Heemskirk Tin Project - Tasmania

Conservative Project Assumptions Parameter Units Assumption Comment Mine life years 7.6 Mining dilution % 15 ROM grade % 0.93 Treatment rate tpa 600,000 minimum life typical for underground mines average resource grade is 1.1% drawing from all three deposits Recovery % 70 target rate Tin in concentrate tpa 3,900 Concentrate grade % 50 Tin price (net) US$/t 22,500 average annual production rate typical grade net of 10% smelting charge Exchange rate US$ 1.00 Operating cash US$/t tin 12,780 43% operating margin cost Capital cost US$m 108 pre-production capital STELLAR

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