Mawson West Ltd

Potential For Significant Growth in Copper Resources

Mawson West Limited (TSX:MWE) is a copper producer, developer and explorer with a focus on the Democratic Republic of Congo (DRC). MWE owns 90% of the Dikulushi Mining Convention and has one operation at Dikulushi and one mine in construction at Kapulo. Exploration continues on the 7,200km² tenement package.

Kapulo

• Construction commenced
• Mineral Resource (Shaba & Safari N&S)
  • Indicated - 6.0Mt @ 3.5% Cu, Inferred - 2.4Mt @ 2.2% Cu
• Reserve (Shaba open cut only): 3.6Mt @ 3.6% Cu (at $2.50/lb Cu)
• Operating cash cost: $1.79/lb Cu
• NPV at 10%: $157M
• Pre-tax free cash: $305M
• $70M estimated capex
• Pay back under 2 years
• IRR 66%

Dikulushi

• Currently treating low-grade stockpiles. Producing 400t Cu & 35koz Ag per month
• Exploration within 50km of mine - numerous high-priority targets require drilling
• Mineral Resource: Measured & Indicated - 767kt @ 6.6% Cu & 179g/t Ag
  • Inferred - 380kt @ 6.8% Cu & 91g/t Ag
• Reserve (Cutback): 539kt @ 6.1% Cu & 182g/t Ag (at $3.50/lb Cu & $30/oz Ag)
• Pre-strip 12 months - $61MM, paid back in under 12 months
• Operating cash cost (net of silver) - $0.10/lb Cu
• NPV at 10%: $116MM (at $3.50/lb Cu & $30/oz Ag)
• Pre-tax cashflow: $146MM
• IRR: 128%

Development

• Plant construction underway at Kapulo
• Open pit mines to be developed on two initial deposits Shaba and Safari North
• Feasibility study initiated for hydro scheme
• Pit cutback commenced at Dikulushi

Management

• Strong title - Dikulushi Mining Convention signed under Presidential decree 1998
• Conservative experienced Management and Board
• The Company maintains regular high level communication with provincial government
• Well funded, DRC experienced, private shareholder group, Anvil, large institutions,
• banks, and Management as shareholders.

Kapulo Project Timeline