Reserves and Resources

JORC Resources – as at October 2021

Key highlights:

  • Latest drilling results indicate RZ Resources’ JORC Resources of more than 954m tonnes
  • Copi alone now 818 million JORC Resource tonnes – a global-scale resource
  • High-value rare earth minerals content now included in JORC resource reporting.

Copi Project – JORC Resources – as at October 2021

Notes:

(1) The Copi Project Mineral Resource has been classified and reported in accordance with the guidelines of the JORC Code (2012).

(2) All Loxton-Parilla sediments (including inter-burden) reported within the 80% Rev pit shell and additional mineralisation (within interpreted domains) reported outside of the 80% Rev pit shell and within the 100% Rev pit shell (i.e., excludes inter-burden material).

(3) The majority of the total HM is from within the +53 µm to -1 mm size fraction and is reported as a percentage of the total material. The majority of slimes are from the -53µm fraction and oversize is the +1 mm fraction.

(4) Estimates of the mineral assemblage (Zircon, Ilmenite, Rutile and Leucoxene) are presented as percentages of the total HM component of the deposit, as determined from QEMSCAN. QEMSCAN rules used for the majority of the mineral determination are: Ilmenite: 50 to 70% TiO2; Leucoxene: 70 to 95% TiO2; Rutile: >95% TiO2.

(5) All tonnages and grades have been rounded to reflect the relative uncertainty of the estimate, therefore sum of columns may not equal.

(6) The potential quantity and grade of the Exploration Target is conceptual in nature, as there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. Consistent with this, all tonnages and grades are approximations.

Other Deposits – JORC – at at October 2020

Notes: Magic Project Mineral Resources reported above a cut-off grade of 2.0% HM, Springwood Mineral Resources reported above a cut-off grade of 2.0% HM and below a slimes cut-off grade of 35%, Jaws and Gilligans reported above a cut-off grade of 1% HM.

(1) Mrs Christine Standing of Optiro is the Competent Person has accepted responsibility for the Mineral Resources estimation.

(2) Mr Wes Jones and Mrs Christine Standing are the Competent Persons and have accepted responsibility for the Mineral Resources estimation.

(3) Historical resource reported by previous owners (BPL).

Inconsistencies in totals are due to rounding.

Mineral assemblage data is preliminary – additional data being acquired for Magic.

Key highlights:

  • Current Copi resources subtotal 818m tonnes*
  • 544% increase in Copi Mine JORC Resources since 2020
  • Current in-ground value of the Copi operations is $8/tonne equating to ~$6.3Bn in ground revenue**
  • Assemblage is industry-leading and homogeneous 
  • Rare Earths – Monazite and Xenotime – are now JORC Resources
  • Exploration target category above indicates additional resources identified, but not currently in JORC
  • Resources modelling is based on the wet mine (dredging) scenario vs previous dry mining method 
  • Project boundary is not yet defined with significant mineralisation likely  
  • Current total resources does not include all data from the 2021 drilling program, due to timing.

*Includes exploration target category

**Excludes Rare Earths and based on TZMI long-term pricing forecast & 0.75forex

 

Copi Project Mine Plan

  • Current resources are generated within an economic mine plan shell – includes project estimated costs and revenue inputs. This indicates a strong likelihood for conversion to reserves (excludes the Rare Earths)
  • Resources are based on a wet mine scenario which includes the upper and lower high-grade zones and the inter low-grade zone
  • Wet mine scenario operates at the front of industry cost curves and can profitably mine lower grade ores
  • Current resources would support 40mtpa mining operation with a >20-year mine life.