Nifty 1. Metals X used a cut off grade of 0.2% in the PFS.Nifty...

Nifty 1. Metals X used a cut off grade of 0.2% in the PFS.

Nifty drilling has shown more low to medium grade Sulphide in the South Western keel area of the Nifty syncline, thereby expanding resource.

Patterson 2. IGO sole funding $32m drilling campaign in the Patterson Project Joint Venture to take through to PFS stage.

Maroochydore 3. 486,000t Cu JORC 2012 which is 85km south west of Nifty. Comprises 90kt sulphide, 394kt oxide. So this deposit is more an acid consumer where CYM could be likely to use the excess Nifty sulphide self-generated acid to leach this oxide material.

Murchison comprises

Hollandaire 4.andNanadie Well 5.

CYM 80% interest in Cu/Au/Ag with Murchison Cue project with MGV 20%.

51,500t JORC 2012 Cu/Au project which is open at depth.

Hollandaire Cue copper project 2.8Mt @1.9% Cu, 51,500t Cu, 28,000oz Au, 574,000oz Ag.

Best HL test result for Hollandaire was performed by CYM. Achieved 91.7% recovery in 21 days.

46,400t Sulphide, 5,000t transitional, 100t oxide

So Hollandaire is a net acid producing asset which may be great for Nanadie Well.

Nanadie Well is an excellent project and could be used as a stand-alone project in itself if it were necessary. Nanadie is a broad, shallow Oxide Copper supergene/gold deposit with high grade sulphide interlaced beneath. This project is close to Hollandaire, so excess acid produced could be used on the oxide material at Nanadie Well to commence leaching. Currently waiting on JORC 2012 as substantially drilled already.

As for peer analysis if you were to compare AR1 then it is not really comparable with CYM as AR1 has only 4 years’ worth of oxide to be leached and yet to prove they can leach the sulphide. AR1 will need to buy a lot of acid in the meantime. Best of luck to them.

Note: When Heap Leaching the copper ore, copper will be extracted first. The tailings can then be sent through to a processor whereby the gold and silver can be extracted. In Hollandaire’s case the proceeds are 80/20 split between CYM/Musgrave Minerals.