Mineral Resources

Endeavor Mine – Resource Estimate

Independent consultants, Groundwork Plus Pty Ltd (Groundwork) completed a JORC Code (2012) compliant Mineral Resource Estimate for the Endeavor Project. The Groundwork report entitled “Endeavor Mine (Elura Pb-Zn-Ag Deposit) Resource Estimate Report – February 2023” draws on a total of 2,459 holes totaling 389,697m of drilling. The estimate applies a Net Smelter Return (NSR) Cut-Off value of $190/t for mineralisation above 10,080mRL, and an NSR Cut-Off value of $150/t for mineralisation below 10,080mRL to arrive at a Mineral Resource Estimate summarised in Table 1.

Table 1 – Endeavor Mine Mineral Resource February 2023

CategoryMtNSR ($/t)Zn%Pb%Ag g/t

1. Reported using NSR cut-off values of $190/t for mineralisation above 10,080mRL, and $150/t for mineralisation below 10,080mRL
2. Discrepancies may occur due to rounding


The Endeavor Mine is a polymetallic deposit, and consequently the value of one tonne of material is the function of more than one metal grade. It would be sub-optimal to report the Mineral Resource Estimate using cut-off grades of only one metal, as this ignores the input of the other metals in the total value of a parcel of material.  Therefore, the Mineral Resource has been reported using a Net Smelter Return (NSR) value, which is determined from mining, processing, and overhead costs per tonne of material milled.  The key inputs for the NSR calculation of each tonne of material are shown in Table 2. Two sets of flotation recovery values have been used to account for a change in mineralogy above 10,080mRL.

Table 2 – Key NSR Calculation Assumptions

MetalMetal PriceFlotation Recovery Below 10,080mRLFlotation Recovery Above 10,080mRLSmelting Recovery

1. Smelting and Freight costs per tonne concentrate: $523
2. Exchange Rate: AU$1=US$0.69

Mineral Resource Estimate

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