Urion Minerals' Ukep copper project Name of the Project Okiep copper project (OCP). Location Northern Cape, South Africa. Project Owner/s Orion Minerals. In August 2021, Orion exercised its exclusive option to acquire a controlling interest in the majority of the properties comprising the OCP. Orion has also applied for additional prospecting rights to supplement the OCP mineral rights. The mineral rights are intended to be hield by two newly formed Orion companies - New Okiep Exploration Company (initially 100\% Orion) and the New Okiep Mining Company (initially 56.3\% Orion and 43.7\% Industrial Development Corporation). Project Description A scoping study completed on the project in May 2021 has proposed a proof-of-concept-scale copper mining operation at the brownifield OCP, and has confirmed that the project's deposits have the potential to be mined at low cost using openpit and underground mining methods in conjunction with mineral processing by conventional froth-flotation concentration to produce the copper concentrates for export. The proposed foundation-scale mining operations could run at a design processing plant throughput of 780000V y over a 12 -year life-of-mine. resulting in 9011Vy of copper sold in marketable concentrates. This could potentially supplement the 22000v/y of copper production planned from Orion's flagship Prieska copperizinc project. The proof-of-concept phase of the proposed operation largets the development of only those Okiep copper deposits for which Orion has verified and reported mineral resources during the early phase of the due diligence period. Potential Job Creation Not slated. Net Present Value/lnternal Rate of Return The project has a pretax net present value, at a 10% discount rate, of RI 9-billion and an internal rate of return of 44%, with a payback from first production of 3.25 years. Capital Expenditure Peak funding is estimated at R643-million. Planned StartiEnd Date First production is possible within 16 months from the start of construction. Latest Developments Following its exercise of the exclusive OCP option, Orion is mobilising to start drilling at the high priority BCC prospecting right, wherein Orion is aequiring a 100% interest. It also plans to progress further feasibility studies for the development of a proof-of-concept-scale mining operation at OCP in line with the parameters outlined in the May 2021 scoping study. Key Contracts, Suppliers and Consultants None stated. Contact Details for Project Information Orion Minerals, tel +27118803159 or email info@orionminemls.com.au. a. Based on the above case study, what is the value of the Orion Minerals' Okiep copper project in the Northern Cape? b. Propose with justification how the projected revenues for the Orion Minerals' Okiep copper project were estimated? c. Given the estimation type applicable to the proof-of - concept phase of the project and the targeted outcomes by Orion, what are the drawback(s) of the estimation method that Orion likely used at this stage of the project? (5) d Given the above information, compute the profitability index of the Orion Minerals project and