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Reserves & Resources

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Mineral Resources

The Mineral Resource estimate for Guelb Moghrein, inclusive of the Mineral Reserve inventory, is presented in the table below and reflects the Guelb Moghrein Technical Report estimates and depleted to December 31, 2018.The additional stockpile resource as at the same date is listed in the stockpile table below.

Mineral Resources– as at December 31, 2018 and reported using 0.5% CuEq cut-off grade

Classification Tonnes (Mt) TCu (%) Au (g/t)
Sulphide
Total Measured 7.8 0.68 0.66
Total Indicated 16.2 0.83 0.66
Total Meas. plus Ind. 23.9 0.78 0.66
Total Inferred 0.6 0.88 0.58
Oxide
Total Measured 0.1 1.40 1.88
Total Indicated 7.3 0.86 1.01
Total Meas. plus Ind. 7.4 0.87 1.02
Total Inferred 1.8 0.71 2.35
Sulphide + Oxide
Total Measured 7.8 0.68 0.67
Total Indicated 23.5 0.84 0.77
Total Meas. plus Ind. 31.3 0.80 0.75
Total Inferred 2.4 0.76 1.88

The current depleted Mineral Resource was estimated and verified by David Gray of FQM who is a qualified person and holds the following valid qualifications: BSc Hons(Geo), MAusIMM, Pr.Sci.Nat.

Mineral Resource Statement for Guelb Moghrein stockpiles - as at December 31, 2018

Classification / Stockpile Tonnes (Mt) TCu (%) Au (g/t)
ROM Stockpile 0.3 0.69 0.59
Marginal Stockpile 4.3 0.42 0.54
Total Measured 4.6 0.44 0.54

The current stockpile Mineral Resource inventory as at December 31, 2018 was verified by David Gray of the Company who is a qualified person and holds the following valid qualifications: BSc Hons(Geo), MAusIMM, Pr.Sci.Nat.

Mineral Reserves

The table below lists the Mineral Reserve estimate for Guelb Moghrein, inclusive of stockpiles, as at December 31, 2018. The Mineral Reserves calculation is a depletion through mining of the Mineral Reserve reported in the Guelb Moghrein Technical Report. The estimate is derived from conventional optimization processes, detailed stage and ultimate pit designs and life of mine production scheduling.

Mineral Reserves as at December 31, 2018 - reported based on a $3.00/lb long-term copper price

Classification Non-primary Sulphide Ore Primary Sulphide Ore Total Ore
Ore (Mt) TCu (%) Au (g/t) Ore (Mt) TCu (%) Au (g/t) Ore (Mt) TCu (%) Au (g/t)
Total Proven - - - 8.4 0.54 0.58 8.4 0.54 0.58
Total Probable - - - 6.9 0.77 0.68 6.9 0.77 0.68
Total Mineral Reserves - - - 15.3 0.64 0.63 15.3 0.64 0.63

The December 2018 Mineral Reserve inventory has been estimated by independent consulting Mining Engineer, Anthony Cameron of Cameron Mining Consulting Ltd. Anthony Cameron is a qualified person and holds the following valid qualifications: BE (Mining), Grad Dip Bus, M Comm. Law, FAusIMM.

The Mineral Reserve estimate is based on a copper equivalent cut-off grade of 0.59% CuEq using the long term consensus price of $3.00/lb for copper and a gold price of $1,200/oz. Low grade stockpiles are shown to be economic at the 0.59% CuEq cut-off grade. Hence these stockpiles continue to be considered as a part of the Mineral Reserve inventory.

At $3.00/lb copper price, the total Mineral Reserve at Guelb Moghrein, including stockpiles, is 15.3 Mt at average grades of 0.64% TCu and 0.63 g/t Au.

The remaining life of mine at a treatment rate of 4.0 Mtpa is therefore shown to be approximately four years when all high grade and low grade stockpiles are considered.