20974 29Metals AR23 WEB V1 - Flipbook - Page 75
2023 key
results
Chair letter and
CEO report
About
29Metals
Our
assets
Sustainability
& ESG Report
Mineral Resources
and Ore Reserves
Annual
Financial Report
71
Changes in Ore Reserve estimates
Changes in the 31 December 2023 Ore Reserves es琀椀mates for Golden Grove rela琀椀ve to the previous es琀椀mates comprise:
■
■
■
■
■
Deple琀椀on – 1.3Mt reduc琀椀on for mining and processing deple琀椀on in the period 31 December 2022 to 31 December 2023;
Economic Analysis – 0.3Mt increase as a result of metallurgical and block model updates, cut-o昀昀 value and foreign exchange rate;
Design updates – 0.2Mt decrease, re昀氀ec琀椀ng the 31 December 2023 Mineral Resources es琀椀mates and the impact of new drilling
informa琀椀on and geological model updates;
Cervantes design updates – 2.9Mt increase a琀琀ributable to the incorpora琀椀on of Cervantes in the Scuddles es琀椀mates.
Xantho Extended – a decrease in contained Zinc metal due to mining deple琀椀on of 30kt and diamond drilling and geological model
updates of 35kt.
Economic cut-off assumptions
The following assump琀椀ons were applied for the purposes of the Golden Grove 31 December 2023 Ore Reserves es琀椀mates.
Cut-o昀昀 assump琀椀ons (NSR)
31-Dec-23
$A/t
31-Dec-22
$A/t
ABCD
159.14
132.82
Amity
152.18
140.53
Cambewarra
170.90
151.78
D-Zinc Extended
148.34
151.44
Tryall
160.43
149.71
Catalpa/Ethel
156.67
137.46
Hougoumont Main & Hangingwall Remnant
165.66
146.31
Hougoumont Extended
193.67
163.63
Xantho
165.61
157.7
Orebody
Xantho Extended
169.95
164.19
Oizon
190.31
163.01
GG4
154.46
141.45
Scuddles
163.52
142.9
Cervantes
176.50
160.32
Gossan Valley
171.38
155.00
31-Dec-22
Commodity Price and Foreign Exchange
Pricing/FX
Unit
31-Dec-23
Copper
US$/lb
3.60
3.60
Lead
US$/lb
1.00
1.00
Zinc
US$/lb
1.20
1.20
Gold
US$/oz
1,700
1,600
Silver
US$/oz
22
22
0.70
0.73
AUD:USD
Competent Persons Statement
The informa琀椀on regarding the 31 December 2023 Ore Reserves es琀椀mates for Golden Grove set out in this report are based on and
fairly represent informa琀椀on and suppor琀椀ng documenta琀椀on compiled by Nyasha Gwa琀椀mba, a Competent Person who is a Member of the
Australasian Ins琀椀tute of Mining and Metallurgy (AUSIMM Membership No. 312232).
Mr Gwa琀椀mba is a full-琀椀me employee of Golden Grove Opera琀椀ons Pty Ltd (a wholly owned subsidiary of 29Metals Limited) and has
su昀케cient experience that is relevant to the style of mineralisa琀椀on and type of deposit under considera琀椀on and to the ac琀椀vity being
undertaken to qualify as a Competent Person as de昀椀ned in the JORC Code.
Mr Gwa琀椀mba consents to the inclusion of the informa琀椀on regarding the 31 December 2023 Ore Reserves for Golden Grove in the form
and context in which the es琀椀mates appear.
