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MOD Resources Ltd.

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Summary

Project:

T3

Deposit:T3
Location:Botswana
Commodities:Copper-Silver
Date:1/31/2018
Report Code:NI43-101
Report Type:Pre-Feasibility Study
Project Stage:Pursuing Feasibility Study
Report details:31-1-2018: MOD Resources Ltd. announces a Pre-Feasibility Study report for its T3 deposit at the T3 project. PFS results incl. pre-tax NPV (8%) of $281M (base case), IRR of 39%. MOD Resources Ltd (ASX: MOD) is pleased to announce the pre-feasibility study
Resources:(Reserve, Total) 21.43Mt @ 1.02% Cu, 10.3g/t Ag
CP/QP:[Resources]: A.I. Pretorius (Independent)
ABSTRACT:MOD Resources Ltd (ASX: MOD) is pleased to announce the pre-feasibility study (PFS) for a proposed open pit mine and copper concentrator at its 70%-owned T3 copper-silver deposit in the Kalahari Copper Belt, Botswana has delivered outstanding results. MOD has presented two cases for the PFS, with the Base Case based on a Proved and Probable Ore Reserve and an Expansion Case with a Production Target utilising the Base Case Ore Reserve and additional production from existing Inferred, Measured and Indicated Mineral Resources from Year 4. The PFS Base Case with plant throughput of 2.5Mtpa indicates a technically sound and financially robust project generating ~US$730m (~A$960m) EBITDA over 9 years. Due to the robust financial outcomes indicated by the PFS, the boards of MOD and joint venture partner, Metal Tiger Plc (30%) have agreed to proceed with a Feasibility Study (FS) commencing Q1 2018. The PFS Expansion Case assumes open pit mining and conventional flotation processing with a plant throughput of 2.5Mtpa for the first three years from production start. Assuming the Expansion Case proceeds, the plant will be upgraded to enable it to treat 4Mtpa during Year 4 onwards. The first three years of production (estimated capital payback period) are based on processing Proved and Probable Ore Reserves. The Expansion Case includes processing of currently existing Inferred Mineral Resources in addition to Measured and Indicated Mineral Resources. Drilling is ongoing to upgrade existing Inferred Mineral Resources to Measured and Indicated Mineral Resources with a revised resource estimate expected in Q2 2018.

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