Paris Silver Project

Updated Mineral Resource Estimate 53.1Mozs of Silver delivered for Paris Project

In late June 2021, the Company announced that they had delivered an updated Mineral Resource estimate following the completion of the infill drill campaign undertaken in late 2020 at its 100% owned Paris Silver Project in South Australia.

The Total Mineral Resource is estimated at 18.8Mt @ 88g/t silver and 0.52% lead for 53.1Mozs silver and 97.6kt lead (at a cut-off of 30g/t silver). The indicated component is 12.7Mt @ 95g/t silver and 0.6% lead, or 73% of the total estimated resource ounces.

The updated Mineral Resource Estimate added to the contained ounces within the Paris Project’s existing footprint and importantly resulted in 73% of the contained ounces being classified as Indicated Resource category.

The 2017 Mineral Resource estimate was estimated at a 50g/t silver cut-off and contained an estimated 42Moz silver. With the increase in silver price from A$22/oz in 2017 A$35/oz in 2021, the 2021 resource was estimated at the lower cut-ff of 30g/t silver.

Applying the lower cut-off doubled the 2017 total resource tonnes to 18.8Mt, and supported by the 2020 infill drill program, 12.7Mt, or 73% of it is now in the Indicated Resource category.

This increase in tonnage substantially changes the metrics of the Paris Project such that the pending PFS can assess the potential for a mine life of over 10 years and the opportunity for improved efficiencies, in addition to facilitating financing options as well as supporting alternate considerations for the likes of infrastructure and renewable power supply options.

Based on the updated resource estimate of 53.1Mozs, work has commenced on the mine design, planning and scheduling aspects of the Project and with process plant design and capital estimation well advanced, this updated Mineral Resource estimate underpins the path to completion of the Paris Silver Project PFS in the September Quarter.