Mato Bula Gold Copper and Da Tambuk Gold Projects
The Adyabo Project Mato Bula and Da Tambuk deposits are high sulphidation gold rich VMS. This submarine porphyry-related system is located in the southern part of the Arabian-Nubian Shield (ANS) in the Tigray region of northern Ethiopia. Mining licences have been received that cover both deposits on Adyabo, Mato Bula Au-Cu-Ag and Da Tambuk Au.
Tibet Huayu Mining Co. Limited (“THM”) is be responsible for 100% financing of both Adyabo’s Mato Bula and Da Tambuk mine construction costs resulting in a 70% THM and 30% EAM ownership.
In April 2018, Preliminary Economic Assessment (PEA) results were released on the Mato Bula Gold Copper and Da Tambuk Gold Projects, indicating very strong project economics. For Mato Bula, the post-tax NPV is US$56.7 million (8% discount rate), and an IRR of 28.4%. For Da Tambuk, the post-tax NPV is US$13.0 million, with an IRR of 28.6%.