AMN - SOUTH AFRICA: Study confirms combined development

Stonewall Resources has completed the second part of a scoping study into the combined Rietfontein and Beta staged hard‐rock gold mine development in South Africa.

The first part of the scoping study focused on an initial low capital and operating cost development approach at the fully permitted Rietfontein mine.

This recent Beta scoping work is also developed and modelled on a staged basis where the capital cost of the second stage can be funded internally through cash flow from Rietfontein.

The study indicates a combined Rietfontein and Beta development can produce up to 100,000 oz pa from both mines, with low capital requirements (US$29M peak drawdown). A base‐case pre‐tax NPV of US$166M and overall C1 cost of US$495/oz is quoted.

During this Beta study work, the Rietfontein development was further reviewed and the initial peak drawdown has been reduced from US$31M to the current figure.

The updated scoping study was conducted in accordance with the JORC (2012) Reporting Code and other industry guidelines.

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