Name of the Project
Sembehun rutile project.

Location
Moyamba district, Sierra Leone.

Project Owner
Sierra Rutile.

Project Description
Sembehun is intended to be a major supplier of rutile. The project has an estimated 13-year mine life, based on current reserves.

Average production at steady state is forecasted at 176 000 t/y rutile (exclusive of titanium in concentrate), 98 000 t/y ilmenite (including ilmenite in concentrate) and 13 000 t/y zircon in concentrate.

Dry mining methods will be used.

Mineral concentrate from the project will be processed in a yet to be constructed magnetic separation circuit and proceed to Sierra Rutile’s existing mineral separation plant, which includes feed preparation and dry plants.

Net Present Value/Internal Rate of Return
The project has an after-tax net present value, at an 8% discount rate, of $318-million and an internal rate of return of 24%.

Capital Expenditure
Preproduction capital for Phase 1 is estimated at $284-million and Phase 2 at $52-million.

Planned Start/End Date
Phase 1 and Phase 2 will each to take 18 to 24 months to complete.

Latest Developments
The definitive feasibility study is in its final phase and is expected in the first half of 2024.

Discussions with major development partners are continuing to potentially fund key infrastructure, while strategic equity opportunities are also being explored.

Key Contracts, Suppliers and Consultants
DRA Projects (PFS).

Contact Details for Project Information
Sierra Rutile investor relations, email investors@sierra-rutile.com.
DRA Global, tel +27 11 202 8600 or email info@DRAglobal.com.