Name of the Project
Fortitude gold mine.

Location
Eastern Goldfields of Western Australia.

Project Owner/s
Matsa Resources.

Project Description
Robust results from an updated optimisation study has enhanced Fortitude’s value by effectively doubling its mine life, production output and cash flow.

The study has been driven by the recently announced revised mineral resource estimate of 8.05-million tonnes grading 1.9 g/t gold, and was completed using a conceptual conventional openpit mining operation, with ore hauled and processed at a conceptual Matsa processing plant at Fortitude.

Mine production has increased from 58 000 oz of gold to about 132 000 oz of gold.

Production of 2.7-million tonnes at 1.6 g/t gold, about 124 00 oz at 93% recovery, is estimated over four years.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
Not covered in the updated optimisation study.

Capital Expenditure
Not covered in the updated optimisation study.

Planned Start/End Date
Not stated.

Latest Developments
Potential for additional production through an underground operation is being investigated.

Matsa will further conduct scenario modelling for 600 000 t/y, 800 000 t/y and one-million-tonne-a-year processing rates.

Matsa will also conduct relevant study work associated with the construction and management of a processing plant at Fortitude, and will work to amend the existing mining proposal and project management plan to capture larger mining operations and a potential processing plant.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Matsa Resources, email reception@matsa.com.au.