News: Video: Valuation Update

• Carbine Resources has released a positive Pre-Feasibility Study (PFS) for their Mount Morgan gold and copper tailings project in Queensland, with the results exceeding our expectations.
• The two key highlights include:
  • Decrease to the All-in sustaining costs (PFS – US$234/oz vs. Scoping Study – US$393/oz),
  • Reduction to the initial capital costs (PFS – $63.3m vs. Scoping Study – $81.9m).
  • Significant increase of the grade mined for the first three years of production.  This will see more than 50,000 oz of gold produced during the first year of production, and an average of more than 58,000oz Au eq. per annum for the first three years of production.