Ann: Group Resources Update, page-2

October 2017 value engineering study had a feed grade of 12% TGC.

So the question from today’s announcement is how much they can increase feed grade via an updated mine plan in November. They are targeting 12%+ TGC.

So do the drilling results from 25 September allow them to increase TGC for the mine plan at Montepuez to 13% - 14% range? All depends on higher grade portions of the deposit they can access as part of the mine plan.

Increased TGC would improve economics.  That would potentially mean reduced opex and higher margins and/or higher production capacity.

Southern portion of the deposit has higher grade intercepts than the northern portion ... but can it be mined in a way that boosts TGC beyond 12% ... ?



They updated resource and the work on a new mine plan also naturally means it is all relevant for financing.