Quick look at Okeip. Extract below from the 2021 scoping study...

Quick look at Okeip. Extract below from the 2021 scoping study done as part of due diligence to acquire the project.



So what has changed in the last 4 years to impact the A$170M NPV?

• Resource confirmation drilling seems to suggest the resource and associated grade are in-line so no change there - although indications of likely resource extensions to increase mine life
• Copper has increased 25% from the assumed US$7600/tonne - so that lifts NPV by some 80%!! - making it around A$300M
• The ZAR:USD exchange rate is now at 18.5 (cf 17.2) which I believe is 8% to the positive so a 25% lift to NPV - taking it to around A$360M
• Not sure if they have done more metallurgical tests to confirm recovery - so will leave that as is for now.

The other variables are less impactful so on balance we should expect a significant improvement to the OCP NPV - more than doubling from A$170M to circa A$360M - unless copper recoveries prove problematic? Not bad for a CAPEX of around $60M and for company with a market cap of under $100M and another bigger project in Prieska yet to add to the mix!

Am I missing something??