Name of the Project
T3 copper project.

Location
Botswana.

Project Owner/s
MOD Resources.

Project Description
The T3 copper project feasibility study has presented compelling results.

The project is based on the T3 resource and the T3 openpit is modelled on the T3 ore reserve. The project’s ore reserve contains
342 700 t copper and 14.6-million ounces of silver. The feasibility envisages a 11.5-year openpit mine, three-million-tonne-a-year conventional processing plant and all associated infrastructure.

The proposed six-stage openpit will use conventional equipment to support an average mining rate of three-million tonnes a year of ore, with a life-of-mine (LoM) strip ratio of 5.7:1.

Ore will be processed through a conventional process plant with a yearly throughput of up to 3.2-million tonnes at a head grade of 1% copper and 13.2 g/t silver. The flowsheet includes a primary crusher/semiautogenous grinding/ball mill comminution circuit to achieve a grind size of P80180 m, a natural pH flotation circuit, rougher flotation with a regrind circuit to achieve a grind size of P80 90μm and a cleaner flotation circuit.

Average yearly production over the LoM is expected to be about 28 000 t of copper and 1.1-million ounces of silver; however, for the first seven full years of production (between 2021 and 2028), plant throughput, feed grades and recoveries are expected to be higher than the LoM average and support copper production averaging more than 30 000 t.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has a pretax net present value, at an 8% discount rate, of $368-million and an internal rate of retrun of 33%, with a payback of 3.7 years from the start of production.

Capital Expenditure
Capital expenditure is estimated at $182-million and includes mine development, the process plant and mine infrastructure.

Planned Start/End Date
Prestrip activities are expected to start during the first half of 2020 and ore from the first stage of the openpit is targeted to be processed during the first quarter of 2021.

Latest Developments
The project has generated strong interest from debt providers to fund a large part of the development capital, with formal expressions of interest having been received from several selected financial institutions.

Parallel with debt funding process, MOD is advancing discussions with potential strategic partners to assist with funding the nondebt component of the project.

Key Contracts and Suppliers
None stated.

On Budget and on Time?
Too early to state.

Contact Details for Project Information
MOD Resources, tel +61 8 9322 8233 or email administrator@modresources.com.au