WHITTLE RECYN CASE_2017

Table 1: Metrics for the key Whittle Consulting runs and iterative static analysis of ReCYN™ benefits on the Base Case schedule

Iterative Static Analysis on Base Case Optimised

Full Prober EO – Base Case Optimised

Full Prober EO - ReCYN™ Optimised

STEP 1 CN Recovery (+ ReCYN™ Capex)

Overall Delta

STEP 2 Detox Savings

STEP 3 Silver Uplift

STEP 4 Copper

LOM Outcomes

Cumulative NPV delta from Base Case Optimised ($US M)

n/a

+$24.4M

+$48.4M

+$60.3M

+$73.4M

+$126.9M

+$126.9M

Year of Max NPV

2028

2028

2028

2028

2028

2030

+2 years +10.0% +26.7%

Gold Produced (MOz) Silver Produced (MOz)

2.8

2.8

2.8

2.8

2.8

3.1

17.0

17.0

17.0

18.7

18.7

21.6

Copper Cathode product (t)

-

-

-

-

4,652

7,905

+7.9kt

ROM & Stockpile Tonnes Processed (Mt) Average Cyanide-soluble copper (ppm)

64.0

76.0

+18.9%

85.86

122.33

NB: Enterprise Optimisation work was based on 2016 reserves. Ounces and mine life at Martabe have subsequently been extended with resources and reserves updates

ReCYN™ Case Study – Martabe Operations

5

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