Bayanaul Jorc & KazRC Gold reserve

Location: The Republic of Kazakhstan, Pavlodar Region, Bayanaul District.
Gold processing plant. Engineering and preparatory work is underway, and a feasibility study is being
developed.
Planned capacity: 800,000 tons of ore per year.
Final product: gold (ore). Processing method: tank leaching.
Production: 26,785 ounces per year (861 kg/year).
Planned commissioning: early 2028..
Mineral resources (KazRC and JORC 2025 reports): 328,484 ounces (10.2 metric tons)
with an average gold grade of 1.31 g/t, including:
measured – 161,621 ounces (5.0 metric tons);
indicated – 166,862 ounces (5.2 metric tons).
These reserves can ensure ore supply for at least 10 years of plant operation.
Total resource potential of the Bayanaul deposit:
Reserves: 643,004 ounces (20 tons) with an average gold grade of 1.31 g/t..
Mining license: 2025, valid for 12 years.

📊 FINANCIAL & PROJECT ECONOMICS

Capital Framework & Costs

• Initial Capital Expenditure (CAPEX): $45.0 Million USD
• Operating Expenses (OPEX): ~$1,530 USD / oz
• Baseline Gold Price Assumption: $3,000 USD / oz

Projected Returns & Valuation

• Net Present Value (NPV @ 10%): $96.72 Million USD
• Internal Rate of Return (IRR): 41.0%
• Economic Discount Rate: 10.0%
• Annualized EBITDA (Average): ~$40.0 Million USD

Timeline & Payback Dynamics

• Project Life-of-Mine (LOM): 13 Years (Includes full construction and commissioning phases)
• Payback Period (Undiscounted): 5.1 Years
• Discounted Payback Period: 5.6 Years

JORC 2012

GEOLOGY OF MINING AREA