The Hawiah Deposit​

The project is located in the Makkah province approximately 100km from the regional city of Al Taif.

Major work on this project began in January 2019 focusing on a relatively unknown gossan outcrop that strikes for five kilometres through an area of scrubby and sparsely populated desert. Since then, this project has rapidly developed into a major discovery of 29Mt of ore and is still growing, containing economic quantities of copper, gold, silver and zinc. The project has completed a pre-feasibility study (PFS) at the end of Q1 2023

The study is considering a mix of Open-Pit and Underground extraction methods, using conventional floatation for the base metals processing and Merrill Crowe for the precious metal recovery.

The GMCO team are now preparing the project for DFS via a 60,000m drilling programme designed to upgrade and expand the resource, whilst simultaneously conducting additional metallurgical test work and mining studies.

Long-section of the Hawiah deposit showing the 2020 Resource classifications

Multi-Commodity Resource

As of 12th December 2022, the resources at Hawiah stand at 29Mt of Indicated and Inferred classified material.

Hawiah Mineral Resource as of 12 December 2022

Class

MiningType

MaterialType

Tonnes(Mt)

Grade

Metal Content

Cu(%)

Zn(%)

Au(g/t)

Ag(g/t)

Cu(kt)

Zn(kt)

Au(Koz)

Ag(koz)

Indicated

Open Pit

Oxide

1.2

2.1

7.6

0

0

80

286

Transition

2.2

1.29

0.76

0.72

11.7

28

17

51

828

Fresh

5.9

0.9

0.82

0.62

9.7

53

48

118

1,836

Underground

Oxide

0

0

0

0

0

Transition

0

0

0

0

0

Fresh

3.2

0.82

1.07

0.59

9.5

26

34

60

969

Inferred

Open Pit

Oxide

0.01

0.96

8.4

0

0

0.2

1.8

Transition

0.4

1.06

0.62

0.77

14.9

5

3

11

204

Fresh

1.4

0.97

1.14

0.64

11.7

14

16

29

529

Underground

Oxide

0

0

0

0

0

Transition

0

0

0

0

0

Fresh

14.7

0.9

1.05

0.58

10.1

132

155

272

4,754

Total Indicated

Open Pit

All

9.2

0.88

0.7

0.84

9.9

81

65

249

2,950

Underground

3.2

0.82

1.07

0.59

9.5

26

34

60

969

Total Inferred

Open Pit

All

1.8

0.99

1.02

0.67

12.4

18

19

40

735

Underground

14.7

0.9

1.05

0.58

10.1

132

155

272

4,754

Total Resource

Open Pit

All

11.1

0.9

0.75

0.81

10.3

100

83

288

3,685

Underground

17.9

0.88

1.06

0.58

10

158

189

332

5,723

All

29

0.89

0.94

0.67

10.1

258

272

620

9,408

Long-section of the Hawiah deposit showing the 2022 Resource classifications 

Al Godeyer – Satellite Deposits

Al Godeyer

Near-mine exploration has commenced at the nearby Al Godeyer and Al Godeyer East Exploration licences in late-2021, located 13 kilometres to the southwest of the main Hawiah deposit. Exploration targeted a discontinuously striking gossan horizon that can be traced of 2km.

Exploration activities including mapping, geophysics, trenching and drilling culminated in a maiden 1.35Mt Mineral Resource Estimation in March 2023, which demonstrated the potential for Al Godeyer to supply additional ore to the Hawiah project through a smaller open-pit mine.

This project is being developed in tandem with Hawiah and with additional drilling planned for 2024 for resource upgrade and expansion.

Al Godeyer Mineral Resource as of 27 March 2023

Class

MiningType

MaterialType

Tonnes(Mt)

Grade

Metal Content

Cu(%)

Zn(%)

Au(g/t)

Ag(g/t)

Cu(kt)

Zn(kt)

Au(Koz)

Ag(koz)

Inferred

Open Pit

Oxide

0.24

0.00

0.00

2.06

1.41

0.0

0.0

16.0

11.0

Transition

0.26

0.54

0.11

1.34

4.90

1.4

0.3

11.0

40.2

Fresh

0.85

0.79

0.82

1.22

8.63

6.7

6.9

33.4

235.3

Total Inferred

Open Pit

All

1.35

0.60

0.54

1.40

6.6

8.1

7.2

60.4

286.6

Total Resource

Open Pit

All

1.35

0.60

0.54

1.40

6.6

8.1

7.2

60.4

286.6

Long-section of the Al Godeyer deposit showing the 2023 Resource classifications

Abu Salal

This deposit is located approximately 50 kilometres to the south of Hawiah project. It presents as a north-south trending discontinuous gossan horizon with many similarities to Hawiah and Al Godeyer in presentation and geology. Early Exploration works commenced in 2022 including mapping and geophysics and trenching. A recent 2,000m scout drilling campaign has just concluded with results pending.