The LS deposit is a polymetallic, VMS deposit. VMS ore deposits are a type of metal sulphide deposits which are associated with and created by volcanic-associated hydrothermal events in submarine environments. They occur within environments dominated by volcanic or volcanic derived volcano sedimentary rocks, and the deposits are coeval and coincident with the formation of the volcanic rocks. VMS deposits form on the seafloor around undersea volcanoes along many mid ocean ridges, and within back-arc basins and forearc rifts.

VMS deposits are characterized by clusters of lenses occurring within a distinct stratigraphic layer. The extensive alteration zone on the property suggests that hydrothermal activity was prolonged and that additional lenses associated with separate alteration zones may exist.

The entire Property (exploration permit) is covered by a paleo-fluvial fan that ranges in thickness up to 200 metres (m) within the Tertiary Sado Basin and averages 135 m over the deposit area. The Tertiary sedimentary rocks unconformably overlie rocks of the Volcano-Sedimentary Complex of the IPB. This sequence of rocks ranges in age from Upper Famenian to Middle Visean and is represented on the property by a northwestsoutheast lineament which is approximately 8 km long and over 1 km wide.

The LS Project currently comprises two known deposits, the Venda Nova North and South Deposits. The deposits are folded, faulted, and interpreted to occur mostly o ........

The Lagoa Salgada Project is planned to be mined using underground mining methods. The option of open-pit mining was discarded due to the characteristics and depth of the orebody.

The proposed underground mine design supports the extraction of 2.0 million tonnes of ore per year (“Mtpa”) through a combination of transverse sublevel stoping and cut&fill. Paste backfill is used in both mining methods to maximise ore recovery and productivity. A main decline, starting from the surface portal located close to the processing plant, will be used to access the mine. This main decline then splits into two ramps, one for each mine zone (i.e., “North and South”). A fleet of LHDs (load-haul dumps) and trucks will be used for the loading and hauling of material from production areas to the orepass system. From the orepass collecting points, trucks will haul the ore to the surface. Waste is also transported to the surface by trucks.

A pre-production development programme will be required to provide access to the initial stoping levels in the North Zone during the first two years. Production will start in the second year, reaching the nominal plant feed in the fourth year.

The mine portal will be situated close to the processing plant. The main ramp bifurcates into two independent declines, one for each mine area. In each zone, the internal decline connects all working levels.

The ramps were designed with a 25m turning radius and a maximum gradie ........

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