Mining Operations

53 Moz Gold Resources with Additional Unexplored Potential

FreePay’s mining assets consist of the East Rand Proprietary Mine (ERPM) and the Middelvlei mine, both of which are located in the Witwatersrand Basin in South Africa. Mines in this basin have collectively produced more than 1,550 million ounces of gold, greater than 40% of all gold ever mined on earth. The two mines contain an independently verified 53 Moz of gold with significant exploration potential. FreePay expects to expand its resource holding to +100 million ounces over the next 5 years.

Production Capacity

Surplus ore treatment capacity

Throughout the Witwatersrand basin there are numerous existing operations which have surplus milling and processing capacity. This provides FreePay a unique opportunity to develop new resource projects without the requirement of processing plant capital expenditure. Additionally, production can be established with shorter lead times with smaller projects allowing FreePay to grow its production without significant capital costs over the next 5 years.

Additional Resource Opportunity

FreePay has extensive additional opportunity to increase its known gold resources. Limited mining of the near surface reefs at the ERPM Gold mine has provides the potential to add significant economic resources, with a reduced capital requirement and faster time to production.

ERPM
GOLD PROJECT

Project Pipeline

Greater than 50 years

Exploration

Exploration and feasibility work is underway to bring the ERPM mine to production within 3 years.
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Further information will be provided as the feasibility work progresses.

Production

It is anticipated that individual 100,000 oz p.a. mines will be established on each of the 4 currently known shallow reefs.
Development will be by decline access with ore mined likely comminuted underground and pumped to surface for gold extraction.

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MIDDELVLEI
GOLD PROJECT

Project Pipeline

Greater than 20 years

Exploration

Drilling and feasibility work is also underway where it is anticipated that further open pits and an underground development will be established. The underground shallow reef Middelvlei mine provides the possibility of long term (+20 years) gold production from the area.

Production

The Middelvlei Mine is currently under development with first gold production expected during the second half of 2019. Initial gold will be produced from open pit mining and ore treatment at a nearby process plant which has surplus capacity.

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