Tschudi Summary

Tschudi – Proven Operating Mine with Modern Plant and Stable Production

Location:

  • Near the town of Tsumeb, Namibia

Mine type:

  • Open pit

Status:

  • Operating

Ownership:

  • 96.5%

Ore Reserves:

  • 15.6Mt at 0.89% Cu for 138.2kt

Mineral Resources:

  • 51.0Mt at 0.76% Cu for 387.7kt

Description and features:

  • Produces c.17ktpa LME Grade A cathode
  • Located on a granted mining license (ML125), and has an Environmental Clearance Certificate and all other required permits
  • State of the art plant built on time and on budget by the Weatherly team – a modern site with no legacy issues
  • SX-EW plant has minimum design capacity of 17ktpa of copper cathode
  • Refined copper cathode product trucked to Walvis Bay port (app. 600kms) and sold to Orion Resource Partners at point of export
  • 3rd Quartile African copper producer on total cash cost basis
  • Excellent safety record with over 690 days worked without a Lost Time Injury
  • Robust infrastructure – paved roads, rail, port, grid power, excellent industrial services, reliable water supply, and adjacent sulphuric acid supply from Dundee Precious Metals’ Tsumeb smelter

Valuation and upside potential:

  • 5-year LOM production of 79,861T at an AISC of US$2.06/lb, producing an NPV of US$[105]M
  • Materially improved dewatering capabilities and strategy enabling stable path to growth
  • Strong Resource base could support further production enabling potential mine life extensions
    • Underexplored project area
    • Modern processing facilities and robust infrastructure base