XXX

xxx Gold Project

Summary of Cashflow

Summary of Production
Year Unit 0 1 2 3 4 5 6 7 8 9
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Ore Production tonne - 500,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
Waste Production tonne - 3,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000
Tonne Ore Processed (Grade Varies) tonne - 475,000 950,000 950,000 950,000 950,000 950,000 950,000 950,000 950,000
Gold Production (Au Eq.) Oz - 13,899 27,797 27,797 27,797 27,797 27,797 27,797 27,797 27,797

Internal Cashflow
Year Unit 0 1 2 3 4 5 6 7 8 9
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Gross Revenue US$m - 20.85 41.70 41.70 41.70 41.70 41.70 41.70 41.70 41.70
(-)Royalties US$m - (0.78) (1.56) (1.56) (1.56) (1.56) (1.56) (1.56) (1.56) (1.56)
(-)Dead Rent Payment US$m
(-)Land and Building Taxes US$m - (0.004) (0.008) (0.008) (0.008) (0.008) (0.008) (0.008) (0.008)
(-)Local Govt. Retribution and Charges US$m
Net Revenue US$m - 20.07 40.13 40.12 40.12 40.12 40.12 40.12 40.12 40.12
(-)Operating Cost US$m - (16.66) (33.27) (33.27) (33.27) (33.27) (33.27) (33.27) (33.27) (34.32)
(-)Sales fee US$m - (0.31) (0.63) (0.63) (0.63) (0.63) (0.63) (0.63) (0.63) (0.63)
(-)Refining Charges US$m - (0.14) (0.28) (0.28) (0.28) (0.28) (0.28) (0.28) (0.28) (0.28)
(-)VAT US$m - (0.86) (1.71) (1.71) (1.71) (1.71) (1.71) (1.71) (1.71) (1.76)
Operating Income US$m - 2.09 4.24 4.24 4.24 4.24 4.24 4.24 4.24 3.14
(-) Depreciation US$m (0.75) (0.75) (0.75) (0.75) (0.75) (0.75) (0.75) (0.75) (0.75)
Income Before Tax US$m - 1.34 3.49 3.49 3.49 3.49 3.49 3.49 3.49 2.39
(-) Corporate Tax US$m - (0.34) (0.87) (0.87) (0.87) (0.87) (0.87) (0.87) (0.87) (0.60)
Net Income US$m - 1.01 2.62 2.62 2.62 2.62 2.62 2.62 2.62 1.79
(+) Depreciation US$m 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75
EBT US$m - 1.76 3.37 3.37 3.37 3.37 3.37 3.37 3.37 2.54
(-) Capital Expenditure US$m
(-) Mine Development US$m 2.50
(-) HL Plant US$m
(-) CIL Plant US$m (17.50)
(-) Sustaining Capital US$m - - - - - - - - -
Free Cash Flow US$m (15.00) 1.76 3.37 3.37 3.37 3.37 3.37 3.37 3.37 2.54
Cumm Cash Flow US$m (15.00) (13.24) (9.87) (6.51) (3.14) 0.22 3.59 6.95 10.32 12.86

WACC 10.87%

Internal Financial Parameters (New Plant Investment)

NPV US$m 1.96
IRR % 14.0%
PBP Yr 4.9
XXX
xxx Gold Project
Operational Expenditures and Revenue Calculation

0 1 2 3 4 5 6 7 8
Year
Unit 2020 2021 2022 2023 2024 2025 2026 2027 2028
Product Price
Longterm Price Copper USD/lb 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00
Longterm Price Gold USD/oz 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500
Longterm Price Silver USD/oz 16.50 16.40 16.40 16.30 16.30 16.30 16.20 16.20 16.00

Payable Metal
Copper 96.5%
Gold 100.0%
Silver 90.0%

Royalties
Copper 4.00%
Gold 3.75%
Silver 3.25%

Gold Project
Operating Cost Unit
1-2 Mtpa
Drilling and Blasting USD/t 0.42
Ore Mining Cost USD/t 2.50 14.5
Waste Mining Cost USD/t 2.00
Gold Processing Cost (HL) USD/t Ore 6.00
Gold Processing Cost (CIL) USD/t Ore 15.00
Transportation Cost to Refinery USD/kg 34.50
Rehabilitation Cost USD/ha 11,000
General & Administrative Cost USD/t 1.00
Other USD/t 0.50

Refining Charge (RC)

Copper USD/lb 0.69
Gold USD/oz 10.00
Silver USD/oz 1.00

Sales Fee
Copper % 1.50%
Gold % 1.50%
Silver % 1.50%

0 1 2 3 4 5 6 7 8
Mining Production
Unit 2020 2021 2022 2023 2024 2025 2026 2027 2028
Mill ore grade tonne mined - Open Pit tonne 500,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
Mill ore grade tonne mined - U/G tonne
Total Ore mined tonne 500,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
Waste tonne mined tonne 3,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000
Waste Ratio t/t 6.00 6.00 6.00 6.00 6.00 6.00 6.00 6.00
Avg ore mined grade
- Cu %
- Au g/t 1.30 1.30 1.30 1.30 1.30 1.30 1.30 1.30
- Ag g/t 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Mining Recovery 95%
U/G Recovery 85%

Mill Operation
Plant Capacity 500,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
Tonne Ore Processed tonne 475,000 950,000 950,000 950,000 950,000 950,000 950,000 950,000
Tonne Ore Stockpiled tonne 0 0 0 0 0 0 0 0
Avg ore proceed grade
- Cu % 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- Au g/t 1.30 1.30 1.30 1.30 1.30 1.30 1.30 1.30
- Ag g/t 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Recovery
- Cu
- Au 70% 70% 70% 70% 70% 70% 70% 70%
- Ag 50% 50% 50% 50% 50% 50% 50% 50%

Page 2 of 5
XXX
xxx Gold Project
Operational Expenditures and Revenue Calculation

0 1 2 3 4 5 6 7 8
Year
Unit 2020 2021 2022 2023 2024 2025 2026 2027 2028
Metal Shipped
Gold gr 432,250.00 864,500.00 864,500.00 864,500.00 864,500.00 864,500.00 864,500.00 864,500.00
Silver gr 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Payable Metal
Gold gr 432,250.00 864,500.00 864,500.00 864,500.00 864,500.00 864,500.00 864,500.00 864,500.00
Silver gr 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
27,797.43
Revenue
Gold USD 20,848,071 41,696,141 41,696,141 41,696,141 41,696,141 41,696,141 41,696,141 41,696,141
Silver USD - - - - - - - -
Total Revenue USD 20,848,071 41,696,141 41,696,141 41,696,141 41,696,141 41,696,141 41,696,141 41,696,141

Royalty
Gold USD 781,803 1,563,605 1,563,605 1,563,605 1,563,605 1,563,605 1,563,605 1,563,605
Silver USD - - - - - - - -
Total Royalty USD 781,803 1,563,605 1,563,605 1,563,605 1,563,605 1,563,605 1,563,605 1,563,605

Operating Cost
Drilling and Blasting USD 1,470,000 2,940,000 2,940,000 2,940,000 2,940,000 2,940,000 2,940,000 2,940,000
Ore Mining Cost USD 1,250,000 2,500,000 2,500,000 2,500,000 2,500,000 2,500,000 2,500,000 2,500,000
Waste Mining Cost USD 6,000,000 12,000,000 12,000,000 12,000,000 12,000,000 12,000,000 12,000,000 12,000,000
Processing Cost USD 7,125,000 14,250,000 14,250,000 14,250,000 14,250,000 14,250,000 14,250,000 14,250,000
Transportation Cost to Refinery USD 14,913 29,825 29,825 29,825 29,825 29,825 29,825 29,825
Mine Rehabilitation Cost USD 55,000 55,000 55,000 55,000 55,000 55,000 55,000 55,000
General and Administrative Cost USD 500,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
Other USD 250,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000
Total Operating Cost USD 16,664,913 33,274,825 33,274,825 33,274,825 33,274,825 33,274,825 33,274,825 33,274,825

Refining Charge (RC)

Gold Refining Charge USD 138,987 277,974 277,974 277,974 277,974 277,974 277,974 277,974
Silver Refining Charge USD - - - - - - - -
Total Refining Charge USD 138,987 277,974 277,974 277,974 277,974 277,974 277,974 277,974

Sales Fee
Gold Refining Charge USD 312,721 625,442 625,442 625,442 625,442 625,442 625,442 625,442
Silver Refining Charge USD - - - - - - - -
Total Sales Fee USD 312,721 625,442 625,442 625,442 625,442 625,442 625,442 625,442

Total Cash Cost USD 17,898,423 35,741,847 35,741,847 35,741,847 35,741,847 35,741,847 35,741,847 35,741,847
Total Revenue USD 20,848,071 41,696,141 41,696,141 41,696,141 41,696,141 41,696,141 41,696,141 41,696,141
Gold Equivalent Oz 13,898.71 27,797.43 27,797.43 27,797.43 27,797.43 27,797.43 27,797.43 27,797.43
Annual Unit Cash Cost per Eq. Oz Au USD/Oz 1,287.78 1,285.80 1,285.80 1,285.80 1,285.80 1,285.80 1,285.80 1,285.80

Page 3 of 5
 9
2029

3.00
1,500
25.50

9
2029
1,000,000

1,000,000
6,000,000
6.00

1.30
0.00

1,000,000
950,000
0

0.00
1.30
0.00

70%
50%

Page 4 of 5
 9
2029

864,500.00
0.00

864,500.00
0.00

41,696,141
-
41,696,141

1,563,605
-
1,563,605

2,940,000
2,500,000
12,000,000
14,250,000
29,825
1,100,000
1,000,000
500,000
34,319,825

277,974
-
277,974

625,442
-
625,442

36,786,847
41,696,141
27,797.43
1,323.39

Page 5 of 5