,000 copper tonnes; 15.6 million silver ounces. All in 'Probable' category |
|---|
| 13 | Copper cut-off grade | Saprolite gold resources 0.2 g/t gold cut-off grade, while for the main Kalkaroo copper-gold resource a 0.4% CuEq cut-off grade | 0.44% copper cut-off grade |
|---|
| 14 | Average production (as recovered metal) anticipated | Approximately 30,000 tonnes copper and 72,000 ounces gold p.a. | Approximately 26,500 tonnes copper and 1.1 million ounces silver p.a. |
|---|
| 15 | Life of mine (processing) | Minimum 13 years | Initial 12.5 years |
|---|
| 16 | Waste: Ore ratio (including pre-strip) | 3.5:1 | 6.0:1 |
|---|
| 17 | Mine distance to nearest port | ~350 km (road and /or rail) to Port Pirie, South Australia | ~1,000 km by road to Walvis Bay, Namibia |
|---|
(20min delay)