The mineralisation identified to date within the Project is typical of sediment-hosted stratiform copper deposits. Such deposits can be hosted in either marine or continental (red-bed) sediments. Major global examples of these deposits include the Kupferschiefer (Poland), most of the deposits within the Central African Copperbelt (such as Konkola, Nkana, Nchanga, Mufulira, Tenke–Fungurume, and Kolwezi), Redstone (Canada), and White Pine (USA).

The modelled Kamoa deposit is located in a broadly-folded terrane, with the antiform centred on the Kamoa and Makalu domes. The central portions of Kakula are located on the southern extension of this antiform, with Kakula West located on the top of a separate, but parallel trending antiform. The domes form erosional windows exposing the redox boundary between the underlying haematitic (oxidised) Roan sandstones (Mwashya Subgroup), and the overlying carbonaceous and sulfidic (reduced) Grand Conglomérat diamictite (N’Guba Group), which comprises diamictites with minor interbedded sandstone, siltstone, and conglomerate. The mineralisation at Kamoa-Kakula is hosted towards the base of the Grand Conglomérat unit (Ki1.1).

Mineralisation at Kamoa-Kakula has been defined over an irregularly-shaped area of about 28 km x 23 km. Mineralisation is typically stratiform, and vertically zoned from the base upward with chalcocite (Cu2S), bornite (Cu5FeS4) and chalcopyrite (CuFeS2). The nature of the copper grade distribution is related to its stratigraphic position, proximity to the Roan aquifer (or structures that may have focussed fluid flow), and the localised development of lithological units. The earliest sulfide mineralisation at Kamoa-Kakula was deposited during diagenesis and formed abundant framboidal and cubic pyrite in the laminated siltstones (Schmandt et al, 2013). This pyrite mineralisation above the mineralised horizon could possibly be exploited to produce pyrite concentrates for sulfuric acid production (needed at oxide copper mines in the DRC).

Kamoa Deposit
Mineralisation at Kamoa has been defined over an irregularly-shaped area of 24 km x 14 km. Mineralisation thicknesses at a 1.0% Cu cut-off grade ranges from 2.3–21.6 m (for Indicated Mineral Resources). The deposit has been tested locally from below surface to depths of more than 1,560 m, and remains open to the west, east, and south.

At Kamoa, the clast-rich diamictite (Ki1.1.1.1) is considered to be only weakly reducing, and thus generally hosts only low-grade (<0.5% TCu) mineralisation. The intermediate siltstone (Ki1.1.1.2) and clast-poor diamictite (Ki1.1.1.3) are considered to represent significantly better reducing horizons and thus host the majority of the primary mineralised zone. Some of the most consistent and highest-grade intervals are intersected where the clast-rich diamictite is absent, and the clast-poor diamictite rests directly on the Roan contact.

The nature of the copper grade distribution is related to its stratigraphic position and the localised development of lithological units. Where the mineralisation is located on the Roan contact, the mineralised interval is thick, and has a very strongly-developed bottom-loaded profile. Where the mineralisation is located at the base of the clast-poor diamictite (Ki1.1.1.3), the profile is typically bottom-loaded (if no intermediate siltstone is developed), or complex if one or more siltstone layers are developed. In the Kansoko Sud and Makalu areas, numerous siltstone layers developed within the diamictite cause the grade profile to become bimodal or even top-loaded. Where the mineralisation is hosted at the base of the KPS, it is typically narrow (but often high grade), with a middle-loaded profile.

At Kamoa, chalcopyrite is the primary sulfide mineral, and usually occurs as fine-grained disseminations in the diamictite matrix. However, very coarse-grained chalcopyrite can form as elongated grains up to 5 mm in length rimming clasts, or defining strain shadows to clasts. Bornite is typically fine-grained and disseminated in the matrix of the diamictite. When well developed, the fine-grained bornite is visually recognised through a significant darkening of the diamictite matrix. Chalcocite almost always occurs as fine-grained disseminations, particularly within the intermediate siltstone (Ki1.1.1.2).

Kakula Deposit
The Kakula deposit is currently delineated over an area of 14 km by 5km. The vertical thickness of the mineralisation at a 1.0% Cu cut–off grade ranges from 2.9 m to 42.5 m (in the indicated Mineral Resource area). The deposit has been tested locally from below surface to depths of more than 1,000 m, and remains open to the southeast and west.

At Kakula, the narrow (<3 m) clast-rich diamictite immediately above the Roan contact is only weakly reducing and thus has low copper grades. The basal siltstone overlying the clast-rich diamictite is a very strong reductant, contains very high grades (>6% Cu), and accounts for the majority of the deposit. The lateral continuity of this reductant allows for the unique lateral continuity of grades >6% TCu. The diamictite overlying the basal siltstone is clast-poor and is also a good reductant; however, it hosts low-grade copper mineralisation relative to the basal siltstone (Figure 7.14). This relationship is considered to represent the distribution of the pyrite reductant prior to mineralisation, and has been incorporated into the domaining used in the estimation for both Kakula and Kakula West.

Mineralisation at Kakula is dominantly hypogene chalcocite with gradual transition upward to bornite. Bornite and chalcopyrite zones are not as well developed as at Kamoa, and supergene chalcocite zones do not occur at Kakula. The chalcopyrite and bornite zones are very narrow, with a very gradual transition downward from bornite to chalcocite, followed by a zone that is typically within the basal siltstone, which is chalcocite-dominant. Whilst still dominantly fine-grained, numerous examples of coarse to massive chalcocite are evident in the highest-grade intersections. Chalcopyrite is observed in the core, but typically occurs outside of the defined mineralised zone, except in peripheral areas at Kakula West where the overall mineralised zone has narrowed, incorporating the full zonation.

The mining methods for the Kakula deposit are drift-and-fill and room-and-pillar. Drift-and-fill represents the majority of the mining for the Kakula deposit. The room-and-pillar area represents just over 1% of the Probable Mineral Reserve and will mainly be used for early ore production while the drift-and-fill areas are being developed.

The Kamoa-Kakula 2020 PEA analyses a production case with an expansion of the Kakula concentrator processing facilities, and associated infrastructure to 19 Mtpa and includes a smelter and eight separate underground mining operations with associated capital and operating costs. The eight mines ranked by their relative net present values are:
• Kakula Mine (PFS 6.0 Mtpa).
• Kansoko Mine (PFS 1.6 Mtpa to 6.0 Mtpa).
• Kakula West Mine (PEA 6.0 Mtpa).
• Kamoa North Mine 1 (PEA 6.0 Mtpa).
• Kamoa North Mine 2 (PEA 6.0 Mtpa).
• Kamoa North Mine 3 (PEA 6.0 Mtpa).
• Kamoa North Mine 4 (PEA 3.0 Mtpa).
• Kamoa North Mine 5 (PEA 1.0 Mtpa).

Mining methods in the Kamoa-Kakula 2020 PEA are assumed to be a combination of the controlled convergence room-and-pillar mining method, drift-and-fill with paste fill mining method, and room-and-pillar mining method.

Room-and-pillar mining issued in the initial mining area of the Kakula deposit. The mining panel width and length limits are determined by production requirements. The height of the panel is from 4.5–6.0 m; the height varies depending on the dip of the ore deposit and mining thickness. Main drifts run parallel to the strike of the panel for dips less than 20°. Cross-cut drifts run at an acute angle to the main drifts to ensure the grade of the main drifts remain less than 10°. For dips less than 12°, cross-cuts are oriented perpendicular to the main drifts. For dips greater than 12° (up to 35°), pillars are diamond-shaped. Cross-section shapes will be rectangular (vertical on sidewalls) and their width are 6 m in plan view.

The majority of mining at Kakula is drift-and-fill. A typical mining block with production drifts
perpendicular to the connection drift is 216 m wide. There are no barrier pillars required between blocks. The orebody width (north to south) determines the number of mining block. The minimum mining height is 3.0 m measured on the central axis and the maximum height is 6.0 m measured on the central axis. Each mining block consist of three mining units. Each mining unit comprises four primary headings, four secondary headings, and four tertiary headings.

The production drift cross-section shape has vertical walls up to a maximum height of 6.0 m. Where the ore does not have a second lift, the back of the drift is shantied to the dip of the ore. For dips less than 12°, block access drifts are oriented perpendicular from the connection drifts. For areas dipping greater than 12°, block access drifts are angled such that development inclination grade does not exceed its maximum limit (10°). The block access drift cross-section shape has vertical walls, and the hanging wall drift is 6.0 m W x 6.0 m H. The first round will be at a ±3.0° gradient. The length and width of a mining block is dependent on the dip and depth to maintain an 85% extraction ratio of drift and fill tonnes to production pillars tonnes.

Kakula West Mining
The West Scarp Fault was used to define the Kakula West resource model from the Kakula resource model. The preliminary mineable area was obtained using a stope shape optimiser (applied to the Kakula West resource model. Stope optimisation was undertaken on the resource model at mining cut-off grades 2.50% Cu. A dilution allowance of 30 cm on footwall and hanging wall was added to the model. The resulting stope shapes were then further optimised to select a suitable mining method for the area with a height more than 6 m.

Kamoa North Mines
The Kamoa North deposit is located North of the Kansoko mine and consists of four separate mines. The Kamoa North mines are based on a preliminary UG optimisation at $90/t NSR21 cut-off grade. The Resources model name is mk50ton.dm. The study assesses the development and production of the Kamoa North deposit at a maximum of 19 Mtpa underground mine production from five separate mines.

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The concentrator consists of the following:
• A shared crushing and screening module.
• Two identical high-pressure grinding rolls (HPGR) milling circuit.
• Two identical flotation circuits, complete with concentrate regrind circuits.
• Shared concentrate thickening, filtration, bagging and loading systems.
• Two identical tailings thickening circuits.
• Shared tailings disposal and backfill plant feed systems.
• Shared utility systems for air, water and reagents.

Rougher/Scavenger Flotation
The rougher flotation circuit consist of two identical modules, each comprising of a single bank of eight 300 m3 mechanically agitated, forced air flotation tank cells in series, to produce two concentrate products. Milling circuit product is pumped to the head of the rougher flotation circuit at a controlled rate and density, where frother is dosed.

High-Grade Cleaner Flotation
The high-grade cleaner flotation circuit consist of tw ........