13 April 2021 – Mining contractors engaged to support BFS for Minim Martap Project

As the study teams advance on pricing for the study, three mining contractors were selected to contribute based on their West African and surface-mining experiences. We asked them to place a mining contract bid on the pre-feasibility study mining schedules to initiate our engagement. This process allowed for the contractors to gain familiarity with the proposed operation and the operating jurisdiction before they complete the tender process on the basis of new mining schedules which will follow the completion of the updated resource block models.

The pricing received from the contractors on the PFS mining schedules materially aligned to the costs utilised in the PFS which were designed from first principles so this is good confirmation for the work we’ve done.

Mining Plus, Canyon’s mining and geology consultants have been interpreting the results of the grade definition programme and metallurgical programmes and are completing an updated Mineral Resource Estimate which is underway. The revised estimate will be used to generate updated mining schedules which will form the basis of the next mining contractor tender round and hence updated cost inputs into the BFS.

This is another important technical step that is well underway and about to bear fruit. We’ve been working through a methodical approach to add further confidence to our resource through grade definition drilling, increase our understanding of refinery performance through advanced metallurgical testing, and to reflect this in mining schedules, built from updated block-models, that will demonstrate the stable, high grade, product performance profile of the Mining Martap deposit.

Thank you to everyone involved in this part of our puzzle.

J

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