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Responsible development of strategic metals within the European Union
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A sustainable and scalable operation for ~17 years with strong cash flows

The Rovina Valley Project, is one of the largest undeveloped copper-gold assets in the world, with 10.1 Moz of gold equivalent (7 million ounces of gold and 233 thousand tonnes of copper), RVP’s porphyry system allows ESM to construct a simple and large-scale operation. RVP is the 14th largest undeveloped asset in the world and the 2nd largest undeveloped asset in Europe.

 

Definitive Feasibility Study 2021 base case

Gold US$1,550/oz & Copper US$3.30/lb

Pre-tax NPV: $447M

IRR: 19.2%

Free cash flow: $713mln

A connected system

A porphyry system located in western-central Romania, it consists of three separate deposits: Colnic, Rovina and Ciresata. ESM’s primary focus is on developing the Rovina and Colnic deposits, which are to be operated through predictable and simple open-pit mining techniques. 

Ciresata offers significant additional upside and will be assessed during the 17-year operation of Rovina and Colnic.

Development cycle

In November 2018, the Mining License for the Rovina Valley Project was fully approved by six senior cabinet ministers and the Prime Minister of Romania, valid for 20 years plus renewals for 5 year increments.

This license secures the mineral tenure and allows the Company to begin the formal Environmental Impact Assessment and Urbanization Certificate, both of which are currently in progress.

In addition to key permitting activities, Euro Sun completed a Definitive Feasibility Study (DFS) in April 2021, outlining Rovina Valley’s robust economics and a full project outline towards construction. The study shows average gold-equivalent production of 146 000 oz/y in the first ten years, consisting of 10 000 oz of gold and 19-million pounds a year of copper at an average all-in sustaining cost of $790/gold-equivalent ounce with a mine life of 16.8 years.

The DFS is based solely on the development of the Colnic and Rovina deposits. Further development of the Ciresata resource could extend the life of the operation while using the same infrastructure and processing capabilities that would already be in operation.

Definitive Feasibility Study Completed April 14, 2021 outlining one of the most environmentally responsible new Copper/Gold mines globally utilizing ZERO CYANIDE and NO WET TAILINGS.

An updated Definitive Feasibility Study was completed 23 March 2022.

Full support of local communities, regional authorities and the National Government in Romania.

Life of Mine production of 1.35 Million ounces of gold and 400 million lbs of Copper over 16.8 Years.

Life of mine production of 1.1 Million tonnes of Clean Copper Concentrate

Development
Timeline

Euro Sun recently received the approval for the initiation of the strategic environmental assessment (SEA) related to the project, which allows it to apply for a construction permit.

The definitive feasibility study for the project, calls for two open pit mines with average annual gold equivalent production of 146,000 ounces in the first ten years of operations.

The study contemplates 106,000 ounces of gold and 19 million pounds of copper per year during almost 17 years. The company plans to use a phased development approach at Rovina Valley, with the development of the two open pit gold-copper deposits, Colnic and Rovina, included in the DFS and the exploitation of the Ciresata underground deposit (not included in the study) phased in following completion of open-pit mining.

Significant
achievements

7Moz Au and 233K tn Cu M&I resources discovered

Mining License signed by Prime Minister of Romania & published in the Official Gazette

DFS highlighting ~17 year mine life producing 106koz Au & 9K tn Cu annually in first Phase

Avizul de Oportunitate (Opportunity Agreement)

Re-Zoning Plan Filed (PUZ)

Strategic Environmental Assessment process approved and initiated

Next steps:
Unlocking value towards construction decision

London Stock Exchange listing

Receipt of Environmental Impact Assessment

PUZ or Land Usage granted

Offtake agreements

Project financing secured

Production:
Low-impact mining & steady cash flows

Sustainable production of one of Europe’s largest gold-copper projects targeted for 2024

Concurrent reclamation

Development of additional assets

Technical Reports

DFS – 2021
Rovina Technical Report – February 2019
0.10x
EuroSun Mining
0.4x
Developer average*
*Average estimates provided by CIBC Capital Markets (August 2021)

Mineral Reserves & Resources

The Measured & Indicated mineral resources of 9.92 million ounces of gold equivalent are based on three (3) porphyry deposits that define a north-northeast trend over a distance of 7.5 km. The Rovina Porphyry is the northern-most deposit, followed by the Colnic Porphyry, and the Ciresata Porphyry located the furthest south.

The deposits define a north-northeast trend over a distance of 7.5km.

The latest mineral resource estimate for the Rovina Valley Project is contained in the NI 43-101 Technical Report of the Rovina Valley Project issued on April 14 2021

The report estimates Measured & Indicated Mineral Resources for the Colnic and Rovina deposits of 237.7 million tonnes containing 3.18 million ounces of gold grading 0.42g/t and 875 million pounds of copper grading 0.17% (4.97 million ounces of gold equivalent)

The mineral Resource for the Ciresata Deposit was completed in February 2019 by AGP Consultants Inc. and estimates Measured and Indicated Resources of 154.4 million tonnes containing 3.82 million ounces of gold grading 0.77g/t and 515 million pounds of copper grading 0.15% (4.95 million ounces gold equivalent)

Colnic & Rovina Proven and Probable reserves
Deposit
Classificiation Tonnage
(Mt)		 Au
(%)		 Cu
(%)		 Au
(kaz)		 Cu
(t)
Colnic
Proven 24.27 0.64 0.11% 500.5 26,860.9
Probable 49.49 0.52 0.08% 828.7 41,004.7
Rovina
Proven 24.01 0.32 0.28% 247.8 67,469.3
Probable 35.62 0.22 0.20% 249.5 72,896.1
Colnic & Rovina
Proven 48.28 0.48 0.20% 748.3 94,330.2
Probable 85.11 0.39 0.13% 1,078.2 113,900.8
Total
Proven + Probable 133.40 0.43 0.16% 1,826.5 208,231.0
Notes
  • The Mineral reserve estimate uses a base gold price of US$1,500/oz and a base copper price of US$3.00/lb
  • All tonnes quoted are dry tonnes. Differences in the addition of deposit tonnes to the total displayed is due to rounding.
  • The estimate of Rovina Valley Gold Project Mineral Reserves are not at this stage materially affected by any known environmental, permitting, legal, title, taxation, socioeconomic, marketing, political, or other relevant issue. Furthermore, the estimate of Project Reserves is not materially affected by any known mining, metallurgical, infrastructure, or other relevant factor.
  • Mineral Reserve estimates follow the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) definitions standards for Mineral Resources and Reserves and have been completed in accordance with the Standards of Disclosure for Mineral Projects as defined by National Instrument 43-101.u: 104,000 oz Cu: 19 million lbs
Colnic & Rovina Resources
Deposit
Classificiation Tonnage
(Mt)		 Au
(g/t)		 Cu
(%)		 Au
(moz)		 Cu
(Mlb)		 AuEq*
(g/t)		 AuEq*
(Moz)
Colnic
Measured 29.1 0.65 0.12 0.61 77 0.82 0.77
Indicated 97.5 0.49 0.10 1.53 215 0.63 1.98
Rovina
Measured 33.1 0.36 0.29 0.38 212 0.77 0.82
Indicated 78.1 0.26 0.22 0.66 379 0.57 1.43
Colnic & Rovina
Measured 62.2 0.50 0.21 0.99 289 0.79 1.58
Indicated 175.6 0.39 0.15 2.19 594 0.60 3.41
Total
Measured & indicated 237.8 0.42 0.17 3.18 882 0.65 4.99
Notes
  • Au and Cu Equivalent determined by using a long-term gold price of US$1,700/oz and a copper price of US$3.50/lb with metallurgical recoveries not taken into account.
  • Mineral Resources are reported inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have have demonstrated economic viability.
  • Mineral Resources are contained within a conceptual pit shells that are generated using the same economic and technical parameters as used for Mineral Reserves but at gold price of US$1,700/oz and a copper price of US$3.50/lb. with metallurgical recoveries not taken into account.
  • Colnic and Rovina deposits are amenable to open pit mining and Mineral Resources are Pit constrained and tabulated at a base case cut-off grade of 0.35 g/t AuEq for Colnic and 0.25 % CuEq for Rovina
  • Minor summation differences may occur, as a result of rounding.
  • Mineral Resource estimates follow the CIM definition standards for Mineral Resources and Reserves and have been completed in accordance with the Standards of Disclosure for Mineral Projects as defined by National Instrument 43-101.
Ciresata
Deposit
Classificiation Tonnage
(Mt)		 Au
(g/t)		 Cu
(%)		 Au
(moz)		 Cu
(Mlb)		 AuEq*
(g/t)		 AuEq*
(Moz)
Ciresata
Measured 28.5 0.88 0.16 0.81 102 1.13 1.03
Indicated 125.9 0.74 0.15 3.01 413 0.97 3.92
Total
Measured & indicated 154.4 0.77 0.15 3.82 515 1.00 4.95
Notes
  • From Table 14-20, Technical Report “Rovina Valley Project, Preliminary Economic Assessment, NI 43-101, Feb. 20, 2019 “from AGP Mining Consultants Inc (available on SEDAR)
  • Au and Cu Equivalent determined by using a long-term gold price of US$1,500/oz and a copper price of US$3.50/lb
  • The Ciresata deposit is amenable to bulk underground mining and resources are tabulated at a base case 0.65 g/t Au eq.
  • No Mineral Reserves have been defined at the Ciresata deposit. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
  • Minor summation differences may occur, as a result of rounding.
  • Mineral Resource estimates follow the CIM definition standards for Mineral Resources and Reserves and have been completed in accordance with the Standards of Disclosure for Mineral Projects as defined by National Instrument 43-101.

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