(all amounts in US dollars, unless otherwise noted)
HIGHLIGHTS
- 41.8% after-tax internal rate of return ("IRR") and
$380 million after-tax net present value (8%) based on Consensus Copper Price (as defined below) and 5.00 BRL:USD exchange rate; - Doubled life-of-mine ("LOM") copper production to approximately 326,000 tonnes from 163,000 tonnes in the 2017 Study (as defined below) with increased mine life of twelve years;
- Increased annual average LOM copper production from approximately 18,000 tonnes to over 27,000 tonnes, with the first five years of production averaging approximately 35,000 tonnes per annum;
- Mine life of twelve years supported by updated proven mineral reserves of 30.7 million tonnes at 0.89% copper and probable mineral reserves of 12.4 million tonnes at 0.67% copper, containing a total of 356.6 thousand tonnes of copper, a 93% increase in contained copper as compared to the 2017 Study (as defined below);
- Low capital-intensity of approximately
$8,400 per tonne of copper produced annually over the first 5 years of the Project resulting in rapid payback of 1.4 years at Consensus Copper Price; - Significant exploration upside identified within an under-explored area within the final pit limits, known as the "
Gap Zone ", expected to enhance the Project by (i) confirming continuity of mineralization between near-surface high-grade zones and high-grade zones near the pit limits at depth; and, (ii) converting material currently classified as waste into mineral resources. Subsequent toAugust 31, 2021 , or the effective date of the mineral resource and mineral reserve estimates in the 2021 Feasibility Study (the “Effective Date”), ten exploration holes were drilled in theGap Zone , all of which showed mineralization. To date, assay results have been received for three of these holes. Results are highlighted by hole BSPD-166 that intercepted 21.2 meters grading 0.98% copper and 15.3 meters grading 1.25% copper and BSPD-169 that intercepted 64.9 meters grade 0.86% copper including 15.0 meters grading 1.40% copper; and
- Detailed engineering design efforts are currently underway with early construction works expected to commence during H1 2022, subject to the approval of Ero's Board of Directors.
2021 FEASIBILITY STUDY SUMMARY | ||
General | ||
Type of Operation | ||
years | 12 | |
Mill Throughput | Mtpa | 4.0 |
Total Tonnes Processed | kt | 43,052 |
Life-of-Mine Strip Ratio | waste:ore | 3.7 |
Copper Head Grade | % Cu | 0.83 % |
Metallurgical Recovery | % | 91.3 % |
First Five Years of Production | ||
Average Annual Recovered Copper | kt | 35 |
C1 Cash Cost(1) | $/lb Cu produced | |
Total Recovered Copper Production | kt | 174 |
Life-of-Mine Production | ||
Average Annual Recovered Copper | kt | 27 |
C1 Cash Cost(1) | $/lb Cu produced | |
Total Recovered Copper Production | kt | 326 |
Financial Highlights | ||
Copper Price | $/lb | Consensus Copper Price(2) |
Foreign Exchange Rate | USD:BRL | 5.00 |
$M | ||
Sustaining Capital | $M | |
After-Tax Net Present Value (8%) | $M | |
After-Tax Internal Rate of Return | % | 41.8 % |
After-Tax Payback Period | years | 1.4 |
(1) C1 Cash Cost is a non-IFRS Measure. Please refer to the Notes section of this press release for a discussion of non-IFRS Measures.
(2) Consensus Copper Price forecast is based on the average analyst copper price estimates from 26 financial institutions as of the Effective Date, resulting in
SENSITIVITY OF ECONOMIC RESULTS TO COPPER PRICE (USD/LB)
A chart accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d2dcb7e7-ae75-4bce-acef-25332ea89f31
Commenting on the results,
“By re-logging core, focusing our efforts on geologic modelling and optimizing the mine sequence, we were able to identify a superior mine plan capable of supporting a much larger operation by pulling forward high-grade mineralization in the production plan. The result of this work is significantly higher annual copper production averaging approximately 35,000 over the first five years of the mine's life, a very attractive payback of 1.4 years and a 41.8% internal rate of return. Further, we see potential for additional value generation through ongoing exploration within the newly designed final pit shell.
“Our near-term focus will be targeting exploration in an area referred to as the
"Our excitement around our organic growth initiatives, including the delivery of the Boa Esperança Project and production growth at the
GAP ZONE EXPLORATION SUCCESS
Subsequent to the Effective Date, ten exploration drill holes were drilled within the
Continued positive exploration results within the
Hole ID | From (m) | To (m) | Length (m) | Cu (%) |
GAP Zone - Assay Results | ||||
BSPD-166 | 31.0 | 44.0 | 13.0 | 0.25 |
and | 125.4 | 141.3 | 15.9 | 0.44 |
and | 174.0 | 179.2 | 5.2 | 1.27 |
and | 189.7 | 200.6 | 10.9 | 0.67 |
and | 339.5 | 360.7 | 21.2 | 0.98 |
including | 339.5 | 343.3 | 3.9 | 2.78 |
and | 383.5 | 398.8 | 15.3 | 1.25 |
including | 386.3 | 392.8 | 6.5 | 2.46 |
and | 435.4 | 445.6 | 10.3 | 1.27 |
including | 435.4 | 439.8 | 4.4 | 2.21 |
and | 467.8 | 476.6 | 8.8 | 0.39 |
BSPD-169 | 317.2 | 382.0 | 64.9 | 0.86 |
including | 346.5 | 354.9 | 8.4 | 1.46 |
and including | 367.0 | 382.0 | 15.0 | 1.40 |
BSPD-175 | 336.8 | 350.8 | 14.1 | 0.73 |
including | 345.1 | 350.8 | 5.7 | 1.59 |
and | 401.0 | 438.0 | 37.0 | 0.20 |
GAP Zone - Additional Mineralized Intervals for Above Drill Holes (Assay Results Pending) | ||||
BSPD-169 | 112.0 | 119.0 | 7.0 | assays pending |
and | 158.5 | 183.0 | 24.5 | assays pending |
and | 201.0 | 263.0 | 62.0 | assays pending |
and | 484.0 | 499.0 | 15.0 | assays pending |
and | 509.0 | 536.0 | 27.0 | assays pending |
BSPD-175 | 101.0 | 117.9 | 16.9 | assays pending |
and | 127.0 | 138.0 | 11.0 | assays pending |
and | 185.0 | 192.5 | 7.5 | assays pending |
and | 203.8 | 220.7 | 16.9 | assays pending |
and | 302.0 | 320.3 | 18.3 | assays pending |
(1) Mineralized intercepts below cut-off grade of 0.20% copper not reported. Drill holes were drilled from surface using diamond core drill rigs. The length of intercept may not represent the true width of mineralization. Values may not add up due to rounding. From, to and mineralized intercepts are rounded to the nearest tenth of a meter. The seven remaining drill holes from the
Figure 1 shows high-grade and low-grade mineralization, as well as the
The center of the final pit design is located at UTM Easting 450722.00 and UTM Northing 9241657.00. Boa Esperança mineralization based on data compilation work which includes review of geological controls, structural analysis and copper mineralization identified during the Company’s technical programs. The interpretation and boundary limits do not imply continuity of mineralization or actual thickness of mineralization. Mineral resources which are not mineral reserves do not have demonstrated economic viability.
Figure 1: Boa Esperança VRIFY 3D Model, Plan View looking North (
The center of the final pit design is located at UTM Easting 450722.00 and UTM Northing 9241657.00.
Figure 2: Boa Esperança VRIFY 3D Model, Gap Zone Results, view looking North (
MINERAL RESERVES & RESOURCES, 2021 | |||
Tonnes (000s) | Grade (Cu %) | Contained Cu (kt) | |
Mineral Reserves | |||
Proven Reserves | 30,674 | 0.89 | 273.2 |
Probable Reserves | 12,378 | 0.67 | 83.3 |
Proven & Probable Reserves | 43,052 | 0.83 | 356.6 |
Mineral Resources (Pit Constrained, inclusive of Reserves) | |||
Measured Resources (High-Grade) | 7,117 | 2.16 | 153.6 |
Indicated Resources (High-Grade) | 1,661 | 2.27 | 37.6 |
Measured & Indicated Resources (High-Grade) | 8,778 | 2.18 | 191.3 |
Measured Resources (Low-Grade) | 25,476 | 0.60 | 152.0 |
Indicated Resources (Low-Grade) | 13,434 | 0.51 | 68.4 |
Measured & Indicated Resources (Low-Grade) | 38,909 | 0.57 | 220.4 |
Total Measured & Indicated Resources | 47,687 | 0.86 | 411.7 |
Inferred Resources | |||
Inferred Resources (Pit Constrained High-Grade) | 40 | 2.69 | 1.1 |
Inferred Resources (Pit Constrained Low-Grade) | 514 | 0.49 | 2.5 |
Inferred Resources (Pit Constrained) | 555 | 0.65 | 3.6 |
Inferred Resources (Unconstrained High-Grade Outside Pit Limits) | 1,354 | 2.24 | 30.4 |
Inferred Resources (Unconstrained Low-Grade Outside Pit Limits) | 9,681 | 0.60 | 58.2 |
Inferred Resources (Unconstrained Mineralization Outside Pit) | 11,035 | 0.80 | 88.6 |
Total Inferred Resources | 11,590 | 0.80 | 92.2 |
(1) Mineral reserves and mineral resources have an effective date of
(2) Stated mineral resources are inclusive of mineral reserves. All figures have been rounded to the relative accuracy of the estimates. Summed amounts may not add due to rounding. High-grade and low-grade mineral resources defined as greater than or equal to 1.00% copper and less than 1.00% copper, respectively.
(3) A 3D geologic model was developed for the Boa Esperança Project. Geologically constrained copper grade shells were developed using a copper cut-off grade of 0.20% and 0.51% for pit constrained and unconstrained mineral resources, respectively, to generate a 3D mineralization model of the Boa Esperança Project. Within grade shells, mineral resources were estimated using ordinary kriging within a 2.0 meter by 2.0 meter by 4.0 meter block size. Open pit constrained, unconstrained and marginal cut-off grades are based upon a copper price of
(4) Mineral reserve estimates were prepared in accordance with the CIM Standards and the CIM Guidelines, using geostatistical and/or classical methods, plus economic and mining parameters appropriate for the deposit. Mineral reserves are based on a long-term copper price of
Mineral resources which are not mineral reserves do not have demonstrated economic viability. Please refer to the Technical and Scientific section of this press release for additional information.
MINERAL RESERVE COMPARISON TO 2017 STUDY
2021 Feasibility Study(1,2,3) | 2017 Study(4) | Change | |||||||
Tonnes | Grade | Contained Cu | Tonnes | Grade | Contained Cu | Contained Cu | |||
(000s) | (Cu %) | (kt) | (000s) | (Cu %) | (kt) | (kt) | % | ||
Proven Reserves | 30,674 | 0.89 | 273.2 | 18,528 | 0.96 | 178.1 | 95.1 | 53 | % |
Probable Reserves | 12,378 | 0.67 | 83.3 | 975 | 0.72 | 7.0 | 76.3 | 1,091 | % |
Proven & Probable Reserves | 43,052 | 0.83 | 356.6 | 19,503 | 0.95 | 185.1 | 171.5 | 93 | % |
(1) Mineral reserves have an effective date of
(2) All figures have been rounded to the relative accuracy of the estimates. Summed amounts may not add due to rounding.
(3) Mineral reserve estimates were prepared in accordance with the CIM Standards and the CIM Guidelines, using geostatistical and/or classical methods, plus economic and mining parameters appropriate for the deposit. Mineral reserves are based on a long-term copper price of
(4) Please refer to the 2017 Study for additional technical and scientific information.
Please refer to the Technical and Scientific section of this press release for additional information.
LIFE-OF-MINE PRODUCTION PLAN AND CASH FLOWS
Unit | LOM | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | 2032 | 2033 | 2034 | 2035 | 2036 | |
Mining Operations | |||||||||||||||||
Ore Mined | kt | 43,052 | — | 3 | 2,312 | 4,245 | 4,148 | 4,126 | 4,400 | 3,853 | 3,153 | 4,043 | 3,903 | 4,170 | 3,267 | 1,429 | — |
Grade Mined | % Cu | 0.83 | — | 1.49 | 1.30 | 1.27 | 1.05 | 0.76 | 0.79 | 0.72 | 0.52 | 0.55 | 0.64 | 0.62 | 0.92 | 1.11 | — |
Waste Mined | kt | 160,025 | 3,017 | 8,050 | 8,055 | 8,112 | 14,957 | 15,874 | 15,600 | 15,912 | 16,160 | 15,957 | 16,097 | 13,750 | 7,053 | 1,430 | — |
Total Mined | |||||||||||||||||
Milling Operations(*) | kt | 203,077 | 3,017 | 8,054 | 10,367 | 12,357 | 19,104 | 20,000 | 20,000 | 19,765 | 19,313 | 20,000 | 20,000 | 17,921 | 10,320 | 2,859 | — |
Ore Processed | kt | 43,052 | — | — | 2,182 | 3,990 | 4,000 | 4,000 | 4,000 | 4,000 | 4,000 | 4,000 | 4,000 | 4,000 | 3,451 | 1,429 | — |
Grade Processed | % Cu | 0.83 | — | — | 1.34 | 1.33 | 1.08 | 0.77 | 0.82 | 0.70 | 0.49 | 0.56 | 0.64 | 0.63 | 0.90 | 1.11 | — |
Metallurgical Recovery | % | 91.3 | — | — | 93.2 | 92.8 | 92.1 | 90.6 | 91.8 | 90.7 | 87.2 | 89.9 | 90.4 | 91.2 | 91.3 | 91.5 | — |
Cu in Concentrate | kt | 326 | — | — | 27 | 49 | 40 | 28 | 30 | 26 | 17 | 20 | 23 | 23 | 28 | 14 | — |
Operating Costs | |||||||||||||||||
Mining | $M | ( | $— | $— | ( | ( | ( | ( | ( | ( | ( | ( | ( | ( | ( | ( | $— |
Process(2) | $M | ( | $— | $— | ( | ( | ( | ( | ( | ( | ( | ( | ( | ( | ( | ( | $— |
Operational Support | $M | ( | $— | $— | ( | ( | ( | ( | ( | ( | ( | ( | ( | ( | ( | ( | $— |
G&A | $M | ( | $— | $— | ( | ( | ( | ( | ( | ( | ( | ( | ( | ( | ( | ( | $— |
TC/RCs(1) | $M | ( | $— | $— | ( | ( | ( | ( | ( | ( | ( | ( | ( | ( | ( | ( | $— |
Royalty | $M | ( | $— | $— | ( | ( | ( | ( | ( | ( | ( | ( | ( | ( | ( | ( | $— |
Transport Costs | |||||||||||||||||
Land Freight & Handling | $M | ( | $— | $— | ( | ( | ( | ( | ( | ( | ( | ( | ( | ( | ( | ( | $— |
Sea Freight | $M | ( | $— | $— | ( | ( | ( | ( | ( | ( | ( | ( | ( | ( | ( | ( | $— |
Unit Costs | |||||||||||||||||
C1 Cash Costs(3) | $/lb | $— | $— | $— | |||||||||||||
Capital Expenditures | |||||||||||||||||
$M | ( | ( | ( | ( | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | |
Sustaining Capital | $M | ( | $— | $— | ( | ( | ( | ( | ( | ( | ( | ( | ( | ( | $— | $— | $— |
Closure Costs | $M | ( | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | ( |
Salvage Value | $M | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— |
(*) Milling Operations reflect timing adjustments related to run-of-mine stockpile handling. Summed amounts may not add due to rounding.
(1) TC/RCs defined as treatment charges and refining charges.
(2) Process includes mill operating and maintenance expenses as well as costs related to dry stack tailings.
(3) C1 Cash Cost is a non-IFRS Measure. Please refer to the Notes section of this press release for a detailed definition.
TECHNICAL AND SCIENTIFIC INFORMATION
Permitting
The Economic Exploitation Plan (PAE) for the Project was ratified in 2012 and subsequently renewed in 2013. The Company received the Installation License (LI) in
Mineral Resources
Block model tonnage and grade estimates for the Project were classified according to the CIM Standards and the CIM Guidelines by Mr. Emerson Ricardo Re, RM CMC (0138) and MAusIMM (CP) (305892), an employee of
A 3D geologic model was developed for the Project. Geologically constrained grade shells were developed using various copper cut-off grades to generate a 3D mineralization model of the Project. Within the grade shells, mineral resources were estimated using ordinary kriging within a 2.0 meter by 1.1 meter by 4.0 meter block size. Within the optimized resource open pit limits, a cut-off grade of 0.20% copper was applied based upon a copper price of
The mineral resource effective date is
Mineral Reserves
The mineral reserves for the Project are derived from the Measured and Indicated mineral resources as defined within the resource block model following the application of economic and other modifying factors further described below. Inferred mineral resources, where unavoidably mined within a defined mining shape have been assigned zero grade. Dilution occurring from Indicated resource blocks were assigned grade based upon the current mineral resource grade of the blocks included in the dilution envelope. Mineral reserves were classified according to the CIM Standards and the CIM Guidelines by Mr. Carlos Guzman, RM CMC (0119) and FAusIMM (229036), an employee of NCL Ingenieria y Construcion SpA ("NCL") and an independent qualified person as such term is defined under NI 43-101.
The pit designs and mine plan were optimized using the following economic and technical parameters: copper price of
Other modifying factors considered in the determination of the mineral reserve estimate include:
- Overall slope angles of 30.0 degrees for saprolite, 42.0 degrees for weathered rock and 50.0 degrees for fresh rock;
- Maximum bench height of 8.0 meters for saprolite and weathered rock and 16.0 meter double- benches for fresh rock;
- Double-traffic ramp design of 18.0 meters in width with 10% maximum gradient; and
- Mining shapes of 6.0 meters by 10.0 meters with 4.0 meter flitch mining with consideration for orebody orientation.
The mineral reserve effective date is
NOTES
Non-IFRS measures
The Company uses certain non-IFRS measures, including C1 cash cost of copper produced (per lb) and EBITDA, which are not measures recognized under IFRS. The Company believes that these measures, together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
C1 cash cost of copper produced (per lb.)
C1 cash cost of copper produced (per lb) is the sum of production costs, net of capital expenditure development costs, divided by the copper pounds produced. C1 cash cost reported by the Company include treatment, refining charges, and offsite costs. C1 cash cost of copper produced per pound is a non-IFRS measure used by the Company to manage and evaluate operating performance of the Company’s operating mining unit and is widely reported in the mining industry as benchmarks for performance but does not have a standardized meaning and is disclosed in addition to IFRS measures.
Earnings before interest, taxes, depreciation and amortization (EBITDA)
EBITDA represents earnings before interest expense, income taxes, depreciation, and amortization. The Company believes EBITDA is an appropriate supplemental measure of debt service capacity and performance of its operations.
DATA VERIFICATION & QUALITY ASSURANCE / QUALITY CONTROL
The qualified persons responsible for the preparation of the 2021 Feasibility Study have verified the data disclosed, including sampling, analytical, and test data underlying the information contained in this news release. Geological, mine engineering and metallurgical reviews included, among other things, reviewing mapping, core logs, and re-logging existing drill holes, review of geotechnical and hydrological studies, environmental and community factors, the development of the life of mine plan, capital and operating costs, transportation, taxation and royalties, and review of existing metallurgical test work. In the opinion of the qualified persons responsible for the preparation of the 2021 Feasibility Study, the data, assumptions, and parameters used to estimate mineral resources and mineral reserves, the metallurgical model, and the economic analysis as presented herein are sufficiently reliable for these purposes.
The Company is currently drilling at the Project from surface with core drill rigs operated by a third- party contractor. Third-party drill rigs are operated by DrillGeo Geologia e Sondagem Ltda., who is independent of the Company. Drill core is logged, photographed, and split in half using a diamond saw and then quartered. One half is sent for analysis and the remaining half is sent for storage at the secure core logging and storage facilities for the Project located in the city of Tucumã, Para State,
Total copper and gold analysis is performed at ALS Brasil Ltda’s ("ALS") facilities in Parauapebas,
Qualified Persons and the NI 43-101 Technical Report
Mr. Emerson Ricardo Re, RM CMC (0138) and MAusIMM (CP) (305892), an employee of
Mr.
The Company will file the associated NI 43-101 compliant report on SEDAR (www.sedar.com) and on the Company’s website (www.erocopper.com) within 45 days of this press release, which will serve as an update to the technical report entitled “Feasibility Study Technical Report for the Boa Esperança
ABOUT
ERO COPPER CORP.
/s/ David Strang | For further information contact: |
(604) 335-7504 | |
info@erocopper.com | |
CAUTION REGARDING FORWARD LOOKING INFORMATION AND STATEMENTS
This press release contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation (collectively, “forward-looking statements”). Forward-looking statements include statements that use forward-looking terminology such as “may”, “could”, “would”, “will”, “should”, “intend”, “target”, “plan”, “expect”, “budget”, “estimate”, “forecast”, “schedule”, “anticipate”, “believe”, “continue”, “potential”, “view” or the negative or grammatical variation thereof or other variations thereof or comparable terminology. Such forward-looking statements include, without limitation, statements with respect to mineral reserve and mineral resource estimates as well as life-of-mine plans; targeting additional mineralization within the Boa Esperança property, including within the
Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this press release including, without limitation, assumptions about: continued effectiveness of the measures taken by the Company to mitigate the possible impact of COVID-19 on its workforce and operations; favourable equity and debt capital markets; the ability to raise any necessary additional capital on reasonable terms to advance the production, development and exploration of the Company’s properties and assets; future prices of copper and other metal prices; the timing and results of exploration and drilling programs; the accuracy of any mineral reserve and mineral resource estimates; the geology of the
Furthermore, such forward-looking statements involve a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of the Company to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation the risk factors listed under the heading “Risk Factors” in the Annual Information Form dated
Although the Company has attempted to identify important factors that could cause actual actions, events, conditions, results, performance or achievements to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events, conditions, results, performance or achievements to differ from those anticipated, estimated or intended.
The Company cautions that the foregoing lists of important assumptions and factors are not exhaustive. Other events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward-looking statements contained herein. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Forward-looking statements contained herein are made as of the date of this press release and the Company disclaims any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or results or otherwise, except as and to the extent required by applicable securities laws.
CAUTIONARY NOTES REGARDING MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES
In accordance with applicable Canadian securities regulatory requirements, all mineral reserve and mineral resource estimates of the Company disclosed in this press release have been prepared in accordance with NI 43-101 and are classified in accordance with the CIM Standards. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. NI 43-101 differs significantly from the disclosure requirements of the
Mineral resources which are not mineral reserves do not have demonstrated economic viability. Pursuant to the CIM Standards, mineral resources have a higher degree of uncertainty than mineral reserves as to their existence as well as their economic and legal feasibility. Inferred mineral resources, when compared with measured or indicated mineral resources, have the least certainty as to their existence, and it cannot be assumed that all or any part of an inferred mineral resource will be upgraded to an indicated or measured mineral resource as a result of continued exploration. Pursuant to NI 43-101, inferred mineral resources may not form the basis of any economic analysis. Accordingly, readers are cautioned not to assume that all or any part of a mineral resource exists, will ever be converted into a mineral reserve, or is or will ever be economically or legally mineable or recovered.
SENSITIVITY OF ECONOMIC RESULTS TO COPPER PRICE (USD/LB)
SENSITIVITY OF ECONOMIC RESULTS TO COPPER PRICE (USD/LB)
Figure 1
Boa Esperança VRIFY 3D Model, Plan View looking North (Ero Copper , 2021)
Figure 2
Boa Esperança VRIFY 3D Model, Gap Zone Results, view looking North (Ero Copper , 2021)
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