The redesigned ‘ReCYN™ Optimised Plan’ Run pits resulted in a much larger LOM ore feed, including significant increases to Ramba Joring and Tor Uluala. These two sites in particular had economic shells pushing into high CuCN ore areas of these sites that were evaluated as uneconomic in the original WCPL ‘Base Case Optimised Plan’ designs, with no change to the ore class allowed for consideration (Measured & Indicated at all four sites with the addition of Inferred only at Ramba Joring and Tor Uluala). This modelled ReCYN™ process allowed a more intense use of Cyanide at the Martabe Carbon-In- Leach (CIL), which in turn increased silver recovery. No change to base case gold recovery was incorporated in any of the ReCYN™ results, despite the more intensive cyanide use. The equipment also allows a portion of the cyanide consumed in the process to be recovered and reused, thereby reducing new cyanide costs. In addition, a copper cathode product could be created and sold via Solvent Extraction and Electrowinning (SXEW), detoxification costs could be significantly reduced – as well as removing the need for a restriction on the average Cyanide-Soluble Copper (CuCN) in the annual CIL feed. Scheduling in these new pits in the ‘ReCYN™ Optimised Plan’ run adds 26Mt to the resource and resulted in 12Mt more tonnes of processed material. Maximum NPV was a US$127M increase on the comparison ‘Base Case Optimised Plan’ run. The cash flow uplift is particularly notable in 2019, due to cash flow at Ramba Joring being brought forward. In addition, the larger economic pit shapes extend the economic life of the operation by two further years. 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. The outcome would see a significant increase in silver recovery, a reduction in cyanide consumption and costs, as well as enabling US$45M+ in new copper product revenue. This is even before considering any potential gold recovery uplift that may arise from the ability to use cyanide more intensively. The annual cash flow across the two Prober® bookend cases follows overleaf, as well as comparison Gold, Silver and Copper production.

ReCYN™ Case Study – Martabe Operations



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