Name of the Project
Twin Hills gold project.

Location
Namibia’s prospective Damara sedimentary mineral belt, located between the towns of Omaruru and Karibib, in Namibia’s Erongo region.

Project Owner/s
Osino Resources Corp.

Project Description
A restated prefeasibility study has outlined a 13-year mine life for the Twin Hills project, based on 2.15-million ounces in reserves with an average production of 169 000 oz/y.

Life-of-mine production is estimated at 1.98-million ounces of gold.

The orebody will be mined as a conventional truck-and-shovel operation, with bulk mining augmented by more selective mining in areas with narrow ore zones.

The Twin Hills process plant will have nameplate capacity of five-million tonnes a year of ore.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has a pretax net present value, at a 5% discount rate, of $783-million and an internal rate of return of 33% at a gold price of $1 700/oz, with a payback of 2.3 years.

Capital Expenditure
The initial capital cost of the project is estimated at $375-million.

Planned Start/End Date
Initial gold production is targeted for 2025.

Latest Developments
Osino Resources has been issued with a 20-year mining licence for its Twin Hills gold project, subject to the fulfilment of some remaining conditions that are customary under the country’s regulatory regime.

In conjunction with the mining licence application process, an environmental- and social-impact assessment (ESIA) has been completed. The Namibian authorities have reviewed the ESIA and environmental management plan and have found no fatal flaws.

Osino has started the project financing process and has applied to Terrafranca Capital Partners to progress the debt financing for the development of the project.

Osino expects to arrive at the optimal financing strategy and preferred financing partners by early 2023, to achieve the relevant credit approvals alongside the completion of a definitive feasibility study in the second quarter of 2023.

Subject to concluding the relevant permits, this will put the company in a position to make a potential investment decision by mid-2023

Key Contracts, Suppliers and Consultants
Lycopodium Minerals Africa (preliminary economic assessment).

Contact Details for Project Information
Osino Resources manager investor relations Julia Becker, tel +1 604 785 0850 or email jbecker@osinoresources.com.