Sembehun Project Feasibility and Market Dynamics
Appendix F: Mineral Resource & Ore Reserve Estimates
Set out below is a summary of the Sierra Rutile Group's Ore Reserve and Mineral Resource estimates as at 31 December 2021.
Mineral Resource Estimate
Ore Reserve Estimate
Sierra Rutile Limited
Mineral Resource
Category
Material
Tonnes
In Situ
Rutile
In Situ
Ilmenite
In Situ
In Situ
Rutile
In Situ
Ilmenite
In Situ
Zircon
In Situ
Zircon
Ore Reserve Category
Tonnes
Tonnes
Tonnes
Material
Tonnes
In Situ
Rutile
In Situ
Ilmenite
In Situ
Rutile
In Situ
Ilmenite
In Situ
Zircon
Zircon
Tonnes
Tonnes
Tonnes
Mt
%
%
%
Mt
Mt
Mt
Mt
%
%
%
Mt
Mt
Mt
Area 1
Measured
44
1.2
0.5
0.1
0.5
0.2
0.0
Area 1
Indicated
143
1.0
0.5
0.1
1.4
0.7
0.2
Proven
24
1.4
0.7
0.1
0.3
0.2
0.0
Inferred
19
1.0
0.5
0.1
0.2
0.1
0.0
Area 1 Subtotal
205
1.0
0.5
0.1
2.1
1.1
0.2
Probable
14
1.4
0.5
0.1
0.2
0.1
0.0
Sembehun
Area 1 Subtotal
38
1.4
0.6
0.1
0.5
0.2
0.0
Measured
134
1.4
0.9
0.1
1.9
1.2
Indicated
167
1.0
0.7
0.1
1.7
1.2
Inferred
207
0.9
0.6
0.1
1.9
1.3
Sembehun Subtotal
508
1.1
0.7
0.1
5.5
3.7
2232
0.1
0.1
Sembehun
0.1
Proven
111
1.5
0.9
0.1
1.6
1.0
0.1
0.4
Probable
63
1.4
0.9
0.1
0.9
0.6
0.1
Other
Measured
Sembehun Subtotal
174
1.5
0.9
0.1
2.5
1.6
0.2
Indicated
Grand Total
Inferred
39
1.2
Other Subtotal
39
1.2
0.5
0.5
Proven
134
1.5
0.9
0.1
2.0
1.2
0.2
Grand Total
Probable
78
1.4
0.8
0.1
1.1
0.7
0.1
Measured
178
1.4
0.8
0.1
2.4
1.4
0.2
Total Reserve
212
1.5
0.9
0.1
3.1
1.8
0.2
Indicated
309
1.0
0.6
0.1
3.1
2.0
0.3
Inferred
265
1.0
0.5
0.1
2.6
1.4
0.2
Grand Total
752
1.1
0.6
0.1
8.1
4.8
0.6
Notes:
1.
Competent Person - Ore Reserves: Andrew Walkenhorst (MAusIMM).
Notes:
2.
Ore Reserves are a sub-set of Mineral Resources.
1.
Competent Person - Mineral Resources: Brett Gibson (MAIG).
3.
23456
2.
In situ (dry) metric tonnage is reported.
4.
Rounding may generate differences in last decimal place.
Mineral assemblage is reported as a percentage in Ore.
3.
Mineral Resources are inclusive of Ore Reserves.
5.
4.
Rounding may generate differences in last decimal place.
Rutile, ilmenite and zircon are reported as a percentage of in situ material.
6.
The ilmenite and zircon grades are included for tabulation purposes under the Measured, Indicated and Inferred Resource category.
The confidence in the estimate of the grade and tonnage for ilmenite and zircon are however only to be considered as Indicated
where rutile is Measured. Otherwise the ilmenite and zircon are considered to be Inferred due to material factors influencing the
confidence in the estimates for ilmenite and zircon.
6.
The ilmenite and zircon grades are included for tabulation purposes under the Proved and Probable Reserve category. The
confidence in the estimate of the grade and tonnage for ilmenite and zircon are however only to be considered as Probable
where rutile is Proved. Otherwise the ilmenite and zircon are considered to be Inferred due to material factors influencing
the confidence in the estimates for ilmenite and zircon.
The quoted figures for Area 1 and Sembehun are stated as at 31 December 2021 and have been depleted for all production
conducted to this date.
7.
"Other" refers to the Gambia, Jagbahun, Nyandahun & Taninahun Boka deposits outside the Area 1 & Sembehun operational areas.
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