Mineral Processing Pre-Feasibility Study (Iron/Aluminium)

We’re anticipating the Viability Study will be a high-level study of a mineral processing zone (MPZ) in the Republic of Congo (ROC) over a few months seeking to: • Ascertain whether it is better to establish the proposed iron-ore MPZ, primarily pig iron plant at the mine, or 400km away at the deep-water port at Pointe-Noire • Can the MPZ be serviced with sufficient infrastructure at the mine? • ROM of capex and opex for MPZ (note, 2 nearby hydro schemes are about to commence construction totalling 300MW that could be partially harnessed to power the MPZ) • ROM of capex and opex for MPZ at Pointe-Noire, adjacent to the port. Power supply here would be derived from gas, albeit, development of the ROC’s significant proven gas reserves is very much in its infancy • ROM of capex and opex for an aluminium smelter or integrated smelter/refinery MPZ at Pointe-Noire • High-level technical and commercial assessment as to whether any one or more of the MPZ options are potentially viable. If there is potential viability, then the final step would be to outline the Terms of Reference for a Pre-Feasibility Study for the relevant MPZ development(s). Background: Rather than starting with a PFS from the get-go, we recommend we do a viability assessment first, to see whether it is worth considering such developments. We are broadly defining the study / design gateways as: Viability Study • Primary focus: Why consider the development? • Vision planning of broad options • Rough order of magnitude (ROM) costs +100%/-50% Pre-Feasibility Study • Primary focus: What is the development? • Master planning resolution of 1 or 2 preferred options • CAPEX +/-50% and indicative OPEX Bankable Feasibility Study • Primary focus: How to implement development? Concept design • CAPEX / OPEX +/-30% FEED / Preliminary Design • CAPEX / OPEX +/-20% EPIC / Detailed Design • CAPEX / OPEX +/-10%