Highlights
Mineral Hill Mine, NSW
- Operating performance below-budget in October and November reversed in December and January. Mining now predominantly in higher Cu-Au grade Red Terror lodes
- Copper (Cu) Production: 861 tonnes (t) of Cu metal in concentrate produced
- Sales: Six Cu concentrate shipments during quarter totalling 5,123 DMT
- Outlook: Increased incorporation of ore from Red Terror is on track to improve Cu production (1,500-1,600t) and gold (Au) credits (600-800oz) in the March quarter
- Red Terror high Grade copper –gold (Cu-Au) lodes:
Drilling delivered exceptional high-grade Cu-Au results, expanding the dimensions of the underground lodes. Red Terror is proving larger than first anticipated
Production from Red Terror lodes commenced in December with superior mill and mine performance
- Pearse gold-silver (Au-Ag) project: Independent Technical Planning Study completed. Financial modelling results for Stage 1 provide confidence to progress project to debt funding
Sorby Hills Silver-Lead (Ag-Pb) Project, WA
- Pre-Feasibility Study (PFS) completed for stage 1, with the following key findings:
Robust economic viability over 10 year open-pit mine life
Stage 1 cash surplus of A$201 million with an internal rate of return of 58%
Negative cash cost of minus $30.70 per ounce silver (Ag) after lead (Pb) credits
Approximately 4Moz Ag and 100,000t Pb in first five years
- Further documentation submitted to Western Australian Environmental Protection Agency. Assessment process underway with final approval from WA Minister for the Environment expected by mid-year.
Corporate
- Rod Griffith joined the Company as Chief Operations Officer with an initial focus on improving the profitability of the Mineral Hill operation. Rod brings more than 20 years mining and development experience to the Company.
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