Big River Gold Ltd. announced on progress with the Plant/Project Engineering Cost Estimate Update (ECE) for the Borborema project, as well as recent developments in site infrastructure engineering and in the regional exploration and resource extension work that has recommenced. Borborema Project Progress: ECE Progress: The company has extended the schedule for the review of the Borborema 2Mtpa DFS and an Engineering Cost Estimate update (ECE) as outlined below. A draft report was received from GR Engineering Services (GRES) in late August and is currently being reviewed. The GRES ECE incorporated additional findings and developments arising out of ongoing engineering studies. Some items in the 2019 DFS study were considered to have been understated and cost estimates for those areas will increase as a result including EPCM and Owners Costs. The core process plant components of the estimate will likely be relatively unchanged while some equipment and layout changes have been incorporated to reduce risk, increase resilience, and to capitalize on opportunities presented by economies of scale. More of these are presenting as ongoing mine planning detail comes available and gold pricing and recovery assumptions are updated. There has also been a significant increase in mining and exploration activity in Brazil over the last 12-18 months. This has seen an increase in costs and prices as well as demand on service providers and suppliers. The process of updating budget pricing and quotations to 2021 conditions has been slower than anticipated and pricing is being carefully interrogated where increases are apparent. The update is focussing on the initial 2 million tonnes per annum (Mtpa) Stage 1 of the Borborema Project. However, selection of equipment and layout has been revised to accommodate a possible mine expansion in Year 3 or 4 of Stage 1 which recognises the significant scale of the Borborema resource and the economies which would result from increased plant throughput. Preliminary studies have commenced in parallel to investigate the potential of expanding the pit to 4- 6Mtpa. This work includes consideration of the eventual relocation of the adjacent highway and regional powerline and de-risking, especially relating to securing sufficient process water supplies to underpin process throughput. Restrictions on travel to Brazil for Australian based staff and contractors has created some project management challenges. However, there are plans and processes in place to ensure that the project teams in both Australia and Brazil are coordinated and working well together. The company recognises that this has meant longer and some unusual working hours for a number of key people. Process Water Supply: Activities progressed in mitigating risks regarding process water supply and ensuring that secure and resilient water sources are available for base and expansion scenarios. These focussed on: Upgrading the sewage water delivery system at the nearby city of Currais Novos; to provide reliable water supply to the project. Advancing discussions with other nearby cities to secure future additional sewage water; Initiating investigation of aquifers 40km north of Borborema with a view to establishing bore fields; Updating the engineering costs estimate based on expected wastewater sample data and vendor preliminary proposals for treated waste water that can be safely and effectively stored and used on site, Significantly, a site-wide dynamic water balance study is being undertaken by SRK Consultants (SRK) taking into account site water and storage capacities. Preliminary results have indicated that the deficit of process water is significantly less than previously estimated in the plant water availability study. This preliminary data indicates the demand on external sources such as the sewage water will be reduced. Nevertheless, the company will continue to secure as much additional water as possible to reduce risk, provide for resilience to natural and unforeseen events, and underpin the project expansion. The company has an agreement with Currais Novos for the offtake of up to 70m3/hour of water to meet the requirements of the Borborema 2Mtpa operation. Ongoing discussions are being held with the relevant authority (CAERN) to improve the agreement terms to secure more access and increase the available water resource. Big River is negotiating with CAERN to assume a more responsibility for parts of that system and is working to improve the flow rates from the transfer Casca e Pesca pumping station. At present the water flow does not meet requirements due to poor pump performance and availability, blockages in the channels and trash screens and other issues at the sewage station. The company is approximately one third of the way through refurbishing several aspects of the sewage collection station to improve volume and reliability of supply. The company also plan to replace existing pumps and add extra pumping capacity to improve system reliability. Other potential sources of additional process water are also being assessed both as backup for the Currais Novos delivery as well as to meet the requirements of any expansion above 2Mtpa throughput.