Free Cash Flow ( DFS ) USD$267mil(Initial 10 year mine life) =...

Free Cash Flow ( DFS ) USD$267mil(Initial 10 year mine life) = USD$26.7M/y average at $21,000/t
(Pala wants 49% for AUD$10M)

Highlights from the 2018 DFS include:
• Post tax NPV of US$98.1 million, with a 23% IRR using a tin price of US$21,000 (Real) per tonne and an 8%
discount rate (Real).
• Every additional US$1,000 per tonne increase in tin price, increases the Project NPV and ungeared returns by approximately US$20 million and 3% respectively. Consensus price for tin when Achmmach is expected to come into production remains circa US$23,000 per tonne
• Capital cost of US$96.4 million
• C11 cash cost of US$9,176/tonne of tin, and a payback period of 4 years
• All in Sustaining Cost (AISC2) of US$11,435/tonne of tin
• 7% increase in Ore Reserve to 7.0 million tonnes at a grade of 0.82% Sn
• Initial 10-year mine life via an underground mining operation. The orebody is open along strike and at depth providing excellent potential for resource extensions
• Ore Sorting and HPGR technology increases tin recovery, lowers operating costs and reduces overall
Project footprint and required equipment in the plant
• Overall tin recovery of 77%, with annual tin production of approximately 4,500 tonnes of tin in concentrate, averaging 60% tin
1 C1 Cash costs are operating costs including mining, processing, G&A, concentrate transport and treatment
2AISC Includes C1 costs, royalties, corporate overheads and sustaining capex
Based on the positive outcomes of the Achmmach 2018 DFS, the Kasbah Board and the Company’s Joint Venture
partners in the Project, Toyota Tsusho and Nittetsu Mining, requested that management proceed with securing
funding for the Project, offtakers for the tin product, and identifying a suitable EPC engineering contractor and a
capable underground mining contractor with the aim of commencing construction in 2019 and production in 2020.

EXPLORATION
In addition to the Achmmach Tin Project, Kasbah holds several 100% owned tin exploration prospects throughout central Morocco – the Bou El Jaj, Zaer and Ment prospects.
The Company also owns the Tamlalt Gold Project (100%), in north eastern Morocco.
Kasbah continues to progress the development of its exploration strategy which aims to evaluate and prioritise
the many exploration opportunities in the region.
The Achmmach Tin Project remains open along strike and at depth on both the Sidi Addi and Meknes zones. In addition, Kasbah owns 100% of the Bou El Jaj tin prospect located 13 kms from Achmmach.
In 2013, approximately 8,000 m of diamond drilling was completed at Bou El Jaj. While the prospects at Bou El Jaj, Zaer and Ment offer early stage tin exploration opportunities, Kasbah is currently evaluating the merits of undertaking a small drilling program to better define the potential strike extent of resources at Achmmach. Kasbah is also looking to progress with the development of a maiden JORC compliant resource at Bou El Jaj.
The introduction of ore sorting technology provides an opportunity to develop a larger scale project at Bou El Jaj, with the aim of supplementing production feed and extending the mine life of Achmmach project.
The Company is also progressing an Environmental and Social Impact Assessment (“ESIA” on both the Bou El Jaj and Tamlalt Gold Projects.