REG - Resolute Mining Ltd - December 2025 Quarterly Activities Report
22/01/2026 07:10
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RNS Number : 9077P Resolute Mining Limited 22 January 2026
22 January 2026
Q4 2025 Activities Report
For the Quarter ending 31 December 2025 ('Q4', 'December Quarter' or 'the
Quarter')
Quarterly Highlights
• Total Recordable Injury Frequency Rate (TRIFR) decreased to 1.87
from 1.95 at the end of December 2025 with only four recordable injuries
during the Quarter
• Group gold production of 65,918 ounces (oz) (Q3 2025: 59,857oz)
meeting expectations due to continued stockpile processing at Mako (Senegal)
and improved underground output at Syama (Mali)
• All-In Sustaining Costs (AISC) of $1,877/oz(Q3 2025: $2,205/oz) in
line with expectations as higher gold production partially offset higher
royalty payments
• Quarterly capital expenditure (excluding exploration) of $18.4
million (Q3 2025:$26.6 million) in line with expectations consisting of $16.0
million non-sustaining and $2.4 million of sustaining capital
• Q4 operating cash flow generation of $85.7 million(Q3: $67.8
million) (operating cash flow before capital expenditure, exploration and
working capital)
• Updated Doropo (Côte d'Ivoire) Definitive Feasibility Study (DFS)
outlined larger, longer-life operationwith LOM average production of c.
170kozpa over 13 years and a post-tax project NPV5% of US$1.46bn, IRR of 49%
(at $3,000/oz gold price)
• Net cash of $209.1 million(Q3 2025: $136.6 million), including cash,
cash equivalents and bullion of
$266.0 million. Drawn overdraft balances and equipment financing were $57.0
million; Group available liquidity of $322.3 million
• La Debo (Côte d'Ivoire) Mineral Resource Estimate (MRE) of 17.6 Mt
grading 1.14 g/t Au for 643 koz of contained gold - 60% larger than historical
estimates
• Encouraging results from drilling at ABC Project (Côte d'Ivoire)
targeting extension of existing MRE including 9m at 2.4 g/t Au from 0m and 23m
at 2.1 g/t Au from 81m
Full-Year Highlights
• Group gold production of 277,236 oz (2024: 339,869oz) at AISC(1) of
$1,843/oz (2024: 1,476oz) within guidance
• Gold sales of 258,544 oz at an average realised price of $3,338/oz
(2024: 335,708oz at $2,383/oz) generating gold revenue of $865.6 million
(2024: $664.1 million)
• Capital expenditure (including exploration) of $117.5 million (2024:
$96.3 million) was within guidance ($109 - 126 million), including $3.0
million at Mako, $84.5 million at Syama and $24.1 million on exploration
• Operating cash flow generation of $313.5 million(2024: $249.0
million) (operating cash flow before capital expenditure, exploration and
working capital)
• EBITDA1 of $382.9 million (2024: $287.6 million).
2026 Guidance
• Group production guidance of 250,000 - 275,000 oz at a Group AISC of
$2,000 - 2,200/oz
• Group capital expenditure of $310- 360 million,including Doropo
Project capital and Exploration of
$170 - 190 million and $15 - 25 million respectively
• Mako guidance of 55,000 - 65,000 oz at an AISC $1,600 - 1,800/oz;
full-year of stockpile processing
• Syama guidance of 195,000 - 210,000 oz at an AISC $1,950 - 2,150/oz
with full ramp-up of the Syama Sulphide Conversion Project (SSCP) expected in
H2
• Construction at Doropo expected to commence in H1 2026 upon receipt
of permits and full FID; early works and procurement of long-lead items are
ongoing in order to achieve first gold pour in H1 2028
Note: Unless otherwise stated, all dollar figures are United States dollars
($). AISC guidance is based on $4,000/oz gold price.
Resolute Mining Limited (Resolute, the Company or the Group) (ASX/LSE: RSG),
the West Africa-focused gold miner, is pleased to present its Quarterly
Activities Report for the period ended 31 December 2025.
Chris Eger, Chief Executive Officer, commented,
"2025 has been a robust and transformational year for Resolute, marked by
strategic asset growth and a significantly strengthened financial position.
Despite supply chain challenges in Mali and the transition to stockpile
processing at Mako, we have achieved strong financial and operating
performance. Gold production was in-line with initial guidance and net cash
generation over the year was $140m driven by a very strong Q4. We advanced key
projects such as the SSCP and Mako Life Extension Project (MLEP), managed
operating costs across all sites, restructured the executive teams, delivered
exploration success and stabilized government relations.
We also successfully acquired the Doropo and ABC Projects in Côte d'Ivoire.
The team have been advancing these projects whilst simultaneously adding value
to them. Doropo remains on track for first production in the first half of
2028. This project is a key component of the Company's strategy to become a
more diversified gold producer, expanding across multiple assets and countries
to achieve an annual production target of over 500 koz by the end of 2028. We
plan to commence construction of Doropo leveraging our strong balance sheet
and net cash position of over $200 million as a solid foundation for the
project.
Importantly, as a business we have responded proactively to changing
operational dynamics in Mali and have achieved full-year production of 277 koz
in-line with our guidance set out at the start of the year.
In Q4, we confirmed the exceptional economics of Doropo with robust margins, a
long 13-year mine life and over 170koz of annual gold production. Doropo will
drive significant growth for Resolute and deliver substantial benefits to
Côte d'Ivoire's communities. Our strong relationship with the Ivorian
authorities
1 EBITDA is a non-GAAP measure that has not been audited and represents
earnings before interest, taxation, depreciation and amortisation.
and continued progress this year ensure we remain on track for construction to begin in the first half of 2026.
For 2026 we expect group production to be between 250,000 - 275,000 oz of gold
at between $2,000 - 2,200/oz AISC. The lower production in 2026 is a result of
stockpile processing at Mako (55 - 65 koz) and commissioning and ramp up of
the SSCP at Syama (195 - 210 koz). The increased AISC costs are a consequence
of higher royalty expenses in the higher gold price environment and the
expected reduced gold production.
Looking ahead to 2026, our strategic priorities will centre on the
commissioning of the SSCP, marking a critical step in strengthening our Mali
operations. The SSCP's aim is to increase overall sulphide processing capacity
at Syama by over 60% from 2.4 Mtpa to 4.0 Mtpa by modifying the oxide
comminution circuit and upgrading the roaster. The project is important for
the long-term future of Syama as oxide resources deplete and the ore sources
become predominantly sulphide. Importantly, the SSCP will retain operational
flexibility by maintaining the ability to switch back to treat oxide ore as
needed.
Another key workstream in 2026 is the ramp up of construction at Doropo,
bringing the project closer to first production and advancing our growth
ambitions in Côte d'Ivoire. Meanwhile, in Senegal, we will continue to
progress technical studies for the MLEP - a project focusing on developing two
near-mine satellite deposits (Tomboronkoto and Bantaco) that will provide new
ore to the existing Mako plant and ensuring the asset's long-term value.
Exploration remains at the heart of Resolute's strategy, underpinning our
ambition to deliver sustained growth and maximize long-term shareholder value.
In 2025, the Company achieved several key milestones, including updated
reserves at Doropo, initial resources at Bantaco and resource upgrades at La
Debo. These successes highlight the effectiveness of our ongoing organic
exploration programs, which are focused on expanding the Group's resource
base, extending mine life, and identifying new high-value targets within our
portfolio. In the robust gold price environment, our commitment to exploration
is stronger than ever, as we recognize its critical role in driving organic
growth and enhancing asset value. We have also made strategic moves to secure
future growth by acquiring new permits in Côte d'Ivoire and are actively
pursuing additional permit opportunities in Guinea. In addition, we anticipate
providing further updates on exploration and mine extension activities in
Senegal before year-end, reinforcing our dedication to discovery and
development as catalysts for future value creation. Through disciplined
investment in exploration, Resolute is well positioned to unlock new
opportunities and deliver lasting benefits to shareholders and host
communities alike.
With a strong balance sheet and disciplined execution, we are poised to build
upon this year's achievements and deliver sustained growth and value for all
stakeholders."
Webcast and Conference Call
Resolute will host a conference call for investors, analysts, and media on 22
January 2026, to discuss the Company's Quarterly Activities Report for the
period ending 31 December 2025 and provide 2026 guidance. This call will
conclude with a question-and-answer session.
Conference Call: 8:00pm (AEDT, Sydney) / 9:00am (GMT, London)
Webcast registration link:
https://sparklive.lseg.com/ResoluteMiningLtdAustralia/events/75a06fbf-
(https://sparklive.lseg.com/ResoluteMiningLtdAustralia/events/75a06fbf-d314-4e1a-bd6e-d6153e28f868/resolute-mining-q4-2025-activities-and-2026-guidance)
d314-4e1a-bd6e-d6153e28f868/resolute-mining-q4-2025-activities-and-2026-guidance
(https://sparklive.lseg.com/ResoluteMiningLtdAustralia/events/75a06fbf-d314-4e1a-bd6e-d6153e28f868/resolute-mining-q4-2025-activities-and-2026-guidance)
Those wishing to ask questions as part of the Q&A should use the
conference call facility (please join five minutes prior to the start time).
Conference call registration link:
https://registrations.events/direct/LON34665210
(https://registrations.events/direct/LON34665210)
A presentation, to accompany the call, will be available for download on the
Company's website: https:// (https://www.rml.com.au/investors/presentations/)
www.rml.com.au/investors/presentations/
(https://www.rml.com.au/investors/presentations/) .
Group Operations Overview
December September December Full Year Full Year
2025 2025 2024 2025 2024
Group Summary Units Quarter Quarter Quarter YTD YTD
Mining
Ore Mined t 858,470 672,177 1,583,820 4,250,959 6,274,965
Mined Grade g/t 2.14 2.10 1.93 2.04 2.06
Processing
Ore Processed t 1,581,115 1,520,742 1,651,031 6,209,834 6,156,602
Processed Grade g/t 1.51 1.48 1.93 1.65 2.01
Recovery % 84 82 85 84 86
Gold Poured oz 65,918 59,857 87,687 277,236 339,869
Sales
Gold Sold oz 49,941 63,483 83,145 258,544 335,708
Avg Realised Price $/oz 4,023 3,404 2,659 3,338 2,383
Financials
Capital Expenditure $m 18.4 26.6 25.3 87.4 96.3
Net (Cash) $m (209) (137) (66) (209) (66)
AISC $/oz 1,877 2,205 1,568 1,843 1,476
Table 1: Resolute Group Operational Performance Summary
During the Quarter, Resolute processed over 1.58 Mt across Syama (Mali) and
Mako (Senegal) at an average milled head grade of 1.51 g/t. In Q4 the Group
produced 65,918 oz of gold at an AISC of
$1,877/oz.
Environmental and Social Update
Resolute's TRIFR as of 31 December 2025 was 1.87 (Q3 2025: 1.95) with four
recordable injuries during the Quarter. This is below the industry (ICMM)
average benchmark of 2.29 in 2024. In Q4, Resolute recorded no significant
environmental incidents, regulatory non-compliances, nor reportable community
grievances.
During the Quarter, the Board of Directors reviewed and approved amendments to
Resolute's corporate governance framework comprising Board Charters and policy
documents. This included a general update to the existing Sustainability
Committee Charter and ESG policies, and the introduction of a new Energy and
Climate Change Policy.
Resolute's draft FY25 Climate Report including GHG emissions inventory was
presented to the Board of Directors for advanced feedback before scheduled
publication in Q1 2026. These climate-related disclosures have been prepared
in accordance with the Australian Sustainability Reporting Standards (ASRS).
Resolute has re-engaged Bureau Veritas to audit conformance against ISO 14001
Environmental Management and 45001 OHS Management standards. A conformance
audit was completed at the Mako mine during the Quarter, with an audit of the
Syama mine to follow in H1 2026.
Under the scope of its Biodiversity Offset Programme, the Mako mine hosted a
site visit and bi-annual meeting of its independent Advisory Panel. The
Advisory Panel has provided oversight to the implementation of the
Biodiversity Offset Programme at Mako for the past 10 years.
Mali
Syama Operations
Syama gold production for the Quarter was 47,163oz at an AISC of $1,779/oz.
The operational performance is set out in the table below.
December 2025 September 2025 December 2024 Full Year 2025 YTD Full Year 2024 YTD
Quarter Quarter Quarter
Summary Units
Mining Sulphide
Ore Mined t 711,984 490,154 562,996 2,205,298 2,400,714
Mined Grade g/t 2.20 2.25 2.50 2.30 2.56
Oxide
Ore Mined t 146,486 182,023 248,082 803,650 806,036
Mined Grade g/t 1.83 1.70 1.58 1.53 1.58
Processing Sulphide
Ore Processed t 582,931 614,262 661,208 2,360,251 2,404,832
Processed Grade g/t 2.34 2.08 2.55 2.25 2.64
Recovery % 78 75 77 76 7
9
Gold Poured oz 35,998 31,833 43,863 135,436 163,379
Gold Sold oz 18,861 37,419 42,247 119,780 162,032
Oxide
Ore Processed t 394,486 349,494 417,768 1,568,595 1,522,976
Processed Grade g/t 1.02 0.91 1.27 0.98 1.24
Recovery % 81 79 88 82 8
6
Gold Poured oz 11,165 8,085 15,021 40,905 52,555
Gold Sold oz 11,165 8,085 15,021 40,905 52,555
Cost Syama combined
Capital Expenditure $m 18.1 26.0 22.5 84.5 81.1
AISC $/oz 1,779 2,358 1,525 2,008 1,497
Table 2: Syama Production and Cost Summary
Total gold poured at Syama of 176,341 oz in 2025 was 18% lower than the prior
year as head grades at both sulphide and oxide plants were lower due to
slightly lower mined grades and increased use of stockpiled material. Both
plants maintained high utilisation and operated near nameplate capacity of
3.9Mt. The combined ore tonnes mined marginally decreased to 3.0 Mt (vs 3.2 Mt
in 2024) due to approximately 0.2Mt less sulphide ore being mined in the
sub-level cave due to disruption of explosive supplies which the Company has
been addressing since Q3. Explosive supplies are not expected to be a major
issue moving forward as an emulsion plant is planned to be built on site in
2026.
Q4 was a strong Quarter, with 47,163 oz of gold poured at across the sulphide
and oxide operations. Ore production from the underground operation improved
to its highest level in 2025, as the impact of supply chain disruptions were
minimised due to measures put in place in the prior Quarter. Higher mined
grade from the underground resulted in improved head grade in the sulphide
plant as less
stockpile material was blended. In Q4 the oxide operation performed in line
with expectations with a higher proportion of higher-grade run of mine ore
being processed along with lower grade stockpiles.
The full-year AISC at Syama of $2,008/oz was 25% higher than in 2024
($1,497/oz) and was within revised guidance ($1,900 - 2,050). The increase in
AISC in 2025 is mainly attributed to increased royalty payments as well as a
reduction in gold poured compared to the prior year. In Q4 2025 the AISC
decreased to $1,779/oz due to increased production and cost reductions as part
of the ongoing work to optimise the Syama operation.
Full-year capital expenditure was $84.5 million including $23.9 million of
expenditure on the SSCP project, $22.2 million on capitalised waste and $38.4
million on capital projects which include mining heavy vehicles, the roaster
upgrade and design changes to the TSF. During Q4 2025 capital expenditure was
$17.9 million split $1.9 million and $16.0 million between sustaining and
non-sustaining capital respectively. Expenditure for the Quarter includes
roaster upgrades, truck upgrades and security fencing in Syama and Tabakoroni,
with $4.7 million spent on the SSCP as well as $0.3 million of sustaining
waste capital.
Senegal
Mako Operations
Mako gold production for the Quarter was 18,755oz at an AISC of $1,666/oz. The
operational performance for Mako is set out in the table below.
December September December Full Year Full Year
Summary 2025 2025 2024 2025 2024
Units Quarter Quarter Quarter YTD YTD
Mining
Ore Mined t - - 772,742 1,242,012 3,068,215
Mined Grade g/t - - 1.63 1.91 1.80
Processing
Ore Processed t 603,698 556,986 572,055 2,280,987 2,228,793
Processed Grade g/t 1.04 1.18 1.69 1.49 1.86
Recovery % 91 91 92 92 93
Gold Poured oz 18,755 19,939 28,803 100,895 123,935
Gold Sold oz 19,915 17,979 25,877 97,859 121,121
Financials
Capital Expenditure $m 0.3 0.6 2.8 2.9 15.2
AISC $/oz 1,666 1,415 1,350 1,270 1,244
Table 3: Mako Production and Cost Summary
Full-year gold production of 100,895 oz exceeded expectations and was within
the revised guidance range (98-102koz). Gold production in 2025 was expected
to be lower than the prior year as open pit mining ceased in Q2 2025 and the
operation transitioned to stockpile processing during the second half of 2025.
During Q4 the plant continued to process stockpile material. Gold production
of 18,755 oz was driven by stockpile grades that remained higher than
expected.
The full-year AISC at Mako of $1,270/oz for 2025 was marginally higher than
2024 ($1,244/oz) and below original guidance ($1,300 - 1,400/oz). The small
increase in AISC in 2025 is mainly attributed to increased royalty payments
due to higher gold prices as well as lower gold production as the operation
transitioned to stockpile processing.
In Q4 2025 the AISC increased to $1,666/oz due to lower gold production from
stockpile processing and higher royalties due to the gold price environment.
Included in the AISC in the Quarter is approximately $143/oz of non-cash
stockpile movements.
Full-year capital expenditure at Mako was $2.9 million (2024: $15.2 million)
with no waste stripping or major capital items required. In Q4 capital
expenditure was $0.3 million (Q3 2025: $0.6 million) and consisted of on-going
activities for the final Tailings Management Facility raise as well as
replacement parts for the processing plant.
Mako Life Extension Project
Tomboronkoto and Bantaco are two potential satellite deposits that Resolute is
advancing in order to extend the life of the Mako Mine. These are collectively
referred to as the Mako Life Extension Project ("MLEP").
The current combined Mineral Resource Estimates of Tomboronkoto and Bantaco
contain over 600 koz of gold, with possibilities of expansion based on ongoing
exploration results.
In Q4 $4.1 million was spent on the MLEP primarily consisting of drilling at
Bantaco.
Tomboronkoto
The Environmental & Social Impact Assessment (ESIA) report has been
pre-validated by technical agencies in advance of ministerial approval.
Detailed planning and survey activities are ongoing in consultation with
potentially affected persons for the resettlement of Tomboronkoto village
located proximal to the deposit.
The application for a Mining Permit will follow the issuance of the
Environmental Permit and is targeted for Q1 2026. the Mining Permits is
anticipated to be received, assuming no major revisions, by the end of 2026.
Planning and stakeholder engagement activities to inform the development of
the Resettlement Action Plan (RAP) are already underway and remain ongoing.
The receipt of the Mining Permit will provide the necessary authority to
implement the RAP, including the initiation of village relocation, once
agreement has been reached with affected parties. This approach underscores
our commitment to regulatory compliance, transparent community consultation,
and responsible project execution.
Formal EIA studies for the expansion of the existing Mako Mine process plant
including a new Tailings Storage Facility are ongoing. In 2026, detailed
engineering is expected to start in the second half of year.
Figure 1: Approximate Timeline for Tomboronkoto
Bantaco
In Q4 the main activities included infill drilling at the Bantaco South
prospect, metallurgical test work, progression of technical studies,
commencement of the ESIA and community engagement activities.
In 2026 the key workstreams are related to completing technical studies,
infill drilling and permitting.
Senegal Exploration
During Q4, infill drilling at Bantaco South and West Prospects, aimed at
converting inferred resource to indicated, was completed in December 2025.
An update of the MRE is underway for both Bantaco West and Bantaco South with
the results expected in H1 2026.
Côte d'Ivoire
Doropo Project
The Doropo Project 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. Resolute acquired the asset in May 2025 and since then has updated the
Resource, hired the project team (Rob Cicchini as Project Director), started
community engagement, progressed permitting and updated the DFS.
The updated DFS, released on 15 December 2025, confirms Doropo as a long-life,
high-margin asset capable of materially expanding Resolute's annual production
base to over 500 koz by the end of 2028. First gold is targeted for H1 2028,
with construction expected to begin in H1 2026 following the expected receipt
of the Mining Permit and FID.
The government maintains strong commitment in support of the Doropo Project
following publication of the optimised DFS. Detailed community land and asset
surveys commenced within potentially affected areas, in preparation for the
commencement of early works construction activities in H2 2026.
Activities in Q4 2025 included receiving bids for the early earth works tender
and issuing the tender for the Engineering, Procurement and Construction
Management (EPCM) Contract. During the Quarter, the front-end engineering
design (FEED) contract was awarded to Lycopodium and the building of the
Owners team commenced.
Updated DFS Summary
The updated DFS outlines a significantly larger project, increasing total ore
reserves by ~55% to 59.1 Mt at 1.31 g/t for 2.50 Moz of contained gold, driven
primarily by a higher reserve price assumption of
$1,950/oz (vs. $1,450/oz previously). This expands the mine life to 13 years
(from 10) and increases total life of mine (LOM) production to 2.2 Moz.
The operating and financial highlights at a $3,000/oz gold price are included
in the table below.
Units Value
Mine Life Years 13
LOM ore processed kt 59,102
LOM strip ratio w:o 4.9
LOM feed grade processed Au g/t 1.31
LOM gold recovery % 88
LOM gold production koz 2,196
Upfront capital cost US$M 516
Life of Mine
average:
Gold, average annual production koz 169
Cash costs per ounce US$/oz 1,123
AISC per ounce US$/oz 1,406
EBITDA US$M 294
Free Cash Flow (post-tax) US$M 214
Project years 1 to
5:
Gold, average annual production koz 204
Cash costs per ounce US$/oz 1,005
AISC per ounce US$/oz 1,294
EBITDA US$M 364
Free Cash Flow (post-tax) US$M 268
Pre-Tax
Economics
Net present value - 5% US$M 1,959
Internal Rate of Return % 57
Post-Tax
Economics
Net present value - 5%
US$M
1,457
Internal Rate of Return
%
49
Payback period (from first production)
Years
1.7
Table 4: Doropo DFS Highlights
Average annual LoM production is estimated at ~170 koz. Gold production is
higher in the first five years with average annual gold production of 204koz.
The average gold recovery is estimated at 88% over the LOM. The production
schedule is anchored by the Souwa "hub" region and Kilosegui, supplemented by
multiple satellite pits early in the mine life.
Upfront capital cost is estimated at $516 million, reflecting a larger
processing plant (fresh ore capacity has increased from 4.0 Mtpa to 4.9 Mtpa),
updated pricing, and inclusion of previously omitted items. Operating costs
have also been revised to market conditions as at the end of 2025, increasing
in the average AISC over the LOM to $1,406/oz.
At a base case gold price of US$3,000/oz, Doropo deliver a post-tax NPV(5%)
(100% basis) and IRR of
$1.5 bn and 49% respectively. Higher gold production in the first five years
results in a payback period of 1.7 years from the start of production. At a
gold price of $4,000/oz and $4,500/oz the post-tax NPV(5%) (100% basis)
increases to c. $2.5 bn and c. $3.1 bn respectively.
Plans for 2026
In Q1 the target is to complete FEED and, award the EPCM contract. As part of
the FEED tenders for equipment and construction packages with be prepared and
issued. The main focus of the FEED in Q1 will be to advance long lead items
and prepare the site for construction activities. This will include tendering
key long lead items and construction contracts.
In parallel, the Resolute owner's team is running a competitive bid process
for the EPCM contract for the Doropo Project. Engineering companies with a
proven track record in delivering gold projects in West Africa have been
invited with tenders expected to be received in Q1. Adjudication will continue
throughout the Quarter with formal award planned in Q2.
Resolute expects to receive the mining permit shortly. Upon receipt of the
mining permit, resettlement and livelihood programs will advance.
Assuming FID is completed by the end of Q1, capital expenditure at Doropo is
expected between $170 - 190 million in 2026. Expenditure is expected to be
weighted (75%) towards H2 and includes the following workstreams:
• Commence works on the construction camp and village
• Commence earthworks for water storage and the water
harvesting dam
• Plant site and village earthworks
• Award EPCM contract
• Continue building owners team
• Land acquisition and crop compensation
• Procurement of long-lead items and steelwork
fabrication
• Appoint engineer, start detailed design and
procurement activities for the HV grid power
Next Steps
Resolute continues to await approval of the Mining Permit by the
Interministerial Commission. This is followed by signing of the Presidential
Decree. This is expected in the next month.
Once the mining permit is received, Resolute will proceed with FID. With
strong cash flows from Syama and Mako, available liquidity of over $320
million, access to local and international capital, a strong project team, and
established government and community relationships, we are confident all
necessary elements are in place to move forward.
Côte d'Ivoire Exploration
ABC Project
The ABC Project is a greenfield exploration project located in western Cote
d'Ivoire. Resolute has four exploration permits granted around the ABC Project
with two further permit applications.
Over Kona North and South deposits there is a NI 43-101-compliant Inferred MRE
of 2.16 Moz grading
0.9 g/t Au contained within the Kona permit.
During Q4 a focused reverse circulation (RC) drilling program was completed
across the Farako-Nafana and Kona permits to test priority gold targets
generated from integrated surface geochemistry (soil & termite mound
sampling), geological mapping, pXRF multi-element analysis and geophysical
interpretation.
Drilling at the Yele prospect (Figure 5) intersected 31m grading 2.4 g/t from
13m, highlighting the prospect as a priority for follow-up drilling.
On the Kona permit, 68 RC holes in total 4,196 metres were completed at Moya
and Koba prospects, shown in Figure 6, targeting extensions of known
mineralised zones at Kona Central and Kona South.
Gold mineralisation is hosted within sheared psammite metasediments and
associated with disseminated sulphides predominantly arsenopyrite and minor
pyrite and is characterised by silicification, sericite alteration and
high-grade zones for further evaluation.
Figure 6: Kona permit location and geology
Results from the majority of the holes completed at Moya and Koba were
returned with encouraging intersections from both prospects. Highlights
include:
Moya Prospect
• KNRC0442 - 10m @ 1.3g/t Au from 87m
• KNRC0449 - 24m @ 1.4g/t Au from 17m
• KNRC0461 - 9m @ 2.4 g/t Au from 0m
Koba Prospect
• KNRC0493R - 23m @ 2.1 g/t Au from 81m
• KNRC0492 - 13m @ 1.2 g/t Au from 108m
Following these very encouraging initial drill results at Kona, we are excited
to announce plans to launch a comprehensive scoping study which will be issued
in early H2 2026. This pivotal step is designed to unlock the ABC Project's
true value and identify strategic growth opportunities that will benefit the
Group and deliver strong returns for our shareholders.
La Debo Project
The La Debo project is in the south of Côte d'Ivoire, approximately 280 km
west of Abidjan. In October, Resolute was granted two exploration permits
(Okroyou and Serihio) that are adjacent to La Debo.
In November, Resolute announced an Inferred Mineral Resource Estimate for La
Debo (G3N and G3S prospects) of 17.6Mt grading 1.14 g/t Au for 643 koz of
contained gold at 0.5g/t. Gold mineralisation varies from approximately 10 to
50m in thickness (measured across the zone from hanging wall to footwall) with
a strike length of 1.6km for G3N and 1.5km for G3S. The gold mineralisation at
G3N and G3S is from surface with consistent grades along strike and downdip.
The Mineral Resources at the G3N and G3S prospects remain open down dip with
grades encountered so far increasing at depth at G3S.
La Debo Mineral Resource Estimate
Classification Tonnes Grade (g/t Au) Ounces (Au)
G3N (Inferred) 8,580,000 0.94 259,000
G3S (Inferred) 8,978,000 1.33 384,000
Total 17,559,000 1.14 643,000
Table 5: La Debo Mineral Resources at November 2025 (0.5g/t cut off)
In parallel with the drilling program at G3N and G3S, an auger drilling
program has been completed over the south-western half of the permit to define
targets where surface geochemistry is erratic. A strong gold anomaly has been
confirmed at the G1 prospect area and will be drill tested in early 2026.
Building on the updated MRE at La Debo and the promising drill results at
depth at G3S, we intend to carry out a scoping study, which is scheduled for
release in the second half of 2026. This will enable the Company to evaluate
the potential of La Debo and identify strategic avenues for growth in the
region.
Financial Highlights and Balance Sheet Activities
2025 Net Cash Movements (US$ million)
Quarterly Net Cash Movements (US$ million)
In Q4 gold sales of 49,941 oz were achieved at an average realised gold price
of $4,023/oz (Q3:
$3,404/oz), with all gold being sold at spot prices. The strong gold price
environment helped the Company generate an operating cashflow of $85.7 million
in Q4.
The VAT paid in Q4 in Mali and Senegal was $13.5 million (Q3: $20.1 million).
During the Quarter $2.7 million of VAT mandates were issued by the Senegalese
tax authorities and were used to settle payables. Resolute continues to engage
with local governments to settle these amounts. The working capital inflow of
$29.0 million in Q4 was attributable to the reduction of stockpiles related to
Mako of $10.0 million, a reduction in consumable inventory across both Syama
and Mako of approximately $6.0 million, with the remainder due to the timing
of supplier payments which are settled in the normal course of business. At
the end of December there was $134.6 million of bullion on hand that was sold
in January 2026.
EBITDA for the twelve months ending 31 December 2025 was $382.9 million (2024:
$287.6 million) driven by $865.6 million of revenue (2024: $664.1 million)
driven by the increase in gold price over the year.
Exploration Expenditure
Total Group exploration spend in Q4 was $5.6 million (Q3 2025: $8.8 million),
with drilling programs continuing in Senegal, Mali and Côte d'Ivoire
throughout the Quarter. The split of the expenditure across the countries in
Q4 mainly consist of drilling oxides on the Finkolo Permit in Mali ($0.2
million), Tomboronkoto studies and Bantaco drilling in Senegal ($4.0 million)
and drilling at La Debo in Côte d'Ivoire ($0.6 million).
Exploration spend for the full year was $24.1 million which is in line with
full year guidance of $20 - $25 million.
Net Cash Summary
Net cash at 31 December 2025 was $209.1 million, increasing from the $136.6
million net cash position at 30 September 2025.
Total borrowings at 31 December 2025 were $57.0 million (Q3 2025: $31.6
million) which includes in-country overdraft facilities in Mali and Senegal of
$45.8 million, used to optimise working capital, as well as $11.2 million for
in-country equipment financing. Cash, cash equivalents and bullion increased
by
$97.8 million in the Quarter to $266.0 million (Q3: $168.2 million). The
Company has available liquidity of over $322.3 million (including $134.6
million bullion on hand) as at 31 December 2025.
Financing Updates
Resolute intends to use its existing balance sheet to progress Doropo into
construction which is expected in H1 2026. The Company continues to generate
robust cash flows from its operations and at the end of Q4 2025 had a net cash
position of $209.1 million.
The Company is actively considering a range of funding options to support the
construction of the Doropo project.
2026 Guidance
For 2026 Resolute expects total Group gold production of 250,000 - 275,000 oz
at an AISC of $2,000 - 2,200/oz (at a gold price assumption of $4,000/oz). For
every $100/oz increase in gold price we anticipate a $20/oz increase in Group
AISC.
Total Group capital expenditure, inclusive of Doropo and exploration, is
expected to be between $310 - 360 million in 2026. Administration and other
corporate expenditure is expected to be approximately
$25 million.
Syama Guidance
The Company is providing 2026 production guidance of 195,000 - 210,000 oz at
an AISC of $1,950 - 2,150/oz (at a gold price of $4,000/oz). Production for
Syama sulphide and oxide is expected to be 180,000 - 190,000 oz and 15,000 -
20,000 oz respectively.
Before commissioning of the SSCP the plan is to continue to process oxide
material throughout Q1. The SSCP will be commissioned in two stages first at a
50% capacity then at 100% capacity.
Stage 1 of the SSCP will be commissioned at the start of Q2 to match the
availability of high-grade sulphide ore from Syama North (A21). Initially, the
SSCP circuit will run at 50% capacity until the
2 subject to receiving FID by end of Q1 2026
secondary crushing circuit and ball mill are online. During Q3, with
completion of the ball mill and secondary crushing circuit, stage 2 will be
commissioned. From this point, the SSCP circuit will be able to fully process
sulphide material as well as maintain flexibility to switch between sulphide
and oxides.
In 2026 at Syama, production guidance is underpinned by a consistent approach
across both underground and open pit operations.
Underground mining is expected to maintain a steady output of approximately
2.6 Mt in 2026, with grades ranging between 2.4 - 2.5 g/t, providing a stable
sulphide feed.
In the open pit activities there will be oxide and sulphide ore being mined.
Approximately 1 Mt of sulphide ore will be mined from the Syama North (A21)
open pit with production 70% weighted towards H2. This material will proved
the initial feed to the SSCP. Open pit oxide ore production is being
strategically phased with the SSCP commissioning. Overall, 0.3 Mt of oxide ore
will be mined in 2026 with 70% in Q2. The open pit strip ratio (oxide and
sulphide) is anticipated to be approximately 10:1.
In 2026 there will be approximately of 0.7 Mt of oxide material being
processed through the SSCP plant. This comprises a blend of stockpiles and
mined ore with the blended head grade averaging 1 g/t. In Q1, prior to SSCP
commissioning, oxide stockpiles will be processed. In Q4 once the SSCP is
fully commissioned a two-month campaign treating higher grade oxide material
is planned.
Across the existing sulphide plant and SSCP there is expected to be c. 2.9 Mt
of sulphide material processed at a head grades between 2.5 - 2.6 g/t. In Q2
there is a planned plant shutdown to tie in the SSCP and upgrade the roaster.
As a result we expect lower sulphide production in Q2.
Throughout 2026, the Company plans to constantly update and optimise the
operational plan at Syama particularly the balance between oxide and sulphide
production once the SSCP is operational. This approach positions the Company
well to meet production objectives at Syama.
Beyond 2026, with the SSCP operating at a steady state we would expect annual
production to be 5-10% higher than in 2026. Oxide gold production is expected
to drop over the next couple of years as the operation transitions to
predominantly sulphide processing.
In the second half of 2026 the Company is planning to release optimization
studies to further increase the throughput at Syama which will be subject to
improvements in the geopolitical environment.
Total capital expenditure at Syama in 2025 is expected to be $110 - 125
million. Sustaining capital expenditure includes approximately $30 million of
waste stripping at Syama North A21 pits which will provide higher grade
sulphide material helping drive the 5-10% uplift in production. There is
approximately $40 million of remaining expenditure for the SSCP
(non-sustaining).
Mako Guidance
Production at Mako for 2026 is expected to be 55,000 - 65,000 oz at an AISC of
$1,600 - 1,800/oz (at a gold price of $4,000/oz).
The Mako plant is scheduled to process c. 2.2 Mt of stockpile material at an
average grade and recovery of approximately 0.9 g/t and 90% respectively. Gold
production expected to be steady throughout 2026 although variability in
stockpile grades is possible. Stockpile processing will continue through to
the end of 2027 at similar production levels to 2026.
Total capital expenditure in 2026 at Mako is expected to be approximately $5
million comprised of general sustaining capital expenditure.
The Company is aiming to extend the Mako mine with the MLEP that consists of
the two satellite deposits Tomboronkoto and Bantaco. The Company expects to
spend $10 - 15 million on the MLEP in 2026. This will be to progress
engineering studies, RAP workstreams, equipment procurement and early works
once permits are awarded.
Exploration
Exploration is central to Resolute's strategy, supporting our goal of
sustained growth, building a robust diversified pipeline of project and
long-term shareholder value. Therefore, in 2026 the exploration budget across
the Group is $15-25 million with the majority being capital expenditure.
In Mali, approximately $4 million is allocated for deeper drilling of the
sulphides at Syama North.
In Senegal, approximately $5 - 8 million has been budgeted for exploration.
The funds will be used to drill test the identified gold targets on the
Laminia and Sangola permits as well as an allocation for extensional drilling
of the Mineral Resources on the Bantaco permit.
In Cote d'Ivoire, over $10 million is budgeted for 2026 to advance the ABC and
La Debo projects.
Exploration on the ABC Project in 2026 will concentrate on expanding the
existing Mineral Resource base of 2.2 Moz at Kona North and South deposits.
Drilling programs will be undertaken on the Kona on targets along strike to
the north of the Kona deposits. A total of 2,000m of diamond drilling and
3,000m of RC drilling is planned to test the extensions of the mineralized
envelope of the Mineral Resources. A Scoping Study to evaluate the existing
Kona Mineral Resources is planned and is expected in early H2 2026.
Drilling programs will also be undertaken on the Farako-Nafana and the
Gbemanzo permits. On the Farako-Nafana permit follow up drilling is planned at
the Yele Prospect. In Q1, on the Gbemanzo permit a first phase of drilling
(1,000m diamond and 3,000m RC drilling) is planned to start in order to test
the recently identified strong surface gold anomalies.
Exploration at La Debo will be focused on extending the high-grade
mineralisation intersected at G3S. Diamond drilling to test the G3S high-grade
extensions is planned to start during the first half of 2026 with 3,500m of
drilling planned in the initial follow up phase.
An extensive auger drilling program has been completed over the south-western
half of the La Debo permit to define targets where surface geochemistry is
erratic. This has confirmed a strong gold anomaly at the G1 prospect area
which will be drill tested in early 2026. A Scoping Study to evaluate La Debo
is planned and is expected in early H2 2026.
On the newly granted Serihio and Okroyou permits early-stage exploration
programs will commence in 2026.
In Guinea, Resolute plans to restart exploration activities in 2026. The
Company has received a first reconnaissance authorisation covering 83
km2within the Siguiri Basin, west of Bankan town. Other licences are expected
to be granted during the year.
Contact
Resolute
Matthias O'Toole Howes,
Corporate Development and Investor Relations Manager
Matthias.otoolehowes@resolutemining.com
(mailto:Matthias.otoolehowes@resolutemining.com)
+44 203 3017 620
Public Relations
Jos Simson, Tavistock resolute@tavistock.co.uk
(mailto:resolute@tavistock.co.uk)
+44 207 920 3150
Corporate Brokers
Jennifer Lee, Berenberg
+44 20 3753 3040
Tom Rider, BMO Capital Markets
+44 20 7236 1010
About Resolute
Resolute is an African-focused gold miner with more than 30 years of
experience as an explorer, developer and operator. Throughout its history the
Company has produced more than 9 million ounces of gold from ten gold mines.
The Company is now entering a growth phase through the development of the
Doropo project in Côte d'Ivoire which will supplement the existing production
from the Syama mine in Mali and Mako mine in Senegal.
Through all its activities, sustainability is the core value at Resolute. This
means that protecting the environment, providing a safe and productive working
environment for employees, uplifting host communities, and practicing good
corporate governance are non-negotiable priorities. Resolute's commitment to
sustainability and good corporate citizenship has been cemented through its
adoption of and adherence to the Responsible Gold Mining Principles (RGMPs).
This framework, which sets out clear expectations for consumers, investors,
and the gold supply chain as to what constitutes responsible gold mining, is
an initiative of the World Gold Council of which Resolute has been a full
member since 2017. The Company was audited as conformant with these RGMPs in
2024.
Appendix 1
Q4 Production and Costs (unaudited)
Syama Sulphide Group Total
December 2025 - Quarter to date Units Syama Oxide Syama Mako
UG Lateral Development m 440 - 440 - 440
UG Vertical Development m - - - - -
Total UG Development m 440 - 440 - 440
UG Ore Mined t 708,404 - 708,404 - 708,404
UG Grade Mined g/t 2.21 - 2.21 - 2.21
OP Operating Waste BCM 17,614 1,125,980 1,143,594 - 1,143,594
OP Ore Mined BCM 1,408 69,097 70,505 - 70,505
OP Grade Mined g/t 1.09 1.83 1.81 - 2.14
Total Ore Mined t 711,984 146,486 858,470 - 858,470
Total Tonnes Processed t 582,931 394,486 977,417 603,698 1,581,115
Grade Processed g/t 2.34 1.02 1.81 1.04 1.51
Recovery % 78 81 79 91 84
Gold Recovered oz 34,121 10,514 44,635 18,352 62,987
Gold in Circuit Drawdown/(Addition) oz 1,877 651 2,528 403 2,931
Gold Produced (Poured) oz 35,998 11,165 47,163 18,755 65,918
Gold Sold oz 18,861 11,165 30,026 19,915 49,941
Achieved Gold Price $/oz - - - - 4,023
Cost Summary
Mining $/oz 617 837 669 216 540
Processing $/oz 719 996 785 677 754
Site Administration $/oz 196 329 227 369 267
Site Operating Costs $/oz 1,532 2,162 1,682 1,261 1,562
Royalties $/oz 464 459 463 234 401
By-Product Credits $/oz (4) (4) (4) - 124
Total Cash Operating Costs $/oz 1,992 2,616 2,141 1,495 2,086
Sustaining Capital $/oz 60 - 46 16 37
Inventory Adjustments $/oz (105) (1,378) (407) 155 (247)
All-In Sustaining Cost (AISC)
AISC is calculated on gold produced (poured) $/oz 1,947 1,239 1,779 1,666 1,877
Year-to-date 2025 Production and Costs (unaudited)
Syama Sulphide Syama Oxide Group Total
December 2025 - Year to date Units Syama Mako
UG Lateral Development m 3,520 - 3,520 - 3,520
UG Vertical Development m 73 - 73 - 73
Total UG Development m 3,593 - 3,593 - 3,593
UG Ore Mined t 2,158,581 - 2,158,581 - 2,158,581
UG Grade Mined g/t 2.32 - 2.32 - 2.32
OP Operating Waste BCM 75,884 5,474,665 5,550,549 566,066 6,116,615
OP Ore Mined BCM 22,812 421,760 444,572 448,893 893,465
OP Grade Mined g/t 1.34 1.53 1.52 1.91 1.72
Total Ore Mined t 2,205,297 803,650 3,008,947 1,242,013 4,250,960
Total Tonnes Processed t 2,360,251 1,568,595 3,928,846 2,280,986 6,209,832
Grade Processed g/t 2.25 0.98 1.74 1.49 1.65
Recovery % 77 82 78 92 83
Gold Recovered oz 130,304 40,434 170,738 100,657 271,395
Gold in Circuit Drawdown/(Addition) oz 5,132 471 5,603 238 5,841
Gold Produced (Poured) oz 135,436 40,905 176,341 100,895 277,236
Gold Bullion in Metal Account Movement (Increase)/Decrease oz (15,656) - (15,656) (3,036) (18,692)
Gold Sold oz 119,780 40,905 160,685 97,859 258,544
Achieved Gold Price $/oz - - - - 3,338
Cost Summary
Mining $/oz 538 745 586 248 463
Processing $/oz 674 1,047 761 517 672
Site Administration $/oz 183 358 224 185 210
Site Operating Costs $/oz 1,395 2,150 1,571 950 1,345
Royalties $/oz 397 391 396 181 320
By-Product Credits $/oz (4) (4) (4) - 100
Total Cash Operating Costs $/oz 1,788 2,537 1,963 1,131 1,765
Sustaining Capital + Others $/oz 123 270 157 29 110
Inventory Adjustments $/oz 45 (626) (111) 109 (32)
All-In Sustaining Cost (AISC) per ounce poured $/oz 1,956 2,181 2,009 1,269 1,843
ASX Listing Rule 5.23 Mineral Resources
This announcement contains estimates of Resolute's mineral resources. The
information in this Quarterly report that relates to the mineral resources of
Resolute has been extracted from reports entitled 'Ore Reserves and Mineral
Resource Statement' announced on 11 March 2025, 'Initial Mineral Resource at
Bantaco' announced on 24 July 2025, 'Doropo Mineral Resource Update' announced
on 8 September 2025, 'Initial Mineral Resource at La Debo' announced 18
November 2025 and are available to view on Resolute's website (www.rml.com.au)
(http://www.rml.com.au/) and www.asx.com (http://www.asx.com/) (Resolute
Announcement).
For the purposes of ASX Listing Rule 5.23, Resolute confirms that it is not
aware of any new information or data that materially affects the information
included in the Resolute Announcement and, in relation to the estimates of
Resolute's ore reserves and mineral resources, that all material assumptions
and technical parameters underpinning the estimates in the Resolute
Announcement continue to apply and have not materially changed. Resolute
confirms that the form and context in which the Competent Person's findings
are presented have not been materially modified from that announcement.
ASX Listing Rule 5.19 Production Targets
The information in this announcement that relates to production targets of
Resolute has been extracted from the report entitled 'Q4 2025 Activities
Report and 2026 Guidance' announced on 22 January 2026 and are available to
view on the Company's website (www.rml.com.au) (http://www.rml.com.au/) and
www.asx.com (http://www.asx.com/) (Resolute Production Announcement).
For the purposes of ASX Listing Rule 5.19, Resolute confirms that all material
assumptions underpinning the production target, or the forecast financial
information derived from the production target, in the Resolute Production
Announcement continue to apply and have not materially changed.
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.
Competent Persons Statement
The information in this report that relates to the Exploration Results,
Mineral Resources and Ore Reserves is based on information compiled by Mr
Bruce Mowat, a member of The Australian Institute of Geoscientists. Mr Bruce
Mowat has more than 15 years' experience relevant to the styles of
mineralisation and type of deposit under consideration and to the activity
which he is undertaking to qualify as a Competent Person, as defined in the
2012 Edition of the "Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves" (the JORC Code). Mr Bruce Mowat is a
full-time employee of the Resolute Mining Limited Group and holds equity
securities in the Company. He has consented to the inclusion of the matters in
this report based on his information in the form and context in which it
appears. This information was prepared and disclosed under the JORC Code 2012
except where otherwise noted.
Appendix 2. Recent drilling results
HoleID East (WGS) North (WGS) RL EOH(m) DIP AZI (WGS) From (m) To (m) Width (m) Au g/t
FNRC0021 668294 1022274 430 55 -55 90 29 36 7 1
FNRC0027 668415 1022071 436 55 -55 90 39 53 14 1
FNRC0036 668286 1022530 422 39 -55 90 16 19 3 1
FNRC0111 661159 1028573 430 57 -55 55 13 33 20 3
FNRC0111 661159 1028573 430 57 -55 55 39 44 5 2
KNRC0435 676318 986900 381 66 -55 90 38 41 3 1
KNRC0436 676280 986903 381 114 -55 90 82 86 4 1
KNRC0440 676416 987152 376 54 -55 90 48 53 5 1
KNRC0442 676253 986739 383 114 -55 90 89 96 7 2
KNRC0449 676443 987401 378 54 -55 90 17 24 7 1
KNRC0449 676443 987401 378 54 -55 90 28 41 13 2
KNRC0455 676551 987650 390 54 -55 90 13 18 5 2
KNRC0456 676510 987650 390 54 -55 90 52 58 6 1
KNRC0457 676469 987649 389 54 -55 90 15 24 9 1
KNRC0461 676585 987900 389 54 -55 90 3 8 5 4
KNRC0473 676615 988399 386 54 -55 90 16 24 8 1
KNRC0476 676491 988402 390 54 -55 90 25 29 4 1
KNRC0479 678426 966177 388 75 -55 90 66 72 6 1
KNRC0480 678241 964685 351 54 -55 90 8 11 3 1
KNRC0481 678202 964686 350 54 -55 90 48 51 3 1
KNRC0492 678389 966277 389 123 -55 90 108 121 13 1
KNRC0493R 678387 966182 388 130 -55 90 81 104 23 2
Notes to Accompany Table:
• Grid coordinates are WGS84 Zone 29 North
• RC intervals are sampled every 1m by dry riffle splitting or scoop to
provide a 2-3kg sample
• Cut-off grade for reporting of intercepts is >0.5g/t Au with a
maximum of 3m consecutive internal dilution included within the intercept;
only intercepts >=3m and no restriction of gram x metres are reported
• Recent drill samples are analysed for gold by MSA Labs CPA-Au1 500g
sample gamma ray analysis by photon assay instrument
JORC Code, 2012 Edition - Table 1 report Section 1 Sampling Techniques and
Data ABC Project
Criteria JORC Code explanation Commentary
Sampling techniques • Nature and quality of sampling (eg cut channels, random chips, • The sampling was conducted using multiple techniques tailored
or specific specialised industry standard measurement tools appropriate to the 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 • Auger drilling was employed extensively over the mineralised
representivity and the appropriate calibration of any measurement tools or corridor to adequately characterise the underlying rocks. Auger drilling
systems used. recovered material systematically for gold analysis and geochemical
interpretation. As with the rock chips, auger samples were analysed for Au by
• Aspects of the determination of mineralisation that are fire assay with AAS finish at Bureau Veritas in Abidjan. Multi-element
Material to the Public Report. analyses were completed by four-acid digest with ICP-AES and ICP-MS finish at
ACME Laboratories in Vancouver. A total of 2,843 samples were collected at the
• In cases where 'industry standard' work has been done this end of 2020 from 22,219m drilled.
would be 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 • Reverse Circulation (RC) and Diamond Core (DD) drilling were
fire assay'). In other cases more explanation may be required, such as where the principal methods used for delineating Mineral Resources. RC drilling was
there is coarse gold that has inherent sampling problems. Unusual commodities conducted using 5¼ to 5¾ inch diameter face-sampling hammers to recover
or mineralisation types (eg submarine nodules) may warrant disclosure of one-metre interval samples, typically dry unless groundwater was encountered.
detailed 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, • Drilling methods involved a combination of Reverse Circulation
rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, (RC), Diamond Core (DD), and auger drilling methods. RC drilling was primarily
triple or standard tube, depth of diamond tails, face-sampling bit or other used for delineating near-surface mineralisation and preliminary resource
type, 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 • Drill sample recovery was systematically monitored during both
recoveries and results assessed. RC and diamond drilling programs. RC samples were weighed regularly, to
monitor sample size consistency and ensure the representativeness of samples.
• Measures taken to maximise sample recovery and ensure Analysis of sample weights of 47,562 RC samples from Kona South and 47,464 RC
representative nature of the samples. samples showed a consistent recovery trend stabilizing between 30-40 kg per
metre after clearing the uppermost weathered horizons. Minor variations in
• Whether a relationship exists between sample recovery and grade sample weight were observed at shallow depths and in softer materials;
and whether sample bias may have occurred due to preferential loss/gain of however, statistical checks confirmed no significant bias in gold grade
fine/ coarse material. associated with 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
geotechnically logged to a level of detail to support appropriate Mineral undertaken for all drillholes including RC and DD. Drillholes were logged
Resource estimation, mining studies and metallurgical studies. systematically for a range of key geological attributes: lithology,
alteration, mineralisation, texture, structure, weathering, and rock quality
• Whether logging is qualitative or quantitative in nature. Core designation (RQD). RC samples were logged visually on site, with geological
(or costean, channel, etc) photography. observations recorded both digitally and on physical log sheets where
applicable. Diamond core was logged in greater detail, particularly for
• The total length and percentage of the relevant intersections structural geology, alteration styles, mineral assemblages, and vein
logged. 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 • Systematic sub-sampling and sample preparation protocols were
core 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 three-tier riffle splitter to achieve a target sample size of approximately 2
and 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 drilling, core was cut lengthwise using diamond-bladed core saws; half-core
the 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 riffle split to produce a subsample for pulverisation. The pulverised material
the 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. More recent Au
analyses were conducted by Chrysos Photon assay at MSA labs in Yamoussoukro.
Laboratory and assay procedures are appropriate for Mineral Resource estimatio
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, (ICP-AES) finish. In cases where assays exceeded 10 g/t Au, samples were
etc, the parameters used in determining the analysis including instrument make re-analysed using a gravimetric finish to improve accuracy. For some RC and
and model, reading times, calibrations factors applied and their derivation, trench samples, particularly those with coarse gold.
etc.
• Quality control procedures were rigorous. Certified reference
• Nature of quality control procedures adopted (eg standards, materials (standards), field blanks, and field duplicates were inserted into
blanks, duplicates, external laboratory checks) and whether acceptable levels the sample stream at regular intervals - approximately one QAQC sample every
of accuracy (ie lack of bias) and precision have been established. 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; MSA Yamoussoukro; 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 • Verification of sampling and assaying was undertaken through a
independent 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 • Drillhole collar locations were surveyed using a combination
(collar and down-hole surveys), trenches, mine workings and other locations of differential GPS (DGPS) systems and total station surveying where higher
used in 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
• Quality and adequacy of topographic control. ±0.2 m. In areas of rugged topography or logistical difficulty, survey-grade
handheld GPS 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
• Whether the data spacing and distribution is sufficient to mineralised zones at Kona South and Kona Central RC and diamond drilling was
establish the degree of geological and grade continuity appropriate for the performed on approximately 50 m x 50 m grids with some areas of wider spacing
Mineral Resource and Ore Reserve estimation procedure(s) and classifications of 50m x 100m.
applied.
• Outside the main resource areas, reconnaissance and
• Whether sample compositing has been applied. 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 • Drilling programs were designed to target mineralised
of possible structures and the extent to which this is known, considering the structures as close to perpendicular as possible to the interpreted dip of
deposit type. mineralisation at each deposit. All drillholes were oriented towards the east
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 trending structures dipping moderately to steeply to the west, making
sampling bias, this should be assessed and reported if material. 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.
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 • Audits and reviews of sampling techniques, assay data, and
data. 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 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 owned by Centamin Cote d'Ivoire SARL, which is a 100% owned Ivoirian
with 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 NI 43-101 Technical Report provides comprehensive
the exploration results including a tabulation of the following information drillhole information, covering collar locations, drill hole depths, azimuths,
for all Material drill holes: dips, and key intersections. Drillhole collars were initially surveyed using a
handheld GPS, then independently surveyed using differential GPS (DGPS) or
◦ easting and northing of the drill hole collar total station equipment. The collars are in the UTM Zone 29 North, WGS84
datum. The QP considered a drill plan and representative examples of drill
◦ elevation or RL (Reduced Level - elevation above sea level in sections through Kona South and Kona Central would be more informative than a
metres) of the drill hole collar tabulation of mineralised intercepts. Sections are provided in the report.
◦ dip and azimuth of the hole • The database includes 388 drillholes for a total of 57,344 m
of drilling.
◦ down hole length and interception depth
◦ 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 • Exploration results and Mineral Resource drill intercepts are
techniques, maximum and/or minimum grade truncations (eg cutting of high reported based on compositing of contiguous mineralised intervals. Assay
grades) and 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 • No metal equivalent values have been reported.
such 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 Mineral Resource estimation to control the influence of extreme outlier
values 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 • The Kona Project drilling program was designed to optimise
of 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 zones striking north - south, dipping steeply ~70⁰ to the west. To account
hole 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, mineralisation at a high angle, and in general, true thickness is 80% of the
there should be a clear statement to this effect (eg 'down hole length, true sample length.
width not known').
Diagrams • Appropriate maps and sections (with scales) and tabulations of • The NI 43-101 Technical Report provides a variety of diagrams
intercepts should be included for any significant discovery being reported that illustrate the distribution of mineralisation, drill coverage and
These should include, but not be limited to a plan view of drill hole collar geological 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
practicable, representative reporting of both low and high grades and/or consistent with balanced reporting principles. Both positive results
widths should be practiced to avoid misleading reporting of Exploration (significant gold intersections) and lower-grade or barren drilling outcomes
Results. are discussed in 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
reported including (but not limited to): geological observations; geophysical exploration activities in addition to drilling. Centamin's exploration
survey results; geochemical survey results; bulk samples - size and method of campaign included reconnaissance mapping and systematic rock chip sampling,
treatment; metallurgical test results; bulk density, groundwater, geotechnical auger sampling, ground geophysical survey, an airborne Magnetic and
and rock characteristics; potential deleterious or contaminating substances. Radiometric survey as well 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 • Further work has been identified to support future
lateral extensions or depth extensions or large-scale step-out drilling). exploration, evaluation, and potential development. Recommended activities
include additional infill and extensional drilling aimed at converting
• Diagrams clearly highlighting the areas of possible extensions, Inferred Resources to Indicated and Measured categories, as well as to test
including the main geological interpretations and future drilling areas, mineralised structures beyond the current limits of resource models. Trenching
provided this information is not commercially sensitive. to test new 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.)
JORC Code explanation Commentary
Criteria
Database integrity • Measures taken to ensure that data has not been corrupted by, • The drillhole database supporting the ABC Kona Resource
for example, transcription or keying errors, between its initial collection estimate underwent a comprehensive validation process. Detailed checks were
and its use for Mineral Resource estimation purposes. performed on collar coordinates, downhole survey measurements, lithology logs,
and assay entries to ensure consistency and accuracy. QA/QC protocols were
• Data validation procedures used. applied 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 • A formal site visit was conducted by the QP who undertook the
and the outcome of those visits. MRE, on 29-30 August 2021, as part of the data verification program. The QP
observed selected drill core, discussed geological framework and
• If no site visits have been undertaken indicate why this is the mineralsiation controls, toured the camp facility, visited outcrops and
case. 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 • The geological interpretation is based on geological mapping,
geological 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
• The effect, if any, of alternative interpretations on Mineral controlled gold mineralisation. The geological model interprets mineralised
Resource estimation. zones as steeply dipping shear-hosted lodes, which are consistent with
regional structural trends observed in comparable deposits throughout the
• The use of geology in guiding and controlling Mineral Resource belt.
estimation.
• The factors affecting continuity both of grade and geology.
• 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 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
length (along strike or otherwise), plan width, and depth below surface to the 3km 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) • Software used for the Mineral Resource estimate included
applied and key assumptions, including treatment of extreme grade values, Leapfrog Geo, Surpac, Supervisor and Isatis.
domaining, 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
description of computer software and parameters used. Kriging (OK) followed by Uniform Conditioning (UC) and Localisation on SMU
support (LUC). For Kona Central, Indicator kriging was performed to separate
mineralisation from unmineralised material. Once domained, the estimation
methods of OK into large panels (20 m x 20 m x 5 m), followed by UC and LUC
into assumed SMU sized (5 m x 5 x 2.5 m) blocks
• Estimation domains were defined based on geological
interpretations, including lithological and structural controls. Drillhole
data was composited to 1 m intervals prior to estimation. Top-cuts were
assessed and applied to 2 domains to mitigate the influence of high-grade
outliers. In some areas a distance limiting constraint was applied. Variogram
analysis was undertaken on normal scores transformed gold composites for each
individual domain in both deposits
• 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 interpolation was undertaken into
relatively large panel blocks - predominantly 20 m x 20 m x 5 m.
• A two pass search strategy was employed, with increasing
search radii and decreasing data requirements.
• Grade control drill spacing and SMU block size were assumed
for the process.
• 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.
• The availability of check estimates, previous estimates and/or
mine production records and whether the Mineral Resource estimate takes
appropriate account of such data.
• The assumptions made regarding recovery of by-products.
• Estimation of deleterious elements or other non-grade variables
of economic significance (eg sulphur for acid mine drainage characterisation).
• In the case of block model interpolation, the block size in
relation to the average sample spacing and the search employed.
• Any assumptions behind modelling of selective mining units.
• Any assumptions about correlation between variables.
• Description of how the geological interpretation was used to
control the resource estimates.
• Discussion of basis for using or not using grade cutting or
capping.
• The process of validation, the checking process used, the
comparison of model data to drill hole data, and use of reconciliation data if
available.
Moisture • Whether the tonnages are estimated on a dry basis or with • Tonnages have been estimated on a dry basis.
natural 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 factors and assumptions are based on the expectation of
mining dimensions and internal (or, if applicable, external) mining dilution. open pit mining methods using conventional truck and shovel operations.
It is always necessary as part of the process of determining reasonable
prospects for eventual economic extraction to consider potential mining • The Mineral Resource has been reported to a maximum depth of
methods, but the assumptions made regarding mining methods and parameters when 250 m below surface.
estimating 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
amenability. It is always necessary as part of the process of determining ABC Kona Project. A fresh sample composite of the Kona South was analysed by
reasonable prospects for eventual economic extraction to consider potential ALS 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.
Environmental 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
assumptions. If determined, the method used, whether wet or dry, the frequency using water displacement methods to ensure accurate volume and mass
of the measurements, the nature, size and representativeness of the samples. measurements, accounting for any voids and porosity. Samples were taken from
diamond drill core across lithologies and weathering profiles, although these
• The bulk density for bulk material must have been measured by were predominantly from fresh rock. Very little to no measured density values
methods that adequately account for void spaces (vugs, porosity, etc), were available from transported, saprolite and partially oxidised zones.
moisture and differences between rock and alteration zones within the deposit.
• 2,028 bulk density measurements were collected and
• Discuss assumptions for bulk density estimates used in the statistically analysed. Density values were assigned to different oxidation
evaluation process of the different materials. domains based on 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
varying confidence categories. accordance with the CIM Definition Standards. Resources were classified as the
Inferred category based on a combination of drilling density, geological
• Whether appropriate account has been taken of all relevant confidence, continuity of mineralisation, and data quality.
factors (ie relative confidence in tonnage/grade estimations, reliability of
input data, confidence in continuity of geology and metal values, quality, • The drill spacing across the deposit is 40 m to 50 m. The QP
quantity and distribution of the data). states that the quality and veracity of the supporting data are of industry
standard and the geological controls and continuity are reasonably well
• Whether the result appropriately reflects the Competent Person's understood. However, the QP does not consider the current sample spacing
view of the deposit. sufficient to 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 • No independent audit has been completed on the ABC Korona
estimates. 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 • The relative accuracy and confidence of the ABC Kona Mineral
confidence level in the Mineral Resource estimate using an approach or Resource estimates are considered appropriate for the classification level
procedure deemed appropriate by the Competent Person. For example, the assigned.
application of statistical or geostatistical procedures to quantify the
relative accuracy of the resource within stated confidence limits, or, if such • No production data is available for direct reconciliation, as
an approach is not deemed appropriate, a qualitative discussion of the factors the project is still in the exploration and development phase.
that could affect the relative accuracy and confidence of the estimate.
• At the global scale, the Mineral Resource estimate is
• The statement should specify whether it relates to global or considered to have an accuracy commensurate with industry expectations for a
local estimates, and, if local, state the relevant tonnages, which should be project at the advanced exploration stage.
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.
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. END MSCBTMJTMTTTMJF
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