HIGHLIGHTS OF THE FEASIBILITY STUDY (PHASE 1) PRODUCTION RESTART:
- Positive Feasibility Study confirms Phase 1 of the restart program to self-fund mill refurbishment and the reopening of the AFW shaft
- Robust base case after tax IRR of 103.4%
- Start-up capital cost for the Kombat open pits of US$6.4 million, includes US$4.7 million for plant refurbishment
- In 2020, 10.7 million lb of copper produced, generating projected revenue of US$30.7 million, at a copper price of US$3.10/lb and a C1 cash cost of US$1.85/lb (base case)
- Base case free cash flows of US$5.7 million (US$7.7 million, at a high case copper price of US$3.28/lb) to be utilized to fund exploration at AFW underground mine to achieve life of mine strategy
- Offtake and project finance facility (announced in September 2017) to be finalized on the back of the Feasibility Study submission to the lender
- Pre-Feasibility Study for the underground reopening to be completed in near term
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