The Antler Deposit is a high-grade, polymetallic, volcanogenic massive-sulphide (VMS) Cu-Zn-Pb-Ag-Au deposit. Mineralisation outcrops at surface over 750m of strike. The Deposit dips to the west- northwest at around 60 degrees.

While mineralisation is laterally and vertically continuous over the 500m of strike that has been drill-tested to date, to depths >700m, several thicker, steeply plunging “shoots” of high-grade mineralisation are evident. This thickening is interpreted to be due to structural repetition – primarily folding; while faults may also locally control thicker mineralisation.

Copper is the most valuable metal present, but it is anticipated that significant revenue will also be derived from zinc, silver, lead and gold.

New World has made the deliberate decision to pursue underground-only mining operations at Antler (i.e., with no starter open-pit). This development approach will minimise the Project’s surface footprint, thereby minimising its impact on the environment and the local community.

An additional benefit of this approach is that all surface disturbances are likely to be constrained to privately owned land, which is expected to help streamline the mine permit approval process.

The preliminary mine design contemplates developing a single 5.0m x 5.0m decline. Long-hole stoping with paste fill would then be utilised to extract 7.3Mt of the 7.7Mt November 2021 Resource. The very high (95%) recovery rate is attributable to (i) the consistently high grades of the mineralisation at the Antler Project; and (ii) the lateral and vertical continuity of the mineralisation.

Longhole stoping with paste backfill has been selected as the primary mining method. The stopes are to be mined in a longitudinal sequence retreating from hangingwall to footwall.

Ultimately a NSR cut-off of $70/t with 25m-high stopes was selected as the base case scenario, as MSO runs with higher NSR values tended to pull in excessive amounts of waste, especially when two parallel mineralized lodes were present.

Minimum and maximum stope widths of 2.5m of 20.0m, respectively, were ascribed.

An additional 2.0Mt of material would be mined through dilution – resulting in a total of 9.3Mt of mineralised material being delivered to a “standalone” processing plant that would be constructed on-site, adjacent to the mine portal. The average grade of the 9.3Mt of mined material is 1.62% Cu, 3.89% Zn, 0.64% Pb, 21.2g/t Ag and 0.14g/t Au (3.3% Cuequivalent).

Mining and processing would ramp-up to a nominal steady-state production rate of 1.0Mtpa by the second year of operations. There would be eight years of operations at steady-state before production rates decline as the (currently defined) resource is depleted.

The forecast initial operating life is 10 years (plus a year of pre-production). But there is considerable scope to extend this with further exploration success. There is also considerable scope to optimise the initial mine design particularly by reviewing both scheduling and dilution.

- subscription is required.

Conventional comminution and flotation would be utilised to produce three separate concentrates:

• Copper-gold concentrates that are expected to grade around 28.0% copper and 3.0 g/t gold (containing low concentrations of deleterious elements). Recoveries of 85.3% of the copper into the copper concentrate
have been assumed;

• Zinc concentrates grading 52-55% zinc (also containing low concentrations of deleterious elements). Recoveries of 89.5% of the zinc into the zinc concentrates has been assumed; and

• Lead-silver concentrates grading around 55% lead and 1,750 g/t silver. Recovery of 53.6% of the lead into
lead-silver concentrates has been assumed.

These concentrates would be containerised at the processing plant and trucked to the town of Yucca, 15km to the west of the Antler Deposit, where the containers would be transferred to rail for transport to purchasers and/or smelters.

While the mine design work (and schedule ........