Osino Announces Definitive Feasibility Study Results for Twin Hills Gold Project, Namibia US$742m Pre-Tax NPV, 34% IRR, 2.2 Year Payback

Highlights:

• NPV of US$742m (pre-tax) and IRR of 34% at 5% discount rate and US$1750/oz gold price.
• NPV of US$480m (post-tax) and IRR of 28% at 5% discount rate and US$1750/oz gold price.
• At spot gold prices (US$1,950/oz) the project generates just under US$1.5bn of net pre-tax cashflows, demonstrating the strong margins, cash generation potential & economics of the project.
• Overall capital cost of US$365m (incl. US$34m contingency & US$18m capitalised pre-strip) with a payback period of 2.2 years.
• 13-year Life-of-Mine ("LOM") and 5.0 million tonnes per annum ("mtpa") design processing capacity.
• LOM gold recovery of 92% utilising conventional 3-stage crushing, ball milling, gravity separation, pre-oxidation and CIL circuit plus filtration & dry-stack tailings deposition.
• Responsible social and environmental design criteria have been key study elements and have been integral to design and project planning from the outset, contributing considerably to the robustness of the project.
  

Osino will host a webinar to discuss the DFS results, today, June 12, 2023 at 11am ET (8am PT). Register here to participate: Osino DFS Presentation.

VANCOUVER, British Columbia, June 12, 2023 -- Osino Resources Corp. (TSXV:OSI) (FSE:RSR1) (OTCQX:OSIIF) ("Osino" or "the Company") is pleased to announce the results of the definitive feasibility study ("DFS") for Osino's Twin Hills Gold Project ("Twin Hills" or the "Project"), which is located in central Namibia and is being advanced rapidly through accelerated expansion drilling and fast-tracked development studies.

The DFS was prepared by Lycopodium Minerals Canada Ltd. ("Lycopodium") in accordance with National Instrument 43-101-Standards of Disclosure for Mineral Projects ("NI 43-101") and contemplates a low-risk, technically simple open-pit mine utilizing contract mining and feeding a conventional carbon-in-leach ("CIL") metallurgical plant processing 5mtpa of mineralized material.

Heye Daun, Osino's co-founder, President & CEO commented: "We are very pleased with the results of this DFS which confirms Twin Hills as a technically simple, long-life and low-cost gold project with very strong economics and plenty of upside. Now that the DFS has been completed, we will immediately commence with detailed engineering and our vision is to reach a fully financed construction decision by the end of 2023. The results of this DFS demonstrate that Twin Hills is a very robust, cash generative project which will deliver outstanding returns to shareholders once it goes into production, hopefully towards the end of 2025 or early 2026."

The Twin Hills Gold Project is located within Namibia's prospective Damara mineral belt. Twin Hills is a sedimentary-hosted, structurally controlled gold deposit that fits the broad orogenic model and is amenable to conventional open-pit gold mining and carbon-in-leach metallurgical processing. Twin Hills lies in proximity to and along strike of the producing, open-pit Navachab and Otjikoto gold mines.

DFS Overview and Financial Analysis

The table below summarizes the results and key valuation metrics of the DFS on a pre- and post-tax basis.

Table 1: Feasibility Study Economic Assessment Summary

The financial model was completed on a 100% project basis not accounting for potential sources of funding which may include debt. Osino's understanding of current Namibian tax regulations were applied to assess the tax liabilities the model includes a 3% gross royalty (tax deductible) and a 1% export levy to the Namibian government.

The model utilizes a base gold price of US$1750/oz, a ZAR:USD exchange rate of 18.50:1 and a 5% discount rate.

A sensitivity analysis utilizing a range of gold prices and operating variables was completed. The results are tabulated in table 3 on page 4 and 5.

Table 2: Key DFS Operating Assumptions and Economic Parameters

Notes:
1. Mining, processing plus on-site G&A
2. Operating costs plus selling costs, royalties & levies
3. Cash costs plus sustaining capital (incl. closure costs & salvage value)

A summary of the production schedule in tabulated format and cash flow model with key economic results can be viewed in Figure 11 below.

Sensitivity Analysis

An after-tax sensitivity analysis to the key project variables was carried out which indicates that the project is most sensitive to a change in grade or gold recovery, as indicated by the slope of the blue line in the diagram below.

The breakeven (NPV=0) is at a gold price of US$1,230/oz and implies that the capital investment is repaid plus a 5% return using a 5% discount rate. The nominal breakeven (sum of undiscounted cashflows = 0) gold price is US$1,167/oz.

The project is most sensitive to changes in gold grade, with every 5% change in gold grade resulting in a change in NPV of around 15%. This is indicated by the slope of the blue line graph in the diagram below, which confirms that the project NPV is most sensitive to changes in the average gold grade.

Figure 1: Post-Tax Project NPV Sensitivity to Variations in Key Project Parameters at US$1700/oz

Table 3: Two-factor Post-Tax Project NPV Sensitivity Analysis

Table 4: IRR_5% Sensitivity to Gold Price

Mineral Resource Estimate

A total of 225,574m of drilling from 1,069 holes (135,980 m of diamond core from 482 holes and 89,594m of reverse circulation from 586 holes) was completed at Twin Hills since 2019.

Diamond drillholes (DD) range from 63m to 555m in depth, while reverse circulation (RC) holes range from 30m to 260m in depth. The average drilled depth for DD and RC holes is 282m and 153m, respectively. DD holes generally targeted deeper mineralization while RC holes targeted shallower mineralization.

Most of the drillholes were oriented at 160° azimuth and 60° dip, except at Oryx and Kudu where the holes were drilled at 340° azimuth and 60° dip. Both the DD and RC holes were sampled at one-meter intervals at the Osino core-yard in Omaruru and the drill rigs respectively. A sub-sampling process using a riffle splitter was used at the RC drill rig to reduce sample mass.

Sulfide-hosted gold mineralization was interpreted and modelled from a combination of structural and assay data for each of the Twin Hills mineralization domains (Figure 1). The primary mineralization, hosted in meta-greywacke, dips between 60° and 80° and ranges from a few meters to 200m in thickness.

The modelled mineralization includes mineralized intersections, with the geometry guided by local structural trends. A 0.4 g/t Au threshold was used to model the mineralized volumes however a 0.3 g/t Au threshold was used for Twin Hills North for continuity purposes. Most modelled mineralization is overlain by a barren calcrete layer. The mineralization at Kudu and Oryx dips in the opposing direction relative to the mineralization at the main targets.

Gold grade was estimated using localized uniform conditioning (LUC) at Bulge, Twin Hills Central, Clouds and Oryx + Kudu (referred to as Twin Hills West) from 2m composites into 60m x 60m x 5m (XYZ) panels and 5m x 5m x 5m selective mining units (SMU). Ordinary kriging was used for grade estimation at Clouds West and Twin Hills North.

Figure 2: Twin Hills Mineralization Domains in Plan View

Bulk density was determined using an Archimedes-type technique on core and assigned to the model based on oxidation/weathering and lithology, such that calcrete was assigned a density of 2.24 t/m³, oxide 2.57 t/m³, transitional material 2.65 t/m³ and fresh rock 2.76 t/m³.

CIM Definition Standards for Mineral Resources and Mineral Reserves states that a mineral resource is a concentration or occurrence of solid material of economic interest in or on the Earth's crust in such form, grade or quality and quantity that there are reasonable prospects for eventual economic extraction (RPEEE). To satisfy the requirement of RPEEE by open pit mining, reporting pit shells were determined based on conceptual parameters and costs and assuming a gold price of US$1800/oz. gold recovery is planned to be achieved using a conventional crushing, milling, gravity, pre-oxidation and carbon-in-leach (CIL) circuit.

Material within the reporting pit shell was classified according to mineral resource confidence categories defined in CIM Definition Standards for Mineral Resources and Mineral Reserves. Data quality and quantity, geological and grade continuity, and confidence in the grade and density estimates were considered when classifying the mineral resource.

Mineral resources were classified as either Inferred, Indicated or Measured.

Measured mineral resources were classified where the modelled mineralization and grade estimates were supported by infill drilling spaced on a 12.5m x 12.5m grid on surface. Indicated mineral resources were generally classified where the mineralization and estimation are supported by infill drilling at a spacing of 35m x 35m on surface. Inferred mineral resources are classified up to a drill spacing of 50m x 50m and no more than 50 m beyond drilling data (Figure 2).

It is reasonable to expect that the majority of Inferred mineral resources could be upgraded to Indicated mineral resources with continued infill drilling.

Figure 3: Twin Hills Mineral Resource Classification in Plan View

Mineral Resource Statement

The database was established by the collection, validation, recording, storing, and processing of data and forms the foundation for the MRE. Standard operating procedures were established to govern the collection of all data, while a rigorous QAQC program is in place to support the database.

The Mineral Resource meets the minimum requirement of reasonable prospects for eventual economic extraction (RPEEE) as defined by "CIM Definition Standards - For Mineral Resources and Mineral Reserves" and it is based on geological premises, facts, interpretations, and technical information, and used appropriate estimation methods, parameters, and criteria for the deposit under consideration.

The Mineral Resource is that material within the US$1800/oz reporting pit shell above a 0.3 g/t Au cut-off grade and the Mineral Resource Estimate has an effective date of 15 March 2023 (Table 5).

Table 5: Mineral Resource for the Twin Hills Gold Project at a 0.3 g/t Au cut-off by domain, as at 15 March 2023

Notes on mineral resource reporting:

1. Figures have been rounded to the appropriate level of precision for the reporting of mineral resources.
2. Mineral resources are stated as in situ dry tonnes. All figures are in metric tonnes.
3. The mineral resource has been classified under the guidelines of the CIM Definition Standards for Mineral Resources and Mineral Reserves and adopted by the CIM Council, and procedures for classifying the reported mineral resources were undertaken within the context of the Canadian Securities Administrators NI 43-101.
4. The mineral resource is reported within a conceptual pit shell determined using a gold price of US$1,800/oz and conceptual parameters and costs to support assumptions relating to reasonable prospects for eventual economic extraction:
   
   1. 4% royalty (3% government royalty and 1% export levy)
   2. Selling costs of US$2.75/oz
   3. Mining costs of US$2.00/t ore and US$1.85/t waste, with additional cost attributed to depth below surface
   4. Processing and rehandling costs of US$8.15/t run of mine ore
   5. G&A cost of US$4.00/t run of mine ore
   6. Slope angle of 48° in weathered rock and 55° in fresh rock
   7. 90% gold recovery from CIL circuit
5. Mineral resources that are not Mineral Reserves do not have demonstrated economic viability.

Table 6: Mineral Resource Domains for the Twin Hills Gold Project at a 0.3 g/t Au cut-off, as at 15 March 2023

The MRE was carried out by Mr. Anton Geldenhuys (MEng), a registered Professional Natural Scientist (SACNASP, membership number 400313/04) of CSA Global, who is an independent Qualified Person as defined by CIM Definition Standards for Mineral Resources and Mineral Reserves in accordance with NI 43-101.

Mine Design and Production Schedule

The DFS has been conducted using the updated Mineral Resource for the Twin Hills Gold Project prepared by CSA Global Mining Industry Consultants ("CSA"). The study complies with guidelines as defined within NI 43-101 Standards of Disclosure for Mineral Projects for a DFS, a professional code of practice that sets minimum standards for Public Reporting of minerals Exploration Results, Mineral Resources and Ore Reserves and the estimates have been prepared by appropriately experienced and qualified, competent persons with a thorough knowledge of the operation.

Inferred resources were excluded from the pit optimisation runs and the Reserve statement and were classified as waste during the LOM production schedule runs. The deposit is a large, shallow gold deposit amenable to open-pit mining. The orebody will be mined as a conventional shovel and truck operation, with bulk mining augmented by more selective mining in areas with narrow ore zones.

The Whittle pit optimisation was run at a base gold price of $1,700 per ounce of gold and a 5% discount rate and included a 3% gross royalty and 1% export levy to the Namibian government. Stated below in Table 7 are the significant assumptions used to generate the Twin Hills Gold Project DFS Mining Study.

Table 7: Mine Planning and Whittle Pit Optimisation Assumptions

It was assumed that mining would take place by conventional open pit methods and that the whole mining operation, except for the mine technical services function, would be outsourced to a reputable mining contracting specialist. This includes drilling, blasting, loading and hauling of ore and waste. The mining contractor will supply all materials, equipment, facilities and services, supervision and labour necessary to conduct the mining operations per the contract specifications.

Drilling and blasting will be performed on 5m benches for ore and selective waste material; and 10m benches for bulk waste material. The entire waste benches will be excavated in a bulk mining fashion with excavators on two 5.0 m bench flitches. In contrast, the mineralised benches will be selectively loaded in two 2.5m flitches to minimise dilution. The truck and shovel match on the ore and waste benches have been considered and are planned as follows:

• 130t hydraulic backhoe excavator to be employed for selective loading purposes.
• A 200t hydraulic backhoe excavator will load the bulk waste benches.
• 100t capacity, off-highway rigid haul trucks and standard open-pit drilling equipment will be required.
  

Ore and waste will be loaded with hydraulic excavators and hauled by diesel-powered trucks to the primary crusher, ROM pad stockpiles, low-grade stockpiles or waste rock dumps.

The remainder of the mining production fleet consists of support equipment, including graders, track and wheel dozers, front-end loaders, rock breakers, and utility excavators.

The Project is planned as a multi-pit mining operation (Figure 3 below) with seven pushbacks in the main pit (Twin Hills Central & Bulge) three separate satellite pits (Clouds, Clouds West and Twin Hills West) to be mined in different phases throughout the life of mine.

The pit design and scheduling have been undertaken to allow for interim pushbacks, which will be mined early, thereby allowing higher grade to the plant to be maximised in the early years, and waste stripping deferred as far as possible into the future.

Figure 3: Design, Layout and Location of Process Plant, Pit and Waste Rock Dumps

The stockpile strategy is to maintain at least two months of ROM ore on finger stockpiles to allow for flexibility in blending to optimise recovery and plant throughput. The processing plant will continue to process lower-grade stockpiles after open-pit mining ends.

The Twin Hills Gold Project Reserve estimate has been determined and reported under the guidelines provided by NI 43-101 Standards of Disclosure for Mineral Projects. The Ore Reserve, as summarised in Table 8, was determined as of the 31^st of May 2023 based on an economic gold cut-off grade of 0.45 g/t.

Table 8: Twin Hills Gold Project Reserves as of the 31^st of May 2023 (economic cut-off grade of 0.45 g/t)

The DFS mine production schedule was produced with an average material movement of 33.5mtpa (Figure 4), providing approximately 13 years' ore supply at 5 Mtpa. The figures below summarise the LOM production schedule and key production metrics.

Figure 4: Key mining production schedule graphs

The pre-strip period is six months, with a total of 6.79 Mt mined from the first two pushbacks. After the pre-strip period, the ore inventory on the grade control and ROM stockpiles is 0.73 Mt. The plant production ramp-up is three months after commissioning, in line with similar gold plants commissioned by Lycopodium.

Table 9: Key mining parameter results

Metallurgical Testwork

Testwork on drill core and composite samples was conducted during the Preliminary Economic Assessment ("PEA") and Preliminary Feasibility Study ("PFS") stages of this project, and the results of these tests were reported in earlier press releases. The most influential of the PFS results are summarised briefly below, with a short description of additional metallurgical tests that have been completed since the PFS and the results thereof also reported here.

The drill core samples were taken from the Twin Hills Central, Bulge, Clouds, Clouds West and Twin Hills West sections of the ore body. Transitional (oxidised) as well as fresh ore samples were collected, the physical location in three dimensions was varied considerably and both low and high-grade samples, in the context of this ore body, were collected.

During the DFS, the following PFS tests and results were used directly to support the DFS process plant design:

• Bond Crusher. Rod Mill and Ball Mill Work Indices
• Abrasion Index and SMC tests
• Head sample analyses for gold and a full suite of other elements including carbon and sulphur
• Mineralogical investigation of composite head samples of THC, Bulge, Clouds and Transitional core samples
• Diagnostic leach of composite samples, which confirmed that the fresh ore samples typically contained about 5% of gold associated with pyrrhotites and recoverable with pre-oxidation, as well as 5-10% of gold associated with arsenopyrite and about 6% still locked in silicate or other gangue minerals at the target grind size
• Confirmation of gold deportment by size fraction
• Gravity recoverable gold tests, confirming that between 23% and 32% of gold could be recovered, from fresh ore samples, depending on the specific source of the feed sample to GRG. Gold recovery from transitional ore samples was about 18%.
• Grind versus gold recovery tests, to confirm design grind target of 80% passing 63 micron
• Cyanide leach tests of gravity tails which confirm the 24 hours retention time of slurry containing 50% solids
• Pre-oxidation with oxygen in a two pass shear reactor followed by comparative leach tests, confirming that 4 hours of pre-oxidation was beneficial
• Leach tests using site water and tap water and reagent optimisation tests
• Tailings settling and filtration tests.
• Cyanide detoxification tests
  

The most important result from this phase of test work is summarised in the table below showing ultimate gold grade of tailings after the tests listed above.

The recovery of gold from individual blocks or from sections of each pit was modelled following the testwork, using the final gold grades to develop recovery versus head grade algorithms for each portion of the resource. Gold recovery from any part of the ore body was proportional to head grade.

Table 10: Overall LOM Average Gold Recovery for Different Pits (Sections of the Ore Body)

In the plant design and cash flow models these recoveries were discounted by about 0.7% to take account of gold losses in fine carbon and solution associated with filter cake reporting to the tailings storage facility (TSF).

Variability test work was conducted after completion of the PFS, on core samples from diverse locations in the ore body. The results confirmed the flowsheet tested and developed on composite samples and showed that the recovery algorithms developed during the PFS and DFS were valid for each ore type and over the whole range of head grades constituting economically viable ore.

Successful arsenic precipitation tests were conducted following cyanide detoxification, but the mass balances developed for the plant and long-term geochemical leach tests on tailings samples indicated that this circuit was not required in the Twin Hills metallurgical flowsheet.

Filtration tests carried out on tailings samples showed that moisture content of tailings could be reduced to about 15-16% water, using pressure filtration at 6 bar, and that the filtered tailings could be conveyed to the TSF on belt conveyors and deposited in a stable storage facility.

Plant Mineral Processing

The mine production schedule developed for the DFS allows for most of the ore to be direct tipped with the remainder being rehandled into the crusher by a front-end loader.

The Twin Hills Gold Project plant design for this definitive feasibility study (DFS) is based on a flowsheet that comprises three stages of crushing and screening followed by milling and size classification, gravity recovery, a carbon-in-leach (CIL) circuit, carbon elution, and a gold recovery circuit. CIL tailings will be treated in a cyanide destruction circuit followed by thickening and pressure filtration.

Tailings filter cake will be transferred on an overland conveyor for stacking at the dry tailings storage facility (TSF). Some mine waste rock will be delivered to the TSF by dump truck and used in the construction of the outer containment berm of the TSF. The TSF will be lined to prevent seepage of any acid or dissolved arsenic generated after deposition from potentially coming into contact with groundwater.

The key criteria for equipment selection for this DFS were suitability for duty, reliability, and ease of maintenance. The plant layout provides ease of access to all equipment for operating and maintenance requirements, whilst in turn maintaining a layout that will facilitate construction progress in multiple areas concurrently.

The key project design features for the plant were consistent with the test work results summarised above, and included:

• Nominal throughput of 5.0 Mtpa of ore feed.
• A primary gyratory crusher with a crushed coarse ore stockpile providing about 12 hours of surge capacity, secondary and tertiary cone crushing and screening, with an annual utilisation of 6,132 hrs.
• A covered fine ore stockpile providing about 12 hours of surge capacity, followed by a ball mill grinding circuit in closed circuit with hydrocyclones, and a downstream processing plant with an annual utilisation of 8,000 hrs. This includes a cyclone underflow gravity concentration and intensive leach circuit, thickening, pre-oxidation and carbon-in-leach (CIL) plant, cyanide detoxification with possible future arsenic precipitation, tailings thickening and gold elution and recovery operations.
• The pressure filtration circuit and downstream tailings belt conveying, and deposition circuits have been designed for annual utilisation of 7,008 hrs. The circuit therefore includes agitated slurry storage tanks ahead of filtration, providing about 12 hours of surge capacity for tailings thickener underflow.
• Reagent and services make-up, storage and distribution circuits to support all of the processing circuits.
  

An overall process flow diagram depicting the unit operations incorporated in the selected process flowsheet is presented in Figure 9 in the appendix below.

Capital & Operating Cost Estimate

The overall Project capital cost estimate was compiled by Lycopodium, including the cost estimates for a 5mtpa process plant targeting a grind size of 80% passing 63µm. Additional input was sourced from specialists on the tailing storage facility, open pit mine, power supply and non-process infrastructure and Osino have provided project specific estimates of Owner's costs.

Table 11: Summary of Capital Cost Estimate

Process operating costs have been developed by Lycopodium for the life of mine (LOM) blend of mineralized material blends specified by Osino based on the mining and processing schedules developed by the mine planners.

The processing variable operating costs shown in Table 12 have been developed for a plant with an annual throughput equivalent to 5mtpa of fresh mineralized material plant feed at a grind size of 80% passing 63µm, based on a 24-hour per day operation, 365 days per year.

Table 12: Processing Cost Estimate (blended Life of Mine Estimate)

Mining operating costs were estimated based on the envisaged mining contractor's selected equipment fleet and organisational structure. The estimate was done from first principles, using the original equipment manufacturers hourly life cycle cost estimates with the simulated production rates for the primary mining equipment.

Administrative costs were developed by other specialist consultants (non-process infrastructure and power supply, tailings storage facility) or by Osino (G&A labour and expenses). In all cases, the estimates were developed from first principles. The unit operating cost estimates thus derived are summarized in Table 13 below:

Table 13: Plant Operating Cost Estimate Summary

Site Location and Infrastructure

The Twin Hills Project is in central Namibia approximately 20km from the local town of Karibib, and 150km from the capital city, Windhoek. The Project area has access to excellent infrastructure by being in close proximity to Namibia's well-maintained national rail, road and bulk utilities network.

Figure 5: Design, Layout and Location of Process Plant, Pit and Waste Rock Dumps

The Project is located within 5km's of the sealed national highway network, within 20km's of a major high tension overhead power line and within 220km's of the modern seaport of Walvis Bay, to the west of the Project, which is the main logistical port suppling the mining industry in the region. The Project is also within 30km's of the well-established Navachab gold mine, which has been in consistent production since 1989.

The Project is located in arid shrub land and is characterised by moderate relief with local elevations ranging from 900 m to 1,500 m above sea level. The primary economic activities in the Project area are agricultural (cattle ranching and game farming). Local elevations or hills in the Project area are generally associated with marble outcrops and granitic intrusions.

The anticipated infrastructure for the Project includes mine dry facilities, equipment maintenance workshop, refuelling facilities, explosive magazine, office administration facilities, assay laboratory, and warehouse facilities. As well as access roads, stockpiling areas, storm water handling facilities, water supply, power supply network, diesel generators, sewage treatment plant, and waste management facilities.

Field investigations have informed the optimum site layout for the plant, waste dumps and tailings facility.

Mine Power Supply

The Project average power demand has been estimated at about 23.5 MW, which will be supplied from the Namibian grid by a high-voltage overhead powerline to the site switchyard. The national grid connects to the town of Karibib with a 66kV line, which also supplies the Navachab gold mine. Osino has signed an agreement with the national power utility, NamPower, to connect the planned operation into the high voltage power grid.

In March 2022 Osino signed a power-supply agreement ("PSA") with Namibia's parastatal power utility NamPower (Pty) Ltd ("NamPower"). The agreement is to supply a minimum of 16MW through a dedicated 66kV feeder bay and overhead lines from the new Erongo substation at Karibib town, approximately 20km from the project site. The terms of the agreement also stipulate that grid power supply is subject to a 36 to 48-month NamPower procurement and construction lead time and Osino have paid NAD12m capital contribution to NamPower for the connection. The project has subsequently applied to increase maximum demand from the substation to 30MW and intend to fast track the development of the substation and transmission infrastructure in line with the project development timeframe.

In addition to the grid power supply, Osino has engaged a specialist consultancy to assist in designing and procuring a large-scale photovoltaic power supply. The study has undertaken various trade-offs and determined that a 25.5 - 27.1 MWac PV configuration would be the preferred option showing optimum results for a 35% renewable energy share. Inclusion of a solar PV plant is planned to be facilitated through an Independent Power Producer, through a private power purchase agreement, and will yield an energy tariff that is lower than that of the grid connection; this not only reduces the operational cost of the Project, but also provides a certain level of risk mitigation against grid tariff escalation. In addition, it is anticipated that the total greenhouse gas emissions from the Project will be reduced by 19.9kt annually, compared to a 100% coal fired generation system.

Site Water Balance and Mine Water Supply

The site water balance based on a process throughput of 5 million tonnes per annum (Mtpa) has a water demand of approximately 1.1m m³/yr. The process design aims to maximise the re-use of water by recycling process solutions wherever possible through filtration systems in the plant.

It is assumed that approximately 85% of the water contained in tailings is recycled at the plant and the remaining water is lost in the filtered tailings cake sent to the tailings storage facility. The water balance assumed that a portion of the demand would be lost at the plant and a further amount used for dust suppression. It assumes full evaporation rates at the open pits at start of operation. The site water balance indicates that the processing cycle is in a water deficit and requires water from external source such as fresh water, groundwater, or other recycled source.

Several options are advanced to supply additional mine make up water to compensate for the water deficit but also to alleviate reliance on a single source supply. The following options are envisaged for water supply to the mine:

• The primary water source is from boreholes pumping groundwater from the Karibib marble to supply approximately 3,300m³/day, or 1.1m m³/yr. This supply strategy is based on sustainable yields tested during the field program and will be supplemented by pit dewatering later on in the LOM.
• Khan River sand and river dams with groundwater recharge sites to increase the sustainability of groundwater abstraction on site, with excess seasonal water to be used directly in the plant process.
• Okawayo flood mitigation dam and diversion:
  • Okawayo managed aquifer recharge scheme: Modelling of the potential long-term yield of this option is ongoing and is also likely to increase sustainability of the groundwater on the southern marbles.
  • Okawayo surface water diversion to Clouds West Pit: This pit will be mined in Year 1, and thereafter water from seasonal flow will be diverted and stored in the completed pit to be used directly in the plant process.
• NamWater scheme bulk supply: an investigation into the sustainable yield of the Kranzberg aquifer indicates significant alluvial aquifer potential. The scheme would require installing a 30km long pipeline between Kranzberg and Karibib.
• Karibib wastewater scheme supply: This option is being investigated in partnership with the town council and could supply up to approximately 150,000 m³/yr at current population estimate to 200,000 m³/yr depending on the population growth.
  

The potential of the Khan and Okawayo managed aquifer recharge schemes sustainable yields are to be further studied and confirmed. These alternative water supply options are envisaged as longer term strategy to lower reliance on national water schemes.

Environmental and Permitting

Environmental Compliance Consultancy (ECC) was contracted by Osino, to undertake an environmental and social impact assessment (ESIA) for the Twin Hills Project Mining Licence 238 (ML 238). The ESIA was undertaken to international IFC lender standards, and completed with an environmental and social management plan (ESMP). The ESIA report detailed the assessment process, legal requirements, baseline studies, design considerations related to environmental, social, and economic aspects of the Project, related impacts of the Project activities on the area, and outlines mitigation strategies to manage those impacts.

The ESIA was prepared to obtain an environmental clearance certificate (ECC) for the project from the Namibian authorities and to supplement technical reports providing environmental, permitting, social and compliance components for the project feasibility study.

Environmental approval was received for the project from the Namibian government on the 3rd November 2022 and remains valid for legal duration of the Namibian environmental approvals which is three years. This clearance is renewable every three-year cycle through demonstration project compliance to the approval granted.

All relevant secondary permits are in the process of being obtained as required by the Namibian authorities. The first application to be submitted is for the Land Clearing Permit which will be required for early works.

Risks & Opportunities

A number of significant project improvement opportunities have been identified as part of this DFS, including the following:

• Possible extension of mineral resources along strike and down dip to increase life of mine
• Possible further optimization of the process flowsheet and major equipment selection. In particular, tailings filtration and comminution circuit optimization may result in significant capital cost savings
• Increase in percentage of renewable power, to reduce power cost and increase supply confidence
• Possible increase in gold recovery by modifying the flowsheet to process sulphides more effectively
• Possible buy out options for Osino to take over the mining operations, renewable power plant and laboratory. This would result in an increase in capital but also a concomitant reduction in operating costs
• Developing the Kranzberg aquifer or Khan River managed aquifer recharge projects would improve water availability for the local community as well as the mine and plant.

The key project risk that have been identified are as follows:

• Possible delays in the procurement and construction of the Erongo sub-station, causing a possible delay in the connection to grid power for mine start-up.
• Community discontent due to social impact as a result of mine construction (influx of people, pressure on resources, insufficient local employment)
• Insufficient ground water available to commence mining operations.
• Capital or operating cost increases due to new external supply or logistics factors

Proposed Project Development Plan

Osino's intention is to continue to fast-track the development of the Twin Hills project. The next steps expected to be completed include the following main activities:

• The project execution plan and schedule produced during the DFS will be enhanced.
• Front end engineering design (FEED) proposals from two companies have been evaluated and one of these companies will be appointed early in the third quarter of 2023.
• In parallel with FEED, prepare a detailed operational readiness plan for the project.
• Establish the core project implementation Owner's and EPCM teams.
• Set up the procedures, detailed schedule, control budget estimate and plans for project implementation.
• Initiate preparatory earthworks on site as well as access road design and approvals.

The objectives of FEED are:

• Optimise the project design criteria to match the latest technical input data.
• Extend the DFS designs to include standard basic engineering package deliverables.
• Tighten DFS capital and operating cost estimate ranges by conducting enhanced design work and extended discussions with key vendors.
• Confirm major equipment vendors, service suppliers and contractors.
• Update DFS site and plant layouts as well as material take offs and bills of quantity.
  

Responsible Mining

Osino's approach to sustainability is driven by its core philosophy, which is "to build value for all stakeholders". This is demonstrated through a number of initiatives, highlighting the company's commitment in real terms. As the project progresses these initiatives will be increasingly developed and expanded upon and they currently serve as a well-considered foundation for future environmental and social programs.

Other key initiatives which are currently underway, include:

• Employee housing: A comprehensive housing plan is near complete. Priorities of the plan are to ensure the availability of decent and affordable housing for employees. This will serve to improve the quality of life for lower-level employees and minimize the social impacts and infrastructure demands, within host communities.
• Infrastructure design: Conceptual plans that are environmentally sensitive have been developed to reduce the impacts of infrastructure during construction and operation. The utilization of local skills and in-situ building materials (such as calcrete, waste marble and sand), in order to maximize local beneficiation for communities during construction, is central to the design and planning approach.
• Community development: The Twin Hills Trust, supported by a growing number of service providers, is expected to significantly expand its development work in its host communities and beyond.
• Local hiring and procurement: A local community hiring and skills development program and a local procurement and supplier identification program is being developed.
• Land management: A management plan that addresses responsible environmental stewardship, land improvement, environmental research and education, community-based conservation and post-mine closure opportunities is currently being developed.
  

The 2021 Sustainably Report provides more information, and the DFS Report and the 2022 Sustainability Report (currently in production) will provide further details.

Interpretation and Conclusions

Lycopodium's conclusion was that the Twin Hills Gold Project DFS is a low technical risk conventional open pit mine and carbon-in-leach processing facility with a flowsheet which is based on unit operations that are proven in industry.

An economic analysis of the mine schedule generated from the DFS resource model has shown financial viability of the project at a gold price of US$1750/oz, and the sensitivity analysis has demonstrated continued profitability against changes in key project parameters at different gold prices.

A review of the outcomes of the DFS analysis indicates that the project is robust and has no fatal flaws, and it is therefore recommended that the project is progressed to the FEED.

Figure 7: Twin Hills Gold Project Process Plant Flow Diagram

Figure 8: Twin Hills Gold Project: Process Plant General Arrangement Plan4

Figure 9: Processing Plant 3D Model and Isometric View

Figure 10: Site Layout

Figure 11: Life of Mine Production Schedule

Qualified Persons & Technical Report

The qualified persons within the meaning of NI 43-101 who will prepare the technical report on the DFS in accordance with the disclosure and reporting requirements of NI 43-101 consists of Robert Armstrong, PrSciNat, SRK Consulting (Pty) Ltd as to mining geotechnical, Paul-Johan Aucamp, MSc, Pr Sci Nat, Principal Engineering Geologist, Associate Partner SRK Consulting (Pty) Ltd; Ms. Veronique Daigle, Pr. Eng. Lead Engineer and Director of Knight Piésold Consulting (Pty) Ltd (Namibia), Anton Geldenhuys, MGSSA PrSciNat, Principal Resource Consultant, CSA Global South Africa (Pty) Ltd. as to resource estimates; Ruan Venter, Senior Process Consultant, Lycopodium Minerals Canada Ltd. as to metallurgy; Mr. Werner Moeller, MAusIMM, Director and Principal Mining Engineering Consultant, Qubeka Mining Consultants CC as to mining; Georgi Doundarov, M.Sc., P.Eng., PMP, CCP, Lycopodium Minerals Canada Ltd. as to economic evaluation; Diana Duthe, M.Sc., PrSciNat, Lead Hydrogeologist, Knight Piesold Consulting as to hydrogeology; Mr. Rob Welsh B.Sc., Pr. Eng., SMSAIEE, DRA Projects Pty Ltd as to non-process infrastructure and Mr. Luke Towers, PrSciNat, as to social and environmental. Mr. Aucamp, Mr. Armstrong, Ms. Daigle, Mr. Geldenhuys, Mr. Venter, Mr. Moeller, Mr. Doundarov, Ms. Duthe, Mr. Towers and Mr. Welsh are qualified persons who are independent of Osino under NI 43-101. The scientific and technical information contained in this news release has been reviewed and approved by Mr. Aucamp, Mr. Armstrong, Ms. Daigle, Mr. Geldenhuys, Mr. Towers, Mr. Venter, Mr. Moeller, Mr. Doundarov, Ms. Duthe and Mr. Welsh in their respective areas of expertise.

Robert Armstrong

Mr. Robert Armstrong is a Principal Consultant and Partner of SRK Consulting (South Africa) (Pty) Ltd. and holds a BSc (Hons) in Mining and Exploration Geology from The University of the Witwatersrand (South Africa). He is a Fellow in good standing of the Geological Society of South Africa, a Member in good standing of the South African National Institute of Rock Engineering, a holder of a South African Chamber of Mines Rock Engineering Certificate and a registered Professional Natural Scientist (PrSciNat) with the South African Council for Natural Scientific Professions (SACNASP, membership number 400073/09). He has over 20 years' continuous professional experience in project and operational mining geotechnical studies. He is familiar with NI 43-101 and, by reason of his education, experience and professional registrations, he fulfils the requirements of an independent Qualified Person as defined in NI 43-101.

Paul-Johan Aucamp

Mr. Aucamp is a Principal Consultant and Partner of SRK Consulting (South Africa) (Pty) Ltd ('SRK Consulting') and a registered Professional Natural Scientist (PrSciNat) with the South African Council for Natural Scientific Professions (SACNASP, membership number 400422/04). He holds and MSc in Engineering and Environmental Geology from The University of Pretoria. He has over 20 years of continuous consulting experience in the field of engineering and environmental geology. He has no material present or contingent interest in the outcome of this report, nor does he have any pecuniary or other interest that could be reasonably regarded as being capable of affecting his independence in the preparation of this report. SRK Consulting has contributed to this report in return for professional fees based upon agreed commercial rates and the payment of these fees is in no way contingent on the results of this report. No member or employee of SRK Consulting is, or is intended to be, a director, officer, or other direct employee of Osino. No member or employee of SRK Consulting has, or has had, any shareholding in Osino. Furthermore, there is no formal agreement between SRK Consulting and Osino as to Osino providing further work for SRK Consulting.

Veronique Daigle

Ms. Veronique Daigle, Pr. Eng. at Knight Piésold Consulting (Pty) Ltd., is an independent Qualified Person (QP) as defined by CIM Definition Standards for Mineral Resources and Mineral Reserves in accordance with NI 43-101. She is responsible for the tailings storage facility and associated capital costs estimates, as well as operating costs. She is a Lead Engineer and Director of Knight Piésold Consulting (Pty) Ltd (Namibia) and registered member of the Engineering Council of Namibia (license number PE2017-19). She is also member in good standing with the South African Committee on Large Dams, the Canadian Dam Association, and the Ordre des Ingénieurs du Quebec, Canada (member no 143 74). She has visited the Project site prior to the initiation of the Definitive Feasibility Study in November 2022; and is familiar with the general lay of land. She has 17 years of continuous experience in tailings, geotechnical engineering and water management employed at Knight Piésold.

Georgi Doundarov

Mr. Georgi Doundarov is Senior Study Manager of Lycopodium Minerals Canada Ltd. based in Mississauga, Canada. He holds a M.Eng. degree in Infrastructure Management and Metallurgy (2005) from Yokohama National University, a MSc degree in Mineral Processing and Metallurgy (1996) and a BSc degree in Mineral Processing (1995) from University of Mining and Geology in Sofia, Bulgaria. He is a member in good standing with the Professional Engineers Ontario (P.Eng. nr. 100107167), Project Management Institute (Project Management Professional nr. 1218345), and the Association for Advancement of Cost Engineering International (Certified Cost Professional nr. 42319). Mr. Doundarov has practised as an engineer continuously since 1996 and has over 28 years managerial, operations, technical, project, and financial engineering experience globally in mining, mineral processing and metallurgy. He is familiar with Ni 43-101 and, by reason of his education, experience and professional registrations, he fulfils the requirements of a Qualified Person as defined in NI 43-101. He has reviewed and approved the scientific and technical information in this news release related to economic evaluation.

Diana Duthe

Ms. Diana Duthe is Lead Hydrogeologist of Knight Piesold Consulting based in Sandton, South Africa. She holds a BSc (Hons) degree in Geology (1985) from the University of Witwatersrand, South Africa and a MSc degree in Hydrogeology (1991) from the University of Neuchatel, Switzerland. She is a member in good standing of the Professional Registration of South African Council for Natural Scientific Professions (PrSciNat nr. 400091/01) and the Groundwater Section of the South African Geological Society. Ms. Duthe has practised as a scientist continuously since 1985 with over 30 years of consulting experience in the field of geology, geochemistry, and hydrogeology. She is familiar with NI 43-101 and, by reason of her education, experience and professional registrations, she fulfils the requirements of a Qualified Person as defined in NI 43-101. She has reviewed and approved the scientific and technical information in this news release related to hydrogeology.

Anton Geldenhuys

Mr. Anton Geldenhuys is a Principal Consultant of CSA Global South Africa (Pty) Ltd. and holds a BSc (Hons) Geology degree from Rand Afrikaans University (South Africa) and an MEng from the University of the Witwatersrand (South Africa). He is a member in good standing of the Geological Society of South Africa and a registered Professional Natural Scientist (PrSciNat) with the South African Council for Natural Scientific Professions (SACNASP, membership number 400313/04). He has over 20 years' continuous professional experience in exploration, mineral resource development, and evaluation of mining projects. He is familiar with Ni 43-101 and, by reason of his education, experience and professional registrations, he fulfils the requirements of a Qualified Person as defined in NI 43-101. He has reviewed and approved the scientific and technical information in this news release related to mineral resources.

Werner Moeller

Mr. Werner Moeller is a Director and Principal Mining Engineering Consultant of Qubeka Mining Consultants CC based in Windhoek, Namibia. He holds a BEng degree in Mining Engineering and a BEng (Hons) degree in Industrial Engineering from the University of Pretoria (South Africa). He is a Fellow of the Australian Institute of Mining and Metallurgy (membership number 329888) and a Member of the South African Institute of Mining and Metallurgy (membership number 704793). Mr Moeller has been practicing his profession continuously since 2002 and has twenty years of mine planning and operations experience across a range of African projects. He is familiar with NI 43-101 and, by reason of education, experience in exploration, mineral resource development, estimation and reporting of ore reserves, evaluation of mining projects and professional registration, he fulfils the requirements of a Qualified Person as defined in NI 43-101. He has been involved with the Project since September 2020 and has reviewed and approved the scientific and technical information in this news release related to Mining.

Luke Towers

Mr. Luke Towers is an associate of Environmental Compliance Consultancy (ECC) a registered professional member of the South African Council for Natural Scientific Professions (Pr.Sci.Nat. nr 114418) and a member of the Groundwater Division of the Geological Society of South Africa (member nr. 8254). He has no material present or contingent interest in the outcome of this report, nor does he have any pecuniary or other interest that could be reasonably regarded as being capable of affecting their independence in the preparation of this report. Mr. Towers has prepared this report in return for professional fees based upon agreed commercial rates and the payment of these fees is in no way contingent on the results of this report. No member of ECC is or is intended to be, a director, officer, or other direct employee of Osino. No member or employee of ECC has or has had, any shareholding in Osino. Furthermore, there is no formal agreement between ECC and Osino as to Osino providing further work for ECC. He is familiar with NI 43-101 and, by reason of his education, experience, and professional registrations, he fulfils the requirements of an independent Qualified Person as defined in NI 43-101.

Olav Mejia

Mr. Olav Mejia is a Lycopodium Minerals Canada Ltd ('Lycopodium') employee who has no material present or contingent interest in the outcome of this report, nor does he have any pecuniary or other interest that could be reasonably regarded as being capable of affecting his independence in the preparation of this report. Lycopodium has contributed to this report in return for professional fees based upon agreed commercial rates and the payment of these fees is in no way contingent on the results of this report. No member or employee of Lycopodium is, or is intended to be, a director, officer, or other direct employee of Osino. No member or employee of Lycopodium has, or has had, any shareholding in Osino. Furthermore, there is no formal agreement between Lycopodium and Osino as to Osino providing further work for Lycopodium. Mr. Mejia graduated from the University of San Marcos with a B.Eng. degree in Chemical Engineering and a graduate of the University of British Columbia with a MASc degree in Mineral Processing, and has 25 years of experience as a chemical engineer and mineral processing engineer since graduation. He is a registered Professional Engineers Ontario (membership number 100602612). He is familiar with NI 43-101 and, by reason of his education, experience, and professional registrations, he fulfils the requirements of an independent Qualified Person as defined in NI 43-101.

Rob Welsh

Mr Rob Welsh is a Senior Project Manager for DRA Projects Pty Ltd of Building 33 Woodlands Office Park, 20 Woodlands Drive, Woodlands, Sandton, 2080, South Africa and 2 Long Street, Cape Town, 8000, South Africa. He holds a BSc Engineering degree in Electrical Engineering from the University of Natal (Durban, South Africa). He is a Senior Member of the Institute of Electrical Engineers (Membership number 5534) and a Professional Engineer in good standing registered with the Engineering Council of South Africa (Registration number 990118). Mr Welsh has been practising his profession continuously since 1991 and has 32 years of experience across a range of African projects. He is familiar with NI 43-101 and, by reason of his education, experience, and professional registrations, he fulfils the requirements of an independent Qualified Person as defined in NI 43-101.

Technical Disclosure

Data verification programs have included review of QA/QC data, re-sampling and sample analysis programs, and database verification. Verification checks have been performed on data, and comprise checks on surveys, collar coordinates and assay data. In the opinion of Mr. Geldenhuys, sufficient verification checks have been undertaken on the databases to provide confidence that the database is virtually error free and appropriate to support resource and reserve estimation.

David Underwood

Mr. David Underwood, BSc. (Hons) is Vice President Exploration of Osino Resources Corp. and has reviewed and approved the scientific and technical information in this news release related to geology and exploration. He is a registered Professional Natural Scientist with the South African Council for Natural Scientific Professions (Pr. Sci. Nat. No.400323/11) and a Qualified Person for the purposes of National Instrument 43-101.

About Lycopodium

Lycopodium is an innovative and value-driven process, engineering and project delivery organisation with extensive African experience. The Company is headquartered in Perth, Western Australia and is listed on the Australian Stock Exchange (ASX: LYL) and with its global offices and international network, Lycopodium is able to offer its clients professional services for Feasibility Studies, Process Development and Optimisation, Engineering and Design, Project Management and Delivery, Project Services, Construction Management, Completions, and Commissioning and Operations Support including Asset Management.

Presentation & Investor Webinar

Osino will host an investor webinar to discuss the DFS today, June 12 at 8am PT / 11am ET. Shareholders, analysts, investors and media are invited to join the live webcast by registering using the following link: https://us06web.zoom.us/webinar/register/WN__gPrCfyvRgGJoJghItObMg#/registration.

A replay of the presentation will be available following the live webinar.

About Osino Resources

Osino is a Canadian gold exploration and development company focused on the fast-tracked development of our Twin Hills Gold Project ("Twin Hills") in central Namibia. Twin Hills is at an advanced stage of exploration and development with more than 225,000m of drilling completed on the project since its grassroots discovery by Osino with various advanced development studies underway.

Osino has a commanding ground position of approximately 8,000km² located within Namibia's prospective Damara sedimentary mineral belt, mostly in proximity to and along strike of the producing Navachab and Otjikoto Gold Mines. The Company is actively exploring a range of gold prospects and targets along the belt by utilizing a portfolio approach geared towards discovery, targeting gold mineralization that fits the broad orogenic gold model.

Our core projects are favourably located north and north-west of Namibia's capital city Windhoek. By virtue of their location, the projects benefit significantly from Namibia's well-established infrastructure with paved highways, railway, power and water in close proximity. Namibia is mining-friendly and lauded as one of the continent's most politically and socially stable jurisdictions. Osino continues to evaluate new ground with a view to expanding our Namibian portfolio.

Further details are available on the Company's website at https://osinoresources.com/

On Behalf of The Board of Directors
Heye Daun
Chief Executive Officer, President, and Director

CONTACT INFORMATION
Osino Resources Corp.
Yaron Conforti
Corporate Development
+1-604-687-2038
yconforti@osinoresources.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Cautionary Statement Regarding Forward-Looking Information

Certain information set forth in this news release contains "forward?looking statements" and "forward?looking information" within the meaning of applicable Canadian securities legislation (referred to herein as forward?looking statements) and in applicated United States securities law. Except for statements of historical fact, certain information contained herein constitutes forward?looking statements which includes, but is not limited to, statements with respect to: the future financial or operating performance of the Company and its Twin Hills Gold Project; results from work performed to date; the estimation of mineral resources and reserves; the realization of mineral resource and reserve estimates; the development, operational and economic results of the preliminary feasibility study (the "PFS") for the Twin Hills Gold Project (the "Project"), including cash flows, revenue potential, staged development, capital expenditures, development costs and timing thereof, extraction rates, life of mine projections and cost estimates; timing of completion of a technical report summarizing the results of the PFS; magnitude or quality of mineral deposits; anticipated advancement of the Project mine plan; exploration expenditures, costs and timing of the development of new deposits; costs and timing of future exploration; the completion and timing of future development studies; estimates of metallurgical recovery rates; anticipated advancement of the Project and future exploration prospects; requirements for additional capital; the future price of metals; government regulation of mining operations; environmental risks; the timing and possible outcome of pending regulatory matters; the realization of the expected economics of the Project; future growth potential of the Project; and future development plans. Forward-looking statements are often identified by the use of words such as "may", "will", "could", "would", "anticipate", 'believe", expect", "intend", "potential", "estimate", "budget", "scheduled", "plans", "planned", "forecasts", "goals" and similar expressions. Forward-looking statements are based on a number of factors and assumptions made by management and considered reasonable at the time such information is provided. Assumptions and factors include: the Company's ability to complete its planned exploration programs; the absence of adverse conditions at the Project; no unforeseen operational delays; no material delays in obtaining necessary permits; the price of gold remaining at levels that render the Project economic; the Company's ability to continue raising necessary capital to finance operations; and the ability to realize on the mineral resource and reserve estimates. Forward?looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward?looking statements. These risks and uncertainties include, but are not limited to: general business, economic and competitive uncertainties; the actual results of current and future exploration activities; conclusions of economic evaluations; meeting various expected cost estimates; benefits of certain technology usage; changes in project parameters or economic assessments as plans continue to be refined; future prices of metals and foreign exchange rates; possible variations of mineral grade or recovery rates; the risk that actual costs may exceed estimated costs; geological, mining and exploration technical problems; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); title to properties; the impact of COVID-19 on the timing of exploration and development work and management's ability to anticipate and manage the foregoing factors and risks. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in the forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Readers are advised to study and consider risk factors disclosed in the Company's most recently filed annual information form or management's discussion and analysis filed on SEDAR under the Company's profile at www.sedar.com.

There can be no assurance that forward?looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward?looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The forward-looking statements contained herein is presented for the purposes of assisting in understanding the Company's plan, objectives and goals and may not be appropriate for other purposes. Forward-looking statements are not guarantees of future performance and readers are cautioned not to place undue reliance on forward?looking statements. This presentation also contains or references certain market, industry and peer group data which is based upon information from independent industry publications, market research, analyst reports and surveys and other publicly available sources. Although the Company believes these sources to be generally reliable, such information is subject to interpretation and cannot be verified with complete certainty due to limits on the availability and reliability of raw data, the voluntary nature of the data gathering process and other inherent limitations and uncertainties. The Company has not independently verified any of the data from third party sources referred to in this news release and accordingly, the accuracy and completeness of such data is not guaranteed.

(Not for dissemination in the United States of America.)

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