Announcements and Updates

The Wa-Lawra gold project, of which Ibaera owns rights to 42.5%, recently announced a 65% increase in the ore reserve to 1,028,200 ounces (18 Mt @ 1.77 g/t Au).

The same announcement also provided an update to the economic forecast for the project:

• US$177M NPV (5%) and 35% IRR (pre-tax, post govt royalty)
• US$270M net cash flow (pre-tax, post govt royalty)
• 1.6 year payback of US$117M establishment capital
• 11-year operation, averaging 100,200 ozpa (years 1-8)
• 2.06 g/t Au average process grade (years 1-8)
• CIL plant of up to 2.3 Mtpa (oxide ore)
• Establishment capital intensity of US$114/ore reserve ounce

The project continues to target September 2019 for completion of final feasibility and decision to mine shortly thereafter.