Name of the Project
Superior Lake zinc project.

Location
The project is located in Ontario, Canada.

Project Owner/s
Superior Lake Resources.

Project Description
A bankable feasibility study (BFS) has demonstrated Superior Lake as a highly economic project.

The project has probable reserves of 1.96-million tonnes grading 13.9% zinc, 0.6% copper, 0.2 g/t gold and 26.2 g/t silver.

The BFS is broadly based on the results of the restart study completed in October 2018.

The BFS proposes a plant throughput of 325 000 t/m, with a total life-of-mine of nine years and a total throughput of 2.2-million tonnes a month of ore at a grade of 13.7% zinc. The production rate equates to about 73 000 t/y zinc concentrate and 5 200 t/y copper concentrate.

The project will produce about 38 000 t/y of contained zinc and 1 400 t/y of contained copper. The processing plant has been designed to allow for a doubling of throughput by duplicating the main equipment, which can be relatively easily undertaken.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has a net present value, at an 8% discount rate, of $158-million and an internal rate of return of 31%.

Capital Expenditure
Capital expenditure is estimated at $87-million.

Planned Start/End Date
Subject to successful completion of certain key activities, production is expected to start in 2021.

Latest Developments
Key activities for the next six months include finalising offtake agreements with selected parties; securing debt financing; value engineering to assess cost-reduction opportunities; delivering an optimisation study; completing the environmental licensing (closure plan) process; securing permits required for construction; and finalising agreements with First Nations groups.

Key Contracts and Suppliers
Primero (plant design, and operating cost and capital expenditure estimation), incorporating technical aspects from: Massa Geoservices (mineral resource estimate); Orelogy Consulting (mine planning and ore reserves); Mine Design Engineering (underground geotechnical); Nordmin Engineering (mine and general site infrastructure); SGS Canada (metallurgical testwork); Wood Canada (tailings and water studies); and Environmental Applications Group (environmental and permitting).

On Budget and on Time?
Too early to state.

Contact Details for Project Information
Superior Lake Resources, tel +61 8 6117 0479 or email info@superiorlake.com.au.