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Gossan Valley

Gossan Valley is one of 29Metals’ near-mine organic growth opportunities at Golden Grove, with the potential to become a third mining front to underpin production growth at our Golden Grove operation.

Ownership

100%

Discovered

2010

Status

Feasibility studies completed

Initial mine life*

~6 years

(based on feasibility studies constrained mineral inventory)

Mining Rate*

up to
550 ktpa

Ore Reserves**

(Gossan Valley, Conteville, Felix)

1.1 Mt

Ore Reserves**

(Grassi)

0.7 Mt

Mineral Resources*

(Gossan Valley, Conteville, Felix)

4.8Mt

@ 1.1% Cu, 5.9% Zn, 0.5 g/t Au, 19g/t Ag

Mineral Resources*

(Grassi)

1.5 Mt

@ 1.1% Cu, 7.0% Zn, 0.5 g/t Au, 16g/t Ag

Mineral Resources and Ore Resources

Overview & Asset Location

Western Australia, Australia

Overview & Asset Location

The Gossan Valley project is located approximately 7 km south of the producing Gossan Hill mine at Golden Grove.

The Gossan Valley deposits presently comprise Gossan Valley, Conteville and Grassi deposits and also Felix which currently sits outside of the project envelope.

In November 2022, 29Metals reported the results of feasibility studies (‘Studies’) evaluating the potential to develop one or more of the deposits. The feasibility studies built upon and matured prior prefeasibility and scoping studies undertaken on the deposits between 2011 -2019.

29Metals is now focussed on progressing activities to:

advance or de-risk the Gossan Valley project, including commencing regulatory approval processes;
evaluate whole-of-site value opportunities ongoing, including timing for integrating Gossan Valley into the Golden Grove mine plan and milling rates; and
evaluate Sustainability & ESG risks and opportunities, to assist identifying and prioritising opportunities to enhance performance.

Studies – Key Highlights

Confirmed the technical viability

of Gossan Valley as a third mining front, providing opportunity to increase operating flexibility and de-risk the Golden Grove production profile

Defined higher-grade, near-to-surface project envelope,

right-sizing initial mine design, development and capital profile in the context of current challenging external market conditions

Potential to increase mining rates

to up to 550 ktpa (from an average life-of-mine rate of 326 ktpa)

Positive NPV, with substantial upside potential,

including mineral inventory outside of the project envelope retained in existing Mineral Resources estimates

Production within three years of first capital -

average production of 2.9 ktpa of copper and 20.0 ktpa of zinc

Golden Grove Studies

29metals governance framework