• Strong economic case to develop the Starter Zone of the Maronan Underground Project
• Standalone processing plant demonstrates NPV8 of $377M and IRR of 37%
• Toll treating option has lower upfront capex of $98M and delivers NPV8 of $362M and IRR of 67%

Maronan Metals Ltd (ASX: MMA) is pleased to announce the results of a Preliminary Economic Assessment (PEA or Scoping Study) for the Starter Zone of its 100% owned Maronan Silver-Lead-Copper-Gold deposit. The PEA evaluated two development scenarios - an onsite standalone processing plant and a toll treating option. Both options deliver a 10-year life of mine at 1.2 Mtpa mining and processing throughput. The standalone processing plant demonstrates a Base Case NPV8 of $377M with LOM free cashflow of $683M and IRR of 37% with $266M of pre-production capex. The toll-treatment option has lower upfront capital expenditure of $98M with LOM free cashflow of $595M and delivers an NPV8 of $362M and IRR of 67%. The PEA mine schedule includes a 70% Indicated and 30% Inferred Mineral Resources. The Company has advanced a range of financing discussions to fund the ongoing studies and potential development of the Maronan Starter Zone Project and ultimately the much larger Maronan Mineral Resource.

Steady state production equates to approximately 5.4Moz/pa Silver-Equivalent. Life of Mine metal in concentrate is 23Moz of silver, 280kt of lead, 5,800t of copper and 34koz of gold.