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Boa Esperança Feasibility Study

Mineração Caraiba S.A. (MCSA) commissioned SRK to prepare a feasibility study for the Boa Esperança Project in Para, Brazil. The copper deposit is located in the municipality of Tucumã, Pará State, Brazil. The Project design plans to process 12,000 tonnes per day, using standard copper flotation, producing 762 Mlbs of copper with a concentrate grade of 28.4% Cu. The average mine grade is 0.72% Cu/t (diluted) with a stripping ratio of 3.73:1 (waste to ore), delivering 53.5 Mt of ore to the plant. The reserves are defined by a final pit with dimensions of 800m x 1,075m x 500m and a volume of 92 Mm3. The mine plan was divided into five phases using variable interramp slope angles and 16m-wide ramps with a maximum grade of 10%.

SRK was chosen as the lead consultant responsible for coordinating a multidisciplinary team of SRK staff and Brazilian consultants, using standard CIM reporting practices under the NI 43-101 national instrument framework. As part of the project scope, SRK was directly responsible for geology and resources, mining and reserves, geotechnical evaluation, metallurgy and economic modelling. Brazilian companies were responsible for all other study items, with review by SRK.

SRK worked closely with MCSA staff and Brazilian consultants to help guide the critical path work plans required for the successful completion of the study and defense under due diligence conditions for possible project financing.

SRK was able to leverage its deep understanding of Brazilian mining conditions, where specialised mine haulage equipment is frequently substituted for highway trucks using rock beds in the 40t range. The economies of scale, given labour costs, maintenance, selective mining, capital intensity and import duties, make this option not only viable but desirable.Combined with advanced stockpiling and production schedule strategies aimed at maximising copper content early in the project, SRK estimated significant improvements to the project financials.

The success of the working relationship between MSCA and SRK was based on open and transparent dialogue among all contributing parties so the project could support robust third party due diligence, internal review, peer challenge and potential project financing.

Fernando Rodriques:

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