TELLAHAUSER PROJECT

HISTORY

History ASM’s flagship project is Tellerhauser, within our Breitenbrunn licence in Saxony, Germany. It was discovered “accidentally” by the GDR-Soviet joint venture company SDAG Wismut (“Wismut”) in 1968 whilst exploring for and developing a uranium deposit nearby. A subsequent 20 year exploration programme resulted in a resource estimate of 20 Million tonnes at a grade of 0.65% tin within the skarn packages for 124,000mt of contained metal. A further 5.6 Million tonnes at 0.33% tin was estimated within the schist sequences for an additional 19,000mt of tin. This was reported in Soviet C1, C2 and Delta categories – the equivalent of measured, indicated and inferred/exploration target.

Mineralisation Styles Tellerhauser consists of a series of very large seams associated with skarnified calcsilicate and limestone beds within a schist sequence. The skarn mineralisation occurs in three major shallowly dipping seams with a combined strike length of 9km, an average width of 500m and an average thickness of 3m. Tin occurs as cassiterite, indium as roquesite and zinc as sphalerite.

Previous extensive work by GDR/Soviet company

• Work was undertaken to a very high standard under Soviet philosophy.

• Historic Uranium Mine (Note, Uranium areas separate fromTin)

• 65,000m of tunnels,

• 2 internal 400m shafts and a 9km adit

• 141,342m of drilling in 2,112 boreholes

• 3,083m of channel sampling in 1,326 channels

• 60,085 assay samples

• 151,916 individual assays

• All digitised and modelled by ASM 5 Exploration drive within Hämmerlein section of Tellerhäuser –4m x 3m High replacement cost

Underground workings (£1,500/m) £97.5M

Drilling (£150/m) £21.2M

Channel sampling (£50/m) £0.2M

Assaying (£50/sample) £3M Total £121.9M Drilling density and underground workings at Tellerhäuser ~5km Much of the required pre-development work has already been completed!

GEOLOGY

A World Class Deposit?

• Tellerhäuser consists of a series of very large seams associated with skarnified calc-silicate and limestone beds within a schist sequence.

• The skarn mineralisation occurs in three major shallowly dipping seams with a combined strike length of 9km, an average width of 500m and an average thickness of 3m.

• Feeder structures within the schist beneath the skarns also host significant tin mineralisation.

• Significant Zinc, Indium and Copper Mineralisation

World Class JORC Resource

Tellerhäuser contains very significant by-product credits 

Indium: 15.9M tonnes @ 127pm In for 2,023 tonnes indium

Zinc: 18.0M tonnes @ 1.12% Zn for 200,400 tonnes zinc (The world’s largest JORC Indium deposit?)

Other potential credits include Copper

Cut-off % SnMillion​

Tonnes
Grade % SnTin​

Tonnes
071.4​0.21146,800​
0.143.8​0.30​131,400
0.1530.4​0.38​115,700
0.222.10.46​101,500​
0.312.0​0.65​77,500​
0.48.1​0.80​64,500​
0.55.90.92​v

Multiple Development Options for Improving Returns

  • Reduced surface footprint (Backfill and u/g plant) to fast track permitting
  • Phased ramp up
  • Metallurgical advances
  • Phased production expansion
  • Sensible Capex reductions on Hatch Study
  • Continuous at various cut-off grades so Variable grade optimisation  strategy can be employed
  • Metal mix can be adjusted to respond to markets
  • Exploration Potential

Small Scale Target

  • Star on High grade shallow mineralisation
  • Capex <$50m
  • Production: .c.350-500ktpa to start
  • NPV Target $50-100m
  • IRR Target > 40%

Large Scale Study by Hatch (excl. Contingency)

  • Maximise Resource Extraction at low Cut-Off
  • Capex: $220m
  • Production: 1.5mtpa
  • NPV: c. $355m
  • IRR: 33%

MINING

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PROCESSING

INFRASTRUCTURE REQUIREMENTS

TRAFFIC FLOWS

PRODUCTS AND MARKETS

EMPLOYMENT OPPORTUNITIES

PROJECT DEVELOPMENT STATUS

CURRENT STATUS