Avocet Mining PLC Prospectus December 2011

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Avocet Mining PLC West African Projects ounce has been used for the period from 2017 until the production schedule ceases in 2020. Revenue has been adjusted for hedge commitments for the period 2012 to 2018. . 4.19.1.3 Operating costs The operating costs used in the valuation model are those shown in Table 36 of this this Mineral Experts’ Report. 4.19.1.4 Capital costs The capital costs assumed in the valuation model are show in Table 35 of this Mineral Experts’ Report. These are the capital requirements that will be required to sustain production at the levels shown in Table 25 of this Mineral Experts’ Report, without any significant expansion of the Company’s mining or plant capacity. 4.19.1.5 Inata mine life The life of mine plan utilised in the valuation of the Inata gold mine is based on the figures shown below. The life of mine figures shown here are as per the same values as shown in Table 25, with the numbers for the period elapsed (July 2011 until November 2011) excluded from the economic valuation model. The Inata mine has an estimated 5% NPV of $363 million, based on the current Ore Reserve estimate. 4.19.1.6 Resource valuation A number of ounces of gold are known to exist beyond the current Ore Reserve estimate at Inata but are not included within the life of mine plan. In order to value the project as a whole, all ounces of gold outside of the existing mine schedule, including those ounces at Souma, have been value at an equivalent rate to other junior gold mining companies in West Africa. Using the above methodology, a value of US$82 per ounce of gold was assigned to the resource ounces. 4.19.1.7 Other key parameters Other key valuation parameters used in the valuation include the following: Report No: R253.2011 306 89
Avocet Mining PLC West African Projects - The valuation is as at 30th November 2011. - Cash flows are expressed in real terms and have been discounted according to end of year - The valuation is provided on a post‐tax, attributable basis - Cash flows are forecasted for the mine life based only on the current Ore Reserve estimate, and - The NPV was calculated using a real discount rate of 5 per cent. 4.19.1.8 Valuation The Inata mine and surrounding exploration land package is valued at US$543 million. 4.19.1.8 Sensitivity Analysis (operation only excludes resources) Report No: R253.2011 307 90
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AVOCET MINING PLC * PROSPECTUS * DE
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Avocet Mining PLC West African Proj
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Avocet Mining PLC Prospectus December 2011

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