Name of the Project
Volspruit North platinum group metals (PGMs) project.

Location
On the Northern Limb of the Bushveld Complex, in South Africa.

Project Owner/s
Sylvania Platinum.

Project Description
Volspruit North has measured and indicated resources of 14.87-million tonnes at 2E (platinum and palladium) + gold grading at 2.27 g/t for 1.08 million 2E + gold ounces; 19.47-million pounds of copper grading at 0.06%; and 55.79-million pounds of nickel grading at 0.18%. This valuation excludes potential upside from the contribution of rhodium and South Body PGM ounce inclusion, which are being evaluated.

The project’s scoping study envisages steady-state mining production supplying the mills with a capacity of 150 000 t a month at an average feed grade of 2.13 g/t 2E+gold, 0.06% copper and 0.17% nickel. The mine plan comprises 15.7-million run-of-mine (RoM) tonnes at a strip ratio of 6.67 t RoM for the North Pit.

Net Present Value/Internal Rate of Return
The project has a pretax net present value, at a 12.5% discount rate, of R464-million, excluding significant potential upside from rhodium contribution and the South Body PGM ounce inclusion being assessed. The project has a pretax net present value of 17.9%, with a payback of 4.25 years from first production.

Potential Job Creation
Not stated.

Capital Expenditure
Peak funding is estimated at R2.5-billion.

Planned Start/End Date
The prefeasibility is expected to be completed in the 2023 financial year, followed by the feasibility study starting in the 2024 financial year.

Latest Developments
None stated.

Key Contracts, Suppliers and Consultants
Earthlab (scoping study).

Contact Details for Project Information
Sylvania Platinum, tel +27 11 673 1171 or email info@sylvaniaresources.com.