Tulkubash – Open Pit Oxides JORC compliant reserve estimate February 2020

CategoryMtAu (g/t)Au (koz)
Proven6.300.98197
Probable18.400.93552
P&P24.700.95749

Tulkubash – Open Pit Oxides JORC compliant resource estimate February 2020 (resources incl. of reserves)

ClassificationMtAu (g/t)Au (koz)
Measured5.271.28216
Indicated18.081.21702
M&I23.351.22918
Inferred0.910.9026
TOTAL24.261.21944


Numbers are rounded in accordance with disclosure guidelines and may not sum accurately. The Mineral Resource has been estimated using 10.0 m x 20.0 m x 5.0 m (x, y, z) blocks, with minimum sub-block dimensions of 1 m x 5 m x 2.5 m (x, y, z). The estimate was constrained to the mineralised zone using wireframe solid models. Grade estimates were based on 1.5 m composited assay data. The interpolation of the metal grades was undertaken using OK. A cut-off grade of 0.30 g/t gold was applied to report the Mineral Resources.

The Reserve is higher tonnage than the Resource due to dilution. Grade and
contained gold are higher in the Resource than in the Reserve.

*numbers may not sum correctly due to rounding

Kyzyltash – Underground Sulphides JORC compliant resource estimate January 2018

Kyzyltash Underground Sulphides COG 2.0 g/t AuTonnes (kt)Au grade (g/t)Content (koz)
Measured6,7223.26681
Indicated32,7943.793,864
Measured and Indicated39,5163.704,545
Inferred6,6114.05832
Total46,1273.755,377

TotalTonnes (kt)Au grade (g/t)Content (koz)
Total Measured and Indicated81,5162.416,169
Inferred8,9412.99865
Total90,4572.477,034
* numbers may not sum correctly due to rounding

Kapan – JORC compliant reserve estimate as of August 2019

Ore Reserves

For the Kapan Ore Reserves, Chaarat developed a mining block model by applying the modifying factors necessary for conversion of Mineral Resources to Ore Reserves. Those factors included amongst others, operating costs, mining dilution and extraction factors.

The total Proven and Probable Ore Reserves are 4.5 Mt at a grade of 1.69g/t Au, 31.72g/t Ag, 0.35% Cu and 1.34% Zn at a cut off grade of 2.5g/t AuEq. A summary of the Ore Reserves by category is shown in the following Table:

GradeMetal
ClassificationTonnes (Mt)Au (g/t)Ag (g/t)Cu (%)Zn (%)AuEq (g/t)Au (koz)Ag (koz)Cu (kt)Zn (kt)AuEq (koz)
Proven0.172.6540.390.422.064.8142200.713.4926
Probable4.341.6531.380.341.313.19230437314.8656.88445
Total P & P4.51.6931.720.351.343.25245459415.5760.38471


Notes: The Ore Reserves have been compiled and reported fulfilling the requirement of the JORC Code (2012) reporting code.
Ore Reserves are based on long-term metal prices of USD1,400/oz Au, USD17/oz Ag, USD6,000/t Cu, and USD2,400 Zn.
Ore Reserves are based on a gold equivalent cut-off of 2.5g/t Au.
Mineral Resources which are not Ore Reserves do not have demonstrated economic viability.
Table subject to rounding errors.
The average density of Measured and Indicated Resources is 3.02 t/m3. A density of 2.64 t/m3 was used for diluting waste material.
Tones reported are in situ, dry tonnes.

Kapan – JORC compliant resource estimate as of August 2019
(resources incl. of reserves)

Mineral Resources

The following table summarizes the current Mineral Resources:

GradeMetal
ClassificationTonnes (Mt)DensityAu (g/t)Ag (g/t)Cu (%)Zn (%)AuEq (g/t)Au (koz)Ag (koz)Cu (kt)Zn (kt)AuEq (koz)
Measured0.763.044.2368.620.743.248.211031,6745,64024,648200
Indicated8.043.022.7252.370.572.315.6770313,51546,132186,0161,463
M&I8.803.022.8553.770.592.395.8980615,18952,772210,6641,663
Inferred7.643.012.4551.220.582.165.2960212,56244,034165,7921,298


Notes: The effective date of the Resources is 1st August 2019. Mineral Resources that are not mineral Reserves do not have demonstrated economic viability. Numbers may not sum due to rounding.
The gold equivalency formula is:
Au Eq = Au + ((Ag g/t * ($15.5 / $1,250) + ((Cu % * ($6,000*31.1035/$1,250)/100) + ((Zn % * ($2,500*31.1035/$1,250)/100
Mineral Resources are Inclusive to Ore Reserves?
The resource estimate was classified following the requirements of the (JORC Code 2012) and in accordance to ASX listing rule 5.8.