The Underground Project [UGP] is designed to access the highest value portion of the Karowe orebody, with initial underground carat production predominantly from the EM/PK(S) unit. The Company is currently reviewing its Under Ground Project mining ore extraction methodology, project costs and schedule.
The UGP has progressed very well including reaching the bottom of the production shaft in late July 2025 and achieving 2,000 lost-time injury free days. The ore extraction review has focused on further understanding the orebody geomechanics and modelling possible caving scenarios to safely recover ore from the UGP.
This review has included producing a new geomechanics numerical model along with performing caving simulations, which affect ore extraction levels and extraction point designs. The Company has initiated detail engineering of the lateral development portion of the UGP and is currently completing a revised life of mine plan based on the results of the simulation work.
The mine extraction review does not impact the current UGP development. The Company continues to advance as planned to the lateral development phase of the project. UGP development work continues with equipping the production shaft, commissioning of the shaft conveyances and progressing with its underground infrastructure development near the shafts. Additional lateral development towards the kimberlite is also planned for H2 2025.
During Q2 2025, the UGP achieved a twelve-month rolling Total Recordable Injury Frequency Rate of 0.49. The UGP to date Total Recordable Injury Frequency Rate up to June 30, 2025 was 0.55.
A total of $13.6 million was spent on the UGP in Q2 2025 primarily for activities related to the skip loading pocket at the 285-level2, station development on the 335-level and 310-level, additional lateral developments and surface infrastructure.
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