Cactus Mine Project - Overview

The Cactus Project sits at the intersection of Arizona's three copper porphyry belts. The deposits are part of a large porphyry copper system and are also proximal to a number of large scale regional copper mines and processing facilities in Arizona.

Arizona is the USA's leading copper-producing state which accounted for 68% of domestic output of copper in 20191. It is also an established and attractive mining jurisdiction, which ranked No. 2 for the year 2020 in Fraser Institute's Investment Attractiveness Index.

Located at the intersection of Arizona's three porphyry belts

The Cactus Project is expected to consider mill feed originating from three sources: the existing surface, Stockpile Project of previously mined material, an open pit operation (Cactus West), and an underground operation (Cactus East).

Initial plans contemplate a simple processing flowsheet comprising of a heap-leach operation followed by electrowinning through a SXEW process. A low initial construction capex of US$100-150 million is estimated for the project. Based on the layered development approach, future capital expenditures are expected to be funded from project cash flows.

Initial studies indicate robust project metrics with strong potential returns and a long life of mine.

Further details in relation to the Cactus Project development plans will be made available in due course.