Regalis Petroleum Limited
Universal Coal Resources Pte Ltd

Copper, Namibia
5.2% equity interest

In 2006, Weatherly acquired the assets of Ongopolo, a Namibian copper producer, including a major undeveloped resource known as Tschudi.

In the wake of the 2008 global financial crisis, work on the project was suspended and, it was not until December 2009 that the company published its preliminary pit optimisation study. Throughout 2011 and 2012 Weatherly made progress with feasibility studies which started to show that the ore body, including the deeper ore, was amenable to direct leaching using sulphuric acid. Up until then, it was assumed that the deeper ore would be treated using conventional flotation, smelting and refining, which was a significant breakthrough at the time.

By the end of 2012 the company was able to publish a BFS based on an open pit mine using heap leach, solvent extraction and electro-winning to produce high quality copper cathodes.

The BFS was completed in December 2012 and the financial results were announced together with the funding from Orion Mine Finance (then Red Kite). At the time, the BFS resulted in a Net Present Value (at eight per cent discount rate) of US$105 million based on an average Life of Mine and copper price of US$6,067 per tonne of copper.

Tschudi is an open pit that is expected to mine 190 million tonnes of ore and waste over its 11 year mine life. The mine has a proven and probable JORC ore reserve of 22.7 million tonnes of ore at a grade of 0.95 per cent copper.

The ore will be processed using acid leaching, SX-EW technology. This is a proven process that bypasses the conventional concentrating and smelting steps to produce refined copper. Using this approach, the company expects output to average 17,000 tonnes of copper cathode annually.

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