90% renewable energy. Value growth A drilling campaign of 10, 000 meters was commissioned in 2022 focused on confirming the substantial value upside available through a potential expansion into the larger 108.9Mt Measured and Indicated Resource at Serrote. Preliminary economical assessment of processing Caboclo resources in Serrote facilities indicated positive results and a 14Mt life of the mine extension is expected through the addition of Caboclo-Rogerio satellite deposits. Further exploration can further extend this opportunity, as the deposits remain open. Updated technical reports are underway to confirm Mineracao Vale Verde's growth to maintain the operations sustainability well above the initial 14 year life of mine. Financial update During 2022, the Company made 8 shipments of concentrate to its offtake partners, one above budget. This resulted in revenue of US$155m with average realized commodity prices of US$3.71/lb CuEq. EBITDA and capital expenditure for the period were US$60m. Following strong copper prices, MVV initiated a hedging program to secure forward pricing of US$4.17/lb a portion of the payable copper produced through the next 12 months to January 2024. The strong financial performance resulted in a notable cash generation and US$24.5m of the project financing principal and interest repayments in 2022. The successful ramp-up will enable the commencement of completion tests to be finalised in early 2023. 2023 guidance A strong 2023 is expected now that commercial operations have been completed. Production guidance of 23.5-25.0 kt Cu and 9koz Au, at a C1 cash cost of US$1.50-1.60/lb C1 net of by-products. Delivery of the technical reports for the expanded Reserve is also targeted by the end of 2023. About Appian Appian Capital Advisory LLP is the investment advisor to long-term value focused private equity funds that invest solely in mining and mining related companies. Appian is a leading investment advisor in the metals and mining industry, with global experience across South America, North America, Australia and Africa and a successful track record of supporting companies to achieve their development targets, with a global operating portfolio overseeing 6, 000 employees. Appian has a global team of 60 experienced professionals with offices in London, Toronto, Lima, Belo Horizonte, Montreal and Perth. For more information, please visit www.appiancapitaladvisory.com, or find us on LinkedIn, Twitter or Instagram. About Mineracao Vale Verde Ltda. MVV is the owner and operator of Serrote, an advanced stage, de-risked greenfield open-pit copper-gold asset, located in Alagoas, Brazil. The Company is headquartered in Belo Horizonte, with a high-quality management team with extensive local and international experience operating at site. Following Appian's acquisition of the asset in mid-2018, an updated DFS was completed in 2021 outlining a 14-year initial mine life with production of approximately 20 thousand tonnes of copper equivalent per annum in a premium, high grade concentrate. Serrote is expected to be well positioned in the lower second quartile of the copper cost curve on a total cash cost basis. MVV is pursuing several expansion opportunities beyond the initial mine life, with significant defined mineralization outside of the current mine plan as well as numerous satellite resources and targets within trucking distance of the planned plant infrastructure. Less than 50% of the 112Mt global MI&I resource is currently contained within the mine plan, with active drilling and growth plans underway to increase mineable inventory. [1] The industry average LTIFR was 1.53 in 2020, as reported by Global Data "/>

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