Zone 5 Resources and Reserves

Cupric has focused on delineating and expanding Zone 5's high grade Cu-Ag resources since acquiring the Khoemacau Project in 2013. The deposit's sediment-hosted, stratiform Cu-Ag mineralization is hosted in the D'Kar Formation near the contact with the underlying Ngwako Pan Formation. The hanging wall-footwall redox contact is a distinctive target horizon that consistently hosts Cu-Ag mineralization.

The D'Kar-Ngwako stratigraphic sequence, which is covered by 2 to 60 meters of Tertiary-age Kalahari Group sands, has undergone a progression of regional folding, shearing, and thrust faulting. This structural deformation has led to multiple episodes of pervasive mineralization and enrichment that has been upgraded by an extensive system of quartz and quartz-carbonate shears, as well as zones of brecciation. As a result, the Cu-Ag mineralization is relatively continuous along 4,200 meters of strike length and to depths greater than 1,200 meters. Notably, some of the best intersections to date have been drilled in the last line of deep holes.

Over 224,000 meters of drilling have been completed by Cupric and previous operators at Zone 5, which has MI&I sulphide resources at a 1.0% Cu cut-off of 91.7 million tonnes @ 2.13% Cu and 22 g/t Ag (~45% of the tonnes and contained metal are measured & indicated). The mineralization is predominately bornite, chalcocite, and chalcopyrite.

The consolidated Khoemacau/Boseto package provides Cupric a near-term opportunity for low cost copper production from a long-lived operation with substantial exploration and production upside. The following table represents total resources on the mining and prospecting permitted properties:

For more information, click on the SEG 2018 and HALL 2018 links.

† The Mineral Resource estimate as set out in this Report has been estimated by a Competent Person as defined by the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves JORC Code (2012 Edition) (“JORC Code”). The JORC Code is a Code for Public Reporting not a Code that regulates the manner in which a Competent Person estimates Mineral Resources or Ore Reserves. This Report has not been prepared for public reporting or public disclosure as might be defined pursuant to any relevant law, stock exchange rule or International Standard in respect of the Public Reporting of Exploration Results, Mineral Resources and Ore Reserves

The Mineral Resource summary by classification is presented in the table below: