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EVOLUTION MINING LIMITED — Interim / Quarterly Report 2013
Apr 22, 2013
64885_rns_2013-04-22_6feb4f71-43c7-4e4d-8f68-0d3d86187a6a.pdf
Interim / Quarterly Report
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Quarterly Results March 2013
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Disclaimer
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This presentation has been prepared by Evolution Mining Limited (“Evolution Mining”) and consists of slides for a presentation concerning the company. By reviewing/attending this presentation, you acknowledge and agree the following.
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This presentation includes forward-looking statements. Forward-looking statements inherently involve subjective judgement and analysis and are subject to a number of risks, uncertainties, contingencies and other factors, many of which are outside the control of, and may be unknown to, Evolution Mining. As such, actual results or performance may vary materially from those expressed or implied by forward-looking statements. The types of factors that could cause such variation in actual results or performance include (without limitation) commodity prices, operational problems and general economic conditions. Given these factors, undue reliance should not be placed on forward-looking statements, which speak only as at the date of this presentation. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, Evolution Mining does not undertake any obligation to publicly update or revise any forwardlooking statements contained in this presentation, including (without limitation) where Evolution Mining’s expectations change in relation to such statements and where there is a change in events, conditions or circumstances providing the basis for any such statement.
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No representation or warranty, express or implied, is made as to the accuracy, completeness, reliability, fairness or correctness of the information contained in this presentation. To the maximum extent permitted by law, Evolution Mining and its related bodies corporate and affiliates, and each of their respective directors, officers, employees, agents and representatives, disclaim any liability or responsibility for loss or damage arising from or in connection with the use of the information contained in this presentation.
2
March Quarter Highlights
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Production and cost guidance remains unchanged
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Gold production of 84,251oz @ A$918/oz Au. Over 100,000oz expected Jun qtr 2013
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FY13 guidance confirmed at 370,000-410,000oz AuEq @ A$730-A$790/oz
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Mt Carlton successfully commissioned and commenced production
Group Mineral Resources and Ore Reserves increased
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Resources increased 0.7Moz to 7.7Moz AuEq, a 10% increase (post depletion)
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Reserves increased 0.2Moz to 3.6Moz AuEq, a 7% increase (post depletion)
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Pajingo UG reserve ounces increased by 85% and average grade increased by 14% (from 5.6g/t to 6.4g/t Au)
Exciting new exploration success
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Best ever intercept drilled at Mt Rawdon returning 35m @ 24.2g/t Au (uncut) from 322m outside current planned pit limits
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Lynne vein discovered at Pajingo in the Moonlight area – best intersection of 74m @ 2.57g/t Au
Strong financial position
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Corporate debt under the Company’s revolving credit facility of A$106.8 million with available credit of A$93.2 million. Cash in bank as at 31 March 2013 was A$7.4 million
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Gold hedging of 152,171oz at a flat forward price of A$1,573/oz
3
March Quarter Production
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| Consolidated Production Summary |
Units | Mar Quarter 2013 |
Dec Quarter 2012 |
Sep Quarter 2012 |
Year to Date FY13 |
|---|---|---|---|---|---|
| Gold produced | oz | 84,251 | 101,663 | 94,446 | 280,361 |
| Silver produced | oz | 62,024 | 84,747 | 79,743 | 226,514 |
| C1 Cash Cost2 | A$/oz | 918 | 764 | 732 | 800 |
| Total Cost3 | A$/oz | 1,427 | 1,241 | 1,135 | 1,261 |
| Gold sold | oz | 84,357 | 103,258 | 90,960 | 278,575 |
| Achieved gold price | A$/oz | 1,573 | 1,646 | 1,613 | 1,613 |
| Silver sold | oz | 62,024 | 84,747 | 79,743 | 226,514 |
| Achieved silver price | A$/oz | 29 | 31 | 30 | 30 |
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Mt Carlton A39 silver production reported as gold equivalent using a gold to silver ratio of 1:55.3
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Before royalties and after silver credits
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Includes C1 cash costs, depreciation, amortisation, royalties and other expenses
4
Operations
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Cracow
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Gold production of 24,572oz (28,574oz)
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Cash cost of A$955/oz; (A$861/oz) – expected to reduce in the June quarter
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LTI free for a second consecutive quarter
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Changing to owner mining 1 July 2013 – cost benefit of about A$50/oz expected
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140,000 $955 1,000
$849 $861
120,000
800
100,000 $657
80,000 76,350oz 78,896oz 600
60,000
400
40,000
28,574oz
24,572oz
200
20,000
0 0
Jul-Mar Jul-Mar Dec Qtr March Qtr
FY12 FY13 2012 2013
Production Cash Costs
Cost A$/oz
Production (oz)
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Jumbo development at Cracow
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Pajingo
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Gold production of 22,559oz (24,340oz)
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High grade material mined from Sonia orebody as well as Zed West, Faith and Eva; 88,000t @ 6.13g/t gold
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Cash operating cost of A$795/oz (A$695/oz) due predominantly to lower processed grade
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120,000
$799 $795
100,000 800
$711 $695
80,000
600
62,550oz
57,411oz
60,000
400
40,000
24,340oz 22,559oz
200
20,000
0 0
Jul-Mar Jul-Mar Dec Qtr March Qtr
FY12 FY13 2012 2013
Production Cash Costs
Cost A$/oz
Production (oz)
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Venue Pit – February 2013
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Edna May
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Gold production of 18,857oz (22,763oz)
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Cash costs increased to A$1,063 (A$838/oz) – larger mining fleet will see unit rate reductions realised in the June quarter
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Secondary crusher trials continued with major trial planned for June quarter
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LTI free for March quarter
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Edna May Pit at 31 March 2013: Stage 1 (base of pit)
and Stage 2 (surface)
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120,000 1,200
$1,063
100,000 1,000
$906
$868
$838
80,000 800
67,545oz
60,000 53,401oz 600
40,000 400
22,763oz
18,857oz
20,000 200
0 0
Jul-Mar Jul-Mar Dec Qtr March Qtr
FY12 FY13 2012 2013
Production Cash Costs
Cost A$/oz
Production (oz)
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Mt Rawdon
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Gold production of 17,817oz (25,986oz) impacted by Cyclone Oswald and further heavy rainfall in February and March
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Cash cost of A$891/oz (A$658/oz) due to lower gold production
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LTI free for quarter. 12 month LTIFR moving average reduced to 0.0
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Dewatering is on track to provide high-grade ore supply in June quarter
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120,000 $891
$851
100,000 800
$688 $658
80,000
70,924oz 600
62,669oz
60,000
400
40,000
25,986oz
200
17,817oz
20,000
0 0
Jul-Mar Jul-Mar Dec Qtr March Qtr
FY12 FY13 2012 2013
Production Cash Costs
Cost A$/oz
Production (oz)
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Mt Rawdon Pit at 31 March 2013 As at 22 April, the pit was almost completely dewatered.
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Mt Carlton
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Mt Carlton opened on 10 April 2013 by Queensland Premier Campbell Newman
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Currently in ramp-up stage and full capacity expected in September 2013 quarter
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First concentrate shipment to Humon Smelting Co is planned for May 2013
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Due to benefit of accelerated strip; fleet size will be reduced in September reducing outlays by A$20M per year
Commemorative plaque unveiled by Queensland Premier Campbell Newman and Jake Klein (Evolution Executive Chairman) at Mt Carlton mine opening
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Bagged silver concentrate in Townsville warehouse
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10
Exploration
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Resource and Reserve Update
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Mineral Resource and Ore Reserve estimates were updated for all exploration and resource definition drilling to 31 December 2012
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Group Mineral Resources increased 10% to 7.7Moz AuEq. (after mining depletion)*
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Group Ore Reserves increased 7% to 3.6Moz AuEq. (after mining depletion)*
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Notable increase in resource confidence with significant increase in Measured and Indicated Resources
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Significant increase in Pajingo underground reserve - contained ounces increased by 85% and average grade increased by 14% (from 5.6g/t to 6.4g/t Au)
– Group Mineral Resources Comparison June 2012 to December 2012
| Operation | Jun. 2012 | Dec. 2012 | Abs. Change | Rel. Change % |
| Gold/Gold Equiv. Metal(koz) | ||||
| Cracow | 768 | 842 | 73 | 10% |
| Pajingo | 900 | 1,306 | 406 | 45% |
| Mt Rawdon | 1,194 | 1,288 | 94 | 8% |
| Mt Carlton | 2,193 | 2,214 | 21 | 1% |
| Edna May | 1,542 | 1,643 | 101 | 7% |
| Twin Hills | 399 | 399 | 0 | 0% |
| Total | 6,996 | 7,691 | 695 | 10% |
- See Appendix for full details and Competent Person statement
12
Mt Rawdon
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Resource definition drilling during the quarter intersected new high-grade mineralisation beneath the planned open pit.
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Drill hole MTRRCD23 returned an exceptional intersection of 35m grading 24.2g/t Au (uncut) from 322m – better than any previous drill result at Mt Rawdon.
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The result was confirmed by re-assay of pulps however holes drilled as wedges off MTRRCD23 have not replicated the very high-grade intersection of MTRRCD23.
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Significant intercepts (uncut) returned to date include:
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35m @ 24.2g/t Au from 322m including 23m @ 36.4g/t Au from 322m in hole MTRRCD23
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40m @ 2.63g/t Au from 345m including 6m @ 12.1g/t Au from 355m in hole MTRRCD23-W1
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17m @ 0.94g/t Au from 365m in hole MTRRCD23-W2
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14m @ 1.04g/t Au from 372m in hole MTRRCD23-W3
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37m @ 2.07g/t Au from 472m in hole MTRRCD25 – this hole has been extended
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6m @ 0.61g/t Au from 308m in hole MTRRCD27
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16m @ 1.33g/t Au from 379m in hole MTRRCD28
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The deeper-than-expected position of the high grade in MTRRCD25 gives encouragement that a possible high-grade feeder to the main mineralisation may exist. This target is considered a high priority and further drilling is underway.
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Hole MTRRCD25 has been extended a further 80m and has intersected intense alteration, silicification and high % sulphides.
Note: Wedge holes denominated by the W1, W2 and W3 suffix to hole name
13
Pajingo
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New discovery at Moonlight area – Lynne Vein
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20.9m @ 5.99g/t Au (etw 11.8m) from 397m including:
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5.1m @ 9.42g/t Au; and
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4.8m @ 11.47g/t Au (in JMRD3925)
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74m @ 2.57g/t Au from 391m including:
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2.5m @13.0g/t Au
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11m @ 6.75g/t Au
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2.8m @ 4.72g/t Au; and
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3m @7.74g/t (in JMRD3920)
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Regional exploration:
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Stephanie-Lynne trend
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Pajingo East
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4D data integration
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14
Pajingo
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New discovery at Moonlight area – Lynne Vein
Lynne longitudinal section looking north (mine grid) showing drill hole pierce points and significant assays (down-hole widths)
15
Mt Carlton
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5km
Au > 17 ppb
Surface Soil Anomalies Mt Carlton Region
Ag > 0.25 ppm
Mo > 1.2 ppm
Multi element soil geochemistry survey
area
Multi element soil geochemistry
survey area completed Feb 2013
Aeromagnetic Survey
Mining Lease
Outcropping argillic alteration
Scale
0 5km
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Ternary Au-Ag-Mo plot shows:
Au-Ag dominant
Mo-Au dominant
Mo dominant and
Au-Ag-Mo mineral systems
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16
Corporate
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Financial Performance
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Total revenue of A$134.4M (A$172.6M) derived from gold sales of 84,357oz sold at an average price of A$1,573/oz and 62,000oz of byproduct silver sold at A$29/oz
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Gold hedge book at 31 Mar 2013 – 152,171oz at flat forward price A$1,573/oz
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Group cash operating costs (C1) of A$77.3M in total or A$918/oz. All-in cash cost of A$1,353/oz
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Cash in bank of A$7.4M at 31 Mar 2013 and debt drawn of A$106.8M
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Cash inflow of A$75.4M consisting of A$50.4M from operations and A$25M from debt drawdown
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Cash outflow A$117M on capital expenditure, exploration, corporate expenses and working capital
18
Outlook
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Outlook
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- FY13 guidance confirmed:
370,000 – 410,000oz AuEq at A$730 – A$790/oz
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In excess of 100,000oz production expected in June quarter
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Exciting exploration drilling continuing at Mt Rawdon and Pajingo
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Cost reduction initiatives implemented and will have an impact going forward
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Well capitalised operations – providing optionality to respond to recent gold price volatility
The new, leading Australian gold producer We Say, We Do, We Deliver
20
Evolution Mining ASX Code: EVN
www.evolutionmining.com.au
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| Appendix – March Qtr 2013 Production Summary | Appendix – March Qtr 2013 Production Summary | Appendix – March Qtr 2013 Production Summary | Appendix – March Qtr 2013 Production Summary | Appendix – March Qtr 2013 Production Summary | Appendix – March Qtr 2013 Production Summary | Appendix – March Qtr 2013 Production Summary | Appendix – March Qtr 2013 Production Summary |
|---|---|---|---|---|---|---|---|
| March 2013 Quarter | Units | Cracow | Pajingo | Edna May | Mt Rawdon | Mt Carlton1 | Total / Average |
| UG lateral development - capital | m | 804 | 986 | - | - | - | 1,790 |
| UG development - operating | m | 1,212 | 475 | - | - | - | 1,687 |
| Total UG lateral development | m | 2,016 | 1,461 | - | - | - | 3,477 |
| UG ore mined | kt | 124 | 88 | - | - | - | 211 |
| UGgrade mined | g/t | 5.84 | 6.13 | 0.00 | 0.00 | 0.00 | 5.96 |
| OP capital waste | kt | 0 | 0 | 982 | 3,916 | 1,684 | 6,582 |
| OP operatingwaste | kt | 0 | 1,434 | 965 | 52 | 503 | 2,954 |
| OP ore mined | kt | 0 | 153 | 593 | 392 | 170 | 1,309 |
| OPgrade mined2 | g/t | 0.00 | 2.20 | 0.93 | 1.19 | 2.59 | 1.37 |
| Total ore mined | kt | 124 | 241 | 593 | 392 | 170 | 1,520 |
| Total tonnesprocessed | kt | 125 | 176 | 628 | 729 | 6 | 1,664 |
| Gradeprocessed2 | g/t | 6.49 | 4.17 | 1.03 | 0.83 | 4.31 | 1.70 |
| Gold recovery | % | 94 | 96 | 91 | 91 | 69 | 93 |
| Goldproduced2 | oz | 24,572 | 22,559 | 18,857 | 17,817 | 445 | 84,251 |
| Silverproduced | oz | 16,523 | 18,493 | 6,115 | 20,893 | - | 62,024 |
| Gold sold | oz | 25,328 | 20,729 | 18,856 | 19,444 | - | 84,357 |
| Achievedgoldprice | A$/oz | 1,573 | 1,570 | 1,576 | 1,574 | - | 1,573 |
| Cost Summary | |||||||
| Mining | A$/oz | 647 | 677 | 425 | 122 | - | 491 |
| Processing | A$/oz | 191 | 245 | 655 | 525 | - | 379 |
| Administration and sellingcosts | A$/oz | 100 | 112 | 141 | 106 | - | 113 |
| Deferred waste and stockpile adjustments | A$/oz | 35 | (216) | (149) | 173 | - | (44) |
| By-product credits | A$/oz | (19) | (24) | (9) | (34) | - | (21) |
| C1 Cash Cost | A$/oz | 955 | 795 | 1,063 | 891 | - | 918 |
| Royalties | A$/oz | 82 | 82 | 72 | 88 | - | 81 |
| Other3 | 8 | 17 | 0 | 47 | - | 17 | |
| Depreciation & Amortisation – Acquisition4 | A$/oz | 63 | 75 | 0 | 101 | - | 60 |
| Depreciation & Amortisation – Operations5 | A$/oz | 339 | 538 | 201 | 301 | - | 352 |
| Total Cost | A$/oz | 1,446 | 1,508 | 1,337 | 1,428 | - | 1,427 |
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Mt Carlton yet to achieve commercial production
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Gold and Mt Carlton A39 silver as gold equivalent using a gold to silver ratio of 1:55.3 3. Price related inventory adjustment for stockpiles held at net realisable value
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Depreciation & Amortisation - Acquisition, represents the depreciation and amortisation on the fair value uplift of asset values due to business combinations
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Depreciation & Amortisation - Operations, represents the depreciation and amortisation on book value of asset and where applicable, the estimated cost of future mine development
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Appendix – Mineral Resource Statement 31 Dec 2012
| Gold | Gold | Gold | Measured | Measured | Measured | Indicated | Indicated | Indicated | Inferred | Inferred | Inferred | Total Resource | Total Resource | Total Resource |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Project | Type | Cut-Off | Tonnes (Mt) |
Gold Grade (g/t) |
Gold Metal (koz) |
Tonnes (Mt) |
Gold Grade (g/t) |
Gold Metal (koz) |
Tonnes (Mt) |
Gold Grade (g/t) |
Gold Metal (koz) |
Tonnes (Mt) |
Gold Grade (g/t) |
Gold Metal (koz) |
| Pajingo | Open-Pit | 0.5 | 0.01 | 3.6 |
1 | 0.17 | 5.0 | 28 | 0.32 | 1.2 | 12 | 0.51 | 2.6 |
42 |
| Pajingo1 | Underground | 2.5 | 1.14 | 8.4 |
306 | 3.27 | 5.9 | 621 | 2.06 | 5.1 | 337 | 6.46 | 6.1 |
1,264 |
| Cracow1 | Underground | 2.3 | 0.28 | 8.6 |
79 | 1.11 | 7.7 | 275 | 2.90 | 5.2 | 488 | 4.29 | 6.1 |
842 |
| Edna May1 | Open-Pit | 0.4 | 21.1 | 0.9 |
629 | 16.5 | 1.0 | 514 | 8.18 | 0.9 | 226 | 45.8 | 0.9 | 1,369 |
| Edna May | Underground | 3.0 | - | - |
- | 0.63 |
7.2 | 146 | 0.58 | 6.9 | 128 | 1.21 | 7.1 | 273 |
| Mt Carlton | Open-Pit | 0.35 | 9.28 | 2.0 |
587 | 14.7 | 1.5 | 695 | 1.41 | 1.5 | 68 | 25.4 | 1.7 | 1,350 |
| Mt Rawdon1 | Open-Pit | 0.23 | 1.84 | 0.4 |
23 | 51.5 | 0.7 | 1,203 | 3.42 | 0.6 | 62 | 56.7 | 0.7 | 1,288 |
| Twin Hills | Open-Pit | 0.5 | - | - |
- | 2.42 | 2.2 | 170 | 0.64 | 1.7 | 35 | 3.06 | 2.1 | 204 |
| Twin Hills | Underground | 2.3 | 0.54 | 4.1 | 71 | 0.01 | 3.5 | 36 | 0.01 | 3.9 | 87 | 1.56 | 3.9 | 194 |
| Total | 34.1 | 1.5 | 1,696 | 90.6 | 1.3 | 3,688 | 20.2 | 2.2 | 1,443 | 145 | 1.5 | 6,827 | ||
| Silver | Measured | Indicated | Inferred | Total Resource | ||||||||||
| Project | Type | Cut-Off | Tonnes (Mt) |
Silver Grade (g/t) |
Silver Metal (koz) |
Tonnes (Mt) |
Silver Grade (g/t) |
Silver Metal (koz) |
Tonnes (Mt) |
Silver Grade (g/t) |
Silver Metal (koz) |
Tonnes (Mt) |
Silver Grade (g/t) |
Silver Metal (koz) |
| Mt Carlton1 | Open-Pit | * | 11.7 | 57 |
21,437 | 14.9 | 19 | 9,004 | 1.51 | 16 | 796 | 28.1 | 35 | 31,237 |
| Total | 11.7 | 57 | 21,437 | 14.9 | 19 | 9,004 | 1.51 | 16 | 796 | 28.1 | 35 | 31,237 | ||
| Copper | Measured | Indicated | Inferred | Total Resource | ||||||||||
| Project | Type | Cut-Off | Tonnes (Mt) |
Copper Grade (%) |
Copper Metal (kt) |
Tonnes (Mt) |
Copper Grade (%) |
Copper Metal (kt) |
Tonnes (Mt) |
Copper Grade (%) |
Copper Metal (kt) |
Tonnes (Mt) |
Copper Grade (%) |
Copper Metal (kt) |
| Mt Carlton1 | Open-Pit | * | 11.7 | 0.24 |
27.9 | 14.9 | 0.21 | 32.1 | 1.51 | 0.20 | 3.0 | 28.1 | 0.22 | 63.1 |
| Total | 11.7 | 0.24 | 27.9 | 14.9 | 0.21 | 32.1 | 1.51 | 0.20 | 3.0 | 28.1 | 0.22 | 63.1 | ||
| Gold Equivalent | Measured | Indicated | Inferred | Total Resource | ||||||||||
| Tonnes (Mt) |
Gold Equiv. Grade (g/t) |
Gold Equiv. Metal (koz) |
Tonnes (Mt) |
Gold Equiv. Grade (g/t) |
Gold Equiv. Metal (koz) |
Tonnes (Mt) |
Gold Equiv. Grade (g/t) |
Gold Equiv. Metal (koz) |
Tonnes (Mt) |
Gold Equiv. Grade (g/t) |
Gold Equiv. Metal (koz) |
|||
| Total Group | 36.5 | 1.9 |
2,228 | 90.9 | 1.4 | 3,992 | 20.3 | 2.3 | 1,470 | 148 | 1.6 | 7,691 | ||
| Notes: Data is reported to significant figures and differences may occur Mineral Resources are reorted inclusive of Ore Reserves |
due to rounding The gold equivalence calculation represents total metal value for each metal summed and expressed in equivalent gold grade and ounces The prices used in the calculation being A$1350/oz Au, A$28.00/oz Ag and A$2.00/lb Cu |
Data is reported to significant figures and differences may occur due to rounding Mineral Resources are reported inclusive of Ore Reserves 1 Includes stockpiles
Metallurgical recovery to concentrate of 90.0% for gold, 92.0% for silver at V2 and 88.0% for silver at A39 and 92.0% for copper as indicated by metallurgical testwork 1 Troy Ounce = 31.1034768 grams
- Combined figure for V2 using 0.35g/t Au cut-off and A39 using 42g/t Ag cut-off
Au Eq for Silver = ((Price Ag per Oz x Ag Recovery)/(Price Au per Oz x Au Recovery)) x Ag Grade Au Eq for Copper = ((Price Cu per lb x 2204.623) x (Cu Recovery)) / ((Price Au per Oz x Au Recovery / 31.1034768) x (Cu Grade / 100))
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Appendix – Ore Reserve Statement 31 Dec 2012
| Gold | Gold | Gold | Proved | Proved | Proved | Probable | Probable | Probable | Total Reserve | Total Reserve | Total Reserve |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Project | Type | Cut-Off | Tonnes (Mt) |
Gold Grade (g/t) |
Gold Metal (koz) |
Tonnes (Mt) |
Gold Grade (g/t) |
Gold Metal (koz) |
Tonnes (Mt) |
Gold Grade (g/t) |
Gold Metal (koz) |
| Pajingo | Open-Pit | 0.65 | 0.01 | 3.9 |
1 | 0.17 | 5.6 | 30 | 0.18 | 5.5 |
31 |
| Pajingo1 | Underground | 3.0 | 0.56 | 7.1 |
129 | 0.88 | 6.0 | 169 | 1.44 | 6.4 |
298 |
| Cracow1 | Underground | 3.6 | 0.17 | 8.3 |
46 | 1.44 | 4.9 | 226 | 1.61 | 5.3 |
273 |
| Edna May1 | Open-Pit | 0.4 | 13.4 | 0.9 |
402 | 9.14 | 1.0 | 306 | 22.5 | 1.0 | 709 |
| Mt Carlton | Open-Pit | 0.69 | 4.52 | 3.1 |
446 | 4.61 | 2.5 | 366 | 9.13 | 2.8 | 812 |
| Mt Rawdon1 | Open-Pit | 0.3 | 1.08 | 0.5 |
17 | 38.7 | 0.8 | 1,009 | 39.8 | 0.8 | 1,026 |
| Total | 19.7 | 1.6 | 1,042 | 54.9 | 1.2 | 2,106 | 75 | 1.3 | 3,148 |
| Silver | Silver | Silver | Proved | Proved | Proved | Probable | Probable | Probable | Total Reserve | Total Reserve | Total Reserve |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Project | Type | Cut-Off | Tonnes (Mt) |
Silver Grade (g/t) |
Silver Metal (koz) |
Tonnes (Mt) |
Silver Grade (g/t) |
Silver Metal (koz) |
Tonnes (Mt) |
Silver Grade (g/t) |
Silver Metal (koz) |
| Mt Carlton1 | Open-Pit | ** | 5.81 | 69 |
12,969 | 4.61 | 20 | 2,991 | 10.4 | 48 | 15,960 |
| Total | 5.81 | 69 |
12,969 | 4.61 | 20 | 2,991 | 10.4 | 48 | 15,960 | ||
| Copper | Proved | Probable | Total Reserve | ||||||||
| Project | Type | Cut-Off | Tonnes (Mt) |
Copper Grade (%) |
Copper Metal (kt) |
Tonnes (Mt) |
Copper Grade (%) |
Copper Metal (kt) |
Tonnes (Mt) |
Copper Grade (%) |
Copper Metal (kt) |
| Mt Carlton1 | Open-Pit | ** | 5.81 | 0.29 |
17.1 | 4.61 | 0.23 | 10.5 | 10.4 | 0.26 | 27.6 |
| Total | 5.81 | 0.29 |
17.1 | 4.61 | 0.23 | 10.5 | 10.4 | 0.26 | 27.6 | ||
| Gold Equivalent | Proved | Probable | Total Reserve | ||||||||
| Tonnes (Mt) |
Gold Equiv. Grade (g/t) |
Gold Equiv. Metal (koz) |
Tonnes (Mt) |
Gold Equiv. Grade (g/t) |
Gold Equiv. Metal (koz) |
Tonnes (Mt) |
Gold Equiv. Grade (g/t) |
Gold Equiv. Metal (koz) |
|||
| Total Group | 21.0 | 2.0 |
1,365 | 54.9 | 1.2 | 2,204 | 75.9 | 1.5 | 3,570 | ||
| Notes: Data is reported to significant figures and differences may occur due to rounding 1Ild tkil The gold equivalence calculation represents total metal value for each metal summed and expressed in equivalent gold grade or ounces The prices used in the calculation being A$1350/oz Au, A$28.00/oz Ag and A$2.00/lb Cu |
- 1 Includes stockpiles
metallurgical recovery to concentrate of 90.0% for gold, 92.0% for silver at V2 and 88.0% for silver at A39 and 92.0% for copper as indicated by metallurgical testwork
-
** Combined figure for V2 using 0.69g/t Au cut-off and A39 using 53g/t Ag cut-off
-
1 Troy Ounce = 31.1034768 grams
Au Eq for Silver = ((Price Ag per Oz x Ag Recovery)/(Price Au per Oz x Au Recovery)) x Ag Grade Au Eq for Copper = ((Price Cu per lb x 2204.623) x (Cu Recovery)) / ((Price Au per Oz x Au Recovery / 31.1034768) x (Cu Grade / 100))
==> picture [108 x 70] intentionally omitted <==
Competent Person Statement
The information in this presentation that relates to exploration results, Mineral Resources or Ore Reserves listed in the table below is based on work compiled by the person whose name appears in the same row, who is employed on a full-time basis by the employer named in that row and is a member of the institute named in that row. Each person named in the table below has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he or she has undertaken to qualify as a Competent Person. Each person named in the table consents to the inclusion in this report of the matters based on their information in the form and context in which it appears.
| Activity | Name of Competent Person |
Institute |
|---|---|---|
| Cracow Exploration Results and Mineral Resources | Shane Pike | Australasian Institute of Mining and Metallurgy |
| Cracow Ore Reserves | Fusheng Li | Australasian Institute of Mining and Metallurgy |
| Pajingo Exploration Results, Resource Definition Results and Mineral Resources |
Calvin Ferguson | Australasian Institute of Mining and Metallurgy |
| Pajingo Ore Reserves – Open-Pit | Tony Wallace | Australasian Institute of Mining and Metallurgy |
| Pajingo Ore Reserves – Underground | Johan Booyse | Australasian Institute of Mining and Metallurgy |
| Edna May Ore Reserves | Luke Cox | Australasian Institute of Mining and Metallurgy |
| Edna May Mineral Resources | John Winterbottom | Australian Institute of Geoscientists |
| Mt Rawdon Resource Definition Results | Craig Bosel | Australasian Institute of Mining and Metallurgy |
| Mt Rawdon Mineral Resources | Hans Andersen | Australasian Institute of Mining and Metallurgy |
| Mt Rawdon Ore Reserves | Tony Wallace | Australasian Institute of Mining and Metallurgy |
| Mt Carlton Mineral Resources | John Winterbottom | Australian Institute of Geoscientists |
| Mt Carlton Ore Reserves | Tony Wallace | Australasian Institute of Mining and Metallurgy |
| Twin Hills Mineral Resources | John Winterbottom | Australian Institute of Geoscientists |