Avocet Mining Strategic Update and Interim Results Presentation 27 - - PowerPoint PPT Presentation

Avocet Mining Strategic Update and Interim Results Presentation

27 July 2011

Disclaimer

2

This Presentation is for information purposes in connection with the Avocet Mining PLCs (the Companys) preliminary results presentation

• nly. While the information contained herein has been prepared in good faith, neither the Company nor any of its shareholders, directors,
• fficers, agents, employees or advisers give, have given or have authority to give, any representations or warranties (express or implied) as

to, or in relation to, the accuracy, reliability or completeness of the information in this Presentation, or any revision thereof, or of any other written or oral information made or to be made available to any interested party or its advisers (all such information being referred to as "Information") and liability therefore is expressly disclaimed. Accordingly, neither the Company nor any of its shareholders, directors,

• fficers, agents, employees or advisers take any responsibility for, or will accept any liability whether direct or indirect, express or implied,

contractual, tortious, statutory or otherwise, in respect of the accuracy or completeness of the Information or for any of the opinions contained herein or for any errors, omissions or misstatements or for any loss, howsoever arising, from the use of this Presentation. This Presentation may contain forward-looking statements regarding Avocet Mining PLC and its subsidiaries. These statements are based on various assumptions made by the Company, which are beyond its control and which involve known and unknown risks, uncertainties and

• ther factors which may cause our actual results, performance or achievements to be materially different from any future results,

performances or achievements expressed or implied by the forward-looking statements. Forward-looking statements may in some cases be identified by terminology such as may, will, could, should, expect, plan, intend, anticipate, believe, estimate, predict, potential or continue, the negative of such terms or other comparable terminology. These forward looking statements are only

• predictions. Actual events or results may differ materially, and a number of factors may cause our actual results to differ materially from any

such statement. Such factors include among others general market conditions, demand for our products, development in reserves and resources, unpredictable changes in regulations affecting our markets, market acceptance of products and such other factors that may be relevant from time to time. Although we believe that the expectations and assumptions reflected in the statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievement. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason after the date of this Presentation to conform these statements to actual results or to changes in our expectations. You are advised, however, to consult any further public disclosures made by us, such as filings made with the Oslo Stock Exchange or press releases. This Presentation does not constitute an offer or invitation to sell, or any solicitation of any offer to subscribe for or purchase any securities and nothing contained herein shall form the basis of any contract or commitment whatsoever. Copies of this Presentation should not be distributed in or sent into any jurisdiction where such distribution may be unlawful. United Kingdom: This Presentation has not been approved by an authorised person in accordance with Section 21 of the Financial Services and Markets Act 2000 and therefore it is being delivered for information purposes only to a very limited number of persons and companies who are persons who have professional experience in matters relating to investments and who fall within the category of person set out in Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or are high net worth companies within the meaning set out in Article 49 of the Order or are otherwise permitted to receive it. Any other person who receives this Presentation should not rely or act upon it. By accepting this Presentation, the recipient represents and warrants that they are a person who falls within the above description of persons entitled to receive the Presentation.

Fully focused on gold mining and exploration in West Africa Consistent gold production from

• perational Inata mine in Burkina Faso

Extensive exploration pipeline supporting significant organic growth Strong balance sheet underpinning exploration and development plans in both Burkina Faso and Guinea Experienced management team that can support Company through next growth phase

Avocet Mining

3 Focused and funded for growth in West Africa

Corporate Overview

4 Largest shareholders

Elliott

12.9%

Datum

12.2 %

BlackRock

7.2%

JP Morgan

7.7 %

Prelas AS

3.4%

Directors

Russell Edey, Chairman Harald Arnet Mike Donoghue Robert Pilkington Barry Rourke Brett Richards, CEO Mike Norris, Finance Director

Exco

Brett Richards Mike Norris Peter Flindell Richard Gray

160.00 180.00 200.00 220.00 240.00 260.00 280.00 AVOCET GOLD FTSE GOLD MINES INDEX

AVM relative to Gold and FTSE

4 Current market statistics

OSE & AIM AVM 228.0 p Market capitalisation US$735.1 m Shares outstanding 199.5 m Cash US$179.3 m Net cash US$138.3 m Enterprise value US$596.8 m

• Scoping study to significantly increase production at Inata initiated, target to bring

production online early 2013

• Resource development at Tri-K in Guinea, objective to advance Koulékoun towards

feasibility study in Q4 2011

• Dividend policy adopted +US$20 million p.a., subject to growth funding requirements
• 20% of Inata hedge book bought back, remainder restructured over 7 years

80% of Inata current production now exposed to spot prices

• Cash of US$179 million after repaying US$25 million Standard Chartered corporate debt

in June 2011

Inata debt of US$41 million to continue to repaid at US$6 million/quarter

• Sale of South East Asian assets, proceeds of US$170m received

Further sale of other assets expected Q3 2011 for US$30 million

Strategic Update

5

Positive outlook for gold price reflected in corporate strategy

• Inata cash cost of US$677/oz (Q1 2011: US$533/oz)

Lower tonnes treated industrial action May Lower head grade through plant, normalising to LoM grade Higher variable costs reagents, fuel, labour

• EBITDA of US$26.1 million (Q1 2011: US$33.0 million)
• Initial interim dividend of 2.1 pence/share declared

Payable to shareholders on record as at 9 September, and paid on 30 September 2011 In line with new policy, dividends to be declared one third at interim and two thirds as

final

Q2 2011 Financial Highlights

6

Strong EBITDA and cash position, despite cost pressures

• Inata production of 39,423 oz (Q1 2011: 47,963 oz)

Tonnes processed declined to 586,000 (Q1 2011:

645,000) due to strike action and equipment availability

Recovered grade in Q2 of 2.24 (Q1 2011: 2.37)

decreased towards LoM average

• Inata plant continues to perform at above 287 tph

capacity with high availability

• Inata Resources increased to 2.12 million ounces

in Q2 2011

• Continued development of the resource base

within Tri-K in Guinea

• South East Asian production of 23,380 oz at cash

cost of US$1,015/oz (Q1 2011: 23,745 oz at cash cost of US$971)

Operational Highlights

7

Inata production steady and exploration efforts continue to deliver

Nominal highs continue to be reached - Eurozone debt fears, QE3, continued US$ weakness Physical demand has remained strong throughout 2011, despite historical seasonality Increasing levels of gold in government reserves ICBC Gold Accumulation plan in China expected to lend support to long term demand Inflation adjusted high of +US$2,100 considered within reach

Gold Market Update

Short and long term fundamentals support gold price

9000 9500 10000 10500 11000 11500 12000 12500 13000 13500 14000 200 400 600 800 1000 1200 1400 1600

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

USD Index

Gold US$ Gold Spot Price $/oz (L) US Dollar Index (R)

8

Operational Review

Gold Mining in West Africa

10 Mali Burkina Faso Ghana Guinea Senegal Sierra Leone Liberia Côte dIvoire

Birimian volcanic rocks Birimian greenstone Gold deposit

AVM AVM

Country Birimian geology Gold resources (km2) (Moz) Ghana 45,000 110 Mali 124,000 33 Guinea 27,000 12 Burkina Faso 60,000 12 Côte d'Ivoire 113,000 8 Senegal 6,000 3

Gold Mining in Burkina Faso

Inata (Avocet) 137,732 oz Mana (Semafo) 179,700 oz Youga (Endeavour) 82,400 oz Kalsaka (Cluff) 74,000 oz Essakane (IAMGold) 135,900 oz Taparko (High River) 127,684

• Rapidly expanding mining sector

Only 1 gold mine operating in 2007 6 gold mines operational by 2010 Mines produced over 700,000 ounces in 2010

• Over 30 listed gold producers and explorers

in country

Ghana

Ouagadougou

Niger Mali Côte dIvoire

Birimian greenstone Gold deposit

11

Burkina Faso geopolitical landscape

• Independence 1958, authoritarian democracy

since 1991

Improved political stability post unrest in May 2011

• One of poorest countries in the world third least

developed

Per capita GDP of US$1,200 with population of 16 million >20% budget financed from international aid, infrastructure

mainly externally financed

80% of the population relies on subsistence agriculture

• Gold exports represent 4% of GDP in 2009
• Currency is West African CFA, backed by French

treasury, pegged to

• Mining code adopted in 2003

3-4 year tax holiday, thereafter 20% corporation tax 3-5% royalty 10% free carried interest

12

Solid performance from Inata despite labour disruptions

• Mining focused on Inata North and Central pits
• Inata gold production 39,423 oz (Q1 2011: 47,963)

Anticipated moderation in grade toward reserve grade Labour disruption in May

• Scheduled 2 years of higher waste stripping

Starter pit approaching depletion, interim pit cut-back

commencing

• Plant hourly throughput rates and availabilities in line

with Q1 2011

Plant expansion on track towards target of 340 tph Q2 avg throughput of 321 tph - above 287 tph capacity

• 2011 guidance of 165,000 oz at US$675/oz, partly

reflecting higher royalties

Higher spot prices AND increased exposure to spot price from

hedge exposure

Burkina Faso Q2 2011 Performance

13

• Q2 2011 exploration focused in and around Inata

Target to double Inatas reserve

• Exploration continues to add value

Inata Mineral Resource increased in April to

2.12 Moz (2.68 Moz incl. Souma)

Positive drill results announced in June 2011, based

• n two thirds of drill samples to date

Further resource update by end Q3 2011, following

analysis of remaining assays

• DD/RC drilling shortfall of 9,000 metres caused by

industrial action in May 2011

1.8 Moz reserve target may be achieved in two steps

announcements in Sep 2011 and Jan 2012

• RAB drill rig still on mine site

Sterilisation and grade control Will move to regional targeting commencing Q3 2011

Burkina Faso Exploration Update

Inata North Extension Inata North Extension Sayouba Sayouba

Inata North 7m @ 7.79 g/t Au from 154m Inata North 7m @ 7.79 g/t Au from 154m Inata Central 9m @ 10.3 g/t Au from 122m Inata Central 9m @ 10.3 g/t Au from 122m Inata South 8m @ 5.08 g/t Au from 61m Inata South 8m @ 5.08 g/t Au from 61m Inata Far South 26m @ 7.35 g/t Au from 97m Inata Far South 26m @ 7.35 g/t Au from 97m

Minfo East Minfo East Minfo Minfo Filio Filio

Burkina Faso Exploration Plans

Damba Damba Pali Pali Ouzeni Ouzeni Kourfadie Kourfadie Filio Filio

• DD/RC drilling in and

adjacent to the Inata mining licence

Generate additional

reserve ounces for plant

• RAB/AC drilling beyond

this region

Identify new targets via

scout drilling, notable Damba and Pali

Inata mining licence Inata mining licence

15

• Scoping study initiated on new production capacity at Inata

Accelerate exploitation of reserves/resources in Inata mine licence area and Souma Trend Expedite further growth of reserves at Inata Optimise location, configuration and size of new plant Target of additional 80,000 oz p.a. commencing production in early 2013 at a estimated capex of

US$120 million

• Drilling for upside resource potential at Damba, Pali and Filio to take place in

H2 2011

• Souma Trend subject to a further drilling campaign to increase resource from

561,000 ounces and generate reserve to supplement ore feed at Inata

• Commitment to 3 year, US$20 million p.a. exploration programme in Bélahouro

region - increase resource base to maintain regional LoM at +10 years

Burkina Faso Expansion Plans

Aim to initially develop +245,000 oz p.a. mine at Inata with rolling 10 year life

16

Gold Mining in Guinea

• Untapped mineral potential

Two +5 Moz Au deposits, three ~1 Moz Au

deposits

Extensive under-explored Birimian geology Two strongly mineralised belts extend from Mali

Tri-K Permits Balandougou Cassidy (Kouroussa 1.0 Moz Au) SEMAFO (Kiniero 0.9 Moz Au) Kolenda Kankan Burey Gold (Mansounia 0.8 Moz Au) Conakry

Birimian greenstone AVM permits Gold deposit

AngloGold Ashanti (Siguiri 5.6 Moz Au) Avocet (Koulékoun 1.1 Moz Au) Severstal (Lefa 5.9 Moz Au)

Mali Senegal Sierra Leone Liberia Côte dIvoire Guinea-Bissau 17

Guinea Geopolitical Landscape

• Independence 1958, authoritarian dictator until first elections in 2010

Period of transition to free economy and efforts to stamp out corruption

• Exceptionally poor country ranked 183 of 193 by IMF

Despite significant bauxite, uranium and gold deposits Agriculture employs 80% of the nation's labour force

• Currency is Guinean Franc
• Government of Guinea recently released a draft of New Mining Code

Expected to be passed into law end 2011 Currently 15% free carry, new provision for the Government to purchase up to an additional 20% Encourages employment of Guinean nationals

18

• Q2 exploration focused on defining

resource scale in northern and southern extents Koulékoun in Tri-K

100,000m campaign underway for 2011 64% resource increase at Koulékoun in May

2011 to 1.1 Moz, at same cut off of 0.5 g/t Au

• Activity also evaluated a number of other

targets in vicinity of Koulékoun

• VTEM survey completed in H1 2011

Guinea Exploration Update

Koulékoun

1.1 Moz alone Currently drilling

Kodiéran 1A

60 m @ 2.01 g/t Au 20 m @ 6.43 g/t Au Currently drilling

Kodiéran 1B

2 km long orpaillage Drilling planned in Q4

Kodiéran 2A Kodiafaran 19

Tri-K VTEM: developing key concepts

20

Kodiafaran Anomalous gold over NW-

• riented linear conductors

Kodiéran-Kourounin Anomalous gold low conductivity (granite) margin along major magnetic linear Fowara Anomalous gold over low conductivity (granite) body Dimbala Awaiting results from termite mound sampling. Major orpaillage Koulékoun District Anomalous gold on margins

• f discrete conductors

Koulékoun Anomalous gold on margin of low- high conductor

• Infill drilling and metallurgical test work will be accelerated in H2 2011

Aim to further increase Koulékoun resource and establish maiden resource at Kodiéran Aim to advance Koulékoun towards feasibility by end 2011 Targeting 2Moz Mineral Resource at Tri-K by end 2011

• Feasibility study on Koulékoun to be expedited by end 2011, targeting construction

in 2013 and first gold mid 2014

• March airborne geophysical survey of Tri-K block identified several conductive

anomalies and offsetting structures

Targets to be drilled in October 2011

Guinea Expansion Plans

21

Growth and Development Review

Generative Scout Drilling Pre-Feasibility Feasibility Mine - Resource Development

23

NTjila

Koulékoun

Souma

Kodiéran

Inata

Filio Damba

Balandougou

2.12Moz Au 1.10Moz Au

Exploration and development pipeline - current

Mali Burkina Faso Guinea

• First priority to exploit existing land packages in Burkina Faso and Guinea
• Expedite new production growth in both countries
• Company fully funded for near term West African exploration

Generative Scout Drilling Pre-Feasibility Feasibility Mine - Resource Development

NTjila

Koulékoun Mali

Burkina Faso

Guinea

Souma Kodiéran

Inata North

Filio Damba Balandougou

Exploration and development pipeline targeted

• Construction targeted to commence at Inata South in early 2012
• Construction targeted to commence at Koulékoun in 2013

24

Inata South

Financial Review

Q2 2011 Income statement

26

Q2 2011 Q1 2011 US$ million Contd Discontd Group Contd Discontd Group Revenue 44.7 35.2 79.9 55.8 32.0 87.8 Cash costs (26.7) (23.7) (50.4) (25.6) (23.1) (48.7) Changes in inventory 3.0 (0.1) 2.9 (1.0) 0.1 (0.9) Other cost of sales (1.2) (1.9) (3.1) (1.5) (1.4) (2.9) Admin and share based payments (3.2)

• (3.2)

(2.3)

• (2.3)

EBITDA 16.6 9.5 26.1 25.4 7.6 33.0 Depreciation (9.2)

• (9.2)

(11.2)

• (11.2)

Profit on disposal 9.0 72.8 81.8

• Net finance costs

(1.5) (0.2) (1.7) (1.6) 0.1 (1.5) PBT 14.9 82.1 97.0 12.6 7.7 20.3 Tax (2.0) (1.4) (3.4) (2.6) (1.3) (3.9) Profit after tax 12.9 80.7 93.6 10.0 6.4 16.4

• EBITDA down from record

Q1 2011 reflecting strike action and lower grades

• PBT includes US$72.8

million of gain on sale of South East Asian assets and US$9.0 million gain on sale

• f investments

• Working capital outflow of

US$12.4 million reflects third fleet spares build up at Inata

• Capex of US$8.2 million incl

third mining fleet and plant enhancements at Inata

• Exploration reflects activity

in Burkina Faso and Guinea totalling US$9.2 million

• Loan repayment
• US$25 million Standard

Chartered debt facility

• Inata debt repayment of US$6

million

Q2 2011 Cash Flow

27

Q2 2011 Q1 2011 US$ million Cont d Discont d Group Cont d Discont d Group EBITDA 16.6 9.5 26.1 25.4 7.6 33.0 Working capital (12.4) 0.3 (12.1) 0.9 (1.5) (0.6) Share based payments 0.3

• 0.3

0.4

• 0.4

Provision/other non-cash

• 0.1

0.1

• 0.3

0.3 Operating cash flow 4.5 9.9 14.4 26.7 6.4 33.1 Interest (1.2)

• (1.2)

(0.7)

• (0.7)

Tax (0.9) (1.5) (2.4)

• (2.2)

(2.2) Capex (8.2) (0.3) (8.5) (13.8) (0.6) (14.4) Exploration (9.2) (1.5) (10.7) (10.0) (1.5) (11.5) Loan repayment (31.0)

• (31.0)

(6.0)

• (6.0)

Other 0.2 (3.0) (2.8)

• (0.9)

(0.9) Net cash on disposal of subsidiaries and investments 190.2

• 190.2
• Cash in subsidiaries sold

(15.6)

• (15.6)
• Reclassify cash

3.6 (3.6)

• 1.2

(1.2)

• Net cash flow

132.4

• 132.4

(2.6)

• (2.6)

Opening cash 46.9

• 46.9

49.5

• 49.5

Closing cash 179.3

• 179.3

46.9

• 46.9

Q2 2011 Cash Costs and Realised Prices

28

2011 2010 Q1 Q2 Total Q1 Q2 Q3 Q4 Total Production Inata 47,963 39,423 87,386 19,838 31,225 40,461 46,208 137,732 North Lanut 12,148 9,709 21,857 11,370 11,184 12,311 12,715 47,580 Penjom 11,597 13,671 25,268 13,669 10,461 15,020 11,934 51,084 TOTAL 71,708 62,803 134,511 44,877 52,870 67,792 70,857 236,396 Cash costs Inata 533 677 598

• --1

569 526 5112 531 North Lanut 759 890 817 635 678 657 722 674 Penjom 1,194 1,103 1,145 818 1,119 841 1,064 944 TOTAL 678 802 736 735 701 619 641 660 Group realised gold price 1,2413 1,2923 1,265 1,107 1,203 1,1393 1,2293 1,174 1 Inata costs and revenues in the quarter to 31 March 2010, prior to the commencement of commercial mining operations, were capitalised. 19,838 ounces of gold poured in this period were however included in total gold production. 2 Includes US$2.7m adjustment to reflect a government decree on 31 December 2010 that government royalties for 2010 should be charged at 3% rather than 5% royalty rate from 2011: up to $1,000 Au price 3%; $1,000 to $1,300 Au price 4%; >$1,300 Au price 5% 3 Reflects 24,792 , 24,608 and 26,135 delivered into the Inata hedge in Q2 2011, Q1 2011and Q4 2010 respectively at US$970/oz

• Inatas gold hedge restructured
• 20% of the hedge book eliminated

at cost of approx. US$40 million

• Remaining 233,733 oz to be

delivered over 7 years at 8,250 oz/quarter at US$950/oz

• Lower hedge price reflects the

credit and funding cost of extended profile

• Doubles spot price exposure to

80% at current production

• EBITDA uplift of + US$32 million at

current gold prices

Way Forward

Operations

Solid and sustained delivery of production from Inata - 39,423 oz produced Scope for significant production ramp up from within Inata Mine License Area

Exploration

Inata Mineral Resource increased to 2.12Moz Koulékoun resource increased to 1.1Moz

Financial Performance

Cost pressures remain Sound balance sheet and substantial cash balance

Corporate Developments

Decision taken to buy back 20% of Inata hedge 80% exposed to spot price SE Asian sale substantially complete, US$170 million received Dividend policy adopted at initial level of US$20 million p.a.

Q2 2011 Summary

30

Double Inata reserves Confirm optimal production capacity increase for Inata Advance Koulékoun towards feasibility stage Conclude SE Asia asset sale

Target development of 245,000 oz p.a. mine with rolling 10 year life

Key objectives H2 2011

Speed to Market front load production profile for increased value Resulting lower cost structure Optionality in the region To enter feasibility stage in 2011, fast track to first gold 2014 Diversify country risk exposure with two producing

• perations

US$30 million of funds to follow Reduce HO costs

31

Appendices

Appointed July 2010, Russell is the retired as Chairman of AngloGold Ashanti. Non-exec Director of Old Mutual PLC and several companies in the Rothschild Group. Appointed Chairman September 2010.

R P Edey Non-executive chairman

Chief Executive Officer of Datum AS, Avocet's second largest shareholder. Harold previously held the position of Senior VP, Corporate Finance, Norway for Svenska Handelsbanken

Harold Arnet Non-executive Director

A mining engineer with over 30 years experience in mining operations and new mine developments in Africa, Australia, South East Asia and Europe.

M J Donoghue Non-executive Director

Managing Director of UBS Investment Bank and director of ASA Limited, an investment trust investing principally in South African gold mining companies.

R A Pilkington Non-executive Director

Appointed in July 2010. He served as a Partner at PricewaterhouseCoopers for 17 years, acting as advisor and auditor for several large and medium-sized public and private sector businesses before retiring in 2001.

B J W Rourke Non-executive director

Appointed CEO in July 2010 and brings significant experience working in Africa and developing larger mining companies that will be invaluable in realising Avocets potential. Brett is a HR and operations executive with previous experience at Katanga Mining, Kinross and Co-Steel Inc.

Brett Richards CEO

Finance Director since July 2007 having previously been CFO since February 2007. Chartered accountant at Coopers & Lybrand before holding senior financial and operational roles at Rio Tinto PLC and Anglo American PLC.

Mike Norris Finance Director

Richard joined Avocet in June 2009 following the acquisition of Wega Mining. He has had a successful career in developing mining companies, including 15 years working in South Africa for Gencor Ltd, and 10 years in West Africa for Golden Star Resources.

Richard Gray EVP Operations

Peter is a geologist with over 20 years experience in gold and copper exploration, resource evaluation and reserve development in South East Asia, Central Asia and North America. He joined the Group as Chief Geologist in May 2002 following 12 years with Newmont.

Peter Flindell EVP Exploration

Board of Directors and Senior Management

BOARD

Burkina Faso Reserves and Resources April 2011

34

* Mineral Resources include Reserves (Reserves were calculated at a 0.7 g/t Au cut-off and a stock pile is developed for all low grade ore (0.5 0.7 g/t Au) that will be processed towards the end of the mines life.) Note: the above figures are rounded up/down where appropriate. INATA & BELAHOURO Gross Net attributable Tonnes Grade (g/t) Contained Ounces Tonnes (Mt) Grade (g/t) Contained Ounces Mineral Reserves

• Proven

9,905,000 2.05 653,900 8,914,500 2.05 588,500

• Probable

5,536,000 2.20 391,400 4,982,400 2.20 352,300

• Reserves subtotal

15,441,000 2.10 1,045,300 13,896,900 2.10 940,800 Mineral Resources*

• Measured

20,077,000 1.60 1,034,400 10,789,200 1.60 589,100

• Indicated

10,910,000 1.37 482,200 11,604,600 1.47 435,500

• Measured + Indicated

30,987,000 1.52 1,516,600 22,393,800 1.53 1,024,600

• Inferred

21,560,000 1.68 1,164,500 18,223,100 1.73 1,102,600 Resources subtotal 52,547,000 1.59 2,681,100 40,616,900 1.62 2,127,200

Guinea Reserves and Resources - May 2011

35

* Mineral Resources include Reserves Note: the above figures are rounded up/down where appropriate. TRI-K (KOULEKOUN) Gross Net attributable (100%) Tonnes Grade (g/t) Contained Ounces Tonnes Grade (g/t) Contained Ounces Mineral Reserves

• Proven
• Probable
• Reserves subtotal

Mineral Resources*

• Measured
• Indicated

22,250,000 1.37 1,039,800 22,250,000 1.37 1,039,800

• Measured + Indicated

22,250,000 1.37 1,039,800 22,250,000 1.37 1,039,800

• Inferred

933,000 1.86 55,800 933,000 1.86 55,800 Resources subtotal 23,183,000 1.47 1,095,600 23,183,000 1.47 1,095,600