Wow, so much to go through. Talk about a technical release.

Highlights:

The highlights of the updated FS include:

• Total Proven and Probable Reserves have increased by 0.87 million ounces (23.7%) from 3.67 million ounces to 4.54 million ounces of gold.
• Initial capital costs have decreased by 7.9% from US$409.65 million to US$377.43 million. These initial capital costs include a contingency of US$35.5 million.
• Average annual production of 312,979 ounces of gold over the first three years of the project at average operating cash costs of US$261 per ounce.
• Average annual production of 262,215 ounces of gold over the first five years of the project at average operating cash costs of US$325 per ounce.
• An increase in gold production of 881,681 ounces (33.2%) from 2,651,807 ounces to 3,533,488 ounces. Treated tonnage has increased from 60.89 million tonnes at 1.87g/t Au to 82.46 million tonnes at 1.71g/t Au.
• Life of mine has increased from 15.06 years to 20.86 years.
• The process plant now includes the addition of a processing facility to treat refractory ore, which improves recoveries of refractory material from 36.4% to 64.0% for transitional ore and from 51.7% to 72.2% for fresh ore. This results in an overall increase in gold recovery from 72.6% to 78.0%.
• The diesel price has been reduced from US$1.20/litre to US$1.00/litre.
• Total operating cash costs for life of mine have increased by 6.8% from US$429 per ounce to US$459 per ounce, due to updated mining and process plant costs.
• Life of mine sustaining capital has increased by US$91.6 million to cater for mining fleet replacement (US$20.0 million assumed), mining sustaining capital (US$ 6.2 million), additional process plant costs to treat refractory ore and tailings (US$50.0 million assumed) and an increase in the tailings capacity (US$15.4 million).
• Project post tax net present value ("NPV") increased by 2.8% from US$342 million to US$352 million. The NPV calculation was based on a gold price of US$850 per ounce and a discount rate of 5%.
• Total project capital expenditure payback is 2.39 years from start of production, yielding an IRR of 20.1%.
• Total project net cash flows after tax and after capital spending increased by 13.08% from US$593.14 million to US$670.75 million.
  • At US$950 per ounce the project net cash flow would be US$1,024.10 million.
• Recent extensions flanking the North and Main deposits at Twangiza, together with recently identified targets within trucking distance of the proposed plant site, have the potential to add significant oxide resources to the project.