Development Strategy

Phased Development Approach�

Our development strategy forPribrezhniy focuses onoptimizing project value through a flexible, two-track approach:�

Near-Term Oxide Opportunity�

Stand-alone SX/EW operation producing 20,000 tonnes of copper cathode annually�
Low initial capital requirements for fast-track development�
Early cash flow generation potential�
Leverages existing regional infrastructure�
Processing of 31.5 Mt of oxide resources at 0.39% Cu�

Large-Scale Sulfide Development�

Two production scenarios under evaluation:��
- 28 MTPA processing operation�
- 40 MTPA processing operation�
Conventional flotation producing copper and molybdenum concentrates�
Significant economies of scale�
Long-life operation with substantial resource base�

Project Economics�

PEA highlights demonstrate robust project economics across multiple development scenarios:�

Oxide-Only Scenario:�

Rapid development timeline�
Lower initial capital investment�
Strong cash flow generation potential�
9-year mine life�

Combined Development Scenarios:�

Enhanced project NPV through increased production�
Significant operational synergies�
Extended mine life of 20-24 years�
Additional upside from molybdenum and silver credits�

Development Timeline�

Near-term milestones:

Completion of additional metallurgical testing�
Environmental and social baseline studies�
Pre-feasibility study initiation�
Continued resource expansion drilling�
Advancement of key permits and approvals�

Infrastructure Development�

Strategic approach to infrastructure development:�

Utilization of existing regional infrastructure�
Staged construction to optimize capital efficiency�
Rail connection already in place�
Established power and water infrastructure�
Proximity to processing facilities�

Path to Production�

Our systematic approach to development includes:

Resource optimization and expansion�
Advanced technical studies�
Environmental and social impact assessments�
Strategic partnership opportunities�
Project financing alternatives�