Building a Leading Asia Pacific Copper Gold Company Corporate - - PowerPoint PPT Presentation
Building a Leading Asia Pacific Copper Gold Company Corporate - - PowerPoint PPT Presentation
Building a Leading Asia Pacific Copper Gold Company Corporate Presentation June 2015 TSX.V & AIM: KLG Forward Looking Statement This document has been prepared by Kalimantan Gold Corporation Limited (the Company or KLG or
Forward Looking Statement
This document has been prepared by Kalimantan Gold Corporation Limited (the “Company” or “KLG” or “Kalimantan Gold”) solely for informational purposes. This presentation is the sole responsibility of the Company. Information contained herein does not purport to be complete and is subject to certain qualifications and assumptions and should not be relied upon for the purposes of making an investment in the securities or entering into any transaction. The information and opinions contained in the presentation are provided as at the date of this presentation and are subject to change without notice and, in furnishing the presentation, the Company does not undertake or agree to any obligation to provide recipients with access to any additional information or to update or correct the presentation. This presentation contains “forward‐looking statements” including but not limited to, statements with respect to the Company’s plans and operating performance, the estimation of Mineral Reserves and Mineral Resources, the timing and amount of estimated future production, costs of future production, future capital expenditures, and the success of exploration activities. Generally, these forward‐looking statements can be identified by the use of forward‐looking terminology such as “expects”, “expected”, “budgeted”, “forecasts” and “anticipates”. Forward‐looking statements, while based on management’s best estimates and assumptions, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward‐looking statements, including but not limited to: risks related to the successful integration of acquisitions; risks related to international operations; risks related to general economic conditions and credit availability, actual results of current exploration activities, unanticipated reclamation expenses; changes in project parameters as plans continue to be refined; fluctuations in prices of metals including gold; fluctuations in foreign currency exchange rates, increases in market prices of mining consumables, possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; delays in the completion of development or construction activities, changes in national and local government regulation of mining operations, tax rules and regulations, and political and economic developments in countries in which the Company operates. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward‐looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward‐looking
- statements. Please refer to the Company’s most recent Annual Information Form filed under its profile at www.sedar.com and available from the Company’s website for
further information respecting the risks affecting the Company and its business. The documented geometries of mineralized inventory or exploration targets are not intended to be a proxy, or used as a basis, for mineral resource calculations. It is not certain if additional exploration will result in the delineation of Mineral Resources in, or near, these target zones. Resource and reserve calculations that are NI 43‐101 compliant have yet to be determined for the mineralized systems in the Company’s projects. This does not imply that the mineralisation contains economic Mineral Resources but merely highlights the relationships of the mineralized zones identified. Qualified Person Duncan Hackman (B. App. Sc., MSc., MAIG) of Hackman & Associates Pty Ltd (Australia) is the independent Qualified Person within the meaning of NI 43‐101 for the purposes of Mineral Resource estimates contained within this presentation. Data disclosed in this presentation has been reviewed and verified by Stephen Hughes, P. Geo, an Employee and director of KLG and a Qualified Person within the meaning of NI 43‐101.
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Why Copper? Market Fundamentals
Support Strong Long Term Copper Price
Source: WBMS, Wood Mackenzie, BMO Capital Markets
Copper Project Capital Intensity vs Average Global Head Grade (1990‐2014) Refined copper consumption by region 1950 – 2013
0.60% 0.65% 0.70% 0.75% 0.80% 0.85% 0.90% 0.95% 1.00% 5 10 15 20 25 30 Escondida Los Pelambres 1985‐2011 Chambishi Voisey's Bay Duck Pond Pilares Antamina Olympic Dam Florence Marcona 2012‐2015 Carlota Pumpkin Hollow Tia Maria Rosemont Copper… 2016‐2020 Oyu Tolgoi Magistral Antapaccay Pebble Agua Rica Resolution Las Bambas Michiquillay Santo Domingo Red Dome Esperanza Las Cruces Sungun Tampakan Quellaveco Tenke… Boleo Reko Diq Mount Milligan New Prosperity San Antonio Los Chancas Constancia Frieda River Marathon El Morro Cobre Panama Quebrada… Aynak Galore Creek
CapEx per CuEq ($k/lb) Ave Global Mine Head Grade (Cu percent)
Incremental Copper Mine Supply 2000‐2025E (kt) Incremental Greenfield Copper Project Capacity Incentive Price
Source: Company Technical Reports, BMO Capital Markets. Assumes a 15% IRR. Source: Brook Hunt, Behre Dolbear
The average CapEx intensity for a greenfield copper project has more than tripled since 2000
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Why Copper? Price Outlook
Short Term Relative Weakness – Long Term Strength
‐1500 ‐1000 ‐500 500 1000 1500 50 100 150 200 250 300 350 400 450 1990 1993 1996 1999 2002 2005 2008 2011 2014 2017 2020
Market Balance (kt) Copper Price (c/lb) Market Balance Copper Price
$0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00 $4.50 $5.00 1950 1960 1970 1980 1990 2000 2010 Copper price in constant dollars 20 year moving average
6.8t/MW of copper 15kg of copper 60kg of copper 1.3t/MW of copper
Source: Wood Mackenzie, Rio Tinto Source: Deutsche Bank
Building a Leading Asia Pacific Copper‐Gold Company
5 Quality Assets Large copper and gold Resource base (NI 43‐101 compliant) Significant Resource growth potential already identified Near term small‐med scale copper development opportunity at KSK Project (BKM Deposit) coupled with a large copper‐gold growth option at the Beutong Project Located in Indonesia close to key Asian consumer markets Team with a Proven Track Record Significant exploration discovery track record in Asia Pacific region i.e. Laos, Indonesia, Australia Strong project evaluation and mine development capability i.e. Sepon, Martabe, Prominent Hill Extensive experience and long track record of successfully operating in Indonesia Proven ability to raise exploration and development funding Leaders in government and community relations, safety and environmental management Unmatched database and coverage of the region Enhanced Investor Appeal Team is well known and strongly supported in mining and metals markets globally Shareholder base expanded to cover Asian, Australian, North American and UK markets Leverage relationships in Indonesia and wider Asia to build strong local investor participation Increased liquidity Creates a platform upon which to continue building a significant regional copper‐gold business
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Corporate Overview
Proven track record in Indonesia
Faldi Ismail Non Executive Director Extensive experience as corporate advisor specialising in the restructure and recapitalisation of ASX‐listed
- companies. Director of several ASX
listed companies. Peter Pollard Non‐Executive Chairman 20+ yrs experience as a consulting economic geologist. International experience on porphyry copper‐gold deposits. Stephen Hughes Director, Vice President ‐ Exploration Geologist, 20+ yrs mineral exploration, project generation and evaluation, resource and mine geology experience at Freeport, Oxiana and Tigers Realm Group. Tony Manini Deputy Chairman, CEO Geologist, 28+ yrs Riotinto, Oxiana/OZ Multiple discoveries and mine developments in Asia and Australia. Co‐founder Tigers Realm Group and EMR Capital, Chairman TR Coal. Raynard von Hahn Non Executive Director
- Mr. von Hahn is a practicing securities
lawyer and was called to the bar in British Columbia in 1993. His practice focuses primarily on corporate finance and securities law matters.
Capital Structure
TSX.V AIM Shares 503.1m Options (avg. price C$0.091) 14.7m Warrants (avg. price C$0.08) 20.1m Share price C$0.03 £0.013 Market Cap (undiluted) C$15.1m
£6.6m
Pro‐forma Cash
(as at 31 Mar 2015 plus June 2015 Capital Raising)
C$2.6m £1.4m Debt NIL NIL Enterprise Value C$12.5m £5.2m
Significant Shareholders
TR Minerals Pty Ltd 11.8% MK TRM Holdings LP 7.1% Asipac Group 4.2% Board and Management 3.6% Namarong Investments 3.0%
Board and Senior Management Capital Structure
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- 4th Largest Coal producer, Largest Coal exporter
- 2nd Largest producer of Tin and Nickel
- 13th Largest Copper producer
- 13th Largest Gold producer
- Mining industry accounts for >10% of GDP
- Minerals and related products 20% of exports
- Favorable logistics, proximity to key markets
- LT track record is excellent despite perception e.g.
Grasberg, Batu Hijau, Kelian, KPC, PT Inco
- Several recent and current developments e.g.
GResources Martabe, Finders Resources, Sumatra Copper and Gold, Kingsrose, Cokal
- Hugely Prospective – rated in top 5 globally
- Safe and secure
Indonesia
A Mining Country
Indonesian Projects Summary
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Beutong IUP Summary
- Large Copper and Gold Resource at
Beutong East, West and Skarn, with NI 43‐101 compliant technical report
- Current ownership 40% earning up to
80%
- Title is IUP Exploration Licence
- IUP Production License being
processed, 20 years and possible two 10‐year extensions
- Tenement size 100km2
- Forestry classification is APL, open pit
and underground mining permitted
- 3 prospects 2 porphyries and 1 skarn
Jelai IUP Summary
- Exploration stage gold project
- Located in East Kalimantan, 45 km from major city of Tarakan
- Ownership 100%
- Title is IUP Exploration, being converted to IUP Production
- Tenement size is over 50km2
- Forestry licence status allows for open pit and underground mining.
Forestry permit valid until 16 December 2015
- 11 prospects with over 10km of low sulphidation epithermal gold‐
silver veins mapped at surface KSK CoW Summary
- Advanced stage exploration project
- >USD 50M spent on surveys and drilling.
- Maiden Copper Resource at BKM Prospect
- Ownership, 100% supported by NI 43‐101
compliant technical report
- Title is 6th generation contract of work
(“CoW”), 30 years after commencement of mining, possible two 10‐year extensions
- Tenement size over 610km2
- Forestry classification is predominantly
Production forest (open pit or ug mining) and lesser Protected Forest (ug mining)
- Beruang Kanan Copper project comprises
BKM, BKS, BKW, BKZ Polymetallic prospect
- BKM copper mineralization is shallow
dipping and near surface
- 38 Cu and Au prospects on CoW
KSK CoW Jelai IUP Beutong IUP
Portfolio Overview – Positioned for Growth
- KSK Project ‐ Near Term Medium Scale Copper Development Opportunity
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Beutong Copper‐Gold Project KLG Total Contained Metal Status Advanced Exploration Interest 40% (earning up to 80%) Commodity Copper, Gold, Silver, Molybdenum Measured and Indicated Resources (Contained metal, relevant interest) 496Mlb Cu / 149koz Au/ 2,279koz Ag / 8Mlb Mo (0.3% Cu Cut) 496Mlb Cu / 149koz Au/ 2,279koz Ag / 8Mlb Mo Inferred Resources (Contained metal, relevant interest) 1,637Mlb Cu / 698koz Au/ 5,961 koz Ag / 45Mlb Mo (0.3% Cu Cut) 2,258Mlb Cu / 698koz Au/ 5,961koz Ag / 45Mlb Mo Growth Resource Growth, Earn‐in to 80%, PFS, BFS KSK Project BK Main Copper Project KSK Project BKS, BKW, BKZ Prospects KSK Project Baroi, FEZ Prospects Status Advanced Exploration Exploration Exploration Interest 100% 100% 100% Commodity Copper Copper, Gold, Zinc, Lead, Silver Copper, Gold, Silver Inferred Resource (Contained metal) / Drill Intercepts 621Mlb Cu (0.2% Cu Cut) 3m @ 11.52g/t Au (BKS) 16m @ 5.8% Zn, 2.8% Pb, 0.64g/t Au, 57.5g/t Ag (BKZ) 41.9m @ 3.18% Cu and 101g/t Ag 9m @ 14.03 % Cu, 0.11 g/t Au, 464 g/t Ag Growth Resource Growth, Scoping Study, PFS, BFS Scout drilling Scout drilling
- Beutong Project – Large Copper‐Gold Growth Option
KSK COW ‐ Location and Infrastructure
Excellent Access and Logistics
10 Road Access
Regional location map showing road and air access
- The KSK CoW is located approximately 165km NW of
Palangkaraya, Central Kalimantan
- Palangkaraya serviced by 4 flights per day from Jakarta
- Access to site is via all weather road. 6 hours drive
from Palangkaraya, capital city of Central Kalimantan. 3 hrs sealed road, 3 hours all weather unsealed road
- Barge navigable river within 3 hours of BK project
- Well established operation field and supply camps
- Plentiful water. Mini hydro most likely power source
- Supportive government and local communities
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- Extensive near surface copper
mineralization with potential for very low strip ratio deposit
- Maiden Inferred Resource at BKM
supported by NI 43‐101 compliant technical report 47Mt at 0.6% Cu (0.2% cutoff) includes higher grade core of 12Mt at 1.0% Cu (0.7% cutoff)
- Majority of Cu minerals observed
are potentially leachable i.e. chalcocite, covellite
- Significant upside potential. BKM
deposit remains open in multiple
- directions. Nearby BKS and BKW
prospects still to be evaluated.
- BKS scout drilling (Hole KBK28) hit
11m at 0.9% Cu from 14.5m. Rock chips to 17.6% Cu. BKW undrilled
KSK Project BKM Copper Deposit
Near Term Copper Development Opportunity with Resource Growth
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- Goal is to rapidly assess potential for fast track development
- f BKM copper deposit via low strip ratio open pit mining
- A total of approximately 6500m in 80 Holes in progress on
100m (lines) x 50m (holes) drill pattern.
- Resource evaluation infill drill program (30 ‐ 40 holes) is in
progress to upgrade Resource confidence. Targeting 50% conversion to M+I Category.
- Additional 40 ‐ 50 step‐out holes are planned to expand the
BKM Resource. Targeting a 30‐50% increase in resources.
- Two rigs commenced drilling in early May, with a third to be
mobilized in July.
- Results will be incorporated into an updated Resource for
the BKM deposit once infill drill program is complete
- Sighter metallurgical testwork has commenced to establish
material types/copper species and test recoverability i.e. leaching and/or flotation
- Initial assessment of mining parameters and development
potential will be completed following the receipt of the Resource update and met test results
KSK Project BKM Copper Deposit
2015 Work Program ‐ Strong News Flow
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KSK Project BKM Copper Deposit
2015 Results Confirm Continuity and Resource Growth Potential
A B C D
Hole ID From (m) To (m) Length (m) Cu (%) BKM32450‐01 4.7 18.7 14.0 2.02 Including 4.7 10.7 6.0 3.71 BKM32450‐01 32.0 54.0 22.0 0.88 BKM32450‐03 48.0 53.0 5.0 2.03 BKM32450‐04 58.0 63.2 5.2 1.21 BKM32450‐05 12.0 29.0 17.0 1.61 Including 20.0 27.0 7.0 2.06 BK031 16.0 41.5 25.5 0.67 BK032 17.8 75.4 57.6 0.77 BK032 190.3 220.5 30.3 0.66 Including 190.3 202.8 12.5 1.05 BKD03‐01 197.5 210.3 12.8 0.93 BKD03‐01 227.7 274.2 46.6 0.72 BKD03‐02 8.50 25.00 16.50 0.86 Including 11.50 22.50 11.00 1.13 Hole ID From (m) To (m) Length (m) Cu (%) BKM31750‐01 19.0 28.0 9.0 0.73 BKM31750‐02 1.5 6.5 5.0 0.93 BKM31750‐02 16.5 70.5 54.0 1.10 Including 17.5 33.5 16.0 1.67 Including 37.5 56.5 19.0 1.22 BKM31750‐03 8.0 72.0 64.0 0.74 Including 8.0 13.0 5.0 1.60 Including 15.0 23.0 8.0 1.16 BKM31750‐04 39.0 56.0 17.0 0.98 BKM31750‐05 17.0 32.0 15.0 1.02 BKM31750‐06 75.0 85.0 10.0 0.81 BK057‐01 7.7 47.7 40.0 0.89 BK058‐01 11.7 44.7 33.0 2.28 Including 11.7 20.7 9.0 7.35 BK5 3.0 66.0 63.0 0.75
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2015 Work Program
KSK Planned Project Timeline
KSK Project – District Potential
High Quality Stand Alone Gold and Base Metal Targets
- Numerous copper, polymetallic Cu‐Az‐Pb‐Au‐Ag and
gold only prospects throughout the KSK CoW
- BKZ Prospect outcropping massive sulphide style
- mineralization. Drilling intersected 16m at 5.8% Zn,
2.8% Pb, 0.64g/t Au, 58g/t Ag and 0.16% Cu
- Baroi Prospect contains >200m wide zones of
sheeted to stockworked copper‐silver ± gold rich veins, approx. 1km strike with individual veins locally >10m wide and high grade e.g. 9m at 14 % Cu, 0.11g/t Au and 464g/t Ag in channel rockchips. High grade copper mineralization intersected in drilling i.e. 11.05m @ 11.05% Cu and 296g/t Ag in BF030 and 18m @ 3.20% Cu and 60.4g/t Ag in BF‐0048
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BF‐5 intersected strong copper, including 31.45m @ 3.63% Cu and 115g/t Ag (from 0m ) and 24.0m @ 4.59% Cu and 88.5g/t Ag (from 41.45m)
Beutong Project – Exciting Cu‐Au Discovery
Quality Deposit with Significant Upside Potential
- High quality porphyry Cu‐Au‐Mo deposit containing
1.2BIbs Copper, 0.4Moz Gold, 5.7Moz Silver, 20Mlbs Molybdenum in Measured and Indicated and 4.1BIbs Copper, 1.7Moz Gold, 14.9Moz Silver, 112Mlbs Molybdenum in Inferred Resource (100% basis). Refer Appendix 1 – Beutong Project Mineral Resource
- Mineral Resource Estimate Geology similar to other
world class examples in Asia Pacific e.g. Wafi‐Golpu
- Near‐surface high grade copper mineralization at
Beutong East e.g. 147.5m @ 1.32% Cu, 0.25g/t Au from 2.5m depth in drilling
- Deposit remains open to east, west and depth
- Strongly mineralized Cu‐Au skarn deposit 200m north of
- f Beutong East remains open in all directions. Drill
intercepts include 33m @ 2.31% Cu, 1.23g/t Au from 48m depth
- Soil geochemistry and drilling indicate skarn deposit
potentially >2km in length and up to 60m wide. Further evaluation is required
Beutong Project Area – Prospects Beutong Project Area – Resource Footprint and Cu in soil overlay
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Beutong Project – Infrastructure Advantage
Road, Power, Port Infrastructure nearby
- Beutong Project is located 60 km inland and NE of the township of Meulaboh, Aceh
- Access to project site is via partially sealed roads from the regional towns of Meulaboh and Takengon
- Meulaboh has a population of approximately 50,000 and an active commercial airport
- A new seaport has recently been constructed approximately 5km southeast of Meulaboh
- A coal‐fired power station, with output of 2 x 110MW, has been built approximately 5km SE of Meulaboh
Beutong Project Recently Completed 220MW Power Plant and Sea Port Power Plant Port
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- Significant scale – deposit remains
- pen with potential for considerable
resource growth upside
- Grade compares very favourably
with those of operating mines in both South America and Asia Pacific
- Infrastructure Advantages:
- Sealed road access
- Port within 60 kilometres
- Grid power within 60km
- Height above sea‐level
- Access to water
- Distance to market
- Reduced infrastructure requirement
translates to a much lower capital intensity
Beutong (0.5% Cutoff) Beutong (0.3% Cutoff)
Phu Kham Batu Hijau Panguna
Beutong Project – Mine Development Potential
Comparative Metrics Highly Favourable v Current Producing Mines
Jelai Gold Project – Summary
Quality Small‐Med Scale Gold Project with Upside Potential
- Low‐sulphidation epithermal gold veins
- Encouraging results from drilling (DDH)
- Approximately 2,000m of vein strike
length still to be tested
- Potential for small‐medium sized, high
grade gold shoots
19 Drillcore from JCM 81 with 22.1 g/t Au, 41.7 g/t Ag/t Adularia (yellow) in colloform‐banded quartz (right)
Mewet Vein Drill Results
- JCM‐69 4.75m @ 19.69g/t Au, 102.32g/t Ag from 22.75m
- JM018 4.51m @ 6.33g/t Au, 8.11g/t Ag from 115m
- JM‐81 6.90m @ 25.53g/t Au, 22.49g/t Ag from 34.3m
Lipan Vein Drill Results
- JCM‐38 5.40m @ 11.71g/t Au, 5.05g/t Ag from 21.95m
- JCM‐50 4.15m @ 8.71g/t Au, 3.65g/t Ag from 26.45m
- JCM‐26 5.20m @ 5.60g/t Au, 2.7 g/t Ag from 42m
Sembawang Vein Drill Results
- JCM‐13 4.75m @ 10.43 g/t Au, 14.63g/t Ag from 32m
Building a Leading Asia Pacific Copper‐Gold Company
Delivering on Plan Closed transaction with Tigers Realm Metals Pty Ltd (Jan 2015) to aquire Beutong copper‐gold project 3Mt Contained Copper Strengthened management team: Tony Manini CEO, Stephen Hughes VP Exploration (both from Tigers Realm Group) Received 2‐year forestry permit renewal for exploration on KSK contract of work Commenced Resource infill and extension drilling the KSK Project BK Main copper deposit First 11 holes have confirmed continuity of mineralization on two sections and highlighted potential for extensions in the southern part of the deposit Excellent results to date include 54 meters @ 1.10% Cu (from 16.5 meters depth in hole BKM31750‐02) and 14 meters @ 2.02% Cu (from 4.7 meters depth in hole BKM32450‐01). Equity Placement of £1.3m completed early June. 2015 drilling program is fully funded Rapidly Growing Value
- BKM deposit being progressed towards Preliminary Economic Assessment (scoping study) stage
- 6,500m program of Resource infill and expansion drilling at the BK Main deposit in progress
- Two Resource upgrades planned for BKM in 2015
- Extensive metallurgical test work program underway – leach and/or flotation
- Scout drill testing of high potential prospects within 5km of the BKM deposit namely BKS, BKW and BKZ
- Conversion of the Beutong Izin Usaha Pertambangan (“IUP”) from an exploration IUP to an exploitation IUP (Mining Licence)
- Progressing commercial deal on Jelai Gold Project
Strong News Flow
- Regular flow of assay results from drill program – 70‐90 holes in 6 months
- Results from scout drilling on high potential prospects close to BKM
- Progressive metallurgical test work results
- Resource updates
- Permitting milestones
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Why Invest in Kalimantan Gold?
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- Quality Assets and People
Substantial copper Resources, Solid grade, Significant upside Near Surface ‐ Readily amenable to open pit mining Excellent access, logistics and infrastructure Solid government and community relationships Team with a proven track record‐ Indonesia, Mine development, Funding
- Value
Large N43‐101 compliant Cu and Cu‐Au Resources with real and measurable intrinsic value KLG valuation is at a very deep discount to comparable assets by any historical metrics Expenditure on de‐risking and developing assets is many multiples (8x) of current value
- Timing
Metals and Mining market is at or close to a cyclical low point Excellent outlook for copper is closely aligned to KLG development timeframes Company has been re‐invigorated – New team, Development focus, Funding in place Resource evaluation and development programs being rapidly advanced Strong positive news flow expected as programs are progressed and milestones achieved
Contact Information
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KLG – TSX.V and AIM
Contact Information:
Tony Manini Deputy Chairman and CEO M: +61 3 8644 1300 E: tony.manini@kalimantan.com W: www.kalimantan.com
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Rounded estimates – rounding may cause apparent computational discrepancies. Significant figures do not imply precision. Nominal lower Cu grade applied.
Appendix 1. Beutong Project – Mineral Resource
Large Cu‐Au‐Mo deposit with higher grade core from surface
Cu (%) Au (ppm) Ag (ppm) Mo (ppm) Cu (Mlb) Au (kOz) Ag (kOz) Mo (Mlb) Measured East Porphyry 34 0.66 0.13 1.74 90 494 137 1,901 7 East Porphyry 52 0.56 0.1 1.53 110 646 176 2,563 13 Skarn 7 0.7 0.28 5.84 8 101 59 1,234 Measured Total 34 0.66 0.13 1.74 90 494 137 1,901 7 Indicated Total 59 0.58 0.12 2.01 99 747 236 3,797 13 93 0.61 0.13 1.97 97 1,241 373 5,698 20 Inferred Total 418 0.45 0.13 1.11 129 4,092 1,746 14,903 112 Indicated Total Measured and Indicated Beutong 2014 Resource Estimate (100% Basis) ‐ Report at 0.3% Cu Lower Cut Classification (NI 43‐101) Mineralisation Tonnes (Mt) Grade Metal