Energy Fuels Announces Q1-2024 Results, Including Continued Net Income, Continued Successful Uranium Ramp-Up, Commissioning Rare Earth Oxides Production, and Steps to Secure World-Scale Sources of Heavy Mineral Sands and Monazite
Energy Fuels Announces Q1-2024 Results, Including Continued Net Income, Continued Successful
Uranium Ramp-Up, Commissioning Rare Earth Oxides Production, and Steps to Secure World-Scale
Sources of Heavy Mineral Sands and Monazite
Conference Call and Webcast on May 6, 2024
Lakewood, Colorado, May 3, 2024
Energy Fuels Inc. (NYSE American: UUUU; TSX: EFR) (“Energy Fuels” or the “Company”) today reported
its financial results for the quarter ended March 31, 2024. The Company’s Quarterly Report on Form 10-
Q has been filed with the U.S. Securities and Exchange Commission (“ SEC”) and may be viewed on the
Electronic Document Gathering and Retrieval System (“ EDGAR”) at www.sec.gov/edgar, on the System
for Electronic Data Analysis and Retrieval + (“SEDAR+”) at www.sedarplus.ca, and on the Company’s
website at www.energyfuels.com. Unless noted otherwise, all dollar amounts are in U.S. dollars.
• Recorded Net Income of Over $3 Million: During the three months ended March 31, 2024 , the
Company earned net income of $3.64 million, or $0.02 per common share, including operating
income of $2.02 million.
• Robust Balance Sheet with Over $220 million of Liquidity and No Debt: As of March 31, 2024 ,
the Company had $222.54 million of working capital including $54.78 million of cash and cash
equivalents, $140.80 million of marketable securities (uranium stocks and interest-bearing
securities), $28.25 million of inventory, and no debt.
• Over $20 Million of Additional Liquidity from Market Value of Inventory: At current
commodity prices, the Company’s product inventory has a market value of approximately
$40.82 million, while the balance sheet reflects product inventory carried at cost of $19.96
million.
• Uranium Drives Revenue: The Company sold 300,000 pounds of uranium concentrates (“ U3O8”)
at a weighted average price of $84.38 per pound for $25.31 million, which resulted in a gross
profit of $14.26 million and an average gross margin of 56%.
• SX "Phase 1" REE Separation Circuit Development Completed: The Phase 1 modification and
enhancements to the existing solvent extraction (“SX”) circuit at the Company's White Mesa Mill
(the "Mill") were completed in Q1-2024, and the Mill expects to complete commissioning of the
new circuit in Q2-2024.
• Well-Stocked to Capture Market Opportunities: As of March 31, 2024, the Company held
385,000 pounds of finished U 3O8, 905,000 pounds of finished vanadium (“ V2O5”), and 11 tonnes
of finished high purity, partially separated mixed rare earth carbonate (“ RE Carbonate”) in
inventory. The Company holds an additional 495,000 pounds of U3O8 as raw materials and work-
in-progress inventory (for total finished, raw material and work-in-progress inventory of 880,000
pounds of U3O8), along with an estimated 1 - 3 million pounds of solubilized V2O5 in tailings
solutions that could be recovered in the future. Additionally, at March 31, 2024 the Company
had 480 tonnes of REE raw materials (monazite concentrate) in inventory.
Capitalizing on Strong Uranium Pricing:
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• During the three months ended March 31, 2024, the Company sold 300,000 pounds of U 3O8 for
$25.31 million or a realized sales price of $84.38 per pound. These sales resulted in a gross profit
of $14.26 million ($47.54 per pound of U3O8), or a 56% gross margin.
• The Company recently renewed an alternate feed agreement with one of our key customers,
providing the Company with an estimated long-term, multi-year, low-cost source of 11,000 to
30,000 pounds of U3O8 per year.
• During the three months ended March 31, 2024 , the Company continued uranium ore
production at its Pinyon Plain (Arizona), La Sal (Utah) and Pandora (Utah) mines.
• Once production is fully ramped up at these mines, which is expected by mid- to late-2024, the
Company expects to be mining at a run-rate of 1.1 to 1.4 million pounds of newly mined U 3O8
per year.
• During 2024, the Company expects to produce approximately 150,000 to 500,000 pounds of
finished U3O8 from newly mined conventional ore, stockpiled ore, and recycled alternate feed
materials, depending on the timing of the ramp up of production at the Company's Pinyon Plain,
La Sal and Pandora mines, and Mill schedule, while increasing to higher levels of production in
2025 and beyond.
• The Company expects to offer to buy uranium and uranium/vanadium ore from third-party
miners in the vicinity of the Mill during 2024, which has the potential to contribute to the
Company's production profile.
• On April 30, the U.S. Senate approved by unanimous consent the Prohibiting Russian Uranium
Imports Act, which bans the import of Russian uranium products into the U.S. Under the ban,
which commences 90 days after enactment and terminates in 2040, all imports of uranium
products from Russia will be banned, subject to waivers in the event “no alternative viable
source of low-enriched uranium is available to sustain the continued operation of a nuclear
reactor or U.S. nuclear energy company.” The Company expects President Joe Biden to sign the
bill into law in the coming days.
• In anticipation of continued strength in uranium markets, the Company is preparing two
additional mines in Colorado and Wyoming (Whirlwind and Nichols Ranch) for expected
production in 2025. If market conditions remain strong, the Whirlwind and Nichols Ranch mines
could potentially increase Energy Fuels' uranium production to a run-rate of over two million
pounds of U3O8 per year as early as 2025.
• The Company is advancing permitting and other pre-development activities on its large-scale
Roca Honda, Sheep Mountain and Bullfrog uranium properties for additional uranium
production in the future, which could expand the Company's uranium production to a run-rate
of up to five million pounds of U3O8 per year in the coming years.
• The Company continues to evaluate uranium resource and development acquisition and other
potentially accretive opportunities as they may arise.
• As of May 1, the spot price of U3O8 was $92.00 per pound and the long-term price of U3O8,
which is the price most relevant for long-term uranium sales contracts, was $80.00 per pound,
according to data from TradeTech.
Rare Earth Element Ramp-Up:
• The Mill's REE production is complementary to its uranium production and does not diminish the
Mill's uranium capacity or production profile in any way.
• The development of the “Phase 1” REE Separation circuit at the Mill was completed on-schedule
at the end of Q1-2024, at a cost that is expected to be $7 million to $9 million below the $25
million budget.
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• During Q2-2024, the Company expects to produce about 25 – 35 tonnes of separated
neodymium praseodymium (“NdPr”) oxide and 10 to 20 tonnes of a “heavy” samarium plus
(“SM+”) mixed rare earth carbonate as it commissions the Phase 1 REE Separation circuit, after
which time the Company expects to begin processing uranium ore and alternate feed materials
for the large-scale production of uranium at the Mill for the remainder of the year and through
mid-2026.
• The Mill’s Phase 1 REE separation circuit is expected to have the capacity to produce
approximately 800 to 1,000 tonnes of separated NdPr oxide per year. For reference, 1,000
tonnes of NdPr can be used in enough permanent REE magnets to power up to 1 million electric
vehicles (“EVs”) per year. Subject to securing sufficient monazite feed, “Phase 1” capacity is
expected to position Energy Fuels in the coming years as one of the world's leading producers of
separated NdPr outside of China.
• Due to the significant opportunity in REEs, Energy Fuels is engineering further enhancements at
the Mill to increase NdPr oxide production capacity to approximately 4,000 tonnes – 6,000
tonnes per year by 2027 (“ Phase 2”), and to add a separate crack and leach circuit to allow for
the simultaneous operation of the Mill's conventional ore and REE processing circuits. The
Company also intends to produce separated dysprosium (“ Dy”), terbium (“ Tb”) and potentially
other advanced REE materials in the future from monazite and potentially other REE process
streams by 2028 (“Phase 3”). Phase 2 and Phase 3 are subject to permitting, financing and
receipt of sufficient monazite feed.
• To secure cost-effective and reliable supplies of monazite ore, Energy Fuels is securing positions
in several heavy mineral sand (“HMS”) deposits around the World, which produce monazite
sand as a low-cost byproduct of primary ilmenite and rutile (titanium) and zircon (zirconium)
production. Monazite sands are a rich source of the 'magnetic' REEs used in EVs and a variety of
clean energy and advanced technologies.
• The Company has made significant progress in developing its Bahia HMS project in Brazil (the
“Bahia Project”). Based on preliminary, historical resource estimates, the Company believes the
Bahia Project has the potential to supply approximately 3,000 – 10,000 tonnes per year (“ tpa”)
of monazite sand concentrate to the Mill (depending on production rates), containing
approximately 1,500 – 5,000 tonnes of total rare earth oxides (“ TREO”) per year potentially for
decades.1 During the first half of 2023, the Company completed 2,266 meters of sonic drilling to
confirm and further delineate the rare earth, titanium, and zirconium mineralization. The
Company is currently awaiting the results from the 2023 drilling campaign. In Q1-2024, the
Company commenced further sonic drilling. Additionally, the Company completed bulk test
work on a 2.5 tonne sample in March 2024 and is currently collecting a larger 15 tonne sample
for additional process test work. The Company expects to complete a U.S. Subpart 1300 of
Regulation S-K (“ S-K 1300”) and Canadian National Instrument 43-101 (“ NI 43-101”) compliant
mineral resource estimate on the Bahia Project during 2024.
• On April 21, 2024, the Company announced that it had executed a definitive Scheme
Implementation Deed (the “SID") with Base Resources Limited (ASX: BSE) (AIM: BSE) (“Base
Resources”) pursuant to which Energy Fuels has agreed to acquire 100% of the issued shares of
Base Resources (the " Transaction”) in consideration for (i) 0.0260 Energy Fuels common shares
(the “Share Consideration”) and (ii) AUS$0.065 in cash, payable by way of a special dividend by
Base Resources to its shareholders (the “Cash Consideration”, and together with the Share
Consideration, the “Scheme Consideration”) for each Base Resources ordinary share held, for a
total equity value at the time of announcement of approximately AUS$375 million. The
Transaction will be effected by way of a scheme of arrangement under Australia's Corporations
Act (the “Scheme”) and is subject to a number of conditions precedent, including the receipt of
certain government approvals and the approval of the shareholders of Base Resources.
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• Base Resources owns the Toliara Mineral Sand Project in Madagascar (the “Toliara Project”),
which is a world-class, advanced-stage, low-cost, and large-scale HMS project. In addition to its
stand-alone, ilmenite, rutile (titanium) and zircon (zirconium) production capability, the Toliara
Project also contains large quantities of monazite. According to a Definitive Feasibility Study (the
“Toliara DFS2”) on titanium and zirconium minerals and a Preliminary Feasibility Study (the
“Toliara Monazite PFS ”) on monazite, the Toliara Project boasts a net present value (" NPV") of
$2.0 billion at a 10% discount rate, with expected monazite production of approximately 17,000
tpa in its first phase, ramping up to a maximum of 27,795 tpa in its second phase, averaging
21,800 tpa over the life of the project.2 Energy Fuels believes its U.S.-based REE separation
capabilities have the potential to increase these valuations materially. The Toliara Project is
subject to negotiation of fiscal terms applying to the Project with the Madagascar government
and the receipt of certain Madagascar government approvals and actions, including the lifting of
a suspension on development at the Toliara Project pending negotiation of fiscal terms and the
addition of Monazite recovery to the existing mine permit, before development may commence.
• On December 27, 2023, the Company announced that it had entered into a non-binding
Memorandum of Understanding (“ MOU”) with Astron Corporation Limited (“ Astron”) to jointly
develop the Donald Project in Australia. The Donald Project is a well-known HMS and rare earth
deposit that the Company believes could provide the Mill with another near-term, low-cost, and
large-scale source of monazite sand for the recovery of REE oxides along with the contained
uranium. The Donald Project has most licenses and permits in place (or at an advanced stage of
completion). The MOU sets out in broad terms the basis upon which the parties would enter
into an Australian incorporated Venture under which Energy Fuels would invest up to AUS$180
million (approximately $117 million at current exchange rates) to earn up to a 49% interest in
the Venture. In addition, the Company would issue to Astron common shares having a value of
up to $17.5 million. Based on a Definitive Feasibility Study (the “Donald DFS”), the Donald
Project has the potential to produce approximately 7,000 to 8,000 tonnes of monazite per year
during its first phase, and 13,000 to 14,000 tonnes during its second phase, 3 and is expected by
the Company to be another low-cost source of feed for the Mill’s REE production. Although the
Company is currently in the process of completing due diligence and negotiating definitive
agreements with Astron, there can be no assurance that the Company will enter into definitive
agreements to govern the Venture, or if entered into, the terms will be as set out in the MOU, or
that the transaction will be completed.
• Together, the Bahia, Toliara, and Donald Projects have the potential to supply the Mill with over
50,000 tonnes of low cost monazite sand per year, assuming the Toliara Project and Donald
Project are secured and all three projects are ramped up to full expected production capacity.
• On April 24, 2024, the Company released an AACE International (“ AACE”) Class 4 Pre-Feasibility
Study (not a Pre-Feasibility Study subject to or intended to be compliant with NI 43-101 or S-K
1300) dated April 22, 2024, indicating globally competitive capital and operating costs for its
planned Phase 2 expanded REE oxide production at the Mill (the “Mill PFS”). The economics
detailed in the Mill PFS are for the Phase 2 expansion of REE separation capacity in one or more
additional facilities at the Mill, capable of processing 30,000 tonnes per annum (“tpa”) of
Monazite to produce approximately 3,000 tpa of NdPr oxide. The Mill PFS shows globally
competitive capital expenditures of $348 million for the 30,000 tpa Phase 2 separation facility
and an average processing cost of $29.88/kg NdPr. This analysis does not include any capital or
operating costs associated with the recovery of Dy and Tb or any revenues associated with the
sales of those “heavy” REE oxides. The Mill PFS can be viewed on the Company's website,
www.energyfuels.com.
• Upon successful completion of the Base Resources transaction, Energy Fuels plans to update the
Toliara DFS2 and the Toliara Monazite PFS and re-issue those reports in a form that complies
with NI 43-101 and S-K-1300, and that also updates and incorporates the results of the Mill PFS
to expand Phase 2 production capacity from a 30,000 tpa Monazite process facility capable of
producing approximately 3,000 tpa of NdPr oxide to a 40,000 – 60,000 tpa Monazite process
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facility which would generate 4,000 – 6,000 tpa of NdPr, 150 – 225 tpa of Dy, and 50 – 75 tpa of
Tb. The Phase 2 separation facility is subject to completion of engineering design and receipt of
required permits and licenses.
Vanadium Highlights:
• The Company produces high purity V2O5 from time-to-time and carries that material in inventory
for sale into market strength, most recently during Q1-2023 when the Company sold
approximately 79,344 pounds of V2O5 for a realized sales price of $10.98 per pound.
• The Company currently holds approximately 905,000 pounds of V2O5 in inventory.
• As of May 1, the spot price of V2O5 was $5.87 per pound, according to data from Fastmarkets.
Medical Isotope Highlights:
• The Company continued advancing its program to evaluate the potential to recover
radioisotopes from its process streams for use in emerging targeted alpha therapy (“ TAT”)
cancer therapeutics.
• In June 2023, the Utah Division of Waste Management and Radiation Control issued the
Company a research and development ("R&D") license for the recovery of R&D quantities of
Ra-226 at the Mill.
• During 2024, the Company intends to complete engineering on the R&D pilot facility for the
production of Ra-226 at the Mill; to set up the first stages of the pilot facility; and to produce
R&D quantities of Ra-226 at the Mill for testing by end-users of the product.
Mark S. Chalmers, Energy Fuels’ President and CEO, stated:
“Energy Fuels maintained our momentum from 2023, by reporting continued profitability in Q1-2024,
driven mainly by uranium. We also continued to make extraordinary progress diversifying into the
complementary HMS and rare earth oxide businesses.
“During the quarter, we made profitable uranium sales into our portfolio of long-term utility contracts,
and we completed two opportunistic spot sales averaging nearly $103 per pound of U3O8, enabled by
our significant uranium inventories backed by our near-term low-cost uranium production capacity.
From these sales, we maintained high gross margins, averaging roughly 56%, contributed to in large part
by our low-cost alternate feed material and other historic uranium production which we have
maintained in inventory pending increased uranium prices such as we see today.
“We recently renewed a multi-year alternate feed agreement with one of our key customers, providing
the Company with a long-term, low-cost source of U 3O8. Finally, the ramp-up of our conventional mines
in Arizona and Utah continues to proceed on budget and on schedule. We plan to begin processing
alternate feed materials for the production of uranium starting in Q3-2024, followed by a conventional
ore run later in 2024 or 2025. In order to optimize recoveries and minimize downtime, it is necessary to
build a large stockpile of conventional ore before processing it at the Mill. While we build the necessary
uranium stockpile, we are commissioning our new rare earth separation circuit.
“We continue to make extraordinary progress on rare earth elements by leveraging our uranium
capabilities and permits. We completed the modifications and enhancements to the Mill’s SX circuit, by
adding up to 1,000 tonnes of NdPr separation capabilities through the development of our Phase 1 REE
separation circuit. This means Energy Fuels’ White Mesa Mill now has one of the largest rare earth
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separation circuits in the World, ex China. This is obviously highly strategic. During Q2, we plan to
process stockpiled monazite and produce roughly 25 – 35 tonnes of separated NdPr oxide, along with 10
- 20 tonnes of a ‘heavy’ mixed rare earth concentrate, as we commission the new circuit.
“Once the NdPr run is complete, we will shift our focus to processing alternate feed materials and
conventional ore for uranium recovery later in 2024, through mid- 2026. By 2026 or 2027, we expect to
have significant quantities of monazite from our newly secured mineral sand projects. We also plan to
have a dedicated monazite crack-and-leach facility completed or under construction by that time. We
are carefully calibrating Mill and mine schedules to accommodate both uranium and rare earths
production, without diminishing the capacity for either, in a clear optimization and diversification
strategy.
“We are also making spectacular progress toward securing, large-scale, low-cost sources of monazite
that the Mill can process into rare earth oxides in the future. Early on, it became very apparent that to
become a low-cost, world-scale rare earth oxide producer, we needed to secure our own supply chains
for monazite to better control our costs and production schedules. Monazite sand from HMS projects is
clearly one of the best, lowest cost source of rare earths, due to excellent natural distributions of both
the ‘light’ and ‘heavy’ rare earths needed for magnets, high total and ‘magnet’ rare earth grades, and
the fact that it is produced as a low-cost byproduct of primary titanium and zirconium mineral
production.
“We acquired the Bahia HMS Project in Brazil in 2023, which we are advancing toward production. In
December 2023, we announced an MOU to acquire a 49% interest in the Donald Mineral Sand Project in
Australia, which is moving forward toward definitive agreements. We also recently announced a
proposed acquisition of Base Resources, which owns the Toliara Project in Madagascar. Many experts
believe the Toliara Project is one of the world’s premier mineral sand deposits, due to its massive scale,
projected low costs, and the high quality and payability of its ilmenite, rutile, zircon and rare earth
minerals. Between these three projects, assuming successful acquisition and/or development of the
Toliara Project, Donald Project and Bahia Project, we will have secured up to approximately 50,000 tpa
of monazite to supply the Mill, with an expected ramp-up during 2026 - 2028. This quantity of monazite
would contain estimated recoverable quantities of up to roughly 5,000 tpa of NdPr oxide, 200 tpa of Dy
oxide, and 70 tpa of Tb oxide.
“Importantly, upon the successful completion of the Base Resources acquisition, Energy Fuels will also
access Base Resources’ proven leadership and heavy mineral sands operations team, which has an
exceptional record of responsible asset development, construction, commissioning and profitable
production in Africa. The Base Resources team will not only continue to oversee the development and
operation of Toliara but will also enhance Energy Fuels’ heavy mineral sands teams in Australia and
Brazil, thus allowing the Company to maximize the value of all projects to the Company’s shareholders.
“We also released the results of the Mill PFS demonstrating that the Mill is expected to have low capital
and operating costs that we believe are among the lowest in the World. Now that we are securing our
supply chains and demonstrating our commercial viability and competitiveness, we are in the process of
advancing discussions with commercial customers on sales opportunities, and the U.S. government on
sales and financial support.
“Another key benefit of our HMS project acquisitions that cannot be overlooked, is diversification into
the HMS market, which is independent of the uranium and REE markets. The Toliara Project is
recognized as a world-class HMS project based on the contained ilmenite and rutile (titanium) and zircon
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(zirconium), without any reliance on monazite or REEs, and if developed and operating is expected to
generate significant cash flows independent of the prices of uranium and REEs.
“At Energy Fuels, we are building a diversified, U.S.-based critical minerals company, centered on our
core uranium processing capabilities. Our goal is to create a profitable company able to withstand the
business cycles associated with many critical minerals. We plan to be globally competitive in these
markets, offering commercial and government customers a reliable, low-cost U.S. alternative.”
Conference Call and Webcast at 9:00 am ET on May 6, 2024:
Energy Fuels will be hosting a conference call and webcast on May 6, 2024 at 9:00 am ET (7:00 am MT)
to discuss our Q1-2024 financial results, the outlook for the remainder of 2024, and our uranium, rare
earths, vanadium, and medical isotopes initiatives.
To instantly join the conference call by phone, please use the following link to easily register your name
and phone number. After registering, you will receive a call immediately and be placed into the
conference call: RAPIDCONNECT
Alternatively, you may dial in to the conference call by calling 1-888-664-6392, and you will be
connected to the call by an Operator.
You may also access viewer-controlled Webcast slides and/or stream the call by following this link:
WEBCAST
A replay of the call will be available until May 20, 2024 by calling (888) 390-0541 and entering the replay
code, 812214#
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Selected Summary Financial Information:
Three Months Ended March 31,
(In thousands, except per share data) 2024 2023
Results of Operations:
Uranium concentrates revenues $ 25,314 $ 18,470
Vanadium concentrates revenues — 871
Total revenues 25,426 19,613
Gross profit 14,374 11,347
Operating income (loss) 2,021 (405)
Net income attributable to the company 3,638 114,264
Basic net income per common share 0.02 0.72
Diluted net income per common share 0.02 0.72
(In thousands) March 31, 2024 December 31, 2023 Percent Change
Financial Position:
Working capital $ 222,543 $ 222,335 — %
Current assets 228,069 232,695 (2) %
Mineral properties 122,406 119,581 2 %
Property, plant and equipment,
net 29,799 26,123 14 %
Total assets 405,787 401,939 1 %
Current liabilities 5,526 10,360 (47) %
Total liabilities 18,097 22,734 (20) %
QUALIFIED PERSON
THE TECHNICAL INFORMATION IN THIS PRESS RELEASE RELATING TO THE TOLIARA PROJECT AND
DONALD PROJECT HAS BEEN PREPARED IN ACCORDANCE WITH JORC STANDARDS, AND THE TECHNICAL
INFORMATION RELATING TO THE BAHIA PROJECT HAS BEEN PREPARED BASED ON HISTORICAL
EXPLORATION RESULTS REPORTED BY A PREVIOUS OWNER OF THE PROJECT, ALL OF WHICH TECHNICAL
INFORMATION HAS BEEN REVIEWED ON BEHALF OF THE COMPANY BY DANIEL KAPOSTASY, VP,
TECHNICAL SERVICES OF ENERGY FUELS RESOURCES (USA) INC., A QUALIFIED PERSON UNDER BOTH S-K
1300 AND NI 43-101. THE JORC COMPLIANT TECHNICAL INFORMATION CONTAINED HEREIN RELATING
TO THE TOLIARA PROJECT WAS DISCLOSED BY BASE RESOURCES ON DECEMBER 14, 2023. THE JORC
COMPLIANT TECHNICAL INFORMATION CONTAINED HEREIN RELATING TO THE DONALD PROJECT WAS
DISCLOSED BY ASTRON ON JUNE 27, 2023. THE TECHNICAL INFORMATION CONTAINED HEREIN
RELATING TO THE BAHIA PROJECT IS BASED ON THE COMPANY’S PRELIMINARY CALCULATIONS USING
THE GRADES AND QUANTITIES ESTIMATED IN 16 DIFFERENT EXPLORATION REPORTS PREPARED BY THE
PREVIOUS OWNER AND FILED WITH THE BRAZILIAN GOVERNMENT'S NATIONAL AGENCY OF MINERALS
(ANM) OVER SEVERAL YEARS (2011-2019). A QUALIFIED PERSON HAS NOT DONE SUFFICIENT WORK TO
CLASSIFY ANY OF THIS TECHNICAL INFORMATION RELATING TO THE TOLIARA PROJECT, DONALD
PROJECT OR BAHIA PROJECT AS BASED ON CURRENT NI 43-101 OR S-K 1300 ESTIMATES OF MINERAL
RESOURCES, MINERAL RESERVES OR EXPLORATION RESULTS. ACCORDINGLY, ENERGY FUELS IS NOT
TREATING ANY OF THIS TECHNICAL INFORMATION AS BASED ON CURRENT ESTIMATES OF MINERAL
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