%PDF-1.5 1 0 obj <> endobj 3 0 obj <> endobj 4 0 obj <> stream /GS0 gs q 160.00 0 0 35.00 49.50 685.00 cm /I1 Do Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 661.00 Td (November ) Tj ET Q q 0 0 0 rg BT 89.60 661.00 Td (7, ) Tj ET Q q 0 0 0 rg BT 98.72 661.00 Td (2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 116.97 661.00 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 643.00 Td (Dear ) Tj ET Q q 0 0 0 rg BT 69.55 643.00 Td (Shareholders,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 625.00 Td (In ) Tj ET Q q 0 0 0 rg BT 58.71 625.00 Td (2018, ) Tj ET Q q 0 0 0 rg BT 81.61 625.00 Td (the ) Tj ET Q q 0 0 0 rg BT 95.39 625.00 Td (primary ) Tj ET Q q 0 0 0 rg BT 125.09 625.00 Td (focus ) Tj ET Q q 0 0 0 rg BT 147.07 625.00 Td (of ) Tj ET Q q 0 0 0 rg BT 156.29 625.00 Td (Sprott ) Tj ET Q q 0 0 0 rg BT 180.54 625.00 Td (Resource ) Tj ET Q q 0 0 0 rg BT 218.01 625.00 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 252.29 625.00 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 267.88 625.00 Td (\(SRHI\) ) Tj ET Q q 0 0 0 rg BT 300.76 625.00 Td (has ) Tj ET Q q 0 0 0 rg BT 316.36 625.00 Td (been ) Tj ET Q q 0 0 0 rg BT 336.97 625.00 Td (advancing ) Tj ET Q q 0 0 0 rg BT 376.74 625.00 Td (the ) Tj ET Q q 0 0 0 rg BT 390.51 625.00 Td (development ) Tj ET Q q 0 0 0 rg BT 439.84 625.00 Td (of ) Tj ET Q q 0 0 0 rg BT 449.06 625.00 Td (our ) Tj ET Q q 0 0 0 rg BT 463.28 625.00 Td (core ) Tj ET Q q 0 0 0 rg BT 481.61 625.00 Td (holding, ) Tj ET Q q 0 0 0 rg BT 512.71 625.00 Td (the ) Tj ET Q q 0 0 0 rg BT 526.48 625.00 Td (producing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 613.00 Td (Minera ) Tj ET Q q 0 0 0 rg BT 76.53 613.00 Td (T) Tj ET Q q 0 0 0 rg BT 81.24 613.00 Td (res ) Tj ET Q q 0 0 0 rg BT 94.72 613.00 Td (V) Tj ET Q q 0 0 0 rg BT 99.59 613.00 Td (alles ) Tj ET Q q 0 0 0 rg BT 118.55 613.00 Td (\(MTV\) ) Tj ET Q q 0 0 0 rg BT 148.87 613.00 Td (copper ) Tj ET Q q 0 0 0 rg BT 176.04 613.00 Td (mine ) Tj ET Q q 0 0 0 rg BT 195.90 613.00 Td (in ) Tj ET Q q 0 0 0 rg BT 204.38 613.00 Td (Chile ) Tj ET Q q 0 0 0 rg BT 225.15 613.00 Td (and ) Tj ET Q q 0 0 0 rg BT 240.93 613.00 Td (we ) Tj ET Q q 0 0 0 rg BT 253.50 613.00 Td (are ) Tj ET Q q 0 0 0 rg BT 267.44 613.00 Td (pleased ) Tj ET Q q 0 0 0 rg BT 298.26 613.00 Td (with ) Tj ET Q q 0 0 0 rg BT 314.94 613.00 Td (the ) Tj ET Q q 0 0 0 rg BT 328.43 613.00 Td (progress ) Tj ET Q q 0 0 0 rg BT 362.43 613.00 Td (that ) Tj ET Q q 0 0 0 rg BT 378.20 613.00 Td (has ) Tj ET Q q 0 0 0 rg BT 393.52 613.00 Td (been ) Tj ET Q q 0 0 0 rg BT 413.86 613.00 Td (made ) Tj ET Q q 0 0 0 rg BT 436.46 613.00 Td (on ) Tj ET Q q 0 0 0 rg BT 447.68 613.00 Td (the ) Tj ET Q q 0 0 0 rg BT 461.17 613.00 Td (project. ) Tj ET Q q 0 0 0 rg BT 490.16 613.00 Td (On ) Tj ET Q q 0 0 0 rg BT 503.19 613.00 Td (November ) Tj ET Q q 0 0 0 rg BT 543.11 613.00 Td (2, ) Tj ET Q q 0 0 0 rg BT 552.04 613.00 Td (we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 601.00 Td (announced ) Tj ET Q q 0 0 0 rg BT 92.68 601.00 Td (the ) Tj ET Q q 0 0 0 rg BT 106.68 601.00 Td (results ) Tj ET Q q 0 0 0 rg BT 133.43 601.00 Td (of ) Tj ET Q q 0 0 0 rg BT 142.87 601.00 Td (the ) Tj ET Q q 0 0 0 rg BT 156.87 601.00 Td (technical ) Tj ET Q q 0 0 0 rg BT 191.83 601.00 Td (studies ) Tj ET Q q 0 0 0 rg BT 220.42 601.00 Td (that ) Tj ET Q q 0 0 0 rg BT 236.69 601.00 Td (form ) Tj ET Q q 0 0 0 rg BT 255.69 601.00 Td (the ) Tj ET Q q 0 0 0 rg BT 269.69 601.00 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 318.34 601.00 Td (technical ) Tj ET Q q 0 0 0 rg BT 353.30 601.00 Td (report ) Tj ET Q q 0 0 0 rg BT 377.32 601.00 Td (which ) Tj ET Q q 0 0 0 rg BT 400.88 601.00 Td (we ) Tj ET Q q 0 0 0 rg BT 413.95 601.00 Td (expect ) Tj ET Q q 0 0 0 rg BT 440.71 601.00 Td (to ) Tj ET Q q 0 0 0 rg BT 450.15 601.00 Td (release ) Tj ET Q q 0 0 0 rg BT 479.64 601.00 Td (in ) Tj ET Q q 0 0 0 rg BT 488.62 601.00 Td (final ) Tj ET Q q 0 0 0 rg BT 506.26 601.00 Td (form ) Tj ET Q q 0 0 0 rg BT 525.26 601.00 Td (before ) Tj ET Q q 0 0 0 rg BT 551.11 601.00 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 589.00 Td (end ) Tj ET Q q 0 0 0 rg BT 65.63 589.00 Td (of ) Tj ET Q q 0 0 0 rg BT 74.92 589.00 Td (the ) Tj ET Q q 0 0 0 rg BT 88.78 589.00 Td (month. ) Tj ET Q q 0 0 0 rg BT 116.30 589.00 Td (W) Tj ET Q q 0 0 0 rg BT 123.90 589.00 Td (e ) Tj ET Q q 0 0 0 rg BT 130.91 589.00 Td (are ) Tj ET Q q 0 0 0 rg BT 145.21 589.00 Td (very ) Tj ET Q q 0 0 0 rg BT 163.15 589.00 Td (pleased ) Tj ET Q q 0 0 0 rg BT 194.33 589.00 Td (with ) Tj ET Q q 0 0 0 rg BT 211.36 589.00 Td (the ) Tj ET Q q 0 0 0 rg BT 225.21 589.00 Td (results ) Tj ET Q q 0 0 0 rg BT 251.82 589.00 Td (of ) Tj ET Q q 0 0 0 rg BT 261.11 589.00 Td (the ) Tj ET Q q 0 0 0 rg BT 274.96 589.00 Td (technical ) Tj ET Q q 0 0 0 rg BT 309.78 589.00 Td (studies ) Tj ET Q q 0 0 0 rg BT 338.22 589.00 Td (which ) Tj ET Q q 0 0 0 rg BT 361.63 589.00 Td (validates ) Tj ET Q q 0 0 0 rg BT 396.45 589.00 Td (our ) Tj ET Q q 0 0 0 rg BT 410.75 589.00 Td (initial ) Tj ET Q q 0 0 0 rg BT 431.89 589.00 Td (due ) Tj ET Q q 0 0 0 rg BT 448.02 589.00 Td (diligence ) Tj ET Q q 0 0 0 rg BT 482.84 589.00 Td (and ) Tj ET Q q 0 0 0 rg BT 498.97 589.00 Td (investment ) Tj ET Q q 0 0 0 rg BT 541.08 589.00 Td (thesis ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 577.00 Td (for ) Tj ET Q q 0 0 0 rg BT 61.35 577.00 Td (the ) Tj ET Q q 0 0 0 rg BT 75.03 577.00 Td (project. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 559.00 Td (The ) Tj ET Q q 0 0 0 rg BT 67.02 559.00 Td (technical ) Tj ET Q q 0 0 0 rg BT 102.79 559.00 Td (studies ) Tj ET Q q 0 0 0 rg BT 132.17 559.00 Td (confirm ) Tj ET Q q 0 0 0 rg BT 162.44 559.00 Td (our ) Tj ET Q q 0 0 0 rg BT 177.69 559.00 Td (expectation ) Tj ET Q q 0 0 0 rg BT 223.03 559.00 Td (that ) Tj ET Q q 0 0 0 rg BT 240.11 559.00 Td (MTV ) Tj ET Q q 0 0 0 rg BT 260.81 559.00 Td (should ) Tj ET Q q 0 0 0 rg BT 288.37 559.00 Td (almost ) Tj ET Q q 0 0 0 rg BT 315.92 559.00 Td (triple ) Tj ET Q q 0 0 0 rg BT 337.08 559.00 Td (production ) Tj ET Q q 0 0 0 rg BT 378.77 559.00 Td (over ) Tj ET Q q 0 0 0 rg BT 398.12 559.00 Td (the ) Tj ET Q q 0 0 0 rg BT 412.91 559.00 Td (next ) Tj ET Q q 0 0 0 rg BT 431.81 559.00 Td (18 ) Tj ET Q q 0 0 0 rg BT 444.32 559.00 Td (months, ) Tj ET Q q 0 0 0 rg BT 476.89 559.00 Td (achieving ) Tj ET Q q 0 0 0 rg BT 514.93 559.00 Td (a ) Tj ET Q q 0 0 0 rg BT 522.89 559.00 Td (run ) Tj ET Q q 0 0 0 rg BT 538.13 559.00 Td (rate ) Tj ET Q q 0 0 0 rg BT 555.66 559.00 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 547.00 Td (approximately ) Tj ET Q q 0 0 0 rg BT 102.11 547.00 Td (18,000 ) Tj ET Q q 0 0 0 rg BT 128.75 547.00 Td (tonnes ) Tj ET Q q 0 0 0 rg BT 154.93 547.00 Td (per ) Tj ET Q q 0 0 0 rg BT 168.34 547.00 Td (annum ) Tj ET Q q 0 0 0 rg BT 194.97 547.00 Td (of ) Tj ET Q q 0 0 0 rg BT 203.37 547.00 Td (copper ) Tj ET Q q 0 0 0 rg BT 230.00 547.00 Td (cathodes. ) Tj ET Q q 0 0 0 rg BT 267.12 547.00 Td (Based ) Tj ET Q q 0 0 0 rg BT 291.93 547.00 Td (on ) Tj ET Q q 0 0 0 rg BT 302.61 547.00 Td (a ) Tj ET Q q 0 0 0 rg BT 308.73 547.00 Td (long-term ) Tj ET Q q 0 0 0 rg BT 344.92 547.00 Td (copper ) Tj ET Q q 0 0 0 rg BT 371.55 547.00 Td (price ) Tj ET Q q 0 0 0 rg BT 390.88 547.00 Td (of ) Tj ET Q q 0 0 0 rg BT 399.28 547.00 Td (US$2.75 ) Tj ET Q q 0 0 0 rg BT 432.75 547.00 Td (per ) Tj ET Q q 0 0 0 rg BT 446.16 547.00 Td (pound, ) Tj ET Q q 0 0 0 rg BT 472.80 547.00 Td (the ) Tj ET Q q 0 0 0 rg BT 485.75 547.00 Td (preliminary ) Tj ET Q q 0 0 0 rg BT 527.41 547.00 Td (economic ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 535.00 Td (assessment, ) Tj ET Q q 0 0 0 rg BT 97.72 535.00 Td (which ) Tj ET Q q 0 0 0 rg BT 120.86 535.00 Td (looked ) Tj ET Q q 0 0 0 rg BT 147.20 535.00 Td (at ) Tj ET Q q 0 0 0 rg BT 156.22 535.00 Td (the ) Tj ET Q q 0 0 0 rg BT 169.80 535.00 Td (total ) Tj ET Q q 0 0 0 rg BT 187.48 535.00 Td (available ) Tj ET Q q 0 0 0 rg BT 222.03 535.00 Td (mineral ) Tj ET Q q 0 0 0 rg BT 251.09 535.00 Td (resources ) Tj ET Q q 0 0 0 rg BT 289.28 535.00 Td (of ) Tj ET Q q 0 0 0 rg BT 298.30 535.00 Td (the ) Tj ET Q q 0 0 0 rg BT 311.88 535.00 Td (project, ) Tj ET Q q 0 0 0 rg BT 340.95 535.00 Td (indicates ) Tj ET Q q 0 0 0 rg BT 375.50 535.00 Td (that ) Tj ET Q q 0 0 0 rg BT 391.36 535.00 Td (MTV ) Tj ET Q q 0 0 0 rg BT 410.85 535.00 Td (could ) Tj ET Q q 0 0 0 rg BT 432.63 535.00 Td (generate ) Tj ET Q q 0 0 0 rg BT 467.18 535.00 Td (US$34 ) Tj ET Q q 0 0 0 rg BT 494.43 535.00 Td (million ) Tj ET Q q 0 0 0 rg BT 519.85 535.00 Td (in ) Tj ET Q q 0 0 0 rg BT 528.41 535.00 Td (cash ) Tj ET Q q 0 0 0 rg BT 547.91 535.00 Td (flow ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 523.00 Td (in ) Tj ET Q q 0 0 0 rg BT 58.16 523.00 Td (2020 ) Tj ET Q q 0 0 0 rg BT 78.68 523.00 Td (before ) Tj ET Q q 0 0 0 rg BT 104.22 523.00 Td (peaking ) Tj ET Q q 0 0 0 rg BT 135.22 523.00 Td (at ) Tj ET Q q 0 0 0 rg BT 144.34 523.00 Td (US$45 ) Tj ET Q q 0 0 0 rg BT 171.69 523.00 Td (million ) Tj ET Q q 0 0 0 rg BT 197.21 523.00 Td (in ) Tj ET Q q 0 0 0 rg BT 205.87 523.00 Td (2022.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 505.00 Td (Highlights ) Tj ET Q q 0 0 0 rg BT 91.87 505.00 Td (of ) Tj ET Q q 0 0 0 rg BT 101.89 505.00 Td (the ) Tj ET Q q 0 0 0 rg BT 116.47 505.00 Td (T) Tj ET Q q 0 0 0 rg BT 120.88 505.00 Td (echnical ) Tj ET Q q 0 0 0 rg BT 155.98 505.00 Td (Studies ) Tj ET Q q 0 0 0 rg BT 187.88 505.00 Td (PEA) Tj ET Q q 0 0 0 rg BT 204.44 505.00 Td ( ) Tj ET Q q 0 0 0 rg BT 206.72 505.00 Td (Case) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 226.32 507.55 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 229.28 505.00 Td ( ) Tj ET Q q 0 0 0 rg BT 231.56 505.00 Td (include) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.27 505.00 Td (: ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 487.00 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 487.00 Td (Low ) Tj ET Q q 0 0 0 rg BT 102.82 487.00 Td (Capital ) Tj ET Q q 0 0 0 rg BT 130.62 487.00 Td (Cost ) Tj ET Q q 0 0 0 rg BT 149.76 487.00 Td (to ) Tj ET Q q 0 0 0 rg BT 158.74 487.00 Td (T) Tj ET Q q 0 0 0 rg BT 163.45 487.00 Td (riple ) Tj ET Q q 0 0 0 rg BT 181.23 487.00 Td (Production ) Tj ET Q q 0 0 0 rg BT 222.71 487.00 Td (with ) Tj ET Q q 0 0 0 rg BT 239.57 487.00 Td (Short ) Tj ET Q q 0 0 0 rg BT 261.45 487.00 Td (Payback ) Tj ET Q q 0 0 0 rg BT 295.19 487.00 Td (Period) Tj ET Q BT /F2 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 103.50 469.84 cm /I2 Do Q q 0 0 0 rg BT 107.50 472.00 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.50 472.00 Td (Low ) Tj ET Q q 0 0 0 rg BT 138.13 472.00 Td (project ) Tj ET Q q 0 0 0 rg BT 164.34 472.00 Td (capital ) Tj ET Q q 0 0 0 rg BT 189.64 472.00 Td (requirement ) Tj ET Q q 0 0 0 rg BT 234.99 472.00 Td (of ) Tj ET Q q 0 0 0 rg BT 243.42 472.00 Td (US$21 ) Tj ET Q q 0 0 0 rg BT 270.08 472.00 Td (million ) Tj ET Q q 0 0 0 rg BT 294.91 472.00 Td (to ) Tj ET Q q 0 0 0 rg BT 303.35 472.00 Td (ramp-up ) Tj ET Q q 0 0 0 rg BT 335.47 472.00 Td (operation ) Tj ET Q q 0 0 0 rg BT 371.26 472.00 Td (to ) Tj ET Q q 0 0 0 rg BT 379.69 472.00 Td (full-capacity ) Tj ET Q q 0 0 0 rg BT 424.59 472.00 Td (of ) Tj ET Q q 0 0 0 rg BT 433.02 472.00 Td (18,000) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 458.11 474.55 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.07 472.00 Td ( ) Tj ET Q q 0 0 0 rg BT 462.66 472.00 Td (tonnes ) Tj ET Q q 0 0 0 rg BT 488.88 472.00 Td (per ) Tj ET Q q 0 0 0 rg BT 502.32 472.00 Td (annum ) Tj ET Q q 0 0 0 rg BT 528.99 472.00 Td (of ) Tj ET Q q 0 0 0 rg BT 537.42 472.00 Td (copper ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.50 460.00 Td (cathodes ) Tj ET Q q 0 0 0 rg BT 157.07 460.00 Td (within ) Tj ET Q q 0 0 0 rg BT 180.31 460.00 Td (24 ) Tj ET Q q 0 0 0 rg BT 191.71 460.00 Td (months ) Tj ET Q BT /F2 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 103.50 442.84 cm /I3 Do Q q 0 0 0 rg BT 107.50 445.00 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.50 445.00 Td (Low ) Tj ET Q q 0 0 0 rg BT 138.82 445.00 Td (capital ) Tj ET Q q 0 0 0 rg BT 164.81 445.00 Td (intensity ) Tj ET Q q 0 0 0 rg BT 197.17 445.00 Td ( ) Tj ET Q BT /F2 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 103.50 427.84 cm /I4 Do Q q 0 0 0 rg BT 107.50 430.00 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.50 430.00 Td (Short ) Tj ET Q q 0 0 0 rg BT 143.38 430.00 Td (payback ) Tj ET Q q 0 0 0 rg BT 176.21 430.00 Td (of ) Tj ET Q q 0 0 0 rg BT 185.33 430.00 Td (1.2 ) Tj ET Q q 0 0 0 rg BT 199.01 430.00 Td (years ) Tj ET Q q 0 0 0 rg BT 221.34 430.00 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 412.00 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 412.00 Td (Positive ) Tj ET Q q 0 0 0 rg BT 116.50 412.00 Td (project ) Tj ET Q q 0 0 0 rg BT 143.39 412.00 Td (economics ) Tj ET Q q 0 0 0 rg BT 184.87 412.00 Td (demonstrated ) Tj ET Q q 0 0 0 rg BT 237.30 412.00 Td (by ) Tj ET Q q 0 0 0 rg BT 248.24 412.00 Td (economic ) Tj ET Q q 0 0 0 rg BT 285.62 412.00 Td (analysis ) Tj ET Q q 0 0 0 rg BT 317.53 412.00 Td (confirms ) Tj ET Q q 0 0 0 rg BT 350.79 412.00 Td (SRHI) Tj ET Q q 0 0 0 rg BT 372.06 412.00 Td (s ) Tj ET Q q 0 0 0 rg BT 378.44 412.00 Td (investment ) Tj ET Q q 0 0 0 rg BT 420.38 412.00 Td (thesis) Tj ET Q BT /F2 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 103.50 394.84 cm /I5 Do Q q 0 0 0 rg BT 107.50 397.00 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.50 397.00 Td (Pre-tax ) Tj ET Q q 0 0 0 rg BT 150.21 397.00 Td (and ) Tj ET Q q 0 0 0 rg BT 166.17 397.00 Td (after-tax ) Tj ET Q q 0 0 0 rg BT 198.54 397.00 Td (NPV) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 215.39 396.28 Td (8%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 223.09 397.00 Td ( ) Tj ET Q q 0 0 0 rg BT 225.37 397.00 Td (of ) Tj ET Q q 0 0 0 rg BT 234.49 397.00 Td (US$129 ) Tj ET Q q 0 0 0 rg BT 266.40 397.00 Td (million ) Tj ET Q q 0 0 0 rg BT 291.92 397.00 Td (and ) Tj ET Q q 0 0 0 rg BT 307.88 397.00 Td (IRR ) Tj ET Q q 0 0 0 rg BT 324.28 397.00 Td (of ) Tj ET Q q 0 0 0 rg BT 333.40 397.00 Td (131% ) Tj ET Q q 0 0 0 rg BT 356.65 397.00 Td (based ) Tj ET Q q 0 0 0 rg BT 381.28 397.00 Td (on ) Tj ET Q q 0 0 0 rg BT 392.68 397.00 Td (a ) Tj ET Q q 0 0 0 rg BT 399.52 397.00 Td (long-term ) Tj ET Q q 0 0 0 rg BT 436.43 397.00 Td (flat ) Tj ET Q q 0 0 0 rg BT 449.66 397.00 Td (copper ) Tj ET Q q 0 0 0 rg BT 477.01 397.00 Td (price ) Tj ET Q q 0 0 0 rg BT 497.06 397.00 Td (of ) Tj ET Q q 0 0 0 rg BT 506.18 397.00 Td (US$2.75) Tj ET Q BT /F2 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 103.50 379.84 cm /I6 Do Q q 0 0 0 rg BT 107.50 382.00 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.50 382.00 Td (A) Tj ET Q q 0 0 0 rg BT 126.83 382.00 Td (verage ) Tj ET Q q 0 0 0 rg BT 154.18 382.00 Td (annual ) Tj ET Q q 0 0 0 rg BT 181.08 382.00 Td (copper ) Tj ET Q q 0 0 0 rg BT 208.44 382.00 Td (cathode ) Tj ET Q q 0 0 0 rg BT 239.90 382.00 Td (production ) Tj ET Q q 0 0 0 rg BT 280.48 382.00 Td (\(2019-2025\) ) Tj ET Q q 0 0 0 rg BT 327.43 382.00 Td (of ) Tj ET Q q 0 0 0 rg BT 336.55 382.00 Td (34 ) Tj ET Q q 0 0 0 rg BT 347.96 382.00 Td (million ) Tj ET Q q 0 0 0 rg BT 373.47 382.00 Td (pounds ) Tj ET Q q 0 0 0 rg BT 402.66 382.00 Td (per ) Tj ET Q q 0 0 0 rg BT 416.79 382.00 Td (annum ) Tj ET Q BT /F2 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 103.50 364.84 cm /I7 Do Q q 0 0 0 rg BT 107.50 367.00 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.50 367.00 Td (7.5 ) Tj ET Q q 0 0 0 rg BT 135.18 367.00 Td (year ) Tj ET Q q 0 0 0 rg BT 153.41 367.00 Td (life ) Tj ET Q q 0 0 0 rg BT 166.18 367.00 Td (of ) Tj ET Q q 0 0 0 rg BT 175.30 367.00 Td (mine ) Tj ET Q q 0 0 0 rg BT 195.35 367.00 Td (\(LOM\) ) Tj ET Q q 0 0 0 rg BT 226.32 367.00 Td (with ) Tj ET Q q 0 0 0 rg BT 243.18 367.00 Td (opportunity ) Tj ET Q q 0 0 0 rg BT 286.04 367.00 Td (to ) Tj ET Q q 0 0 0 rg BT 295.16 367.00 Td (extend ) Tj ET Q q 0 0 0 rg BT 322.07 367.00 Td (through ) Tj ET Q q 0 0 0 rg BT 352.16 367.00 Td (exploration ) Tj ET Q q 0 0 0 rg BT 394.56 367.00 Td (on ) Tj ET Q q 0 0 0 rg BT 405.96 367.00 Td (44,000 ) Tj ET Q q 0 0 0 rg BT 433.32 367.00 Td (hectares ) Tj ET Q q 0 0 0 rg BT 467.06 367.00 Td (of ) Tj ET Q q 0 0 0 rg BT 476.18 367.00 Td (land ) Tj ET Q BT /F2 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 103.50 349.84 cm /I8 Do Q q 0 0 0 rg BT 107.50 352.00 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.50 352.00 Td (Attractive ) Tj ET Q q 0 0 0 rg BT 157.96 352.00 Td (LOM ) Tj ET Q q 0 0 0 rg BT 178.02 352.00 Td (operating ) Tj ET Q q 0 0 0 rg BT 214.49 352.00 Td (cash ) Tj ET Q q 0 0 0 rg BT 234.10 352.00 Td (costs ) Tj ET Q q 0 0 0 rg BT 255.52 352.00 Td (estimate ) Tj ET Q q 0 0 0 rg BT 288.80 352.00 Td (of ) Tj ET Q q 0 0 0 rg BT 297.92 352.00 Td (US$1.65 ) Tj ET Q q 0 0 0 rg BT 332.11 352.00 Td (per ) Tj ET Q q 0 0 0 rg BT 346.24 352.00 Td (pound ) Tj ET Q q 0 0 0 rg BT 371.32 352.00 Td (of ) Tj ET Q q 0 0 0 rg BT 380.45 352.00 Td (finished ) Tj ET Q q 0 0 0 rg BT 410.99 352.00 Td (copper) Tj ET Q BT /F2 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 103.50 334.84 cm /I9 Do Q q 0 0 0 rg BT 107.50 337.00 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.50 337.00 Td (PEA) Tj ET Q q 0 0 0 rg BT 137.46 337.00 Td ( ) Tj ET Q q 0 0 0 rg BT 139.15 337.00 Td (case ) Tj ET Q q 0 0 0 rg BT 158.16 337.00 Td (demonstrates ) Tj ET Q q 0 0 0 rg BT 209.54 337.00 Td (potential ) Tj ET Q q 0 0 0 rg BT 242.23 337.00 Td (to ) Tj ET Q q 0 0 0 rg BT 250.77 337.00 Td (generate ) Tj ET Q q 0 0 0 rg BT 284.83 337.00 Td (cash ) Tj ET Q q 0 0 0 rg BT 303.84 337.00 Td (flow ) Tj ET Q q 0 0 0 rg BT 320.11 337.00 Td (of ) Tj ET Q q 0 0 0 rg BT 328.64 337.00 Td (US$34 ) Tj ET Q q 0 0 0 rg BT 355.40 337.00 Td (million ) Tj ET Q q 0 0 0 rg BT 380.33 337.00 Td (in ) Tj ET Q q 0 0 0 rg BT 388.40 337.00 Td (2020 ) Tj ET Q q 0 0 0 rg BT 408.33 337.00 Td (with ) Tj ET Q q 0 0 0 rg BT 424.60 337.00 Td (peak ) Tj ET Q q 0 0 0 rg BT 444.08 337.00 Td (cash ) Tj ET Q q 0 0 0 rg BT 463.09 337.00 Td (flow ) Tj ET Q q 0 0 0 rg BT 479.36 337.00 Td (reaching ) Tj ET Q q 0 0 0 rg BT 512.50 337.00 Td (US$45 ) Tj ET Q q 0 0 0 rg BT 539.26 337.00 Td (million ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.50 325.00 Td (in ) Tj ET Q q 0 0 0 rg BT 130.16 325.00 Td (2022) Tj ET Q BT /F2 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 103.50 307.84 cm /I10 Do Q q 0 0 0 rg BT 107.50 310.00 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.50 310.00 Td (Completion ) Tj ET Q q 0 0 0 rg BT 164.13 310.00 Td (of ) Tj ET Q q 0 0 0 rg BT 172.12 310.00 Td (technical ) Tj ET Q q 0 0 0 rg BT 205.64 310.00 Td (studies ) Tj ET Q q 0 0 0 rg BT 232.78 310.00 Td (and ) Tj ET Q q 0 0 0 rg BT 247.61 310.00 Td (related ) Tj ET Q q 0 0 0 rg BT 273.83 310.00 Td (technical ) Tj ET Q q 0 0 0 rg BT 307.35 310.00 Td (report ) Tj ET Q q 0 0 0 rg BT 329.92 310.00 Td (is ) Tj ET Q q 0 0 0 rg BT 337.00 310.00 Td (key ) Tj ET Q q 0 0 0 rg BT 350.91 310.00 Td (to ) Tj ET Q q 0 0 0 rg BT 358.91 310.00 Td (advancing ) Tj ET Q q 0 0 0 rg BT 397.45 310.00 Td (currently ) Tj ET Q q 0 0 0 rg BT 430.04 310.00 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 460.38 310.00 Td (project ) Tj ET Q q 0 0 0 rg BT 486.14 310.00 Td (financing ) Tj ET Q q 0 0 0 rg BT 520.12 310.00 Td (discussions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 292.00 Td (It ) Tj ET Q q 0 0 0 rg BT 56.57 292.00 Td (is ) Tj ET Q q 0 0 0 rg BT 65.01 292.00 Td (important ) Tj ET Q q 0 0 0 rg BT 101.71 292.00 Td (to ) Tj ET Q q 0 0 0 rg BT 111.07 292.00 Td (note ) Tj ET Q q 0 0 0 rg BT 129.54 292.00 Td (that ) Tj ET Q q 0 0 0 rg BT 145.74 292.00 Td (the ) Tj ET Q q 0 0 0 rg BT 159.65 292.00 Td (additional ) Tj ET Q q 0 0 0 rg BT 197.27 292.00 Td (capital ) Tj ET Q q 0 0 0 rg BT 223.49 292.00 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 272.97 292.00 Td (required ) Tj ET Q q 0 0 0 rg BT 305.56 292.00 Td (for ) Tj ET Q q 0 0 0 rg BT 317.65 292.00 Td (the ) Tj ET Q q 0 0 0 rg BT 331.56 292.00 Td (project ) Tj ET Q q 0 0 0 rg BT 358.69 292.00 Td (will ) Tj ET Q q 0 0 0 rg BT 372.59 292.00 Td (be ) Tj ET Q q 0 0 0 rg BT 384.22 292.00 Td (used ) Tj ET Q q 0 0 0 rg BT 404.52 292.00 Td (exclusively ) Tj ET Q q 0 0 0 rg BT 446.69 292.00 Td (for ) Tj ET Q q 0 0 0 rg BT 458.77 292.00 Td (mining ) Tj ET Q q 0 0 0 rg BT 485.44 292.00 Td (development ) Tj ET Q q 0 0 0 rg BT 534.91 292.00 Td (and ) Tj ET Q q 0 0 0 rg BT 551.11 292.00 Td (not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 280.00 Td (new ) Tj ET Q q 0 0 0 rg BT 66.16 280.00 Td (construction. ) Tj ET Q q 0 0 0 rg BT 114.18 280.00 Td (The ) Tj ET Q q 0 0 0 rg BT 129.94 280.00 Td (existing ) Tj ET Q q 0 0 0 rg BT 159.37 280.00 Td (infrastructure ) Tj ET Q q 0 0 0 rg BT 208.85 280.00 Td (that ) Tj ET Q q 0 0 0 rg BT 224.15 280.00 Td (was ) Tj ET Q q 0 0 0 rg BT 240.36 280.00 Td (previously ) Tj ET Q q 0 0 0 rg BT 278.90 280.00 Td (funded ) Tj ET Q q 0 0 0 rg BT 305.61 280.00 Td (by ) Tj ET Q q 0 0 0 rg BT 315.89 280.00 Td (prior ) Tj ET Q q 0 0 0 rg BT 333.92 280.00 Td (owners, ) Tj ET Q q 0 0 0 rg BT 364.25 280.00 Td (in ) Tj ET Q q 0 0 0 rg BT 372.26 280.00 Td (the ) Tj ET Q q 0 0 0 rg BT 385.28 280.00 Td (amount ) Tj ET Q q 0 0 0 rg BT 414.26 280.00 Td (of ) Tj ET Q q 0 0 0 rg BT 422.72 280.00 Td (approximately ) Tj ET Q q 0 0 0 rg BT 475.40 280.00 Td (US$244 ) Tj ET Q q 0 0 0 rg BT 506.65 280.00 Td (million ) Tj ET Q q 0 0 0 rg BT 531.51 280.00 Td (between ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 268.00 Td (2004 ) Tj ET Q q 0 0 0 rg BT 70.02 268.00 Td (and ) Tj ET Q q 0 0 0 rg BT 85.98 268.00 Td (2013, ) Tj ET Q q 0 0 0 rg BT 108.79 268.00 Td (supports ) Tj ET Q q 0 0 0 rg BT 142.52 268.00 Td (the ) Tj ET Q q 0 0 0 rg BT 156.20 268.00 Td (proposed ) Tj ET Q q 0 0 0 rg BT 192.68 268.00 Td (full ) Tj ET Q q 0 0 0 rg BT 205.44 268.00 Td (ramp ) Tj ET Q q 0 0 0 rg BT 226.40 268.00 Td (up ) Tj ET Q q 0 0 0 rg BT 237.81 268.00 Td (of ) Tj ET Q q 0 0 0 rg BT 246.93 268.00 Td (operations. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 250.00 Td (This ) Tj ET Q q 0 0 0 rg BT 66.94 250.00 Td (investment ) Tj ET Q q 0 0 0 rg BT 108.55 250.00 Td (in ) Tj ET Q q 0 0 0 rg BT 116.89 250.00 Td (MTV ) Tj ET Q q 0 0 0 rg BT 136.15 250.00 Td (was ) Tj ET Q q 0 0 0 rg BT 152.68 250.00 Td (the ) Tj ET Q q 0 0 0 rg BT 166.03 250.00 Td (first ) Tj ET Q q 0 0 0 rg BT 181.19 250.00 Td (completed ) Tj ET Q q 0 0 0 rg BT 220.98 250.00 Td (under ) Tj ET Q q 0 0 0 rg BT 243.90 250.00 Td (SRHI) Tj ET Q q 0 0 0 rg BT 265.17 250.00 Td (s ) Tj ET Q q 0 0 0 rg BT 271.22 250.00 Td (new ) Tj ET Q q 0 0 0 rg BT 288.21 250.00 Td (strategy ) Tj ET Q q 0 0 0 rg BT 319.33 250.00 Td (of ) Tj ET Q q 0 0 0 rg BT 328.13 250.00 Td (acquiring ) Tj ET Q q 0 0 0 rg BT 363.35 250.00 Td (majority ) Tj ET Q q 0 0 0 rg BT 394.01 250.00 Td (positions ) Tj ET Q q 0 0 0 rg BT 428.33 250.00 Td (in ) Tj ET Q q 0 0 0 rg BT 436.66 250.00 Td (mining ) Tj ET Q q 0 0 0 rg BT 462.77 250.00 Td (assets ) Tj ET Q q 0 0 0 rg BT 488.42 250.00 Td (with ) Tj ET Q q 0 0 0 rg BT 504.95 250.00 Td (near-term ) Tj ET Q q 0 0 0 rg BT 542.45 250.00 Td (cash-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 238.00 Td (flow ) Tj ET Q q 0 0 0 rg BT 65.96 238.00 Td (potential. ) Tj ET Q q 0 0 0 rg BT 101.12 238.00 Td (Looking ) Tj ET Q q 0 0 0 rg BT 131.72 238.00 Td (ahead, ) Tj ET Q q 0 0 0 rg BT 158.68 238.00 Td (we ) Tj ET Q q 0 0 0 rg BT 171.03 238.00 Td (will ) Tj ET Q q 0 0 0 rg BT 184.29 238.00 Td (continue ) Tj ET Q q 0 0 0 rg BT 217.17 238.00 Td (to ) Tj ET Q q 0 0 0 rg BT 225.89 238.00 Td (execute ) Tj ET Q q 0 0 0 rg BT 256.49 238.00 Td (on ) Tj ET Q q 0 0 0 rg BT 267.49 238.00 Td (this ) Tj ET Q q 0 0 0 rg BT 282.13 238.00 Td (strategy ) Tj ET Q q 0 0 0 rg BT 313.18 238.00 Td (by ) Tj ET Q q 0 0 0 rg BT 323.72 238.00 Td (exiting ) Tj ET Q q 0 0 0 rg BT 349.30 238.00 Td (non-core ) Tj ET Q q 0 0 0 rg BT 383.54 238.00 Td (positions, ) Tj ET Q q 0 0 0 rg BT 420.06 238.00 Td (when ) Tj ET Q q 0 0 0 rg BT 441.54 238.00 Td (deemed ) Tj ET Q q 0 0 0 rg BT 473.05 238.00 Td (appropriate, ) Tj ET Q q 0 0 0 rg BT 518.69 238.00 Td (and ) Tj ET Q q 0 0 0 rg BT 534.25 238.00 Td (building ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 226.00 Td (our ) Tj ET Q q 0 0 0 rg BT 63.63 226.00 Td (platform ) Tj ET Q q 0 0 0 rg BT 95.54 226.00 Td (around ) Tj ET Q q 0 0 0 rg BT 123.35 226.00 Td (the ) Tj ET Q q 0 0 0 rg BT 137.03 226.00 Td (foundational ) Tj ET Q q 0 0 0 rg BT 184.00 226.00 Td (producing ) Tj ET Q q 0 0 0 rg BT 222.29 226.00 Td (MTV ) Tj ET Q q 0 0 0 rg BT 241.88 226.00 Td (holding. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 208.00 Td (On ) Tj ET Q q 0 0 0 rg BT 63.37 208.00 Td (behalf ) Tj ET Q q 0 0 0 rg BT 88.63 208.00 Td (of ) Tj ET Q q 0 0 0 rg BT 98.40 208.00 Td (our ) Tj ET Q q 0 0 0 rg BT 113.17 208.00 Td (Board ) Tj ET Q q 0 0 0 rg BT 137.98 208.00 Td (of ) Tj ET Q q 0 0 0 rg BT 147.74 208.00 Td (Directors ) Tj ET Q q 0 0 0 rg BT 183.47 208.00 Td (and ) Tj ET Q q 0 0 0 rg BT 200.07 208.00 Td (employees, ) Tj ET Q q 0 0 0 rg BT 244.94 208.00 Td (I ) Tj ET Q q 0 0 0 rg BT 250.14 208.00 Td (thank ) Tj ET Q q 0 0 0 rg BT 273.13 208.00 Td (you ) Tj ET Q q 0 0 0 rg BT 289.27 208.00 Td (for ) Tj ET Q q 0 0 0 rg BT 301.77 208.00 Td (your ) Tj ET Q q 0 0 0 rg BT 320.64 208.00 Td (continued ) Tj ET Q q 0 0 0 rg BT 359.13 208.00 Td (support ) Tj ET Q q 0 0 0 rg BT 389.41 208.00 Td (and ) Tj ET Q q 0 0 0 rg BT 406.02 208.00 Td (we ) Tj ET Q q 0 0 0 rg BT 419.42 208.00 Td (look ) Tj ET Q q 0 0 0 rg BT 437.39 208.00 Td (forward ) Tj ET Q q 0 0 0 rg BT 467.65 208.00 Td (to ) Tj ET Q q 0 0 0 rg BT 477.41 208.00 Td (reporting ) Tj ET Q q 0 0 0 rg BT 512.70 208.00 Td (to ) Tj ET Q q 0 0 0 rg BT 522.47 208.00 Td (you ) Tj ET Q q 0 0 0 rg BT 538.61 208.00 Td (on ) Tj ET Q q 0 0 0 rg BT 550.66 208.00 Td (our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 196.00 Td (progress ) Tj ET Q q 0 0 0 rg BT 83.68 196.00 Td (in ) Tj ET Q q 0 0 0 rg BT 92.35 196.00 Td (the ) Tj ET Q q 0 0 0 rg BT 106.03 196.00 Td (months ) Tj ET Q q 0 0 0 rg BT 135.20 196.00 Td (ahead.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 178.00 Td (Sincerely) Tj ET Q q 0 0 0 rg BT 82.63 178.00 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 160.00 Td ( ) Tj ET Q q 0 0 0 rg BT 76.50 160.00 Td (\(signed\) "Steve ) Tj ET Q q 0 0 0 rg BT 134.42 160.00 Td (Y) Tj ET Q q 0 0 0 rg BT 139.44 160.00 Td (uzpe" ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 49.5 143.57421875 m 193.5 143.57421875 l s q 0 0 0 rg BT 49.50 145.00 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 145.00 Td ( ) Tj ET Q q 0 0 0 rg BT 121.50 145.00 Td ( ) Tj ET Q q 0 0 0 rg BT 157.50 145.00 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 133.00 Td (President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 170.16 133.00 Td (ficer ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 49.50 107.44 Td (1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.87 105.40 Td ( ) Tj ET Q q 0 0 0 rg BT 53.47 105.40 Td (The ) Tj ET Q q 0 0 0 rg BT 66.49 105.40 Td (PEA) Tj ET Q q 0 0 0 rg BT 79.25 105.40 Td ( ) Tj ET Q q 0 0 0 rg BT 80.96 105.40 Td (Case ) Tj ET Q q 0 0 0 rg BT 97.98 105.40 Td (mine ) Tj ET Q q 0 0 0 rg BT 113.91 105.40 Td (plan ) Tj ET Q q 0 0 0 rg BT 128.02 105.40 Td (is ) Tj ET Q q 0 0 0 rg BT 134.47 105.40 Td (partly ) Tj ET Q q 0 0 0 rg BT 152.22 105.40 Td (based ) Tj ET Q q 0 0 0 rg BT 171.80 105.40 Td (on ) Tj ET Q q 0 0 0 rg BT 180.81 105.40 Td (inferred ) Tj ET Q q 0 0 0 rg BT 204.76 105.40 Td (mineral ) Tj ET Q q 0 0 0 rg BT 227.97 105.40 Td (resources ) Tj ET Q q 0 0 0 rg BT 258.49 105.40 Td (that ) Tj ET Q q 0 0 0 rg BT 271.14 105.40 Td (are ) Tj ET Q q 0 0 0 rg BT 282.33 105.40 Td (considered ) Tj ET Q q 0 0 0 rg BT 316.13 105.40 Td (too ) Tj ET Q q 0 0 0 rg BT 326.96 105.40 Td (speculative ) Tj ET Q q 0 0 0 rg BT 361.49 105.40 Td (geologically ) Tj ET Q q 0 0 0 rg BT 397.48 105.40 Td (to ) Tj ET Q q 0 0 0 rg BT 404.67 105.40 Td (have ) Tj ET Q q 0 0 0 rg BT 420.60 105.40 Td (the ) Tj ET Q q 0 0 0 rg BT 431.43 105.40 Td (economic ) Tj ET Q q 0 0 0 rg BT 461.22 105.40 Td (considerations ) Tj ET Q q 0 0 0 rg BT 505.23 105.40 Td (applied ) Tj ET Q q 0 0 0 rg BT 528.09 105.40 Td (to ) Tj ET Q q 0 0 0 rg BT 535.28 105.40 Td (them ) Tj ET Q q 0 0 0 rg BT 551.57 105.40 Td (that ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 49.50 95.80 Td (would ) Tj ET Q q 0 0 0 rg BT 68.59 95.80 Td (enable ) Tj ET Q q 0 0 0 rg BT 90.24 95.80 Td (them ) Tj ET Q q 0 0 0 rg BT 106.77 95.80 Td (to ) Tj ET Q q 0 0 0 rg BT 114.20 95.80 Td (be ) Tj ET Q q 0 0 0 rg BT 123.44 95.80 Td (categorized ) Tj ET Q q 0 0 0 rg BT 159.31 95.80 Td (as ) Tj ET Q q 0 0 0 rg BT 168.19 95.80 Td (mineral ) Tj ET Q q 0 0 0 rg BT 191.65 95.80 Td (reserves, ) Tj ET Q q 0 0 0 rg BT 220.58 95.80 Td (and ) Tj ET Q q 0 0 0 rg BT 233.48 95.80 Td (there ) Tj ET Q q 0 0 0 rg BT 250.38 95.80 Td (is ) Tj ET Q q 0 0 0 rg BT 257.07 95.80 Td (no ) Tj ET Q q 0 0 0 rg BT 266.32 95.80 Td (certainty ) Tj ET Q q 0 0 0 rg BT 293.07 95.80 Td (that ) Tj ET Q q 0 0 0 rg BT 305.96 95.80 Td (the ) Tj ET Q q 0 0 0 rg BT 317.04 95.80 Td (PEA) Tj ET Q q 0 0 0 rg BT 329.80 95.80 Td ( ) Tj ET Q q 0 0 0 rg BT 331.75 95.80 Td (Case ) Tj ET Q q 0 0 0 rg BT 349.01 95.80 Td (based ) Tj ET Q q 0 0 0 rg BT 368.84 95.80 Td (on ) Tj ET Q q 0 0 0 rg BT 378.09 95.80 Td (these ) Tj ET Q q 0 0 0 rg BT 396.09 95.80 Td (mineral ) Tj ET Q q 0 0 0 rg BT 419.55 95.80 Td (resources ) Tj ET Q q 0 0 0 rg BT 450.30 95.80 Td (will ) Tj ET Q q 0 0 0 rg BT 461.36 95.80 Td (be ) Tj ET Q q 0 0 0 rg BT 470.61 95.80 Td (realized. ) Tj ET Q q 0 0 0 rg BT 497.35 95.80 Td (Mineral ) Tj ET Q q 0 0 0 rg BT 520.81 95.80 Td (resources ) Tj ET Q q 0 0 0 rg BT 551.57 95.80 Td (that ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 49.50 86.20 Td (are ) Tj ET Q q 0 0 0 rg BT 60.80 86.20 Td (not ) Tj ET Q q 0 0 0 rg BT 71.75 86.20 Td (mineral ) Tj ET Q q 0 0 0 rg BT 95.08 86.20 Td (reserves ) Tj ET Q q 0 0 0 rg BT 122.06 86.20 Td (do ) Tj ET Q q 0 0 0 rg BT 131.18 86.20 Td (not ) Tj ET Q q 0 0 0 rg BT 142.13 86.20 Td (have ) Tj ET Q q 0 0 0 rg BT 158.18 86.20 Td (demonstrated ) Tj ET Q q 0 0 0 rg BT 200.12 86.20 Td (economic ) Tj ET Q q 0 0 0 rg BT 230.02 86.20 Td (viability) Tj ET Q q 0 0 0 rg BT 251.05 86.20 Td (. ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 49.50 75.64 Td (2 ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.06 73.60 Td (Based on PEA) Tj ET Q q 0 0 0 rg BT 95.37 73.60 Td ( study results) Tj ET Q endstream endobj 5 0 obj <> /View <>>>>> endobj 6 0 obj <> /View <>>>>> endobj 7 0 obj <> endobj 8 0 obj <> stream xy\E7~n{{w'd'52 HaGPPA!"" b-&h,+TLy?:uk?uΩoH""?W~.Xv3&rm 2\jMgwm'CڴzlycǏ\ rBjx\DsV@{twocmC{Iwl11z:1m!t-\q3D.:yz'Wɨp[_F=>E"ǢӦ/|K&_~=!wn-az3¦h$7,ؑ2Oo_eSFLlk}Fg[F>|;