REG - Resolute Mining Ltd - Acquisition of the Doropo and ABC Projects
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RNS Number : 9596G Resolute Mining Limited 01 May 2025
1 May 2025
Acquisition of the Doropo and ABC Gold Projects in Côte d'Ivoire
Acquisition of high-quality near-term production asset in an established mining jurisdiction strongly enhances and diversifies Resolute's portfolio of gold assets. Acquisition to be funded from existing liquidity sources
Highlights
· Resolute is pleased to announce it has entered into a binding
agreement to acquire the Doropo and ABC Projects in Côte d'Ivoire from
AngloGold Ashanti ("AngloGold") for US$150 million, comprising a US$25 million
upfront cash consideration on closing and US$125 million deferred cash
consideration that will be paid in two instalments:
o US$50 million paid 18 months after closing; and
o US$75 million paid 30 months after closing
· The transaction consideration also includes:
o A 2% royalty over the ABC Project and US$10 million contingent payment due
upon the release of a Feasibility Study over the ABC Project that outlines a
Mineral Reserve (JORC 2012) exceeding 1Moz of gold
o The transfer of all Resolute's exploration permits in Guinea to AngloGold
(which is subject to government approval); should the transfer not be
completed within 18 months from signing Resolute will pay US$25 million to
AngloGold in lieu of the transfer
· Resolute is excited to add further exposure to Côte d'Ivoire, in
which it already has an existing exploration portfolio. The Company views
Côte d'Ivoire as a stable, well-established mining jurisdiction where several
large gold mines have entered into production in recent years
· Doropo is a definitive feasibility study ("DFS") stage project
located in the northeast of Côte d'Ivoire with a Mineral Reserve of 1.88Moz
grading 1.53 g/t Au 1 (#_ftn1) . The 2024 DFS outlined an open pit operation,
producing an average of 167koz per annum at an average AISC of US$1,047/oz
over 10 years
· The development of the Doropo Project is expected to materially
increase Resolute's annual gold production to above 500koz, complementing the
Company's existing operations, the Syama Gold Mine in Mali and the Mako Gold
Mine in Senegal
· Resolute believes this is a highly accretive transaction for current
and future stakeholders. The 2024 DFS highlighted a post-tax IRR of 34% with
a 2.1-year payback at a gold price assumption of US$1,900/oz
· Resolute intends to optimise and de-risk the 2024 DFS through a
number of workstreams. Importantly to update pit shell designs to align with
the Company's reserve gold price assumption (DFS US$1,450/oz, Resolute
US$1,950/oz), exploring the addition of diesel backup power, reevaluating the
design layout of the key components on site and refreshing cost estimates to
update for 2025 pricing.
· The Company expects to reach a final investment decision by the end
of 2025 followed by approximately two years of construction and first
production by mid-2028 2 (#_ftn2)
· The acquisition and development of Doropo is intended to be funded
from existing liquidity sources in addition to external debt facilities with a
project finance process being initiated shortly
· The ABC Project is a greenfield exploration project which has an
Inferred Mineral Resource Estimate of 2.16Moz grading 0.9 g/t Au(3)
All $ are United States Dollars unless stated otherwise
Resolute's Managing Director and CEO, Chris Eger commented:
"This acquisition marks an exciting new chapter for Resolute. We believe it is
a highly accretive transaction that provides a foundation for future value
creation for all stakeholders. The Doropo and ABC Projects present a
compelling opportunity to diversify and increase our production profile in the
near term to over 500koz, harnessing our existing exploration presence in
Côte d'Ivoire, a highly regarded and established mining jurisdiction. The
incorporation of a third mining jurisdiction to our portfolio is a pivotal
moment, and a firm indication that the Company has repositioned itself for
growth.
Once in production, Doropo will complement Resolute's existing operations at
Syama and Mako, further strengthening the Group's cash flow. Doropo is
expected to be a low-cost asset, as outlined in the 2024 DFS, and is expected
to significantly enhance group performance.
The addition of Doropo and ABC fits into Resolute's strategy of becoming a
diversified leading gold producer in Africa with strong growth potential.
Syama's size and longevity provides a foundation of stable cash flows for the
Company to execute on its growth plans. We also remain excited about the
extension of the mine life at our Mako operation through the Bantaco and
Tomboronkoto satellite projects.
As part of the Doropo acquisition, we are excited to be inheriting a very
capable and dedicated in-country team who will be crucial to progressing
Doropo into production. Our next steps will be to finish permitting,
supplement our projects team and initiate a review of the project in
conjunction with the Front-End Engineering and Design process. Following this
we expect a final investment decision to be made by the end of this year.
We are confident that we can leverage Resolute's long African heritage, and
the current management team's skill set to develop Doropo into a top-class,
high-quality gold mine, as we have done before. Doing so will create
significant value not only for the country and the local community but
importantly for all our stakeholders. Resolute is committed to creating
shareholder value and will continue to evaluate future opportunities in
pursuit of this."
Resolute will be hosting a conference call on 1 May 2025 at 09:00 BST (18:00
AEST). Please see below for the conference call details.
Dial in number(s) UK-Wide: +44 (0) 33 0551 0200
USA Local: +1 786 697 3501
USA Toll Free: 866 580 3963
Sydney: +61 (0) 2 8014 9383
Australia Toll Free: 1 800 681 584
South Africa Toll Free: 0 800 980 512
Password (if prompted) Quote Resolute Mining when prompted by the operator
A presentation, to accompany the call, will be available for download on the
Company's website: https://www.rml.com.au/investors/presentations/
(https://www.rml.com.au/investors/presentations/) .
Resolute Mining Limited ("Resolute" or "the Company") (ASX/LSE: RSG) is
pleased to announce that it has signed an agreement to acquire the Doropo and
ABC gold projects, located in Côte d'Ivoire, from AngloGold Ashanti plc
("AngloGold") for a total cash consideration of US$150 million, as well as a
royalty and milestone payment over the ABC Project and the transfer of
Resolute's Guinean exploration permits, to AngloGold.
Resolute has secured what it believes is an outstanding opportunity in
acquiring the Doropo Project. This acquisition puts Resolute on an exciting
pathway over the next three years to increase annual gold production to over
500koz. Once in production the Doropo Project will complement Resolute's
existing operations, the Syama Mine in Mali and the Mako Mine in Senegal and
will add future revenue diversification from Cote d'Ivoire. Moreover, we
expect Doropo's attractive AISC, as outlined in the 2024 DFS, to significantly
lower the Group's cost base and substantially increase free cash flow
generation once in production
The upfront cash consideration will be funded from existing liquidity sources
and deferred cash consideration is expected to be funded from cash flows
generated from the Company's operations at Syama and Mako. Development funding
for the construction of Doropo is expected to be funded from a combination of
existing liquidity, cash flows from Syama and Mako, and project financing.
As of 31 March 2025, Resolute was in a net cash position of US$100.3 million
and had total available liquidity of more than US$185 million. This is further
enhanced by strong cash flow generation expected from Syama and Mako mines
over the next three years. Resolute has been in discussions with several banks
in relation to project financing related to development capital requirements.
The Company is confident that there will be strong demand for the project
financing component given the high-quality nature of Doropo.
Resolute is fully equipped to rapidly advance Doropo toward production. The
Company intends to further optimise the 2024 DFS ahead of a Final Investment
Decision ("FID") by the end of 2025.
The exploration-stage ABC Project has a sizeable existing Inferred Mineral
Resource Estimate of 2.16Moz. This project presents Resolute with another
interesting exploration opportunity in Côte d'Ivoire alongside the Company's
existing La Debo Project.
Upon completion of the transfer of Resolute's Guinean exploration permits to
AngloGold, Resolute will no longer have a presence in Guinea. The Company,
however, will continue to look at opportunities within the country and still
believes in the gold prospectivity in the Siguiri Basin.
Doropo Overview
The Doropo Project, which comprises seven exploration permits, covering an
area of approximately 1,850km(2), is in the northeast of Côte d'Ivoire in the
Bounkani region, 480 km north of the capital Abidjan and 50 km north of the
city of Bouna.
The undeveloped Doropo Gold Project is centred on open pit mining of a cluster
of eleven gold deposits out of sixteen deposits/prospects in seven contiguous
exploration permits. Mineral Reserves of 38.2 Mt grading 1.53g/t (1.88 Moz
contained on a 100% basis) are currently stated for eight mining targets.
Measured and Indicated Mineral Resources across the sixteen gold deposits
comprise 76.9 Mt grading 1.26g/t (3.0 Moz contained, and inclusive of Mineral
Reserves) and 7.4Mt at 1.23g/t Au Inferred Mineral Resources (0.28 Moz).
A Pre-Feasibility Study ("PFS") was completed in 2023 and the DFS in 2024. The
DFS contemplates open-pit mining feeding a 4.2 Mtpa processing plant,
producing an average of 167koz per annum at an average all in sustaining cost
("AISC") of US$1,047/oz over 10 years with a construction capital estimate of
US$373 million. 3 (#_ftn3) At a long-term flat gold price assumption of
US$1,900/oz the 2024 DFS highlighted a post-tax IRR of 34% for Doropo 4
(#_ftn4) . Resolute intends to further optimise the DFS and explore
opportunities that are intended to derisk the operational phase of the
project. These opportunities include the addition of diesel back up power to
maximise plant availability.
The project has received regulatory approval for its Environmental and Social
Impact Assessment and the environmental permit was awarded in June 2024. The
exploitation permit could be approved in the coming months and Resolute is
engaging with the Government of Côte d'Ivoire on this process. However, no
certainty can be given on permitting timelines and further detail will be
given in due course.
Summary of Key Acquisition Terms
Resolute will acquire AngloGold's greenfield projects in Côte d'Ivoire via an
offshore transaction whereby it will purchase the entire issued share capital
of Centamin West Africa Holdings Limited.
The consideration for the acquisition is comprised of the following
components:
· US$150 million cash consideration to be paid to AngloGold in
three instalments:
o US$25 million on closing
o US$50 million 18 months after closing
o US$75 million 30 months after closing
· Resolute to transfer all its mining permits in Guinea, via the
transfer of its Guinean subsidiary, to AngloGold. The transfer is subject to
Guinean government approval and certain conditions including in respect of the
Guinean mining permits. If the transfer is not completed within 18 months (or
such longer date as Resolute and AngloGold may agree) then Resolute will pay
US$25 million to AngloGold in place of the transfer
· Provide an uncapped 2% net smelter return (NSR) royalty over the
existing exploration permits (Farako Nafana, Kona and Windou) within the ABC
Project
· A contingent payment of US$10 million is payable upon the
completion of a feasibility study for the ABC Project that outlines an Ore
Reserve (JORC 2012) of at least 1 Moz
Timeline and Next Steps
The acquisition of the Doropo and ABC Projects is not subject to any
conditions and is expected to close shortly.
Resolute's priorities at the Doropo Project will be:
1) Maintain continuity of the permitting process and development work
plans at Doropo with existing staff and contractors complemented by the
Resolute team
2) Optimize 2024 DFS primarily based on the points below
a. Align reserve gold price assumption with Resolute's Group R&R
b. Optimize the design layout of the key components on site
c. Explore addition of diesel back-up power
d. Review the resettlement action plan
e. Refresh cost estimate to update for 2025 pricing
3) Supplement Resolute's project team to prepare for project development
4) Continue to advance the Project Financing process
5) Invest in targeted drilling programs at the ABC Project to explore
higher grade targets
Proposed Pathway to Production
The timetable below is predicated on the receipt of the exploitation permit.
Contact
Resolute Public Relations
Matthias O'Toole Howes, Jos Simson, Emily Moss Tavistock
Corporate Development and Investor Relations Manager resolute@tavistock.co.uk
motoolehowes@resolutemining.com +44 207 920 3150
+44 203 3017 620 +44 778 855 4035
Corporate Brokers
Jennifer Lee, Berenberg
+44 20 3753 3040
Tom Rider, BMO Capital Markets
+44 20 7236 1010
Authorised by Mr Chris Eger, Managing Director and Chief Executive Officer
This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 which forms part of UK law pursuant
to the European Union (Withdrawal) Act 2018. Upon the publication of this
announcement via a Regulatory Information Service (RIS), this inside
information is now considered to be in the public domain.
Cautionary Statement about Forward-Looking Statements
This announcement contains certain "forward-looking statements" including
statements regarding our intent, belief, or current expectations with respect
to Resolute's business and operations, market conditions, results of
operations and financial condition, and risk management practices. The words
"likely", "expect", "aim", "should", "could", "may", "anticipate", "predict",
"believe", "plan", "forecast" and other similar expressions are intended to
identify forward-looking statements. Indications of, and guidance on, future
earnings, anticipated production, life of mine and financial position and
performance are also forward-looking statements. These forward-looking
statements involve known and unknown risks, uncertainties and other factors
that may cause Resolute's actual results, performance and achievements or
industry results to differ materially from any future results, performance or
achievements, or industry results, expressed or implied by these
forward-looking statements. Relevant factors may include (but are not limited
to) changes in commodity prices, foreign exchange fluctuations and general
economic conditions, increased costs and demand for production inputs, the
speculative nature of exploration and project development, including the risks
of obtaining necessary licences and permits and diminishing quantities or
grades of reserves, political and social risks, changes to the regulatory
framework within which Resolute operates or may in the future operate,
environmental conditions including extreme weather conditions, recruitment and
retention of personnel, industrial relations issues and litigation.
Forward-looking statements are based on Resolute's good faith assumptions as
to the financial, market, regulatory and other relevant environments that will
exist and affect Resolute's business and operations in the future. Resolute
does not give any assurance that the assumptions will prove to be correct.
There may be other factors that could cause actual results or events not to be
as anticipated, and many events are beyond the reasonable control of Resolute.
Readers are cautioned not to place undue reliance on forward-looking
statements, particularly in the significantly volatile and uncertain current
economic climate. Forward-looking statements in this document speak only at
the date of issue. Except as required by applicable laws or regulations,
Resolute does not undertake any obligation to publicly update or revise any of
the forward-looking statements or to advise of any change in assumptions on
which any such statement is based. Except for statutory liability which cannot
be excluded, each of Resolute, its officers, employees and advisors expressly
disclaim any responsibility for the accuracy or completeness of the material
contained in these forward-looking statements and excludes all liability
whatsoever (including in negligence) for any loss or damage which may be
suffered by any person as a consequence of any information in forward-looking
statements or any error or omission.
Appendices
A - Doropo Project Mineral Resource Estimate
Mineral Resources (0.3 g/t Au COG)
Category Tonnage (Mt) Au Grade (g/t) Gold Content (Moz)
Measured 1.5 1.60 0.1
Indicated 75.3 1.25 3.0
Measure + Indicated 76.9 1.26 3.1
Inferred 7.4 1.23 0.3
Table 1.1 Doropo Mineral Resource Estimate (CIM 2014 Definition Standards), 31
October 2023
The Mineral Resource estimate is a foreign estimate and is not reported in
accordance with the JORC Code. A competent person has not done sufficient work
to classify the foreign estimate as Mineral Resources in accordance with the
JORC Code 2012. It is uncertain that following evaluation and/or exploration
work that the foreign estimate will be able to be reported as Mineral
Resources under the JORC Code 2012.
B - Doropo Project Mineral Reserve Estimate
Mineral Reserves
Category Tonnage (Mt) Au Grade (g/t) Gold Content (Moz)
Proven 1.3 1.73 0.07
Probable 37.0 1.52 1.81
Total 38.2 1.53 1.88
Table 1.2 Doropo Mineral Reserve Estimate (CIM 2014 Definition Standards), 18
July 2024
The information in this announcement relating to the Doropo Project's Mineral
Resources and Mineral Reserves has been extracted from Centamin plc's NI
43-101 Technical Report with an effective date of 18 July 2024 and filed on
SEDAR+ (www.sedarplus.ca). 5 (#_ftn5) The Mineral Resources and Mineral
Reserves estimates were prepared in accordance with National Instrument 43-101
(Standards of Disclosure for Mineral Projects) of the Canadian Securities
Administrators. Accordingly, the Mineral Reserves and Mineral Resources
estimates are not, and do not purport to be, compliant with the JORC Code but
are classified as "qualifying foreign estimates" under the ASX Listing Rules.
C - ABC Project Mineral Resource Estimate
Deposit Oxidation Indicated Inferred
Tonnage (Mt) Au Grade (g/t) Gold Content (Moz) Tonnage (Mt) Au Grade (g/t) Gold Content (Moz)
Kona South Transported - - - 0.1 1.2 0.0
Oxidised - - - 1.0 1.0 0.03
Transitional - - - 1.0 1.0 0.03
Fresh - - - 29.0 1.1 0.99
Kona Central Transported - - - 0.1 0.85 0.00
Oxidised - - - 0.4 0.86 0.01
Transitional - - - 0.9 0.81 0.02
Fresh - - - 40.0 0.84 1.08
Total - - - 72 0.9 2.16
Table 1.3 ABC Mineral Resource Estimate (CIM 2014 Definition Standards), 18
July 2021
The information in this announcement relating to the ABC Project's Mineral
Resources has been extracted from Centamin plc's NI 43-101 Technical Report
with an effective date of 31 July 2021 and filed on SEDAR (www.sedarplus.ca).
The Mineral Resources estimates were prepared in accordance with National
Instrument 43-101 (Standards of Disclosure for Mineral Projects) of the
Canadian Securities Administrators. Accordingly, the Mineral Resources
estimates are not, and do not purport to be, compliant with the JORC Code but
are classified as "foreign estimates" under the ASX Listing Rules.
ASX Listing Rule 5.12
ASX Listing Rule 5.12 requires specific information to be included in a public
announcement that contains a foreign estimate. In accordance with ASX Listing
Rule 5.12, Resolute provides the additional information in Annexures 1 and 2.
Competent Person Statement
Mr Bruce Mowat confirms that the information in this announcement that relates
to the Doropo and ABC Projects' Mineral Resources and Mineral Reserves
provided under ASX Listing Rules 5.12.2 to 5.12.7 is an accurate
representation of the available data and studies for the Doropo and ABC
Projects. Bruce Mowat is a full-time employee of Resolute Mining Limited and
is a member of the Australian Institute of Geoscientists and consents to the
inclusion in this announcement of the matters based on this information in the
form and context in which it appears.
Competent Person Statement Mr Gito Patani confirms that the information in
this announcement that relates to the Doropo and ABC Projects' Mineral
Reserves provided under ASX Listing Rules 5.12.2 to 5.12.7 is an accurate
representation of the available data and studies for the Doropo and ABC
Projects. Gito Patani is a full-time employee of Resolute Mining Limited and
is a member of the Australian Institute of Mining and Metallurgy and consents
to the inclusion in this announcement of the matters based on this information
in the form and context in which it appears.
Annexure 1 - JORC Code, 2012 Edition
Additional technical information relating to foreign estimates
ASX Listing Rule 5.12
Section 1 Sampling Techniques and Data
Doropo Project - Foreign Resource and Reserve Estimate as at 18 July 2024
(Criteria in this section apply to all succeeding sections.)
Criteria JORC Code explanation Commentary
Sampling techniques · Nature and quality of sampling (eg cut channels, random chips, or · The sampling was conducted using multiple techniques tailored to the
specific specialised industry standard measurement tools appropriate to the project's geological and surface conditions. Soil sampling programs were
minerals under investigation, such as down hole gamma sondes, or handheld XRF extensive, collecting approximately 92,307 samples between 2014 and 2022.
instruments, etc). These examples should not be taken as limiting the broad Soils were sampled from the mottled zone or the top of the saprolite horizon
meaning of sampling. to obtain coherent gold anomalies, utilising standardised grid patterns
(typically 400 m x 400 m, with infill at 200 m and 100 m where required).
· Include reference to measures taken to ensure sample representivity Auger drilling was employed in areas with thick lateritic cover (>3 m),
and the appropriate calibration of any measurement tools or systems used. reaching saprolitic material with depths averaging 6.22 m and up to 30 m in
some cases. Auger drilling recovered material systematically for gold analysis
· Aspects of the determination of mineralisation that are Material to and geochemical interpretation.
the Public Report.
· Trenching programs (32 trenches to date) were used to expose in situ
· In cases where 'industry standard' work has been done this would be mineralised structures, allowing for systematic channel sampling.
relatively simple (eg 'reverse circulation drilling was used to obtain 1 m
samples from which 3 kg was pulverised to produce a 30 g charge for fire · Reverse Circulation (RC) and Diamond Core (DD) drilling were the
assay'). In other cases more explanation may be required, such as where there principal methods used for delineating Mineral Resources. RC drilling was
is coarse gold that has inherent sampling problems. Unusual commodities or conducted using 5¼ to 5¾ inch diameter face-sampling hammers to recover
mineralisation types (eg submarine nodules) may warrant disclosure of detailed one-metre interval samples, typically dry unless groundwater was encountered.
information. Diamond drilling employed HQ and NQ diameter core, with triple tube techniques
for improving recovery in broken ground. RC samples were riffle split on site,
and core samples were sawn to produce half-core for analysis. Sampling
procedures incorporated QAQC measures, including the insertion of blanks,
standards, and duplicates to ensure sample representivity. Assay protocols
utilised 50 g fire assay (AAS finish) for gold, and multi-element analysis was
performed where applicable.
Drilling techniques · Drill type (eg core, reverse circulation, open-hole hammer, rotary · Drilling methods involved a combination of Reverse Circulation (RC),
air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or Diamond Core (DD), and auger drilling methods. RC drilling was primarily used
standard tube, depth of diamond tails, face-sampling bit or other type, for delineating near-surface mineralisation and preliminary resource
whether core is oriented and if so, by what method, etc). definition. RC drilling employed face-sampling hammers with bit sizes ranging
from 5¼ to 5¾ inches. Dry drilling was the standard procedure, with drilling
halted at the water table to prevent contamination from wet samples; below
groundwater, diamond drilling methods were applied.
· Diamond core drilling used HQ and NQ diameter core. Triple-tube
systems were implemented in highly broken ground to maximise core recovery,
while standard double-tube setups were used elsewhere. Orientation of diamond
core was conducted selectively using Reflex ACT II core orientation devices to
facilitate structural logging. Auger drilling was utilised for shallow
exploration across areas with thick laterite cover. All drill methods were
executed to a high standard with contractors experienced in gold exploration
in West Africa.
Drill sample recovery · Method of recording and assessing core and chip sample recoveries and · Drill sample recovery was systematically monitored during both RC and
results assessed. diamond drilling programs. RC samples were weighed regularly, particularly
from 2018 onwards, to monitor sample size consistency and ensure the
· Measures taken to maximise sample recovery and ensure representative representativeness of samples. Analysis of over 447,401 RC sample weights
nature of the samples. showed a consistent recovery trend stabilizing between 30-40 kg per metre
after clearing the uppermost weathered horizons. Minor variations in sample
· Whether a relationship exists between sample recovery and grade and weight were observed at shallow depths and in softer materials; however,
whether sample bias may have occurred due to preferential loss/gain of statistical checks confirmed no significant bias in gold grade associated with
fine/coarse material. sample mass.
· Diamond core recovery was measured, with an overall average recovery
of approximately 96% across the project. Recovery rates improved with depth,
with >90% core recovery recorded for 89.5% of core samples, and exceeding
97.5% recovery below 50 m depth. Core recovery measurements were recorded in
the database for each run. The use of triple-tube drilling in broken ground
contributed to maintaining high recovery standards. The overall conclusion,
supported by quality control reviews, was that there is no significant
sampling bias attributable to differential recovery.
Logging · Whether core and chip samples have been geologically and · Comprehensive geological and geotechnical logging was undertaken for
geotechnically logged to a level of detail to support appropriate Mineral all drillholes including RC and DD. Drillholes were logged systematically for
Resource estimation, mining studies and metallurgical studies. a range of key geological attributes: lithology, alteration, mineralisation,
texture, structure, weathering, and rock quality designation (RQD). RC samples
· Whether logging is qualitative or quantitative in nature. Core (or were logged visually on site, with geological observations recorded both
costean, channel, etc) photography. digitally and on physical log sheets where applicable. Diamond core was logged
in greater detail, particularly for structural geology, alteration styles,
· The total length and percentage of the relevant intersections logged. mineral assemblages, and vein relationships, providing critical inputs for 3D
geological modelling.
· Photographic records were maintained for all diamond drill core -
photographed both wet and dry - before sampling. Logging captured sufficient
detail to support resource estimation, mining studies, and metallurgical
investigations. Logging procedures included the use of a standardised
lithological and alteration coding scheme to ensure consistency across the
drilling campaigns. Digital capture of logging data into a centralised
database with validation rules also enhanced data reliability.
Sub-sampling techniques and sample preparation · If core, whether cut or sawn and whether quarter, half or all core · Systematic sub-sampling and sample preparation protocols were
taken. employed to ensure that samples remained representative of in situ
mineralisation. For RC drilling, 1 m samples were split on site using a
· If non-core, whether riffled, tube sampled, rotary split, etc and three-tier riffle splitter to achieve a target sample size of approximately 2
whether sampled wet or dry. to 3 kg for laboratory submission. Wet samples encountered in shallow zones
were left to dry naturally prior to splitting where possible. For diamond
· For all sample types, the nature, quality and appropriateness of the drilling, core was cut lengthwise using diamond-bladed core saws; half-core
sample preparation technique. samples were collected for routine assay, while the other half was preserved
for reference and potential future re-assay.
· Quality control procedures adopted for all sub-sampling stages to
maximise representivity of samples. · Sample preparation at the laboratory followed industry best
practices. Samples were oven dried, crushed to 70 to 85% passing 2 mm, then
· Measures taken to ensure that the sampling is representative of the riffle split to produce a subsample for pulverisation. The pulverised material
in situ material collected, including for instance results for field was milled to achieve at least 85% passing 75 microns, producing a pulp of
duplicate/second-half sampling. approximately 150 to 250 g for fire assay analysis. Quality assurance measures
were built into preparation workflows, including the regular inclusion of
· Whether sample sizes are appropriate to the grain size of the duplicate splits and check samples. Laboratory facilities used (primarily
material being sampled. Bureau Veritas Abidjan, SGS Ouagadougou) operated to ISO 17025 standards, and
internal laboratory QAQC reviews were conducted regularly.
Quality of assay data and laboratory tests · The nature, quality and appropriateness of the assaying and · Assay methodologies were based on internationally recognised
laboratory procedures used and whether the technique is considered partial or standards and utilised reputable laboratories. All drill samples were
total. primarily analysed for gold using 50 g fire assay with atomic absorption
spectroscopy (AAS) or inductively coupled plasma atomic emission spectroscopy
· For geophysical tools, spectrometers, handheld XRF instruments, etc, (ICP-AES) finish. In cases where assays exceeded 10 g/t Au, samples were
the parameters used in determining the analysis including instrument make and re-analysed using a gravimetric finish to improve accuracy. For some RC and
model, reading times, calibrations factors applied and their derivation, etc. trench samples, particularly those with coarse gold, photon assay techniques
were trialled to validate fire assay results.
· Nature of quality control procedures adopted (eg standards, blanks,
duplicates, external laboratory checks) and whether acceptable levels of · Quality control procedures were rigorous. Certified reference
accuracy (ie lack of bias) and precision have been established. materials (standards), field blanks, and field duplicates were inserted into
the sample stream at regular intervals - approximately one QAQC sample every
20 to 30 samples. Laboratory duplicates, internal standards, and blanks were
also monitored. QAQC data were routinely reviewed to ensure analytical
accuracy and precision. Failures (e.g., a standard outside 3 standard
deviations) triggered immediate re-assay of sample batches. No significant
long-term bias or drift was observed across the assay dataset. Laboratories
involved (Bureau Veritas, Abidjan and SGS, Ouagadougou) are ISO/IEC 17025
accredited, ensuring laboratory practices are consistent with industry best
practice.
Verification of sampling and assaying · The verification of significant intersections by either independent · Verification of sampling and assaying was undertaken through a
or alternative company personnel. combination of internal reviews, duplicate analyses, and independent data
validation exercises. Field duplicates were collected regularly from RC
· The use of twinned holes. drilling to monitor sampling precision, with results demonstrating
satisfactory repeatability of gold grades. CRMs and blanks were inserted at
· Documentation of primary data, data entry procedures, data regular intervals to monitor assay accuracy and contamination. QAQC charts
verification, data storage (physical and electronic) protocols. were reviewed continuously by project geologists and external consultants
during key drilling campaigns.
· Discuss any adjustment to assay data.
· The primary assay laboratories (Bureau Veritas and SGS) conducted
their own internal QC programs, which were also monitored. Limited twin
drilling was conducted, with twin RC holes and DD holes used to verify
mineralisation continuity, grade reproducibility, and geological
interpretation; results confirmed good spatial reproducibility. While external
umpire (secondary lab) assay programs were not routinely undertaken, the
performance of primary laboratories and internal QAQC programs were considered
satisfactory for the reporting of Mineral Resources. Assay data and logging
data were entered digitally into validated databases, and independent audits
of the database have been performed during resource estimation reviews.
Location of data points · Accuracy and quality of surveys used to locate drill holes (collar · Drillhole collar locations were surveyed using a combination of
and down-hole surveys), trenches, mine workings and other locations used in differential GPS (DGPS) systems and total station surveying where higher
Mineral Resource estimation. precision was required. The DGPS surveys were conducted by trained field
surveyors to ensure location accuracy suitable for Mineral Resource
· Specification of the grid system used. estimation, with horizontal and vertical accuracy generally within ±0.2 m. In
areas of rugged topography or logistical difficulty, survey-grade handheld GPS
· Quality and adequacy of topographic control. units were temporarily used during initial exploration stages (soil sampling,
auger drilling, trenching), but were later replaced with DGPS surveys for all
critical drill collars.
· Elevation data were tied into the Nivellement Général de Côte
d'Ivoire (NGCI) vertical datum. A topographic digital terrain model (DTM) was
produced using high-resolution satellite imagery and ground-truthing, which
was used for both resource modelling and mine planning. Grid systems used were
WGS84, Zone 30N for initial exploration and UTM Zone 30N (WGS84 projection)
for final resource definition.
Data spacing and distribution · Data spacing for reporting of Exploration Results. · Drilling was conducted on nominal grid spacings appropriate for the
level of confidence required for resource estimation. In the main mineralised
· Whether the data spacing and distribution is sufficient to establish zones (Souwa, Chegue, and Krakara), RC and diamond drilling was performed on
the degree of geological and grade continuity appropriate for the Mineral approximately 25 m x 25 m to 50 m x 50 m grids. Some areas of denser drilling
Resource and Ore Reserve estimation procedure(s) and classifications applied. (for example, grade control drilling) achieved spacing as tight as 10 m x 10
m.
· Whether sample compositing has been applied.
· Outside the main resource areas, reconnaissance and exploration
drilling was more broadly spaced at 80 m x 80 m or larger intervals,
appropriate for early-stage resource targeting. Soil sampling grids were
generally established on 400 m x 400 m grids, with localised infill to 100 m
or 200 m grids as needed. Data spacing was assessed during Mineral Resource
estimation and was found sufficient to establish geological and grade
continuity for the appropriate classifications (Measured, Indicated, and
Inferred). No sample compositing was applied prior to resource estimation; raw
assay intervals were used directly in estimation procedures.
Orientation of data in relation to geological structure · Whether the orientation of sampling achieves unbiased sampling of · Drilling programs were designed to target mineralised structures as
possible structures and the extent to which this is known, considering the close to perpendicular as possible to the interpreted dip of mineralisation at
deposit type. each deposit. Most drillholes were oriented towards the southeast or southwest
with an inclination of -50° to -60°, depending on the local structural
· If the relationship between the drilling orientation and the orientation of gold-bearing zones. The mineralisation is generally hosted in
orientation of key mineralised structures is considered to have introduced a north-northeast trending structures dipping moderately to steeply to the east
sampling bias, this should be assessed and reported if material. or west, making these drill orientations appropriate to intersect mineralised
zones at reasonable angles and to minimise bias in the intercept lengths.
· Geological interpretations and cross sections confirm that drilling
achieved reasonably representative intersections of mineralisation. No
significant sampling bias related to drilling orientation was observed during
resource modelling and estimation. In areas of uncertainty or more complex
structure (fold closures, sheared zones), multiple drill directions were
employed to cross-validate mineralisation geometry.
Sample security · The measures taken to ensure sample security. · Sample security protocols were implemented to ensure the integrity of
all collected samples from the point of collection through to laboratory
delivery. After collection, samples were placed into pre-numbered, durable
plastic bags and securely sealed. Multiple samples were then packed into
larger polyweave sacks for easier handling and protection during transport.
Samples were stored in a secure, supervised facility at the exploration camp
before transportation.
· Transport to the assay laboratories (Bureau Veritas in Abidjan and
SGS in Ouagadougou) was carried out either by company personnel or trusted,
contracted couriers. Chain-of-custody forms were maintained throughout the
transfer process, and receipt of samples was acknowledged in writing by
laboratory staff. While rigorous internal controls were observed, there is no
specific mention of external audits or independent oversight of sample
security protocols. However, no incidents of sample loss, tampering, or
contamination have been reported, and laboratory reconciliation of received
samples consistently matched dispatch records.
Audits or reviews · The results of any audits or reviews of sampling techniques and data. · Audits and reviews of sampling techniques, assay data, and database
integrity have been carried out periodically. Internal technical reviews were
performed by Centamin's in-house geology and resource teams throughout the
exploration and resource evaluation phases. These reviews covered sampling
practices, QAQC data performance, logging standards, and database quality,
ensuring consistent application of protocols and identifying areas for
procedural improvement where necessary.
· Independent reviews of the Resource models and supporting exploration
data were conducted as part of the NI 43-101 technical report preparation.
Qualified Persons (QPs) signed off on the Mineral Resource estimates after
assessing the drilling, sampling, and QAQC procedures.
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
Criteria JORC Code explanation Commentary
Mineral tenement and land tenure status · Type, reference name/number, location and ownership including · The Doropo Project is located in the northeast of Côte d'Ivoire, in
agreements or material issues with third parties such as joint ventures, the Bounkani region approximately 480 km north of Abidjan, near the border
partnerships, overriding royalties, native title interests, historical sites, with Burkina Faso. The project comprises a contiguous package of seven
wilderness or national park and environmental settings. exploration permits ("Doropo Permit Package") covering a combined area of
approximately 1,847 km².
· The security of the tenure held at the time of reporting along with
any known impediments to obtaining a licence to operate in the area. · All tenements are held in good standing with the Côte d'Ivoire
Ministry of Mines and have been maintained in accordance with local legal
requirements. There are no known outstanding disputes affecting the licences.
Surface rights, compensation arrangements with local communities, and
environmental baseline studies have been addressed as part of the permitting
and development process. Royalties include a standard 4% government royalty on
gold production as prescribed under Ivorian mining law. No third-party
ownership interests, material encumbrances, or joint venture arrangements
affecting the Doropo Project have been disclosed.
Exploration done by other parties · Acknowledgment and appraisal of exploration by other parties. · Historical exploration activities prior to Centamin's involvement
were limited. There are no records of systematic exploration or drilling by
major international companies. Previous work primarily consisted of
regional-scale geochemical surveys and government-sponsored mapping programs
conducted by the Côte d'Ivoire geological survey and local government
initiatives. These activities provided basic geological context but did not
lead to significant discovery or development efforts.
· Centamin's exploration efforts since acquiring the permits have been
responsible for the identification, systematic testing, and advancement of the
Doropo Mineral Resource. No Mineral Resources or significant exploration
targets from previous explorers were inherited by Centamin. All resources
reported to date result from Centamin's soil sampling, auger drilling,
trenching, and drilling campaigns. As such, historical data has not materially
contributed to the current Mineral Resource Estimate.
Geology · Deposit type, geological setting and style of mineralisation. · The Doropo Project is located within the Birimian-age greenstone
belts of the West African Craton, a prolific geological setting known for
hosting orogenic gold deposits. Specifically, the project lies in northern
Côte d'Ivoire, comprising a sequence of volcano-sedimentary rocks, including
mafic volcanics, interbedded metasediments, felsic intrusives, and minor
ultramafic units. The local geology consists predominantly of intermediate to
mafic volcaniclastic rocks, intruded by granitoid bodies and crosscut by
regional shear zones.
· Gold mineralisation is primarily structurally controlled, hosted
within moderate- to steeply-dipping quartz-carbonate-sulphide vein arrays.
These veins are developed along shear zones, fault splays, and lithological
contacts. Mineralisation is associated with strong silica, sericite,
carbonate, and minor chlorite alteration halos. Sulphide minerals such as
pyrite, arsenopyrite, and lesser amounts of pyrrhotite are common, closely
associated with gold occurrence. The mineralisation style is typical of
orogenic lode gold systems, with gold generally occurring as free grains and
fine inclusions within sulphides. Structural controls, including vein
orientations and competency contrasts between rock units, are critical factors
influencing the distribution and continuity of mineralisation.
Drill hole Information · A summary of all information material to the understanding of the · The NI 43-101 Technical Report provides comprehensive drillhole
exploration results including a tabulation of the following information for information, covering collar locations, drill hole depths, azimuths, dips, and
all Material drill holes: key intersections. Drillhole collars were surveyed using differential GPS
(DGPS) or total station equipment, and were tied into a local grid based on
o easting and northing of the drill hole collar the UTM Zone 30N, WGS84 datum. Complete lists of drill collars, including
northing, easting, elevation, azimuth, dip, and total depth, are included in
o elevation or RL (Reduced Level - elevation above sea level in metres) of the appendices of the technical report for all holes used in Resource estimation.
drill hole collar
· Significant exploration results and Mineral Resource drill
o dip and azimuth of the hole intersections are reported systematically, with true thickness considerations
discussed where relevant. The database includes 5,794 drillholes for a total
o down hole length and interception depth of 547,805 m of drilling. The report also provides detailed composite
intercept tables for representative drilling results across all principal
o hole length. deposits (Souwa, Chegue, Krakara, etc.), including downhole depth intervals,
gold grades, and sample lengths.
· If the exclusion of this information is justified on the basis that
the information is not Material and this exclusion does not detract from the
understanding of the report, the Competent Person should clearly explain why
this is the case.
Data aggregation methods · In reporting Exploration Results, weighting averaging techniques, · Exploration results and Mineral Resource drill intercepts are
maximum and/or minimum grade truncations (eg cutting of high grades) and reported based on compositing of contiguous mineralised intervals. Assay
cut-off grades are usually Material and should be stated. results were composited to ensure that sample length variability did not
introduce bias. Only intervals above a certain cut-off grade (typically 0.5
· Where aggregate intercepts incorporate short lengths of high grade g/t Au for mineralised zones) were included when reporting exploration
results and longer lengths of low grade results, the procedure used for such results.
aggregation should be stated and some typical examples of such aggregations
should be shown in detail. · No top-cutting (grade capping) was applied when presenting raw
exploration results; however, top-cutting was considered and applied during
· The assumptions used for any reporting of metal equivalent values Mineral Resource estimation to control the influence of extreme outlier
should be clearly stated. grades. Composites used downhole lengths of 1 m, reflecting the RC and DD
sampling intervals. Where lower grade material was present within higher-grade
zones, internal dilution up to 2 m was accepted within the composited interval
to maintain geological continuity.
Relationship between mineralisation widths and intercept lengths · These relationships are particularly important in the reporting of · The majority of drilling was designed to intersect mineralisation as
Exploration Results. close as possible to true width by orienting drillholes approximately
perpendicular to the dominant strike and dip of mineralised structures.
· If the geometry of the mineralisation with respect to the drill hole Drillholes were typically inclined at -50° to -60° angles depending on local
angle is known, its nature should be reported. geological conditions, and aimed at intersecting mineralised zones that dip
moderately (30°to 70°) towards the east or west (according to the individual
· If it is not known and only the down hole lengths are reported, there deposit). As such, downhole intercept lengths reported in exploration results
should be a clear statement to this effect (eg 'down hole length, true width approximate true widths in most cases, particularly in the main Souwa, Chegue,
not known'). and Krakara deposits.
· In cases where drilling was oblique to structures - particularly in
folded or complex structural zones, true widths were estimated or commentary
provided where necessary. No material bias in grade or continuity arising from
drilling orientation was identified during Mineral Resource estimation.
Geological modelling used structural measurements, cross sections, and 3D
wireframes to constrain true thickness of the mineralised zones.
Diagrams · Appropriate maps and sections (with scales) and tabulations of · The NI 43-101 Technical Report provides a variety of diagrams that
intercepts should be included for any significant discovery being reported illustrate the distribution of mineralisation, drill coverage, geological
These should include, but not be limited to a plan view of drill hole collar interpretation, and resource outlines. These include:
locations and appropriate sectional views.
· Plan view maps showing drill hole collar locations and surface
projections of the mineralised zones.
· Cross sections and long sections through key deposits (e.g., Souwa,
Chegue, Krakara) depicting lithological units, interpreted mineralisation
wireframes, and drill intercepts.
· 3D block models illustrating grade distribution and resource
classifications.
· Regional geological maps.
Balanced reporting · Where comprehensive reporting of all Exploration Results is not · Exploration results are presented in a manner that is consistent with
practicable, representative reporting of both low and high grades and/or balanced reporting principles. Both positive results (significant gold
widths should be practiced to avoid misleading reporting of Exploration intersections) and lower-grade or barren drilling outcomes are discussed in
Results. the report narrative. Significant intercepts are reported based on a gold
cut-off (typically 0.5 g/t Au), and intervals that do not meet this threshold
are not excluded without comment - their absence is implied where relevant.
Where drill programs encountered areas of weak mineralisation or barren
geology, this is acknowledged qualitatively in the discussion of deposit
extents and geological domains.
· Resource estimation was based on all available drilling data, not
just high-grade intervals.
Other substantive exploration data · Other exploration data, if meaningful and material, should be · In addition to drilling and trenching, Centamin has completed several
reported including (but not limited to): geological observations; geophysical substantive exploration programs across the Project area, including extensive
survey results; geochemical survey results; bulk samples - size and method of soil geochemistry, auger drilling, geophysical surveys, and baseline
treatment; metallurgical test results; bulk density, groundwater, geotechnical environmental studies.
and rock characteristics; potential deleterious or contaminating substances.
· Soil geochemistry: Over 92,000 soil samples were collected between
2014 and 2022 on grids varying from 400 x 400 m down to 100 x 100 m, helping
to identify coherent gold-in-soil anomalies that guided subsequent drilling.
· Auger drilling: Approximately 28,000 auger holes were drilled to
sample through laterite cover to saprolite, providing a 3D geochemical
signature where soil sampling was ineffective.
· Geophysics: Regional aeromagnetic and radiometric surveys were
conducted by government agencies, with Centamin reprocessing this data to aid
in geological interpretation and target generation. Ground-based induced
polarisation (IP) surveys were conducted selectively over key prospects to
assist in structural interpretation.
· Preliminary metallurgical testwork was performed on representative
mineralised material. Testwork indicated that gold mineralisation was amenable
to conventional gravity recovery and cyanide leaching, with excellent
recoveries (>90% extraction) achievable. Additionally, environmental
baseline studies have been completed across the Doropo permit area to support
permitting requirements.
Further work · The nature and scale of planned further work (eg tests for lateral · Future work will focus on advancing the deposit toward production
extensions or depth extensions or large-scale step-out drilling). readiness. Key programs planned include infill drilling to upgrade portions of
the Mineral Resource from Indicated to Measured classification, particularly
· Diagrams clearly highlighting the areas of possible extensions, in the Souwa, Chegue, and Krakara deposits. Additional step-out and
including the main geological interpretations and future drilling areas, extensional drilling is also proposed to target near-mine exploration
provided this information is not commercially sensitive. opportunities along the interpreted structural corridors, with the aim of
increasing the overall resource base.
· Further geotechnical drilling and pit slope studies are planned to
refine open-pit designs, along with additional hydrogeological investigations
to support mine dewatering strategies. Metallurgical testwork will be
expanded, including variability testing across different ore domains to
optimise processing flowsheets. Environmental and social impact assessments
(ESIA) will continue to ensure compliance with permitting obligations.
Section 3 Estimation and Reporting of Mineral Resources
(Criteria listed in section 1, and where relevant in section 2, also apply to
this section.)
Criteria JORC Code explanation Commentary
Database integrity · Measures taken to ensure that data has not been corrupted by, for · The drillhole database has been developed and managed using
example, transcription or keying errors, between its initial collection and industry-standard practices. Geological, geotechnical, and assay data were
its use for Mineral Resource estimation purposes. initially collected in field log sheets or digital capture tools and
subsequently entered into a centralised SQL-based database system. Data entry
· Data validation procedures used. protocols included validation checks to reduce transcription errors, including
dropdown lists for logging codes and automated field validations. Independent
verification of key fields (collar locations, assay results, geology codes)
against original laboratory certificates and field records was carried out
periodically.
· Database administration was performed by Centamin's in-house data
management team, and periodic reviews and audits were conducted to check for
consistency, missing fields, duplications, and logical errors. The database
was exported and independently validated prior to each Mineral Resource
estimation. Assay results were matched against original laboratory
certificates to ensure accuracy, and downhole survey data was checked for
consistency with expected drillhole trajectories. No material errors or
significant discrepancies were identified during validation.
Site visits · Comment on any site visits undertaken by the Competent Person and the · Site visits were conducted by Qualified Persons (QPs) responsible for
outcome of those visits. the Mineral Resource estimate. The site visits included direct observation of
drilling operations (RC and diamond drilling), core handling and sampling
· If no site visits have been undertaken indicate why this is the case. practices, geological logging procedures, and data management workflows.
· During the site visits, the QP reviewed: drill collar locations,
sampling representivity (soil, auger, RC, DD), core logging facilities, QAQC
sample insertion and management, sample security and transport procedures.
· No material issues or inconsistencies were identified during the site
visits.
Geological interpretation · Confidence in (or conversely, the uncertainty of ) the geological · The Doropo Gold Project comprises sixteen prospects, Attire, Enioda,
interpretation of the mineral deposit. Chegue Main, Chegue South, Han, Hinda, Hinda South, Kekeda, Kilosegui, Nare,
Nokpa, Sanboyoro, Solo, Souwa, Tchouahinin, and Vako.
· Nature of the data used and of any assumptions made.
· The geological interpretation for each is based on a combination of
· The effect, if any, of alternative interpretations on Mineral surface mapping, soil geochemistry, trenching, drilling (RC and diamond core),
Resource estimation. and geophysical data. The mineralisation is structurally controlled, typically
hosted within quartz-carbonate-sulphide vein arrays aligned along
· The use of geology in guiding and controlling Mineral Resource north-northeast trending shear zones. Detailed geological logging of drill
estimation. core and RC chips provided information on lithology, alteration,
mineralisation styles, and structure, which were incorporated into the 3D
· The factors affecting continuity both of grade and geology. geological models.
· Wireframes were constructed around logged mineralisation envelopes
using a nominal cut-off of approximately 0.3 to 0.5 g/t Au, depending on
deposit and geological domain. Interpretation of geological continuity,
mineralised domain boundaries, and grade distribution is supported by
close-spaced drilling (especially in Souwa, Chegue, and Krakara) and
structural measurements taken from oriented core. Confidence in the
interpretation is high where drilling density is greater, while areas of wider
drill spacing retain a lower confidence, resulting in appropriate resource
classification into Measured, Indicated, or Inferred.
Dimensions · The extent and variability of the Mineral Resource expressed as · The Doropo Mineral Resource comprises multiple discrete deposits, the
length (along strike or otherwise), plan width, and depth below surface to the largest of which are Souwa, Chegue, and Krakara. These deposits are
upper and lower limits of the Mineral Resource. structurally controlled lode gold systems that occur along northeast-trending
shear zones. The mineralised zones are typically hosted in altered mafic to
intermediate volcanic rocks and are characterised by moderate to steep dips.
· The combined strike length of individual mineralised lodes within the
Doropo Project is over 12 km, with individual deposits ranging from 300 m to
over 2.5 km in length. Mineralised zones are generally 3 to 15 m thick but can
reach widths of up to 30 m in dilational zones or where stacked lodes
coalesce. The mineralisation extends from near surface to vertical depths of
100 to 250 m, with some mineralised domains drilled to 300 to 400 m vertical
depth, particularly in Souwa.
Estimation and modelling techniques · The nature and appropriateness of the estimation technique(s) applied · Software used for the Mineral Resource estimate included Geoaccess
and key assumptions, including treatment of extreme grade values, domaining, Professional, Leapfrog Geo, Surpac and Isatis v2018.5.
interpolation parameters and maximum distance of extrapolation from data
points. If a computer assisted estimation method was chosen include a · The Mineral Resource estimate for the Doropo Project was estimated
description of computer software and parameters used. using Ordinary Kriging (OK) interpolation and Local Uniform Conditioning
(LUC). Estimation was conducted within hard boundary mineralisation domains
· The availability of check estimates, previous estimates and/or mine defined by 3D wireframes, constructed based on geological logging, assay
production records and whether the Mineral Resource estimate takes appropriate results, trenching, and geophysical interpretations. Drillhole data was
account of such data. composited to 1 m intervals prior to estimation. High-grade outlier values
were assessed through statistical analysis of gold grade distributions by
· The assumptions made regarding recovery of by-products. domain, and top-cuts were applied on an individual domain basis to reduce the
influence of extreme grades. In some areas a distance limiting constraint was
· Estimation of deleterious elements or other non-grade variables of applied. Variogram models were developed in Gaussian space to model the
economic significance (eg sulphur for acid mine drainage characterisation). spatial continuity of gold grades and back transformed prior to estimation.
Search ellipses were oriented along the dominant structural trends observed in
· In the case of block model interpolation, the block size in relation the mineralisation.
to the average sample spacing and the search employed.
· The block models were constructed for each deposit with a parent
· Any assumptions behind modelling of selective mining units. block size of 5 m x 5 m x 2.5 m - the assumed ultimate SMU block size and
rotated according to the orientation of the deposit. The OK interpolation was
· Any assumptions about correlation between variables. undertaken into relatively large panel blocks - predominantly 20 m x 20 m x 5
m but variable depending on deposit. Sub-blocking was utilised to accurately
· Description of how the geological interpretation was used to control honour geological and mineralisation boundaries.
the resource estimates.
· No mining dilution or recovery factors were applied; the estimate
· Discussion of basis for using or not using grade cutting or capping. reflects in-situ grades and tonnages.
· The process of validation, the checking process used, the comparison · Only gold was estimated; no deleterious elements were modelled. No
of model data to drill hole data, and use of reconciliation data if available. by-products were considered, and no correlations between variables were
assumed as only gold was economically significant.
· The model was validated through visual inspections, comparison of
input composite grades to block grades, swath plot analysis, and global
statistical checks. No reconciliation to mining production was possible as the
Doropo Project remains pre-production at this time.
Moisture · Whether the tonnages are estimated on a dry basis or with natural · Tonnages are estimated and reported on a dry basis.
moisture, and the method of determination of the moisture content.
Cut-off parameters · The basis of the adopted cut-off grade(s) or quality parameters · The Mineral Resource estimates for the Doropo Project were reported
applied. using a 0.3 g/t Au cut-off grade. This cut-off was selected based on PFS
assumptions that reflect open pit mining methods, anticipated processing
costs, metallurgical recoveries, and a long-term gold price assumption.
· The 0.3 g/t Au cut-off represents a reasonable expectation for
economic extraction in a conventional open-pit scenario with moderate
stripping ratios and CIL (carbon-in-leach) gold recovery.
Mining factors or assumptions · Assumptions made regarding possible mining methods, minimum mining · Mining factors and assumptions are based on the expectation of open
dimensions and internal (or, if applicable, external) mining dilution. It is pit mining methods using conventional truck and shovel operations. Optimised
always necessary as part of the process of determining reasonable prospects pit shells were generated using Whittle optimisation software to test the
for eventual economic extraction to consider potential mining methods, but the reasonable prospects for eventual economic extraction. These pit shells
assumptions made regarding mining methods and parameters when estimating informed the reporting constraints applied to the Mineral Resource estimate.
Mineral Resources may not always be rigorous. Where this is the case, this
should be reported with an explanation of the basis of the mining assumptions · The pit optimisations were generated by Orelogy with key mining
made. parameters summarised below;
· All models were re-blocked to 10 mX x 10 mY x 5 mRL;
· Gold price assumption of USD2,000 per troy ounce;
· Overall pit wall slope angles used are (in the range of):
o 24° in oxide;
o 28° in transitional;
o 48° in fresh;
· Mining Recovery of 92% (8% ore loss);
· Mining Dilution of 14%;
· Process Recovery:
o Oxide: 93.5%
Metallurgical factors or assumptions · The basis for assumptions or predictions regarding metallurgical · Preliminary metallurgical testwork has been conducted on
amenability. It is always necessary as part of the process of determining representative mineralised material from the Doropo Project. Samples were
reasonable prospects for eventual economic extraction to consider potential collected across a range of deposits (Souwa, Chegue, Krakara) and across
metallurgical methods, but the assumptions regarding metallurgical treatment different oxidation states (oxide, transitional, and fresh rock). Testwork was
processes and parameters made when reporting Mineral Resources may not always performed at certified laboratories and included gravity recovery tests,
be rigorous. Where this is the case, this should be reported with an cyanidation leaching tests, and bottle roll tests.
explanation of the basis of the metallurgical assumptions made.
· The results indicate that gold mineralisation is amenable to
conventional gravity recovery followed by CIL (carbon-in-leach) processing,
achieving high gold recoveries generally exceeding 90%. Oxide material
exhibited slightly higher recovery rates than fresh rock, but all major ore
types demonstrated favourable leach kinetics. No significant metallurgical
challenges, such as refractory gold or deleterious elements affecting
processing, were identified during initial testwork.
Environmen-tal factors or assumptions · Assumptions made regarding possible waste and process residue · Environmental and social baseline studies have been conducted across
disposal options. It is always necessary as part of the process of determining the project area, including flora and fauna surveys, water quality sampling,
reasonable prospects for eventual economic extraction to consider the heritage site assessments, and social impact studies. These baseline
potential environmental impacts of the mining and processing operation. While investigations were undertaken to inform the Environmental and Social Impact
at this stage the determination of potential environmental impacts, Assessment (ESIA) process, which is a legal requirement for obtaining a Mining
particularly for a greenfields project, may not always be well advanced, the Licence in Côte d'Ivoire.
status of early consideration of these potential environmental impacts should
be reported. Where these aspects have not been considered this should be · An ESIA and Resettlement Action Plan (RAP) were prepared in
reported with an explanation of the environmental assumptions made. accordance with Ivorian regulations and submitted to the relevant authorities.
Environmental certificates and approvals have been granted as part of the
Mining Licence issuance. Key environmental risks identified (such as water
management, waste disposal, and biodiversity preservation) have been assessed
at a preliminary level and mitigation measures proposed, although final
designs (e.g., for tailings storage facilities and mine waste dumps) will be
completed during Feasibility Studies.
· There are no known environmental issues that would materially affect
the reasonable prospects of eventual economic extraction of the Mineral
Resources. Ongoing monitoring and additional environmental studies are planned
as the project advances toward development.
Bulk density · Whether assumed or determined. If assumed, the basis for the · Bulk density measurements were taken systematically using drill core
assumptions. If determined, the method used, whether wet or dry, the frequency samples from across the various deposits and oxidation zones (oxide,
of the measurements, the nature, size and representativeness of the samples. transitional, and fresh rock). The measurements were conducted using the
Archimedes principle (water immersion displacement method) on core samples.
· The bulk density for bulk material must have been measured by methods Samples were oven-dried before testing to ensure that moisture content did not
that adequately account for void spaces (vugs, porosity, etc), moisture and artificially influence the density readings.
differences between rock and alteration zones within the deposit.
· A substantial dataset of 19,587 bulk density measurements were
· Discuss assumptions for bulk density estimates used in the evaluation collected and statistically analysed. Density values were assigned to
process of the different materials. different oxidation domains as follows:
· Oxide material: average bulk density ~1.8-2.0 t/m³,
· Transitional material: ~2.3-2.5 tm³,
· Fresh rock: ~2.7 t/m³.
· These domain-specific densities were applied to the block model based
on the oxidation state of each block. Density variability was reviewed, and no
significant spatial inconsistencies were identified that would materially
affect the Mineral Resource estimate.
Classification · The basis for the classification of the Mineral Resources into · The Mineral Resource has been classified and reported in accordance
varying confidence categories. with the CIM Definition Standards. Resources were classified into Measured,
Indicated, and Inferred categories based on a combination of drilling density,
· Whether appropriate account has been taken of all relevant factors geological confidence, continuity of mineralisation, and data quality.
(ie relative confidence in tonnage/grade estimations, reliability of input
data, confidence in continuity of geology and metal values, quality, quantity · Measured Resources were assigned in areas where drilling density was
and distribution of the data). highest (nominally on 10 m x 10 m grids), geological and mineralisation
continuity was well established, and data quality (assays, surveys, logging)
· Whether the result appropriately reflects the Competent Person's view was considered excellent.
of the deposit.
· Indicated Resources were defined in areas of moderate drilling
density (typically 25 m to 30 m spacing) where mineralisation continuity and
geological controls were reasonably well understood.
· Inferred Resources were assigned to zones with broader drill spacing
up to 50 m x 50 m, lower geological confidence, or where extrapolation
beyond drilling data was required.
· The classification approach appropriately reflects the level of
confidence in the underlying geological models, sampling methods, and assay
results.
Audits or reviews · The results of any audits or reviews of Mineral Resource estimates. · No independent audit has been completed on the Doropo Mineral
Resource Estimate.
· Cube undertook regular internal peer reviews during the course of the
MRE work.
Discussion of relative accuracy/ confidence · Where appropriate a statement of the relative accuracy and confidence · The relative accuracy and confidence of the Doropo Mineral Resource
level in the Mineral Resource estimate using an approach or procedure deemed estimates are considered appropriate for the classification levels assigned.
appropriate by the Competent Person. For example, the application of
statistical or geostatistical procedures to quantify the relative accuracy of · No production data is available for direct reconciliation, as the
the resource within stated confidence limits, or, if such an approach is not project is still in the exploration and development phase.
deemed appropriate, a qualitative discussion of the factors that could affect
the relative accuracy and confidence of the estimate. · At the global scale, the Mineral Resource estimate is considered to
have an accuracy commensurate with industry expectations for a project at the
· The statement should specify whether it relates to global or local advanced exploration and prefeasibility stages.
estimates, and, if local, state the relevant tonnages, which should be
relevant to technical and economic evaluation. Documentation should include
assumptions made and the procedures used.
· These statements of relative accuracy and confidence of the estimate
should be compared with production data, where available.
Section 4 Estimation and Reporting of Ore Reserves
(Criteria listed in section 1, and where relevant in sections 2 and 3, also
apply to this section.)
Criteria JORC Code explanation Commentary
Mineral Resource estimate for conversion to Ore Reserves · Description of the Mineral Resource estimate used as a basis for the · The Ore Reserves are based on the Mineral Resource estimate detailed
conversion to an Ore Reserve. in the foreign estimate, NI-43-101 Technical report on Doropo Project. The
definition standards for NI-43-101 is similar to JORC Code 2012. The resource
· Clear statement as to whether the Mineral Resources are reported is reported above a gold grade cut-off within a RPEEE shell, based on an
additional to, or inclusive of, the Ore Reserves. equivalent gold price of US$1,450/oz using an Open pit mining methodology
· Ore Reserves are the Material reported as a sub-set of the resource,
that which can be extracted from the region and processed with an economically
acceptable outcome
Site visits · Comment on any site visits undertaken by the Competent Person and the · The Competent Person, Mr Bruce Mowat, is a full-time employee of
outcome of those visits. Resolute Mining Ltd and a Member of the Australian Institute of
Geoscientists.
· If no site visits have been undertaken indicate why this is the case.
· A site visit to the project area was conducted in March 2025. The
site visits help to validate technical and operating assumptions used in the
preparation of the technical study, which forms the basis of the ore reserves.
· The site visit reviewed the project site and proposed waste dump
location, existing infrastructure available, a review of selected drill core
and various meetings were held with site personnel and key stakeholders
Study status · The type and level of study undertaken to enable Mineral Resources to · Doropo Gold Project is at a Feasibility Study stage. It has a
be converted to Ore Reserves. Technical Report (effective date of 18 July 2024) that has been prepared in
accordance with the requirements of National Instrument 43-101 Standards of
· The Code requires that a study to at least Pre-Feasibility Study Disclosure for Mineral Projects published by the Canadian Securities
level has been undertaken to convert Mineral Resources to Ore Reserves. Such Administrators ("NI 43-101").
studies will have been carried out and will have determined a mine plan that
is technically achievable and economically viable, and that material Modifying · The work undertaken to date has addressed all material Modifying
Factors have been considered. Factors required for the conversion of a Mineral Resources estimate into an
Ore Reserve estimate. Furthermore, the technical study shows that the mine
plan is technically feasible and economically viable at a long term gold price
of US$1,900/oz
Cut-off parameters · The basis of the cut-off grade(s) or quality parameters applied. · Current mining activities are based on the calculation below:
· The modifying factors used to develop the cut-off grade were those
available at the time of the LOM production scheduling and are detailed in the
Technical study
Mining factors or assumptions · The method and assumptions used as reported in the Pre-Feasibility or · The reported Ore Reserve estimates for Doropo are based on pit
Feasibility Study to convert the Mineral Resource to an Ore Reserve (i.e. optimisations conducted using Whittle to calculate the optimal pit at
either by application of appropriate factors by optimisation or by preliminary specific input parameters and pit designs. Costs are based on contract mining
or detailed design). and site costs are derived with a high degree of accuracy.
· The choice, nature and appropriateness of the selected mining · Mining is planned to be undertaken by conventional open pit
method(s) and other mining parameters including associated design issues such methods of drill and blast, followed by load and haul. Detailed pit design
as pre-strip, access, etc. work was completed based on pit optimisations result. Only Measured and
Indicated Resources were used in the pit optimisation.
· The assumptions made regarding geotechnical parameters (eg pit
slopes, stope sizes, etc), grade control and pre-production drilling. · Overall slope angles are dependent on rock type and it varies
across different pit. Detailed geo-tech assessment was conducted by external
· The major assumptions made and Mineral Resource model used for pit party as part of the technical study.
and stope optimisation (if appropriate).
· A regularised model used for the reporting, which takes in to
· The mining dilution factors used. account the dilution during the process of mining. In addition a 1.0m skin
width was applied to the edge of ore blocks, at zero grade.
· The mining recovery factors used.
· All Inferred material is treated as waste and is excluded from
· Any minimum mining widths used. Reserve Reporting.
· The manner in which Inferred Mineral Resources are utilised in mining · Inferred Mineral Resources are not included in the pit optimisation
studies and the sensitivity of the outcome to their inclusion. and pit design
· The infrastructure requirements of the selected mining methods.
Metallurgical factors or assumptions · The metallurgical process proposed and the appropriateness of that · Metallurgical test work was conducted on multiple samples and
process to the style of mineralisation. flowsheet developed based on the test. The tests indicated that, Average
metallurgical recovery over the life of mine is 89% for gold.
· Whether the metallurgical process is well-tested technology or novel
in nature. · The processing plant will utilise industry standard comminution,
leaching, adsorption, and gold recovery technologies to produce a saleable
· The nature, amount and representativeness of metallurgical test work gold doré.
undertaken, the nature of the metallurgical domaining applied and the
corresponding metallurgical recovery factors applied. · The Doropo gold plant will process ore of variable fresh,
transitional and oxide feed types from across nine different pits. The LOM
· Any assumptions or allowances made for deleterious elements. feed is 57.6% fresh rock and 42.4% oxide/transitional saprolite or saprock.
The largest ore sources are the Kilosegui and Souwa pits, at 35.4% and 29.2%
· The existence of any bulk sample or pilot scale test work and the of LOM ore source respectively.
degree to which such samples are considered representative of the orebody as a
whole.
· For minerals that are defined by a specification, has the ore reserve
estimation been based on the appropriate mineralogy to meet the
specifications?
Environmen-tal · The status of studies of potential environmental impacts of the · The development of the Doropo Gold Project (Project) requires an
mining and processing operation. Details of waste rock characterisation and Environmental Permit and Mining (Exploitation) Permit in line with Ivoirian
the consideration of potential sites, status of design options considered and, legislation.
where applicable, the status of approvals for process residue storage and
waste dumps should be reported.
· Earth Systems and H&B Consulting were commissioned by Ampella to
review the environmental and social aspects of the Project and prepare an
Environmental and Social Impact Assessment (ESIA) in compliance with key
Ivoirian regulatory requirements, and in accordance with international best
practice
Infrastructure · The existence of appropriate infrastructure: availability of land for · The processing plant will utilise industry standard comminution,
plant development, power, water, transportation (particularly for bulk leaching, adsorption, and gold recovery technologies to produce a saleable
commodities), labour, accommodation; or the ease with which the infrastructure gold doré. The Doropo gold plant will process ore from nine different pits
can be provided, or accessed. with varying quantities of fresh, transitional and oxide ores.
· A processing plant feed rate of 5.4 Mt/a for weathered (oxide and
transitional) material and 4.0 Mt/a for fresh material was utilised throughout
the schedule. The schedule assumed 6,000 operating hrs per year for the
crusher and converted the weathered and fresh throughput rates into an hourly
rate of 900 t/h and 667 t/h respectively.
· The capital cost estimate for processing including infrastructure was
$271.3 million. This includes a capital estimate of $23.6m for a power
connection to the national grid
Costs · The derivation of, or assumptions made, regarding projected capital · The Project Operating cost estimate (mining, processing, and
costs in the study. infrastructure) developed for the FS is based on a mining services contractor
model for the open pit mining.
· The methodology used to estimate operating costs.
· Operating cost estimates for the Doropo Gold Project has been
· Allowances made for the content of deleterious elements. compiled by GRES based on inputs developed by:
· The source of exchange rates used in the study. · Orelogy - for mining contractor and mine management costs;
· Derivation of transportation charges. · GRES - for the processing costs;
· The basis for forecasting or source of treatment and refining · ECG - for the cost of power;
charges, penalties for failure to meet specification, etc.
· Centamin - for the Site General and Administration (G&A)
· The allowances made for royalties payable, both Government and costs, as well as labour organisation charts, project manning, labour rates
private. and operational manning build-up.
· The operating costs for the Doropo processing plant have been
estimated to an accuracy of -10%/+15% and reflects an estimate base date of
second quarter 2024.
· The sustaining capital estimate summary is in the table below:
Revenue factors · The derivation of, or assumptions made regarding revenue factors · The revenue is derived using a flat gold price assumption of
including head grade, metal or commodity price(s) exchange rates, US$1,950/oz
transportation and treatment charges, penalties, net smelter returns, etc.
· No penalties are incurred, nor is any revenue received from
· The derivation of assumptions made of metal or commodity price(s), co-products.
for the principal metals, minerals and co-products.
Market assessment · The demand, supply and stock situation for the particular commodity, · The gold market is robust with the prevailing gold price being
consumption trends and factors likely to affect supply and demand into the well above US$3,200/oz.
future.
· Supply and demand are not considered material to the Ore Reserve
· A customer and competitor analysis along with the identification of calculations.
likely market windows for the product.
· Doropo is pre-production and does not have an established customer
· Price and volume forecasts and the basis for these forecasts. base. Gold sales are expected to be made into the world gold markets that are
highly liquid
· For industrial minerals the customer specification, testing and
acceptance requirements prior to a supply contract.
Economic · The inputs to the economic analysis to produce the net present value · The financial evaluation undertaken as part of the technical
(NPV) in the study, the source and confidence of these economic inputs study indicated a positive net present value (NPV) at a 8% annual discount
including estimated inflation, discount rate, etc. rate. The following major economic inputs were used:
· NPV ranges and sensitivity to variations in the significant · Costs as previous described
assumptions and inputs.
· Gold price of US$1900/oz
· Royalties & Tax as per the Ivorian Law
Social · The status of agreements with key stakeholders and matters leading to · The development of the Doropo Gold Project (Project) requires an
social licence to operate. Environmental Permit and Mining (Exploitation) Permit in line with Ivoirian
legislation. Earth Systems and H&B Consulting were commissioned by Ampella
to review the environmental and social aspects of the Project and prepare an
Environmental and Social Impact Assessment (ESIA) in compliance with key
Ivoirian regulatory requirements, and in accordance with international best
practice.
· An environmental and social baseline has been established for the
Project with extensive field studies undertaken by the ESIA consultants since
February 2022 to support Project Prefeasibility and Feasibility design studies
as well as the statutory ESIA. These studies have included those related to
socio-economic conditions, land and water use, surface and groundwater
resources, terrestrial and aquatic ecology and biodiversity, air quality,
noise and vibration, traffic and transportation, as well as archaeology and
cultural heritage
· The ESIA process requires consultation with local community and
government leadership and other relevant stakeholders. Engagement will
continue up to and during operations including the payment of compensation to
farmers whose fields are disturbed as per legal requirements.
· Ivoirian nationals are anticipated to fill most operating and
management positions. The intention is to encourage economic development
within the local community
Other · To the extent relevant, the impact of the following on the project · The development of the Doropo Gold Project (Project) requires an
and/or on the estimation and classification of the Ore Reserves: Environmental Permit and Mining (Exploitation) Permit in line with Ivoirian
legislation. Earth Systems and H&B Consulting were commissioned by Ampella
· Any identified material naturally occurring risks. to review the environmental and social aspects of the Project and prepare an
Environmental and Social Impact Assessment (ESIA) in compliance with key
· The status of material legal agreements and marketing arrangements. Ivoirian regulatory requirements, and in accordance with international best
practice.
· The status of governmental agreements and approvals critical to the
viability of the project, such as mineral tenement status, and government and
statutory approvals. There must be reasonable grounds to expect that all
necessary Government approvals will be received within the timeframes
anticipated in the Pre-Feasibility or Feasibility study. Highlight and discuss
the materiality of any unresolved matter that is dependent on a third party on
which extraction of the reserve is contingent.
Classification · The basis for the classification of the Ore Reserves into varying · Proved and Probable Ore Reserves were declared based on the Measured
confidence categories. and Indicated Mineral Resources
· Whether the result appropriately reflects the Competent Person's view
of the deposit.
· The proportion of Probable Ore Reserves that have been derived from
Measured Mineral Resources (if any).
Audits or reviews · The results of any audits or reviews of Ore Reserve estimates. · No external audits of Resources/Reserves were undertaken. Due
diligence was undertaken by external party on the technical study and
assumptions
Discussion of relative accuracy/ confidence · Where appropriate a statement of the relative accuracy and confidence · The relative accuracy and confidence of the Ore Reserve estimate
level in the Ore Reserve estimate using an approach or procedure deemed is inherent in the Ore Reserve Classification.
appropriate by the Competent Person. For example, the application of
statistical or geostatistical procedures to quantify the relative accuracy of · The mine design and schedule were prepared to a PFS level of
the reserve within stated confidence limits, or, if such an approach is not accuracy. Conservative mining modifying factors were used to account for
deemed appropriate, a qualitative discussion of the factors which could affect potential variations in ground and geotechnical conditions
the relative accuracy and confidence of the estimate.
· The statement should specify whether it relates to global or local
estimates, and, if local, state the relevant tonnages, which should be
relevant to technical and economic evaluation. Documentation should include
assumptions made and the procedures used.
· Accuracy and confidence discussions should extend to specific
discussions of any applied Modifying Factors that may have a material impact
on Ore Reserve viability, or for which there are remaining areas of
uncertainty at the current study stage.
· It is recognised that this may not be possible or appropriate in all
circumstances. These statements of relative accuracy and confidence of the
estimate should be compared with production data, where available.
Annexure 2 - JORC Code, 2012 Edition
Additional technical information relating to foreign estimates
ASX Listing Rule 5.12
Section 1 Sampling Techniques and Data
ABC Project - Foreign Resource and Reserve Estimate as at 31 July 2021
(Criteria in this section apply to all succeeding sections.)
(Criteria in this section apply to all succeeding sections.)
Criteria JORC Code explanation Commentary
Sampling techniques · Nature and quality of sampling (eg cut channels, random chips, or · The sampling was conducted using multiple techniques tailored to the
specific specialised industry standard measurement tools appropriate to the project's geological and surface conditions. A systematic rock sampling
minerals under investigation, such as down hole gamma sondes, or handheld XRF program was caried out in 2017 to fully characterise the surface expression of
instruments, etc). These examples should not be taken as limiting the broad the mineralisation. A total of 788 rock samples were collected in 2017 and 205
meaning of sampling. rock samples in 2019/2020.
· Include reference to measures taken to ensure sample representivity · Auger drilling was employed extensively over the mineralised corridor
and the appropriate calibration of any measurement tools or systems used. to adequately characterise the underlying rocks. Auger drilling recovered
material systematically for gold analysis and geochemical interpretation. As
· Aspects of the determination of mineralisation that are Material to with the rock chips, auger samples were analysed for Au by fire assay with AAS
the Public Report. finish at Bureau Veritas in Abidjan. Multi-element analyses were completed by
four-acid digest with ICP-AES and ICP-MS finish at ACME Laboratories in
· In cases where 'industry standard' work has been done this would be Vancouver. A total of 2,843 samples were collected at the end of 2020 from
relatively simple (eg 'reverse circulation drilling was used to obtain 1 m 22,219m drilled.
samples from which 3 kg was pulverised to produce a 30 g charge for fire
assay'). In other cases more explanation may be required, such as where there · Reverse Circulation (RC) and Diamond Core (DD) drilling were the
is coarse gold that has inherent sampling problems. Unusual commodities or principal methods used for delineating Mineral Resources. RC drilling was
mineralisation types (eg submarine nodules) may warrant disclosure of detailed conducted using 5¼ to 5¾ inch diameter face-sampling hammers to recover
information. one-metre interval samples, typically dry unless groundwater was encountered.
Diamond drilling employed HQ and NQ diameter core, with triple tube techniques
for improving recovery in broken ground. RC samples were riffle split on site,
and core samples were sawn to produce half-core for analysis. Sampling
procedures incorporated QAQC measures, including the insertion of blanks,
standards, and duplicates to ensure sample representivity. Assay protocols
utilised 50 g fire assay (AAS finish) for gold, and multi-element analysis was
performed where applicable.
Drilling techniques · Drill type (eg core, reverse circulation, open-hole hammer, rotary · Drilling methods involved a combination of Reverse Circulation (RC),
air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or Diamond Core (DD), and auger drilling methods. RC drilling was primarily used
standard tube, depth of diamond tails, face-sampling bit or other type, for delineating near-surface mineralisation and preliminary resource
whether core is oriented and if so, by what method, etc). definition. RC drilling employed face-sampling hammers with bit sizes ranging
from 5¼ to 5¾ inches. Dry drilling was the standard procedure, with drilling
halted at the water table to prevent contamination from wet samples; below
groundwater, diamond drilling methods were applied.
· Diamond core drilling used HQ and NQ diameter core. Triple-tube
systems were implemented in highly broken ground to maximise core recovery,
while standard double-tube setups were used elsewhere. Downhole surveys are
taken every 30m with a single shot Reflex EZ shot system. Orientation of
diamond core was conducted selectively using Reflex ACT II core orientation
devices to facilitate structural logging. Auger drilling was utilised for
shallow exploration across the entire area. All drill methods were executed to
a high standard with contractors experienced in gold exploration in West
Africa.
Drill sample recovery · Method of recording and assessing core and chip sample recoveries and · Drill sample recovery was systematically monitored during both RC and
results assessed. diamond drilling programs. RC samples were weighed regularly, to monitor
sample size consistency and ensure the representativeness of samples. Analysis
· Measures taken to maximise sample recovery and ensure representative of sample weights of 47,562 RC samples from Kona South and 47,464 RC samples
nature of the samples. showed a consistent recovery trend stabilizing between 30-40 kg per metre
after clearing the uppermost weathered horizons. Minor variations in sample
· Whether a relationship exists between sample recovery and grade and weight were observed at shallow depths and in softer materials; however,
whether sample bias may have occurred due to preferential loss/gain of statistical checks confirmed no significant bias in gold grade associated with
fine/coarse material. sample mass.
· Diamond core recovery was measured, with an overall average recovery
of approximately 96% across the project. Recovery rates improved with depth,
with 81% core recovery in oxide, 91% recovery in transitional and 99% in
fresh. Core recovery measurements were recorded in the database for each run.
The use of triple-tube drilling in broken ground contributed to maintaining
high recovery standards. The overall conclusion, supported by quality control
reviews, was that there is no significant sampling bias attributable to
differential recovery.
Logging · Whether core and chip samples have been geologically and · Comprehensive geological and geotechnical logging was undertaken for
geotechnically logged to a level of detail to support appropriate Mineral all drillholes including RC and DD. Drillholes were logged systematically for
Resource estimation, mining studies and metallurgical studies. a range of key geological attributes: lithology, alteration, mineralisation,
texture, structure, weathering, and rock quality designation (RQD). RC samples
· Whether logging is qualitative or quantitative in nature. Core (or were logged visually on site, with geological observations recorded both
costean, channel, etc) photography. digitally and on physical log sheets where applicable. Diamond core was logged
in greater detail, particularly for structural geology, alteration styles,
· The total length and percentage of the relevant intersections logged. mineral assemblages, and vein relationships, providing critical inputs for 3D
geological modelling.
· Photographic records were maintained for all diamond drill core -
photographed both wet and dry - before sampling. Logging captured sufficient
detail to support resource estimation, mining studies, and metallurgical
investigations. Logging procedures included the use of a standardised
lithological and alteration coding scheme to ensure consistency across the
drilling campaigns. Digital capture of logging data into a centralised
database with validation rules also enhanced data reliability.
Sub-sampling techniques and sample preparation · If core, whether cut or sawn and whether quarter, half or all core · Systematic sub-sampling and sample preparation protocols were
taken. employed to ensure that samples remained representative of in situ
mineralisation. For RC drilling, 1 m samples were split on site using a
· If non-core, whether riffled, tube sampled, rotary split, etc and three-tier riffle splitter to achieve a target sample size of approximately 2
whether sampled wet or dry. to 3 kg for laboratory submission. Wet samples encountered in shallow zones
were left to dry naturally prior to splitting where possible. For diamond
· For all sample types, the nature, quality and appropriateness of the drilling, core was cut lengthwise using diamond-bladed core saws; half-core
sample preparation technique. samples were collected for routine assay, while the other half was preserved
for reference and potential future re-assay.
· Quality control procedures adopted for all sub-sampling stages to
maximise representivity of samples. · Sample preparation at the laboratory followed industry best
practices. Samples were oven dried, crushed to 70 to 85% passing 2 mm, then
· Measures taken to ensure that the sampling is representative of the riffle split to produce a subsample for pulverisation. The pulverised material
in situ material collected, including for instance results for field was milled to achieve at least 85% passing 75 microns, producing a pulp of
duplicate/second-half sampling. approximately 150 to 250 g for fire assay analysis. Quality assurance measures
were built into preparation workflows, including the regular inclusion of
· Whether sample sizes are appropriate to the grain size of the duplicate splits and check samples. Laboratory facilities used (primarily
material being sampled. Bureau Veritas Abidjan, SGS Ouagadougou) operated to ISO 17025 standards, and
internal laboratory QAQC reviews were conducted regularly.
Quality of assay data and laboratory tests · The nature, quality and appropriateness of the assaying and · Assay methodologies were based on internationally recognised
laboratory procedures used and whether the technique is considered partial or standards and utilised reputable laboratories. All drill samples were
total. primarily analysed for gold using 50 g fire assay with atomic absorption
spectroscopy (AAS) or inductively coupled plasma atomic emission spectroscopy
· For geophysical tools, spectrometers, handheld XRF instruments, etc, (ICP-AES) finish. In cases where assays exceeded 10 g/t Au, samples were
the parameters used in determining the analysis including instrument make and re-analysed using a gravimetric finish to improve accuracy. For some RC and
model, reading times, calibrations factors applied and their derivation, etc. trench samples, particularly those with coarse gold.
· Nature of quality control procedures adopted (eg standards, blanks, · Quality control procedures were rigorous. Certified reference
duplicates, external laboratory checks) and whether acceptable levels of materials (standards), field blanks, and field duplicates were inserted into
accuracy (ie lack of bias) and precision have been established. the sample stream at regular intervals - approximately one QAQC sample every
20 to 30 samples. Laboratory duplicates, internal standards, and blanks were
also monitored. QAQC data were routinely reviewed to ensure analytical
accuracy and precision. Failures (e.g., a standard outside 3 standard
deviations) triggered immediate re-assay of sample batches. No significant
long-term bias or drift was observed across the assay dataset. Laboratories
involved (Bureau Veritas, Abidjan and SGS, Ouagadougou) are ISO/IEC 17025
accredited, ensuring laboratory practices are consistent with industry best
practice.
Verification of sampling and assaying · The verification of significant intersections by either independent · Verification of sampling and assaying was undertaken through a
or alternative company personnel. combination of internal reviews, duplicate analyses, and independent data
validation exercises. Field duplicates were collected regularly from RC
· The use of twinned holes. drilling to monitor sampling precision, with results demonstrating
satisfactory repeatability of gold grades. CRMs and blanks were inserted at
· Documentation of primary data, data entry procedures, data regular intervals to monitor assay accuracy and contamination. QAQC charts
verification, data storage (physical and electronic) protocols. were reviewed continuously by project geologists and external consultants
during key drilling campaigns.
· Discuss any adjustment to assay data.
· The primary assay laboratories (Bureau Veritas and SGS) conducted
their own internal QC programs, which were also monitored. Limited twin
drilling was conducted, with twin RC holes and DD holes used to verify
mineralisation continuity, grade reproducibility, and geological
interpretation; results confirmed good spatial reproducibility. While external
umpire (secondary lab) assay programs were not routinely undertaken, the
performance of primary laboratories and internal QAQC programs were considered
satisfactory for the reporting of Mineral Resources. Assay data and logging
data were entered digitally into validated databases, and independent audits
of the database have been performed during resource estimation reviews.
Location of data points · Accuracy and quality of surveys used to locate drill holes (collar · Drillhole collar locations were surveyed using a combination of
and down-hole surveys), trenches, mine workings and other locations used in differential GPS (DGPS) systems and total station surveying where higher
Mineral Resource estimation. precision was required. The DGPS surveys were conducted by trained field
surveyors to ensure location accuracy suitable for Mineral Resource
· Specification of the grid system used. estimation, with horizontal and vertical accuracy generally within ±0.2 m. In
areas of rugged topography or logistical difficulty, survey-grade handheld GPS
· Quality and adequacy of topographic control. units were temporarily used during initial exploration stages (rock sampling,
auger drilling), but were later replaced with DGPS surveys for all critical
drill collars.
· Elevation data were tied into the Nivellement Général de Côte
d'Ivoire (NGCI) vertical datum. A topographic digital terrain model (DTM) was
produced using high-resolution satellite imagery and ground-truthing, which
was used for resource modelling. Grid systems used were WGS84, Zone 29N for
initial exploration and UTM Zone 29N (WGS84 projection) for final resource
definition.
Data spacing and distribution · Data spacing for reporting of Exploration Results. · Drilling was conducted on nominal grid spacings appropriate for the
level of confidence required for resource estimation. In the main mineralised
· Whether the data spacing and distribution is sufficient to establish zones at Kona South and Kona Central RC and diamond drilling was performed on
the degree of geological and grade continuity appropriate for the Mineral approximately 50 m x 50 m grids with some areas of wider spacing of 50m x
Resource and Ore Reserve estimation procedure(s) and classifications applied. 100m.
· Whether sample compositing has been applied. · Outside the main resource areas, reconnaissance and exploration
drilling was more broadly spaced at 50 m x 200 m intervals, appropriate for
early-stage resource targeting. Data spacing was assessed during Mineral
Resource Estimation and was found sufficient to establish geological and grade
continuity for inferred classification. No sample compositing was applied
prior to resource estimation; raw assay intervals were used directly in
estimation procedures.
Orientation of data in relation to geological structure · Whether the orientation of sampling achieves unbiased sampling of · Drilling programs were designed to target mineralised structures as
possible structures and the extent to which this is known, considering the close to perpendicular as possible to the interpreted dip of mineralisation at
deposit type. each deposit. All drillholes were oriented towards the east with an
inclination of -50° to -60°, depending on the local structural orientation
· If the relationship between the drilling orientation and the of gold-bearing zones. The mineralisation is generally hosted in north
orientation of key mineralised structures is considered to have introduced a trending structures dipping moderately to steeply to the west, making these
sampling bias, this should be assessed and reported if material. drill orientations appropriate to intersect mineralised zones at reasonable
angles and to minimise bias in the intercept lengths.
· Geological interpretations and cross sections confirm that drilling
achieved reasonably representative intersections of mineralisation. No
significant sampling bias related to drilling orientation was observed during
resource modelling and estimation.
Sample security · The measures taken to ensure sample security. · Sample security protocols were implemented to ensure the integrity of
all collected samples from the point of collection through to laboratory
delivery. After collection, samples were placed into pre-numbered, durable
plastic bags and securely sealed. Multiple samples were then packed into
larger polyweave sacks for easier handling and protection during transport.
Samples were stored in a secure, supervised facility at the exploration camp
before transportation.
· Transport to the assay laboratories (Bureau Veritas in Abidjan and
SGS in Ouagadougou) was carried out either by company personnel or trusted,
contracted couriers. Chain-of-custody forms were maintained throughout the
transfer process, and receipt of samples was acknowledged in writing by
laboratory staff. While rigorous internal controls were observed, there is no
specific mention of external audits or independent oversight of sample
security protocols. However, no incidents of sample loss, tampering, or
contamination have been reported, and laboratory reconciliation of received
samples consistently matched dispatch records.
Audits or reviews · The results of any audits or reviews of sampling techniques and data. · Audits and reviews of sampling techniques, assay data, and database
integrity have been carried out periodically. Internal technical reviews were
performed by Centamin's in-house geology and resource teams throughout the
exploration and resource evaluation phases. These reviews covered sampling
practices, QAQC data performance, logging standards, and database quality,
ensuring consistent application of protocols and identifying areas for
procedural improvement where necessary.
· Independent reviews of the Resource models and supporting exploration
data were conducted as part of the NI 43-101 technical report preparation.
Qualified Persons (QPs) signed off on the Mineral Resource estimates after
assessing the drilling, sampling, and QAQC procedures.
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
Criteria JORC Code explanation Commentary
Mineral tenement and land tenure status · Type, reference name/number, location and ownership including · The Kona South and Kona Central deposits are the most advanced
agreements or material issues with third parties such as joint ventures, prospects in Centamin's ABC Kona Project, which is located in the Kabadougou
partnerships, overriding royalties, native title interests, historical sites, Region of the Denguélé District, in the northwest of Cote D'Ivoire. The
wilderness or national park and environmental settings. Kona permit occurs approximately 600 km west of Centamin's Doropo Project and
540 km north-west of the capital city of Abidjan. The Kona permit is 100%
· The security of the tenure held at the time of reporting along with owned by Centamin Cote d'Ivoire SARL, which is a 100% owned Ivoirian
any known impediments to obtaining a licence to operate in the area. subsidiary of Centamin and covers an area of 382.9 km2.
· All permits (Kona PR658, Windou PR877 and Farako Nafana) are held in
good standing with the Côte d'Ivoire Ministry of Mines and have been
maintained in accordance with local legal requirements. There are no known
outstanding disputes affecting the licences and no known risks or
environmental liabilities that could adversely affect or result in the loss of
ownership of the Resource or permits.
Exploration done by other parties · Acknowledgment and appraisal of exploration by other parties. · Newmont are believed to be the first exploration company to explore
the area in 2010. They conducted regional drainage sampling, mapping and
prospecting across the entire district. This work highlighted the Kona area as
one of their highest ranked targets. Local exploration companies, including
Golden Oriole and Sani Resources, applied for exploration permits on the back
of the Newmont reconnaissance licences but never raised the finance to conduct
any significant work and subsequently had their permits revoked.
· Centamin acquired the exploration permits from the government in 2015
to 2016. The 2018 Kona South Mineral Resource is the first defined in the
area. There is no evidence of any illegal artisanal mining in the permit area.
Geology · Deposit type, geological setting and style of mineralisation. · The ABC Kona project is situated along the main Archean-Birimian
Cratonic suture zone in western Côte d'Ivoire, specifically associated with
the Sassandra Fault Zone.
· The principal mineralised feature identified through mapping and
sampling is the Lolosso structure, a north-south striking mineralised zone
interpreted as a western splay off the major transcurrent Sassandra Fault. The
geological setting includes a narrow keel of later Birimian volcano-sediments
entrapped within earlier Archean thrusted granite and gneissic sheets,
providing a complex structural and lithological host for mineralisation.
· At Kona South, gold is predominantly hosted in psammitic units
(north-south striking) dipping approximately 70° west. This unit is
sandwiched between a calc-silicate hanging wall to the west and a paragneiss
footwall to the east. An additional mafic volcanic unit lies west of the
calc-silicate layer, completing the local stratigraphy.
· The style of mineralisation is structurally controlled and shows a
strong spatial association with arsenopyrite. Arsenopyrite occurs as
disseminations and aggregates aligned with the foliation of the psammitic
host. Strong silicification is evident within mineralised zones, though quartz
veining is rare and does not appear to play a significant role in gold
control.
Drill hole Information · A summary of all information material to the understanding of the · The NI 43-101 Technical Report provides comprehensive drillhole
exploration results including a tabulation of the following information for information, covering collar locations, drill hole depths, azimuths, dips, and
all Material drill holes: key intersections. Drillhole collars were initially surveyed using a handheld
GPS, then independently surveyed using differential GPS (DGPS) or total
o easting and northing of the drill hole collar station equipment. The collars are in the UTM Zone 29 North, WGS84 datum. The
QP considered a drill plan and representative examples of drill sections
o elevation or RL (Reduced Level - elevation above sea level in metres) of the through Kona South and Kona Central would be more informative than a
drill hole collar tabulation of mineralised intercepts. Sections are provided in the report.
o dip and azimuth of the hole · The database includes 388 drillholes for a total of 57,344 m of
drilling.
o down hole length and interception depth
o hole length.
· If the exclusion of this information is justified on the basis that
the information is not Material and this exclusion does not detract from the
understanding of the report, the Competent Person should clearly explain why
this is the case.
Data aggregation methods · In reporting Exploration Results, weighting averaging techniques, · Exploration results and Mineral Resource drill intercepts are
maximum and/or minimum grade truncations (eg cutting of high grades) and reported based on compositing of contiguous mineralised intervals. Assay
cut-off grades are usually Material and should be stated. results were composited to 1m to ensure that sample length variability did not
introduce bias. The average sample interval is 0.998m.
· Where aggregate intercepts incorporate short lengths of high grade
results and longer lengths of low grade results, the procedure used for such · No metal equivalent values have been reported.
aggregation should be stated and some typical examples of such aggregations
should be shown in detail. · No top-cutting (grade capping) was applied when presenting raw
exploration results; however, top-cutting was considered and applied during
· The assumptions used for any reporting of metal equivalent values Mineral Resource estimation to control the influence of extreme outlier
should be clearly stated. grades. Composites used downhole lengths of 1 m, reflecting the RC and DD
sampling intervals.
Relationship between mineralisation widths and intercept lengths · These relationships are particularly important in the reporting of · The Kona Project drilling program was designed to optimise
Exploration Results. intersection angles relative to the interpreted orientation of gold
mineralisation. Mineralisation typically occurs within steeply dipping shear
· If the geometry of the mineralisation with respect to the drill hole zones striking north - south, dipping steeply ~70⁰ to the west. To account
angle is known, its nature should be reported. for this geometry, most drillholes were inclined at approximately -55° to
-60° and drilled toward the east. This does result in intersections of the
· If it is not known and only the down hole lengths are reported, there mineralisation at a high angle, and in general, true thickness is 80% of the
should be a clear statement to this effect (eg 'down hole length, true width sample length.
not known').
Diagrams · Appropriate maps and sections (with scales) and tabulations of · The NI 43-101 Technical Report provides a variety of diagrams that
intercepts should be included for any significant discovery being reported illustrate the distribution of mineralisation, drill coverage and geological
These should include, but not be limited to a plan view of drill hole collar interpretation. These include:
locations and appropriate sectional views.
· Plan view maps showing drill hole collar locations and surface
projections of the mineralised zones.
· Cross sections and long sections through the deposits depicting
lithological units, interpreted mineralisation wireframes, and drill
intercepts.
· Regional geological maps.
Balanced reporting · Where comprehensive reporting of all Exploration Results is not · Exploration results are presented in a manner that is consistent with
practicable, representative reporting of both low and high grades and/or balanced reporting principles. Both positive results (significant gold
widths should be practiced to avoid misleading reporting of Exploration intersections) and lower-grade or barren drilling outcomes are discussed in
Results. the report narrative.
· Resource estimation was based on all available drilling data, not
just high-grade intervals.
Other substantive exploration data · Other exploration data, if meaningful and material, should be · The ABC Kona project has benefited from a broad range of exploration
reported including (but not limited to): geological observations; geophysical activities in addition to drilling. Centamin's exploration campaign included
survey results; geochemical survey results; bulk samples - size and method of reconnaissance mapping and systematic rock chip sampling, auger sampling,
treatment; metallurgical test results; bulk density, groundwater, geotechnical ground geophysical survey, an airborne Magnetic and Radiometric survey as well
and rock characteristics; potential deleterious or contaminating substances. as reverse circulation (RC) and diamond drilling. All the exploration work was
conducted by Centamin personnel, or under their direct management, when
carried out by contractors.
· Preliminary, metallurgical test work has been carried out by
Centamin, summarised in the report.
· Bulk densities have been measured from drill core.
· There are no known deleterious elements.
Further work · The nature and scale of planned further work (eg tests for lateral · Further work has been identified to support future exploration,
extensions or depth extensions or large-scale step-out drilling). evaluation, and potential development. Recommended activities include
additional infill and extensional drilling aimed at converting Inferred
· Diagrams clearly highlighting the areas of possible extensions, Resources to Indicated and Measured categories, as well as to test mineralised
including the main geological interpretations and future drilling areas, structures beyond the current limits of resource models. Trenching to test new
provided this information is not commercially sensitive. soil anomalies to identify additional targets.
· More density testwork is required, specifically for the weathered
portions of the Kona deposit to generate reliable density data.
Section 3 Estimation and Reporting of Mineral Resources
(Criteria listed in section 1, and where relevant in section 2, also apply to
this section.)
Criteria JORC Code explanation Commentary
Database integrity · Measures taken to ensure that data has not been corrupted by, for · The drillhole database supporting the ABC Kona Resource estimate
example, transcription or keying errors, between its initial collection and underwent a comprehensive validation process. Detailed checks were performed
its use for Mineral Resource estimation purposes. on collar coordinates, downhole survey measurements, lithology logs, and assay
entries to ensure consistency and accuracy. QA/QC protocols were applied
· Data validation procedures used. throughout the data collection and entry stages.
· Only RC and DD were used for the Mineral Resource estimate.
· The QP reviewed the validation and found no significant issues or
errors that would materially affect the confidence in the database or the
subsequent resource estimate.
Site visits · Comment on any site visits undertaken by the Competent Person and the · A formal site visit was conducted by the QP who undertook the MRE, on
outcome of those visits. 29-30 August 2021, as part of the data verification program. The QP observed
selected drill core, discussed geological framework and mineralsiation
· If no site visits have been undertaken indicate why this is the case. controls, toured the camp facility, visited outcrops and checked several drill
collar positions. He discussed data capture, storage and management.
Particular attention was given to verifying geological logging, collar
locations, sampling methods, and database integrity through comparison with
field observations and logs.
Geological interpretation · Confidence in (or conversely, the uncertainty of ) the geological · The geological interpretation is based on geological mapping,
interpretation of the mineral deposit. drilling data (both RC and diamond core), assay results, and geophysical data.
· Nature of the data used and of any assumptions made. · The project area is located along the main Archean-Birimian Cratonic
suture zone, the Sassandra Fault zone and hosts structurally controlled gold
· The effect, if any, of alternative interpretations on Mineral mineralisation. The geological model interprets mineralised zones as steeply
Resource estimation. dipping shear-hosted lodes, which are consistent with regional structural
trends observed in comparable deposits throughout the belt.
· The use of geology in guiding and controlling Mineral Resource
estimation. · At Kona South the gold is hosted almost entirely in the north-south
striking psammite unit, dipping approximately 70° to the west. This unit is
· The factors affecting continuity both of grade and geology. sandwiched between a calc-silicate unit to the west (hanging wall) and a
paragneiss unit to the east (footwall). A further mafic volcanic unit abuts
the hanging wall calc-silicate to the west, completing the Birimian inlier
stratigraphy.
· The interpretation of geology and mineralisation has been used to
control the definition of wireframe solids for the mineralised wireframes,
with mineralisation generally limited to the psammite units.
· Mineralisation wireframes were modelled in Leapfrog using the
Economic compositing function with the grade threshold of 0.2 to 0.3 g/t Au. 5
mineralised lodes were modelled in Kona South.
· For Kona Central, numerous lodes were initially modelled and multiple
interpretations considered. Ultimately a single bulk domain was modelled which
captured all possible domain interpretations. An indicator kriging approach
was undertaken to define the mineralised and unmineralised lodes, with a
threshold applied at 0.25 g/t gold.
Dimensions · The extent and variability of the Mineral Resource expressed as · For Kona South, 5 lodes were modelled over a strike length of 3km
length (along strike or otherwise), plan width, and depth below surface to the trending towards NNW with a steep dip of 70⁰ towards the west. The major
upper and lower limits of the Mineral Resource. domains have a maximum extension down dip of 400 m to 0 mRL.
· For Kona Central, the mineralised domain has a strike length of
2.4 km, with a maximum extension down dip of 400 m, to 0 mRL.
· The plan width of the mineralisation ranges between 5 m and 40 m,
depending on the domain and the density of drilling data.
Estimation and modelling techniques · The nature and appropriateness of the estimation technique(s) applied · Software used for the Mineral Resource estimate included Leapfrog
and key assumptions, including treatment of extreme grade values, domaining, Geo, Surpac, Supervisor and Isatis.
interpolation parameters and maximum distance of extrapolation from data
points. If a computer assisted estimation method was chosen include a · The Mineral Resource estimation for Kona South used Ordinary Kriging
description of computer software and parameters used. (OK) followed by Uniform Conditioning (UC) and Localisation on SMU support
(LUC). For Kona Central, Indicator kriging was performed to separate
· The availability of check estimates, previous estimates and/or mine mineralisation from unmineralised material. Once domained, the estimation
production records and whether the Mineral Resource estimate takes appropriate methods of OK into large panels (20 m x 20 m x 5 m), followed by UC and LUC
account of such data. into assumed SMU sized (5 m x 5 x 2.5 m) blocks.
· The assumptions made regarding recovery of by-products. · Estimation domains were defined based on geological interpretations,
including lithological and structural controls. Drillhole data was composited
· Estimation of deleterious elements or other non-grade variables of to 1 m intervals prior to estimation. Top-cuts were assessed and applied to 2
economic significance (eg sulphur for acid mine drainage characterisation). domains to mitigate the influence of high-grade outliers. In some areas a
distance limiting constraint was applied. Variogram analysis was undertaken on
· In the case of block model interpolation, the block size in relation normal scores transformed gold composites for each individual domain in both
to the average sample spacing and the search employed. deposits.
· Any assumptions behind modelling of selective mining units. · The block models were constructed for each deposit with a parent
block size of 5 m x 5 m x 2.5 m - the assumed SMU block size. The OK
· Any assumptions about correlation between variables. interpolation was undertaken into relatively large panel blocks -
predominantly 20 m x 20 m x 5 m.
· Description of how the geological interpretation was used to control
the resource estimates. · A two pass search strategy was employed, with increasing search radii
and decreasing data requirements.
· Discussion of basis for using or not using grade cutting or capping.
· Grade control drill spacing and SMU block size were assumed for the
· The process of validation, the checking process used, the comparison process.
of model data to drill hole data, and use of reconciliation data if available.
· No production data exists to validate the estimate due to the
project's exploration stage.
· No by-products or deleterious elements were modelled.
· Validation steps included visual comparison of block and composite
grades, swath plots, and global statistical comparisons.
Moisture · Whether the tonnages are estimated on a dry basis or with natural · Tonnages have been estimated on a dry basis.
moisture, and the method of determination of the moisture content.
Cut-off parameters · The basis of the adopted cut-off grade(s) or quality parameters · The Mineral Resource estimates for the ABC Kona Project were
applied. reported using a 0.5 g/t Au cut-off grade. This cut-off was selected based on
assumptions that reflect open pit mining methods, anticipated processing
costs, metallurgical recoveries, and a long-term gold price assumption.
Mining factors or assumptions · Assumptions made regarding possible mining methods, minimum mining · Mining factors and assumptions are based on the expectation of open
dimensions and internal (or, if applicable, external) mining dilution. It is pit mining methods using conventional truck and shovel operations.
always necessary as part of the process of determining reasonable prospects
for eventual economic extraction to consider potential mining methods, but the · The Mineral Resource has been reported to a maximum depth of 250 m
assumptions made regarding mining methods and parameters when estimating below surface.
Mineral Resources may not always be rigorous. Where this is the case, this
should be reported with an explanation of the basis of the mining assumptions
made.
Metallurgical factors or assumptions · The basis for assumptions or predictions regarding metallurgical · Only limited metallurgical testwork has been conducted for the ABC
amenability. It is always necessary as part of the process of determining Kona Project. A fresh sample composite of the Kona South was analysed by ALS
reasonable prospects for eventual economic extraction to consider potential Metallurgy Services in Augus 2018. The results indicate the Kona South
metallurgical methods, but the assumptions regarding metallurgical treatment material is hard, abrasive and non-refractory with an 88.9% overall
processes and parameters made when reporting Mineral Resources may not always Gravity-CIL gold recovery at P80 passing 75µm.
be rigorous. Where this is the case, this should be reported with an
explanation of the basis of the metallurgical assumptions made. · The mineralisation of Kona Central is analogous to Kona South and the
metallurgical response is anticipated to be similar. Further test work is
required.
Environmen-tal factors or assumptions · Assumptions made regarding possible waste and process residue · No significant environmental issues are currently known.
disposal options. It is always necessary as part of the process of determining
reasonable prospects for eventual economic extraction to consider the
potential environmental impacts of the mining and processing operation. While
at this stage the determination of potential environmental impacts,
particularly for a greenfields project, may not always be well advanced, the
status of early consideration of these potential environmental impacts should
be reported. Where these aspects have not been considered this should be
reported with an explanation of the environmental assumptions made.
Bulk density · Whether assumed or determined. If assumed, the basis for the · Bulk density measurements were taken on drill core samples using
assumptions. If determined, the method used, whether wet or dry, the frequency water displacement methods to ensure accurate volume and mass measurements,
of the measurements, the nature, size and representativeness of the samples. accounting for any voids and porosity. Samples were taken from diamond drill
core across lithologies and weathering profiles, although these were
· The bulk density for bulk material must have been measured by methods predominantly from fresh rock. Very little to no measured density values were
that adequately account for void spaces (vugs, porosity, etc), moisture and available from transported, saprolite and partially oxidised zones.
differences between rock and alteration zones within the deposit.
· 2,028 bulk density measurements were collected and statistically
· Discuss assumptions for bulk density estimates used in the evaluation analysed. Density values were assigned to different oxidation domains based on
process of the different materials. the average density value.
· The bulk density values assigned in the model are 2.01 g/cm³ for
transported, 2.05 g/cm³ for oxide, 2.73 g/cm³ for saprolite, and
2.8 g/cm³ for fresh rock.
Classification · The basis for the classification of the Mineral Resources into · The Mineral Resource has been classified and reported in accordance
varying confidence categories. with the CIM Definition Standards. Resources were classified as the Inferred
category based on a combination of drilling density, geological confidence,
· Whether appropriate account has been taken of all relevant factors continuity of mineralisation, and data quality.
(ie relative confidence in tonnage/grade estimations, reliability of input
data, confidence in continuity of geology and metal values, quality, quantity · The drill spacing across the deposit is 40 m to 50 m. The QP states
and distribution of the data). that the quality and veracity of the supporting data are of industry standard
and the geological controls and continuity are reasonably well understood.
· Whether the result appropriately reflects the Competent Person's view However, the QP does not consider the current sample spacing sufficient to
of the deposit. support confidence in the mineralised volume or grade continuity to classify
with any greater confidence than Inferred.
· The classification reflects the Qualified Person's view of the
deposit.
Audits or reviews · The results of any audits or reviews of Mineral Resource estimates. · No independent audit has been completed on the ABC Korona Mineral
Resource Estimate.
· Cube undertook regular internal peer reviews during the course of the
MRE work.
Discussion of relative accuracy/ confidence · Where appropriate a statement of the relative accuracy and confidence · The relative accuracy and confidence of the ABC Kona Mineral Resource
level in the Mineral Resource estimate using an approach or procedure deemed estimates are considered appropriate for the classification level assigned.
appropriate by the Competent Person. For example, the application of
statistical or geostatistical procedures to quantify the relative accuracy of · No production data is available for direct reconciliation, as the
the resource within stated confidence limits, or, if such an approach is not project is still in the exploration and development phase.
deemed appropriate, a qualitative discussion of the factors that could affect
the relative accuracy and confidence of the estimate. · At the global scale, the Mineral Resource estimate is considered to
have an accuracy commensurate with industry expectations for a project at the
· The statement should specify whether it relates to global or local advanced exploration stage.
estimates, and, if local, state the relevant tonnages, which should be
relevant to technical and economic evaluation. Documentation should include
assumptions made and the procedures used.
· These statements of relative accuracy and confidence of the estimate
should be compared with production data, where available.
1 (#_ftnref1) The Mineral Reserve estimate is a foreign estimate and is not
reported in accordance with the JORC Code. A competent person has not done
sufficient work to classify the foreign estimate as an Ore Reserve in
accordance with the JORC Code 2012. It is uncertain that following evaluation
and/or exploration work that the foreign estimate will be able to be reported
as an Ore Reserve under the JORC Code 2012. Doropo Mineral Reserve comprised
of Proven Mineral Reserve of 1.3Mt @ 1.73g/t Au and Probable Mineral Reserve
of 37.0Mt @ 1.53 g/t Au. See Appendix B below for further details and also
refer to the NI43-101 Technical report with an effective date of 18 July 2024,
at reserve gold price of $1,450/oz.
2 (#_ftnref2) See Proposed Path to Production on page 5.
(3) The Mineral Resource estimate is a foreign estimate and is not reported in
accordance with the JORC Code. A competent person has not done sufficient work
to classify the foreign estimate as Mineral Resources in accordance with the
JORC Code 2012. It is uncertain that following evaluation and/or exploration
work that the foreign estimate will be able to be reported as Mineral
Resources under the JORC Code 2012. ABC Project Inferred Mineral Resource of
72.0Mt @ 0.9 g/t Au. See Appendix C below for further details and also refer
to the NI43-101 Technical report with an effective date of 31 July 2021, at
0.5g/t cut-off grade.
3 (#_ftnref3) See Annexure 1 for further information.
4 (#_ftnref4) See Annexure 1 for further information.
5 (#_ftnref5) Centamin plc was acquired by AngloGold Ashanti in November
2024.
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