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Reserves & Resources

Mineral Reserves

The table below lists the Mineral Reserve estimate for Guelb Moghrein, inclusive of stockpiles, as at December 31, 2017. The Mineral Reserves calculation is a depletion through mining of the Mineral Reserve reported in the NI 43 101 Technical Report lodged in March 2017. 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, 2017 - 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 - - -14.30.550.5714.30.550.57
Total Probable - - -8.20.830.748.20.830.74
Total Mineral Reserves - - -22.50.650.6322.50.650.63

The December 2017 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 $1200/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 22.5 Mt at average grades of 0.65% TCu and 0.69 g/t Au.

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

Mineral Resources

FQM continues to build confidence and knowledge with respect to the Guelb Moghrein geology and Mineral Resource estimate FQM specialists continue to improve the geology and mineralization models, which together with additional in-pit drillhole data, enabled the Mineral Resource estimate update which is the subject of the NI 43-101 Technical Report lodged in March 2016.

Mineral Resources– as at December 31, 2017 and reported using 0.5% CuEq cut-off grade

ClassificationTonnes (Mt)TCu (%)Au (g/t)
Sulphide
Total Measured8.70.670.65
Total Indicated 17.50.870.70
Total Meas. plus Ind.26.20.800.68
Total Inferred0.60.880.58
Oxide
Total Measured0.11.401.86 
Total Indicated7.50.861.01
Total Meas. plus Ind.7.50.861.02
Total Inferred1.80.712.35
Sulphide + Oxide
Total Measured8.80.680.67
Total Indicated24.90.860.79
Total Meas. plus Ind.33.70.810.76
Total Inferred2.40.761.88

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, 2017

Classification / StockpileTonnes (Mt)TCu (%)Au (g/t) As (ppm)
ROM Stockpile 0.80.800.71-
Marginal Stockpile 8.50.420.50-
Total Measured9.30.450.52-

The current depleted Mineral Resource inventory as at December 31, 2017 was estimated and 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.