The Batman and Quigleys gold deposits of the Mt Todd Mine are formed by hydrothermal activity, concomitant with retrograde contact metamorphism and associated deformation, during cooling and crystallization of the Tennysons Leucogranite and early in D2.

The deposits are similar to other gold deposits of the porphyry copper gold (PCG) and are classified as orogenic gold deposits in the subdivision of thermal aureole gold style. The Batman deposit shares some characteristics with intrusion-related gold systems, especially in terms of the association of gold with bismuth and reduced ore mineralogies. This makes the deposit unique in the PCG.

The geology of the Batman deposit consists of a sequence of hornfelsed interbedded greywackes, and shales with minor thin beds of felsic tuff. Bedding is striking consistently at 325°, dipping at 40° to 60° to the southwest. Minor lamprophyre dykes trending north-south pinch and swell, cross cutting the bedding.

Northerly trending quartz sulfide veins and joints striking at 0° to 20°, dipping to the east at 60° are the major location for mineralization in the Batman deposit. The veins are 1 millimeter (mm) to 100 mm in thickness with an average thickness of around 8 mm to 10 mm. The veins consist of dominantly quartz with sulfides on the margins. The veining occurs in sheets with up to 20 veins per horizontal m. These sheet veins are the main source of mineralization in the Batman deposit.

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The Project is designed to be a conventional, owner-operated, large open-pit mining operation that will use large-scale mining equipment in a drill/blast/load/haul operation

The truck and shovel method provides reasonable cost benefits and selectivity for this type of deposit. Only open-pit mining methods are considered for mining at Mt Todd.

Open pit ore totals 208 Mt grading 0.84 g/t and contains 5.6 Moz of gold. Open pit production will have a 2.5:1 strip ratio over the 13-year LoM. Upon completion of conventional mining, the existing heap leach pad will be processed.

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The flowsheet consists of primary crushing, closed circuit secondary crushing, closed circuit tertiary crushing using high pressure grinding rolls (HPGRs), ore sorting, two-stage grinding, cyclone classification, pre-leach thickening, leach and adsorption, elution electrowinning and smelting, carbon regeneration, tailings detoxification and disposal to conventional tailings storage facility (TSF).

Process recovery was determined based on ore types. Three ore types, sulfide, mixed, and oxide were identified for the open pit and will have recoveries of 92.9%, 91.8%, and 91.5%, respectively. The heap leach pad will have a recovery of 90.7%. An additional 1% for net solution loss is applied to all the deposits and heap leach which results in a LoM average recovery of 91.9%.

Based on thickener sizing parameters received from RDI Minerals, that were based on additional 2019 rheology and settling test work undertaken by Pocock Industrial for a final grind size of 40um, ........