A revised approach to the mining of Slivova involves a small starter pit to access the outcropping mineralised gossan area, followed by underground extraction of the gold resource below the open pit at an appropriate extraction rate to suit the size and grade of the deposit. Mine design involved a more detailed analysis of the potential mining method and a mineable stope optimisation exercise to fully assess and define the underground stoping extents. A geotechnical review was undertaken to validate extraction methods. Ore zones and host rocks are either non-calcareous or calcareous sequences of altered sedimentary rocks with ore zone strengths varying between 45 MPa and 50 Mpa. Mine design was adapted to be flexible to varying competencies of host rock, particularly in the contact areas. The starter pit is designed to be mined from the top bench downwards with ore being accessible and extracted immediately, i.e., there is no requirement or need for any pre-stripping. It has been assumed that this small open pit can be mined by local contractors who have quarries within the vicinity of the proposed mine at Slivova. The revised starter pit design is also situated such that there is now no requirement for stream re-alignment where the pit can be accessed for initial extraction via existing tracks on the north side of the stream. Pit extents minimise the impact on the surrounding countryside and local communities. Due to the requirement for a 25 m crown pillar the bottom bench was modified to a base of 865 mRL. Bench access was linked into the existing tracks and roads on the site. This allows for easy access to each bench for overburden and ore removal without the need for any ramps. Access to the bottom bench is directly in from topography. Pit operations cease after Year 1. Underground access is envisaged as a portal developed directly into the south valley wall, supporting mining typically by sublevel open stoping, unless ore zone geometry dictates a step down to cut-and-fill methods. Main sublevels are 20 m, with stoping separated 25 m from the open pit bottom by a crown pillar which will be mined by sublevel caving methods at the end of mine life. Mining is suggested to be via small teams of approximately 16 people per shift, using small diesel fleet appropriate for production at between 300 t/day and 400 t/day. Mined material to be trammed directly from underground operations through the portal to the primary crusher tip located at the plant site on the saddle of the southern ridge 500 m to the east.

Results of extensive characterisation and testing of the Slivova ore by a range of methods suggest that treatment would be via carbon-in-leach (“CIL”) methods, delivering gold recovery of 92-94.5% and silver recovery of 19.8-22.5%. Some gold may be extracted via gravity recovery methods. Nominal plant throughput will be 142,000 tpa, with primary, secondary and tertiary crushing of the ore, followed by ball milling to 106 mm and leaching of the ore by CIL methods. Loaded carbon is stripped, with electrowinning and final EAF smelting of the doré to bullion on site.

The environmental and social work completed to date is in line with that required for the PEA based on the revised mining plan. No environmental or social fatal flaws have been identified and Bara is not aware of any environmental or social issue that would prevent the project from proceeding to the PFS phase, during which time various potential environmental risks would need to be evaluated further.

The economic analysis presented here is preliminary in nature and is based in part on Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorised as Mineral Reserves. There is therefore no certainty that the PEA presented here will be realised. PEA level economic analysis is based on the production schedule presented with capital and operating cost estimates for the Slivova Project and other information as of July 2023. The discounted cashflow analysis (“DCF”) is presented in United States Dollars (US$) in real money terms, free of escalation or inflation. Revenue has been determined through application of the recovered troy ounces produced by Slivova to the gold and silver prices as stated, less payability. Depreciation has been calculated on the assumption of that 100% of capital expenditure may be deducted from profits in the year that they are incurred (Deductibility Rate). It is assumed that all capital expenditure is eligible for deduction. A discount rate of 8% has been used for the evaluation and no tax treatment has been applied. The conceptual DCF analysis shows the Project is economic with a pre-tax net present value (“NPV”), at 8% discount rate of US$27 million, and an internal rate of return (“IRR”) of 29% with upfront capital requirements of $33.4 million, and sustaining capital requirements of $9.4 million.