Horseshoe Metals Limited reported an assessment and review of the 2013 Resource Model (JORC 2012) grade vs tonnage sensitivity in relation to its Horseshoe Lights Copper-Gold deposit located in the Bryah Basin, Western Australia. The prevailing AUD copper price in 2013 when the existing JORC Resource Estimate was completed was approximately $7500/t, compared with the current price of approximately $14,000/t. Given the significant increase in copper pricing, an assessment of the Resource Model with respect to grade vs tonnage sensitivity has been completed and is summarized as: The Horseshoe Lights Copper-Gold Project is the original Cu/Au VMS discovery in the Bryah Basin and is located approx. 60 km west of DeGrussa Copper Mine operated by Sandfire Resources.

Past production from Horseshoe Lights includes around 316,000 oz Au & 55 kt Cu metal in two phases of mining, and the deposit contains a current in situ resource 128 kt Cu metal @ 1.0% (0.5% cut-off) and 36,000 oz Au.