Mining Method Trade-off

Huascaminas_Orebody
EXAMPLE FOR ACADEMIC PURPOSES
Mining Method Trade-off Summary

Ore Body Dilutio

Safety
Geometry n
Modified Avoca Bench Stoping 54 19 9
Long Hole Open Stoping with Pillars (Top Down) 54 17 16
Stoping Under Rock Fill (SURF) 54 16 4
Panel Stoping with Passive Support 54 16 15
Primary and Secondary Stoping with CAF 54 22 17
Core and Shell Stoping (Backfill after mining) 59 21 16
Long Hole Open Stoping with Pillars (Bottom Up) 68 22 16

Geometry
Ore Body

Dilution
Safety

Modified Avoca Bench Stoping 54 19 9

Long Hole Open Stoping with Pillars (Top Down) 54 17 16
Stoping Under Rock Fill (SURF) 54 16 4
Panel Stoping with Passive Support 54 16 15
Primary and Secondary Stoping with CAF 54 22 17
Core and Shell Stoping (Backfill after mining) 59 21 16
Long Hole Open Stoping with Pillars (Bottom Up) 68 22 16
 Criteria
Recovery Production Backfill Time to
Flexibilit Ventilatio Mining
of Consistenc Requirement Full
y n Cost
Resource y s Production
41 44 21 38 7 19 27
10 44 27 38 6 21 20
35 41 21 30 7 17 14
38 18 24 30 7 11 34
52 40 12 47 7 15 7
17 40 24 21 5 7 48
17 36 17 39 6 17 41

Criteria
Requirements
Consistency

Time to Full

Mining Cost
Recovery of

Ventilation
Production

Production
Flexibility
Resource

Backfill

41 44 21 38 7 19 20
10 44 27 38 6 21 27
35 41 21 30 7 17 14
38 18 24 30 7 11 34
52 40 12 47 7 15 7
17 40 24 21 5 7 48
17 36 17 39 6 17 41
Stope Ore Mining Total
Margin Rank
Recovery Sequence Score
16 8 14 318 2
9 12 11 286 5
11 8 7 264 7
7 5 18 277 6
18 13 4 307 3
12 8 25 303 4
11 9 22 322 1 < Optimal Mining Method
Total Score
Stope Ore

Sequence
Recovery

Margin
Mining

Rank

16 8 11 307 2
9 12 14 296 5
11 8 7 264 7
7 5 18 277 6
18 13 4 307 3
12 8 25 303 4
11 9 22 322 1
Weighting

Table 1 Table 2 (Values from "Weighting Value"

Insert ranking value for

Weighting Criteria each criteria, 1 being the
Value Value lowest 13 being the
highest.
14 15

5 5

4 4

10 11

11 12

13 14
9 10

2 2

7 7

8 8

13 14

3 3

1 1
100.0
able 2 (Values from "Weighting Value" used in matrix)

Weighting
Criteria
Value

Safety 15

Ore Body Geometry Suitability 5

Dilution 4

Recovery of Resource 10

Production Consistency 11

Backfill Requirements 12
Flexibility to change /modify mining method 9

Ventilation 2

Time to Full Production 6

Relative Mining Cost 7

Stope Ore Recovery 13

Mining Sequence or Direction of Stope retrieves 4

Margin 4
Weighted Score 100
 COPY "Weighting Value" (column B) from
Table 1 and PASTE as values in cell L6

Team Weighted Average

Person A Person B Client

14 15 15

5 5 5

4 2 5
10 11 10

11 12 10

13 14 8
9 7 12

2 3 2

7 6 5

8 3 10

13 15 10

3 5 3
1 5 5
100 100 100
Safety
Mining Method Category Comment

Method requirres personeel and equ

Modified Avoca Bench Stoping Non entry
of stopes brows

Personnel and equipment are gener

Long Hole Open Stoping with Pillars
Non entry areas. Brows of stopes require extra
(Top Down)
work will take place when the brow

Method requirres personeel and equ

Stoping Under Rock Fill (SURF) Non entry
of stopes brows

Method requirres personeel and equ

Panel Stoping with Passive Support Non entry
of stopes brows

Primary and Secondary Stoping with No Entry method: multiple level act
Non entry
CAF deterioration when extracting secon

Personnel and equipment are gener

Core and Shell Stoping (Backfill after
Non entry areas. Brows of stopes require extra
mining)
work will take place when the brow

Personnel and equipment are gener

Long Hole Open Stoping with Pillars areas. Brows of stopes require extra
Non entry
(Bottom Up) work will take place when the brow
undertaken at the top of the brow fo

Score Weighting
5 Safe - limited
Moderately access
safe to unstable
- requires accesscontions
to unstable
3 conditons
Unsafe - requires working with the production zone or
1 not applicable
 Person A Person B Mining Comp
t Rank Rank Rank

equirres personeel and equipment to be operating at the top

3 4 4
brows

and equipment are generally not exposed to open stope

ows of stopes require extra ground support. A high portion of 4 4 3
take place when the brow is open

equirres personeel and equipment to be operating at the top

3 4 4
brows

equirres personeel and equipment to be operating at the top

3 4 4
brows

method: multiple level activities and possible ground

3 4 4
ion when extracting secondary stopes.

and equipment are generally not exposed to open stope

ows of stopes require extra ground support. A high portion of 4 4 4
take place when the brow is open

and equipment are generally not exposed to open stope

ows of stopes require extra ground support. A high portion of
5 4 5
take place when the brow is open. Some work will be
en at the top of the brow for backfilling.
Orebody Geometry

Parameter

Strike ~200m
Dip 50-85 deg
Width ~10m
Description Au and Ag Mineralisation

Mining Method Method SuitabilityComment

suitable for most of the o
Modified Avoca Bench Stoping High
They would require trans

Long Hole Open Stoping with Pillars (Top Down) High Width and dip of orebody
suitable for most of the o
Stoping Under Rock Fill (SURF) High
They would require trans
suitable for most of the o
Panel Stoping with Passive Support High
They would require trans

Primary and Secondary Stoping with CAF High Width and dip of orebody

Core and Shell Stoping (Backfill after mining) High Width and dip of orebody

Long Hole Open Stoping with Pillars (Bottom Up) High Width and dip of orebody

Score Weighting
1 Least prefered
3 Moderatly prefered
5 Most prefered
 Person A Person B
Comment Rank Rank
suitable for most of the orebody. some of the stopes have average width of 17m.
3 4
They would require transverse mining

Width and dip of orebody suited to open stoping with pillars 4 4

suitable for most of the orebody. some of the stopes have average width of 17m.
3 4
They would require transverse mining
suitable for most of the orebody. some of the stopes have average width of 17m.
3 4
They would require transverse mining

Width and dip of orebody suited to open stoping with CAF fill 5 5

Width and dip of orebody suited to open stoping with pillars 5 4

Width and dip of orebody suited to open stoping with pillars 5 4

Mining Comp
Rank

5
Mining Methods

Dilution

Modified Avoca Bench Stoping Moderate

Long Hole Open Stoping with Pillars (Top Down) Low
Stoping Under Rock Fill (SURF) Moderate-High
Panel Stoping with Passive Support Low -Moderate
Primary and Secondary Stoping with CAF Low -Moderate
Core and Shell Stoping (Backfill after mining) Low -Moderate
Long Hole Open Stoping with Pillars (Bottom Up) Low

Recovery of Resource

Modified Avoca Bench Stoping Moderate

Long Hole Open Stoping with Pillars (Top Down) Low

Stoping Under Rock Fill (SURF) Moderate
Panel Stoping with Passive Support Moderate
Primary and Secondary Stoping with CAF Moderate - High
Core and Shell Stoping (Backfill after mining) Low
Long Hole Open Stoping with Pillars (Bottom Up) Low

Production Consistency

Modified Avoca Bench Stoping

Moderate - High
Long Hole Open Stoping with Pillars (Top Down) Moderate - High
Stoping Under Rock Fill (SURF) Moderate - High

Panel Stoping with Passive Support

Low
Primary and Secondary Stoping with CAF Moderate
Core and Shell Stoping (Backfill after mining) Moderate - High

Long Hole Open Stoping with Pillars (Bottom Up)

Moderate - High

Backfill Requirements
Modified Avoca Bench Stoping High
Long Hole Open Stoping with Pillars (Top Down) Low

Stoping Under Rock Fill (SURF) High

Panel Stoping with Passive Support High

Primary and Secondary Stoping with CAF High
Core and Shell Stoping (Backfill after mining) Low
Long Hole Open Stoping with Pillars (Bottom Up) High

Flexibility Requirement

Modified Avoca Bench Stoping Moderate - High

Long Hole Open Stoping with Pillars (Top Down) High

Moderate - High
Stoping Under Rock Fill (SURF)
Panel Stoping with Passive Support Moderate - High
Primary and Secondary Stoping with CAF Moderate - High

Moderate
Core and Shell Stoping (Backfill after mining)
Long Hole Open Stoping with Pillars (Bottom Up) Moderate

Ventilation

Modified Avoca Bench Stoping Moderate - High

Long Hole Open Stoping with Pillars (Top Down) Low - Moderate

Stoping Under Rock Fill (SURF) Moderate - High

Panel Stoping with Passive Support Moderate - High
Primary and Secondary Stoping with CAF Moderate - High

Core and Shell Stoping (Backfill after mining) Low - Moderate

Long Hole Open Stoping with Pillars (Bottom Up) Low - Moderate
 Person A

Comment Rank

Assuming 25% dilution 2

Assuming 10% dilution 4
Assuming 40% dilution 1
Assuming 10% dilution 4
Assuming 10% dilution 4
Assuming 10% dilution 4
Assuming 10% dilution 4

Comment Rank

An 90% to full mining recovery expected 4

An 60% mining recovery recover with pillars between adjacsent stopes. 1

An 90% to full mining recovery expected 4

An 90% to full mining recovery expected 4
An 95% to full mining recovery expected 5
An 95% mining recovery assuming the shell stopes hold up 1
An 60% mining recovery recover with pillars between adjacsent stopes. 1

Comment Rank
Relatively consistant, but reliant on mining one block at a time due to top and
4
bottom access required to the stay open at all times.
Multiple areas can be accessed at once therefore increasing consistency. 4
Multiple areas can be accessed once the sequence is established 4
Relatively inconsistant due to tonnes not being mined at once. The majority of
1
the tonnes are mined towards the back end of the schedule.
Relatively consistant, once the sequence has commencened. 3
Multiple areas can be accessed at once therefore increasing consistency. 3
Relatively consistant, but reliant on mining one block at a time due to top and
3
bottom access required to the stay open at all times.

Comment Rank
Reliant on backfill, waste needs to be readily available 2
No backfill required until the end of the mine life. KCGM policy to fill all voids 1

Reliant on backfill, waste needs to be readily available 2

Reliant on backfill, waste needs to be readily available 2

Reliant on backfill, backfill is transported to stope voids from a batch plant
1
usually located on the surface.
No backfill required 1
Reliant on backfill to progress the sequence 1

Comment Rank

Can be flexible, especially as a bottom up method. Top down would require sill
4
pillars.
Very flexible. Other methods can be used without the need for pillars to isolate
3
stopes.
Can be flexible, especially as a bottom up method. Top down would require sill
3
pillars.
Can be flexible, especially as a bottom up method. Top down would require sill
3
pillars.
Can be flexible, especially as a bottom up method. Top down would require sill
5
pillars.
Once the core stopes have been extracted, it is difficult to change to another
2
method to retrieve the shell stopes.
Can be flexible, especially as a bottom up method, in terms of re-starting as
4
another method.

Comment Rank
Relatively high requirements to manage the Vent. Working on multiple levels
3
even multiple mining blocks at the same time.

Reasonable ventilation management required. Ventilation bulkheads may be

required to prevent dilution into the mined out stopes. Open voids can be used as 2
part of the return air circuit.

Relatively high requirements to manage the Vent. Working on multiple levels

3
even multiple mining blocks at the same time.
Relatively high requirements to manage the Vent. Working on multiple levels
3
even multiple
Reasonable mining blocks
ventilation at the same
management time. Particularly with the placement of
required.
3
the fill
Reasonable ventilation management required. Ventilation bulkheads may be
required to prevent dilution into the mined out stopes. Open voids can be used as 2
part of the return air circuit.

Reasonable ventilation management required. Ventilation bulkheads may be

required to prevent dilution into the mined out stopes. Open voids can be used as 2
part of the return air circuit.
Person B Mining Comp

Rank Rank

2 3
4 5
1 1
5 4 Score Weighting
5 5 1 Least prefered
Moderatly
4 5 3 prefered
4 5 5 Most prefered

Rank Rank

4 4

1 1

4 2
4 3
5 5
1 3
1 3

Rank Rank

4 4

4 4
4 3

2 2

4 4
4 4

3 4

Rank Rank
1 3
2 5

1 3

1 4
 1 1

2 4
1 3

Rank Rank

4 4

4 5

4 3

4 3
5 5

3 2

3 5

Rank Rank

3 3

3 3

3 3

3 3
3 3

2 3

3 3
Time to Full Production

Category

Modified Avoca Bench Stoping Moderate

Long Hole Open Stoping with Pillars (Top Down) Moderate

Stoping Under Rock Fill (SURF) Moderate

Panel Stoping with Passive Support Low

Primary and Secondary Stoping with CAF Moderate

Core and Shell Stoping (Backfill after mining) Low

Long Hole Open Stoping with Pillars (Bottom Up) Low

Score Weighting
1 Least production
Moderate
3 production
5 Most production
 Person A Person B

Comment Rank Rank

Bottom Up in mining blocks. 3 3

Minimal lead time has stopes can be opened once the initial
access development is completed. This is a top down 4 3
sequence.
Minimal lead time has stopes can be opened once the initial
access development is completed. Lower access development
3 3
needs to be complete to allow access to other production areas
providing multiple headings.

Minimal lead time has stopes can be opened once the initial
access development is completed. Lower access development
1 2
needs to be complete to allow access to other production areas
providing multiple headings.

Minimal lead time has stopes can be opened once the initial
access development is completed. Lower access development
2 2
needs to be complete to allow access to other production areas
providing multiple headings.
Minimal lead time has stopes can be opened once the initial
access development is completed. This is a top down 1 1
sequence.
Production rate is limited to the mining of one stope at a time
with this method, unless method is mining to a central pillar or 3 2
there are multiple access.
Mining Comp

Rank

4
Total Capex and Opex Costs

Modified Avoca Bench Stoping

Long Hole Open Stoping with Pillars (Top Down)
Stoping Under Rock Fill (SURF)
Panel Stoping with Passive Support
Primary and Secondary Stoping with CAF
Core and Shell Stoping (Backfill after mining)
Long Hole Open Stoping with Pillars (Bottom Up)

Score Weighting
1 Highest Costs
Moderate
3 Costs
5 Least Costs

Minable
Tonnes

Modified Avoca Bench Stoping 0.880M

Long Hole Open Stoping with Pillars (Top Down) 0.600M
Stoping Under Rock Fill (SURF) 0.876M
Panel Stoping with Passive Support 0.798M
Primary and Secondary Stoping with CAF 0.817M
Core and Shell Stoping (Backfill after mining) 0.731M
Long Hole Open Stoping with Pillars (Bottom Up) 0.707M

Minable
Tonnes
Modified Avoca Bench Stoping 0.880M
Long Hole Open Stoping with Pillars (Top Down) 0.600M
Stoping Under Rock Fill (SURF) 0.876M
Panel Stoping with Passive Support 0.798M
Primary and Secondary Stoping with CAF 0.817M
Core and Shell Stoping (Backfill after mining) 0.731M
Long Hole Open Stoping with Pillars (Bottom Up)

Notes
Mining CAPEX: Only includes all capital development and backfill infrastructure
MINING COST Calcs.
Input Table Unit Rate
In-Situ MSO Tonnes t 782,275
Average Density t/m3 2.82
t
Gold Price (ex Royalties,fees) $AU/oz $ 1,262
Power $/t
General Administration (G & A) $/t $ 2.26
Processing (Fixed) $/t $ 6.48
Processing (Variable) $/t $ 15.25

Development Meters (m)

Levels Decline (m) Access (m)

Top of Asbuilds
-150 Level 175
-175 Level 175
-200 Level 175
-225Level 175
-250 Level 175
-275 Level 175
-300 Level 175
-325 Level 175
-350 Level 175
-375 Level 175
-400 Level 175
-425 Level 175
Total Development 1575 0
Capital Dev_Vertical
Capital Dev_Lateral
Operating Dev

Underground Costs
CAPITAL
ACTIVITY Unit Rate
Lateral Development
CAPITAL_LHOS $/m $ 2,990.00
CAPITAL_SLS $/m $ 2,990.00
Micellaneous Develoment $/m $ 2,990.00
Vertical Development
1.5m diameter (Secondary Egress) $/m $ 2,024.60
Vent Intake Rise (5.0m diameter)_Replace 2. $/m $ 6,224.60
Vent Intake Rise (5.5m diameter)_Upgrade U $/m $ 8,224.60
Vent Return Rise (5.0m diameter) $/m $ 6,224.60
Waste Pass Rise (4.5m dia)_5290RL - 4646RL $/m $ 5,424.60
Waste Pass Rise (4.5m dia)_4640RL - 4420RL $/m $ 5,424.60
Paste
Paste Plant $ 12,500,000
Earthworks $ 255,000
Civil Works $ 217,000
Contractor $ 1,052,347
Mechanical $ 909,392
Buildings $ 142,052
Electrical $ 733,215
Commissioning $ 110,000
Underground Reticulation $ 654,000
Engineering design $ 610,951
CAF
Crush and Screen Plant $ 100,000
Batch Plant & Accessories $ 1,500,000
Civil Works $ 130,200
CRF
Batch Plant & Accessories $ 1,500,000
Agi Truck $ 60,000

MINING METHODS
Modified Avoca Bench Stoping
Items Unit Rate
In-Situ MSO Tonnes t
Dilution %
Recovery %
Diluted and Recovered Tonnes t
Mineable Au Grade g/t
Minable Au Metal oz
CAPITAL
UG Lateral Development Cost $ 2,990
UG Vertical Development Cost $ 1,979,807
UG Backfill Cost $ -
OPERATING
UG Development Cost $/m $ 2,990
UG Stope Drill Cost $/dm $ 27.20
UG Stope Blast Cost $/dm $ 2.09
UG Loading Cost (Manual Bog) $/t $ 14.49
UG Loading Cost (Remote Bog) $/t $ 14.49
UG Haulage Cost $/tkm $ 1.23
UG Backfill_Paste $/m3 $ -
UG Backfill_WRF $/m 3
$ 3.27

Power $/t $ -
General Admistration (G & A) $/t $ 2.26
Processing $/t $ 21.73
Stoping Under Rock Fill (SURF)
Items Unit Rate
In-Situ MSO Tonnes t
Dilution %
Recovery %
Diluted and Recovered Tonnes t
Mineable Au Grade g/t
Minable Au Metal oz
CAPITAL
UG Lateral Development Cost $ 2,990
UG Vertical Development Cost $ 1,979,807
UG CAF Cost $ -
OPERATING
UG Development Cost $/m $ 2,990
UG Stope Drill Cost $/dm $ 27.20
UG Stope Blast Cost $/dm $ 2.09
UG Loading Cost (Manual Bog) $/t $ 14.49
UG Loading Cost (Remote Bog) $/t $ 14.49
UG Haulage Cost $/tkm $ 1.23
UG Backfill_CAF $/m3 $ -
UG Backfill_WRF $/m3 $ 3.27

Power $/t $ -
General Admistration (G & A) $/t $ 2.26
Processing $/t $ 21.73

Primary and Secondary Stoping with CAF

Items Unit Rate
In-Situ MSO Tonnes t
Dilution %
Recovery %
Diluted and Recovered Tonnes t
Mineable Au Grade g/t
Minable Au Metal oz
CAPITAL
UG Lateral Development Cost $ 2,990
UG Vertical Development Cost $ 1,979,807
UG CAF Cost $ 1,730,200
OPERATING
UG Development Cost $/m $ 2,990
UG Stope Drill Cost $/dm $ 27.20
UG Stope Blast Cost $/dm $ 2.09
UG Loading Cost (Manual Bog) $/t $ 14.49
UG Loading Cost (Remote Bog) $/t $ 14.49
UG Haulage Cost $/tkm $ 1.23
UG Backfill_CAF $/m3 $ 51.95
UG Backfill_WRF $/m3 $ 3.27

Power $/t $ -
General Admistration (G & A) $/t $ 2.26
Processing $/t $ 21.73

Long Hole Open Stoping with Pillars (Bottom Up)

Items Unit Rate
In-Situ MSO Tonnes t
Dilution %
Recovery %
Diluted and Recovered Tonnes t
Mineable Au Grade g/t
Minable Au Metal oz
CAPITAL
UG Lateral Development Cost $ 2,990
UG Vertical Development Cost $ 1,979,807
UG CAF Cost $ 1,730,200
OPERATING
UG Development Cost $/m $ 2,990
UG Stope Drill Cost $/dm $ 27.20
UG Stope Blast Cost $/dm $ 2.09
UG Loading Cost (Manual Bog) $/t $ 14.49
UG Loading Cost (Remote Bog) $/t $ 14.49
UG Haulage Cost $/tkm $ 1.23
UG Backfill_CAF $/m3 $ 51.95
UG Backfill_WRF $/m3 $ 3.27

Power $/t $ -
General Admistration (G & A) $/t $ 2.26
Processing $/t $ 21.73

Upper Levels
Items Unit Rate
In-Situ MSO Tonnes t
Dilution %
Recovery %
Diluted and Recovered Tonnes t
Mineable Au Grade g/t
Minable Au Metal oz
CAPITAL
UG Lateral Development Cost $ 2,990
UG Vertical Development Cost $ 5,600
UG CAF Cost $ 1,730,200
OPERATING
UG Development Cost $/m $ 2,990
UG Stope Drill Cost $/dm $ 27.20
UG Stope Blast Cost $/dm $ 2.09
UG Loading Cost (Manual Bog) $/t $ 14.49
UG Loading Cost (Remote Bog) $/t $ 14.49
UG Haulage Cost $/tkm $ 1.23
UG Backfill_CAF $/m3 $ 51.95
UG Backfill_WRF $/m3 $ 3.27

Power $/t $ -
General Admistration (G & A) $/t $ 2.26
Processing $/t $ 21.73
 Total Cost
Category Comment
(S/oz)
$ 742.73 Low Costs
$ 762.14 Low Costs
$ 812.36 High Costs
$ 717.66 Moderate Costs
$ 828.48 High Costs
$ 699.93 Low Costs
$ 713.12 Low Costs

Mining
Minable Grade Minable OPEX
Revenue ($/oz) CAPEX
(g/t) Metal (oz) ($/oz)
($/oz)
3.02 85,336 $ 1,262 $ 152 $ 343
3.43 66,085 $ 1,262 $ 196 $ 348
2.69 75,855 $ 1,262 $ 171 $ 364
3.14 80,595 $ 1,262 $ 161 $ 319
3.43 90,077 $ 1,262 $ 163 $ 448
3.43 80,595 $ 1,262 $ 321 $ 700
3.43 77,886 $ 1,262 $ 166 $ 329

Minable Grade Minable Mining

Revenue ($) OPEX ($)
(g/t) Metal (oz) CAPEX ($)
3.02 85,336 107.7M 13.0M 29.3M
3.43 66,085 83.4M 13.0M 23.0M
2.69 75,855 95.7M 13.0M 27.6M
3.14 80,595 101.7M 13.0M 25.7M
3.43 90,077 113.7M 14.7M 40.3M
3.43 77,886 98.3M 13.0M 25.6M

nfrastructure
Average from MSO Analysis

Assuming that power is included in Site G&A

Assumption from Client
Fixed processing cost from Client
Variable processing cost from Client

Vent /
XC (m) Stockpile (m) Vent / Egress_L (m) Egress_V
(m)

30 20 30 40
30 20 30 40
30 20 30 40
30 20 30 40
30 20 30 40
30 20 30 40
30 20 30 40
30 20 30 40
30 20 30 40
30 20 30 40
30 20 30 40
30 20 30 40
360 240 360 480

Factor Quantity Cost

1 3,060 $ 9,149,400 Unit Cost from Client

$ - Unit Cost from Client
1 612 $ 1,829,880 Unit Cost from Client

1 240 $ 485,903 MP Estimate

670 $ -
195 $ -
1 240 $ 1,493,903 MP Estimate
644 $ -
248 $ -
 $ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -

1 1 $ 100,000 MP Estimate
1 1 $ 1,500,000 MP Estimate
1 1 $ 130,200 MP Estimate

$ -
$ -

Factor Quantity Costs

880,059
25%
90%
880,059
3.02
85,336

1 3,672 $ 10,979,280
Assumes that some of the
1 1 $ 1,979,807 dev will be longitudinal
0 1 $ - and some transverse

1.5 1,408 $ 6,314,880

5.5 160,011 $ 4,352,294 Includes 10% for re-drills
1 880,059 $ 1,839,324 and clean outs
60% 528,035.63 $ 7,651,236
40% 352,023.75 $ 5,100,824
2.8 880,059 $ 3,030,924
0% - $ -
100% 312,078 $ 1,020,494

$ -
$ 1,988,934
$ 19,123,690 $/Ore Tonne$/Oz
CAPEX $ 12,959,087 $ 15 $ 152
OPEX $ 29,309,977 $ 33 $ 343
 TOTAL $ 63,381,688 $ 72 $ 743
REVENUE $ 107,671,185 $ 122

Factor Quantity Costs

876,148
40%
80%
876,148
2.69
75,855

1 3,672 $ 10,979,280
1 1 $ 1,979,807
0 1 $ -

1.5 1,408 $ 6,314,880

5.5 159,300 $ 4,332,950
1 127,440 $ 266,349
60% 525,688.80 $ 7,617,231
40% 350,459.20 $ 5,078,154
2.8 876,148 $ 3,017,454
0% - $ -
100% 310,691 $ 1,015,959

$ -
$ 1,980,094
$ 19,038,696 $/Ore Tonne$/Oz
CAPEX $ 12,959,087 $ 15 $ 171
OPEX $ 27,642,976 $ 32 $ 364
TOTAL $ 61,620,853 $ 70 $ 812
REVENUE $ 95,707,720 $ 109

Factor Quantity Costs

876,148
10%
95%
817,477
3.43
90,077

1 3,672 $ 10,979,280
1 1 $ 1,979,807
1 1 $ 1,730,200

1.5 1,408 $ 6,314,880

5.5 148,632 $ 4,042,797
 1 118,906 $ 248,513
60% 490,486.43 $ 7,107,148
40% 326,990.95 $ 4,738,099
2.8 817,477 $ 2,815,392
100% 289,886 $ 15,059,900
0% - $ -

$ -
$ 1,847,499
$ 17,763,783 $/Ore Tonne$/Oz
CAPEX $ 14,689,287 $ 18 $ 163
OPEX $ 40,326,730 $ 49 $ 448
TOTAL $ 74,627,299 $ 91 $ 828
REVENUE $ 113,652,917 $ 139

Factor Quantity Costs

876,148
10%
82%
706,841
3.43
77,886

1 3,672 $ 10,979,280
1 1 $ 1,979,807
0 1 $ -

2 1,408 $ 8,419,840 Assumes that 2 ore drive

per level is required du to
5.5 128,517 $ 3,495,652 the thickness of the
1 102,813 $ 214,880 orebody
60% 424,104.80 $ 6,145,279
40% 282,736.54 $ 4,096,852
2.8 706,841 $ 2,434,362
0% - $ -
100% 250,653 $ 819,635

$ -
$ 1,597,461
$ 15,359,662 $/Ore Tonne$/Oz
CAPEX $ 12,959,087 $ 18 $ 166
OPEX $ 25,626,499 $ 36 $ 329
TOTAL $ 55,542,709 $ 79 $ 713
REVENUE $ 98,271,319 $ 139

Factor Quantity Costs

 33,690
25%
95%
40,007
3.55
3,852

1 903 $ 2,699,970
1 111 $ 621,600
0 1 $ -

Assumes that 2 ore drive

1 184 $ 550,160 per level is required due
5.5 40,007 $ 1,088,187 to the thickness of the
orebody
1 32,006 $ 66,891
60% 24,004.13 $ 347,820
40% 16,002.75 $ 231,880
2.8 140,024 $ 482,243
0% - $ -
100% 14,187 $ 46,391

$ -
$ 90,416
$ 869,349 $/Ore Tonne$/Oz
CAPEX $ 3,321,570 $ 83 $ 43
OPEX $ 2,813,572 $ 70 $ 36
TOTAL $ 7,094,907 $ 177 $ 91
REVENUE $ 4,860,170 $ 121

Ounces require 5,623

 Overheads ($/t) TOTAL Cost ($/oz) Margin ($/oz)

$ 8.74 $ 743 $ 519

$ 8.74 $ 762 $ 500
$ 8.74 $ 812 $ 449
$ 8.74 $ 718 $ 544
$ 8.74 $ 828 $ 433
$ 8.74 $ 700 $ 562
$ 8.74 $ 713 $ 549

Overheads ($) TOTAL Cost ($) Margin ($)

7.7M 50.0M 57.7M

5.2M 41.2M 42.2M
7.7M 48.3M 47.4M
7.0M 45.7M 56.0M
7.1M 62.2M 51.5M
6.4M 45.0M 53.3M
 Wastepass_V (m) ODR_LHOS (m) ODR_SLS (m)

0 70
0 35
0 65
0 57
0 100
0 200
0 152
0 156
0 158
0 146
0 152
0 117
0 1,408 0
480 480
3,060 2,535
1,408 0

OPERATING
ACTIVITY Unit Rate
Lateral Development
OPERATING_LHOS $/m $ 2,990.00
OPERATING_SLS $/m $ 2,990.00
Longhole Drilling
89mm upholes $/dm
76mm upholes $/dm $ 27.20
Longhole Charging
89mm upholes $/dm
76mm upholes $/st $ 2.09
Stope Bogging
20T Loader Class $/t
 15 - 17t Loader Class $/t $ 14.49
20T Loader Class - Remote $/t $ 14.49
15 - 17t Loader Class - Re $/t
Stope Haulage
60T Truck - Ore $/tkm $ 1.23
60T Truck - Ore (SLS) $/tkm
50T Truck - Ore $/tkm
40T Truck - Ore $/tkm
60T Truck - Waste $/tkm
Backfill
Paste Fill $/m3
CAF $/m3 $ 51.95
CRF $/m 3

Waste Rock Fill (WRF) $/m3 $ 3.27

Waste Rock Fill (WRF)_Bulk $/m 3

Waste Rock Fill (WRF) throu $/m3

Long Hole Open Stoping with Pillars (Top Down)

Items Unit
In-Situ MSO Tonnes t
Dilution %
Recovery %
Diluted and Recovered Tonnes t
Mineable Au Grade g/t
Minable Au Metal oz
CAPITAL
UG Lateral Development Cost
ssumes that some of the
ev will be longitudinal
UG Vertical Development Cost
nd some transverse UG Backfill Cost
OPERATING
UG Development Cost $/m
ncludes 10% for re-drills UG Stope Drill Cost $/dm
and clean outs UG Stope Blast Cost $/dm
UG Loading Cost (Manual Bog) $/t
UG Loading Cost (Remote Bog) $/t
UG Haulage Cost $/tkm
UG Backfill_Paste $/m3
UG Backfill_WRF $/m3

Power $/t
General Admistration (G & A) $/t
Processing $/t
Panel Stoping with Passive Support
Items Unit
In-Situ MSO Tonnes t
Dilution %
Recovery %
Diluted and Recovered Tonnes t
Mineable Au Grade g/t
Minable Au Metal oz
CAPITAL
UG Lateral Development Cost
UG Vertical Development Cost
UG Pastefill Cost
OPERATING
UG Development Cost $/m
UG Stope Drill Cost $/dm
UG Stope Blast Cost $/dm
UG Loading Cost (Manual Bog) $/t
UG Loading Cost (Remote Bog) $/t
UG Haulage Cost $/tkm
UG Backfill_Paste $/m3
UG Backfill_WRF $/m3

Power $/t
General Admistration (G & A) $/t
Processing $/t

Core and Shell Stoping (Backfill after mining)

In-Situ MSO Tonnes t

Dilution %
Recovery %
Diluted and Recovered Tonnes t
Mineable Au Grade g/t
Minable Au Metal oz
CAPITAL
UG Lateral Development Cost
UG Vertical Development Cost
UG Pastefill Cost
OPERATING
UG Development Cost $/m
UG Stope Drill Cost $/dm
 UG Stope Blast Cost $/dm
UG Loading Cost (Manual Bog) $/t
UG Loading Cost (Remote Bog) $/t
UG Haulage Cost $/tkm
UG Backfill_Paste $/m3
UG Backfill_WRF $/m3

Power $/t
General Admistration (G & A) $/t
Processing $/t

hat 2 ore drive

required du to
ess of the
Assumes that 2 ore drive
per level is required due
to the thickness of the
orebody
 Person A Person B Client

Rank Rank Rank

4 4 4
3 3 3
2 2 2
5 5 5
1 1 1
7 7 7
Calculated field from
6 6 6 column N

Margin (%)

70%
66%
55%
76%
52%
80%
77%

Margin (%)

116%
102%
98%
123%
83%
118%
 Factor Quantity Cost

1 1,408 $ 4,209,920
0 $ -
Comments

Assumption from Client

Assumption from Client

Assumption from Client
Assumption from Client

Assumption from Client

Estimate from other operations $ 18.89

Assumption from Client

Rate Factor Quantity Costs

880,059
10%
70%
599,744
3.43
66,085

$ 2,990.00 1 3,672 $ 10,979,280

$ 1,979,807 1 1 $ 1,979,807
$ - 0 - $ -
Assumes that 2 ore drive
$ 2,990.00 2 1,408 $ 8,419,840 per level is required du to
the thickness of the
$ 27.20 5.5 109,044 $ 2,966,008 orebody
$ 2.09 1 87,236 $ 182,322
$ 14.49 60% 359,847 $ 5,214,176
$ 14.49 40% 239,898 $ 3,476,117
$ 1.23 2.8 599,744.17 $ 2,065,519
- $ -
$ 3.27 100% 212,675 $ 695,448 All stope voi
backfilled at
mine life.
$ - $ -
$ 2.26 $ 1,355,422
$ 21.73 $ 13,032,441 $/Ore Tonne
CAPEX $ 12,959,087 $ 22
OPEX $ 23,019,430 $ 38
 TOTAL $ 50,366,379 $ 84
REVENUE $ 83,381,726 $ 139

Rate Factor Quantity Costs

782,275
20%
85%
797,921
3.14
80,595

$ 2,990 1 3,672 $ 10,979,280

$ 1,979,807 1 1 $ 1,979,807
$ - 0 - $ -

$ 2,990 1.5 1,408 $ 6,314,880

$ 27.20 5.5 145,076 $ 3,946,080
$ 2.09 1 116,061 $ 242,568
$ 14.49 60% 478,752.30 $ 6,937,121
$ 14.49 40% 319,168.20 $ 4,624,747
$ 1.23 2.8 797,921 $ 2,748,038
$ 10.00 0% - $ -
$ 3.27 100% 282,951 $ 925,248

$ - $ -
$ 2.26 $ 1,803,300
$ 21.73 $ 17,338,812 $/Ore Tonne
CAPEX $ 12,959,087 $ 16
OPEX $ 25,738,682 $ 32
TOTAL $ 57,839,881 $ 72
REVENUE $ 101,689,452 $ 127

782,275
10%
85%
731,427
3.43
80,595

$ 2,990 1 3,672 $ 10,979,280

$ 1,979,807 1 1 $ 1,979,807
$ - 0 - $ -

Aaron Spong:
$ 2,990 2 1,408 $ 8,419,840 Doubled the OD
$ 27.20 6 121,905 $ 3,315,803 access the shel
and assumes th
drive per level
du to the thickn
orebody
 Aaron Spong:
Doubled the OD
access the shel
and assumes th
$ 2.09 1 97,524 $ 203,824 drive per level
$ 14.49 60% 438,856.28 $ 6,359,027 du to the thickn
$ 14.49 40% 292,570.85 $ 4,239,352 orebody

$ 1.23 2.8 731,427 $ 2,519,035

Aaron Spong:
$ 10.00 0% - $ - Assumes 20%
$ 3.27 100% 259,371 $ 848,144 drilling when m
shell stopes du
ground from st
$ - $ - distributions
$ 2.26 $ 1,653,025
$ 21.73 $ 15,893,911 $/Ore Tonne
CAPEX $ 12,959,087 $ 18
OPEX $ 25,905,026 $ 35
TOTAL $ 56,411,049 $ 77
REVENUE $ 101,689,452 $ 139
Calculated field from
column N
Assumes that 2 ore drive
per level is required du to
the thickness of the
orebody

All stope voids must be

backfilled at the end of the
mine life.

$/Oz
$ 196
$ 348
$ 762

$/Oz
$ 161
$ 319
$ 718

Aaron Spong:
Doubled the OD dev to
access the shell stopes
and assumes that 2 ore
drive per level is required
du to the thickness of the
orebody
 Aaron Spong:
Doubled the OD dev to
access the shell stopes
and assumes that 2 ore
drive per level is required
du to the thickness of the
orebody

Aaron Spong:
Assumes 20% extra
drilling when mining the
shell stopes due to bad
ground from stress re-
distributions

$/Oz
$ 161
$ 321
$ 700
Stope Ore Recovery
Category Comment
Some material is potentially lef
Modified Avoca Bench Stoping High
fill material.
Long Hole Open Stoping with Pillars (Top Down) Moderate Stope ore left as pillars for local
Some material is left in the stop
Stoping Under Rock Fill (SURF) Moderate- High
material.
Stope ore is not fully recovered
Low
Panel Stoping with Passive Support lost within the dilution.

Primary and Secondary Stoping with CAF High the majority of the material is m
Core and Shell Stoping (Backfill after mining) Moderate Stope ore left as pillars for local
Long Hole Open Stoping with Pillars (Bottom Up) Moderate Stope ore left as pillars for local

Score Weighting
1 Least preferred
Moderatly
3 preferred
5 Most preferred
 Person A Person B Mining Comp
ment Rank Rank Rank
material is potentially left in the stope due to dilution from the waste
4 5 4
aterial.
ore left as pillars for localised and regional stability. 3 3 1
material is left in the stope due to dilution from the waste fill
4 3 2
ial.
ore is not fully recovered until the end of the mine. Some material is
1 2 3
ithin the dilution.
ajority of the material is mined in Primary or Secondary stopes. 5 5 5
ore left as pillars for localised and regional stability. 3 3 4
ore left as pillars for localised and regional stability. 3 3 3
Mining Comp
Mining Sequence
Category Comment
Modified Avoca Bench Stop
Modified Avoca Bench Stoping Moderate
direction may cause difficul
Long Hole Open Stoping with Pillars (Top Down) Moderate Direction can change due to
Mining sequence can be ch
Stoping Under Rock Fill (SURF) Moderate
required. But the can
Mining sequence flowbeof ch
ba
Panel Stoping with Passive Support Low
required. But the flow of ba
Primary and Secondary Stoping with CAF Moderate Direction can change due to
Core and Shell Stoping (Backfill after mining) Moderate Direction is relatively fixed
Direction can change due to
Moderate
Long Hole Open Stoping with Pillars (Bottom Up) therfore limiting sequence t

Score Weighting
1 Least preferred
Moderatly
3 preferred
5 Most preferred
 Person A
Comment Rank
Modified Avoca Bench Stoping is a bottom up method, so modifying the up dip
2
direction may cause difficulty or even ore sterilisation.
Direction can change due to the presence of pillars 3
Mining sequence can be changed between transverese and longitudinal if
3
required. But the can
Mining sequence flowbeof changed
backfill isbetween
still to progress the mining
transverese method if
and longitudinal
1
required. But the flow of backfill is still to progress the mining method
Direction can change due to the presence of engineered pillars 3
Direction is relatively fixed once the core stopes are extracted. 2
Direction can change due to the presence of pillars, but fixed to bottom up
2
therfore limiting sequence to only after stopes have been backfilled
Person B Mining Comp
Rank Rank

2 3

3 4
2 2
1 2
4 4
2 3

2 4
Margins NOTE: The total margin value is calculated f

Total Margin Value ($/oz

Modified Avoca Bench Stoping $519
Long Hole Open Stoping with Pillars (Top Down) $500
Stoping Under Rock Fill (SURF) $449
Panel Stoping with Passive Support $544
Primary and Secondary Stoping with CAF $433
Core and Shell Stoping (Backfill after mining) $562
Long Hole Open Stoping with Pillars (Bottom Up) $549

Score Weighting
1 Least Margin
3 Moderate Margin
5 Highest Margin
l margin value is calculated from total revenue less total costs for each mining method
Person A Person B
Category Comment Rank Rank
Moderate 4 4
High 3 3
Low 2 2
Moderate 5 5
Low 1 1
High 7 7
High 6 6
Mining Comp
Rank
4
3
2
5
1
7
6
Mining Method Trade Off Matrix

Person A

Mining Method Safety

Modified Avoca Bench Stoping 43

Long Hole Open Stoping with Pillars (Top Down) 57
Stoping Under Rock Fill (SURF) 43
Panel Stoping with Passive Support 43
Primary and Secondary Stoping with CAF 43
Core and Shell Stoping (Backfill after mining) 57
Long Hole Open Stoping with Pillars (Bottom Up) 71

Person B

Mining Method Safety

Modified Avoca Bench Stoping 58

Long Hole Open Stoping with Pillars (Top Down) 58
Stoping Under Rock Fill (SURF) 58
Panel Stoping with Passive Support 58
Primary and Secondary Stoping with CAF 58
Core and Shell Stoping (Backfill after mining) 58
Long Hole Open Stoping with Pillars (Bottom Up) 58

Mining Comp

Mining Method Safety

Modified Avoca Bench Stoping 60

Long Hole Open Stoping with Pillars (Top Down) 45
Stoping Under Rock Fill (SURF) 60
Panel Stoping with Passive Support 60
Primary and Secondary Stoping with CAF 60
Core and Shell Stoping (Backfill after mining) 60
Long Hole Open Stoping with Pillars (Bottom Up) 76
Reasaon for the Win/Loss
SLHOS won due to the ability to re
Sub-Level Stoping with Paste Fill SLCresource,
the lost due to itsthe
with inability to reoc
smallest dil
Sub-Level Caving high dilution and unsure whether
Trough Cave lost because of flexi
Trough Caving
 Criteria
Recovery
Ore Body Production Backfill
Dilution of Flexibility
Geometry Consistency Requirements
Resource
14 8 41 45 26 38
18 15 10 45 13 28
14 4 41 45 26 28
14 15 41 11 26 28
23 15 52 34 13 47
23 15 10 34 13 19
23 15 10 34 13 38

Criteria
Recovery
Ore Body Production Backfill
Dilution of Flexibility
Geometry Consistency Requirements
Resource
19 4 43 47 14 27
19 8 11 47 27 27
19 2 43 47 14 27
19 10 43 23 14 27
24 10 53 47 14 34
19 8 11 47 27 20
19 8 11 35 14 20

Criteria
Recovery
Ore Body Production Backfill
Dilution of Flexibility
Geometry Consistency Requirements
Resource
24 15 40 40 24 48
15 25 10 40 40 60
15 5 20 30 24 36
15 20 30 20 32 36
19 25 50 40 8 60
19 25 30 40 32 24
24 25 30 40 24 60
 S won due to the ability to recover majority of
lost due to
esource, itsthe
with inability to reocver
smallest dilutionthe resource,
h dilution and unsure whether ground will cave
ugh Cave lost because of flexibility and Time to
full production
 Criteria
Time to Full Stope Ore Mining
Ventilation Mining Cost Margin
Production Recovery Sequence

6 20 30 11 6 4
4 26 23 8 8 3
6 20 15 11 8 2
6 7 38 3 3 5
6 13 8 14 8 1
4 7 53 8 6 7
4 20 45 8 6 6

Criteria
Time to Full Stope Ore Mining
Ventilation Mining Cost Margin
Production Recovery Sequence

9 17 12 24 10 19
9 17 9 15 15 15
9 17 6 15 10 10
9 12 15 10 5 24
9 12 3 24 19 5
6 6 20 15 10 34
9 12 17 15 10 29

Criteria
Time to Full Stope Ore Mining
Ventilation Mining Cost Margin
Production Recovery Sequence

6 20 40 12 9 20
6 20 30 3 12 15
6 15 20 6 6 10
6 15 50 9 6 25
6 20 10 15 12 5
6 10 70 12 9 35
6 20 60 9 12 30
Total Score Rank

292 2
260 5
264 4
240 7
277 3
255 6
293 1 < Optimal Mining Method

Total Score Rank

303 2
276 4
276 5
268 6
311 1 < Optimal Mining Method
281 3
256 7

Total Score Rank

359 3
321 6
253 7
324 5
331 4
373 2
416 1 < Optimal Mining Method
Appen
pendix
MSO Tonnes and Grade Data

Data from MSO

Mined In-situ
Mined Grade
Tonnes
Modified Avoca Bench Stoping 782,275 3.67
Long Hole Open Stoping with Pillars (Top D 782,275 3.67
Stoping Under Rock Fill (SURF) 782,275 3.67
Panel Stoping with Passive Support 782,275 3.67
Primary and Secondary Stoping with CAF 782,275 3.67
Core and Shell Stoping 782,275 3.67
Long Hole Open Stoping with Pillars (Bottom 782,275 3.67
Insitu Metal Mining
Dilution Minable Tonnes Minable Grade (g/t)
(oz) Recovery
92,303 90% 25% 880,059 3.02
92,303 70% 10% 599,744 3.43
92,303 80% 40% 876,148 2.69
92,303 85% 20% 797,921 3.14
92,303 95% 10% 817,477 3.43
92,303 85% 10% 731,427 3.43
92,303 82% 10% 706,841 3.43
Minable Metal (oz)

85,336
66,085 Recovery 60-70% due to larger pillar requirement with no backfill until end of orebody
75,855 Nominally 70-85% recovery as stated by Client
80,595 Recovery 85%, dilution 20%. Less backfill dilution than SURF.
90,077
80,595
77,886 Recovery 80-85% so no change. Also assuming a 5m pillar for LoM stability.
with no backfill until end of orebody life. Also assuming a 10m pillar for LoM stability until backfilling

han SURF.

m pillar for LoM stability.

ntil backfilling
Cut-off Grade Modified AVOCA

Key Data
USD/AUD Exch 1.00
GOLD PRICE /oz AUD 1,500.00
WGC Levy (US) /oz USD -
WGC Levy (Aust) /oz AUD -
WASG royalty (2.5%) /oz AUD 37.50
Refining/Sales /oz AUD 12.24
GOLD PRICE after royalties /oz AUD 1,450.26

Mill recovery 87.0%

PRICE per RECOVERED GRAM $ 40.57

Direct Mining Cost Rate

Mine Development $/t Ore Mined 15.97
Mine BF $/t Stope
Mine Stoping & BF $/t Stope -
Mine Stoping & BF $/t Ore Mined 11.07
UG Material Handling $/t Ore Mined 5.62
Support Services $/t Ore Mined 11.13
Surface Material Handling $/t Processed 1.15
Closure $/t Processed 1.20

Marginal Stockpile Op Cost $/t Processed 8.89

Direct Mining Cost - Total ($/ore t) 55.03

Capital Expenditure
Capital Works ($/ore t)
Capital Development ($/ore t)
Sustaining Capital $/t Processed 2.00
Mill Sustaining Capital ($/ore t)
Total Capital Expenditure ($/ore t) 2.00

Non-Mining Overheads
Processing Variable $/t Processed 15.25
Processing Fixed $/t Processed 6.48
Site G&A $/t Processed 2.26
Mining Admin/Tech Services ($/ore t) $5.87
Total Non-Mining Overheads ($/ore t) 29.86

Total Cost ($/ore t) 86.89

Diluted Grade (g/t) 2.1

 Typical Dilution % 25%
Typical Dilution Grade (g/t) 0.40

In situ Grade (g/t) 2.6

Mining Method Insitu CoG Diluted CoG

Modified Avoca 2.6 2.1
LHOS with Pillars (Top Down) 2.3 2.1
Stoping Under Rock Fill 2.9 2.1
Panel Stoping with Passive Support 2.5 2.1
Primary and Secondary Stoping with CAF 2.5 2.3
Core and Shell Stoping 2.1 2.0
Long Hole Open Stoping with Pillars (Bottom Up) 2.3 2.1
25m 2g/t MSO
Insitu Tonnes 782,275
Insitu Grade 3.67
Insitu Ounces 92,303
Mining Recovery 90%
Dilution Grade (g/t) 0.4
Dilution 25%
Diluted and Recovered Tonnes 880,059
Diluted Grade Grade 3.02
Recovered Ounces 85,336

Recovered Revenue $ 107,671,185

Assumes 10% dilution from

D&B activities and the other
15% from waste ingress

This formula is designed to

take into account any
overbogging that may occur
if any method and thus will
not produce more metal
other than what is stated in
dilution grade cell.
Cut-off Grade LHOS with Pillars (Top Down)

Key Data
USD/AUD Exch 1.00
GOLD PRICE /oz AUD 1,500.00
WGC Levy (US) /oz USD -
WGC Levy (Aust) /oz AUD -
WASG royalty (2.5%) /oz AUD 37.50
Refining/Sales /oz AUD 12.24
GOLD PRICE after royalties /oz AUD 1,450.26

Mill recovery 87.0%

PRICE per RECOVERED GRAM $ 40.57

Direct Mining Cost Rate

Mine Development $/t Ore Mined 15.97
Mine BF $/t Stope
Mine Stoping & BF $/t Stope -
Mine Stoping $/t Ore Mined 11.07
UG Material Handling $/t Ore Mined 5.62
Support Services $/t Ore Mined 11.13
Surface Material Handling $/t Processed 1.15
Closure $/t Processed 1.20

Marginal Stockpile Op Cost $/t Processed 8.89

Direct Mining Cost - Total ($/ore t) 55.03

Capital Expenditure
Capital Works ($/ore t)
Capital Development ($/ore t)
Sustaining Capital $/t Processed 2.00
Mill Sustaining Capital ($/ore t)
Total Capital Expenditure ($/ore t) 2.00

Non-Mining Overheads
Processing Variable $/t Processed 15.25
Processing Fixed $/t Processed 6.48
Site G&A $/t Processed 2.26
Mining Admin/Tech Services ($/ore t) $5.87
Total Non-Mining Overheads ($/ore t) 29.86

Total Direct Cost ($/ore t) 86.89

Diluted Grade (g/t) 2.1

Typical Dilution % 10%
Typical Dilution Grade (g/t) 1.00

In situ Grade (g/t) 2.3

25m 2g/t MSO
Insitu Tonnes 782,275
Insitu Grade 3.67
Insitu Ounces 92,303
Mining Recovery 70%
Dilution Grade (g/t) 1
Dilution 10%
Diluted and Recovered Tonnes 599,744
Diluted Grade Grade 3.43
Recovered Ounces 66,085

Recovered Revenue $ 83,381,726

Based on a 4m pillar and a

stoping strike length of
23m (HR=6m).

This formula is designed to

take into account any
overbogging that may
occur if any method and
thus will not produce more
metal other than what is
stated in dilution grade cell.
Cut-off Grade SURF

Key Data
USD/AUD Exch 1.00
GOLD PRICE /oz AUD 1,500.00
WGC Levy (US) /oz USD -
WGC Levy (Aust) /oz AUD -
WASG royalty (2.5%) /oz AUD 37.50
Refining/Sales /oz AUD 12.24
GOLD PRICE after royalties /oz AUD 1,450.26
Ore Mined Recovery 100%
Mill recovery 87.0%

PRICE per RECOVERED GRAM $ 40.57

Direct Mining Cost Rate

Mine Development $/t Ore Mined 15.97
Mine BF $/t Stope
Mine Stoping & BF $/t Stope -
Mine Stoping & BF $/t Ore Mined 11.07
UG Material Handling $/t Ore Mined 5.62
Support Services $/t Ore Mined 11.13
Surface Material Handling $/t Processed 1.15
Closure $/t Processed 1.20

Marginal Stockpile Op Cost $/t Processed 8.89

Direct Mining Cost - Total ($/ore t) 55.03

Capital Expenditure
Capital Works ($/ore t)
Capital Development ($/ore t)
Sustaining Capital $/t Processed 2.00
Mill Sustaining Capital ($/ore t)
Total Capital Expenditure ($/ore t) 2.00

Non-Mining Overheads
Processing Variable $/t Processed 15.25
Processing Fixed $/t Processed 6.48
Site G&A $/t Processed 2.26
Mining Admin/Tech Services ($/ore t) $5.87
Total Non-Mining Overheads ($/ore t) 29.86

Total Direct Cost ($/ore t) 86.89

Diluted Grade (g/t) 2.1

Typical Dilution % 40%
Typical Dilution Grade (g/t) 0.25

In situ Grade (g/t) 2.9

25m 2g/t MSO
Insitu Tonnes 782,275
Insitu Grade 3.67
Insitu Ounces 92,303
Mining Recovery 80%
Dilution Grade (g/t) 0.25
Dilution 40%
Diluted and Recovered Tonnes 876,148
Diluted Grade Grade 2.69
Recovered Ounces 75,855

Recovered Revenue $ 95,707,720

Aurimas Karosas:
Assumes 10% dilution from
D&B activities and the other
30% from waste ingress

Aaron Spong:
This formula is designed to
take into account any
overbogging that may
occur if any method and
thus will not produce more
metal other than what is
stated in dilution grade cell.
Cut-off Grade Panel Stoping with Passive Support

Key Data
USD/AUD Exch 1.00
GOLD PRICE /oz AUD 1,500.00
WGC Levy (US) /oz USD -
WGC Levy (Aust) /oz AUD -
WASG royalty (2.5%) /oz AUD 37.50
Refining/Sales /oz AUD 12.24
GOLD PRICE after royalties /oz AUD 1,450.26
Ore Mined Recovery 80%
Mill recovery 87.0%

PRICE per RECOVERED GRAM $ 32.45

Direct Mining Cost Rate

Mine Development $/t Ore Mined 15.97
Mine BF $/t Stope
Mine Stoping & BF $/t Stope -
Mine Stoping & BF $/t Ore Mined 11.07
UG Material Handling $/t Ore Mined 5.62
Support Services $/t Ore Mined 11.13
Surface Material Handling $/t Processed 1.15
Closure $/t Processed 1.20

Marginal Stockpile Op Cost $/t Processed 8.89

Direct Mining Cost - Total ($/ore t) 55.03

Capital Expenditure
Capital Works ($/ore t)
Capital Development ($/ore t)
Sustaining Capital $/t Processed 2.00
Mill Sustaining Capital ($/ore t)
Total Capital Expenditure ($/ore t) 2.00

Non-Mining Overheads
Processing Variable $/t Processed 15.25
Processing Fixed $/t Processed 6.48
Site G&A $/t Processed 2.26
Mining Admin/Tech Services ($/ore t) $5.87
Total Non-Mining Overheads ($/ore t) 29.86

Total Direct Cost ($/ore t) 86.89

Diluted Grade (g/t) 2.1

Typical Dilution % 20%
Typical Dilution Grade (g/t) 0.50

In situ Grade (g/t) 2.5

25m 2g/t MSO
Insitu Tonnes 782,275
Insitu Grade 3.67
Insitu Ounces 92,303
Mining Recovery 85%
Dilution Grade (g/t) 0.5
Dilution 20%
Diluted and Recovered Tonnes 797,921
Diluted Grade Grade 3.14
Recovered Ounces 80,595

Recovered Revenue $ 81,351,562

Assumes 10% dilution from

D&B activities and the other
30% from waste ingress

This formula is designed to

take into account any
overbogging that may
occur if any method and
thus will not produce more
metal other than what is
stated in dilution grade cell.
Cut-off Grade Primary/Secondary Stoping with CAF

Key Data
USD/AUD Exch 1.00
GOLD PRICE /oz AUD 1,500.00
WGC Levy (US) /oz USD -
WGC Levy (Aust) /oz AUD -
WASG royalty (2.5%) /oz AUD 37.50
Refining/Sales /oz AUD 12.24
GOLD PRICE after royalties /oz AUD 1,450.26
Ore Mined Recovery 100%
Mill recovery 87.0%

PRICE per RECOVERED GRAM $ 40.57

Direct Mining Cost Rate

Mine Development $/t Ore Mined 15.97
Mine BF $/t Stope
Mine Stoping & BF $/t Stope -
Mine Stoping & BF $/t Ore Mined 18.89
UG Material Handling $/t Ore Mined 5.62
Support Services $/t Ore Mined 11.13
Surface Material Handling $/t Processed 1.15
Closure $/t Processed 1.20

Marginal Stockpile Op Cost $/t Processed 8.89

Direct Mining Cost - Total ($/ore t) 62.85

Capital Expenditure
Capital Works ($/ore t)
Capital Development ($/ore t)
Sustaining Capital $/t Processed 2.00
Mill Sustaining Capital ($/ore t)
Total Capital Expenditure ($/ore t) 2.00

Non-Mining Overheads
Processing Variable $/t Processed 15.25
Processing Fixed $/t Processed 6.48
Site G&A $/t Processed 2.26
Mining Admin/Tech Services ($/ore t) $5.87
Total Non-Mining Overheads ($/ore t) 29.86

Total Direct Cost ($/ore t) 94.71

Diluted Grade (g/t) 2.3

Typical Dilution % 10%
Typical Dilution Grade (g/t) 1.00

In situ Grade (g/t) 2.5

25m 2g/t MSO
Insitu Tonnes 782,275
Insitu Grade 3.67
Insitu Ounces 92,303
Mining Recovery 95%
Dilution Grade (g/t) 1
Dilution 10%
Diluted and Recovered Tonnes 817,477
Diluted Grade Grade 3.43
Recovered Ounces 90,077

Recovered Revenue $ 113,652,917

MP Estimate
This formula is designed to
take into account any
overbogging that may
occur if any method and
thus will not produce more
metal other than what is
stated in dilution grade cell.
Cut-off Grade Core and Shell Stoping

Key Data
USD/AUD Exch 1.00
GOLD PRICE /oz AUD 1,500.00
WGC Levy (US) /oz USD -
WGC Levy (Aust) /oz AUD -
WASG royalty (2.5%) /oz AUD 37.50
Refining/Sales /oz AUD 12.24
GOLD PRICE after royalties /oz AUD 1,450.26
Ore Mined Recovery 100%
Mill recovery 87.0%

PRICE per RECOVERED GRAM $ 40.57

Direct Mining Cost Rate

Mine Development $/t Ore Mined 15.97
Mine BF $/t Stope
Mine Stoping & BF $/t Stope -
Mine Stoping & BF $/t Ore Mined 5.72
UG Material Handling $/t Ore Mined 5.62
Support Services $/t Ore Mined 11.13
Surface Material Handling $/t Processed 1.15
Closure $/t Processed 1.20

Marginal Stockpile Op Cost $/t Processed 8.89

Direct Mining Cost - Total ($/ore t) 49.68

Capital Expenditure
Capital Works ($/ore t)
Capital Development ($/ore t)
Sustaining Capital $/t Processed 2.00
Mill Sustaining Capital ($/ore t)
Total Capital Expenditure ($/ore t) 2.00

Non-Mining Overheads
Processing Variable $/t Processed 15.25
Processing Fixed $/t Processed 6.48
Site G&A $/t Processed 2.26
Mining Admin/Tech Services ($/ore t) $5.87
Total Non-Mining Overheads ($/ore t) 29.86

Total Direct Cost ($/ore t) 81.54

Diluted Grade (g/t) 2.0

Typical Dilution % 10%
Typical Dilution Grade (g/t) 1.00

In situ Grade (g/t) 2.1

25m 2g/t MSO
Insitu Tonnes 782,275
Insitu Grade 3.67
Insitu Ounces 92,303
Mining Recovery 85%
Dilution Grade (g/t) 1
Dilution 10%
Diluted and Recovered Tonnes 731,427
Diluted Grade Grade 3.43
Recovered Ounces 80,595

Recovered Revenue $ 101,689,452

MP Estimate
This formula is designed to
take into account any
overbogging that may
occur if any method and
thus will not produce more
metal other than what is
stated in dilution grade cell.
Long Hole Open Stoping with Pillars (Bottom Up)

Key Data
USD/AUD Exch 1.00
GOLD PRICE /oz AUD 1,500.00
WGC Levy (US) /oz USD -
WGC Levy (Aust) /oz AUD -
WASG royalty (2.5%) /oz AUD 37.50
Refining/Sales /oz AUD 12.24
GOLD PRICE after royalties /oz AUD 1,450.26
Ore Mined Recovery 100%
Mill recovery 87.0%

PRICE per RECOVERED GRAM $ 40.57

Direct Mining Cost Rate

Mine Development $/t Ore Mined 15.97
Mine BF $/t Stope
Mine Stoping & BF $/t Stope -
Mine Stoping & BF $/t Ore Mined 11.07
UG Material Handling $/t Ore Mined 5.62
Support Services $/t Ore Mined 11.13
Surface Material Handling $/t Processed 1.15
Closure $/t Processed 1.20

Marginal Stockpile Op Cost $/t Processed 8.89

Direct Mining Cost - Total ($/ore t) 55.03

Capital Expenditure
Capital Works ($/ore t)
Capital Development ($/ore t)
Sustaining Capital $/t Processed 2.00
Mill Sustaining Capital ($/ore t)
Total Capital Expenditure ($/ore t) 2.00

Non-Mining Overheads
Processing Variable $/t Processed 15.25
Processing Fixed $/t Processed 6.48
Site G&A $/t Processed 2.26
Mining Admin/Tech Services ($/ore t) $5.87
Total Non-Mining Overheads ($/ore t) 29.86

Total Direct Cost ($/ore t) 86.89

Diluted Grade (g/t) 2.1

Typical Dilution % 10%
Typical Dilution Grade (g/t) 1.00

In situ Grade (g/t) 2.3

25m 2g/t MSO
Insitu Tonnes 782,275
Insitu Grade 3.67
Insitu Ounces 92,303
Mining Recovery 82%
Dilution Grade (g/t) 1
Dilution 10%
Diluted and Recovered Tonnes 706,841
Diluted Grade Grade 3.43
Recovered Ounces 77,886

Recovered Revenue $ 98,271,319

This formula is designed to

take into account any
overbogging that may
occur if any method and
thus will not produce more
metal other than what is
stated in dilution grade
cell.