ASX RELEASE

KASBAH DELIVERS ACHMMACH

FEASIBILITY STUDY

Definitive Feasibility Study (DFS) Delivers Maiden
Ore Reserve and Confirms Strong Cash Flows and
Competitive Operating Costs

The DFS for the Achmmach Tin Project is now complete and has
determined that a 1 Mtpa underground operation at Achmmach is
technically and commercially feasible.

Highlights include:
a Maiden Ore Reserve of 8.45 Mt @ 0.78% Sn for 65 400 t of
contained tin
mine life of 9 years
underground access via twin declines
long-hole open stoping with paste fill has been selected as
the most appropriate mining method
average production of 1 Mtpa is scheduled to produce
~5 300 t of tin in concentrate per annum
pre-production capital cost of US$181 M
on an after tax, ungeared basis (using a spot Sn price of
US$23 025 per tonne and an 8% discount rate), the DFS
delivers a Net Present Value of US$126 M with an Internal
rate of return of 23.3%
Life of mine C3 cash costs of US$15 309/t of tin
a payback period of 3.2 years
at this scale Achmmach would become the 8
th
largest tin
mine in the World and the largest in Africa (Figure 1)
Incorporating the Western Zone Shallows (WZS) into the mine
schedule may provide early ore to the Achmmach mill and enhance
the project economics
on an after tax, ungeared basis (using a spot Sn price of
US$23 025 per tonne and an 8% discount rate) the WZS
could deliver an incremental benefit of approximately
US$7M
geotechnical drilling and metallurgical testwork is being
planned to upgrade the WZS to Reserve status.
Project financing and off-take discussions can now proceed.















































Total
Y,


31 MARCH 2014
ASX CODE: KAS
OUR PRIME COMMODITY IS
TIN
LME TIN PRICE (28/03/14)

US$23,025 / T
(CASH BUYER)

ABOUT KASBAH

KASBAH IS AN AUSTRALIAN
LISTED MINERAL EXPLORATION
AND DEVELOPMENT COMPANY.
THE COMPANY IS ADVANCING
THE ACHMMACH TIN PROJECT
IN THE KINGDOM OF MOROCCO
TOWARDS PRODUCTION.

PROJECTS

ACHMMACH TIN PROJECT
BOU EL JAJ TIN PROJECT

CAPITAL STRUCTURE

SHARES ON ISSUE: 396M
UNLISTED OPTIONS: 20.5M
CASH @ 31/12/13: $7.9M

MAJOR SHAREHOLDERS

WORLD BANK (IFC) 15.8%
AFRICAN LION GROUP 15.1%
TRANSAMINE 3.3%
TRAXYS 3.3%
MGMT & DIRECTORS 3.0%
THAISARCO 2.0%

CONTACTS

: +61 8 9463 6651
: info@kasbahresources.com
: www.kasbahresources.com



2
ASX RELEASE

OVERVIEW
Kasbah Resources Limited (Kasbah, ASX: KAS) is pleased to announce the completion of the Definitive
Feasibility Study (DFS) for the Achmmach Tin Project in the Kingdom of Morocco. The company is also
proud to announce a Maiden Ore Reserve for the Mekns Underground of 8.45 Mt @ 0.78% Sn for 65 400 t
of contained tin (Table 1).
This Ore Reserve has been estimated by Mining One of Perth, Western Australia and uses the Achmmach
September 2013 Measured and Indicated Resource reported to the market on 10 September 2013.
Table 1: March 2014 Mekns Ore Reserve
(@ 0.55% Sn Cut-off grade for High Grade Ore and 0.30% Sn for Low Grade Development Ore)
Mekns
Proven Probable Total
tonnes % Sn tonnes % Sn tonnes % Sn
Total High Grade Ore 1 385 000 0.96 6 600 000 0.76 7 985 000 0.8
Total Low Grade
Development Ore
38 000 0.63 422 000 0.41 460 000 0.43
TOTAL 1 423 000 0.95 7 022 000 0.74 8 445 000 0.78

The DFS base case has delivered a 1 Mtpa hard rock underground tin project with a nine year life. The
project is technically and commercially feasible and can generate strong cash flows at competitive
industry operating costs.
The base case is premised on underground extraction of the entire Mekns Trend Ore Reserve utilising long
hole open stoping (LHOS) mining methods supported by pastefill delivering approximately 1 Mtpa of run of
mine ore to a conventional gravity and flotation facility at Achmmach. This processing plant will produce
approximately 10 000 t of low impurity tin concentrates per annum (at approximately 55% Sn) and
generate approximately 5 300 t of tin in concentrate per annum for export.
At the base case scale of production, Achmmach would become the 8
th
largest tin mine in the world and
the largest tin mine on the African continent (Figure 1).
Kasbah Chairman Rod Marston said:
Completion of the DFS is a significant milestone for Kasbah and sets the foundation to commence
project financing and off-take discussions.
The company is now one step closer to achieving our objective of becoming a significant tin
producer.
ENDS




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ASX RELEASE

Additionally, exploration and mine life upside at Achmmach may exist from within the prospective Sidi Addi
Trend and repetition of deeper targets within the Mekns Trend. Shallow targets such as the WZS may
provide early ore supply whilst the main underground access is being established into the Central and
Eastern Zones of the Mekns Trend.
Table 2 summarises the key financial outputs from the DFS base case.
Table 2: Achmmach DFS Technical and Economic Summary
Parameter Unit
DFS Base Case
LME Cash Buyer Sn Price
@ 28/03/2014
US$23 025/t
Mining Reserve
A
Mt 8.445
Life of Mine (LOM) Mined Ore Grade % Sn 0.78
Average Mill Throughput Mtpa 1.0
Average annual Tin in tin concentrate produced tpa 5 300
LOM Project Revenue US$M 915
LOM Operating Costs US$M 343
LOM Post- tax Free Cash Flow US$M 270
Pre-production Capital US$M 181
Sustaining Capital US$M 71
Post-tax NPV
8%
US$M 126
IRR (ungeared) % 23.3
Payback period years 3.2
C1 costs
B
US$/t ore treated 46.88
C1 costs US$/t tin in concentrate 8 623
C3 costs
C
US$/t tin in concentrate 15 309
A
- Mining Reserve is derived from Measured and Indicated Mineral Resources that have had mining dilution and recovery factors
applied to the mine design, and ore treatment and other surface operational cost factors applied to create an inventory of mineable
stope and development tonnes, the extraction and treatment of which may be accomplished in an economic and environmentally
acceptable manner.
B
C1 cost is the sum of mining, processing, site administration and off-site refining.
C
C3 cost is the sum of C1 cost, depreciation & amortisation, royalties and project related corporate costs.

The competitive nature of the Achmmach project costs is driven by the availability of skilled construction
and mine operation personnel within Morocco and the extensive use of local supply. This foundation plus
strong Moroccan Administration, regional government and local community support makes Achmmach a
compelling development opportunity.





4
ASX RELEASE

With respect to the future direction of the tin market, Mr Peter Kettle of the International Tin Research
Institute (ITRI) stated in a Mining Journal article on March 21, 2014 that:
With (tin) stocks low and (the tin) market facing continuing structural supply deficits, it is highly
likely that tin prices will move higher in the next three to four years, into the US$30,000
US$35,000/t range or higher.
ENDS
As such, even on a conservative basis, Achmmach provides strong leverage to future forecast tin price
growth (Table 3).
Table 3: Achmmach DFS - Tin Price Sensitivity
Parameter
Tin Price, USD/tonne
DFS Base Case
LME Cash Buyer
(1)

BNP Paribas
Forecast 2015
(2)

$23 025 $27,000
NPV
8
, USD M post tax 126 217
IRR, % post tax 23.3 32.8
Operating Margin USD/tonne ore treated 66.6 86.3
Cash surplus, USD M 270 408
1 - LME Cash Buyer price 28/03/2014 2 BNP Paribas Base Metal Forecast 4/03/14

Kasbah Managing Director Wayne Bramwell said:
The Kasbah team and our consultants have done a fantastic job with the DFS.
Achmmach is now confirmed as a strategic tin asset with competitive operating costs and strong cash
flow potential. These factors in tandem with the strong support from the Kasbah shareholder base
and the Moroccan administration make this project a compelling development opportunity.
The broader tin industry is hungry for new tin supply and Achmmach is on track to meet this growing
need.
ENDS
LOOKING FORWARD
Project financing discussions and off-take negotiations for Achmmach can now commence in earnest
with a view to finalising a suitable funding package. The DFS base case will be the basis for this financing
and Kasbahs Debt Advisor, Optimum Capital of Perth, Western Australia can now formally commence
this process.
Additionally, mine design geotechnical drilling and metallurgical testwork is now planned for the WZS. The
WZS Indicated Resource (reported to the market on 6 February 2014) will be upgraded to a Reserve prior to
it being fully integrated into the mine schedule and this work is scheduled to commence in Quarter 2, 2014.



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ASX RELEASE

Appendix A provides a detailed summary of the DFS Scope and Methodology and Appendix B provides
details required for the JORC Tables.
Joint Venture Documentation With Toyota Tsusho Corporation and Nittetsu Mining Co. Ltd
As previously advised, under the terms of the respective Memorandum of Understandings the Company
has entered with TTC and NMC the joint venture agreement between all parties were to be executed by the
'DFS Completion Date'. The company's recent focus has been on finalising the DFS, and the joint venture
documentation is yet to be executed. Kasbah is pleased to advise that negotiations have progressed in line
with expectations, and that the parties have agreed a short extension to conclude discussions and execute
final agreements. The company will keep the market updated.
On behalf of the Board




Wayne Bramwell
Managing Director


For further information please visit: www.kasbahresources.com
Or email: info@kasbahresources.com
Or follow us on Twitter: @kasbahresources


Figure 1: Production by Leading Tin Mines (2013) and Estimated Ranking of Achmmach at Design
Throughput
Source: ITRI and Company Annual Reports



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ASX RELEASE

KASBAH - AN EMERGING TIN PRODUCER
Kasbah currently has two tin projects located in the Kingdom of Morocco.
Nittetsu Mining Co. Ltd (NMC) and Toyota Tsusho Corporation (TTC) of Japan are Kasbahs strategic development
partners in the Achmmach Tin Project. NMC has secured a 5% interest and TTC can secure a 20% interest in the
Achmmach Tin Project (having earned a nominal interest of 18.8% to date by paying $16 million in cash to Kasbah in
2012). TTC is required to make a final payment to Kasbah within 90 days of completion of the DFS to earn its 20%
interest. The definitive feasibility study into the development of a 1 Mtpa underground mine, concentrator and
associated infrastructure at Achmmach is complete, with Kasbah targeting first tin production in 2016.
Kasbah retains a 100% interest in the Bou El Jaj Tin Project 10 km from the Achmmach Tin Project.
COMPETENT PERSONS STATEMENT
The information in this announcement that relates to Kasbah Resources Limiteds Ore Reserves for the Achmmach Tin
Project is based on information compiled by Mark Van Leuven, a Competent Person who is a Fellow of The Australasian
Institute of Mining and Metallurgy. Mining One was contracted by Kasbah Resources Limited to develop a life of mine
plan and the associated Ore Reserve estimate. Mark Van Leuven is employed by Mining One Pty Ltd and has no
association with Kasbah Resources Limited other than through this contract. Mark Van Leuven is of the opinion that
there is no conflict of interest. Mark Van Leuven has sufficient experience that is relevant to the style of mineralisation
and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as
defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore
Reserves. Mark Van Leuven consents to the inclusion in the report of the matters based on his information in the form
and context in which it appears.
The information in this announcement that relates to Kasbah Resources Limiteds Mineral Resource estimates for the
Achmmach Tin Project is based on information compiled by Michael Job, who is a full time employee of Quantitative
Group Pty Ltd and a Fellow of the Australasian Institute of Mining and Metallurgy. Michael Job has sufficient
experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity
which he is undertaking to qualify as a 'Competent Person' as defined in the 2012 edition of the Australasian Code for
Reporting of Exploration Results, Mineral resources and Ore Reserves (JORC Code). Michael Job consents to the
inclusion in the report of the matters based on his information in the form and context in which it appears.
The information in this report that relates to Exploration Results is based on and fairly represents information and
supporting documentation prepared by Mr Pierre Chaponniere, a Competent Person who is a Member of the
Australasian Institute of Geoscientists (AIG). Mr Chaponniere is a full-time employee of Kasbah Resources Limited and
has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to
the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code
for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Chaponniere consents to the inclusion in
the report of the matters based on his information in the form and context in which it appears.





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ASX RELEASE

FORWARD LOOKING STATEMENTS
This announcement contains forward-looking statements which involve a number of risks and uncertainties. These
forward looking statements are expressed in good faith and believed to have a reasonable basis. These statements
reflect current expectations, intentions or strategies regarding the future and assumptions based on currently available
information. Should one or more of the risks or uncertainties materialise, or should underlying assumptions prove
incorrect, actual results may vary from the expectations, intentions and strategies described in this announcement. No
obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or
to reflect other future developments.
This announcement has been prepared in accordance with the provisions of the JORC Code 2012 Edition and ASX
Listing Rules. In addition to complying with these requirements, the Company believes that it also has a reasonable
basis for making the forward looking statements in this announcement, including with respect to any production
targets, based on the information contained in this announcement and in particular:
a. with respect to the Meknes Trend underground DFS the Company has sought professional advice and inputs from
specialised consultants and operators in fields relevant to the nature of the DFS as detailed in Appendix A, Table 4;
b. With respect to the WZS deposit, the inputs to the Scoping Study prepared by Mining One Pty Ltd who are qualified
in open pit design and underpinned by the content of the DFS and supported by specialist local input as detailed in
Appendix A, Table 4.




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ASX RELEASE

APPENDIX A: DFS SCOPE AND METHODOLOGY
1. SCOPE
The Achmmach DFS evaluated the development of a stand alone 1 Mtpa concentrator supported by
an underground mining operation extracting the Ore Reserves derived from the Meknes Trend.
The DFS was compiled by DRA Pacific Pty Ltd (DRA) with key inputs from the following groups.
Table 4: Achmmach DFS Contributors
Section Contributors Cost Basis Substance
Geology Quantitative Group Pty Ltd (QG)
Kasbah staff
Q3 2013 Resource estimation
Geological review;
Wire framing, interpretation, core
photography
Mining Mining One Pty Ltd (Mining One)


Mineo Consulting (Casablanca)
Q4 2013 Underground development capex;
Underground mining opex; Mineral Reserves &
life of mine plan; WZS scoping study
Moroccan mining cost inputs
Metallurgy NAGROM Mineral Processors
(Nagrom)
AMMTEC Ltd
Burnie Research Laboratory (BRL)
IMO Laboratories (IMO)
Allied Mineral Laboratories (Allied)
Met-Solve (Canada)
Outotec Backfill Specialists Pty Ltd
Devlure Pty Ltd
Q4 2013 Gravity separation; froth flotation

Ore mineralogy & liberation testing
Froth flotation; ultrafine gravity separation
Froth flotation
WHIMS testing
Ultrafine gravity separation
Paste testing
Tin process consulting
Processing DRA Pacific Pty Ltd (DRA)

Golder Associates (UK) Ltd (Golder)
Q3 2013 Flow sheet drafting; Equipment requirements;
Capital & operating cost estimate
Tails & water management facility capital
estimate
Infrastructure Best Ingenierie (Fez)
Ateliers du Foncier, Mekns (ADF)
Galay (Mekns)
DRA
Q3 2013 Power supply capital cost & pricing
Building costs
Civil earthworks
Site roads & services
Environment Artelia Eau & Environnement
(Artelia)
Aethos Consulting (Aethos)
Q3 2013 ESIA

EMMP
Fiscal Ernst & Young (Casablanca) Q4 2013 Fiscal and commercial advice
Economic
modelling
Optimum Capital (OC)
CAP Rurale (CAP) (Mekns)
Q1 2014 Financial modelling; project finance;
Econometric modelling
Insurance &
risk analysis
Rowland Bell
CKA
Q4 2013 Asset risk assessment
Insurance advice
General
Information
Kasbah Moroccan staff (Kasbah)


DRA
Minero Consulting Pty Ltd
Q2 2013 Labour supply & costs; Construction service
companies & unit rates; Government and
Administration information
Study management services
Study coordination services





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2. ORE RESERVES AND MODIFYING FACTORS
The combined Measured and Indicated Mineral Resources of 14.6 Mt at 0.9% Sn (at a cut-off grade of
0.5% Sn) and released to the market on 10 September 2013 was converted to a JORC (2012)
compliant mining Reserve by applying the following modifying factors. These are as follows:
mining extraction recovery factor of 95%;
stope ore dilution of 0.5 m skin at the block model grade; and
pastefill dilution of 5% of the stope ore tonnes.
The Mekns Ore Reserve is summarised in Table 5 below:
Table 5: March 2014 Mekns Ore Reserve
(@ 0.55% Sn Cut-off grade for High Grade Ore and 0.30% Sn for Low Grade Development Ore)
A
Mekns
Proven Probable Total
Mt % Sn Mt % Sn Mt % Sn
Total High Grade Ore 1 385 000 0.96 6 600 000 0.76 7 985 000 0.80
Total Low Grade
Development Ore
38 000 0.63 422 000 0.41 460 000 0.43
TOTAL 1 423 000 0.95 7 022 000 0.74 8 445 000 0.78
A
The cut-off is based on a tin price of US$23 000/t, mining costs of US$33.75/t of ore, including sustaining capital, processing cost
of US$18.13/t of ore, G&A costs of US$4.67/t of ore, mine development costs of US$1 309/m and shipping & concentrate
treatment charges of US$1 173/t of tin.

3. MINING
The Achmmach underground mine design for the DFS has been developed using the September 2013
Mineral Resource, resulting in an Ore Reserve of 8.45 Mt of ore at 0.78% Sn mining over a nominal 9
year period.
Mine design is based upon the following inputs:
a longhole open stoping method using pastefill has been selected;
mine access will be via twin portals;
the mine will operate using local personnel. Expatriate personnel will be engaged to provide
management and mining method training;
a cut-off grade of 0.55% Sn was determined as part of the Ore Reserve determination;
the mining schedule includes a proportion of low grade incremental ore which where possible,
will be delayed in the mine schedule in favour of delivering higher grade ore to the ROM pad;
mine backfill will use de-slimed cemented mill tailings, batched from a surface plant and
reticulated underground; and
mobile equipment will be purchased new and replaced as required.



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The longhole open stoping (LHOS) method is well suited to the Achmmach orebody geometry and
rock mass competency and will allow good ore recoveries with minimal dilution. Ore blocks will be
developed at 25 m intervals. Paste backfill will be used for the majority of stopes to optimise the
mining schedule by allowing a top down mining sequence. This results in near 100% ore extraction.
Use of pastefill for mining also reduces the Tailings Management Facility (TMF) storage requirements
and footprint.
Figure 2 shows an isometric projection of the mine design whilst Figure 3 depicts a schematic
diagram of the proposed mining method.

Figure 2: Isometric Projection of Mekns DFS Underground Mine Design
(Resource components shown: Green Measured, Blue Indicated)
Central
Portal
Eastern
Portal



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Figure 3: Long Hole Open Stoping Mining Method with Pastefill
Where the orebody is relatively narrow and the ground conditions permit, LHOS without pastefill will
be used. This occurs in the upper Eastern as well as Western Zones. In these areas, occasional rib
pillars and some regional support will be required.
4. METALLURGY AND PROCESSING
Metallurgy
The DFS metallurgical programme employed a 6 t bulk sample of crushed diamond core from the
Mekns Trend to verify and subsequently extend the findings of the PFS programme. Commercial
scale equipment testing and further cassiterite flotation testwork were key components of the DFS
programme.
The metallurgical performance achieved from gravity and flotation treatment is shown in Table 6.
Table 6: DFS Metallurgical Testwork Summary
Stream
Mass
Distn. %
Sn
Distn. %
Sn, %
Head 100 100 0.97
Final Concentrate 1.25 70.3 54.5
Combined Tailing 98.7 29.7 0.29

The DFS test programme achieved a final tin recovery of 70.3% into concentrate grading 54.5% Sn.
Additional recovery from recycled concentrate dressing tails streams may be expected to increase tin
recovery in a full-scale processing circuit.



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Processing
Based on the physical characteristics of the ore, metallurgical test work results and the proposed
operating philosophy, the following treatment plant flow sheet was selected:
three stage crushing fed from the ROM stockpile by front end loader;
rod milling in open circuit followed by ball milling in closed circuit with vibrating screens to a P80
size of 106 m;
gravity beneficiation and regrind followed by magnetic separation and sulphide flotation for the
coarse plus 40 m fraction; and
beneficiation by magnetic separation, sulphide flotation, cassiterite flotation and centrifugal
gravity separation for the minus 40 m plus 5 m fractions.
The processing plant is designed for 1.0 Mtpa tin ROM feed based on the production parameters of
the underground Achmmach ore body. Ore will be crushed from a top size of 600 mm to a P80 of
12 mm in a three stage crushing and screening plant. Fine ore will then be milled to a P80 of 106 m
in a two stage milling circuit utilising a primary rod mill and a secondary ball mill in closed circuit
operation. The proposed layout of the plant is illustrated in Figure 4.
The +40 m milled ore will be beneficiated using spirals and shaking tables to produce an
intermediate gravity concentrate. The gravity concentrate will be further upgraded to approximately
55% tin using magnetic separation, sulphide flotation and final cleaning shaking tables in the tin
dressing circuit.
Material finer than 40 m created during milling operations will be deslimed and beneficiated using
magnetic separation, sulphide flotation, cassiterite flotation and centrifugal gravity concentrators to
generate a fine concentrate, which will be blended with the gravity concentrate for dispatch.

Figure 4: Plant 3D Model



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The process design parameters derived by DRA are shown in Table 7.
Table 7: DFS Process Plant Design Parameters
Parameter Value Unit
Operating Throughput 1 Mtpa
Head Grade 0.96 % Sn
Operating Hours:

Crushing Plant 5 000 h/y
Beneficiation Plant 8 000 h/y
Tin Dressing Concentrate:

Grade 55 % Sn
Rate 1.2 t/h
Ultra-Fine Concentrate:

Grade 50 % Sn
Rate 0.4 t/h
Overall Concentrate:

Grade 54 % Sn
Rate 1.58 t/h
Recovery 71 %

Tailings Management
Tailings separated within the process plant will report to the tailings thickener feed well. Flocculent
will be mixed with the tailings slurry in the thickener feed to aid settling. Thickener overflow will
report to the process water tank and thickener underflow will be pumped to the tailings and paste
pumping area.
The paste plant will be required for the filling of underground stopes. This will also reduce the
ultimate size of the TMF. The first stage of the paste process will be desliming to remove the
ultra-fines by cycloning. The cyclone overflow will be pumped to the TMF and the cyclone underflow
will be pumped to an intermediate transfer hopper near the TMF to be then pumped to the paste
plant.
The thickener underflow will be pumped to the tailings sampler and gravity fed the tailings splitter
box which manually diverts the slurry to the tailings or paste hoppers when required.




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Paste Fill Plant
CPC Project Design was engaged to undertake the design and cost estimation for the Paste Backfill
Plant to provide cemented pastefill for underground backfill as deslimed tailings augmented with
required cemented binder.
The paste plant was designed to deslime 125 t/h of 55% solids tailings from the process plant tailings
stream to provide 85 t/h of coarse deslimed tailings for cemented backfill containing between 2.5%
and 4.0% cement binder. Paste testwork was completed by Outotec Backfill Specialists Pty Ltd.
The plant is designed to deliver paste to either a western or eastern borehole location, which would
allow paste to gravitate from the surface into the underground reticulation system. Testwork
indicates there is potential to create paste fill without desliming tailings slurry although some further
work is required in this area to confirm this.
The mass balance indicated that 31% of tailings will currently be rejected as slimes and therefore
paste plant throughput may be increased during operation. Scheduled processing rates from the
plant design will meet mining schedule backfill requirements.
5. INFRASTRUCTURE
Morocco is serviced by well-developed national infrastructure assets including extensive road and rail
services, sea ports and international airports. Power is generated by coal-fired power stations, which
connect to an extensive national grid.
Site access is from a sealed 38 km road linking Ras Jerri and Agourai. The existing access road is
currently 20 km of unsealed rural and forestry access road. This road will require an upgrade and
ideally realignment of some parts and sealing of others followed by regular maintenance.
The existing El Hammam fluorite mine to the west of Achmmach is serviced by a 22 kV aerial power
line that runs through the Northern Zone of the Achmmach Project area. However, this line does not
have the capacity to service the Achmmach Project and a new line has been designed and will be
required to support site operations.
Golder has determined the Project will be able to harvest seasonal run-off to meet year-round water
requirements. However, Kasbah has identified the potential to abstract water from geological
structures existing within its leases to provide back-up water supply.
In summary:
site access is well established, requiring modest refurbishment to the last 20 km of unsealed
road;
a new 44 km 60 kV power line will be required;
a small bore field to provide water for start-up and seasonal back-up is proposed; and
communications networks may be readily established.




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6. ENVIRONMENT AND COMMUNITY
The general environment of the Project is a sparsely populated mountainous area with valleys and
plateau features. The area is characterized by forest areas of pine and oak and open land which is
used for growing cereal crops and seasonal grazing of animals.
There are approximately 300 people living in the concession area but only four households are
located in the immediate vicinity of the future mining facilities. As such there will be a need to
resettle the people of these four households only.
The Environmental and Social Impact Assessment (ESIA) was prepared by Artelia Eau &
Environnement (Artelia), a French engineering company specialising in the preparation of ESIA
reports in Morocco in particular. The Achmmach ESIA was prepared with the assistance of Artelia
Maroc and Moroccan environmental specialists.
No environmental or social impediments to the development of the Achmmach Project were
identified during the preparation of the ESIA and the conduct of the Public Enquiry process.
Environmental and Social Impact Assessment Process
This ESIA was prepared in compliance with Moroccos environmental regulations, and in particular
law 12-03 relative to environmental impact assessment and Decree n 2-04-564 regarding public
involvement.
An ESIA scoping report was prepared in 2011 and presented to the National Committee for
Environmental Impact Assessments (CNEIE) on 15 June 2011. The committee accepted the report
and issued Terms of Reference for the Environmental Impact Assessment.
The ESIA was carried out during the period May 2011 to June 2013. A draft Final ESIA was prepared
as part of the PFS and submitted to the CNEIE in September 2012. An updated version of the ESIA
was prepared as part of the DFS. This includes the findings of the social baseline survey that was
carried out in April 2013. The present document integrates the answers to the CNEIE comments
raised after its initial review in October 2013. The CNEIE subsequently approved the final ESIA at its
review meeting held in March 2014.
The ESIA was also prepared to comply with the International Finance Corporation (IFC) Performance
Standards on Environmental and Social sustainability (1 January 2012). The Project is a greenfield
mining project and therefore is considered as a Category A project.
Stakeholder Engagement
Kasbah has undertaken stakeholder engagement activities prior to and during the ESIA process. The
stakeholder engagement activities carried out prior to the performance of the ESIA comprised both
formal meetings with representatives of the government and informal encounters with local
residents of the project area.
For the purposes of the Social Baseline Study, as part of the ESIA, individual household consultations
were carried out in the project area in April 2013 by Artelia. More than 30 households were visited
and interviewed through structured and semi-structured questionnaires. Social, economic and
cultural issues were discussed, as well as concerns, expectations and perceptions about the Project.




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Public consultation was conducted during July 2013 in accordance with Moroccan Decree n 2-04-564
regarding public involvement. This requires that an ESIA summary document be presented in a
public hearing, and that the findings of the public hearing be delivered to the CNEIE by the provincial
governor and be taken into consideration by the CNEIE when approving the report.
Community Relations
Since 2007, Kasbah has worked closely with the three main communes that the Achmmach Tin
Project could impact upon. Kasbah employs personnel from the Ras Jerry, Ait Ouikhalfen and Sebt
Jahjouh communes and has regular and open dialogue with the Commune leaders and the Regional
Administration of the Mekns Tafilalet region to discuss local issues. The Project has strong
support from local communes and the regional administration.
The anticipated employment numbers during construction and operations will provide significant
economic benefit to the Mekns-Tafilalet region and the Kingdom of Morocco.
The stakeholder engagement activities carried out prior to the performance of the ESIA comprised
both formal meetings with representatives of the government and informal encounters with local
residents of the project area. Formal meetings included the following:
The Ministry of Energy, Mines, Water and the Environment in relation to the approval of the
Achmmach concession;
The Chairman of the National Committee for Environmental Impact Assessment with respect to
the environmental permitting process;
The Wali of Mekns-Tafilalet region to discuss the public consultation process;
The Regional Director of the Ministry of Energy, Mines, Energy and the Environment to discuss
public consultation;
As a matter of routine Kasbah has met with the presidents of the Communes where the site is
situated and through which the access road passes. The subjects of the meetings have included
the repair of the public Project access road and local employment opportunities; and
Kasbah has also had regular information sharing meetings with the Mekns Centre for Regional
Investment (CRI) to discuss development strategy and timing for the Project.
Informal encounters have frequently occurred between the exploration team resident at the project
site and local residents in the project area to discuss questions of land access, local water supply and
local track maintenance.
Household consultations have revealed positive perceptions of the Project among the local
population who expect the Project to be a source of job creation (especially for young people) and
poverty reduction (through social infrastructures such as schools, health centres and access roads).
Expectations will be managed through continuing engagement with key stakeholders.
Approvals and Permits
In addition to the March 2014 approval of the ESIA, applications for the mining concession and the
investment convention are in progress.
These are expected to be obtained in a timely manner.




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7. COSTS
Capital Costs
Pre-production capital costs for the project are US$181 M with life of mine capital costs detailed in
Table 8.
Table 8: DFS Capital Cost Breakdown Life of Mine
Cost Item Pre-production
US$ M
Sustaining
US$ M
Total LOM
US$ M
Mine equipment 27.51 17.33 44.84
Mine development 18.74 53.26 72.00
Paste plant 7.63 0.85 8.48
Process plant 51.37 1.38 52.75
Tailings and water management 7.57 0.55 8.12
Site infrastructure 18.89 1.54 20.43
Indirect Costs 18.27 0.33 18.60
Off-site infrastructure 8.98 0.24 9.22
Site Closure - 3.24 3.24
Project Salvage - (11.00) (11.00)
Working capital & others 6.33 - 6.33
Contingency 13.31 3.46 16.77
Capitalised VAT and other costs 2.49 - 2.49
Total 181.09 71.18 252.25

The capital cost estimate is based upon an EPCM approach where the owner assumes the builders
risk. As a result the capital estimate does not include a contractors margin. Kasbah has selected an
EPCM model because of the cost savings it will generate and because of its own strong internal
technical knowledge of tin operations and project development.




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Operating Costs
A summary of life of mine operating costs is shown in Table 9:
Table 9: DFS Operating Cost Estimates
Operating Costs Life of Mine US$ M US$/t of Ore
Mined
US$/t of
Recovered Tin
Mining 162.94 19.29 3 549
Processing 131.83 15.61 2 871
Administration 48.65 5.76 1 060
Concentrate transport and
processing
52.47 6.21 1 143
C1 Cash Costs 395.90 46.88 8 623
Depreciation & amortisation 269.36 31.90 5 867
C2 Cost 665.26 78.78 14 490
Royalties 28.31 3.35 617
Project related corporate costs 9.32 1.10 202
C3 Cost 702.89 83.23 15 309

8. PROJECT FINANCING
Project financing discussions and off-take negotiations for Achmmach can now commence with a
view to finalising a suitable funding package. The DFS base case will be the basis for this financing
and Kasbahs Debt Advisor, Optimum Capital of Perth, Western Australia can now formally
commence.




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9. DEVELOPMENT TIMETABLE
An indicative development timetable to first production is outlined below:

Figure 5: Achmmach Indicative Development Schedule
10. OPPORTUNITIES
The company has identified several opportunities to enhance the Base Case or develop a second
standalone operation. These include:
optimise the existing base case Mine Plan by utilising other mining methods, design parameters
and including the addition of WZS resources;
extending the existing underground resources within the Mekns Trend by ongoing mine
exploration;
the Sidi Addi trend has been lightly explored and retains the potential to greatly expand, and
may potentially duplicate the current Mekns Trend resource; and
the adjacent Bou-El-Jaj tenements are highly prospective for tin mineralisation and offer the
possibility of a stand-alone satellite mining operation.




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The Western Zone Shallows
Kasbah reported an Indicated Resource for the WZS to the market on 6 February 2014. A preliminary
pit shell designed by Mining One on this resource using Whittle software employed the modifying
factors shown in Table 10.
Table 10: Pit Optimisation Parameters Summary
OC Mining Operating Cost Unit Value Source
Mining Recovery % 95
M1 Preliminary Estimate
Mining Dilution % 10
Waste Mining Cost $/t rock 2.02
Ore Mining Cost $/ore tonne 2.96
Minimum Pit Floor Size m 20 x 20
Processing Cost
Processing Cost $/ore tonne 37.41 Kasbah DFS
Others
Maroc Royalty metal tonne 3% Kasbah DFS
Tin price Base Case $/metal tonne 23 000 Nominated by Kasbah
Overall Slope Angle degrees 45 EZS OC Scoping Study
Metallurgical Recoveries
For Sn > 0.242%
Tails Grade Sn % 0.22 Kasbah DFS
Processing Recovery %
(Diluted Grade - Tails Grade) / (Diluted
Grade)
For Sn <= 0.242%
Processing Recovery % 0 To avoid negative recovery

Having examined preliminary pit design options, a case that limited waste generation to 2.1 Mt was
proposed so as to minimise the pit footprint yet provide a supply of material for use in ROM pad and
TMF embankment construction.
This option thus mitigates the need to create additional waste stockpile capacity. The results of this
pit design option are shown in Table 11.




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Table 11: Peliminary Pit Design - 2.1 Mt Waste Case
Description Unit Indicative Values
Total Tonnes t 2 212 937
Waste t 2 039 668
Ore t 173 269
Strip Ratio (Waste:Ore) t/t 11.77
Diluted Sn Grade % 0.92
Metal Tin t 1 217
Pit life months 10

The early extraction of WZS ore presents the opportunity to provide an initial supply of high grade
ore to the Project treatment plant while deferring the start-up of the underground operation for up
to 6 months.
Based upon these factors and utilising:
total ore treated of 8.618 Mt comprising 0.173 Mt of Indicated Resources and 8.445 Mt of
Proven and Probable Reserves;
the processing and site infrastructure costs developed for the underground project case;
a tin price of US$23 025/t; and
an 8% discount factor.
The WZS could contribute an incremental US$7 M to the project NPV.
Further geotechnical drilling, metallurgical testwork and cost definition is required before the WZS
can be converted to a Reserve and be fully integrated in the base case DFS financial model.




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APPENDIX B: JORC CODE TABLES
JORC CODE TABLE 1
Section 1: Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Criteria JORC Code explanation Commentary
Sampling
techniques
Nature and quality of sampling (e.g. cut
channels, random chips, or specific specialised
industry standard measurement tools
appropriate to the minerals under
investigation, such as down hole gamma
sondes, or handheld XRF instruments, etc.).
These examples should not be taken as limiting
the broad meaning of sampling.
Include reference to measures taken to ensure
sample representivity and the appropriate
calibration of any measurement tools or
systems used.
Aspects of the determination of mineralisation
that are Material to the Public Report.
In cases where industry standard work has
been done this would be relatively simple (e.g.
reverse circulation drilling was used to obtain
1 m samples from which 3 kg was pulverised to
produce a 30 g charge for fire assay). In other
cases more explanation may be required, such
as where there is coarse gold that has inherent
sampling problems. Unusual commodities or
mineralisation types (e.g. submarine nodules)
may warrant disclosure of detailed
information.
All sampling used in resource estimation
was derived from diamond core drilling of
PQ, HQ or NQ size, which is sampled at a
nominal 1 m interval using industry
standard protocols and QAQC procedures.
These protocols and procedures are fully
documented.
Surface sampling data was not used in the
Mineral Resource Estimate.
Sample representivity was ensured by use
of a high quality sample retrieval method
(diamond core), and industry standard
protocols for sample mass reduction to the
final assayed aliquot.
Samples were cut into half core with an
automatic core saw, dried, and crushed to
80% passing 2 mm to produce a 250 g
sample. After initial on-site sample
preparation, each sample is analysed with
a handheld Niton XRF analyser to identify
intervals with anomalous mineralisation,
and these samples are submitted to ALS
laboratory for more precise analysis.
Therefore, there are gaps in the sampling,
but not in the mineralised zones. The
handheld XRF results are not used for
resource estimation.
At ALS (previously in Spain or Norway, now
Ireland), each sample is subsequently
pulverised to 85% passing 75 microns to
produce a 25 g charge. Tin was assayed
using fused bead preparations with XRF
determination.
Drilling
techniques
Drill type (e.g. core, reverse circulation, open-
hole hammer, rotary air blast, auger, Bangka,
sonic, etc.) and details (e.g. core diameter,
triple or standard tube, depth of diamond tails,
face-sampling bit or other type, whether core
is oriented and if so, by what method, etc.).
All drilling used in the resource estimate
was diamond core, with PQ or HQ at the
surface and reducing to NQ at depth when
required. Orientation of all core has been
performed using the ACT tool method.
Drill sample
recovery
Method of recording and assessing core and
chip sample recoveries and results assessed.
Measures taken to maximise sample recovery
and ensure representative nature of the
samples.
Whether a relationship exists between sample
recovery and grade and whether sample bias
may have occurred due to preferential
loss/gain of fine/coarse material.
Core recovery is routinely recorded for all
drill holes during geological logging. The
rock is very competent, with average
recovery in the order of 99% - low
recoveries are associated with faults or
other structures that are not related to the
mineralization, and recovery in the
mineralised zones is almost always 100%.
Where difficult ground conditions were
encountered, drill runs were reduced to
less than a metre.
Logging depths were checked against core
blocks and rod counts were routinely
carried out by drillers and upon the
geologists request.



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Criteria JORC Code explanation Commentary
Logging Whether core and chip samples have been
geologically and geotechnically logged to a
level of detail to support appropriate Mineral
Resource estimation, mining studies and
metallurgical studies.
Whether logging is qualitative or quantitative
in nature. Core (or costean, channel, etc.)
photography.
The total length and percentage of the
relevant intersections logged.
Detailed geological logging is undertaken
for lithology, alteration, weathering and
structural logging from oriented core. Rock
quality and other geotechnical information
is also logged.
Logging is to geological
boundaries/contacts.
All core is photographed dry and wet, and
the photos are kept securely in electronic
format.
The entire length of all drill holes is logged.
Sub-sampling
techniques and
sample
preparation
If core, whether cut or sawn and whether
quarter, half or all core taken.
If non-core, whether riffled, tube sampled,
rotary split, etc. and whether sampled wet or
dry.
For all sample types, the nature, quality and
appropriateness of the sample preparation
technique.
Quality control procedures adopted for all sub-
sampling stages to maximise representivity of
samples.
Measures taken to ensure that the sampling is
representative of the in situ material collected,
including for instance results for field
duplicate/second-half sampling.
Whether sample sizes are appropriate to the
grain size of the material being sampled.
Initial sample preparation is carried out at
a custom built on-site sample preparation
facility.
Core is sawn longitudinally, using a manual
core saw at project commencement and
later an automatic core saw. Samples are
collected from the same side of the core,
with half-core submitted for assaying and
the remaining half retained for future
reference. Samples are then crushed to
80% passing 2 mm and rotary split to
obtain a 250 g sample.
At this point samples are dispatched to
ALS laboratories in Ireland where they are
further pulverized to 85% passing 75
microns prior to analysis.
Duplicates of the crushed material are
submitted for assaying at a rate of 1:25.
The sample sizes are on average 1 m
intervals and vary from PQ, HQ or NQ
diameter. This size is considered
appropriate to the grain size of the
material being sampled to correctly
represent the tin mineralization at
Achmmach.
Quality of
assay data and
laboratory
tests
The nature, quality and appropriateness of the
assaying and laboratory procedures used and
whether the technique is considered partial or
total.
For geophysical tools, spectrometers, handheld
XRF instruments, etc., the parameters used in
determining the analysis including instrument
make and model, reading times, calibrations
factors applied and their derivation, etc.
Nature of quality control procedures adopted
(e.g. standards, blanks, duplicates, external
laboratory checks) and whether acceptable
levels of accuracy (i.e. lack of bias) and
precision have been established.
Kasbah tin assays were determined using
fused bead X-Ray Fluorescence (XRF)
which is the current industry standard for
tin. This assay technique is considered
total as it extracts and measures the
entire element contained within the
sample. No geophysical tools were used to
determine any element concentrations
used in the resource estimate.
A Thermo Scientific Niton handheld XRF
XL3t analyser was used to identify core
intervals to be assayed.
ALS conducts their own internal laboratory
QAQC (including CRMs and pulp
duplicates) to ensure the precision and
accuracy of their analytical methods.
For the entire drilling program, Kasbah
independently inserted:
- Certified Reference Material with a
range of values from 0.2% to
1.05% Sn at a rate of 1:20.
- crushed duplicates at a rate of 1:25;
and
- blanks at a rate of 1:50.
In addition, 3% of pulp duplicates have
been analysed externally by an



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Criteria JORC Code explanation Commentary
independent laboratory.
Statistical analysis of duplicates and
standards demonstrates the data to be
reliable and unbiased.
Verification of
sampling and
assaying
The verification of significant intersections by
either independent or alternative company
personnel.
The use of twinned holes.
Documentation of primary data, data entry
procedures, data verification, data storage
(physical and electronic) protocols.
Discuss any adjustment to assay data.
All significant intercepts are reviewed and
confirmed by at least three senior
personnel before public release and use in
resource estimation.
No twinned holes have been drilled at
Achmmach to date.
Data is collected by qualified geologists
and entered into spread sheets with pre-
determined lookup fields. The spread
sheets are locked and have validation rules
attached in order to limit potential data
entry errors.
After entry and validation, data is
imported via a GBIS front end onto a SQL
server database. The import process
includes further validation steps.
Data is stored on a server located in a
locked room on site and replicated to the
Perth Office. Backups are also regularly
made.
Regular data validation reviews are
conducted by Kasbah senior personnel
prior to resource estimation.
No adjustments or calibrations are made
to the raw assay data. Data is imported
directly into the database in raw original
format.
Location of
data points
Accuracy and quality of surveys used to locate
drill holes (collar and down-hole surveys),
trenches, mine workings and other locations
used in Mineral Resource estimation.
Specification of the grid system used.
Quality and adequacy of topographic control.
Drill hole collars were set out using hand-
held GPS or by offset from nearby
previously drilled holes. The final drill hole
collar coordinates were established by a
licensed contract surveyor, using a total
station Top-Con. Sub-metre accuracy
horizontally and vertically is expected from
the surveying equipment used.
Quality Control collar location checks
(repeats of previous pickups) were
inserted at each survey campaign in order
to monitor accuracy and consistency of the
equipment at a rate of 1:10.
Down hole surveys were conducted using
a multi-shot Reflex instrument at 25 m
intervals.
The coordinate system is UTM 30N and
datum is WGS84.
A local grid was introduced over the
Achmmach Tin Project with the easting
axis parallel to the overall tin
mineralization-trend. The local grid is
rotated 20 anticlockwise from the UTM
system.
The Digital Elevation Model topographic
surface was derived from a stereo image
pair of a GeoEye-1 acquisition from
December 2011, which has 1m vertical
accuracy.



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Criteria JORC Code explanation Commentary
Data spacing
and
distribution
Data spacing for reporting of Exploration
Results.
Whether the data spacing and distribution is
sufficient to establish the degree of geological
and grade continuity appropriate for the
Mineral Resource and Ore Reserve estimation
procedure(s) and classifications applied.
Whether sample compositing has been
applied.
Drill sections are at 20 m to 40 m spacing
(Easting), with holes at varying intervals
along the sections. Multiple holes are
drilled from the same drill pad in a fan
configuration leading to variable pierce
point spacings, which is about 40 m x 40 m
down to about 20 m x 10 m.
It is the opinion of the Competent Person
that mineralised envelopes have
sufficiently demonstrated geological and
grade continuity to support the definition
of Mineral Resource as defined in the 2012
JORC Code and the classifications applied
to these.
For the mineral resource estimation,
samples have been composited to 1 m,
which is by far the most frequent raw
sampling interval.
Orientation of
data in relation
to geological
structure
Whether the orientation of sampling achieves
unbiased sampling of possible structures and
the extent to which this is known, considering
the deposit type.
If the relationship between the drilling
orientation and the orientation of key
mineralised structures is considered to have
introduced a sampling bias, this should be
assessed and reported if material.
The majority of the holes have been drilled
at -60 to grid south, which was designed
to intersect tourmaline structures and
mineralised zones perpendicularly or
nearly perpendicularly. In the East Zone,
some flatter holes have been drilled to
intercept the near-surface mineralisation.
A number of holes have been drilled at -
50 to grid north to check cross-cutting
structures
No orientation sampling bias has been
identified in the data at this stage.
Sample
security
The measures taken to ensure sample security. Sample security is managed by Kasbah
from the site up to the city of Mekns.
From there a local transport company,
STDM, is responsible for the delivery of
the samples to DSV in Casablanca. From
Casablanca, DSV is responsible for
clearance and air freight of samples to ALS
in Ireland. Sample bags and drums are
sealed with security tags for
transportation.
Audits or
reviews
The results of any audits or reviews of
sampling techniques and data.
QG visited site in 2009 and 2010 to review
all aspects of the operation.
Recommendations such as submitting
blank standards to the lab and checks on
the adequacy of sample preparation have
been implemented by Kasbah.





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Section 2: Reporting of Exploration Results
(Criteria listed in section 1 and where relevant in sections 3 and 4, also apply to this section.)
Criteria
JORC Code Explanation
Commentary
Mineral
tenement and
land tenure
status
Type, reference name/number, location and
ownership including agreements or material
issues with third parties such as joint ventures,
partnerships, overriding royalties, native title
interests, historical sites, wilderness or
national park and environmental settings.
The security of the tenure held at the time of
reporting along with any known impediments
to obtaining a licence to operate in the area.
The Achmmach Tin Project lies within
Mining permit PE2912, located 40km
south-west of the city of Mekns in
Morocco and is 100% owned by Kasbahs
Moroccan subsidiary Atlas Tin SAS. Toyota
Tsusho Corporation can secure a 20%
interest and Nittetsu Mining Company Ltd
has secured 5% interest in the permits
through a Joint Venture.
The tenement is in good standing and no
known impediments exist.
Exploration
done by other
parties
Acknowledgment and appraisal of exploration
by other parties.
The Achmmach Tin deposit was discovered
in 1985 by the Moroccan government
agency Bureau de Recherches et de
Participations Minires (BRPM) following
stream sediment anomalies to the source.
BRPM undertook an extensive regional
and project scale geological mapping, soil
geochemistry, gravity surveying, surface
trenching, 32 diamond drill holes totalling
14 463 m (including three holes collared
from the underground development), an
85 m deep exploratory shaft with 827 m of
underground cross cut and drives, an
underground bulk sampling program and
metallurgical test work.
Geology
Deposit type, geological setting and style of
mineralisation.
The Achmmach Tin deposit is hosted
within a tightly folded sedimentary
sequence of Visean-Namurian turbidite
beds locally showing shear corridors
overprinted by tourmaline alteration. The
area has also been intruded by magmatic
sills of intermediate and mafic
composition.
Current model sees the Achmmach
deposit as a sector cross cut by several
broadly NNE-WSW striking vertical
mineralised structures. These vertical
structures (the feeders) are the
presumed conduits for the granite
emanated fluids that have produced the
tourmaline alteration halo and deposited
mineralisation in favourable trap sites
pervading up and down dip from them in
the country rock (the branches)
The tin mineralisation occurs as cassiterite
(SnO2) in disseminated form within the
tourmaline, in association with sulphide
veins or within quartz veins.



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Criteria
JORC Code Explanation
Commentary
Drill hole
Information
A summary of all information material to the
understanding of the exploration results
including a tabulation of the following
information for all Material drill holes:
o easting and northing of the drill hole collar
o elevation or RL (Reduced Level elevation
above sea level in metres) of the drill hole
collar
o dip and azimuth of the hole
o down hole length and interception depth
o hole length.
If the exclusion of this information is justified
on the basis that the information is not
Material and this exclusion does not detract
from the understanding of the report, the
Competent Person should clearly explain why
this is the case.
In total 290 holes contribute to the
Resource estimate.
No new exploration results are reported in
this release. Previous results are included
in earlier reports.
Data
aggregation
methods
In reporting Exploration Results, weighting
averaging techniques, maximum and/or
minimum grade truncations (e.g. cutting of
high grades) and cut-off grades are usually
Material and should be stated.
Where aggregate intercepts incorporate short
lengths of high grade results and longer
lengths of low grade results, the procedure
used for such aggregation should be stated
and some typical examples of such
aggregations should be shown in detail.
The assumptions used for any reporting of
metal equivalent values should be clearly
stated.
No new exploration results are reported in
this release.
Prior to January 2012, reported intercepts
were reported as length weighted average
grade.
From January 2012 onwards, all reported
assays have been adjusted for recovery
and length weighted.
No top cuts have been applied.
Prior to June 2012, reported intercepts
were selected using a 0.3% Sn cut-off
grade and a 0.5% Sn cut-off subsequently.
Selection criteria for significant intercepts
(including cut-off grade) were described in
the footnote of the significant intercept
table in earlier reports.
High grade Tin intercepts internal to
broader mineralised zones are reported as
included intervals.
No metal equivalent values are used for
reporting exploration results.
Relationship
between
mineralization
widths and
intercept
lengths
These relationships are particularly important
in the reporting of Exploration Results.
If the geometry of the mineralisation with
respect to the drill hole angle is known, its
nature should be reported.
If it is not known and only the down hole
lengths are reported, there should be a clear
statement to this effect (e.g. down hole
length, true width not known).
The tin mineralised envelopes are
dominantly NNW dipping with some sub
vertical component related to the feeding
structures. The deposit is mostly drilled to
grid south with drill holes inclined
between -40 and -70deg. The intersection
angles for the drilling appear virtually
perpendicular to the mineralised
envelopes therefore minimizing the
difference between down hole
intersections and true width. A subset of
15 DD holes have been drilled to grid north
from the southern flank of the hill at an
early stage of the project and might have
locally intercepted the mineralised
envelopes at an acute angle.
Diagrams
Appropriate maps and sections (with scales)
and tabulations of intercepts should be
included for any significant discovery being
reported. These should include, but not be
limited to a plan view of drill hole collar
locations and appropriate sectional views.
No new exploration results are reported.



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Criteria
JORC Code Explanation
Commentary
Balanced
reporting
Where comprehensive reporting of all
Exploration Results is not practicable,
representative reporting of both low and high
grades and/or widths should be practiced to
avoid misleading reporting of Exploration
Results.
No new exploration results are reported.
Significant intercepts have been
exhaustively reported in previous releases
using the selection criteria specified.
Other
Substantive
exploration
data
Other exploration data, if meaningful and
material, should be reported including (but not
limited to): geological observations;
geophysical survey results; geochemical survey
results; bulk samples size and method of
treatment; metallurgical test results; bulk
density, groundwater, geotechnical and rock
characteristics; potential deleterious or
contaminating substances.
Samples tested by Niton XRF and expected
to return significant intercepts are
measured for their bulk density which
average 2.9g/cm
3
.
Multi element assaying is conducted
routinely on all samples for a suite of
potentially deleterious elements including
Arsenic, Sulphur, Zinc and Magnesium.
Geotechnical logging was carried out on all
DD holes for recovery and RQD.
Further work
The nature and scale of planned further work
(e.g. tests for lateral extensions or depth
extensions or large-scale step-out drilling).
Diagrams clearly highlighting the areas of
possible extensions, including the main
geological interpretations and future drilling
areas, provided this information is not
commercially sensitive.
No additional programs required at
present.


Section 3 Estimation and Reporting of Mineral Resources
(Criteria listed in section 1 and where relevant in sections 2 and 4, also apply to this section.)
Criteria JORC Code explanation Commentary
Database
integrity
Measures taken to ensure that data has not
been corrupted by, for example, transcription or
keying errors, between its initial collection and
its use for Mineral Resource estimation
purposes.
Data validation procedures used.
The geological data is stored in a GBIS
database. Geological logging is on paper
log sheets with pre-defined templates. This
data is then entered into comma delimited
Excel spread sheets, before import into the
database. Validation occurs during import,
where only licit values for the various fields
are accepted. Geologists then visually
check and validate the data.
Sample despatch and sample number
information is also recorded in spread
sheets, and entered into the database. The
assay data is supplied by the lab in *.sif text
file format, which loads directly to the
database.
Site visits Comment on any site visits undertaken by the
Competent Person and the outcome of those
visits.
If no site visits have been undertaken indicate
why this is the case.
The Competent Person for this resource
estimate, Mike Job, has not visited the site.
However, personnel previously employed
by QG visited the site in April 2009 and
March 2010.
Geological
interpretation
Confidence in (or conversely, the uncertainty of)
the geological interpretation of the mineral
deposit.
Nature of the data used and of any assumptions
made.
The effect, if any, of alternative interpretations
on Mineral Resource estimation.
The use of geology in guiding and controlling
Mineral Resource estimation.
The factors affecting continuity both of grade
The confidence in the overall geological
interpretation is good. The Achmmach tin
deposit is hosted within a meta-
sedimentary sequence of turbidite beds
that vary from thin-bedded to graded-
bedded cyclic. Tourmaline-silica veins and
breccias were formed during subsequent
deformation, and following this a number
of pulses of mineralisation occurred, with
the tin mineralisation preferentially (but



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Criteria JORC Code explanation Commentary
and geology. not always) precipitating in the pre-
existing tourmaline silica bodies. The tin
occurs as disseminated cassiterite (SnO2)
associated with sulphide and/or quartz
veins.
For the resource estimate, the main aim
was to produce an interpretation of the
tourmaline breccias this consists of a
series of E-W trending vertical feeders
from 2 to 5 m thick, and a series of
moderately north-dipping mineralised
zones that extend up and down dip of the
vertical feeders in the meta-sedimentary
package.
The tourmaline breccias have been used as
hard-boundaries for the tin (and
potassium and sulphur) estimates.
Dimensions The extent and variability of the Mineral
Resource expressed as length (along strike or
otherwise), plan width, and depth below surface
to the upper and lower limits of the Mineral
Resource.
Overall tin mineralisation at Achmmach
extends 1.6 km in strike length, is 300 m
wide and extends from the surface to
600 m below the surface. The high-grade
parts of the Mekns and Fez zones, which
are of the most interest, are 400 m in
strike length, 200 m wide and located from
150 m below surface to 400 m below
surface.
Estimation
and
modelling
techniques
The nature and appropriateness of the
estimation technique(s) applied and key
assumptions, including treatment of extreme
grade values, domaining, interpolation
parameters and maximum distance of
extrapolation from data points. If a computer
assisted estimation method was chosen include
a description of computer software and
parameters used.
The availability of check estimates, previous
estimates and/or mine production records and
whether the Mineral Resource estimate takes
appropriate account of such data.
The assumptions made regarding recovery of
by-products.
Estimation of deleterious elements or other non-
grade variables of economic significance (e.g.
sulphur for acid mine drainage
characterisation).
In the case of block model interpolation, the
block size in relation to the average sample
spacing and the search employed.
Any assumptions behind modelling of selective
mining units.
Any assumptions about correlation between
variables.
Description of how the geological interpretation
was used to control the resource estimates.
Discussion of basis for using or not using grade
cutting or capping.
The process of validation, the checking process
used, the comparison of model data to drill hole
data, and use of reconciliation data if available.
Grade estimation was by ordinary kriging
(OK) for Sn%, K%, S% and bulk density
using Datamine software. Exploratory
data analysis was undertaken using Isatis
software. The estimate was into 20 m (E) x
20 m (N) x 5 m (RL) parent cells that had
been sub-celled at the domain boundaries
for accurate domain volume
representation. Sample spacing is in the
order of 20 m (E) x 20 m (N) x 1 m (RL)
over the central part of the deposit, but at
40 m x 40 m x 1 m towards the eastern
and western limits. Estimation parameters
were based on the variogram models, data
geometry and kriging estimation statistics.
The estimates were constrained by the
interpreted tourmaline-silica breccia
wireframes (hard boundary between
mineralised and non-mineralised zones).
The experimental variograms for Sn were
generated with back-transformed
Gaussian variograms for most domains,
with the exception of the shallow part of
the East Zone. The variograms were
modelled with a nugget effect and two
spherical structures. The relative nugget
effect for Sn is high at about 60% of the
total sill, and the ranges are in the order of
100 m to 150 m. All variables were
modelled independently, as the
correlations are relatively weak, ranging
from -0.32 (Sn-K), to -0.05 (Sn-S) to 0.26
(K-S).
Top-cuts were not used for any of the
variables. Sn is positively skewed, but
there are very few extreme samples in the
upper tail. Comparisons between an



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Criteria JORC Code explanation Commentary
estimate using uncut data, and one using a
cut-off of 6.5% shows that the estimates
only differ by 0.03% Sn (absolute) globally,
with no difference at all in tonnages
reported above a 0.5% Sn cut-off.
The model estimates were assessed
against the drill-hole sample data for Sn
visually, and the global statistics of
declustered input and output data were
compared. The estimates were also
validated by graphing summary statistics
for the samples and estimates within 40 m
spaced easting slices, 40 spaced northing
slices and 20 m spaced RL slices for each
domain.
All of the above checks indicate that the
model honours the sample data
satisfactorily. As there has been no mining
at Achmmach, no reconciliation data is
available.
Moisture Whether the tonnages are estimated on a dry
basis or with natural moisture, and the method
of determination of the moisture content.
Tonnages are estimated on a dry basis.
Cut-off
parameters
The basis of the adopted cut-off grade(s) or
quality parameters applied.
The 0.5% Sn cut-off grade used for
reporting of the Mineral Resource
estimate is based on the application of a
simple economic model (in US $ - Sn price
of $23 000/t, underground mine operating
costs of $27/t and processing costs of
$38/t based on annualised mining and
processing of one million tonnes, with 70%
Sn processing recovery).
Mining
factors or
assumptions
Assumptions made regarding possible mining
methods, minimum mining dimensions and
internal (or, if applicable, external) mining
dilution. It is always necessary as part of the
process of determining reasonable prospects for
eventual economic extraction to consider
potential mining methods, but the assumptions
made regarding mining methods and
parameters when estimating Mineral Resources
may not always be rigorous. Where this is the
case, this should be reported with an
explanation of the basis of the mining
assumptions made.
The pre-feasibility study has established
that underground mining by long hole
stoping can be carried out economically.
Two portals are proposed, which will lead
to a series of east-west running declines in
the footwall of the deposit ramps and
cross-drives will provide access to the
selected ore blocks. Stope dimensions of
20 mE x 20 mN x 25 m are proposed, and
treatment plant tailings will be used as
cemented paste backfill.
Metallurgical
factors or
assumptions
The basis for assumptions or predictions
regarding metallurgical amenability. It is always
necessary as part of the process of determining
reasonable prospects for eventual economic
extraction to consider potential metallurgical
methods, but the assumptions regarding
metallurgical treatment processes and
parameters made when reporting Mineral
Resources may not always be rigorous. Where
this is the case, this should be reported with an
explanation of the basis of the metallurgical
assumptions made.
Cassiterite is the dominant tin-bearing
mineral occurring as free grains and in
complex mineral composites. Liberation
generally commences at a grind of 150
microns and is largely complete at 40
microns. Acceptable recoveries are
achieved from a primary grind followed by
gravity concentration methods based on
spiral pre-concentration and tabling.
Secondary tin recovery can be achieved
with the use of flotation techniques.
Impurities and sulphides can be removed
from the gravity concentrate with the use
of magnetic and flotation techniques. Tin
recovery based on these methods ranges
from 56%, increasing up to 74% for some
Achmmach ores. At a grade of 0.85% Sn,
recovery is expected to be approximately



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Criteria JORC Code explanation Commentary
70%.
Environmental
factors or
assumptions
Assumptions made regarding possible waste
and process residue disposal options. It is always
necessary as part of the process of determining
reasonable prospects for eventual economic
extraction to consider the potential
environmental impacts of the mining and
processing operation. While at this stage the
determination of potential environmental
impacts, particularly for a greenfields project,
may not always be well advanced, the status of
early consideration of these potential
environmental impacts should be reported.
Where these aspects have not been considered
this should be reported with an explanation of
the environmental assumptions made.
Past exploration and forestry activity at
Achmmach has left a large area of
disturbed and cleared ground to the
immediate south of the deposit that has
been selected as the site for a future ROM
pad, treatment plant, paste plant and
other infrastructure. The tailings
management facility will be located in the
adjacent cleared valley. Fresh ground
disturbance will therefore be minimal. The
tails will be mildly acid generating due to
the minor sulphides in the ore it is
proposed to neutralise the acid by adding
local crushed limestone to the tails.
Crushed limestone will also be added to
the waste dump in layers to mitigate acid
formation.
Bulk density Whether assumed or determined. If assumed,
the basis for the assumptions. If determined, the
method used, whether wet or dry, the frequency
of the measurements, the nature, size and
representativeness of the samples.
The bulk density for bulk material must have
been measured by methods that adequately
account for void spaces (vugs, porosity, etc.),
moisture and differences between rock and
alteration zones within the deposit.
Discuss assumptions for bulk density estimates
used in the evaluation process of the different
materials.
Bulk density data is routinely gathered
from the diamond core for both the
mineralised and non-mineralised zones.
The water immersion technique is used on
solid lengths of core (0.2 m to 0.4 m), and
the scale is calibrated every day with a
certified set of weights.
As the vast majority of the core is within
solid, fresh rock, there is no need for
dipping in wax before immersion in water,
and there is very little moisture content
and low porosity.
Bulk density was estimated by OK, and due
to the good coverage over the deposit, no
assumed values were needed. The bulk
density of the tourmaline breccias is very
consistent.
Classification The basis for the classification of the Mineral
Resources into varying confidence categories.
Whether appropriate account has been taken of
all relevant factors (i.e. relative confidence in
tonnage/grade estimations, reliability of input
data, confidence in continuity of geology and
metal values, quality, quantity and distribution
of the data).
Whether the result appropriately reflects the
Competent Persons view of the deposit.
The estimate has been classified as
Measured, Indicated and Inferred
according to the JORC 2012 code, with the
following factors taken into account in
classification: data quality and quantity
(including sampling and assaying, spatial
locations and geological logging);
geological interpretation (particularly
aspects that impact on mineralisation) and
domaining (including spatial continuity of
Sn mineralisation); the quality of the Sn
estimate; and how the resource has been
classified in previous estimates.
Diamond drill spacing is generally on 20 m
or 40 m-spaced sections, with data
quantity considered very good for the
20 m drilled sections of the Mekns Zone,
and good for the rest of the deposit. There
were no areas that were considered poorly
sampled, assayed or logged that could
affect resource classification in a
detrimental manner.
Geological domaining is considered
appropriate, and the geometry of the
domains is considered to be reasonably
robust in well-drilled areas. The
interpretations have not been
extrapolated far beyond the limits of



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Criteria JORC Code explanation Commentary
drilling (usually about 20 m up and down
dip, and 20 m to 40 m along strike,
depending on the drilling spacing), so the
resulting volume (and tonnage) is not
considered overly-optimistic
Taking into account all of the above, the
material in the core of the Mekns Zone
where the drilling spacing is 20 m, and
where the continuity of grade and
geometry along strike is very good, is
classed as Measured. The rest of the
mineralised zones of the deposit are
classed as Indicated.
The resulting Mineral Resource
classification appropriately reflects the
view of the Competent Person.
Audits or
reviews
The results of any audits or reviews of Mineral
Resource estimates.
This current mineral resource estimate has
not been independently audited or
reviewed, although it has been reviewed
by other QG personnel as a matter of
normal procedure.
Discussion of
relative
accuracy/
confidence
Where appropriate a statement of the relative
accuracy and confidence level in the Mineral
Resource estimate using an approach or
procedure deemed appropriate by the
Competent Person. For example, the application
of statistical or geostatistical procedures to
quantify the relative accuracy of the resource
within stated confidence limits, or, if such an
approach is not deemed appropriate, a
qualitative discussion of the factors that could
affect the relative accuracy and confidence of
the estimate.
The statement should specify whether it relates
to global or local estimates, and, if local, state
the relevant tonnages, which should be relevant
to technical and economic evaluation.
Documentation should include assumptions
made and the procedures used.
These statements of relative accuracy and
confidence of the estimate should be compared
with production data, where available.
The relative accuracy of the Mineral
Resource estimate is described in the
above discussion on Classification, and is
as per the guidelines of the JORC 2012
code.
The statement relates to global estimates
of tonnes and grade.
No production data is available.




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Section 4 Estimation and Reporting of Ore Reserves
(Criteria listed in section 1 and where relevant in sections 2 and 3, also apply to this section.)
Criteria JORC Code explanation Commentary
Mineral
Resource
estimate for
conversion to
Ore Reserves
Description of the Mineral Resource estimate
used as a basis for the conversion to an Ore
Reserve.
Clear statement as to whether the Mineral
Resources are reported additional to, or
inclusive of, the Ore Reserves.
The Mineral Resource estimate used by
Mining One to estimate an Ore Reserve
was prepared by Quantitative Group and
reported in the Achmmach Mineral
Resource Estimate, Morocco, September
2013 Report by Quantitative Group. In the
resource Ordinary Kriging (OK) was used to
estimate 20 m (X) x 20 m (Y) x 5 m (Z)
parent cells that had been sub-celled at
the domain boundaries. The model
estimates were assessed against the drill-
hole sample data for Sn visually, and the
global statistics of de-clustered input and
output data were compared. The
estimates were also validated by graphing
summary statistics for the samples and
estimates within 40 m spaced easting
slices, 40 m spaced northing slices and
20 m spaced RL slices for each domain.
Based on data density, domain geometry
and resource confidence, QG
recommended that most of the
mineralised zones at Achmmach be
classified as an Indicated Resource under
the guidelines of JORC (2012). The area in
the Mekns Zone that had been drilled on
20 m centres, which is about 250 m of
strike length, was classified as Measured,
and the remaining mineralised zones in
the deposit were classified as Indicated.
The Quantitative Group used a 0.5% Sn
cut-off which was based on a tin price of
US$23 000/tonne, operating costs of
US$79/t (underground mining costs of
US$27/t, processing costs of US$38/t, and
smelting USD14/t) with processing
recoveries of 70% at an average head
grade of 0.8% Sn. QG assumed an
annualised mining and processing rate of
one million tonnes.
The Ore Reserves estimated and
presented in this report are wholly
included within the Mineral Resource
reported by QG in the Achmmach Mineral
Resource Estimate, Morocco, September
2013 Report.
Site visits Comment on any site visits undertaken by the
Competent Person and the outcome of those
visits.
If no site visits have been undertaken indicate
why this is the case.
Mark Van Leuven, Principal Mining
Engineer with Mining One is the
Competent Person for this Ore Reserve
estimate and has not been to site.
However, David Bairstow, Senior Mining
Engineer with Mining One has been to site
twice in January and September 2013. He
was responsible for the stope and mine
design.



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Criteria JORC Code explanation Commentary
Study status The type and level of study undertaken to
enable Mineral Resources to be converted to
Ore Reserves.
The Code requires that a study to at least Pre-
Feasibility Study level has been undertaken to
convert Mineral Resources to Ore Reserves.
Such studies will have been carried out and
will have determined a mine plan that is
technically achievable and economically
viable, and that material Modifying Factors
have been considered.
Mining One has conducted a mining study
of the Achmmach Tin Project in Morocco
for Kasbah Resources Limited. This study
was conducted to a Definitive Feasibility
Study level of accuracy. DRA Pacific have
conducted the mineral processing design
to a similar level of accuracy. The Mining
One and DRA work is included in the
Achmmach Tin Project Definitive
Feasibility Study by Kasbah Resources,
March 2014.
Cut-off
parameters
The basis of the cut-off grade(s) or quality
parameters applied.
A cut-off grade of 0.55% Sn was used to
identify mineable parts of the mineral
resource and to design the stopes.
A lower cut-off of 0.3% Sn was also applied
to mine development that was included
within the mineral resource. This lower
cut-off is applied to development material
which has to be mined anyway, so the full
mining cost does not need to be applied to
the evaluation of this material.
The cut-off is based on a tin price of
US$23 000/t, mining costs of US$33.75/t
of ore, including sustaining capital,
processing cost of US$18.13/t of ore, G&A
costs of US$4.67/t of ore, mine
development costs of US$1309/m and
shipping & concentrate treatment charges
of US$1173/t of tin.
Mining factors
or assumptions
The method and assumptions used as
reported in the Pre-Feasibility or Feasibility
Study to convert the Mineral Resource to an
Ore Reserve (i.e. either by application of
appropriate factors by optimisation or by
preliminary or detailed design).
The choice, nature and appropriateness of the
selected mining method(s) and other mining
parameters including associated design issues
such as pre-strip, access, etc.
The assumptions made regarding geotechnical
parameters (eg pit slopes, stope sizes, etc),
grade control and pre-production drilling.
The major assumptions made and Mineral
Resource model used for pit and stope
optimisation (if appropriate).
The mining dilution factors used.
The mining recovery factors used.
Any minimum mining widths used.
The manner in which Inferred Mineral
Resources are utilised in mining studies and
the sensitivity of the outcome to their
inclusion.
The infrastructure requirements of the
selected mining methods.
The previous PFS recommended a
longhole stoping method with cemented
pastefill. This method has been further
analysed in the DFS and was selected as
the method for mine design.
Based on the geotechnical analysis by
Mining One (Hamman and Roe 2013)
stope spans were limited to 25 m in height
by 20 m in length.
Detailed individual stope designs were not
conducted. An automated stope design
process, the Datamine Minable Shape
Optimiser (MSO) was used. A minimum
stope width of 3.0 m was selected based
on the proposed size of mining equipment,
with a maximum stope width of 20 m.
Only blocks in the model that were
classified as Measured or Indicated were
included in the optimization process.
Based on the geotechnical data and a
dilution analysis conducted by Mining One
(Hamman and Roe 2013), dilution
between 0.0 m and 0.5 m could be
expected for the spans generated. A
dilution skin of 0.5 m was added to all
stope shapes created within the MSO
process. The grade of the dilution is based
on the grade within the resource block
model, but was nominally 0.05% Sn. This
dilution is included in the stope tonnes
estimated by MSO.
In the mine schedule, a large percentage
of the stopes will be mined adjacent to
paste fill. A further dilution of 5% of the



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Criteria JORC Code explanation Commentary
stope design tonnes has been applied to
take into account dilution from pastefill.
Based on the long hole open stoping
mining method being used and the
mechanized remote loading equipment
used, a mining recovery of 95% has been
used, that is 95% of stope tonnes plus
dilution tonnes.
The MSO process has only used Measured
and Indicated Resources in the stope
delineation process. No Inferred Resources
have been used in the mine schedule and
cost model to determine the economics of
the life of mine schedule.
This mining method uses pastefill to fill the
voids. A pastefill plant has been designed
and costed by CPC Engineering, based on
pastefill requirements estimated by
Mining One. All capital development for
the life of mine has been designed and
costed by Mining One, along with the life
of mine ventilation and pumping
infrastructure. Underground and surface
explosive magazines and surface office and
maintenance workshops have also been
designed and included in the overall costs.
Metallurgical
factors or
assumptions
The metallurgical process proposed and the
appropriateness of that process to the style of
mineralisation.
Whether the metallurgical process is well-
tested technology or novel in nature.
The nature, amount and representativeness of
metallurgical test work undertaken, the
nature of the metallurgical domaining applied
and the corresponding metallurgical recovery
factors applied.
Any assumptions or allowances made for
deleterious elements.
The existence of any bulk sample or pilot scale
test work and the degree to which such
samples are considered representative of the
orebody as a whole.
For minerals that are defined by a
specification, has the ore reserve estimation
been based on the appropriate mineralogy to
meet the specifications?
DRA Pacific have designed a metallurgical
process that includes:
o Three stage crushing and screening
o Primary grinding using an open circuit
rod mill feeding a closed circuit ball
mill;
o Coarse, medium and fine gravity
separation using spirals and wet
tables;
o Gravity middlings regrind and
recycle;
o Flotation of deslimed fine cassiterite
followed by concentrate upgrade
using centrifugal concentration;
o Gravity concentrates upgrade by
sulphide flotation and magnetic
separation of susceptible gangue;
o Concentrate filtration;
o Concentrate packaging in sealed sea
containers and despatch; and
o Tailings thickening and disposal to an
underground paste backfill plant and
TMF.
The metallurgical process is based on
substantial testwork during several
testwork campaigns. This test work has
been discussed in the Achmmach Tin
Project Prefeasibility Study by Kasbah
Resources Limited, May 2012, along with
additional testwork presented in the
Achmmach Tin Project Definitive
Feasibility Study by Kasbah Resources
Limited, March 2014.



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Criteria JORC Code explanation Commentary
Recovery through the gravity and tin
dressing circuit is 58.8% at a concentrate
grade of 55% Sn. Recovery through the
ultrafine cassiterite flotation circuit is
11.5% at a concentrate grade of 50% Sn.
Overall Sn recovery to final concentrate is
70.3% at a concentrate grade of 54.5% Sn.
Based on treatment/refinery quotations
received from two refineries, a penalty of
1.14% is applied for Fe/WO3 within the
concentrate and impurity charges of
$69.68 per tonne of concentrate are
applied to the Pb, Sb, Bi, As, Zn and S
within the concentrate.
In the DFS a six tonne bulk sample was
taken from crushed rejects from the
Mekns zone, which is representative of
the ore mined during the life of mine. This
sample was split to three tonnes and was
used by several internationally renowned
metallurgical laboratories to confirm the
process flowsheet. The results of this test
work is presented in the Achmmach Tin
Project Definitive Feasibility Study by
Kasbah Resources Limited, March 2014.
Physical characterisation of the Mekns
Zone and greater Mekns Trend indicate
the requirement for a high-powered
comminution circuit. The Achmmach ore
has a compressive strength typical of
basalts, granites and dolomites. Crushing
indices indicate a strong to very strong ore
while high rod and ball mill work indices
indicate large mills capable of significant
power draw will be required. Abrasion
indices of the altered sandstone material
are characteristically high and this will
have a bearing on the selection of
materials of construction and crusher and
mill lining systems for a future ore
handling and comminution system.
The ore reserve estimation is based on
total tin grade. There is no distinction
between cassiterite and stannite (trace
amounts only).
Environmental The status of studies of potential
environmental impacts of the mining and
processing operation. Details of waste rock
characterisation and the consideration of
potential sites, status of design options
considered and, where applicable, the status
of approvals for process residue storage and
waste dumps should be reported.
An Environmental and Social Impact
Assessment (ESIA) scoping report was
prepared in 2011 and presented to the
National Committee for Environmental
Impact Assessments (CNEIE) on the
15 June 2011 and the committee accepted
the report and issued Terms of Reference
for the Environmental Impact Assessment.
The ESIA was carried out during the period
May 2011 to June 2013 and included
carrying out a two season environmental
baseline survey, the first in May 2011 and
the second in October 2011. A draft Final
ESIA prepared as part of the Preliminary
Feasibility Study (PFS) was submitted to
the CNEIE in September 2012. A second
version of the ESIA has been prepared as
part of the Definitive Feasibility Study



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Criteria JORC Code explanation Commentary
(DFS). This includes the findings of the
social baseline survey that was carried out
in April 2013. The present document
integrates the answers to the CNEIE
comments raised after its subsequent
review in October 2013. The report was
prepared by Artelia Eau & Environnement,
January 2014. The report was prepared in
compliance with Moroccos environmental
regulations.
The ore contains traces of sulphides, which
when discharged to the tailings
management facility could be a source of
acid seepage. To mitigate acid seepage,
the ore treatment process has been
designed to remove most of the sulphides,
which will be isolated and disposed of to
secure zones in exhausted areas of the
underground workings in combination
with cemented paste backfill. In addition,
the tailings will be dosed with an excess of
limestone neutralizing agent to ensure
acid generation cannot occur. As a matter
of standard practice the tailings
management facility will be designed with
a system to collect and recycle the small
quantity of resultant lixiviate (seepage
water) to the ore processing unit. Seepage
from beneath the TMF is expected to
follow natural bedrock downstream of the
TMF where it will be captured in a seepage
pond.
Stockpiles of ore, mine waste dumps and
the tailings management facility will be
equipped with toe drains and sediment
traps to prevent rainwater runoff from
transporting sediment and fine rock
material into the watercourses situated
near the facilities. As a rule drainage from
stockpiles will be directed to the TMF or
the water storage dam (WSD).
In the next stage in the ESIA process,
public participation was conducted in line
with Moroccan Decree n 2-04-564
regarding public involvement during
July 2013. This requires that an ESIA
summary document be presented in a
public hearing, and that the findings of the
public hearing be taken into consideration
by the National Committee for
Environmental Impact Assessment when
approving the report. The findings of the
public enquiry were reported to the CNEIE
by the Provincial Administration.
The CNEIE reviewed the final version of
the ESIA on 11 March 2014 and issued its
approval of the report at that meeting.
Infrastructure The existence of appropriate infrastructure:
availability of land for plant development,
power, water, transportation (particularly for
bulk commodities), labour, accommodation;
or the ease with which the infrastructure can
be provided, or accessed.
Achmmach is covered by two exploitation
permits (PE2912 and PE193172) held 100%
by Kasbah covering a total area of 32 km
2

Achmmach will be serviced by the cities of
Khemisset, El Hajeb and Mekns, with
significant freight services and operating



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Criteria JORC Code explanation Commentary
supplies being drawn from within Morocco
via Rabat.
Key expatriate and some senior Moroccan
staff will be accommodated at the project
site. Other mining and operations
personnel will be bussed on a daily basis
from cities and towns including Khemisset,
Mekns, El Hajeb, Agourai and Ras Jerri.
Past and contemporary forestry activities
in the Achmmach area have resulted in the
establishment of reasonably good
unsealed road access to Achmmach. The
early exploration and sampling
programmes carried out by the BRPM
have established the presence of a ground
water source at the depth of the existing
mine workings. The existing El Hammam
fluorite mine to the west of Achmmach is
serviced by a 22 kV aerial power line that
runs through the Northern Zone of the
Achmmach Project area and parallel to
and about 200 m to the north of the
identified Mekns structure.
A precursor to obtaining permission to
develop the Achmmach deposit is the
establishment of land rental agreements
with the Forestry department. Kasbah has
lodged the necessary documentation with
both the local Cad and the local Forestry
office.
A Golder & Associates water balance
model in the PFS highlighted that the
water from existing bores would only
supply 8 L/s or 40% of the project water
requirements. Kasbah will develop bore
capacity to support start-up water
requirements and to provide insurance
against extraordinarily dry periods.
The Water Storage Dam will provide the
bulk of the project water requirements. It
will be located directly upstream of the
proposed TMF where a cross valley,
earthen embankment will be constructed.
The WSD will collect run-off during the
winter. Golder has estimated water
harvesting will normally be sufficient to
support year round project operation.
Morocco's electrical power supply is
generated, distributed and transmitted by
the state-owned company, Office National
de Electricit et de Eau Potable (ONEE),
which will provide power to the
Achmmach Project. A 60 kV power line
will be constructed, originating at Toulal
(225/60 kV) near Mekns and traversing a
distance of 44 km via Ras Jerry to
Achmmach. This line will be used to
provide 20 MVA to the mine, with future
allowance of an additional 20 MVA. Local
communities will also benefit from this
power line.
Costs The derivation of, or assumptions made,
regarding projected capital costs in the
Capital cost estimates for the mine have
been made based on quotations and



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Criteria JORC Code explanation Commentary
study.
The methodology used to estimate operating
costs.
Allowances made for the content of
deleterious elements.
The derivation of assumptions made of metal
or commodity price(s), for the principal
minerals and co- products.
The source of exchange rates used in the
study.
Derivation of transportation charges.
The basis for forecasting or source of
treatment and refining charges, penalties for
failure to meet specification, etc.
The allowances made for royalties payable,
both Government and private.
include estimations of the relevant
establishment costs. Where possible these
estimates have been based on quotes
from Moroccan suppliers. In the cases
where suppliers have failed to provide
estimates in a timely manner Australian
and South African based suppliers have
been used.
The cost estimation for the excavation of
box-cuts and establishment of portals are
based on quotes provided by a specialist
civil works contractor based in Morocco.
The cost estimation for all underground
development was based on first principles
approach.
Pastefill plant and surface reticulation was
designed and estimated by CPC
Engineering. CPC utilised vendor
quotations for the supply of major
equipment items. Civil and construction
costs were based on Moroccan rates
obtained by DRA.
DRA employed vendor equipment quotes
and Moroccan based civil and construction
rates to prepare the processing plant
capital estimate. DRA completed a visit to
Morocco in January 2013 to establish
contact with relevant contractors and
service providers to the mining industry.
Where possible, 30 day quotes from
Moroccan Suppliers have been used as the
basis of the mine operating cost estimate.
Mining One conducted two separate trips
to Morocco to meet with suppliers in
order to assess the capability of suppliers
and to obtain firm quotes for key items
and consumables. Where pricing
information from Moroccan suppliers has
not been obtained, Mining One have used
an alternative source (usually an Australian
supplier) for the purpose of estimation.
The mine operating cost have been
estimated from first principals.
Maintenance costs were provided by the
relevant equipment suppliers. These costs
were provided in Australian dollars and are
the average expected unit costs for each
piece of equipment over its expected life.
Replacement or rebuild costs were
included where relevant. These estimates
were audited by an independent
maintenance expert.
DRA provided inputs to the costs of
consumables and maintenance based on
vendor quotes. Kasbah Resources Limited
provided operating cost inputs for labour,
power, concentrate shipping and smelting
and in-country corporate costs.
An allowance for deleterious elements is
based on treatment/refinery quotations
received from two refineries, a penalty of
1.14% is applied for Fe/WO3 within the
concentrate and impurity charges of



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Criteria JORC Code explanation Commentary
$69.68/t of concentrate are applied to the
Pb, Sb, Bi, As, Zn and S within the
concentrate.
A tin price of US$23 000/t has been used.
This figure is based on the LME cash price
prevailing on 12 March 2014.
All costs have been given in US dollars
(USD). Where quotes have been obtained
in a different currency the relevant
exchange rate was applied. Exchange rates
for overall project cost reporting were set
by Optimum Capital as at 31 January 2014.
Kasbah have stipulated that no inflation on
prices be applied.
Shipping costs are based on the transport
of 20 t containers to an Asian based
smelter and a quote provided by Lasry of
Agadir, Morocco. Shipping costs are
estimated to be US$1928/20 t container.
Treatment and refining charges are based
on quotations from two refineries, along
with the impurity charges.
The Moroccan government royalty
payment is 3% of net smelter return. There
are no private royalties that need to be
considered.
Revenue factors The derivation of, or assumptions made
regarding revenue factors including head
grade, metal or commodity price(s) exchange
rates, transportation and treatment charges,
penalties, net smelter returns, etc.
The head grade is based on a cut-off grade
of 0.55% Sn for all stope ore and a cut-off
grade of 0.3% Sn for low grade
development ore which will be stockpiled
separately and treated at the end of the
mine life.
The derivation of metal price, exchange
rates transportation and treatment
charges and penalties are discussed under
Metallurgical factors and Costs above.
Market
assessment
The demand, supply and stock situation for
the particular commodity, consumption
trends and factors likely to affect supply and
demand into the future.
A customer and competitor analysis along
with the identification of likely market
windows for the product.
Price and volume forecasts and the basis for
these forecasts.
For industrial minerals the customer
specification, testing and acceptance
requirements prior to a supply contract.
The following comments are based on a
market assessment by Kasbah Resources
Limited and are drawn from market
assessments published by ITRI, CRU and
BNPP.
In 2013 total global refined tin production
was reported by the CRU in February 2014
as approximately 337 700 t. World
consumption was approximately 349 200 t
with a market deficit of 11 500 t for 2013.
LME stocks at the end of 2013 equated to
approximately 3.7 weeks of demand.
The CRU expects further growth in
demand for tin during 2014 in line with the
growth trend in the global electronics
industry. Industry consultants Henderson
Ventures forecasts a 6.2% increase in
Chinese electronic equipment production
in 2014, contributing to a 4.7% global
growth, with faster increases to be seen in
2015-2016.
ITRI has stated that Indonesian production
is expected to decline from 97 000 t in
2012 to around 70 000 t/a over the next
five years, while Chinese production will
probably remain stable at some
95 000 t/a.



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Criteria JORC Code explanation Commentary
Industry analysts such as BNP Paribas
(BNPP) follow the tin sector closely. In its
most recent note of 30 January 2014,
BNPP points to continued tightness in the
tin market and forecast a price target of
US$25 000/t for the LME price in H2, 2014.
Economic The inputs to the economic analysis to
produce the net present value (NPV) in the
study, the source and confidence of these
economic inputs including estimated
inflation, discount rate, etc.
NPV ranges and sensitivity to variations in
the significant assumptions and inputs.
The economic analysis is based on a life of
mine production schedule compiled by
Mining One. This production schedule
consists wholly of Proved and Probable
Ore Reserves. No Inferred Resources or
unclassified material is included in the
schedule.
Capital costs are based on quotations
provided by suppliers and Original
Equipment Manufacturers.
Operating costs are based on quotations
from suppliers and Original Equipment
Manufacturers and have been used to
estimate mining and processing costs
based on first principal estimations.
The cost estimates are to the accuracy of
15% in accordance with guidelines
published in Cost Estimation Handbook,
AusIMM 1993
A project discount rate of 8% annually has
been used to estimate the NPV.
No inflation is included in the economic
analysis.
Social The status of agreements with key
stakeholders and matters leading to social
licence to operate.
ESIA has been approved by the CNEIE
Tenement licences are current
Land rental agreement process is in
progress
Forestry occupation permit under
application
Other To the extent relevant, the impact of the
following on the project and/or on the
estimation and classification of the Ore
Reserves:
Any identified material naturally occurring
risks.
The status of material legal agreements and
marketing arrangements.
The status of governmental agreements and
approvals critical to the viability of the
project, such as mineral tenement status,
and government and statutory approvals.
There must be reasonable grounds to expect
that all necessary Government approvals will
be received within the timeframes
anticipated in the Pre-Feasibility or Feasibility
study. Highlight and discuss the materiality
of any unresolved matter that is dependent
on a third party on which extraction of the
reserve is contingent.
No naturally occurring risks attributable to
climatic or seismic conditions have been
identified
Moroccan Project operating company
Atlas Tin SAS has been formed in
accordance with Moroccan procedures. JV
shareholder agreement currently being
finalised
Investment convention application has
been lodged
Government approvals are in progress as
above. Kasbah expects all approvals to be
received in a timely manner



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Criteria JORC Code explanation Commentary
Classification The basis for the classification of the Ore
Reserves into varying confidence categories.
Whether the result appropriately reflects the
Competent Persons view of the deposit.
The proportion of Probable Ore Reserves that
have been derived from Measured Mineral
Resources (if any).
The Ore Reserve estimate is based on the
published Mineral Resource estimate
dated September 2013, as reported by QG.
Based on the Datamine Minable Shape
Optimiser process approximately 89% of
the Measured Mineral Resource has been
converted to a Proved Ore Reserve and
approximately 57% of the Indicated
Mineral Resource has been converted to a
Probable Ore Reserve.
This conversion appropriately reflects the
Competent Persons view of the
Achmmach tin deposit.
100% of the Probable Ore Reserves are
derived from Indicated Mineral Resources.
Audits or
reviews
The results of any audits or reviews of Ore
Reserve estimates.
The ore reserve estimate, along with the
mine design and life of mine plan has been
peer reviewed by Mining One personnel.
Discussion of
relative
accuracy/
confidence
Where appropriate a statement of the
relative accuracy and confidence level in the
Ore Reserve estimate using an approach or
procedure deemed appropriate by the
Competent Person. For example, the
application of statistical or geostatistical
procedures to quantify the relative accuracy
of the reserve within stated confidence limits,
or, if such an approach is not deemed
appropriate, a qualitative discussion of the
factors which could affect the relative
accuracy and confidence of the estimate.
The statement should specify whether it
relates to global or local estimates, and, if
local, state the relevant tonnages, which
should be relevant to technical and economic
evaluation. Documentation should include
assumptions made and the procedures used.
Accuracy and confidence discussions should
extend to specific discussions of any applied
Modifying Factors that may have a material
impact on Ore Reserve viability, or for which
there are remaining areas of uncertainty at
the current study stage.
It is recognised that this may not be possible
or appropriate in all circumstances. These
statements of relative accuracy and
confidence of the estimate should be
compared with production data, where
available.
The ore reserve estimate is based on
appropriate geotechnical analysis to derive
the mine design factors for creating MSO
stope shapes.
The life of mine schedule has been created
using the Mine 2-4D EPS scheduling
software. The scheduling parameters are
based on local productivities where
available and on the professional opinion /
experience of Mining One personnel.