Rietberg Mine

Copper 360's flagship and first underground mine, officially opened in August 2024. Located approximately 22 km north of Springbok, close to the N7 towards Namibia, within the northern portion of the SHiP Mining Right area (NC30/5/1/2/2/10166MR, granted 31 October 2022). Situated on the southern limb of the Ratelpoort Synform, stratigraphically within the younger Ratelpoort Quartzite and Schist succession at the top of the O'Okiep Copper District stratigraphic column. Copper-bearing minerals consist predominantly of bornite and chalcopyrite (sulphide ore). Long-hole open stoping method selected with P80 -75 micron grind. Metallurgical recoveries of approximately 90% through flotation per SGS test work; LOM 7-9 years subject to exclusions. Maiden Mineral Reserve declared 7 August 2024 (effective June 2024). Mining viability study (MVS) completed using USD 9,000/t Cu price, AISC USD 4,350/t Cu, initial capex USD 26.8 million. Modifying factors: 25% exclusion zones, 14% dilution, 5% mining losses. Owned 95% by Copper 360 through Shirley Hayes-IPK (Pty) Ltd (SHiP); subject to MPRDA mining royalty. Production currently constrained by limited TMM fleet; first on-ore development blast end-January 2025. To date 65 kt @ 0.97% Cu extracted from broken stock.