Name of the Project
T3 openpit copper/silver project.

Location
The project is located on the Kalahari copperbelt, in northern Botswana.

Project Owner/s
Copper developer MOD Resources completed the acquisition of the remaining 30% interest in its flagship T3 copper project in November 2018.

Project Description
The T3 prefeasibility study (PFS) has confirmed the project as a robust, long-life copper mine.

The project is proposed to be mined by conventional openpit mining methods and equipment. The selected mining method, design and extraction sequence suit the T3 orebody characteristics, minimise dilution and ore loss, defer waste movement, conform to maximum rates of vertical mining advance and use planned process plant capacity.

The process plant has been designed for an average throughput of three-million tonnes a year.

The proposed openpit mine design in six stages will provide for a mine life of about 11 years.

Potential Job Creation
Once operational, the T3 project is expected to create between 500 and 700 jobs in Botswana, with Australian staff providing technical expertise at the mine.

Net Present Value/Internal Rate of Return
The PFS base case has a pretax net present value, at an 8% discount rate, of $281-million and an internal rate of return of 39%, with a payback of 2.7 years from the start of production. The PFS expansion case has a pretax net present value, at an 8% discount rate, of $402-million and an internal rate of return of 37%, with a payback of 3.3 years from the start of production.

Capital Expenditure
The total initial development capital cost of the PFS base case is estimated at $154.86-million, which includes project contingency of $17.1-million. The total initial development capital cost of the PFS expansion case is estimated at $191.6-million, which includes project contingency of $17.1-million.

Planned Start /End Date
Not stated.

Latest Developments
MOD Resources has reported a 61% increase in the openpit reserve at its T3 copper project.

The openpit reserve is now estimated at 34.4-million tonnes, grading 1% copper and 13.2 g/t silver, for 342 700 t of copper and 14.6-million ounces of silver.

The revised ore reserve demonstrates the significant scale of the T3 deposit within the planned openpit and the substantial increase in contained copper and silver, compared with the PFS. The openpit is designed to be developed in stages to support a mine life that now extends beyond 11 years.

The ore reserve update is part of the feasibility study, which is nearing completion and is expected to be announced before the end of March 2019. The feasibility study will provide further detailed information on the project.

Key Contracts and Suppliers
Segman (feasibility study process and infrastructure engineers).

On Budget and on Time?
Not stated.

Contact Details for Project Information
MOD Resources, tel +61 8 9322 8233 or email administrator@modresources.com.au.
Metal Tiger, tel +44 207 099 0738 or email info@metaltigerplc.com.