COPPER 360 LIMITED - Copper 360 signs a Memorandum of Understanding (MOU) with Far West Gold Recoveries Proprietary Limited (FWGR)

Copper 360 signs a Memorandum of Understanding (‘MOU’) with Far West Gold Recoveries Proprietary Limited (‘FWGR’)

Copper 360 Limited
(previously Big Tree Copper Limited)
(Incorporated in the Republic of South Africa)
Registration number 2021/609755/06
JSE Share Code: CPR ISIN: ZAE000318531
("Copper 360" or "the Company")


COPPER 360 SIGNS A MEMORANDUM OF UNDERSTANDING ('MOU') WITH FAR WEST GOLD
RECOVERIES PROPRIETARY LIMITED ('FWGR'), A SUBSIDIARY OF DRDGOLD LIMITED ('DRD'), TO
CONDUCT A DUE DILIGENCE ('DD') ON THE COMPANY'S COPPER TAILINGS DAMS

Highlights

    •   Copper 360 has signed an MOU with FWGR for a period of 12 months to conduct a DD on
        the O'Okiep, Carolusberg, Lower and Upper NamaCopper Copper Tailings dams.
    •   During the DD period, FWGR will, through an independent expert, determine, (a) the total
        tonnage of tailings material by Lider survey applying a density of 1.4 tonnes per cubic metre
        and as may be required (b) a purchase consideration to acquire 50% of the copper tailings
        dams if the result of the DD is to the satisfaction of FWGR.


Jan Nelson, CEO of Copper 360 commented; "Copper 360 estimates that there are approximately 50
to 60 million tonnes of dump material with grades varying between 0.18% and 1.5% copper in the
dumps with the potential to contain 450 000 tonnes of copper metal in situ. During the DD, FWGR will
independently assess the economic viability of the copper dumps and if the results are to their
satisfaction the parties will enter into a joint venture agreement. FWGR may acquire 50% interest in
the tailings dams at a price to be independently agreed and will become the operator of the dumps.
Copper 360 is currently focussed on commissioning 2 processing plants at the Rietberg Mine and
drilling and evaluating 5 new mines. Our expertise and focus is not tailings treatment although we
recognise the potential of the copper dumps. It is therefore logical that we have approached the world
leaders in dump retreatment to see if a potential partnership could be negotiated to potentially bring
these assets to account if the DD is viable."

FORWARD-LOOKING STATEMENTS

Any forward-looking statements contained in this announcement have not been reviewed or reported
on by the Company's external auditors.

Stellenbosch

27 March 2024

Designated advisor: Bridge Capital Advisors Proprietary Limited

Date: 27-03-2024 09:00:00
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