T S X RM X O T CQ X RBY CF R u b i c o n M e a s u r e s P oor m ill re c ov e rie s St a t e o f t he a r t P h o en ix m ill a c h iev ed 9 5 1 r ec o v er i es 43 2 d u e t o g r avi t y d u r i n g 2018 b u l k s am p l e pr o c e s s i ng pr o g ra m 4 M ill o p er a t ed c o m fo r t a b ly 1 540 t pd an d t e s t e d 1 800 tp d m i no r m i l l upg ra d e s ne e d e d W a s t e m a t er ia l h a s a lr ea d y filled t h e m ill c ir c u it n o n eed fo r len g t h y c o m m is s io n in g I n itia l C a pe x blow up M o r e t ha n C 7 7 0 m i l l i o n i n s u n k c ap i t al al r e ad y i n p l ac e i n c l u d i n g 1 800 tp d m i l l 14 000 m o f U G d e v e l o pm e nt i nc l ud i ng w o rk i ng ho i s t a nd s ha f t t a i l i ng s m a na g e m e nt f a c i l i t y i n pl a c e a nd o t he r s ur f a c e i nf ra s t ruc t ur e 2019 P E A 1 b a s ed o n a c t u a l in fo r m a t io n U G d ev elo p m en t r ep r es en t in g 4 0 o f in it ia l c a p it a l es t im a t ed a t C 5 500 C 6 500 p e r m e t re c o nt ra c t o r ra t e s hi g he r t ha n pe e r e s t i m a t e s a nd ra t e s a c hi e v e d d uri ng t e s t m i n i n g b e t w e e n 2015 2018 P o t e nt i a l c a s h f l o w f r o m 4 4 k o z o f po t e nt i a l pr o d uc t i o n d uri ng ra m p u p c an l o w e r i n i t i al c ap i t al N o l o ng l e a d t im e it em s o t h er t h a n a m m o n ia t r ea t m en t p la n t 24 R is k M it ig at ion o f Com m on U G R am p Up Issu e s Me asu r e s tak e n t o r e du c e an d c o n tai n th e i m p ac t o f t e e th i n g i ssu e s 1 R e fe r t o e nd no t e 1 fo r fur t he r d e t a ils 4 R e fe r t o e nd no t e 4 fo r fur t he r d e t a ils