As of the date of this AIF, the Company has achieved the following significant milestones:
| ● | Bridge over the Piaui “seasonal stream” that divides the Phase 1 north and south pits to improve transportation efficiency completed in March 2023; |
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| ● | Completed the seeding of vegetation cover for the initial waste pile slopes (where non-mineralized material will be dry stacked) in February 2023; |
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| ● | Phase 1 south pit pre-stripping completed in February 2023, as the Company plans to simultaneously source feedstock ore from both the north and south pits; |
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| ● | First ore blast made at the Phase 1 north pit in early November, run of mine pad was finalized in calendar 1Q 2023; |
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| ● | Completed the construction of mine haul roads linking the Phase 1 north pit and Phase 1 south pit to the Greentech Plant and waste pile locations; |
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| 2023 ANNUAL INFORMATION FORM | | 19 |
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| ● | Phase 1 north pit pre-stripping completed in October 2022, with sufficient ore exposed and accessible to enable mining to commence; and |
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| ● | Into the commencement of mining operations and over the course 2023, the Company continued hiring key mining team personnel in preparation for and the management of full-scale mining (including senior mining engineer Reinaldo Brandão Gomes as Head of Mining Operations). |
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Refer to Figures 9 to 12 below for a visualization of Phase 1 mining activities and progress as of the date of this AIF. Note that the area marked in red in Figures 9 and 10 highlight exposed ore.
Going forward, the Company intends to remain focused on the following workstreams:
| ● | Continuing to transport stockpiled ore to the run of mine pad; |
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| ● | Ramping-up full-scale mining; and |
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| ● | Implementing grade control systems to optimize mine and processing recovery during production ramp-up. |
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Sigma will employ contract mining, with Fagundes engaged as the Company’s primary mining contractor.
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| Figure 5: Phase 1 North Pit Mining | Figure 6: Phase 1 South Pit Mining & Ore Stockpiling |
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| 2023 ANNUAL INFORMATION FORM | | 20 |
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Note: Red circles in Figures 9 and 10 highlight exposed ore.
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| Figure 7: Piaui Bridge | Figure 8: Ore Stockpiling |
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Licensing Updates**
