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Bisha Mine

Overview

Bisha Mine Location

Bisha is a large, high-grade volcanogenic massive sulphide (VMS) deposit located 150km west of Asmara, Eritrea, East Africa. The

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Bisha Mine benefits from high grade base metal reserves, strong support of the Government of Eritrea and an advantageouslocation with good local road and port infrastructure.

Bisha Mine Location

The ≈$250 million Bisha Mine was constructed on-t ime and under budget from 2008 to 2010. Processing oxide ore, the mineproduced low-cost gold-silver doré until mid-2013. Through a $110 million copper expansion project, also delivered on t ime andunder budget, throughput expanded to 2.4 Mtpa supergene ore and the product switched to copper concentrate.

Zinc Expansion Project: In mid-2016, the flotation capacity will be expanded again to produce zinc concentrates in addit ion to thecopper concentrates from primary ore. The project is expected to be completed on-schedule and under budget.

For more on production forecasts and profile, please see payable production.

The Bisha Main deposit is located within the Bisha Mining License and the Harena satellite deposit lies in a separate Mining License 6kilometers south, connected by a flat unsealed road. Bisha Main and Harena currently make-up 100% of the mineral reserves forBisha. See the latest presentation for maps and location details.

Click here for details on Resource and Reserves.

The Bisha VMS District remains underexplored and holds strong potential for expanding mineral resources and reserves for theBisha mill. For more details see the Explorat ion page.

The State of Eritrea has a 40% interest in the Bisha Mine through the Eritrean National Mining Company (ENAMCO), 30% of which itbought from Nevsun prior to init ial construction. As a result , ENAMCO contributed 33% of the init ial build capital and, as a partnerwith Nevsun, has been integral to the success of the Bisha Mine. For more see About Eritrea.

Bisha Mine and PlantBisha is mined using conventional drill and blast open pit mining techniques to remove waste and deliver ore to the run-of-mine(ROM) stockpile. See photo gallery for latest pit and mining operations pictures.

Mined ore is reclaimed from the ROM stockpile and fed to the conventional single stage crushing/SAG/ball mill comminution circuit .The copper and zinc flotation plants are both conventional circuits with rougher, cleaner, and IsaMill regrind. Copper and zincconcentrates are thickened, dewatered and stockpiled prior to land transport to the port of Massawa for shipment to worldmarkets. Tailings are pumped and placed in the lined tailings management facility (TMF) at site.

Power is provided to the Bisha plant by a fleet of dedicated diesel generators managed by Aggreko. Water is sourced from pit de-

Power is provided to the Bisha plant by a fleet of dedicated diesel generators managed by Aggreko. Water is sourced from pit de-watering, the tailings pond and from local well fields.

Concentrate Export Infrastructure

Concentrate is being exported using a proven system with industry leading environmental controls. At present, copperconcentrate is loaded from the mine site stockpile into custom sealed shipping containers and transported to the port of Massawaby truck. The sealed containers of approximately 35 tonnes each including the weight of the container, are stockpiled in Massawaat the container port facilit ies await ing bulk ship arrivals. The Rotainer crane system then discharges the containers through at ipping 360 degree rotat ion into the hold of the bulk vessels and the empty containers are returned to Bisha for re-loading. Thebulk vessels deliver the concentrate to copper smelters worldwide typically in 11,000 tonne parcels.

Resources & ReservesThe Bisha Main deposit is a high grade VMS deposit . It is configured in three dist inct layered zones - a 35 meter thick surface gold-silver oxide zone (mined out in mid-2013) immediately overlying a copper enriched supergene zone which itself overlies a primarysulphide zone containing both zinc and copper, and which remains open at depth.

See deposit configuration and payable production est imates below.

Mineral Reserves (Bisha and Harena)Effective December 31, 2015

Total Reserves (Proven & Probable)

Tonnes(1000's)

Copper%

Zinc%

Goldg/t

Silverg/t

Oxide 300 - - 13.7 415.2

Supergene 869 2.18 - 0.56 14.5

Primary 21,032 1.10 5.57 0.68 43.9

Total Probable Reserves 22,201

Mineral Reserves are defined within a mine plan, with open pit phase designs guided by Lerchs-Grossmann optimized pit shells,generated using long-term metal prices for copper, zinc, gold, and silver of $2.74/pound, $0.95/pound, $1,100/ounce, and$18.50/ounce respectively.

For more details on resources and reserves including assumptions, please click here.

Mineral ResourcesEffective December 31, 2015*

Indicated Inferred

Tonnes(1000's)

Copper%

Zinc%

Goldg/t

Silverg/t

Tonnes(1000's)

Copper%

Zinc%

Goldg/t

Silverg/t

Oxide

Bisha 300 - - 13.6 427 400 - - 4.3 60

Harena - - - - - 130 - - 2.0 21

Northwest - - - - - 500 - - 3.7 18

Hambok - - - - - 20 - - 1.5 17

Total 300 - - 7.8 3 1,050 - - 3.9 21

Supergene

Bisha 470 1.8 - 0.6 17 1,300 1.3 - 0.1 3

Harena - - - - - - - - - -

Northwest 1,020 1.5 - 0.2 10 100 0.8 - 3.7 19

Hambok - - - - - - - - - -

Total 1,490 2.6 - 0.5 17 1,400 1.1 - 0.3 3

Primary

Bisha 23,430 1.0 5.6 0.7 43 1,600 1.1 5.9 0.7 50

Harena 3,720 0.9 3.1 0.6 27 10,870 1.5 3.9 1.0 41

Northwest 2,530 1.0 1.1 0.3 13 100 0.9 0.9 2.9 15

Hambok 6,860 1.1 1.9 0.2 10 2 0.9 0.2 0.2 8

Total 36,540 1.1 4.5 0.5 35 12,572 1.1 4.1 0.6 38

Total Resources 38,330 15,022

For more details on mineral resources, including assumptions, please click here.

*Mineral resources for Northwest and Hambok are effective December 31, 2014

A full descript ion of the Bisha mineral resource and metallurgy may be found in the Company's Technical Report.

Deposit Configuration

Payable Production

Technical ReportsMarch 2014Bisha Technical Report - 43-101- effective December 31, 2013

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