4.1 C ONCLUSION Based on the current assumptions, for a small capital investment ( US$5M ), the installation of the ReCYN™ technology would provide Agincourt Resources a material NPV uplift. Installation of the ReCYN™ technology would significantly increase silver recovery and reduce overall external cyanide purchases and detoxification requirements, as well as enabling US$45M+ in copper product revenue. Even a static desktop revaluation of the optimised Base Case schedule, including the ReCYN™ uplift in silver and copper revenue and change in cyanide and detoxification costs, resulted in a US$73.4M NPV uplift. Conducting a full Whittle Consulting Enterprise Optimisation, including the redesign of pits, phases and schedule, resulted in a US$126.9M NPV uplift, from an equivalent fully optimised EO of the current processing setup. These NPV increases include all opex and capex required to install and run the Greengold ReCYN™ equipment. However, this did not include a royalty to Greengold that may be applicable at other projects.

ReCYN™ Case Study – Martabe Operations



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