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Kombat Mineral Resource

Feasibility Study

Kombat Mine – Operating and Financial Metrics

DescriptionUnitTotal/average over LoMAsis West undergroundOpen pit
Copper priceUSD/lb4.00  
Silver priceUSD/oz25.00  
Life of mineYears5.85.82.4
Run of minekt2 3851 635750
RoM grade – Copper%2.46%3.16%0.93%
RoM grade – Silverg/t17.522.95.7
Processing recovery – Copper%92%93%88%
Processing recovery – Silver%85%86%76%
Concentrate productionkt19517124
Recovered product – CopperMlb12010614
Recovered product – Silverkg35 45132 1433 308
C1 cash cost/lbUSD/lb2.19  
AISC/lbUSD/lb2.59  
Project capexUSDm40.6  
NPV10% (pre tax) (100%)USDm116.0  
IRR(pre tax)%285%  
NPV10% (after tax) (100%)USDm77.8  
IRR(after tax)%235%  

Notes:
Run of mine excludes 13.0 kt at 0.83% Cu sitting in stockpile.
C1 cost: direct costs, which include costs incurred in mining and processing (labour, power, reagents, materials) plus local G&A, and freight, realization and selling costs, and mineral royalties.
ASIC: All In Sustaining Costs, including sustaining capital.
Certain project capital has already been incurred and this is included in the assessed loss/unredeemed capital reported by Trigon at February 2024.

Mineral Resources and Mineral Reserve Estimates

The Mineral Resource estimate presented represents the third Mineral Resource estimate prepared for the Kombat Mine project in accordance with NI 43-101 by Minxcon (Pty) Ltd (an independent consulting company) commissioned by Trigon to undertake this work. The Mineral Resources have been independently reviewed by SRK and reported using updated techno-economic factors.

Mineral Resource estimates are shown in Tables 1 to 3 below. Mineral Resources are reported inclusive of any Mineral Reserves that may be derived from them.

Table 1: Open Pit Mineral Resource Statement for Kombat Mine as at 29 February 2024
AreaMineral
Resource
Category
Tonnes
(Mt)
Density
(t/m 3 )
GradeContent
Cu (%)Pb (%)Ag (g/t)Cu (t)Pb (t)Ag (kg)
Kombat EastIndicated2.262.790.920.366.0120 7608 0641 593
Kombat Central0.872.781.070.139.329 2941 167148
Kombat West0.012.981.954.6917.4326864510
Total Indicated3.142.790.970.316.9830 3229 8761 751
Gross OtaviInferred0.542.850.742.271.153 94312 186615
Total Inferred0.542.850.742.271.153 94312 186615

Notes:

  1. A Mineral Resource is not a Mineral Reserve, and there is no guarantee that all or part of the Mineral Resource will be converted to a Mineral Reserve
  2. The Mineral Resources have been depleted with historical mining pit shells and underground voids
  3. The Mineral Resources are reported within an optimised pit shell, based on the techno-economic factors disclosed above
  4. The Kombat Mineral Resources are reported above a 0.53% Cu cut-off, and the Gross Otavi Mineral Resources above a 0.60% CuEq cut-off
  5. Mineral Resources are reported as total Mineral Resources and not attributable to Trigon
  6. Mineral Resources are reported inclusive of any Mineral Reserves that may be derived from them
  7. The Gross Otavi Mineral Resources include geological losses of 15%, depletion for unknown historical development of 1% and reduced by a porosity factor by 7.5%
Table 2: Underground Mineral Resource Statement for Kombat Mine at 29 February 2024
AreaMineral
Resource
Category
Tonnes
(Mt)
Density
(t/m 3 )
GradeContent
Cu (%)Pb (%)Ag (g/t)Cu (t)Pb (t)Ag (kg )
Kombat EastIndicated0.362.811.441.239.235 2194 4433 346
Kombat Central0.852.811.550.8612.5513 1737 29910 664
Kombat West1.182.831.901.3011.2622 39315 31913 255
Asis West7.532.822.380.8018.02179 21360 603135 707
Gap0.502.791.890.169.909 5298224 990
Total Indicated10.422.822.200.8516.11229 52788 486167 962
Kombat EastInferred0.002.831.451.7913.64000
Kombat Central0.012.882.022.740.011872540
Kombat West0.133.685.0010.500.086 37713 39911
Asis West0.122.822.490.7113.742 9468461 628
Gap0.012.791.640.1732.7922924458
Asis Far West1.532.792.150.377.9932 7635 70312 196
Total Inferred1.802.842.371.137.9642 50320 22614 293

Notes:

  1. A Mineral Resource is not a Mineral Reserve, and there is no guarantee that all or part of the Mineral Resource will be converted to a Mineral Reserve
  2. The Mineral Resources have been depleted with historical mining underground voids
  3. The Mineral Resources are reported above a 1.2% CuEq cut-off
  4. Mineral Resources are reported as total Mineral Resources and not attributable to Trigon
  5. Mineral Resources are reported inclusive of any Mineral Reserves that may be derived from them
  6. No geological losses are applied
Table 3: Total Mineral Resource statement for Kombat Mine as at 29 February 2024
SourceMineral
Resource
Category
Tonnes
(Mt)
Density
(t/m 3 )
GradeContent
Cu (%)Pb (%)Ag (g/t)Cu (t)Pb (t)Ag (kg)
Open PitIndicated3.142.790.970.316.9830 3229 8761 751
Underground10.422.822.200.8516.11229 52788 486167 962
Total Indicated13.562.811.920.7314.00259 84998 362169 713
Open PitInferred0.542.850.742.271.153 94312 186615
Underground1.802.842.371.137.9642 50320 22614 293
Total Inferred2.332.851.991.396.3946 44632 41214 908

Notes:

  1. A Mineral Resource is not a Mineral Reserve, and there is no guarantee that all or part of the Mineral Resource will be converted to a Mineral Reserve
  2. The Mineral Resources have been depleted with historical mining underground voids
  3. The underground Mineral Resources are reported above a 1.2% CuEq cut-off. The Kombat open Pit Mineral Resources (All indicated) are reported above a 0.53% Cu cut-off, and the Gross Otavi open Pit Mineral Resources (All Inferred) above a 0.60% CuEq cut-off
  4. Mineral Resources are reported as total Mineral Resources and not attributable to Trigon
  5. Mineral Resources are reported inclusive of any Mineral Reserves that may be derived from them
  6. No geological losses are applied at Kombat. The Gross Otavi Mineral Resources include geological losses of 15%, depletion for unknown historical development of 1% and reduced by a porosity factor by 7.5%

Mineral Reserves

The open pit Mineral Reserves estimates as set out in Table 4 are limited to the Ore Capping open pits, which are situated in the Kombat East and Central areas. The LoM pit has been excluded due to interference with current underground infrastructure. The open pit Mineral Reserve estimate is declared at the RoM stockpile as a reference point.

Table 4: Open Pit Mineral Reserve Statement for Kombat Mine as at 29 February 2024
AreaMineral
Reserve
Category
Tonnes
(Mt)
GradeContent
Cu
(%)
Ag
(g/t)
Cu
(t)
Ag
(kg)
Kombat EastProbable0.750.93%5.76 9534 299
Total Probable0.750.93%5.76 9534 299

Notes:

  1. The Mineral Reserves have been depleted with historical mining pit shells and underground voids.
  2. The Mineral Reserves are reported within pit designs and scheduled.
  3. The Kombat Mineral Reserves are reported above a 0.56% Cu cut off.
  4. Mineral Reserves are reported as total Mineral Reserves and not attributable to Trigon.
  5. The Mineral Reserve statement excludes 13.0 kt at 0.83% Cu sitting in stockpile.

The Mineral Reserves estimates for the underground mining schedule are set out in Table 5 below. The Mineral Reserves are reported at the point where the ore is fed into the processing plant. The Indicated Mineral Resources at No 3 shaft below the ore capping pit were not considered to be converted to Mineral Reserves at the time of the study. This was mainly due to higher Pb levels which were not considered to be marketable at the time and will be included in future study work.

Table 5: Kombat Asis West Underground Mineral Reserve as at 29 February 2024
AreaMineral
Reserve
Category
Tonnes
(Mt)
GradeContent
CuAgCuAg
(%)(g/t)(t)(kg)
Asis WestProbable1.643.16%22.851 64337 393
Total Probable1.643.16%22.851 64337 393

Notes:

  1. Applied a dilution factor 0.5 m envelope of ore below cut-off in the stopes.
  2. Applied an overbreak of 5% in waste development.
  3. Lashing or mucking loss of blasted material in the stopes at 2%.
  4. Applied a cut-off of 1.5% Cu ore.
  5. The Mineral Reserve estimates are declared at the shaft head.
  6. Cu metallurgical recovery applied is 93%.

The combined Mineral Reserves estimates for the Kombat mine are set out in Table 6 below.

Table 6: Kombat Combined Mineral Reserve as at 29 February 2024
AreaMineral
Resource
Category
Tonnes
(Mt)
GradeContent
CuAgCuAg
(%)(g/t)(t)(kg)
Asis West UndergroundProbable1.643.16%22.851 64337 393
Open pitProbable0.750.93%5.76 9534 299
StockpileProbable0.010.83%2.510833
TotalProbable2.402.40%17.458 70441 726

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