Mandacaru Phosphate Project

On  21  December  2015,  HMI  announced  that  it  had  been  awarded  two  exploration  licences  covering  the  Mandacaru Phosphate Project located in Ceara State, Brazil. Historical exploration activities conducted over the property include ground radiometric survey, mapping, surface rock sampling, trenching and a 2,141 metre diamond drilling programme from 31 holes of diamond drilling.

On 16 June 2016, HMI announced that the Mandacaru Phosphate Project contains a JORC (2012) compliant total resource of  4.38  MT  @  4.55%  P2O5,  which  includes  an  indicated  resource  of  1.47MT  @5.30%  P2O5 and  an  Inferred  resource  of  2.91 Mt @ 4.18% P2O5. The project has an estimated additional exploration potential of 4Mt of phosphate ore with similar grades,  from  the  extension  of  the  estimated  mineralized  layers,  to be proven  up  by  further  exploration  assessment.  This resource estimate was completed by GE21.