-- The major assumptions made and Mineral Resource
model used for pit and stope optimisation (if
appropriate).
-- The mining dilution factors used.
-- The mining recovery factors used.
-- Any minimum mining widths used.
-- The manner in which Inferred Mineral Resources are
utilised in mining studies and the sensitivity of the
outcome to their inclusion.
-- The infrastructure requirements of the selected
mining methods.
Metallurgical -- No nickel Ore Reserve is stated in this release.
factors or
assumptions
-- The metallurgical process proposed and the
appropriateness of that process to the style of
mineralisation.
-- Whether the metallurgical process is well-tested
technology or novel in nature.
-- The nature, amount and representativeness of
metallurgical test work undertaken, the nature of the
metallurgical domaining applied and the corresponding
metallurgical recovery factors applied.
-- Any assumptions or allowances made for deleterious
elements.
-- The existence of any bulk sample or pilot scale test
work and the degree to which such samples are
considered representative of the orebody as a whole.
-- For minerals that are defined by a specification,
has the ore reserve estimation been based on the
appropriate mineralogy to meet the specifications?
Environmental -- No nickel Ore Reserve is stated in this release.
-- The status of studies of potential environmental
impacts of the mining and processing operation.
Details of waste rock characterisation and the
consideration of potential sites, status of design
options considered and, where applicable, the status
of approvals for process residue storage and waste
dumps should be reported.
Infrastructure -- No nickel Ore Reserve is stated in this release.
-- The existence of appropriate infrastructure:
availability of land for plant development, power,
water, transportation (particularly for bulk
commodities), labour, accommodation; or the ease with
which the infrastructure can be provided or accessed.
Costs -- The derivation of, or assumptions made, regarding -- No nickel Ore Reserve is stated in this release.
projected capital costs in the study.
-- The methodology used to estimate operating costs.
-- Allowances made for the content of deleterious
elements.
-- The source of exchange rates used in the study.
-- Derivation of transportation charges.
-- The basis for forecasting or source of treatment and
refining charges, penalties for failure to meet
specification, etc.
-- The allowances made for royalties payable, both
Government and private.
Revenue -- The derivation of, or assumptions made regarding -- No nickel Ore Reserve is stated in this release.
factors revenue factors including head grade, metal or
commodity price(s) exchange rates, transportation and
treatment charges, penalties, net smelter returns,
etc.
-- The derivation of assumptions made of metal or
commodity price(s), for the principal metals,
minerals and co-products.
Market -- The demand, supply and stock situation for the -- No nickel Ore Reserve is stated in this release.
assessment particular commodity, consumption trends and factors
likely to affect supply and demand into the future.
-- A customer and competitor analysis along with the
identification of likely market windows for the
product.
-- Price and volume forecasts and the basis for these
forecasts.
-- For industrial minerals the customer specification,
testing and acceptance requirements prior to a supply
contract.
Economic -- No nickel Ore Reserve is stated in this release.
-- The inputs to the economic analysis to produce the
net present value $(NPV)$ in the study, the source and
confidence of these economic inputs including
estimated inflation, discount rate, etc.
-- NPV ranges and sensitivity to variations in the
significant assumptions and inputs.
Social
-- The status of agreements with key stakeholders and -- No nickel Ore Reserve is stated in this release
matters leading to social licence to operate.
Other -- To the extent relevant, the impact of the following -- No nickel Ore Reserve is stated in this release.
on the project and/or on the estimation and
classification of the Ore Reserves:
-- Any identified material naturally occurring risks.
-- The status of material legal agreements and
marketing arrangements.
-- The status of governmental agreements and approvals
critical to the viability of the project, such as
mineral tenement status, and government and statutory
approvals. There must be reasonable grounds to expect
that all necessary Government approvals will be
received within the timeframes anticipated in the
Pre-Feasibility or Feasibility study. Highlight and
discuss the materiality of any unresolved matter that
is dependent on a third party on which extraction of
the reserve is contingent.
Classification -- The basis for the classification of the Ore Reserves -- No nickel Ore Reserve is stated in this release.
into varying confidence categories.
-- Whether the result appropriately reflects the
Competent Person's view of the deposit.
-- The proportion of Probable Ore Reserves that have
been derived from Measured Mineral Resources (if
any).
Audits or -- No nickel Ore Reserve is stated in this release.
reviews -- The results of any audits or reviews of Ore Reserve
estimates.
Discussion of -- Where appropriate a statement of the relative -- No nickel Ore Reserve is stated in this release.
relative accuracy and confidence level in the Ore Reserve
accuracy/ estimate using an approach or procedure deemed
confidence appropriate by the Competent Person. For example, the
application of statistical or geostatistical
procedures to quantify the relative accuracy of the
reserve within stated confidence limits, or, if such
an approach is not deemed appropriate, a qualitative
discussion of the factors which could affect the
relative accuracy and confidence of the estimate.
-- The statement should specify whether it relates to
global or local estimates, and, if local, state the
relevant tonnages, which should be relevant to
technical and economic evaluation. Documentation
should include assumptions made and the procedures
used.
-- Accuracy and confidence discussions should extend to
specific discussions of any applied Modifying Factors
that may have a material impact on Ore Reserve
viability, or for which there are remaining areas of
uncertainty at the current study stage.
-- It is recognised that this may not be possible or
appropriate in all circumstances. These statements of
relative accuracy and confidence of the estimate
should be compared with production data, where
available.
SOURCE Westgold Resources Limited
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January 22, 2025 17:59 ET (22:59 GMT)