Gold Fields

Mineral
Reserves

2018

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Mineral Resources and Mineral Reserves Supplement

St Ives gold mine

Agnew gold mineSt Ives had a good 2018, increasing its Resource and Reserve base net of depletion from the increasingly important and expanding Invincible underground camp, Neptune open pit and the new high-grade underground deposit at Hamlet North. Brownfield exploration across the expansive tenement package is continuing to deliver promising early stage results.

Full production commenced on schedule from Invincible underground in early 2018. Development of the access decline to Invincible South was well advanced during 2018, along with the development of an exploration drill drive and access to Hamlet North.

As drilling continues, additional ore shoots with increasing continuity are being identified at Greater Invincible and prospective new open pit target areas in the Lefroy Exploration JV, and Kambalda West and Western Basin areas will be tested in 2019.

The palaeochannel gold project will be further advanced in 2019, targeting a milestone viability decision in H2 2019.

Asset fundamentals

General location  

The St Ives mining operations extend from five to 25km SSW of the town of Kambalda in Western Australia, approximately 630km east of Perth at latitude 31°12’ S and longitude 121°40’ E. The nearest major settlement is the town of Kalgoorlie situated 80km to the north, with well-established power grids, access roads and supporting infrastructure.

Licence status and holdings  

St Ives controls prospecting, exploration, mining and miscellaneous tenements over a total area of 168,205ha (inclusive of 43 non-managed leases totalling 6,023ha, and 13 JV tenements totalling 37,213ha where St Ives is currently earning an interest).

Operational infrastructure and mineral processing  

St Ives currently operates two underground mines, which are accessed via declines, and two open pits, a centralised administrative office, an engineering workshop and a 4.7Mtpa CIP processing plant.

Climate  

St Ives is situated in an area of arid bush land. While occasional storm activity may cause minor delays to open pit mining operations, the climatic conditions do not materially impact on the normal operations of the site.

Local geology and deposit type  

St Ives lies within the Kambalda domain, a subset of the Norseman-Wiluna Belt. The Kambalda domain is bound by the NNW trending Boulder-Lefroy fault (BLF) and Zuleika shear. The region has undergone four compressional events predated by early extension and has been metamorphosed to upper greenschist or lower amphibolite facies.

The main structural feature of the St Ives area is the gently south-plunging Kambalda anticline, which extends 35km from the south end of the Kambalda dome to the Junction mine. The majority of known gold deposits are proximal to the trace of the anticlinal axis. A major second order structure known as the Playa shear splays off the BLF Shear Zone and can be traced through the St Ives field for a distance in excess of 10km.

There are several styles of gold mineralisation at St Ives. Individual deposits may contain more than one of these styles:

  • Lode mineralisation: Archaean lode mineralisation typically consisting of 0.5m to 20m-wide mesothermal vein complexes that may also have hydraulic breccias and/or mylonites
  • Supergene mineralisation: Broad zones of flat-lying gold mineralisation in weathered Archaean and overlying tertiary sediments
  • Palaeoplacer mineralisation: Placer deposits hosted by palaeochannels in the unconsolidated tertiary sediments that overlie the Archaean basement

Archaean orogenic greenstone gold hosted in a number of different styles of mineralisation. Lode, supergene and palaeoplacer-style deposits characterise the range of ore body types.

LoM  

Ongoing extensional and brownfield exploration continues and could increase the LoM given the prevailing Inferred Resource and strengthening exploration pipeline. It is estimated that the current known Mineral Reserves will be depleted in 2025 (seven years).

Sustainable development  

The mine maintained OHSAS18001 Occupational Health and Safety Management System certification and ISO14001 Environmental Management System certification. St Ives was certified as fully compliant with the ICMC in 2013. In late 2016, St Ives was found to be non-compliant to the code. Full certification was regained in April 2017 and retained in 2018.

Brief history

Gold was discovered at the Kambalda Red Hill camp in 1897 and, in the following 10 years, other gold-bearing locations, such as Victory, were discovered. In 1981, the Victory-Defiance complex (Leviathan area) was discovered.

Gold production commenced at St Ives using a 0.5Mtpa treatment plant (later expanded to 1.2Mtpa). In 1988, a new 3.1Mtpa CIL facility was constructed at St Ives. During 2001, a 2Mtpa heap leach facility was commissioned during the period when Gold Fields acquired St Ives. In 2004, the 4.7Mtpa Lefroy mill was constructed and fully commissioned in early 2005.

From 2007 to 2012, a number of economic deposits were discovered and mined. These include Cave Rocks (2007), Belleisle (2007), Hamlet (2009), Athena (2010) and Invincible (2012).

Production from the Neptune palaeochannel open pit commenced in 2013 and will continue through 2019.

The ongoing exploration strategy delivered the Invincible camp in 2013, which remains the mainstay of mine production. First production from Invincible started in Q1 2015. In 2017, development commenced into the Invincible underground deposit with full production reached in 2018. Development of the access decline to the Invincible South underground deposit commenced in 2018, with level development to commence in 2019. Exploration of the numerous open-ended extensions to the Invincible deposit will continue in 2019.

Key developments and material issues

  • Emphasis in 2019 will be on the continued expansion of the Invincible underground operations with first ore from Invincible South and commencement of the Hamlet North project
  • Cornerstone production moves increasingly to UG over the next two years from the Invincible mining fronts and Hamlet North
  • Geotechnical challenges are being experienced at Invincible underground resulting from the mudstone rock mass behaviour, and various ground support contingencies are being assessed. A study is underway to implement paste filI and, in the meantime, pillar modifications and monitoring will be implemented
  • Highly prospective targets are being explored along strike of Invincible South in the Greater Invincible area with additional resources likely to be added in 2019
  • Follow-up work and drilling on targets generated from the Seismic Cube surveys is providing an exciting new exploration tool for the Victory-Defiance complex area
  • The mining mix is changing from open pit to underground operations in the medium term, and discovery of new sizeable open pit opportunities has been prioritised
  • Cave Rocks’ remnant mining will be completed and the mine closed in 2019
  • Mill upgrades continue to be implemented to enhance recovery from multiple ore sources and lake sediments
  • The geotechnical drilling programme and Advanced Scoping Study were successfully completed for the palaeochannel project with stage 1 pre-feasibility mining studies to be developed and progressed in 2019

Operating statistics

      Historic performance  
  Units   Dec 2018   Dec 2017 Dec 2016  
Total mined kt   22,044   43,012 43,973  
– Waste mined kt   17,737   38,547 39,674  
– Ore mined kt   4,307   4,466 4,300  
Mined grade g/t   3.0   3.1 2.9  
Open pit mining              
Open pit mined kt   20,757   42,148 43,114  
– Waste mined kt   17,362   38,166 39,442  
– Ore mined kt   3,396   3,982 3,673  
Mined grade g/t   2.7   2.9 2.6  
Strip ratio (waste/tonne ore) ratio   5.1   9.6 10.7  
Underground mining              
Underground mined kt   1,287   865 859  
– Waste mined kt   375   381 232  
– Ore mined kt   911   484 627  
Mined grade g/t   4.1   4.1 5.1  
Processing              
Total plant treatment (excl toll) kt   4,250   4,198 3,953  
CIL tonnes treated (incl toll) kt   4,250   4,198 4,046  
Head grade g/t   2.88   2.96 3.00  
Yield g/t   2.69   2.70 2.84  
CIL Plant recovery factor (excl toll) %   92.5   92.5 92.8  
Au production ex CIL Plant (incl GFI Toll payment) koz   366.9   363.9 362.2  
Tonnes to heap leach kt   0   0 0  
Yield ex-heap leach (sold) koz   0   0 0.7  
  g/t   n/a   n/a n/a  
Total Au sold (CIL and HL) koz   367.0   363.9 362.9  
  kg   11,414   11,319 11, 287  
Financials              
Average Au price received US$/oz   1,266   1,257 1,246  
  A$/oz   1,695   1,642 1,672  
Exchange rate (annual average) US$/A$   0.75   0.77 0.75  
Cost of sales before amortisation and depreciation A$M   249   207 244  
  A$/oz   678   569 672  
Capital expenditure (capex) A$M   170   204 188  
  A$/oz   464   561 517.4  
All-in sustaining cost (AISC) A$/oz   1,207   1,198 1,273  
  US$/oz   902   916 949  
LoM              
Mineral Reserves Mt   19.09   19.42 21.51  
Mineral Reserves head grade g/t   2.84   2.51 2.52  
Mineral Reserves Moz   1.74   1.57 1.74

Rounding off of figures presented in this report may result in minor computational discrepancies. Where this occurs, it is not deemed significant. During 2016, a small amount of ore was toll treated and St Ives received 1.9koz in payment.

Exploration and Resource definition drilling

2017/2018 exploration expenditures are presented in the Australia regional section.

In June 2018, St Ives entered into a Farm-in Agreement with Hogans Resources (Pty) Ltd and Lefroy Exploration JV (LEX JV), where St Ives may earn up 70% equity in the LEX JV tenements through exploration expenditure. This agreement allows St Ives to earn exploration and mineral rights over a total additional area of 37,017ha. The site exploration team is supported by in-house geophysics, regional and corporate technical teams. Rigorous sampling and assaying QA/QC protocols are maintained on all exploration programmes. Industryleading practice is applied for data acquisition and accredited assay laboratories are used, which are regularly reviewed both internally and externally.

In 2018, extensional exploration targeted the Invincible underground trend, which will continue in 2019, and Hamlet North. The high-grade Hamlet North deposit was drilled to Reserve status in the first half of 2018 allowing for the planning of underground access for a drill drive to commence. Additional brownfield exploration continues to focus on the Eastern Causeway, Kambalda West and the Speedway trends using a combination of auger, aircore and RC drilling, geochemistry and geophysics to generate an integrated prospectivity model to prioritise and direct future investment. The Speedway trend is a 20km plus prospective belt where exploration success was achieved in 2017, extending the Invincible group of deposits. Systematic geochemical testing of the entire trend was completed in 2018. Follow-up RC drilling of the southern Speedway Trend identified significant mineralisation at the Venom prospect. A 3D Seismic Cube was surveyed over the Victory Defiance complex in Q3 2017. Data from this survey was interpreted in 2018, with drill testing of initial targets generated conducted in the second half of 2018.

Notable activities include foundational data set and auger geochemical sampling at Kambalda West aimed at identifying targets for follow-up in 2019, and the Southern St Ives areas will undergo auger geochemical sampling in 2019.

Mining

Conventional drill and blast with truck and shovel mining techniques are employed at all open pits. Grade control is generally by way of inclined RC drilling on grids determined by the ore body characteristics. Load-andhaul is carried out by 90 – 180t dump trucks and 150 – 350t excavators in backhoe and/or face shovel configuration. Mining benches vary from 5m to 10m, and are excavated in passes (flitches) of 2.5m to 3m per flitch. Gold mineralisation is mined selectively to cut-off grades, and segregated into grade ranges to balance the ore production and processing capacities onsite and to maximise cash-flow.

Underground mines at St Ives are commonly extensions of open pit mines. Mines are accessed via declines, drives are developed to access the ore and future stoping production areas. Underground mining at St Ives is predominantly mechanised and conducted by long-hole open stoping (LHoS), with subordinate cut-and-fill and roomand- pillar stoping for the shallower dipping ore bodies. Paste fill and LHoS are used where mandated by geotechnical factors. Electrichydraulic drilling jumbos and rubbertyred diesel-powered load, haul, dump machine are used for development and stoping, while trucks are used for load-and-haul operations. Ore from both open pit and underground operations is transported with road trains from individual mining operations to the central St Ives RoM pad.

Mine planning and scheduling

Cut-off grades are used to define potentially economic underground mining panels, taking into consideration direct mining and processing costs, company set commodity prices and other parameters. The economic viability of future mining panels is tested by determining whether the margin, after applying the appropriate cut-off grade, is sufficient to cover the required capital development and mining costs.

Open pit optimisation software, in conjunction with economic parameters and physical constraints, is used to generate a series of nested pits for open pit mining. An optimal shell is then selected and a detailed design used to confirm the mineability.

Underground mining methods are largely determined by the geometry of the mineralised zones and evaluation may involve review of more than one method. Fit-for-purpose proprietary software is used for mine design and scheduling.

Mine planning is based on 3D resource block models of in situ mineralisation, with allowances made for minimum mining widths, dilution and ore loss in line with the mining method being considered.

The next major mine project at St Ives will be the development of the Invincible South underground mine. Decline development extending from the Invincible underground decline to access Invincible South, commenced in 2018 and was well advanced by year end. Development of the Hamlet North deposit commenced in 2018 with the construction of a drill drive from the Hamlet mine. Mine access to the deposit will commence from the drill drive access in 2019. Additionally, development and mining of Neptune Stage 5 and 6 pits, which commenced in 2017, will continue in 2019.

Infrastructure, waste disposal and ore stockpile management requirements are incorporated into the planning process. Ore stockpile management at St Ives strives to optimise the metallurgical blend requirements of the Lefroy Mill, with regard to variable material types and grade management. To ensure ICMC compliance, a cyanide destruct circuit has been added to the St Ives processing configuration. Innovation and technology

Innovation and technology

Advancement of value-add preliminary stage technology solutions is focusing on the following:

  • Installing proximity detection systems in the open pit and underground operations
  • Developing digitally enabled drilling practices with high precision GPS
  • Installation of fibre optic backbone and high bandwidth WiFi at Invincible underground and Invincible South
  • Deployment of Newtrax safety systems as part of the proximity detection deployment
  • Use of real-time equipment data collection and ventilation on demand

Mineral Resources and Mineral Reserves

Geology and evaluation models have been updated to reflect the latest available data sets. An integrated mine design and schedule is based on current performance levels and takes cognisance of all constraints and capacities inherent to the mining operations at St Ives. The Mineral Resources and Mineral Reserves have been updated using the current planning gold price of A$1,850/oz and A$1,600/oz respectively, and reported in accordance with the SAMREC Code.

The Mineral Resources are classified as Measured, Indicated and Inferred as defined in the SAMREC Code. Increasing levels of geoscientific knowledge and confidence are based on geological understanding, grade variance, drill hole/sample spacing, mining development (amount of exposed and mapped mineralisation) and mining history. The economic evaluation is based on the Company planning gold price, taking into account estimates of all costs, the impact of modifying factors such as mining dilution and metal/ore recovery, processing recovery and royalties. All Mineral Resources and Mineral Reserves reported are 100% attributable to St Ives.

Mineral Resources

The Mineral Resources increased post depletion by 2% to 3.93Moz, primarily due to discovery at Hamlet North and further growth from the Invincible underground trend. The surface sources include stockpiles that are supported by adequate sampling, and are thus classified as Measured Mineral Resources.

MINERAL RESOURCE CLASSIFICATION

  Tonnes (kt)     Grade (g/t)     Gold (koz)  
Classification Dec
2018
  Dec
2017
Dec
2016
    Dec
2018
  Dec
2017
Dec
2016
    Dec
2018
  Dec
2017
Dec
2017
 
Open pit and underground                                  
Measured 2,154   1,356 2,291     3.58   3.89 3.26     248   169 240  
Indicated 19,815   22,164 17,980     4.13   3.85 3.81     2,628   2,744 2,203  
Inferred 7,779   7,467 6,538     3.58   3.31 3.56     895   795 747  
Total open pit and underground 29,747   30,987 26,809     3.94   3.72 3.70     3,771   3,709 3,191  
Surface                                  
Measured stockpiles 3,436   3,457 3,317     1.42   1.25 1.00     157   139 107  
Grand total 33,183   34,445 30,126     3.68   3.47 3.40     3,928   3,847 3,297  

MINERAL RESOURCE CLASSIFICATION PER MINING AREA

  Measured   Indicated  
Area Tonnes
(kt)
Grade
(g/t)
Gold
(koz)
  Tonnes
(kt)
Grade
(g/t)
Gold
(koz)
 
Open pit                
APN   315 7.70 78  
Incredible   1,291 1.88 78  
Invincible Pit 307 3.06 30   412 3.55 47  
Justice   547 2.64 46  
Neptune 746 1.97 47   3,102 2.99 298  
Pistol Club   538 3.77 65  
Santa Ana   1,433 2.27 105  
Yorick   90 4.54 13  
Other 25 2.22 2   2,076 2.98 199  
Total open pit 1,077 2.28 79   9,803 2.95 929  
Underground                
Argo 151 4.82 23   481 4.67 72  
Cave Rocks 262 4.75 40   210 4.55 31  
Hamlet 234 5.73 43   443 4.66 66  
Hamlet North   874 8.87 249  
Invincible UG 219 5.66 40   1,798 4.33 250  
Invincible Deeps   2,052 5.58 368  
Invincible South   1,684 7.25 393  
North Orchin   570 4.28 78  
Sirius 211 3.29 22   1,899 3.13 191  
Total underground 1,077 4.87 169   10,011 5.28 1,699  
Surface                
Surface stockpiles 3,436 1.42 157    
Grand total 5,590 2.25 405   19,815 4.13 2,628  

  Inferred   Total Mineral Resource  
Area Tonnes
(kt)
Grade
(g/t)
Gold
(koz)
  Tonnes
(kt)
Grade
(g/t)
Gold
(koz)
 
Open pit                
APN   315 7.70 78  
Incredible 445 2.16 31   1,736 1.96 109  
Invincible Pit 41 3.49 5   759 3.35 82  
Justice 169 3.09 17   716 2.75 63  
Neptune 776 2.39 60   4,623 2.72 405  
Pistol Club 41 1.82 2   579 3.63 68  
Santa Ana 84 2.03 6   1,517 2.26 110  
Yorick 429 3.40 47   518 3.60 60  
Other 861 2.82 78   2,963 2.92 278  
Total open pit 2,846 2.68 245   13,727 2.84 1,253  
Underground                
Argo 187 3.75 23   819 4.49 118  
Cave Rocks 76 3.63 9   548 4.52 80  
Hamlet 30 4.32 4   706 5.00 114  
Hamlet North 132 7.64 33   1,007 8.71 282  
Invincible UG 1,185 4.04 154   3,202 4.31 444  
Invincible Deeps 884 5.18 147   2,937 5.46 516  
Invincible South 872 5.04 141   2,556 6.50 534  
North Orchin 699 3.51 79   1,269 3.85 157  
Sirius 867 2.17 61   2,977 2.86 274  
Total underground 4,933 4.10 650   16,021 4.89 2,518  
Surface                
Surface stockpiles   3,436 1.42 157  
Grand total 7,779 3.58 895   33,183 3.68 3,928  
Modifying factors
  • All Mineral Reserves are quoted in terms of RoM grades and tonnages, as delivered to the metallurgical processing facilities, and are therefore fully diluted
  • The Measured and Indicated Mineral Resources are inclusive of Mineral Reserves
  • The Mineral Reserve Statements include only Measured and Indicated Mineral Resources, modified to produce Mineral Reserves that are contained in the LoM plan
  • Mineral Resources and Mineral Reserves undergo regular internal and/or external audits, and any issues identified are rectified at the earliest opportunity – usually during current reporting cycle
      December  
  Units   2018   2017 2016  
Mineral Resource parameters              
Mineral Resource Au price US$/oz   1,400   1,400 1,400  
  A$/oz   1,850   1,850 1,850  
Cut-off for oxide ore g/t   0.74 – 1.03   0.74 – 0.93 0.55 – 0.96  
Cut-off for fresh ore g/t   0.74 – 3.3   0.74 – 3.1 0.55 – 3.2  
Cut-off for mill feed g/t   0.74 – 1.03   0.74 – 0.95 0.55 – 0.96  
Cut-off for open pit g/t   0.74 – 1.03   0.74 – 0.95 0.55 – 0.96  
Cut-off for underground g/t   2.0 – 3.3   1.8 – 3.1 2.4 – 3.2  
Mineral Reserve parameters              
Mineral Reserve Au price US$/oz   1,200   1,200 1,200  
  A$/oz   1,600   1,600 1,600  
Cut-off for oxide ore g/t   0.35 – 0.40   0.4 0.5  
Cut-off for fresh ore g/t   0.35 – 2.7   0.4 – 2.9 0.5 – 3.0  
Cut-off for mill feed underground g/t   2.0 – 2.7   2.3 – 2.9 2.6 – 3.0  
Cut-off for mill feed open pit g/t   0.35 – 0.40   0.4 0.5  
Mining recovery factor (underground) %   90 – 97   90 – 97 90 – 95  
Mining recovery factor (open pit) %   91 – 100   97 – 98 95 – 98  
Strip ratio (waste:ore) ratio   5.7   6.2 6.6  
Mine Call Factor (MCF) %   100   100 100  
Dilution open pit %   15 – 52   15 – 50 2 – 49  
Dilution underground %   11 – 25   12 – 25 15 – 25  
Plant recovery factor %   69 – 96   69 – 96 78 – 94  
Processing capacity Mtpa   4.7   4.7 4.7  

Grade tonnage curves for the underground and open pit Mineral Resource are presented below:

Grade tonnage curve – Open pit   Grade tonnage curve – Underground
 
Mineral Reserves

Mineral Reserves at St Ives increased, post mining depletion, by 11% to 1.74Moz in 2018. The dominant contributors to Mineral Reserves are extensions to footprints in the Invincible open pit, Neptune open pit and Invincible underground, with maiden Reserves at Invincible Deeps and the high-grade Hamlet North deposit.

The uncertainty around the timing of discoveries and lead times to bring a new mine into production are characteristic of orogenic-style operations but property endowment and a strong project pipeline continues to warrant expenditure in line with the strategic plan. The Mineral Reserves are derived from the LoM plan, which is supported by a detailed design and schedule that takes account of cut-off grades, mining fleet productivities, prevailing geotechnical factors that direct optimal sequencing, and incorporates appropriate modifying factors. Surface sources include stockpiles. Capital requirements are accommodated in the cash-flow model to ensure sustainable operations over the LoM.

MINERAL RESERVE CLASSIFICATION


Tonnes (kt)   Grade (g/t)   Gold (koz)  
Classification Dec
2018
  Dec
2017
Dec
2016
  Dec
2018
  Dec
2017
Dec
2016
  Dec
2018
  Dec
2017
Dec
2016
 
Open pit and underground                              
Proved 1,648   1,131 2,797   2.21   3.08 2.15   117   112 193  
Probable 14,006   14,831 15,398   3.26   2.76 2.91   1,467   1,318 1,441  
Total open pit and underground 15,654   15,961 18,195   3.15   2.79 2.79   1,584   1,430 1,634  
Surface                              
Proved 3,436   3,457 3,317   1.42   1.25 1.00   157   139 107  
Grand total 19,090   19,419 21,512   2.84   2.51 2.52   1,741   1,568 1,740  

MINERAL RESERVE CLASSIFICATION PER MINING AREA

  Proved     Probable     Total Mineral Reserve  
Area Tonnes
(kt)
Grade
(g/t)
Gold
(koz)
    Tonnes
(kt)
Grade
(g/t)
Gold
(koz)
    Tonnes
(kt)
Grade
(g/t)
Gold
(koz)
 
                             
Open pit                            
Incredible     1,410 1.27 57     1,410 1.27 57  
Invincible Pit 354 2.63 30     470 3.09 47     824 2.89 77  
Neptune 1,026 1.31 43     2,581 2.33 193     3,606 2.04 236  
Pistol Club     668 2.55 55     668 2.55 55  
Santa Ana     1,596 1.45 74     1,596 1.45 74  
Other 7 1.78 0.4     1,923 2.40 148     1,930 2.40 149  
Total open-cut 1,387 1.65 73.4     8,649 2.07 575     10,036 2.01 648  
Underground                            
Hamlet North     970 6.93 216     970 6.93 216  
Invincible UG 91 5.72 17     1,414 4.02 183     1,505 4.13 200  
Invincible Deeps     1,511 4.38 213     1,511 4.38 213  
Invincible South     1,389 6.09 272     1,389 6.09 272  
Other 170 4.89 27     73 3.52 8     243 4.48 35  
Total underground 261 5.18 43     5,357 5.18 892     5,618 5.18 936  
Surface                            
Surface stockpiles 3,436 1.42 157         3,436 1.42 157  
Grand total 5,084 1.67 274     14,006 3.26 1,467     19,090 2.84 1,741  

MINERAL RESOURCE AND MINERAL RESERVE RECONCILIATION YEAR ON YEAR

Factors that affected Mineral Resource reconciliation   Factors that affected Mineral Reserve reconciliation
Mining depletion   Mining depletion
Resource model enhancements and discovery at Hamlet North, Invincible UG, Invincible South, Neptune and additional HW/FW lodes in Invincible Pit   Discovery and conversion at Hamlet North, Invincible Deeps, Neptune and Invincible Pit
Higher costs negatively impacted some underground Mineral Resources    
Mineral Resource reconciliation   Mineral Reserve reconciliation
 
Mineral Reserve sensitivity
Mineral Reserve sensitivity

To illustrate the impact of fluctuations in gold price and exchange rates on the current declaration, St Ives has generated sensitivities with respect to Mineral Reserves. The following graph indicates the Managed Mineral Reserve sensitivity at -15%, -10%, -5%, base (reserve gold price - A$1,600/oz), +5%, +10% and +15% to the gold price.

These sensitivities (other than for the base case) are not supported by detailed plans and depletion schedules. They should only be considered on an indicative basis, specifically as such sensitivities assume 100% selectivity, without any operating cost increases.

MINE SITE INFRASTRUCTURE LAYOUT