19/11/2023

Development of the 3rd and 4th quarters of 2023

Expansion of production. Novcorp has entered into an exclusivity agreement with Tera Resources SA, a subsidiary of Huachin Mining Limited (Hong Kong), a major player in the mining sector in the DRC. This agreement concerns Manono and Lubumbashi.
Manono Processing Unit: Construction work was completed in October 2023 and is currently underway. Negotiations with cooperative mining groups are complete. First test shipment of 15 MT by truck. Regular purchases in progress. Increased to 75 TM once all tests are completed.
The construction of the Lubumbashi processing unit was completed at the end of October 2023. It is a large regional consolidation depot including offices, two processing areas, two secure shipping containers, a 24-hour gate and remote monitoring, a security floodlight system, as well as space for expansion. Awaiting final inspection and government approvals. Negotiations were concluded with a large regional cooperative capable of supplying 50 MT every two weeks.
The Maniema processing unit has shipped 25 MT and continues to operate.
The Goma processing unit. The process relating to the fourth depot is ahead of schedule. Field staff will study the location, construction and procurement of the depot with a view to opening in February 2024.
Production. The planned production is 75 MT (November), 150 MT (December) and 200 MT (January). Tera's stated goal is 400 to 500 MT by fall 2024.