01 September 2020 – PFS & Maiden Bauxite Reserve

It’s amazing how time flies. We’ve had a very fluid and interestingly complex couple of weeks corporately which disrupted many of our schedules plans and activities but I’m happy to say that is behind us now and we are resourced and mostly clear on our path forward. We have also settled some outstanding queries that the Australian Stock Exchange had for us.

Now we are armed with our PFS, our Reserves and our Product Specifications and this is a great platform on which to progress. One of the first things we are doing is updating our Resource. This is utilising all the existing additional data not captured within our current Resource Estimate and is intended to bump us up over the 1 billion tonne mark, an important threshold. Concurrently to this we are beginning works on another Resource Estimate upgrade for early next year.

This will be backed up by more drilling, more assaying and more metallurgical testing. The primary aim of this update is to define the ore within our resource to a higher level of confidence, particularly within the 20-year mining horizon. The goal is to achieve 100m tonnes of Measured Resource and convert that to Proven Reserves. Part of this programme is extending metallurgical test work to improve our met-stats.

Asmaou and team are already working on this with our labs as we still have samples in South Africa we can utilise. We’ve recently begun the soft-launch of our Feasibility Study (FS) and more details of this will follow. COVID-19 is still a big part of our lives and dominates the press and global politics and it’s particularly strong here in Australia. Thankfully I think we are set up to work around this although the difficulty now is being able to come to Cameroon for some face to face time with the Camalco team and our Cameroon stakeholders. Keep safe and thank you for your support. J.

James Durrant
Director of Projects

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