REG - Resolute Mining Ltd - Ore Reserves and Mineral Resource Statement
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RNS Number : 4135V Resolute Mining Limited 05 March 2026
05 March 2026
Mineral Resources Increase by 60% and
Ore Reserves Increase by 55%
Resolute Mining Limited (Resolute, the Company or the Group) (ASX/LSE: RSG),
is pleased to announce the Company's Annual Ore Reserve and Mineral Resource
Statement at 31 December 2025.
Highlights
· Total Mineral Resources increased by 60% to 17.6 million gold (Au)
ounces (Moz) with the acquisition of the Doropo and ABC projects (Côte
d'Ivoire) and exploration success at Bantaco (Senegal) and La Debo (Côte
d'Ivoire)
· Total Ore Reserves increased by 55% to 6.8 Moz Au with the addition
of Ore Reserves at Doropo (Côte d'Ivoire) and Tomboronkoto (Senegal)
offsetting mining depletion in Mali and Senegal
· Doropo Ore Reserves total 2.5 Moz Au following an updated Definitive
Feasibility Study (DFS) completed in 2025 using a gold price assumption to
$1,950/oz
· Doropo Mineral Resources of 4.4 Moz from 114 million tonnes at 1.2
g/t Au reported within a $3,000/oz Au pit shell
· Bantaco Mineral Resources increased to 365 koz Au (from 266 koz)
following a total of 91,000m of RC drilling and 17,700m of diamond drilling
during 2025
· ABC Project Mineral Resources total 2.2 Moz from 72 million tonnes at
0.9 g/t Au (reported at a 0.5 g/t Au cut-off grade, within 250m from surface)
· 2026 Group exploration budget of $15-25 million with a focus on
expanding resources at the Doropo Project, the ABC Project and La Debo in Cote
d'Ivoire, testing drill targets on the Laminia and Sangola permits in Senegal,
deeper drilling at Syama North in Mali and restarting exploration activities
in Guinea.
Note: Unless otherwise stated, all dollar figures are United States dollars
($).
Chris Eger, CEO and Managing Director, commented,
I am pleased to report that Ore Reserves and Mineral Resources across the
Company's West African portfolio have increased significantly over the past
year. This is driven by additional ounces from inorganic growth through the
acquisition of the Doropo and ABC Gold Projects, as well as continued
exploration success in Senegal and Côte d'Ivoire. The addition of 2.5 Moz of
Ore Reserve at Doropo means that over 36% of the Group's reserves are now in
Côte d'Ivoire, a favourable mining jurisdiction and a key pillar of the
Company's organic growth plans.
Alongside Doropo and the ABC Gold Project, exploration success at the La Debo
Gold Project in southern Côte d'Ivoire has resulted in over 643 koz Au of
Mineral Resources. The combined total Mineral Resources in Côte d'Ivoire now
stand at 7.2 Moz Au, representing approximately 41% of Resolute's total
Mineral Resources. Resolute remains committed to extending the life of the
Mako operation in Senegal, with 266 koz Au of Mineral Resources being outlined
at Bantaco - a key potential satellite deposit along with Tomboronkoto -
adding further confidence to the Mako Life Extension Project.
Resolute's commitment to exploration is stronger than ever. We are securing
future growth by acquiring new permits in Côte d'Ivoire and actively pursuing
further opportunities in Guinea. We anticipate providing additional updates on
exploration activities across the Company's West African portfolio and look
forward to keeping the market informed on our progress.
At 31 December 2025, Resolute's Group share of Ore Reserves increased to 5.9
Moz Au (2024: 3.6 Moz) and Mineral Resources increased to 15.1 Moz Au (2024:
9.1 Moz).
A detailed breakdown of the Company's Ore Reserves and Mineral Resources at 31
December 2025 representing the Syama (Mali) and Mako (Senegal) operations,
Doropo (Cote d'Ivoire) development project and exploration projects is
presented in the tables below. The 2025 Annual Ore Reserve Statement and the
2025 Annual Mineral Resource Statement are in Table 2 and 4 respectively.
All tonnes and grade information have been rounded to reflect relative
uncertainty of the estimate; small differences may be present in the totals.
Ore Reserves
Total Ore Reserves as at 31 December 2025 on a 100% basis total 6.8 Moz Au
after mining depletion, changes in modifying factors and the addition of Ore
Reserves at Tomboronkoto and Doropo.
Resolute's asset ownership is 80% of Syama, 90% of Tabakoroni, 90% of Senegal
assets and 90% of Cote d'Ivoire Ore Reserves. As such, the Company's fully
attributable Ore Reserves position net of government interests, is 5.9Moz of
gold - see Table 2.
Table 1: Ore Reserves (100% Basis)
Proved Probable Total Reserves
As at Tonnes g/t Au oz Tonnes g/t Au oz Tonnes g/t Au oz
December 2025
(000s) (000s) (000s) (000s) (000s) (000s)
Mali 808 1.5 39 49,315 2.4 3,847 50,123 2.4 3,885
Senegal 3,896 0.9 118 9,076 1.2 348 12,972 1.1 467
Côte d'Ivoire 1,400 1.6 73 57,700 1.3 2,424 59,100 1.3 2,497
Managed Ore Reserves 6,105 1.2 230 116,091 1.8 6,619 122,196 1.7 6,849
Table 2: Ore Reserves Statement
Proved Probable Total Group Share
Ore Reserves Tonnes (000s) g/t Au oz (000s) Tonnes (000s) g/t Au oz (000s) Tonnes (000s) g/t Au oz (000s) oz (000s)
As at December 2025
Mali 80%
Syama Underground 0 0.0 0 18,661 2.3 1,368 18,661 2.3 1,368 1,094
Syama Stockpiles 0 0.0 0 2,339 1.4 104 2,339 1.4 104 83
Sub Total (Sulphides) 0 0.0 0 20,999 2.2 1,471 20,999 2.2 1,471 1,177
Syama Satellite Deposits 0 0.0 0 22,404 2.2 1,591 22,404 2.2 1,591 1,273
Stockpiles (satellite deposits) 0 0.0 0 883 0.6 18 883 0.6 18 15
Sub Total Satellite Deposits 0 0.0 0 23,287 2.1 1,610 23,287 2.1 1,610 1,288
90%
Tabakoroni Underground 0 0.0 0 5,028 4.7 766 5,028 4.7 766 689
Tabakoroni Stockpiles 808 1.5 39 0 0.0 0 808 1.5 39 35
Sub Total Tabakoroni 808 1.5 39 5,028 4.7 766 5,836 4.3 805 724
Mali Total 808 1.5 39 49,315 2.4 3,847 50,123 2.4 3,885 3,189
Senegal 90%
Mako 0 0.0 0 0 0.0 0 0 0.0 0 0
Mako Stockpiles 3,896 0.9 118 0 0.0 0 3,896 0.9 118 106
Tomboronkoto 0 0.0 0 9,076 1.2 348 9,076 1.2 348 314
Senegal Total 3,896 0.9 118 9,076 1.2 348 12,972 1.1 467 420
Côte D'Ivoire 90%
Doropo 1,400 1.6 73 57,700 1.3 2,424 59,100 1.3 2,497 2,247
Total Ore Reserves 6,105 1.2 230 116,091 1.8 6,619 122,196 1.7 6,849 5,856
Notes:
1. Mineral Resources include Ore Reserves. Differences may occur due to
rounding.
2. Syama Underground Reserves are reported above 1.8 g/t shut off and includes
Syama South
3. Syama Satellite Sulphide Reserves are reported above 1.0 g/t cut-off.
4. Tabakoroni Underground Reserves are reported above 2.5 g/t cut-off.
5. Tomboronkoto Sulphide Reserves are reported above a 0.6 g/t cut off.
6. Tomboronkoto Oxide Reserves are reported above a 0.5 g/t cut off.
7. Doropo Reserves are reported above a 0.3 g/t to 0.5 g/t cut off depending
on ore zone type and location
8. Mako Reserves are reported above a 0.7 g/t cut off
Mali
The Ore Reserves at the Syama Underground Mine decreased by 235 koz Au, in
line with expectation, due to mining depletion and changes in modifying
factors (reported at $2,300/oz gold price assumption). In 2026, the
underground, being mined as a sub-level cave, is expected to mine 2.6 Mt at
grades ranging between 2.4 - 2.5 g/t Au, providing a stable sulphide feed to
the processing plant.
Stockpile Ore Reserves (both oxide and sulphide) decreased as material was
processed. Sulphide stockpiles were depleted more than expected in 2025 as
they were used to maintain processing throughput at the sulphide plant as less
sulphide ore was mined in the sub-level cave due to disruption of explosive
supplies. Oxide stockpiles decreased in line with expectation, as stockpile
material continued to make up a major component of the mill feed in 2025 along
with open pit material from Paysans and Tellem. Further oxide depletion is
expected in 2026 ahead of the commissioning of the Syama Sulphide Conversion
Project (SSCP) in H2 2026.
In 2025 there was no change in the Ore Reserves at Tabakoroni Underground as
it was not mined or drilled.
The 1.6 Moz Au reserve of the Syama Satellite Deposits (primarily Syama North)
increased by 83 koz from 2025 as a new pit optimization (at $2,300/oz gold
price) was completed. The Syama North Ore Reserve underpins the SSCP and is
key to the long-term future of the Syama operation.
Senegal
Ore Reserves at Mako decreased by 108 koz Au in line with mining depletion as
open pit mining activities ended in June 2025 and stockpile processing
commenced in H2 2025. As at the end of 2025, there remained 108 koz grading
0.9 g/t Au of Proven Ore Reserves. Processing of stockpile material will
continue until the end of 2027.
Following internal technical studies, Ore Reserves have been declared for
Tomboronkoto. The initial Ore Reserve of 348 koz oz at 1.2g/t Au is at a gold
price assumption of $2,500/oz. As part of the Mako Life Extension Project
(MLEP) further studies and optimisations of Tomboronkoto and Bantaco are
expected and will be provided in 2026. Following additional exploration
activities, Resolute Mining believes the MLEP has the potential to extend
mining operations in Senegal by a further five to ten years.
Côte d'Ivoire
Resolute completed an updated Definitive Feasibility Study (DFS) on the Doropo
Project after acquiring the project in 2025. The DFS supported an increased
Ore Reserve of 2.5 Moz Au at the conservative gold price of $1,950/oz,
underpinning a 13-year life of mine with an average annual gold production of
approximately 170 koz. Resolute anticipates the contained gold ounces to grow
at Doropo from optimisations at higher gold price assumptions and from further
exploration activities within the granted mining permit.
Mineral Resources
Mineral Resources (inclusive of Ore Reserves) at 31 December 2025 on a 100%
basis, contain 17.6 Moz of gold. The Company's fully attributable Mineral
Resources position, net of government interests is 15 Moz of gold.
The large increases in Group Total Mineral Resources this year came from the
acquisition of the Doropo and ABC projects in May 2025 which added 4.4 Moz Au
and 2.2 Moz Au, respectively.
Table 3: Mineral Resources (100% Basis)
Measured Indicated Inferred Total Resources
As at Tonnes g/t Au oz Tonnes g/t Au oz Tonnes g/t Au oz Tonnes g/t Au oz
December 2025
(000s) (000s) (000s) (000s) (000s) (000s) (000s) (000s)
Mali 29,227 2.9 2,683 48,398 3.1 4,751 31,291 1.7 1,668 108,916 2.6 9,101
Senegal 3,947 0.9 120 16,894 1.3 687 6,869 1.0 224 27,709 1.2 1,031
Côte d'Ivoire 1,550 1.6 78 95,200 1.2 3,601 106,999 1.2 3,483 203,749 1.2 7,162
Guinea 0 0.0 0 0 0.0 0 6,625 0.9 343 6,625 0.9 343
Managed Mineral Resources 34,724 2.6 2,881 160,492 1.8 9,038 151,784 1.2 5,718 347,000 1.6 17,637
Table 4: Mineral Resources Statement
Measured Indicated Inferred Total Group Share
Mineral Resources As at December 2025 Tonnes (000s) oz (000s) Tonnes (000s) oz (000s) Tonnes (000s) oz (000s) Tonnes (000s) oz (000s) oz (000s)
g/t Au g/t Au g/t Au g/t Au
Mali 80%
Syama Underground 25,000 2.9 2,349 9,960 2.8 909 5,101 2.8 459 40,061 2.9 3,718 2,974
Stockpiles (sulphide) 0 0.0 0 2,339 1.4 104 0 0.0 0 2,339 1.4 104 83
Sub Total (Sulphides) 25,000 2.9 2,349 12,299 2.6 1,013 5,101 2.8 459 42,400 2.8 3,821 3,057
Syama Satellite Deposits 3,412 2.7 294 30,038 3.0 2,927 7,500 2.7 659 40,950 2.9 3,881 3,104
Stockpiles (satellite deposits) 0 0.0 0 883 0.6 18 46 1.1 2 929 0.7 20 16
Sub Total Satellite Deposits 3,412 2.7 294 30,921 3.0 2,945 7,546 2.7 661 41,879 2.9 3,901 3,121
Old Tailings 0 0.0 0 0 0.0 0 17,000 0.7 365 17,000 0.7 365 292
90%
Tabakoroni Underground 6 3.5 1 5,179 4.8 792 1,644 3.5 183 6,829 4.4 976 878
Tabakoroni Stockpiles 808 1.5 39 0 0.0 0 0 0.0 0 808 1.5 39 35
Sub Total Tabakoroni 814 1.5 39 5,179 4.8 792 1,644 3.5 183 7,637 4.1 1,014 913
Mali Total 29,227 2.9 2,683 48,398 3.1 4,751 31,291 1.7 1,668 108,916 2.6 9,101 7,382
Senegal 90%
Mako 51 0.9 2 2,059 1.4 96 209 0.8 6 2,319 1.4 103 93
Tomboronkoto 0 0.0 0 9,224 1.3 393 1,248 1.3 51 10,471 1.3 444 400
Bantaco 0 0.0 0 5,611 1.1 198 5,412 1 167 11,023 1.0 365 329
Mako Stockpiles 3,896 0.9 118 0 0.0 0 0 0.0 0 3,896 0.9 118 106
Senegal Total 3,947 0.9 120 16,894 1.3 687 6,869 1.0 224 27,709 1.2 1,031 927
Cote D'Ivoire 90%
Doropo 1,550 1.6 78 95,200 1.2 3,601 17,440 1.2 680 114,190 1.2 4,359 3,923
ABC 0 0.0 0 0 0.0 0 72,000 0.9 2,160 72,000 0.9 2,160 1,944
La Debo 0 0.0 0 0 0.0 0 17,559 1.1 643 17,559 1.1 643 579
Cote D'Ivoire Total 1,550 1.6 78 95,200 1.2 3,601 106,999 1.0 3,483 203,749 1.1 7,162 6,446
Guinea 100%
Mansala 0 0.0 0 0 0.0 0 6,625 1.6 343 6,625 1.6 343 343
Total Mineral Resources 34,724 2.6 2,881 160,492 1.8 9,038 151,784 1.2 5,718 347,000 1.6 17,637 15,099
Notes:
1. Mineral Resources include Ore Reserves. Differences may occur due to
rounding
2. Syama Underground Resources quoted inside 1.5g/t Au MSO
3. Resources for Northern Pits are reported inside a US$2,950/oz optimised pit
at a 0.7 g/t Au cut-off, and inside a 1.5 g/t Au MSO
4. Resources for the Cashew NE, Paysans and Tellem are reported above a
cut-off of 1.0g/t Au
5. Resources for the Tabakoroni Underground are reported within an MSO shape
generated at 1.75g/t Au
6. Mansala Resource is reported at a cut-off of 0.7 g/t Au within a $2,950/oz
optimised shell
7. Mako Resources are reported above a cut off of 0.5g/t Au and within a
$2,000/oz optimised shell
8. Bantaco Resources are reported above a cut off of 0.5g/t Au
9. Tomboronkoto Resources are reported above a cut-off of 0.5g/t Au within a
US$2,950/oz optimised pit shell
10.Doropo Resources are reported inside a US$3,000/oz optimised pit at a
cut-off of 0.3 g/t Au
11. ABC Resources are reported within 250m depth from surface at a cut-off of
0.5 g/t Au
12. Resources for La Debo are reported at a 0.5g/t Au cut-off
Mali
The Mineral Resources at the Syama Underground mine decreased by approximately
680 koz Au due to mining depletion, an updated resource estimate and revised
RPEEE (Reasonable Prospects for Eventual Economic Extraction) inputs.
The Syama North Mineral Resource decreased by c. 50 koz to 3.3 Moz Au on
mining depletion and revised RPEEE inputs.
There were no changes to the Tabakoroni underground Mineral Resources.
Senegal
The Mineral Resources at Mako, including stockpiles, decreased by
approximately 130 koz Au in line with mining depletion. No further addition to
Mineral Resources is expected as the open pit is completed and stockpiles are
currently being processed.
Mineral Resources at Tomboronkoto increased in 2025 as they are reported at a
lower cut-off grade of 0.5 g/t Au within a $2,950/oz Au optimised pit-shell.
Tomboronkoto Mineral Resource increased to 444 koz (2024: 377 koz) at a grade
of 1.3 g/t Au (2024: 1.7 g/t Au).
An intensive drilling program on the Bantaco Permit in Senegal led to the
announcement of an initial Mineral Resource in July 2025 of 266 koz oz grading
1.0 g/t Au across the Bantaco West and South Prospects. Further drilling in H2
2025 led to an updated resource for both Bantaco West and South of 365 koz
grading 1.0 g/t Au which is included in this statement.
Côte d'Ivoire
Mineral Resource additions came from the acquisition of the Doropo and ABC
projects as well as an initial Mineral Resource at La Debo.
In September 2025 an updated Mineral Resource Estimate for Doropo was released
using a gold price assumption of $3,000/oz. The Updated Mineral Resource
Estimate (MRE) of 4.4 Moz Au was a substantial 1 Moz Au increase from the
previous MRE in 2023. Approximately 84% of the Mineral Resources are in the
Measured and Indicated category. Resolute is confident of further growth of
the Mineral Resources as current optimisations are based on conservative pit
shell assumptions and the two largest prospects, Kilosegui and Souwa that
contain approximately 2.3Moz Au of the MRE, remain open along strike and at
depth.
Exploration on the ABC Project in 2026 will concentrate on expanding the
existing Mineral Resource of 2.2 Moz Au 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 H1 2026.
In November 2025, Resolute announced an initial Mineral Resource at the La
Debo prospect of 17.6 Mt grading 1.14 g/t Au for 643 koz oz after drilling
programs carried out during the year. In 2026, further exploration will take
place at La Debo and will be focused on extending the high-grade
mineralisation intersected at G3S. A Scoping Study to evaluate La Debo is
planned and is expected in H2 2026.
Guinea
In Guinea, the maiden Mineral Resource Estimate was published on 12 September
2024. The Mansala Resource is included in this statement with a total of 8.4
Mt grading 1.3 g/t Au for 357 koz, constrained by a $2,950/oz Au pit shell at
a cut off of 0.7 g/t Au. As part of the acquisition consideration for the
Doropo and ABC projects, Resolute will be transferring several permits in
Guinea (including the one containing Mansala Resource) to AngloGold Ashanti.
The process of this transfer is ongoing.
Competent Persons Statement
The information in this announcement that relates to data quality, geological
interpretation and Mineral Resource estimation for the various projects unless
specified in the list below is based on information compiled by Bruce Mowat, a
Competent Person who is a Member of the Australian Institute of Geoscientists
and a full-time employee of Resolute Corporate Services Pty Ltd, a
wholly-owned subsidiary of Resolute Mining Limited. Mr Mowat has sufficient
experience that is relevant to the styles of mineralisation and type of
deposits under consideration and to the activity being undertaken as a
Competent Person as defined in the 2012 Edition of the "Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore Reserves" (JORC
Code 2012). Mr Mowat consents to the inclusion in this announcement of the
material compiled by him in the form and context in which it appears.
The information in this statement that relates to the Mineral Resources and
Ore Reserves listed below is based on information and supporting documents
prepared by the Competent Person identified. Each person specified in the list
has sufficient experience which is relevant to the style of mineralisation and
type of deposit under consideration and to the activity, which has been
undertaken to qualify as a Competent Person as defined in the JORC Code 2012.
Mr Woodward, Mr Ndjibu and Mr Patani are full-time employees of Resolute
Corporate Services Pty Ltd, a wholly-owned subsidiary of Resolute Mining
Limited.
Activity Competent Person Membership Institution
Syama Resource James Woodward Australasian Institute of Mining and Metallurgy
Syama Reserve Gito Patani Australasian Institute of Mining and Metallurgy
Syama North Resource James Woodward Australasian Institute of Mining and Metallurgy
Syama North Reserve Kitwa Ndjibu Australasian Institute of Mining and Metallurgy
Syama Tailings Facility James Woodward Australasian Institute of Mining and Metallurgy
Tabakoroni UG Resource Bruce Mowat Australasian Institute of Geoscientists
Tabakoroni UG Reserves Gito Patani Australasian Institute of Mining and Metallurgy
Tellem Resource Bruce Mowat Australasian Institute of Geoscientists
Tellem Reserves Kitwa Ndjibu Australasian Institute of Mining and Metallurgy
Cashew Resource Bruce Mowat Australian Institute of Geoscientists
Cashew Reserves Kitwa Ndjibu Australasian Institute of Mining and Metallurgy
Paysans Resource Bruce Mowat Australian Institute of Geoscientists
Paysans Reserves Kitwa Ndjibu Australasian Institute of Mining and Metallurgy
Porphyry Zone Resource Bruce Mowat Australian Institute of Geoscientists
Porphyry Zone Reserves Kitwa Ndjibu Australasian Institute of Mining and Metallurgy
Mako Resources Bruce Mowat Australian Institute of Geoscientists
Mako Reserves Kitwa Ndjibu Australasian Institute of Mining and Metallurgy
Tomboronkoto Resource James Woodward Australasian Institute of Mining and Metallurgy
Bantaco Resources James Woodward Australasian Institute of Mining and Metallurgy
Doropo Resources Bruce Mowat Australian Institute of Geoscientists
Doropo Reserves Gito Patani Australasian Institute of Mining and Metallurgy
ABC Resources Bruce Mowat Australian Institute of Geoscientists
La Debo Resources James Woodward Australasian Institute of Mining and Metallurgy
Mansala Resource Bruce Mowat Australasian Institute of Geoscientists
Authorised by Mr Chris Eger, Managing Director and Chief Executive Officer
Contact
Resolute Public Relations
Matthias O'Toole Howes, Jos Simson, Tavistock
Corporate Development and Investor Relations Manager resolute@tavistock.co.uk
Matthias.otoolehowes@resolutemining.com +44 207 920 3150
+44 203 3017 620
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.
APPENDIX
Ore Reserves Comparison to 31 December 2024
Reserves and Resources comply with the Australasian Code for Reporting of
Mineral Resources and Reserves (The JORC Code 2004 and JORC Code 2012).
Dec-25 Dec-24
Tonnes Gold grade Ounces Group Share Group Share Tonnes Gold grade Ounces Group Share Group Share
(000s) (g/t) (000s) % Ounces (000s) (g/t) (000s) % Ounce s
Ore Reserves Proved Proved Comment on Changes
Mali
Syama Stockpiles (Sulphide) 0 0.0 0 80% 0 754 1.5 37 80% 29 Movement in operating stockpiles
Syama North 0 0.0 0 80% 0 66 1.8 4 80% 3 A21 Central pit
Stockpiles (Oxide) 0 0.0 0 80% 0 653 1.3 27 80% 22 Movement in operating stockpiles
Tabakoroni Stockpiles 808 1.5 39 90% 35 951 1.5 46 90% 41 Adjustments to operating stockpiles
Senegal
Mako 0 0.0 0 90% 0 39 1.0 1 90% 1 COG change and mining depletion
Mako Stockpiles 3,896 0.9 118 90% 106 5,547 0.9 165 90% 149 Movement in operating stockpiles
Cote D'Ivoire
Doropo 1,400 1.6 73 90% 66 0 0.0 0 90% 0 New Reserve; acquisition
Total Proved 6105 1.2 230 207 8010 1.1 280 245
Probable Probable Comment on Changes
Mali
Syama Underground 18,661 2.3 1,368 80% 1,094 20,899 2.4 1,603 80% 1,282 Depletion from mining, updated resource model
Syama Stockpiles (sulphide) 2,339 1.4 104 80% 83 1,786 1.3 76 80% 61 Movement in operating stockpiles
Syama North 22,183 2.2 1,580 80% 1,264 21,184 2.2 1,497 80% 1,198 New pit optimisation (A21, Ba01N, Ba04, Alpha) against new resource model
Stockpiles (Syama North) 883 0.6 18 80% 15 1,239 1.0 38 80% 30 Movement in operating stockpiles
Paysans 221 1.6 11 80% 9 401 1.6 21 80% 16 New pit optimisation & design,
Tellem 0 0.0 0 80% 0 244 1.6 13 80% 10 New pit optimisation & design, revised modifying factors
Tabakoroni Open Pit 0 0.0 0 90% 0 0 0.0 0 90% 0 No change
Tabakoroni Underground 5,028 4.7 766 90% 689 5,028 4.7 766 90% 689 No change
Senegal
Mako 0 0.0 0 90% 0 1,078 1.8 61 90% 55 Mining depletion and change in
modifying factors
Tomboronkoto 9,076 1.19 348 90% 314 0 0.0 0 90% 0 New Reserve: Internal Technical Study
Cote D'Ivoire
Doropo 57,700 1.3 2,424 90% 2,182 0.0 0.0 0 90% 0 New Reserve; acquisition
Total Probable 116,091 1.8 6,619 5,649 51,859 2.4 4,074 3,342
Total Reserves 122,196 1.7 6,849 5,856 59,869 2.3 4,354 3,587
Appendix Table 1: Ore Reserves Comparison - 31 December 2025 to 31 December
2024
Notes:
1. Mineral Resources include Ore Reserves. Differences may occur due to
rounding.
2. Syama Underground Reserves are reported above 1.8 g/t shut off and includes
Syama South
3. Syama Satellite Sulphide Reserves are reported above 1.0 g/t.
4. Tabakoroni Underground Reserves are reported above 2.5 g/t.
5. Tomboronkoto Sulphide Reserves are reported above 0.6 g/t cut off.
6. Tomboronkoto Oxide Reserves are reported above 0.5 g/t cut off.
7. Doropo Reserves are reported above 0.3 g/t to 0.5 g/t cut off depending on
ore zone type and location.
8. Mako Reserves are reported above 0.7 g/t
cut off
Mineral Resources Comparison To 31 December 2024
Dec-25 Dec-24
Mineral Resources
Tonnes Gold grade Ounces Group Share Group Share Tonnes Gold grade Ounces Group Share Group Share
Comment on Changes
(000s) (g/t) (000s) % Ounces (000s) (g/t) (000s) % Ounces
Measured Measu
red
Mali
Syama Underground 25,000 2.9 2,349 80% 1,880 29,961 2.7 2,636 80% 2,109 New resource estimate and mining depletion
Syama Stockpiles (Sulphide) 0 0.0 0 80% 0 754 1.5 37 80% 29 Movement in operating stockpiles
Syama North 2,381 3.1 234 80% 187 2,400 3.1 236 80% 189 New resource estimate and mining depletion
Stockpiles (Oxide) 0 0.0 0 80% 0 1,221 1.8 69 80% 55 Movement in operating stockpiles
Cashew NE 1,031 1.8 60 80% 48 1,031 1.8 60 80% 48 No change
Tabakoroni Open Pit 0 0.0 0 90% 0 0 0.0 0 90% 0 Mining depletion
Tabakoroni Underground 6 3.5 1 90% 1 6 3.5 1 90% 1 Unchanged
Tabakoroni Stockpiles 808 1.5 39 90% 35 975 1.0 31 90% 28 Movement in operating stockpiles
Porphyry Zone (Splay) 0 0.0 0 90% 0 191 2.0 12 90% 11 Mining depletion
Senegal
Mako 51 0.9 2 90% 1 53 0.9 2 90% 1 Mining depletion
Mako Stockpiles 3,896 0.9 118 90% 106 5,547 0.9 165 90% 149 Movement in operating stockpiles
Cote D'Ivoire
Doropo 1,550 1.6 78 90% 70 0 0.0 0 90% 0 New resource; acquisition
Total Measured 34,724 2.6 2,881 2,328 42,139 2.4 3,249 2,620
Indicated Indicated
Mali
Syama Underground 9,960 2.8 909 80% 727 16,926 2.4 1,302 80% 1,041 New resource estimate and mining depletion
Syama Stockpiles (Sulphide) 2,339 1.4 104 80% 83 1,786 1.3 76 80% 61 Movement in operating stockpiles
Syama North 25,307 3.2 2,630 80% 2,104 25,670 3.2 2,669 80% 2,135 New resource estimate and mining depletion
Stockpiles (Oxide) 883 0.6 18 80% 15 1,239 1.0 38 80% 30 Movement in operating stockpiles
Paysans 3,437 1.8 199 80% 159 3,437 1.8 199 80% 159 No change
Tellem 1,294 2.4 98 80% 79 1,294 2.4 98 80% 79 No change
Tabakoroni Open Pit 0 0.0 0 90% 0 151 4.5 22 90% 20 Depleted
Tabakoroni Underground 5,179 4.8 792 90% 713 5,179 4.8 792 90% 713 No change
Senegal
Mako 2,059 1.4 96 90% 86 3,308 1.7 178 90% 160 Mining depletion
Tomboronkoto 9,224 1.3 393 90% 354 6,168 1.7 334 90% 301 Change to reporting COG`
Bantaco 5,611 1.1 198 90% 178 0 0.0 0 90% 0 New Resource; exploration success
Cote D'Ivoire
Doropo 95,200 1.2 3,601 90% 3,241 0 0.0 0 90% 0 New resource; acquisition
Total Indicated 160,492 1.8 9,038 7,739 65,158 2.7 5,708 4,699
Inferred Inferred Comment on Changes
Mali
Syama Underground 5,101 2.8 459 80% 367 5,101 2.8 459 80% 367 No change
Syama North 4,219 3.3 452 80% 362 4,346 3.3 464 80% 371 Mining depletion
Stockpiles (Syama North) 46 1.1 2 80% 1 46 1.1 2 80% 1 No change
Paysans 1,765 1.7 98 80% 78 1,765 1.7 98 80% 78 No change
Tellem 1,516 2.2 109 80% 88 1,516 2.2 109 80% 88 No change
Tabakoroni Underground 1,644 3.5 183 90% 164 1,644 3.5 183 90% 164 No change
Tailings Storage Facility 0 0.0 0 90% 0 0 0.0 0 90% 0 No change
Senegal
Mako 209 0.8 6 90% 5 300 0.9 8 90% 7 Mining depletion
Tomboronkoto 1,248 1.3 51 90% 46 880 1.5 43 90% 39 Change to reporting COG
Bantaco 5,412 1.0 167 90% 151 0 0 0 90% 0 New Resource; exploration success
Cote D'Ivoire
Doropo 17,440 1.2 680 90% 612 0 0.0 0 90% 0 New resource; acquisition
ABC 72,000 0.9 2,160 90% 1,944 0 0.0 0 90% 0 New resource; acquisition
La Debo 17,559 1.1 643 90% 579 0 0.0 0 90% 0 New resource; exploration success
Guinea
Mansala 6,625 1.6 343 100% 343 6,625 1.6 343 100% 343 No change
Total Inferred 151,784 1.2 5,718 5,032 39,223 1.6 2,074 1,751
Total Resources 347,000 1.6 17,637 15,099 146,520 2.3 11,031 9,070
Appendix Table 2: Mineral Resources Comparison - 31 December 2025 to 31
December 2024
Notes:
1. Mineral Resources include Ore Reserves. Differences may occur due to
rounding.
2. Syama Underground Resources quoted inside 1.5g/t MSO
3. Resources for Northern Pits are reported inside a $2,950/oz optimised pit
at a 0.7 g/t Au cut-off, and inside a 1.5 g/t Au MSO
4. Resources for the Cashew NE, Paysans and Tellem are reported above a
cut-off of 1.0g/t
5. Resources for the Tabakoroni Underground are reported within an MSO shape
generated at 1.75g/t .
6. Mansala Resource is reported at a cut-off of 0.7 g/t Au within a $2,950/oz
optimised shell
7. Mako Resources are reported above a cut off of 0.5g/t and within a
$2,000/oz optimised shell
8. Bantaco Resources are reported above a cut off of 0.5g/t
9. Tomboronkoto Resources are reported above a cut-off of 0.5g/t Au within a
$2,950/oz optimised pit shell.
10. Doropo Resources are reported inside a $3,000/oz optimised pit at a
cut-off of 0.3 g/t Au.
11. ABC Resources are reported within 250m depth from surface at a cut-off of
0.5 g/t Au.
12. Resources for La Debo are reported at a 0.5g/t cut-off.
JORC Code, 2012 Edition - Table 1 Report Syama Gold Mine
Section 1 Sampling Techniques and Data
COMMENTARY
Sampling techniques · Nature and quality of sampling (e.g. cut channels, random chips, or The mineral resource estimate was based on data collected from reverse
specific specialised industry standard measurement tools appropriate to the circulation (RC) and diamond core (DD) drill holes completed by Resolute
minerals under investigation, such as down hole gamma sondes, or handheld XRF Mining Limited (2003-2023), Randgold Resources Ltd (1996-2000) and BHP
instruments, etc.). These examples should not be taken as limiting the broad (1987-1996).
meaning of sampling.
Diamond core was sampled at 1m intervals and cut in half, to provide a 2-4kg
· Include reference to measures taken to ensure sample representivity and sample, which was sent to the laboratory for crushing, splitting and
the appropriate calibration of any measurement tools or systems used. pulverising, to provide a 30g charge for analysis.
· Aspects of the determination of mineralisation that are Material to the RC samples were collected on 1m intervals via a cyclone by riffle split (dry),
Public Report. or by scoop (wet), to obtain a 2-4kg sample which was sent to the laboratory
for crushing, splitting and pulverising to provide a 30g charge for analysis.
· In cases where 'industry standard' work has been done this would be
relatively simple (e.g. 'reverse circulation drilling was used to obtain 1 m Resolute sampling and sample preparation protocols are industry standard and
samples from which 3 kg was pulverised to produce a 30 g charge for fire are deemed appropriate by the Competent Person.
assay'). In other cases, more explanation may be required, such as where there
is coarse gold that has inherent sampling problems. Unusual commodities or The Randgold and BHP diamond core and RC samples were taken on 1m intervals.
mineralisation types (e.g. submarine nodules) may warrant disclosure Due to the historical nature of the data sampling protocols are not known.
of detailed information.
Drilling techniques · Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air Drill types used include diamond core of HQ and NQ sizes.
blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or
standard tube, depth of diamond tails, face-sampling bit or other type, Core is oriented at 3m down hole intervals using a Reflex Act II RD
whether core is oriented and if so, Orientation Tool and more recently using a Reflex north seeking gyro
by what instrument.
method, etc.).
Drill sample recovery · Method of recording and assessing core and chip sample recoveries and Drill core interval recoveries are measured from core block to core block
results assessed. using a tape measure.
· Measures taken to maximise sample recovery and ensure representative Appropriate measures are taken to maximise sample recovery and ensure
nature of the samples. representative nature of the samples.
· Whether a relationship exists between sample recovery and grade and No apparent relationship between sample recovery and grade.
whether sample bias may have occurred due to preferential loss/gain
of fine/coarse material.
Logging · Whether core and chip samples have been geologically and geotechnically Drill holes were geologically logged by geologists for colour, grainsize,
logged to a level of detail to support appropriate Mineral Resource lithology, minerals, alteration and weathering on geologically domained
estimation, mining studies and metallurgical studies. intervals.
· Whether logging is qualitative or quantitative in nature. Geotechnical and structure orientation data was measured and logged for all
diamond core intervals.
· Core (or costean, channel, etc.) photography.
Diamond core was photographed (wet and dry).
· The total length and percentage of the relevant intersections logged.
Holes were logged in their entirety (100%) and this logging was considered
reliable and appropriate.
Sub-sampling techniques and · If core, whether cut or sawn and whether quarter, half or all core Diamond core were sampled at 1m intervals and cut in half to obtain a 2-4kg
taken. sample.
sample preparation
· If non-core, whether riffled, tube sampled, rotary split, etc. and Reverse circulation samples were collected on 1m intervals by riffle split
whether sampled wet or dry. (dry) or by scoop (wet) to obtain a 2-4kg sample.
· For all sample types, the nature, quality and appropriateness of the Sample preparation for diamond core and RC samples includes oven drying,
sample preparation technique. crushing to 10mm and splitting, pulverising to 85% passing -75um. These
preparation techniques are deemed to be appropriate to the material and
· Quality control procedures adopted for all sub-sampling stages to element being sampled.
maximise representivity of samples.
Drill core coarse duplicates were split by the laboratory after crushing at a
· Measures taken to ensure that the sampling is representative of the rate of 1:20 samples. Reverse circulation field duplicates were collected by
in-situ material collected, including for instance results for field the company at a rate of 1:20 samples.
duplicate/second-half sampling.
Resolute sampling, sample preparation and quality control protocols are of
Whether sample sizes are appropriate to the grain size of industry standard and all attempts were made to ensure an unbiased
the material being sampled. representative sample was collected. The methods applied in this process were
deemed appropriate by the Competent Person. Sub-sampling techniques and sample
preparation completed by previous owners is not known.
Quality of assay data and · The nature, quality and appropriateness of the assaying and All Resolute samples were analysed for gold by 30g fire assay fusion with AAS
laboratory procedures used and whether the technique is considered partial or instrument finish. The analysis was performed by ALS Bamako, ALS Ouagadougou,
laboratory tests total. or SGS Morila. The analytical method was appropriate for the style of
mineralisation.
· For geophysical tools, spectrometers, handheld XRF instruments, etc.,
the parameters used in determining the analysis including instrument make and No geophysical tools were used to determine elemental concentrations.
model, reading times, calibrations factors applied and their derivation, etc.
Quality control (QC) procedures included the use of certified standards and
Nature of quality control procedures adopted (e.g. standards, blanks, blanks (1:20), non- certified sand blanks (1:20), diamond core coarse
duplicates, external laboratory checks) and whether acceptable levels of duplicates (1:20) and reverse circulation field duplicates (1:20).
accuracy (i.e. lack of bias) and precision have been established.
Laboratory quality control data, including laboratory standards, blanks,
duplicates, repeats and grind size results were also captured into the digital
database.
Analysis of the QC sample assay results indicates that an acceptable level of
accuracy and precision has been achieved.
The assay techniques used by Randgold and BHP include fire assay fusion with
AAS instrument finish and aqua regia with AAS. The majority of the samples
were analysed at the onsite Syama laboratory. Due to the historical nature of
the Randgold and BHP data the assay procedures are not known for all samples.
Verification of · The verification of significant intersections by either independent Verification of significant intersections have been completed by company
or alternative company personnel. personnel and the competent person.
sampling and assaying
· The use of twinned holes. No drill holes within the resource area were twinned.
· Documentation of primary data, data entry procedures, data Drill holes were logged onto paper templates or Excel templates with lookup
verification, data storage (physical and electronic) protocols. codes, validated and then compiled into a relational SQL 2012 database using
DataShed data management software. The database has a variety of verification
Discuss any adjustment to assay data. protocols which are used to validate the data entry. The drill hole database
is backed up daily to the head office server.
Assay result files were reported by the laboratory in PDF and CSV format and
imported directly into the SQL database without adjustment or modification.
Resolute has conducted extensive reviews, data validation and data
verification on the historic data collected by the previous owners, Randgold
and BHP.
Location of data points · Accuracy and quality of surveys used to locate drill holes (collar Collar coordinates were picked up in UTM (WGS84) by staff surveyors using an
and down-hole surveys), trenches, mine workings and other locations used in RTK DGPS with an expected accuracy of
Mineral Resource estimation.
0.05m; elevations were height above EGM96 geoid.
· Specification of the grid system used.
Down hole surveys were collected using single shot and multi shot magnetic
· Quality and adequacy of topographic control. survey tools including Reflex EZTrac and EZShot instruments. A time-dependent
declination was applied to the magnetic readings to determine UTM azimuth.
Diamond drilling completed in 2017 and 2018 has utilised a Reflex EZ Gyro
downhole survey instrument to provide more frequent data points and reduced
magnetic interference.
Coordinates and azimuth are reported in UTM WGS84 Zone 29 North in this
release.
Coordinates were translated to local mine grid where appropriate.
Local topographic control is via satellite photography and drone UAV Aerial
Survey.
Data spacing and distribution · Data spacing for reporting of Exploration Results. The drill hole spacing was sufficient to demonstrate geological and grade
continuity appropriate for
· Whether the data spacing and distribution is sufficient to establish
the degree of geological and grade continuity appropriate for the Mineral Mineral Resource estimation and classification in accordance with the 2012
Resource and Ore Reserve estimation procedure(s) and classifications applied. JORC Code.
· Whether sample compositing has been applied. The appropriateness of the drill spacing was reviewed by the geological
technical team, both on site and within the Resolute group. This was also
reviewed by the Competent Person.
RC and diamond core samples were collected on 1m intervals; no sample
compositing is applied during sampling.
Orientation of data in · Whether the orientation of sampling achieves unbiased sampling of Holes were drilled predominantly perpendicular to mineralised domains where
relation to geological structure possible structures and the extent to which this is known, considering the possible.
deposit type.
No orientation-based sampling bias has been identified in the data.
· If the relationship between the drilling orientation and the
orientation of key mineralised structures is considered to have introduced a
sampling bias, this should be assessed and reported if material.
Sample security · The measures taken to ensure sample security. Samples were collected from the drill site and stored on site. All samples
were individually bagged and labelled with unique sample identifiers then
securely dispatched to the laboratories.
All aspects of sampling process were supervised and tracked by SOMISY
personnel.
Audits or reviews · The results of any audits or reviews of sampling techniques and External audits of procedures indicate protocols are within industry
data. standards.
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 agreements Drilling was conducted within the Malian Exploitation Concession Permit PE
or material issues with third parties such as joint ventures, partnerships, 93/003 which has an area of 200.6km2.
overriding royalties, native title interests, historical sites, wilderness or
national park and environmental settings. Resolute Mining Limited has an 80% interest in the Syama project and the
Exploitation Permit PE-93/003, on which it is based, through its Malian
· The security of the tenure held at the time of reporting along with any subsidiary, Sociêtê des Mines de Syama SA (SOMISY). The Malian Government
known impediments to obtaining a licence to operate in holds a free carried 20% interest in SOMISY.
the area.
The Permit is held in good standing. Malian mining law provides that all
mineral resources are administered by DNGM (Direction Nationale de la
Géologie et des Mines) or National Directorate of Geology and Mines under the
Ministry of Mines, Energy and Hydrology.
Exploration · Acknowledgment and appraisal of exploration by other parties. The Syama deposit was originally discovered by a regional geochemical survey
undertaken by the Direction National de Géologie et des Mines (DNGM) with
done by other parties assistance from the United Nations Development Program (UNDP) in 1985. There
had also been a long history of artisanal activities on the hill where an
outcropping chert horizon originally marked the present-day position of the
open pit.
BHP during 1987-1996 sampled pits, trenches, auger, RC and diamond drill holes
across Syama prospects.
Randgold Resources Ltd during 1996-2000 sampled pits, trenches, auger, RAB, RC
and diamond drill holes across Syama prospects.
Geology · Deposit type, geological setting and style of mineralisation. The Syama Project is found on the northern margin of the Achaean-Proterozoic
Leo Shield which forms the southern half of the West African Craton. The
project area straddles the boundary between the Kadiana-Madinani terrane and
the Kadiolo terrane. The Kadiana-Madinani terrane is dominated by greywackes
and a narrow belt of interbedded basalt and argillite. The Kadiolo terrane
comprises polymictic conglomerate and sandstone that were sourced from the
Kadiana-Madinani terrane and deposited in a late-to syntectonic basin.
Prospects are centred on the NNE striking, west dipping, Syama-Bananso Fault
Zone and Birimian volcano-sedimentary units of the Syama Formation. The major
commodity being sought is gold.
Drill hole · A summary of all information material to the understanding of the No new exploration results have been reported in this release.
exploration results including a tabulation of the following information for
Information all Material drill holes: The listing of the entire drill hole database used to estimate the resource
was not considered relevant for this release.
o easting and northing of the drill hole collar.
o elevation or RL (Reduced Level - elevation above sea level in metres) of the
drill hole collar.
o dip and azimuth of the hole.
o down hole length and interception depth.
o Whole length.
· If the exclusion of this information is justified on the basis that the
information is not Material and this exclusion does not detract from the
understanding of the report, the Competent Person should clearly explain why
this is the case.
Data aggregation methods · In reporting Exploration Results, weighting averaging techniques, maximum No new exploration results have been reported in this release.
and/or minimum grade truncations (e.g. cutting of high grades) and cut-off
grades are usually Material and should be stated. Metal equivalent values are not used in reporting.
· Where aggregate intercepts incorporate short lengths of high-grade
results and longer lengths of low-grade results, the procedure used for such
aggregation should be stated and some typical examples of such aggregations
should be shown in detail.
· The assumptions used for any reporting of metal equivalent
values should be clearly stated.
The mineralisation is steeply dipping at approximately 600 from the
horizontal.
Relationship between mineralisation widths and intercept lengths · These relationships are particularly important in the reporting
of Exploration Results. Most of the drill holes are planned at local grid 0900 at a general
inclination of -600 east to achieve as close to perpendicular to the ore zone
· If the geometry of the mineralisation with respect to the drill as possible.
hole angle is known, its nature should be reported.
At the angle of the drill holes and the dip of the ore zones, the reported
· If it is not known and only the down hole lengths are reported, intercepts will be slightly more than true width.
there should be a clear statement to this effect (e.g. 'down hole length, true
width not known').
Diagrams · Appropriate maps and sections (with scales) and tabulations of Relevant maps, diagrams and tabulations are included in the body of text.
intercepts should be included for any significant discovery being reported.
These should include, but not be limited to a plan view of drill hole collar
locations and appropriate sectional views.
Balanced reporting · Where comprehensive reporting of all Exploration Results is not Mineral Resources are being reported in this announcement.
practicable, representative reporting of both low and high grades and/or
widths should be practiced to avoid misleading reporting of No new exploration results have been reported in this release.
Exploration Results.
Other substantive exploration data · Other exploration data, if meaningful and material, should be No geophysical and geochemical data and any additional exploration information
reported including (but not limited to): geological observations; geophysical has been reported in this release, as they are not deemed relevant to the
survey results; geochemical survey results; bulk samples - size and method of release.
treatment; metallurgical test results; bulk density, groundwater, geotechnical
and rock characteristics; potential deleterious or contaminating substances.
Further work · The nature and scale of planned further work (e.g. tests for Depth extension drilling is planned to test the down-dip potential of the
lateral extensions or depth extensions or large-scale step-out drilling). Syama ore body at depth, and beneath the current limit of drilling. Grade
control drilling will continue to provide close spaced information for mine
· Diagrams clearly highlighting the areas of possible extensions, planning
including the main geological interpretations and future drilling areas,
provided this information is not commercially
sensitive.
Section 3 Estimation and Reporting of Mineral Resources
CRITERIA JORC CODE EXPLANATION COMMENTARY
Database integrity · Measures taken to ensure that data has not been corrupted by, for Data has been compiled into a relational SQL database; the setup of this
example, transcription or keying errors, between its initial collection and database precludes the loading of data which does not meet the required
its use for Mineral Resource estimation purposes. validation protocols. The data is managed using DataShed© drill hole
management software using SQL database techniques. Validation checks are
· Data validation procedures used. conducted using SQL and DataShed© relational database standards. Data has
also been checked against original hard copies for 100% of the data, and where
possible, loaded from original data sources.
Resolute completed the following basic validation checks on the data supplied
prior to resource estimation:
· Drill holes with overlapping sample intervals.
· Sample intervals with no assay data. Duplicate records.
· Assay grade ranges.
· Collar coordinate ranges.
· Valid hole
orientation data.
There are no significant issues identified with the data.
The Competent Person visited site in September 2025. This included a visit to
the underground mine, where all processes met the expectation of the CP
Site visits · Comment on any site visits undertaken by the Competent Person and the
outcome of those visits.
· If no site visits have been undertaken indicate why this is the case.
The digital database used for the interpretation included logged intervals for
the key stratigraphic zones of Syama. Detailed geological logs were available
Geological interpretation · Confidence in (or conversely, the uncertainty of) the geological in hardcopy and digital and reviewed where necessary.
interpretation of the mineral deposit.
Drill density (50m by 50m) for the majority of the Syama area allows for
· Nature of the data used and of any assumptions made. confident interpretation of the geology and mineralised domains. More recent
grade control (gc) drilling (at 25m by 25m spacing) confirms the positions of
· The effect, if any, of alternative interpretations on Mineral Resource mineralised zones. Geological and structural controls support modelled
estimation. mineralised zones, which are constrained within geological units.
· The use of geology in guiding and controlling Mineral Resource Continuity of mineralisation is affected by proximity to structural conduits
estimation. (allowing flow of mineralised fluids), stratigraphic position, lithology of
key stratigraphic units and porosity of host lithologies.
· The factors affecting continuity both of grade and geology.
Wireframes used to constrain the estimation for Syama South and Nafolo are
based on drill hole intercepts and geological boundaries. All wireframes at
Syama South and Nafolo have been constructed to a 1g/t Au cut-off grade for
shape consistency.
The incorporation of an independent structural model (Steve King, 2019) gives
limited options for large scale alternate interpretations.
Dimensions · The extent and variability of the Mineral Resource expressed as length The Syama area extends for approximately 1,500 metres in strike and the west
(along strike or otherwise), plan width, and depth below surface to the upper dipping gold mineralised zone is between 100-200 metres in horizontal width,
and lower limits of narrowing at its southern and northern limits. The Mineral Resource is limited
the in depth by drilling, which extends from surface to a maximum depth of
Mineral Resource. approximately 800 metres vertically.
Estimation was completed in Datamine Studio RM using Categorical Indicator
(CI) approach to define the mineralised blocks followed by an Ordinary Kriged
Estimation The nature and appropriateness of the estimation technique(s) applied and key (OK) model to estimate the gold grade. Grades were estimated into parent block
assumptions, including treatment of extreme grade values, domaining, of
and modelling techniques interpolation parameters and maximum distance of extrapolation from data
points. If a computer assisted estimation method was chosen include a 5mE by 12.5mN by 5mRL for Syama underground and 10mE by 25 mN by 10mRl for
description of computer software and parameters used. Syama South and Nafolo. Sub- celling down to 5mE by 12.5mN by 5mRL was
employed for resolution of the mineralisation boundary at Nafolo.
· The availability of check estimates, previous estimates and/or mine
production records and whether the Mineral Resource estimate takes appropriate The categorical model used a cut-off of 1 g/t gold once the mineralised blocks
account of such data. have been identified another categorical model within this mineralisation is
carried out at a cut-off of 2 g/t to identify higher grade zones. A 5mE by
· The assumptions made regarding recovery of by-products. 12.5mN by 5mRL block size was employed during the categorical process used to
delineate mineralised regions.
· Estimation of deleterious elements or other non-grade variables of
economic significance (e.g. sulphur for acid mine drainage characterization). After this process, the model was reblocked up to 5mE by 25mN by 10mRL for
Nafolo while retaining the smaller size blocks as subcells at mineralisation
· In the case of block model interpolation, the block size in relation to boundaries.
the average sample spacing and the search employed.
The resource model included estimates for sulphide sulphur and organic carbon
· In the case of block model interpolation, the block size in relation to which assist with metallurgical characterisation. The sulphide sulphur is
the average sample spacing and the search employed. estimated via a categorical indicator approach with a cut-off grade of 1% to
identify the higher grade blocks and then an OK estimation was carried out
· Any assumptions behind modelling of selective mining units. within these blocks. Organic carbon was just estimated without boundaries into
the block model. There are reduced assays at depth of these two elements so
· Any assumptions about correlation between variables. there is some smoothing at depth.
· Description of how the geological interpretation was used to control the Kriging neighbourhood analysis was performed to optimise the block size,
resource estimates. sample numbers and discretisation levels with the goal of minimising
conditional bias in the gold grade estimates.
· Discussion of basis for using or not using grade cutting or capping.
A larger blocks size for Nafolo and Syama South was chosen based on this
· The process of validation, the checking process used, the comparison of analysis than was employed in the previous resource estimate and the wider
model data to drill hole data, and use of reconciliation data if available. drill spacing.
A total of three search passes was used, with the first search pass set to the
range of the variogram for each element. A minimum of 10 and a maximum of 30
samples were used. The search stayed the same for the second pass but was
increased by a factor of 2 for the third and final pass. The minimum number of
samples was reduced to 8 for the second pass and 6 for the third pass.
Semi-soft boundaries were used between the higher grade and lower grade
domains and between the lower grade domain and the waste domain for Syama
Main. Two samples either side of the mineralisation boundary were used in the
OK estimation. Hard boundaries were utilised for the domains at Nafolo, Syama
South and all of the domains for sulphide sulphur.
Un-estimated blocks (less than 1% for gold) were assigned the domain average
grades. No deleterious elements were found in the ore.
No selective mining units have been assumed.
No assumptions have been made regarding the correlation of variables although
it is noted that a broad positive correlation exists between gold and sulphur.
Estimation searches have been orientated to respect the orientation of the
Syama Formation which hosts the mineralisation.
Top cuts were applied to reduce the variability of the data and to remove the
outliers.
The estimated block model grades were visually validated against the input
drillhole data and comparisons were carried out against the drillhole data and
by northing and elevation slices. Global comparison between the input data and
the block grades for each variable is considered acceptable (±10%).
Comparison with previous Mineral Resources was carried out.
Moisture · Whether the tonnages are estimated on a dry basis or with natural All tonnages are estimated on a dry basis.
moisture, and the method of determination of the moisture content.
Cut-off parameters · The basis of the adopted cut-off grade(s) or quality parameters Mineral Resources were reported within a shape generated using a MSO (Mineable
applied. Shape Optimiser) at 1.5g/t cut-off grade, using parameters based on the
current Sub-Level Caving (SLC) mining method.
Mining factors or assumptions · Assumptions made regarding possible mining methods, minimum The current mining method for underground exploitation is SLC.
mining dimensions and internal (or, if applicable, external) mining dilution.
It is always necessary as part of the process of determining reasonable The resource model extends from 1,250 mRL to 600 mRL. Open pit mining methods
prospects for eventual economic extraction to consider potential mining were used by Resolute to 1,120 mRL. Material testing conducted on samples of
methods, but the assumptions made regarding mining methods and parameters when underground ore confirmed that properties such as metallurgical factors,
estimating Mineral Resources may not always be rigorous. Where this structural trends and geological continuity remain the same as observed in the
is the case, this should be reported with an explanation of the basis of the fresh rock portion of the open pit. This Mineral Resource does not account for
mining assumptions made. mining recovery.
Metallurgical factors · The basis for assumptions or predictions regarding metallurgical Resolute has conducted metallurgical testwork on variability samples taken
amenability. It is always necessary as part of the process of determining from within the proposed underground ore zone. A testwork program was
or assumptions reasonable prospects for eventual economic extraction to consider potential supervised by consultants MineLogix Pty Ltd based on analytical testwork
metallurgical methods, but the assumptions regarding metallurgical treatment completed at ALS Metallurgy Laboratory.
processes and parameters made when reporting Mineral Resources may not always
be rigorous. Where this is the case, this should be reported with an The program included comminution, flotation, roasting and leaching
explanation of the basis of the metallurgical assumptions assessments.
made.
The planned processing flowsheet involves crushing, milling, flotation and
roasting, followed by CIL recovery of the calcine product. The Syama sulphide
processing facility has been in operation in its current form since 2007. The
various testwork programs did not identify any contrasting metallurgical
behaviour from samples within the underground ore zone and the performance of
the underground ore typically matches that observed for open pit ore.
·
Environmental factors · Assumptions made regarding possible waste and process residue It is a requirement of Decree No.03-594/P-RM of 31 December 2003 of Malian law
disposal options. It is always necessary as part of the process of determining that an Environmental and Social Impact Study (Étude d'Impact Environmental
or assumptions reasonable prospects for eventual economic extraction to consider the et Social - EIES) must be undertaken to update the potential environmental and
potential environmental impacts of the mining and processing operation. While social impacts of the mine's redevelopment. The EIES for the Syama Gold Mine
at this stage the determination of potential environmental impacts, was approved in November 2007 and an Environment Permit (07-0054/MEA - SG) was
particularly for a green fields project, may not always be well advanced, the issued by the Ministry of Environment and Sanitation on the 22 November 2007.
status of early consideration of these potential environmental impacts should The Ministry of Environment conduct timely reviews of the Syama Gold Mine to
be reported. Where these aspects have not been considered this should be ensure that the Company maintains compliance with the EIES guidelines.
reported with an explanation of the environmental assumptions made.
At Syama there are three key practices for disposal of wastes and residues
namely, stacking of waste rock from open pit mining; storage of tailings from
mineral processes; and "tall-stack dispersion" of sulphur dioxide from the
roasting of gold bearing concentrate. All waste disposal practices are in
accordance with the guidelines in the EIES.
The Environmental and Social Impact Study - "Société des Mines de Syama,
Syama Gold Mine, Mali, dated 2007 indicated there was minimal potential for
acid mine drainage from waste rock due to the elevated carbonate content which
buffers a potential acid generation. Resolute maintains a plan for progressive
rehabilitation of waste rock landforms as part of ongoing mine development and
waste rock dumping.
The landform of tailings impoundments does not have a net acid generating
potential. The largest volume is flotation tailings where the sulphide
minerals have already been removed from
Bulk density • Whether assumed or determined. If assumed, the basis for the Site personnel have completed numerous bulk density comparative estimates on
assumptions. If determined, the method used, whether wet or dry, the frequency HQ drill core to assess variability using the Archimedes method of dry weight
of the measurements, the nature, size and representativeness of the samples. versus weight in water. This method was used for 96% of the bulk density
measurements.
· The bulk density for bulk material must have been measured by
methods that adequately account for void spaces (vugs, porosity, etc), Other tests were completed by SGS using the pycnometer method.
moisture and differences between rock and alteration zones within the deposit.
Based on the data collected the following SG estimates were applied to the
· Discuss assumptions for bulk density estimates used in the model:
evaluation process of the different materials.
· Syama Formation 2.82
· Sikoro Formation 2.75
· Banmbere Conglomerate 2.75
Classification • The basis for the classification of the Mineral Resources into varying The Measured Mineral Resource classification is based on good confidence in
confidence categories. the geology and gold grade continuity with less than 25 m x 25 m spaced
drillhole density in the central part of the deposit directly below the
• Whether appropriate account has been taken of all relevant factors (i.e. current pit.
relative confidence in tonnage/grade estimations, reliability of input data,
confidence in continuity of geology and metal values, quality, quantity and The Indicated Mineral Resource classification is based on good confidence in
distribution of the data). the geology and gold grade continuity with less than 75 m x 75 m spaced
drillhole density in the central part of the deposit.
· • Whether the result appropriately reflects the Competent
Person's view of the deposit. The Inferred Mineral Resource classification is applied to extensions of
mineralised zones on the margins of the deposit where drill spacing is more
than 100 m x 100 m and the extents of mineralisation at depth. The Nafolo
orebody to the south of Syama which is tested by wider drill spacing has also
been classified as Inferred.
The validation of the block model has confirmed satisfactory correlation of
the input data to the estimated grades and reproduction of data trends.
The Mineral Resource estimate appropriately reflects the view of the Competent
Persons.
The validation of the block model has confirmed satisfactory correlation of
the input data to the estimated grades and reproduction of data trends.
The Mineral Resource estimate appropriately reflects the view of the Competent
Persons.
Audits or reviews · The results of any audits or reviews of Mineral Resource The Mineral Resource has been audited internally and in conjunction with
estimates. resource consultants at Snowden Optiro Pty Ltd. There has been no external
review of the Mineral Resource estimate.
Discussion of relative accuracy/ confidence • Where appropriate a statement of the relative accuracy and confidence The relative accuracy of the Mineral Resource estimate is reflected in the
level in the Mineral Resource estimate using an approach or procedure deemed reporting of Indicated and Inferred resource categories as defined by 2012
appropriate by the Competent Person. For example, the application of JORC Code guidelines.
statistical or geostatistical procedures to quantify the
relative The geostatistical techniques applied to the estimate of underground resources
accuracy at Syama are deemed appropriate to the estimation of Sub Level Caving (SLC)
mining method and hence applicable for reserve estimation.
of the resource within stated confidence limits, or, if such an approach is
not deemed appropriate, a qualitative discussion of the factors that could The estimation has been compared to Syama production history, and reconciles
affect the relative accuracy and confidence of the estimate. within 10%.
• The statement should specify whether it relates to global or local
estimates, and, if local, state the relevant tonnages, which should be
relevant to technical and economic evaluation. Documentation should include
assumptions made and the procedures used.
· These statements of relative accuracy and
confidence of the estimate should be compared with
production data, where
available.
Section 4 Estimation and Reporting of Ore Reserves
CRITERIA JORC CODE EXPLANATION COMMENTARY
Mineral Resource estimate for • Description of the Mineral Resource estimate used as a basis for The Syama 1225 Mineral Resource is the basis for the estimation of Syama Ore
the conversion to an Ore Reserve. Reserves.
conversion to Ore Reserves
• Clear statement as to whether the Mineral Resources are reported The Mineral Resources are reported inclusive of Ore Reserves.
additional to, or inclusive of, the Ore Reserve.
The Competent Person, Mr. Gito Patani, is a full-time employee of Resolute
Mining Ltd and a Member of the Australasian Institute of Mining and
Site visits • Comment on any site visits undertaken by the Competent Person and the Metallurgy. He started with the company in 2021 and conducts site visit to the
outcome of those visits. project area on a regular basis and weekly contact with site teams was
maintained throughout teams meetings
• If no site visits have been undertaken indicate why this is
the
case.
Study status • The type and level of study undertaken to enable Mineral Resources to be Pre-Feasibility and Feasibility studies were previously conducted for Syama.
converted to Ore Reserves. The Syama UG mine is a going concern. The Ore Reserves are derived from LOM
plan maintained for the ongoing scheduling and management of Syama UG
• The Code requires that a study to at least Pre-Feasibility Study level operations.
has been undertaken to convert Mineral Resources to Ore Reserves. Such studies
will have been carried out and will have determined a mine plan that is
technically achievable and economically viable, and that material Modifying
Factors have been considered.
The LOM plan for Syama is designed based on constant shut-off grade with
dilution and recovery estimation undertaken in cave flow modelling. The
Cut-off parameters • The basis of the cut-off grade(s) or quality parameters applied. shut-off grade strategy used for cave flow modelling is based on COG
calculation for various years from Fy25 financial model. The COG is estimated
using: a gold price of USD 2,300/oz, a metallurgical recovery of 78%, an ad
valorem royalty rate of 10.5%.
Mining factors or assumptions • The method and assumptions used as reported in the Pre-Feasibility or Most of mining at Syama UG is planned to be undertaken by Sub-Level Caving
Feasibility Study to convert the Mineral Resource to an Ore Reserve (i.e. (SLC) mining methods. Geotechnical studies have concluded that the deposit is
either by application of appropriate factors by optimization or by preliminary amenable to SLC, and that caving is likely to be induced at hydraulic radius
or detailed design). of between 12 and 17m. Observed progress from mining to date supports these
conclusions.
• The choice, nature and appropriateness of the selected mining method(s)
and other mining parameters including associated design issues such as Resolute undertakes a program of grade control drilling at Syama UG to
pre-strip, access, etc. progressively upgrade its geological confidence at Syama and enable further
detailed mine planning.
• The assumptions made regarding geotechnical parameters (e.g. pit slopes,
stope sizes, etc.), grade control and pre-production drilling. The Ore Reserve was estimated using the block model prepared for estimating
the 2024 Mineral Resource. The Syama LOM plan is prepared -from the Mineral
• The major assumptions made and Mineral Resource model used for pit and Resource block model- using mining industry standard computer aided design and
stope optimization (if appropriate). scheduling software. Initially, production rings are designed to extract ore.
Subsequently, lateral development and other infrastructure are designed to
• The mining dilution factors used. access production rings and enable safe and efficient ore extraction.
• The mining recovery factors used. Mining dilution and recovery are estimated for production rings using flow
modelling software, PGCA. Dilution and recovery are inversely related at
• Any minimum mining widths used. Syama. In general, the greater the recovery, the higher the level of dilution
that will be experienced. The Syama LOM planning process balances recovery
• The manner in which Inferred Mineral Resources are utilized against dilution so the cash-flow is maximized.
in mining
studies and the sensitivity of the With respect to minimum mining widths, production areas at Syama are planned
outcome to their inclusion. to ensure that minimum hydraulic radius is achieved so that caving is induced
in the overlying ground.
• The infrastructure requirements of the selected mining methods.
Inferred Mineral Resources are not included in the Syama UG mine planning. All
material from Syama Underground for 2024 OR inventory is categorised as
Probable; comprised mainly of Indicated material. All Inferred and
Unclassified material is classified as waste and not included in ore reserves
The infrastructure necessary to extract the Syama UG Ore Reserve is maintained
by the company.
Metallurgical factors The metallurgical process proposed and the appropriateness of that process to The Syama deposit is refractory due to locking of gold within the sulphides
the style of mineralization. and variable amounts of reactive natural carbon which robs cyanide leach
or assumptions
solutions of dissolved gold. Resolute has years of operating data processing
Whether the metallurgical process is well-tested technology or novel in Syama ore and metallurgical testwork data. Processing of the ore will be via
nature. the following stages:
The nature, amount and representativeness of metallurgical test work Crushing and grinding.
undertaken, the nature of the metallurgical domaining applied and the
corresponding metallurgical recovery factors applied. Flotation to produce a sulphide rich concentrate.
Any assumptions or allowances made for deleterious elements. Concentrate thickening.
The existence of any bulk sample or pilot scale test work and the degree to Roasting, followed by calcine quench and wash.
which such samples are considered representative of the ore body as a whole.
CIL.
For minerals that are defined by a specification, has the ore reserve
estimation been based on the appropriate mineralogy to meet the
specifications?
Tailings disposal.
The status of studies of potential environmental impacts of the mining and
processing operation. Details of waste rock characterization and the
Environmental consideration of potential sites, status of design options considered and, The Syama Gold Mine operates in accordance with its' Environmental &
where applicable, the status of approvals for process residue storage and Social Impact Study - "Société des Mines de Syama, Syama Gold Mine, Mali,
waste dumps should be reported. dated 2007. Waste rock characterisation has been included in prior studies for
this Environmental & Social Impact Study. Work is ongoing to optimise the
mining operation and environmental management through the following :
Drilling to investigate rock characteristics
Mineralogical assay analysis of drill core
Routine testing of rock material types for acid generating properties
Developing a sequence, rate and design optimization for open-pit mine walls,
ramps and the waste rock dump landform to meet the requirements of rock
characteristics.
The outcomes of this work are part of a continuous improvement program that
contributes to the waste rock dump management plans, annual reporting and
consultation-committee meetings with government and community representatives.
Tailings storage for the life of mine is forecast to be impounded over the
existing footprint area approved in the Environmental & Social Impact
Study. Progressive raising of the tailings impoundments will occur to contain
life-of-mine storage capacity. Routine progress on the monitoring is reported
to government and at stakeholder meetings in concert with routine inspections
by government representatives.
The Syama Project is mature in its operating life with environmental
management permitted by an Environmental Authority and supported by an
Environmental Management Plan. No impediments are anticipated to the
development of the underground mine.
Infrastructure The existence of appropriate infrastructure: availability of land for plant The Syama Mine and the underground mine site are located near the two major
development, power, water, transportation (particularly for bulk commodities), towns of Kadiola and Sikasso. Kadiola, 55km southeast, is the regional capital
labour, accommodation; or the ease with which the infrastructure can be while Sikasso, approximately 85 km to the northeast, is the second largest
provided or accessed. city in Mali and located close to the border with Burkina Faso.
Access is via formed gravel road off the sealed Sikasso to Côte d'Ivoire
highway through Kadiola, and then from Fourou to site. Most consumables and
supplies use this route as it can be approached either from Côte d'Ivoire
through the border post at Zegoua or alternatively from Burkina Faso and Togo
through Sikasso. The road north through Bananso to Farakala, on the main
highway from Bamako to Sikasso, provides an alternate and shorter route to
Bamako. This road is generally impassable during the wet season when the low
level "bridge" at Bananso is covered with water.
Supporting infrastructure for the current operations has included upgrading of
the 70km section of road from Kadiola to the site, refurbishment of
administration buildings, plant site buildings and accommodation for housing
expatriate and senior national staff. The underground operations will also use
this infrastructure, with additional allowance made in the study for
underground specific infrastructure on surface, such as primary ventilation
fan installations, additional work shops and offices, and change rooms for
underground workers.
The site is serviced by two Internet and mobile telecommunications providers
(Sotelma & Orange), in addition to a point to point satellite connection
to Perth.
The current operation has a peak continuous power demand of approximately 22MW
with an installed power capacity of 27MW. Power is currently supplied from a
diesel fired power station. Supply of power from the national grid is being
considered in the near future and was incorporated into the underground
study..
The derivation of, or assumptions made, regarding projected capital costs in Syama is a going concern with established mining, processing and
the study. administration operations with respect to cost estimates. As part of ongoing
Costs
operations, capital and operating budgets are prepared from first principles
The methodology used to estimate operating costs. and considering existing contractual agreements.
Allowances made for the content of deleterious elements. Syama produces gold doré (without problematic deleterious elements) that is
subsequently refined offsite. Refining costs are not material.
The derivation of assumptions made of metal or commodity price(s),
for the principal minerals and co-products. Exchange rates used for planning purposes are from consensus forecasts
provided by external corporate advisers.
The source of exchange rates used in the study.
Ad valorem Government royalties of 10.5% are payable on gold production.
Derivation of transportation charges.
The basis for forecasting or source of treatment and refining charges,
penalties for failure to meet specification, etc.
The allowances made for royalties payable, both Government
and private.
Revenue factors The derivation of, or assumptions made regarding revenue factors including Syama's head grade is estimated by mine planning and flow modelling from the
head grade, metal or commodity price(s) exchange rates, transportation and Mineral Resource Estimate.
treatment charges, penalties, net smelter returns, etc.
All revenue and cost estimates have been made in USD.
The derivation of assumptions made of metal or commodity price(s), for the
principal metals, minerals and co-products. The Ore Reserve is based on a planning gold price of US$2,500/oz.
Market Assessment The demand, supply and stock situation for the particular commodity, There is a transparent quoted market for the sale of gold.
consumption trends and factors likely to affect supply and demand into the
future.
A customer and competitor analysis along with the identification of likely
market windows for the product.
Price and volume forecasts and the basis for these forecasts.
For industrial minerals the customer specification, testing and acceptance
requirements prior to a supply contract.
Economic The inputs to the economic analysis to produce the net present value (NPV) in The economic assessment of the project demonstrates robust economics.
the study, the source and confidence of these economic inputs including
estimated inflation, discount rate, etc.
NPV ranges and sensitivity to variations in the significant
assumptions and inputs.
Social The status of agreements with key stakeholders and matters leading to social Resolute assumed management of Société des Mines de Syama in May 2004. The
license to operate. recently completed open pit operated under the 1993 Permit Syama
(No.PE-93/003) and the proposed underground will do the same.
The selected posts requiring specific skills or experience will most likely be
filled by expatriates. In addition to performing their job function,
expatriate personnel will be expected to transfer knowledge and expertise to
develop their Malian staff's capabilities. In the longer term it is
anticipated that Malian nationals will fill most operating and management
positions within the company.
It is the intention to encourage economic development within the local
community. Local contracts therefore, are let wherever possible and the
company works actively with existing and emerging companies to achieve this
aim.
The Syama Mine Community Consultative Committee was established in February
2001 with representatives from local villages, the Malian Government and
SOMISY. Since April 2004 the Committee has met regularly as a communication
forum and to address community issues and assist with community project
proposals.
Other To the extent relevant, the impact of the following on the project and/or on High seasonal rain fall events present a risk for the underground operations.
the estimation and classification of the Ore Reserves:
All current government agreements and approvals are in good standing and no
Any identified material naturally occurring risks. anticipated changes are expected.
The status of material legal agreements and marketing arrangements.
The status of governmental agreements and approvals critical to the viability
of the project, such as mineral tenement status, and government and statutory
approvals. There must be reasonable grounds to expect that all necessary
Government approvals will be received within the timeframes anticipated in the
Pre-Feasibility or Feasibility study. Highlight and discuss the materiality of
any unresolved matter that is dependent on a third party on which extraction
of the reserve is contingent.
Classification The basis for the classification of the Ore Reserves into varying confidence All Measured and Indicated Resources were converted to Probable Reserves,
categories. given the sub-level caving method.
Whether the result appropriately reflects the Competent Person's view of the
deposit.
The proportion of Probable Ore Reserves that have been derived from Measured
Mineral Resources (if any).
Audits or reviews The results of any audits or reviews of Ore Reserve estimates. Snowden Mining Industry Consultants completed the Syama Underground
Pre-Feasibility study in 2015 and later contributed to detailed designs
incorporated in the Definitive Feasibility Study. Subsequent mining studies
have been conducted in conjunction with various industry experts from external
companies relevant to the areas of study.
No other external audits of Ore Reserves were undertaken.
Discussion of relative accuracy/ confidence Where appropriate a statement of the relative accuracy and confidence level in Treatment costs and recoveries are based on the actual performance of
the Ore Reserve estimate using an approach or procedure deemed appropriate by processing underground ore and provide a high level of confidence.
the Competent Person. For example, the application of statistical or
geostatistical procedures to quantify the relative accuracy of the reserve Resolute has extensive experience with a similar underground operation at the
within stated confidence limits, or, if such an approach is not deemed Company's Mt Wright mine in Australia. This experience was combined with
appropriate, a qualitative discussion of the factors which could affect the industry average assumptions, where required, to provide a level of accuracy
relative accuracy and confidence of the estimate. and confidence
The statement should specify whether it relates to global or local estimates, that falls within the required standard for a Definitive Feasibility Study and
and, if local, state the relevant tonnages, which should be relevant to the subsequent Mining studies.
technical and economic evaluation. Documentation should include assumptions
made and the procedures used. All the parameters assumed and adopted including the financial modelling and
analysis have been subject to internal
Accuracy and confidence discussions should extend to specific discussions of peer review.
any applied Modifying Factors that may have a material impact on Ore Reserve
viability, or for which there are remaining areas of uncertainty at the
current study stage.
The Ore Reserve estimate is based on the Mineral Resource estimate.
It is recognized that this may not be possible or appropriate in all Consequently, the Ore Reserve estimate accuracy is dependent on the Mineral
circumstances. These statements of relative accuracy and confidence of the Resource estimate accuracy.
estimate should be compared with production
data, where available.
Tabakoroni
Section 1 Sampling Techniques and Data
CRITERIA JORC CODE EXPLANATION COMMENTARY
Sampling techniques • Nature and quality of sampling (e.g. cut channels, random chips, or The samples were collected from reverse circulation (RC) and diamond core
specific specialised industry standard measurement tools appropriate to the drill holes.
minerals under investigation, such as down hole gamma sondes, or handheld XRF
instruments, etc.). These examples should not be taken as limiting the broad RC samples were collected on 1m intervals by riffle split (dry) or by
meaning of sampling. scoop
(wet),
• Include reference to measures taken to ensure sample representivity to obtain a
and the appropriate calibration of any measurement tools or systems used. 1-3kg sample which was sent to the laboratory for crushing, splitting and
pulverising to provide a 30g charge for analysis.
• Aspects of the determination of mineralisation that are Material to
the Public Report. Diamond core was sampled at 1m intervals and cut in half, to provide
a
• In cases where 'industry standard' work has been done this would be 2-4kg
relatively simple (e.g. 'reverse circulation drilling was used to obtain 1 m sample, which was sent to the laboratory for crushing, splitting and
samples from which 3 kg was pulverised to produce a 30 g charge for fire pulverising to provide a 30g charge for analysis.
assay'). In other cases more explanation may be required, such as where there
is coarse gold that has inherent sampling problems. Unusual commodities or Sampling and sample preparation protocols are industry standard and are deemed
mineralisation types (e.g. submarine nodules) may warrant disclosure of appropriate by the Competent Person.
detailed information.
Drilling techniques • Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air Drill types used include diamond core of PQ and HQ sizes and RC.
blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or
standard tube, depth of diamond tails, face-sampling bit or other type, Core is oriented at 3m down hole intervals using a Reflex Act II RD
whether core is oriented and if so, Orientation Tool.
by what method, etc.).
Drill sample recovery • Method of recording and assessing core and chip sample recoveries and Drill core interval recoveries are measured from core block to core block
results assessed. using a tape measure.
• Measures taken to maximise sample recovery and ensure representative Appropriate measures are taken to maximise sample recovery and ensure the
nature of the samples. representative nature of the samples.
• Whether a relationship exists between sample recovery and grade and No apparent relationship is noted between sample recovery and grade.
whether sample bias may have occurred due to preferential loss/gain of
fine/coarse material.
Logging • Whether core and chip samples have been geologically and geotechnically Drill holes were geologically logged by geologists for colour, grainsize,
logged to a level of detail to support appropriate Mineral Resource lithology, minerals, alteration and weathering on geologically-domained
estimation, mining studies and metallurgical studies. intervals.
• Whether logging is qualitative or quantitative in nature. Core (or Geotechnical and structure orientation data was measured and logged for all
costean, channel, etc.) photography. diamond core intervals.
• The total length and percentage of the relevant intersections logged. Diamond core was photographed (wet and dry).
Holes were logged in their entirety (100%) and this logging was considered
reliable and appropriate.
Sub-sampling techniques • If core, whether cut or sawn and whether quarter, half or all core Diamond core was sampled at 1m intervals and cut in half to obtain a 2-4kg
taken. sample.
and sample preparation
• If non-core, whether riffled, tube sampled, rotary split, etc. and Reverse circulation samples were collected on 1m intervals by riffle split
whether sampled wet or dry. (dry) or by scoop (wet) to obtain a 1-3kg sample.
• For all sample types, the nature, quality and appropriateness of the Sample preparation for diamond core and RC samples includes oven drying,
sample preparation technique. crushing to 10mm, splitting and pulverising to 85% passing -75µm. These
preparation techniques are deemed to be appropriate to the material being
• Quality control procedures adopted for all sub-sampling stages to sampled.
maximise representivity of samples.
Drill core coarse duplicates were split by the laboratory after crushing at a
Measures taken to ensure that the sampling is representative of the in-situ rate of 1:20 samples. Reverse circulation field duplicates were collected by
material collected, including for instance results for field the Company at a rate of 1:20 samples.
duplicate/second-half sampling.
Sampling, sample preparation and quality control protocols are of industry
• Whether sample sizes are appropriate to the grain size of the standard and all attempts were made to ensure an unbiased representative
material being sample was collected. The methods applied in this process were deemed
appropriate by the Competent Person.
Quality of assay data and • The nature, quality and appropriateness of the assaying and laboratory All samples were dispatched to ALS Bamako for gold analysis by 30g fire assay
procedures used and whether the technique is considered partial or total. fusion with AAS instrument finish (method code Au-AA25). Over-range results
laboratory tests
were re-analysed and reported by 30g fire assay fusion with gravimetric finish
• For geophysical tools, spectrometers, handheld XRF instruments, etc., (method code Au-GRA21). The analytical method was appropriate for the style of
the parameters used in determining the analysis including instrument make and mineralisation.
model, reading times, calibrations factors applied and their derivation, etc.
No geophysical tools were used to determine elemental concentrations.
Nature of quality control procedures adopted (e.g. standards, blanks,
duplicates, external laboratory checks) and whether acceptable levels of Quality control (QC) procedures included the use of certified standards
accuracy (i.e. lack of bias) and precision have (1:40), non-certified sand blanks (1:40), diamond core coarse duplicates
been established. (1:20) and reverse circulation field duplicates (1:20).
Laboratory quality control data, including laboratory standards, blanks,
duplicates, repeats, grind size results and sample weights were also captured
into the digital database.
Analysis of the QC sample assay results indicates that an acceptable level of
accuracy and precision has been achieved.
Verification of sampling • The verification of significant intersections by either independent or Verification of significant intersections have been completed by the Company
alternative company personnel. personnel and the Competent Person.
and assaying
• The use of twinned holes. No drill holes within the resource area were twinned.
• Documentation of primary data, data entry procedures, data verification, Drill holes were logged into digital templates with lookup codes, validated
data storage (physical and electronic) protocols. and then compiled into a relational SQL 2012 database using DataShed data
management software. The database has verification protocols which are used to
• Discuss any adjustment to assay data. validate the data entry. The drill hole database is backed up on a daily basis
to the head office server.
Assay result files were reported by the laboratory in PDF and CSV format and
imported into the SQL database without adjustment or modification.
Location of data points • Accuracy and quality of surveys used to locate drill holes (collar and Collar coordinates were picked up in UTM (WGS84) by staff surveyors using an
down-hole surveys), trenches, mine workings and other locations used in RTK DGPS with an expected accuracy of
Mineral Resource estimation.
±0.05m; elevations were height above EGM96 geoid.
• Specification of the grid system used.
Down hole surveys were collected at intervals between 5m and 30m using either
• Quality and adequacy of topographic control. a Reflex EZ-Gyro north seeking instrument or a Reflex EZ-Trac magnetic
instrument in single shot or multi shot mode. A time-dependent declination was
applied to the magnetic readings to determine UTM azimuth.
Coordinates and azimuths are reported in UTM WGS84 Zone 29 North.
Coordinates were translated to local mine grid using 1 point and rotation.
Local topographic control is via LIDAR surveys, satellite photography
and drone UAV aerial survey.
Data spacing and distribution • Data spacing for reporting of Exploration Results. Drill hole spacing was sufficient to demonstrate geological and grade
continuity appropriate for a Mineral Resource and the classifications applied
under the 2012 JORC Code.
• Whether the data spacing and distribution is sufficient to establish the
degree of geological and grade continuity appropriate for the Mineral Resource
and Ore Reserve estimation procedure(s) and classifications applied. The appropriateness of the drill spacing was reviewed by the geological
technical team, both on site and head office. This was also reviewed by the
Competent Person.
• Whether sample compositing has been applied
Samples were collected on 1m intervals; no sample compositing is applied
during sampling.
Orientation of data in relation to geological structure • Whether the orientation of sampling achieves unbiased sampling of Holes were drilled predominantly perpendicular to mineralised domains where
possible structures and the extent to which this is known, considering the possible.
deposit type.
No orientation-based sampling bias has been identified in the data.
• If the relationship between the drilling orientation and the orientation
of key mineralised structures is considered to have introduced a sampling
bias, this should be assessed and reported if
material.
Sample security The measures taken to ensure sample security. Samples were collected from the drill site and stored on site. All samples
were individually bagged and labelled with unique sample identifiers, then
securely dispatched to the laboratories. All aspects of sampling and dispatch
process were supervised and tracked by SOMIFI personnel.
Audits or reviews The results of any audits or reviews of sampling techniques and data. External audits of procedures indicate protocols are within industry
standards.
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 agreements Tabakoroni drilling was completed within the Finkolo-Tabakoroni Exploitation
or material issues with third parties such as joint ventures, partnerships, Licence PE 13/19. Resolute Mining Limited has an 85% interest in Exploitation
overriding royalties, native title interests, historical sites, wilderness or Permit PE 13/19, through its Malian subsidiary, Sociêtê des Mines de Finkolo
national park and environmental settings. SA (SOMIFI). The Malian Government holds a free carried 10% interest in
SOMIFI.
• The security of the tenure held at the time of reporting along with any
known impediments to obtaining a licence to operate in the area. The Permits are held in good standing. Malian mining law provides that all
Mineral Resources are administered by DNGM (Direction Nationale de la
Géologie et des Mines) or National Directorate of Geology and Mines under the
Ministry of Mines, Energy and Hydrology.
Exploration done by other parties • Acknowledgment and appraisal of exploration by other parties. Etruscan Resources Inc explored Tabakoroni during 2002-2003 by auger, aircore,
RC and diamond drill hole tails. The Tabakoroni area was previously explored
by BHP (1988-1990) and Barrick Gold (1990) by auger, pits, trenches, RAB and
diamond core drilling.
Geology • Deposit type, geological setting and style of mineralisation. The Tabakoroni deposit is hosted in upright tightly folded greenstone rocks of
the Syama Formation, comprising interbedded basalt and sediment units, and an
overlying complex sequence of deep marine and turbiditic sediments. The
sequence overlying the basalts contains interbedded carbonaceous units (silts
and shales) that are preferentially deformed, and which form the Tabakoroni
Main Shear Zone (TMSZ) that lies along the approximate contact of the
greenstone-sediment sequence. Gold mineralisation occurs within the TMSZ
associated with quartz vein stockworks and stylolitic quartz reefs.
Drill hole • A summary of all information material to the understanding of the All information, including easting, northing, elevation, dip, azimuth,
exploration results including a tabulation of the following information for coordinate system, drill hole length, intercept length and depth are measured
Information all Material drill holes: and recorded in UTM Zone 29 WGS84.
o easting and northing of the drill hole collar The Syama belt is mostly located on the Tengrela 1/200,000 topo sheet (Sheet
NC 29-XVIII).
o elevation or RL (Reduced Level - elevation above sea level in metres) of
the drill hole collar The Tabakoroni local grid has been tied to the UTM Zone 29 WGS84 co-ordinate
system.
o dip and azimuth of the hole
Spectrum Survey and Mapping from Australia established survey control at
o down hole length and interception depth Tabakoroni using AusPos online processing to obtain an accurate UTM Zone 29
(WGS84) and 'above geoid' RL for the origin of the survey control points.
o Whole length.
Accuracy of the survey measurements is considered to meet acceptable industry
• If the exclusion of this information is justified on the basis that the standards.
information is not Material and this exclusion does not detract from the
understanding of the report, the Competent Person should clearly explain why Drill hole information has been tabulated for this release in the intercepts
this is the case. table of the accompanying text.
For completeness the following information about the drill holes is provided:
· Easting, Northing and RL of the drill hole collars are measured and
recorded in UTM Zone 29 (WGS84).
· Dip is the inclination of the drill hole from horizontal. A drill
hole drilled at -60° is 60° from the horizontal.
· Down hole length is the distance down the inclination of the hole and
is measured as the distance from the horizontal to end of hole.
· Intercept depth is the distance from the start of the hole down the
inclination of the hole to the depth of interest or assayed interval of
interest.
Data aggregation methods • In reporting Exploration Results, weighting averaging techniques, No new exploration results have been reported in this release. Metal
maximum and/or minimum grade truncations (e.g. cutting of high grades) and equivalent values are not used in reporting.
cut-off grades are usually Material and should be stated.
• Where aggregate intercepts incorporate short lengths of high-grade
results and longer lengths of low-grade results, the procedure used for such
aggregation should be stated and some typical examples of such aggregations
should be shown in detail.
• The assumptions used for any reporting of metal equivalent
values should
be clearly
stated.
Relationship between mineralisation widths and intercept • These relationships are particularly important in the reporting of The majority of the Tabakoroni mineralisation is vertical. There is one domain
lengths Exploration Results. which dips at 45o to the west.
• If the geometry of the mineralisation with respect to the drill hole The majority of the drill holes are planned at a general inclination of -60
angle is known, its nature should be reported. degrees east and as close to perpendicular to the ore zone as possible.
• If it is not known and only the down hole lengths are reported, there At the angle of the drill holes and the dip of the ore zones, the reported
should be a clear statement to this effect (e.g. 'down hole length, true width intercepts will be slightly more than true width.
not known').
Diagrams • Appropriate maps and sections (with scales) and tabulations of Relevant maps, diagrams and tabulations are included in the body of text.
intercepts should be included for any significant discovery being reported
These should include, but not be limited to a plan view of drill hole collar
locations and appropriate
sectional
views.
• Where comprehensive reporting of all Exploration Results is not
practicable, representative reporting of both low and high grades and/or
Balanced reporting widths should be practiced to avoid misleading reporting of Exploration Mineral Resources are being reported in this announcement. No new exploration
Results. results have been reported in this release.
Other substantive exploration data • Other exploration data, if meaningful and material, should be reported No geophysical and geochemical data or any additional exploration
including (but not limited to): geological observations; geophysical survey information has been reported in this release, as they are not
results; geochemical survey results; bulk samples - size and method of deemed relevant to the release.
treatment; metallurgical test results; bulk density, groundwater, geotechnical
and rock characteristics; potential deleterious
or
contaminating
substances.
Further work • The nature and scale of planned further work (e.g. tests for lateral Depth extension drilling is planned to test the down-dip potential of the
extensions or depth extensions or large-scale step-out drilling). Tabakoroni ore body at depth, and beneath the current limit of drilling.
• Diagrams clearly highlighting the areas of possible extensions,
including the main geological interpretations and future drilling areas,
provided this information is not commercially sensitive.
Section 3 Estimation and Reporting of Mineral Resources
CRITERIA JORC CODE EXPLANATION COMMENTARY
Database integrity • Measures taken to ensure that data has not been corrupted by, for Data has been compiled into a relational SQL database; the setup of this
example, transcription or keying errors, between its initial collection and database precludes the loading of data which do not meet the required
its use for Mineral Resource estimation purposes. validation protocols. The data is managed using DataShed© drill hole
management software using SQL database techniques. Validation checks are
• Data validation procedures used. conducted using SQL and DataShed© relational database standards. Data has
also been checked against original hard copies for 100% of the data, and where
possible, loaded from original data sources.
Resolute completed the following basic validation checks on the data supplied
prior to resource estimation:
• Drill holes with overlapping sample intervals.
• Sample intervals with no assay data or duplicate records.
• Assay grade ranges.
• Collar coordinate ranges.
• Valid hole orientation data.
There are no significant issues identified with the data.
Site visits • Comment on any site visits undertaken by the Competent Person and the Mr Bruce Mowat, a full-time employee of Resolute Mining Ltd, has visited the
outcome of those visits. site on multiple occasions.
• If no site visits have been undertaken indicate why this is the case.
Geological interpretation • Confidence in (or conversely, the uncertainty of) the geological The digital database used for the interpretation included logged intervals for
interpretation of the mineral deposit. the key stratigraphic zones of Tabakoroni. Detailed geological logs were
available in hardcopy and digital and reviewed where necessary.
• Nature of the data used and of any assumptions made.
There is a high level of confidence for the interpretation of the Tabakoroni
• The effect, if any, of alternative interpretations on Mineral Resource Main Shear Zone (TMSZ) due to the close-spaced grade control drilling at
estimation. surface and the confirmation of the position in the current oxide pits. Since
an independent structural model was created there is high level of confidence
• The use of geology in guiding and controlling Mineral Resource in the geological interpretation of the minor lodes adjacent to the TMSZ.
estimation.
Wireframes used to constrain the estimation are based on drill hole intercepts
• The factors affecting continuity both of grade and geology. and geological boundaries. All wireframes at Tabakoroni have been constructed
to a 1g/t Au cut-off grade for shape consistency.
The mineralisation in the TMSZ is generally quite consistent and drill
intercepts clearly define the shape of the mineralised zones with limited
options for large scale alternate interpretations.
Dimensions • The extent and variability of the Mineral Resource expressed The mineral resource at Tabakoroni comprises four individual domains. The main
zone is the TMSZ, which extends for approximately 1,800 metres along strike;
as length (along strike or otherwise), plan width, and depth below surface to the sub-vertical dipping gold mineralised zone width varies between 1.5 and 15
the upper and lower limits of the Mineral Resource. metres, with an average thickness of 5 metres. The Mineral Resource is limited
in depth by drilling, which extends from surface to a maximum depth of
approximately 450 metres vertically.
There is a zone parallel to the TMSZ which is generally at depth and not as
consistent; this is dominantly in the central part of the deposit. The
northeast (NE) domain is a zone which is striking at 20° and is sub vertical
in the north of the deposit.
The southern lode is shallow westerly-dipping lodes in the southern and
central portion of the deposit. The whole of the
Tabakoroni deposit, including domains additional to the TMSZ, extends for 450
metres in the horizontal plane.
Estimation and modelling techniques • The nature and appropriateness of the estimation technique(s) applied Estimation was completed in Datamine Studio RM using an Ordinary Kriged model
and key assumptions, including treatment of extreme grade values, domaining, to estimate the gold grade. Grades were estimated into parent block of 5 mE by
interpolation parameters and maximum distance of extrapolation from data 10 mN by 5 mRL with sub- celling down to 1mE by 2 mN by 1 mRL was employed for
points. If a computer assisted estimation method was chosen include a resolution of the mineralisation boundaries as defined by wireframes. The
description of computer software and parameters used. drill spacing at Tabakoroni varies from 12.5 by 12.5 metres for grade control
to between 25 and 50 metres for the exploration holes.
• The availability of check estimates, previous estimates and/or mine
production records and whether the Mineral Resource estimate takes appropriate Drillhole sample data was flagged using domain codes generated from
account of such data. three-dimensional mineralisation domains. The grade control samples and
exploration samples were composited to 1 metre intervals.
• The assumptions made regarding recovery of by- products.
Variogram orientations were largely controlled by the strike of the
• Estimation of deleterious elements or other non-grade variables of mineralisation and downhole variography. Variograms for estimation purposes
economic significance (e.g. sulphur for acid mine drainage characterization). were determined for each domain.
• In the case of block model interpolation, the block size in relation to Kriging neighbourhood analysis was performed to optimise the block size,
the average sample spacing and the search employed. sample numbers and discretisation levels with the goal of minimising
conditional bias in the gold grade estimates.
• In the case of block model interpolation, the block size in relation to
the average sample spacing and the search employed. Mineralisation domains were treated as hard boundaries in the estimation
process while oxidation surfaces were treated as soft boundaries for gold,
• Any assumptions behind modelling of selective mining units. sulphide sulphur and organic carbon. A hard boundary was utilised in the
estimation of arsenic between fresh material and transitional material
• Any assumptions about correlation between variables. following a boundary analysis review.
• Description of how the geological interpretation was used to control the Three search passes were used, with the first search pass set to the range of
resource estimates. the variogram for each element. A minimum of 8 and a maximum of 30 samples
were used. The search stayed the same for the second pass but was increased by
• Discussion of basis for using or not using grade cutting or capping. a factor of 2 for the third and final pass. The minimum number of samples was
reduced to 6 for the second pass and 4 for the third pass.
• The process of validation, the checking process used, the comparison of
model data to drill hole data, and use of reconciliation data if available. No deleterious elements were found in the ore. No selective mining units have
been assumed.
Top cuts were applied to reduce the variability of the data and to remove the
outliers.
The estimated block model grades were visually validated against the input
drillhole data and comparisons were carried out against the drillhole data and
by northing and elevation slices. Global comparison between the input data and
the block grades for each variable is considered acceptable (±10%).
Comparison with the mine production to date was carried out and was within an
acceptable limit.
Moisture • Whether the tonnages are estimated on a dry basis or with natural All tonnages have been estimated on a dry basis.
moisture, and the method of determination of the moisture content.
Cut-off parameters • The basis of the adopted cut-off grade(s) or quality parameters applied. Mineral Resources for open pit extraction have been reported at a 1 g/t Au
grade cut-off and above a US$2000/oz optimised shell.
The Mineral Resources for underground mining are undiluted and the mineralised
blocks (within the mineralisation wireframes) have been reported within MSO
wireframes created at 1.75 g/t Au cut-off grade
Mining factors or assumptions · Assumptions made regarding possible mining methods, minimum mining A Pre-Feasibility study determined the mining method would be by long hole
dimensions and internal (or, if applicable, external) mining dilution. It is open stoping. No Mineral Resource margin (external) dilution has been
always necessary as part of the process of determining reasonable prospects modelled. A minimum stope dip of 30 degrees on the footwall was applied. More
for eventual economic extraction to consider potential mining methods, but the rigorous mining assumptions and parameters will be applied during the
assumptions made regarding mining methods and parameters when estimating conversion to Ore Reserves.
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 • The basis for assumptions or predictions regarding metallurgical No metallurgical factors or assumptions have been made during the resource
amenability. It is always necessary as part of the process of determining estimation process as these will be addressed during the conversion to Ore
assumptions reasonable prospects for eventual economic extraction to consider potential Reserves.
metallurgical methods, but the assumptions regarding metallurgical treatment
processes and parameters made when reporting Mineral Resources may not always
be rigorous. Where this is the case, this should be reported with an
explanation of the basis of the metallurgical assumptions made.
Environmental factors · Assumptions made regarding possible waste and process residue disposal It is a requirement of Decree No.03-594/P-RM of 31 December 2003 of Malian law
options. It is always necessary as part of the process of determining that an Environmental and Social Impact Study (Étude d'Impact Environmental
or assumptions reasonable prospects for eventual economic extraction to consider the et Social - EIES) must be undertaken to update the potential environmental and
potential environmental impacts of the mining and processing operation. While social impacts of the mine's redevelopment. The EIES for the Syama Gold Mine
at this stage the determination of potential environmental impacts, (including Tabakoroni) was approved in November 2007 and an Environment Permit
particularly for a green fields project, may not always be well advanced, the (07- 0054/MEA - SG) was issued by the Ministry of Environment and Sanitation
status of early consideration of these potential environmental impacts should on 22 November 2007. The Ministry of Environment conducts timely reviews of
be reported. Where these aspects have not been considered this should be the Syama Gold Mine to ensure that Company maintains compliance with the EIES
reported with an explanation of the environmental assumptions made. guidelines.
At Syama and Tabakoroni, there are three key practices for disposal of wastes
and residues namely, stacking of waste rock from open pit mining; storage of
tailings from mineral processes; and "tall-stack dispersion" of sulphur
dioxide from the roasting of gold bearing concentrate. All waste disposal
practices are in accordance with the guidelines in the EIES.
The Environmental and Social Impact Study - "Société des Mines de Syama,
Syama Gold Mine, Mali", dated 2007 indicated there was minimal potential for
acid mine drainage from waste rock due to the elevated carbonate content which
buffers a potential acid generation. Resolute maintains a plan for progressive
rehabilitation of waste rock landforms as part of ongoing mine development and
waste rock dumping.
The landform of tailings impoundments does not have a net acid generating
potential. The largest volume is flotation tailings where the sulphide
minerals have already been removed from the host rock. Its mineralogy includes
carbonates which further buffer any acid-formation potential from sulphides
that may also be present.
Cyanide levels in the leached-calcine tailings are typically less than 50 ppm
in the weak acid dissociable form. Groundwater away from the tailings landform
is intercepted by trenches and sump pumps.
Sulphur dioxide is generated from the roasting of gold concentrate so that
gold can be extracted and refined. Tall-Stack "dispersion" of the sulphur
dioxide emission is monitored
continuously. Prevailing weather and dissipation of the sulphur dioxide is
modelled daily to predict the need to pause the
Bulk density · Whether assumed or determined. If assumed, the basis for the assumptions. Site personnel have completed numerous bulk density comparative estimates on
If determined, the method used, whether wet or dry, the frequency of the HQ drill core to assess variability using the Archimedes method of dry weight
measurements, the nature, size and representativeness of the samples. versus weight in water. This method was used for 76% of the bulk density
measurements. The other 34% is by unknown method.
· The bulk density for bulk material must have been measured by methods that
adequately account for void spaces (vugs, porosity, etc), moisture and On the basis of the data collected the following SG estimates were applied to
differences between rock and alteration zones within the deposit. the model by weathering type:
· Discuss assumptions for bulk density estimates used in the evaluation · Oxide 2.12 t/m3
process of the different materials.
· Transitional 2.38 t/m3
· Fresh 2.72 t/m3
Classification • The basis for the classification of the Mineral Resources into varying The Measured Mineral Resource classification is based on good confidence in
confidence categories. the geology and gold grade continuity with 12.5 m x
• Whether appropriate account has been taken of all relevant factors (i.e. 12.5 m spaced drillhole density in the central part of the deposit.
relative confidence in tonnage/grade estimations, reliability of input data,
confidence in continuity of geology and metal values, quality, quantity and The Indicated Mineral Resource classification is based on good confidence in
distribution of the data). the geology and gold grade continuity with less than 50 m x 50 m spaced
drillhole density in the central part of the deposit.
• Whether the result appropriately reflects the Competent Person's view of
the deposit. The Inferred Mineral Resource classification is applied to extensions of
mineralised zones on the margins of the deposit where drill spacing is more
than 50 m x 50 m and the extents of mineralisation at depth.
The validation of the block model has confirmed satisfactory correlation of
the input data to the estimated grades and reproduction of data trends.
The Mineral Resource estimate appropriately reflects the view of the Competent
Persons.
Audits or reviews • The results of any audits or reviews of Mineral Resource estimates. The Mineral Resource has been audited internally and in conjunction with
resource consultants at Snowden Optiro Pty Ltd as part of the routine
validation process. There has been an external review of the Mineral Resource
estimation completed by Cube Consulting Pty Ltd in February 2022.
Discussion of relative • Where appropriate a statement of the relative accuracy and confidence The relative accuracy of the Mineral Resource estimate is reflected in the
level in the Mineral Resource estimate using an approach or procedure deemed reporting of Measured, Indicated and Inferred resource categories as defined
accuracy/ confidence appropriate by the Competent Person. For example, the application of by 2012 JORC Code guidelines.
statistical or geostatistical procedures to quantify the relative accuracy of
the resource within stated confidence limits, or, if such an approach is not The estimate is considered to be relevant to an annual level of reporting of
deemed appropriate, a qualitative discussion of the factors that could affect tonnage and grade.
the relative accuracy
and The estimation was compared with the production history at Tabakoroni and it
confidence of the estimate. is within 15%, which is within generally accepted limits for the relevant
classifications.
• The statement should specify whether it relates to global or local
estimates, and, if local, state the relevant tonnages, which should be
relevant to technical and economic evaluation. Documentation should include
assumptions made and the procedures used.
• These statements of relative accuracy and confidence of the estimate
should be compared with production data, where available.
Section 4 Estimation and Reporting of Ore Reserves
CRITERIA JORC CODE EXPLANATION COMMENTARY
The Ore Reserves are based on the Mineral Resource estimate detailed in the
ASX release dated December 2021, prepared by Optiro Pty Ltd. The resource was
Mineral Resource estimate for • Description of the Mineral Resource estimate used as reported above a 1.75 g/t gold grade cut-off, based on an equivalent gold
price of US$2,000/oz and an underground mining method utilising long hole
conversion to Ore Reserves a basis for the conversion to an Ore Reserve. stoping mining methods with paste fill. Material below this cut-off is not
included in the Mineral Resource.
• Clear statement as to whether the Mineral Resources are reported
additional to, or inclusive of, the Ore Reserves are the material reported as a sub-set of the resource, that
which can be extracted from the mine and processed with an economically
Ore Reserve. acceptable outcome. The resource is depleted for open pit material already
mined and future cut back planned for Taba North.
Mineral Resources are reported inclusive of Ore Reserves.
Site visits • Comment on any site visits undertaken by the Competent Person and the The Competent Person, Mr Gito Patani, is a full-time employee of Resolute
outcome of those visits. Mining Ltd and a Member of the Australasian Institute of Mining and
Metallurgy. Regular site visit to the project area was conducted during the
• If no site visits have been undertaken indicate why this year 2024 and weekly contact with site teams was maintained throughout the
period. These site visits help to validate technical and operating assumptions
is the case. used in the preparation of this ore reserves
The site visit reviewed the project site and proposed portal location in the
mined out Namakan Pit western wall, a review of current operations at both
Syama and Tabakoroni, existing open pit infrastructure available for immediate
underground use, a review of selected drill core and various meetings were
held with site personnel and key stakeholders to the study. A pit wall failure
exist in the eastern wall of the Namakan pit. This failure was monitored since
the occurrence through the last couple of wet season and have stabilised at
its natural angle of repose and does not pose further material risk to the
proposed underground portal location
Study status • The type and level of study undertaken to enable Mineral Resources to be A Pre-Feasibility Study was completed on Tabakoroni Underground in late 2020.
converted to Ore Reserves.
Tabakoroni open pit has been in continuous mining operation since August 2018.
• The Code requires that a study to at least Pre-Feasibility Study level During this time the performance of the open pit has shown a positive
has been undertaken to convert Mineral Resources to Ore Reserves. Such studies reconciliation between mineral resources and gold production and delivered
will have been carried out and will have determined a mine plan that is positive cashflows. Data from the current open pit operations which also
technically achievable and economically viable, and that material Modifying applies to the intended underground operation, such as existing infrastructure
Factors have been considered. and ore haulage cost, were used as part of the underground study. The open pit
reconciliation data was not considered as it relates to oxide ore only and the
underground will focus on fresh ore only.
No underground operations have been undertaken at Tabakoroni yet. However,
underground operations and processing of similar underground material have
been undertaken for several years at the nearby Syama Mine where the
Tabakoroni Underground ore will also be processed under the current toll
treatment agreement, providing actual data to further support the Tabakoroni
study assumptions.
Primary contributors to the study were:
· Optiro Pty Ltd - Mineral Resources
· Solid Geology Pty Ltd - Structural Model
· AMC Consultants - mining geotechnical study and portal review
· Piteau - dewatering
· Digby Wells - environmental and social impact assessment
· Outotec - backfill, concentrate roasting, floatation plant
· Osprey - security assessment
· Practara - economic evaluation
· ALS - metallurgical variability testing
· Resolute Mining Ltd - mine design and scheduling, processing and
overall study management
Cut-off parameters • The basis of the cut-off grade(s) or quality parameters applied. A marginal cut-off grade (COG) of 2.5 g/t gold has been applied for Tabakoroni
Underground. This is based on long hole open stoping with paste fill at a gold
price of U$1,950/oz, metallurgical recovery of 78%, and includes royalties of
10.5%.
Individual underground zones and levels were further tested to confirm each
area achieves the required financial returns to offset the capital investment
required to access that zone or level. Sub-economical areas were removed from
the reserves.
The Tabakoroni mineralisation is mostly steeply dipping, between 80 to 90°,
with an average width of 4m to 15m. Some mineralisation is located parallel
Mining factors or assumptions · The method and assumptions used as reported in the Pre-Feasibility or to, and adjacent to the main Tabakoroni mineralisation. These shallower
Feasibility Study to convert the Mineral Resource to an Ore Reserve (i.e. dipping zones are located predominantly in a competent basalt zone, ranging in
either by application of appropriate factors by optimization or by preliminary dip between 40° and 80°, with an average width of 2m to 10m.
or detailed design).
Long hole open stoping is considered the most suitable mining method to
· The choice, nature and appropriateness of the selected mining extract the underground deposit. Long term support will be providing by
method(s) and other mining parameters including associated design issues such backfilling the stopes with cemented paste in the main mineralised zone,
as pre-strip, access, etc. create by adding binder to a large supply of highly weathered oxide waste
already available on site from the previous open pit mines. Shallower dipping
· The assumptions made regarding geotechnical parameters (e.g. pit slopes, zones in the competent basalt zones will also use open stoping with pillars,
stope sizes, etc.), grade control and pre-production drilling. where appropriate.
· The major assumptions made and Mineral Resource model used for pit and Longitudinal sub-level caving and open stoping with rock fill were also
stope optimization (if appropriate). reviewed but not considered appropriate methods. The mineralisation is too
long and narrow to use sub-level caving and it would result in caving breaking
· The mining dilution factors used. through into the current open pit, increasing inrush risk for the underground.
Paste fill was selected over waste fill as it provides a better cashflow with
· The mining recovery factors used. a top-down mining method, provides improved stability and in general there is
a lack of suitable fresh rock to use as backfill material. It also improves
· Any minimum mining widths used. the extraction of parallel mineralised zones which was not possible with open
stopes and loose rock fill.
· The manner in which Inferred Mineral Resources are utilized in mining
studies and the sensitivity of the outcome to their inclusion. The reported Ore Reserve estimates for Tabakoroni are based on Deswik.SO
(Mineable Shape Optimiser / MSO) results, followed by detailed mine design in
· The infrastructure requirements of the selected mining methods. Deswik.CAD and activity-based task and resource scheduling in Deswik.Sched.
Economic modelling was performed in consultation with an external financial
consultant experienced in Malian mining economic modelling.
Stope dilution is considered separately for hangingwall and footwall
conditions as part of the MSO optimisation. Equivalent Linear Overbreak Slough
(ELOS) is applied based on geotechnical domaining, resulting in 0.5 m dilution
in competent (basalt) ground to 2.0 m in poor, highly structured zones. The
average dilution considered is 0.5 to 1.0 m, applied individually to both
hangingwall and footwall conditions. A global mine recovery of 90% was
applied.
Minimum Mining Width used was 3.0 m, but average stoping widths range between
4.5 m and 10.0 m. Level spacings are selected at 20 m vertical, floor to
floor. Stope lengths of 10 m to 50 m are recommended based on the geotechnical
modelling and chosen level spacing. The study conservatively limited stope
lengths to 20 m, which will be further optimised during
actual operations. For the shallower dipping stopes a minimum footwall dip of
40° was selected to ensure blasted material can be moved effectively to the
drawpoint for loading during production.
Costs are based on existing contract mining rates from the nearby Syama
Operation with a contract proposal provided for the study to account for
potential changes expected at Tabakoroni, contract haulage rates to the Syama
process plant from the current Tabakoroni open pit operation, processing costs
are based on the current Syama process plant and site costs which are
understood with a high degree of accuracy from current operations.
Equipment for the underground were selected considering the selected mining
method, planned production rate, existing experience and equipment in
operation at Syama Underground. Loading will be done by 21 tonne loaders from
the development headings and stopes and hauled by 63 t trucks to surface via a
decline. From surface stockpiles ore will be hauled to the process plant at
Syama using the current open pit truck haulage fleet and waste will dumped
directly onto the existing open pit waste dumps.
The mine plan includes an insignificant amount of Inferred Resources, which is
not material to the outcome of the Ore Reserves. Inferred Resources were
considered when positioning life of mine infrastructure but does not
materially influence the outcome of the current reserves.
Existing open pit infrastructure and a dedicated haul road to Syama is
available for immediate use by the underground operation. The only additional
infrastructure consists of:
· a power shed to house diesel generators for power generation.
Existing diesel generators will be relocated from the current Syama operation
as part of their power upgrades and the power shed is just for weather
protection.
· paste plant for paste fill generation
· explosives magazine (open pit operations did minimal blasting and
did not establish an explosive magazine)
· underground primary ventilation fans
· upgraded security control facilities
· minor fit-out to the existing open pit offices and workshops to
comply with underground requirements (change house, lamp room, etc)
float circuit modifications to allow the existing Syama Oxide plant to process
sulphide ore
Metallurgical factors • The metallurgical process proposed and the appropriateness of that Metallurgical test work was conducted on multiple samples, representative of
process to the style of mineralization. the spatial and mineralogical distribution of the deposit. The tests indicated
or assumptions
that, similarly to the Syama ore, the Tabakoroni ore can be double refractory
• Whether the metallurgical process is well-tested technology or novel in in nature due to locking of gold within the sulphides and organic carbon.
nature. Processing of the ore will be similar to that of the Syama sulphide circuit
which has been in operation for several years and is well understood,
• The nature, amount and representativeness of metallurgical test work consisting of the following stages:
undertaken, the nature of the metallurgical domaining applied and the
corresponding metallurgical recovery factors applied. · Crushing and grinding utilising the existing oxide process plant
infrastructure
• Any assumptions or allowances made for deleterious elements.
· Gravity gold recovery utilising the existing oxide gravity
• The existence of any bulk sample or pilot scale test work and the degree circuit
to which such samples are considered representative of the ore body as a
whole. · Flotation to produce a sulphide rich concentrate through a new
flotation circuit, prior to blending with the current Syama concentrate
• For minerals that are defined by a specification, has the ore reserve circuit for further:
estimation been based on the appropriate mineralogy to meet the
specifications? · Concentrate thickening
· Roasting, followed by calcine quench and wash
· Carbon-in-leach (CIL)
· Tailings disposal
The oxide crushing and grinding circuit has an oxide capacity of
1.6 Mtpa, with a modelled sulphide throughput capacity of up to 1.0 Mtpa. The
Syama roaster, CIL circuit and tailings storage facility has enough capacity
to process the additional concentrate.
A number of metallurgical test work programmes have been conducted on a range
of Tabakoroni ore samples to date. The most recent variability test programme,
conducted as part of the PFS, focussed on optimising the flowsheet to then
assess the metallurgical performance of the various mineralised domains to be
encountered. A total gold recovery of 78% has been assumed based on test
results to date. This is in line with similar ore being processed at Syama.
The Tabakoroni mining area and haul road to Syama are covered under current
environmental approval and permitting.
Environmental • The status of studies of potential environmental impacts of the mining
and processing operation. Details of waste rock characterization and the An active waste rock characterisation program has been put in place for
consideration of potential sites, status of design options considered and, Tabakoroni open pit operation. Underground waste will be co-disposed
where applicable, the status of approvals for process residue storage and underground with paste fill where possible, with the remainder being stored on
waste dumps should be reported. the current open pit waste dump under the current waste rock management
protocols to prevent potentially acid forming waste rock from contaminating
water sources. The current waste dump has much more space than is required by
the underground operation.
Ore Reserves from Tabakoroni will be processed at Syama and tailings storage
will be in pit tailings area approved in the current ESIA. Routine progress on
the monitoring is reported to government and at stakeholder meetings in
concert with routine inspections by government representatives.
Arsenic is naturally occurring in the Tabakoroni mineralisation. A groundwater
characterisation programme was conducted as part of the ESIA submission and
did not identify any adverse impacts on water being discharged to the
environment.
Infrastructure · The existence of appropriate infrastructure: availability of land for plant All required mining infrastructure is already in place at the Tabakoroni open
development, power, water, transportation (particularly for bulk commodities), pit mine and processing and camp facilities at Syama Mine, except for the
labour, accommodation; or the ease with which the infrastructure can be additions required specifically for the Tabakoroni underground, consisting of:
provided, or accessed.
· a power shed to house diesel generators for power generation.
Existing diesel generators will be relocated from the current Syama operation
as part of their power upgrades.
· paste plant for paste fill generation
· explosives magazine
· upgraded security control facilities
· minor fit-out to the existing open pit offices and workshops to
comply with underground requirements, such as change rooms and lamp rooms
· float circuit modifications to allow the existing Syama Oxide
plant to process Tabakoroni sulphide ore
Tabakoroni is linked to the Syama Mine through a purpose built 35 km haul
road. The Syama Mine is located near the two major towns of Kadiola and
Sikasso. Kadiola, 55km southeast, is the regional capital while Sikasso,
approximately 85 km to the northeast, is the second largest city in Mali and
located close to the border with Burkina Faso.
Access is via formed gravel road off the sealed Sikasso to Côte d'Ivoire
highway through Kadiola, and then from Fourou to site. Most consumables and
supplies use this route as it can be approached either from Côte d'Ivoire
through the border post at Zegoua or alternatively from Burkina Faso and Togo
through Sikasso. The road north through Bananso to Farakala, on the main
highway from Bamako to Sikasso, provides an alternate and shorter route to
Bamako. This road is generally impassable during the wet season when the low
level "bridge" at Bananso is covered with water.
The 70km section of road from Kadiola to the site was upgraded for the Syama
Mine. In addition to the current open pit infrastructure left behind by open
pit operations at Tabakoroni, the Syama Mine provides access to administration
buildings, plant site buildings and accommodation for housing expatriate and
senior national staff.
Tabakoroni site is serviced through a local telecommunications provider
Orange. Provision is made in the study to allow have a dedicated link to Syama
Mine, from where two Internet and mobile telecommunications providers (Sotelma
& Orange) are available, in addition to a point to point satellite
connection to Perth.
Costs · The derivation of, or assumptions made, regarding projected capital costs Cost estimates are based mostly on existing operations at Syama and
in the study. Tabakoroni, with modifications where identified in the study. Current
operations, and existing costs were used for:
· The methodology used to estimate operating costs.
· ore haulage to Syama for processing under the current open pit
· Allowances made for the content of deleterious elements. haulage contract
· The derivation of assumptions made of metal or commodity price(s), for the · owner-operated processing, general and administration costs are
principal minerals and co- products. shared between the oxide plant and the sulphide plant at Syama, which
processes the current Syama UG orebody. These costs are well understood, and
· The source of exchange rates used in the study. minor changes were included based on Tabakoroni specific metallurgical
variability test work results
· Derivation of transportation charges.
· power generation cost utilising the current Syama diesel
· The basis for forecasting or source of treatment and refining charges, generators
penalties for failure to meet specification, etc.
· development and production rates are based on the current Syama
· The allowances made for royalties payable, both Government and private. mining contract schedule of rates, with updated quotes provided by the
contractor as required for mining method changes expected at Tabakaroni
· ground support consumables, fuel, explosives, bulk cement based
on current Syama mining contract
· mine closure costs (existing open pit component)
· PFS level cost estimates were calculated for:
· paste fill cost - based on locally supplied bulk cement prices
and an independent paste fill study to determine consumption rate
· environmental and mine closure costs specific to underground
The oxide plant produces gold doré (without problematic deleterious elements)
that is subsequently refined offsite. Refining costs are allowed for as per
current Syama Mine, but are not material.
Ad valorem Government royalties of 10.5% are payable on gold production.
Revenue factors • The derivation of, or assumptions made regarding revenue factors A gold price of US$1,950/oz formed the basis of the Ore Reserves. Gold price
including head grade, metal or commodity price(s) exchange rates, used for planning purposes is from consensus forecasts provided by external
transportation and treatment charges, penalties, net smelter returns, etc. corporate advisers.
• The derivation of assumptions made of metal or commodity price(s), for No penalties are incurred, nor is any revenue received from co-products.
the principal metals, minerals and co-products.
Market assessment • The demand, supply and stock situation for the particular commodity, The market for gold is robust with prevailing gold price being well above
consumption trends and factors likely to affect supply and demand into the US$1,950/oz.
future.
Supply and demand are not considered material to the Ore Reserve calculations.
• A customer and competitor analysis along with the identification of
likely market windows for the product.
• Price and volume forecasts and the basis for these forecasts.
• For industrial minerals the customer specification, testing and
acceptance requirements prior to a supply contract.
Economic • The inputs to the economic analysis to produce the net present value The financial evaluation undertaken as part of the evaluation indicated a
(NPV) in the study, the source and confidence of these economic inputs positive net present value (NPV) at a 7% annual discount rate. The following
including estimated inflation, discount rate, etc. major economic inputs were used:
• NPV ranges and sensitivity to variations in the significant assumptions · Costs as previous described
and inputs.
· Gold price of US$1650/oz
· Royalties of 6%
· Effective tax rate of 25% (Corporate tax rate of 30% with 5%
discount provided by the Malian government to Tabakoroni)
· Discount rate of 7% per annum for real, post-tax cash flows.
Tabakoroni falls under the SOMIFI exploitation permit and is managed by SOMISY
under Management and Toll Treatment agreements lodged with the Government of
Social • The status of agreements with key stakeholders and matters leading to Mali.
social license to operate.
It is the intention to encourage economic development within the local
community. During the operation of Tabakoroni open pit focus has been on
improving farming and health care plus providing access to water; this will
continue to remain a focus.
The Syama Mine Community Consultative Committee, which includes representation
from Tabakoroni and the villages adjacent to the Syama Satellites, was
established in February 2001 with representatives from local villages, the
Malian Government and SOMISY. Since April 2004 the Committee has met regularly
as a communication forum and to address community issues and assist with
community project proposals; it continues to meet on the first or second
Tuesday of each month. Initial consultation as part of the underground updates
to the ESIA indicated no major concerns with the underground operation.
Other • To the extent relevant, the impact of the following on the project All current government agreements and approvals are in good standing and no
and/or on the estimation and classification of the Ore Reserves: anticipated changes are expected. Political instability is a potential risk in
Mali, but the owner has many years operating experience in this environment
• Any identified material naturally occurring risks. through the current Syama and Tabakoroni operations. The current Malian
government is supportive of mining operations and the current Syama and
• The status of material legal agreements and marketing arrangements. Tabakoroni operations are in good standing with the authorities. There are no
current unresolved matters affecting this project.
• The status of governmental agreements and approvals critical to the
viability of the project, such as mineral tenement status, and government and
statutory approvals. There must be reasonable grounds to expect that all
necessary Government approvals will be received within the timeframes
anticipated in the Pre-Feasibility or Feasibility study. Highlight and discuss
the materiality of any unresolved matter that is dependent on a third party on
which extraction of the reserve is contingent.
Classification • The basis for the classification of the Ore Reserves into varying Proved and Probable Ore Reserves were declared based on the Measured and
confidence categories. Indicated Mineral Resources.
• Whether the result appropriately reflects the Competent Person's view of The Ore Reserve estimate appropriately reflects the Competent Person's view of
the deposit. the deposit.
• The proportion of Probable Ore Reserves that have been derived from None of the Measured Mineral Resource was converted to Proven Ore Reserves.
Measured Mineral Resources (if any). The Measured Resource component is located below the previous open pit and
forms part of the crown pillar to be extracted at the end of the underground
mine life. Due to the inherent risk of extracting the crown pillar at a much
later stage in the mine's life, it is appropriate in the Competent Person's
opinion to classify this material as Probable Ore Reserves and not Proved Ore
Reserves.
Audits or reviews • The results of any audits or reviews of Ore Reserve estimates. Major parts of the study were completed by external, independent contributors
and were internally reviewed by each contributor prior to submission to
Resolute. These inputs were then further reviewed by Resolute Corporate and
Site operational teams prior to inclusion in the PFS. The combined PFS and Ore
Reserves output was then internally reviewed, but no external review of the
combine PFS and Ore Reserves has been conducted yet.
Discussion of relative • Where appropriate a statement of the relative accuracy and confidence The relative accuracy and confidence of the Ore Reserve estimate is inherent
level in the Ore Reserve estimate using an approach or procedure deemed in the Ore Reserve Classification.
accuracy/ confidence appropriate by the Competent Person. For example, the application of
statistical or geostatistical procedures to quantify the relative accuracy of The mine design and schedule were prepared to a PFS level of accuracy.
the reserve within stated confidence limits, or, if such an approach is not Conservative mining modifying factors were used to account for potential
deemed appropriate, a qualitative discussion of the factors which could affect variations in ground and geotechnical conditions.
the relative accuracy and confidence of the estimate.
The open pit operations had a slight positive reconciliation, but this was not
• The statement should specify whether it relates to global or local considered material to the underground project as the open pit operations only
estimates, and, if local, state the relevant tonnages, which should be focused on oxide material, and the underground will be focusing on fresh,
relevant to technical and economic evaluation. Documentation should include sulphide ore. Reconciliation procedures will be implemented as part of the
assumptions made and the procedures used. underground operation and will be considered in future Ore Reserve updates.
• Accuracy and confidence discussions should extend to specific Costs are at PFS level of confidence or better due to existing capital
discussions of any applied Modifying Factors that may have a material impact infrastructure and open pit operations at Tabakoroni, and existing underground
on Ore Reserve viability, or for which there are remaining areas of operations and processing at Syama, which will be re-used for the Tabakoroni
uncertainty at the current study stage. underground project.
• It is recognized that this may not be possible or appropriate in all Metallurgical results are in line with Syama parameters for similar ore, and
circumstances. These statements of relative accuracy and confidence of the are consistent between various test programmes, providing confidence in the
estimate should be compared with production data, where available. assumptions used for the study.
Syama North
Section 1: Sampling Techniques and Data
Criteria JORC Code Explanation Commentary
Sampling techniques · Nature and quality of sampling (e.g. cut channels, random chips, or The samples were collected from reverse circulation (RC) and diamond drill
specific specialised industry standard measurement tools appropriate to the holes.
minerals under investigation, such as down hole gamma sondes, or handheld XRF
instruments, etc.). These examples should not be taken as limiting the broad RC samples were collected on 1m intervals by riffle split (dry) or by scoop
meaning of sampling. (wet), to obtain a 1-3kg sample which was sent to the laboratory for crushing,
splitting and pulverising to provide a 30g charge for analysis. Following
· Include reference to measures taken to ensure sample representivity splitting adjacent to the bottom-of-hole orientation line, the right-hand side
and the appropriate calibration of any measurement tools or systems used. of the core is sampled in 1m intervals
· Aspects of the determination of mineralisation that are Material to Sampling and sample preparation protocols are industry standard and are deemed
the Public Report. appropriate by the Competent Person.
· In cases where 'industry standard' work has been done this would be
relatively simple (e.g. 'reverse circulation drilling was used to obtain 1 m
samples from which 3 kg was pulverised to produce a 30 g charge for fire
assay'). In other cases, more explanation may be required, such as where there
is coarse gold that has inherent sampling problems. Unusual commodities or
mineralisation types (e.g. submarine nodules) may warrant disclosure of
detailed information.
Drilling techniques · Drill type (e.g. core, reverse circulation, open-hole hammer, Drill types used include reverse circulation with face sampling bit and core
rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, drilling using PQ and HQ sized bits. A digital core orientation system is used
triple or standard tube, depth of diamond tails, face-sampling bit or other to define the bottom of the hole which is transferred to the drilled core..
type, whether core is oriented and if so, by what method, etc.).
Drill sample recovery · Method of recording and assessing core and chip sample recoveries Appropriate measures are taken to maximise sample recovery and ensure the
and results assessed. representative nature of the samples.
· Measures taken to maximise sample recovery and ensure No apparent relationship is noted between sample recovery and grade.
representative nature of the samples.
· Whether a relationship exists between sample recovery and grade and
whether sample bias may have occurred due to preferential loss/gain of
fine/coarse Material.
Logging · Whether core and chip samples have been geologically and Drill holes were geologically logged by geologists for colour, grainsize,
geotechnically logged to a level of detail to support appropriate Mineral lithology, minerals, alteration and weathering on geologically-domained
Resource estimation, mining studies and metallurgical studies. intervals.
· Whether logging is qualitative or quantitative in nature. Core (or Holes were logged in their entirety (100%) and this logging was considered
costean, channel, etc.) photography. reliable and appropriate.
· The total length and percentage of the relevant intersections
logged.
Sub-sampling techniques and sample preparation · If core, whether cut or sawn and whether quarter, half or all core Reverse circulation samples were collected on 1m intervals by riffle split
taken. (dry) or by scoop (wet) to obtain a 1-3kg sample. Core samples were sawn using
a diamond saw blade with half of the core sent for analysis.
· If non-core, whether riffled, tube sampled, rotary split, etc. and
whether sampled wet or dry. Sample preparation includes oven drying, crushing to 10mm, splitting and
pulverising to 85% passing -75µm. These preparation techniques are deemed to
· For all sample types, the nature, quality and appropriateness of be appropriate to the Material being sampled.
the sample preparation technique.
Reverse circulation and core field duplicates were collected by the company at
· Quality control procedures adopted for all sub-sampling stages to a rate of 1:20 samples.
maximise representivity of samples.
Sampling, sample preparation and quality control protocols are of industry
· Measures taken to ensure that the sampling is representative of the standard and all attempts were made to ensure an unbiased representative
in-situ Material collected, including for instance results for field sample was collected. The methods applied in this process were deemed
duplicate/second-half sampling. appropriate by the Competent Person.
· Whether sample sizes are appropriate to the grain size of the
Material being sampled.
Quality of assay data and laboratory tests · The nature, quality and appropriateness of the assaying and All samples were dispatched to ALS Bamako for preparation then on to ALS
laboratory procedures used and whether the technique is considered partial or Ouagadougou for gold analysis by 30g fire assay fusion with AAS instrument
total. finish (method code Au-AA25). Over-range results were re-analysed and reported
by 30g fire assay fusion with gravimetric finish (method code Au-GRA21). The
· For geophysical tools, spectrometers, handheld XRF instruments, analytical method was appropriate for the style of mineralisation.
etc., the parameters used in determining the analysis including instrument
make and model, reading times, calibrations factors applied and their No geophysical tools were used to determine elemental concentrations.
derivation, etc.
Quality control (QC) procedures included the use of certified standards
· Nature of quality control procedures adopted (e.g. standards, (1:40), non-certified sand blanks (1:40) and reverse circulation/core field
blanks, duplicates, external laboratory checks) and whether acceptable levels duplicates (1:20).
of accuracy (i.e. lack of bias) and precision have been established.
Laboratory quality control data, including laboratory standards, blanks,
duplicates, repeats, grind size results and sample weights were also captured
into the digital database.
Analysis of the QC sample assay results indicates that an acceptable level of
accuracy and precision has been achieved.
Verification of sampling and assaying · The verification of significant intersections by either independent Verification of significant intersections have been completed by company
or alternative company personnel. personnel and the Competent Person.
· The use of twinned holes. No drill holes within the resource area were twinned.
· Documentation of primary data, data entry procedures, data Drill holes were logged into digital templates with lookup codes, validated
verification, data storage (physical and electronic) protocols. and then compiled into a relational SQL 2012 database using DataShed data
management software. The database has verification protocols which are used to
· Discuss any adjustment to assay data. validate the data entry. The drill hole database is backed up on a daily basis
to the head office server.
Assay result files were reported by the laboratory in PDF and CSV format and
imported into the SQL database without adjustment or modification.
Location of data points · Accuracy and quality of surveys used to locate drill holes (collar Collar coordinates were picked up in UTM (WGS84) by staff surveyors using an
and down-hole surveys), trenches, mine workings and other locations used in RTK DGPS with an expected accuracy of +/-0.05m; elevations were height above
Mineral Resource estimation. EGM96 geoid.
· Specification of the grid system used. Down hole surveys were collected at 10m intervals using a Reflex EZ-Gyro north
seeking instrument.
· Quality and adequacy of topographic control.
Coordinates and azimuths are reported in UTM WGS84 Zone 29 North.
Tabakoroni drill holes were translated to local mine grid coordinates using 1
point and rotation.
Local topographic control is via LIDAR surveys, satellite photography and
drone UAV aerial survey.
Data spacing and distribution · Data spacing for reporting of Exploration Results. Drill hole spacing was sufficient to demonstrate geological and grade
continuity appropriate for a Mineral Resource and the classifications applied
· Whether the data-spacing and distribution is sufficient to under the 2012 JORC Code.
establish the degree of geological and grade continuity appropriate for the
Mineral Resource and Ore Reserve estimation procedure(s) and classifications The appropriateness of the drill spacing was reviewed by the geological
applied. technical team, both on site and head office. This was also reviewed by the
Competent Person.
· Whether sample compositing has been applied.
Samples were collected on 1m intervals; no sample compositing is applied
during sampling.
Orientation of data in relation to geological structure · Whether the orientation of sampling achieves unbiased sampling of Holes were drilled predominantly perpendicular to mineralised domains where
possible structures and the extent to which this is known, considering the possible.
deposit type.
No orientation-based sampling bias has been identified in the data.
· If the relationship between the drilling orientation and the
orientation of key mineralised structures is considered to have introduced a
sampling bias, this should be assessed and reported if Material.
Sample security · The measures taken to ensure sample security. Samples were collected from the drill site and stored on site. All samples
were individually bagged and labelled with unique sample identifiers, then
securely dispatched to the laboratories. All aspects of sampling and dispatch
process were supervised and tracked by SOMISY personnel.
Audits or reviews · The results of any audits or reviews of sampling techniques and External audits of procedures indicate protocols are within industry
data. standards.
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 Drilling at Syama North was conducted within the Malian Exploitation
agreements or Material issues with third parties such as joint ventures, Concession Permit PE 93/003 which covers an area of 200.6 Km2.
partnerships, overriding royalties, native title interests, historical sites,
wilderness or national park and environmental settings. Resolute Mining Limited has an 80% interest in the Syama project and the
Exploitation Permit PE 93/003, on which it is based, through its Malian
· The security of the tenure held at the time of reporting along with subsidiary, Sociêtê des Mines de Syama SA (SOMISY). The Malian Government
any known impediments to obtaining a licence to operate in the area. holds a free carried 20% interest in SOMISY.
The Permits are held in good standing. Malian mining law provides that all
Mineral Resources are administered by DNGM (Direction Nationale de la
Géologie et des Mines) or National Directorate of Geology and Mines under the
Ministry of Mines, Energy and Hydrology.
Exploration done by other parties · Acknowledgment and appraisal of exploration by other parties. The Syama deposit was originally discovered by a regional geochemical survey
undertaken by the Direction National de Géologie et des Mines (DNGM) with
assistance from the United Nations Development Program (UNDP) in 1985. There
had also been a long history of artisanal activities on the hill where an
outcropping chert horizon originally marked the present day position of the
open pit.
BHP during 1987-1996 sampled pits, trenches, auger, RC and diamond drill holes
across Syama prospects. Randgold Resources Ltd during 1996-2000 sampled pits,
trenches, auger, RAB, RC and diamond drill holes across Syama prospects.
Geology · Deposit type, geological setting and style of mineralisation. The Syama Project is found on the northern margin of the Achaean-Proterozoic
Leo Shield which forms the southern half of the West African Craton. The
project area straddles the boundary between the Kadiana-Madinani terrane and
the Kadiolo terrane. The Kadiana-Madinani terrane is dominated by greywackes
and a narrow belt of interbedded basalt and argillite. The Kadiolo terrane
comprises polymictic conglomerate and sandstone that were sourced from the
Kadiana-Madinani terrane and deposited in a late- to syntectonic basin.
Prospects are centred on the NNE striking, west dipping, Syama-Bananso Fault
Zone and Birimian volcano-sedimentary units of the Syama Formation. The major
commodity being sought is gold.
· A summary of all information material to the understanding of the All information, including easting, northing, elevation, dip, azimuth,
exploration results including a tabulation of the following information for coordinate system, drill hole length, intercept length and depth are measured
Drill hole Information all Material drill holes: and recorded in UTM Zone 29 WGS84.
o easting and northing of the drill hole collar The Syama belt is mostly located on the Tengrela 1/200,000 topo sheet (Sheet
NC 29-XVIII).
o elevation or RL (Reduced Level - elevation above sea level in metres) of
the drill hole collar Spectrum Survey & Mapping from Australia established survey control at
Tabakoroni using AusPos online processing to obtain an accurate UTM Zone 29
o dip and azimuth of the hole (WGS84) and 'above geoid' RL for the origin of the survey control points.
o down hole length and interception depth Accuracy of the survey measurements is considered to meet acceptable industry
standards.
o whole length.
Drill hole information has been tabulated for this release in the intercepts
· If the exclusion of this information is justified on the basis that table of the accompanying text.
the information is not Material and this exclusion does not detract from the
understanding of the report, the Competent Person should clearly explain why For completeness the following information about the drill holes is provided:
this is the case.
· Easting, Northing and RL of the drill hole collars are measured
and recorded in UTM Zone 29 (WGS84)
· Dip is the inclination of the drill hole from horizontal. A drill
hole drilled at -60° is 60° from the horizontal
· Down hole length is the distance down the inclination of the hole
and is measured as the distance from the horizontal to end of hole
· Intercept depth is the distance from the start of the hole down
the inclination of the hole to the depth of interest or assayed interval of
interest.
Data aggregation methods · In reporting Exploration Results, weighting averaging techniques, Exploration results reported in this announcement are tabulated using the
maximum and/or minimum grade truncations (e.g. cutting of high grades) and following parameters:
cut-off grades are usually Material and should be stated.
· Grid coordinates are WGS84 Zone 29 North
· Where aggregate intercepts incorporate short lengths of high-grade
results and longer lengths of low-grade results, the procedure used for such · Cut-off grade for reporting of intercepts is >=1g/t Au
aggregation should be stated and some typical examples of such aggregations
should be shown in detail. · No top cut of individual assays prior to length weighted
compositing of the reported intercept has been applied
· The assumptions used for any reporting of metal equivalent values
should be clearly stated. · Maximum 3m consecutive internal dilution included within the
intercept
Metal equivalent values are not used in reporting.
Relationship between mineralisation widths and intercept lengths · These relationships are particularly important in the reporting of The Syama North mineralisation is steeply dipping at approximately 60 degrees
Exploration Results. from the horizontal.
· If the geometry of the mineralisation with respect to the drill The majority of the drill holes are planned at a general inclination of 60
hole angle is known, its nature should be reported. degrees east and as close to perpendicular to the ore zone as possible.
· If it is not known and only the down hole lengths are reported, At the angle of the drill holes and the dip of the ore zones, the reported
there should be a clear statement to this effect (e.g. 'down hole length, true intercepts will be slightly more than true width.
width not known').
Diagrams · Appropriate maps and sections (with scales) and tabulations of Relevant maps, diagrams and tabulations are included in the body of text.
intercepts should be included for any significant discovery being reported
These should include, but not be limited to a plan view of drill hole collar
locations and appropriate sectional views.
Balanced reporting · Where comprehensive reporting of all Exploration Results is not Exploration results and infill drilling results are being reported in this
practicable, representative reporting of both low and high grades and/or announcement and tabulated in the body of the text.
widths should be practiced, to avoid misleading reporting of Exploration
Results.
Other substantive exploration data · Other exploration data, if meaningful and Material, should be No geophysical and geochemical data or any additional exploration information
reported including (but not limited to): geological observations; geophysical has been reported in this release, as they are not deemed relevant to the
survey results; geochemical survey results; bulk samples - size and method of release.
treatment; metallurgical test results; bulk density, groundwater, geotechnical
and rock characteristics; potential deleterious or contaminating substances.
Further work · The nature and scale of planned further work (e.g. tests for Further drilling is planned, both exploration for potential extension of the
lateral extensions or depth extensions or large-scale step-out drilling). deposit at depth, and infill/grade control for open pit mining.
· Diagrams clearly highlighting the areas of possible extensions,
including the main geological interpretations and future drilling areas,
provided this information is not commercially sensitive.
Section 3 Estimation and Reporting of Mineral Resources
Criteria JORC Code Explanation Commentary
Database integrity · Measures taken to ensure that data has not been corrupted by, for Data have been compiled into a relational SQL database; the setup of this
example, transcription or keying errors, between its initial collection and database precludes the loading of data which do not meet the required
its use for Mineral Resource estimation purposes. validation protocols. The data is managed using DataShed© drill hole
management software using SQL database techniques. Validation checks are
· Data validation procedures used. conducted using SQL and DataShed© relational database standards. Data has
also been checked against original hard copies for 85% of the data, and where
possible, loaded from original data sources.
Resolute carried out the following basic validation checks on the data
supplied prior to resource estimation:
Ø Drill holes with overlapping sample intervals;
Ø Sample intervals with no assay data or duplicate records;
Ø Assay grade ranges;
Ø Collar coordinate ranges;
Ø Valid hole orientation data.
There are no significant issues identified with the data.
Site visits · Comment on any site visits undertaken by the Competent Person and The competent person visited site in September 2025, and witnessed the active
the outcome of those visits. grade control drilling and mining in the A21 pit. All processes were deemed to
be of expected industry standard.
· If no site visits have been undertaken indicate why this is the
case.
Geological interpretation · Confidence in (or conversely, the uncertainty of) the geological The digital database used for the interpretation included logged intervals for
interpretation of the mineral deposit. the key stratigraphic zones.
· Nature of the data used and of any assumptions made. Drill density (25m by 50m) for the majority of the deposit area allows for
interpretation of the geology and mineralized domains. More recent
· The effect, if any, of alternative interpretations on Mineral infill/verification drilling of selected more structurally complicated areas,
Resource estimation. confirms the positions of mineralized zones. Geological and structural
controls support modelled mineralized zones.
· The use of geology in guiding and controlling Mineral Resource
estimation. Continuity of mineralization is affected by proximity to structural conduits,
stratigraphic position, lithology of key stratigraphic units and porosity of
· The factors affecting continuity both of grade and geology. host lithologies.
The interpretations for the weathering surfaces have been compiled by site
geological personnel using the drill hole database and the logs identifying
Oxide, Transitional and Fresh Material.
Dimensions · The extent and variability of the Mineral Resource expressed as The Syama North area extends for approximately 6,000 metres in strike and the
length (along strike or otherwise), plan width, and depth below surface to the west dipping gold mineralised zone is between 200-500 metres in horizontal
upper and lower limits of the Mineral Resource. width. The Mineral Resource is limited in depth by drilling, which extends
from surface to a maximum depth of approximately 350 metres vertically.
Estimation and modelling techniques · The nature and appropriateness of the estimation technique(s) Estimation of gold grade has been completed using Ordinary Kriging (OK).
applied and key assumptions, including treatment of extreme grade values,
domaining, interpolation parameters and maximum distance of extrapolation from The deposit mineralisation has been constrained by wireframes constructed
data points. If a computer assisted estimation method was chosen include a using a combination of downhole gold assay and associated lithological
description of computer software and parameters used. logging. These lode wireframes have been used to define domain codes used for
estimation. The drillholes have been flagged with the domain code and
· The availability of check estimates, previous estimates and/or mine composited using the domain code to segregate the data.
production records and whether the Mineral Resource estimate takes appropriate
account of such data. Domain boundary analysis has been undertaken, with hard boundaries used for
all domains.
· The assumptions made regarding recovery of by-products.
Drillholes have been composited to 1m intervals using Leapfrog Geo 2021.2.5
· Estimation of deleterious elements or other non-grade variables of with residual lengths distributed evenly across all composites. There are no
economic significance (e.g. sulphur for acid mine drainage characterization). residual samples.
· In the case of block model interpolation, the block size in The influence of extreme gold assays has been reduced by top-cutting across
relation to the average sample spacing and the search employed. selected domains. Top-cuts have been determined using a combination of log
probability, log histogram, and mean-variance plots. Top-cuts have been
· Any assumptions behind modelling of selective mining units. reviewed and applied to the composites on a domain-by-domain basis.
· Any assumptions about correlation between variables. Variography has been determined using Datamine Supervisor v.8.14 software
using top-cut values. Where there is insufficient data in individual domains
· Description of how the geological interpretation was used to to generate meaningful variograms, domains have been grouped, or variograms
control the resource estimates. borrowed from other similar domains.
· Discussion of basis for using or not using grade cutting or Drillhole data spacing ranges from 10m spacing in areas of dense drilling to
capping. approximately 100m spacing in sparsely drilled, deeper areas.
· The process of validation, the checking process used, the The block model parent block size is 5m (X) by 10m (Y) by 5m (Z) with
comparison of model data to drill hole data, and use of reconciliation data if sub-blocks down to 0.3125m (X) by 0.625m (Y) by 0.3125m (Z), with the
available. sub-blocks estimated at the scale of the parent block. The block size is
considered appropriate for the drillhole spacing throughout the deposit.
Grade estimation has been completed in three passes:
Ø Pass 1 estimation has been undertaken using a minimum and maximum number
of sample composites (determined using Datamine Supervisor v.8.14 KNA tool)
into a search ellipsoid with dimensions equal to half the variogram range of
the domain.
Ø Pass 2 estimation has been undertaken with the same minimum/maximum
samples as Pass 1 into a search ellipsoid twice the first pass.
Ø Pass 3 estimation has been undertaken with a minimum of 4 samples, and
the same maximum number of samples as the first two passes into a search
ellipsoid twice the second pass
Previous Mineral Resource estimates are comparable in size and scope when
considering the additional extensional drilling included in the current
estimate.
The Mineral Resource estimate has been validated using visual validation
tools, mean grade comparisons between the block model and declustered
composite grade means, and swath plots comparing the input composite grades
and the block model grades by Northing, Easting, and RL
No selective mining units are assumed in the estimate.
There will be no by-products recovered from mining.
No additional or deleterious elements have been estimated.
The model focuses on interpreting mineralisation beneath existing open pits.
Historical reconciliation data is incomplete and has not been used.
Moisture · Whether the tonnages are estimated on a dry basis or with natural Tonnages are estimated on a dry basis. No moisture values have been reviewed.
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 Open pit mineral resources are reported using a cut-off grade of 0.7g/t, and
applied. within a pit optimisation representing a gold price of $2950. Underground
mineral resources are reporting external to the $2950 pit optimisations and
within a 1.5g/t MSO. Cut off grades are calculated based on a break even
scenario to offset the cost of mining ore.
Mining factors or assumptions · Assumptions made regarding possible mining methods, minimum mining
dimensions and internal (or, if applicable, external) mining dilution. It is
always necessary as part of the process of determining reasonable prospects It is assumed that mining methods would be similar to Resolute's nearby Syama
for eventual economic extraction to consider potential mining methods, but the deposit.
assumptions made regarding mining methods and parameters when estimating
Mineral Resources may not always be rigorous. Where this is the case, this The open pit mining method is based on a 10m bench mined in 4 fliches of
should be reported with an explanation of the basis of the mining assumptions 2.5m. . Grade control sampling uses reverse circulation drilling, spaced at
made. approximately 5mE by 10mN, with samples taken at one and half metre intervals
down-hole.
MSO volumes are designed with similar input parameters to the main Syama
underground deposit, assuming eventual extraction by similar methods.
Metallurgical factors or assumptions · The basis for assumptions or predictions regarding metallurgical Extensive metallurgical investigations and reporting have been completed prior
amenability. It is always necessary as part of the process of determining to the commencement of mining and milling at the nearby Syama deposit.
reasonable prospects for eventual economic extraction to consider potential
metallurgical methods, but the assumptions regarding metallurgical treatment The processing method involves crushing, milling, flotation and roasting,
processes and parameters made when reporting Mineral Resources may not always followed by conventional CIL recovery.
be rigorous. Where this is the case, this should be reported with an
explanation of the basis of the metallurgical assumptions made. There is no evidence to suggest that the metallurgical characteristics of ore
extracted from Syama North is materially different from that encountered at
Syama.
Environmental factors or assumptions · Assumptions made regarding possible waste and process residue It is assumed that environmental factors would be largely similar to those at
disposal options. It is always necessary as part of the process of determining the nearby Syama Deposit.
reasonable prospects for eventual economic extraction to consider the
potential environmental impacts of the mining and processing operation. While It is a requirement of Decree No.03-594/P-RM of 31 December 2003 of Malian law
at this stage the determination of potential environmental impacts, that an Environmental and Social Impact Study (Étude d'Impact Environmental
particularly for a green fields project, may not always be well advanced, the et Social - EIES) must be undertaken to update the potential environmental and
status of early consideration of these potential environmental impacts should social impacts of the mine's redevelopment. In November 2007 the EIES for the
be reported. Where these aspects have not been considered this should be Syama Gold Mine was approved and an Environment Permit (07- 0054/MEA - SG)
reported with an explanation of the environmental assumptions made. issued by the Ministry of Environment and Sanitation on the 22 November 2007.
At Syama there are three key practices for disposal of wastes and residues
namely, stacking of waste rock from open pit mining; storage of tailings from
mineral processes; and "tall-stack dispersion" of sulphur dioxide from the
roasting of gold bearing concentrate.
The Environmental & Social Impact Study - "Société des Mines de Syama,
Syama Gold Mine, Mali, dated 2007, found "a minimal potential for acid
drainage from waste rock, as historical analysis indicates that the high
carbonate content of the material will suppress any potential acid
generation." Progressive rehabilitation of waste rock landforms has begun and
a management plan for waste rock dumping is the subject of ongoing
development.
The landform of tailings impoundments does not have a net acid generating
potential. The largest volume is flotation tailings where the sulphide
minerals have already been removed from the host rock. Its mineralogy includes
carbonates which further buffer any acid-formation potential from sulphides
that may also be present.
Cyanide levels in the leached-calcine tailings are typically less than 50 ppm
in the weak acid dissociable form. Groundwater away from the tailings landform
is intercepted by trenches and sump pumps.
Sulphur dioxide is generated from the roasting of gold concentrate so that
gold can be extracted and refined. Tall-Stack "dispersion" of the sulphur
dioxide emission is monitored continuously. Prevailing weather and dissipation
of the sulphur dioxide is modelled daily to predict the need to pause the
roasting process in order to meet the air quality criteria set out in the
Environmental & Social Impact Study.
Bulk density · Whether assumed or determined. If assumed, the basis for the Bulk density values have been determined through analysis of rock and diamond
assumptions. If determined, the method used, whether wet or dry, the frequency core samples.
of the measurements, the nature, size and representativeness of the samples.
A total of 965 bulk density measurements have been gathered using the water
· The bulk density for bulk Material must have been measured by immersion method. No significant variation has been observed by rock type or
methods that adequately account for void spaces (vugs, porosity, etc), mineralised status.
moisture and differences between rock and alteration zones within the deposit.
An average bulk density value has been assigned to each of the oxide,
· Discuss assumptions for bulk density estimates used in the transitional, and fresh material across the deposit.
evaluation process of the different materials.
Classification · The basis for the classification of the Mineral Resources into Mineral Resources were classified in accordance with the Australasian Code for
varying confidence categories. the Reporting of Exploration Results, Mineral Resources and Ore Reserves
(JORC, 2012).
· Whether appropriate account has been taken of all relevant factors
(i.e. relative confidence in tonnage/grade estimations, reliability of input The deposit has been classified as Measured, Indicated, and Inferred Mineral
data, confidence in continuity of geology and metal values, quality, quantity Resource based on a combination of quantitative and qualitative criteria which
and distribution of the data). include geologic continuity, confidence in volume models, data quality, sample
spacing, lode continuity, and estimation parameters (number of informing
· Whether the result appropriately reflects the Competent Person's composites, estimation pass number, kriging quality parameters, and minimum
view of the deposit. and average distance composites).
The Measured portion of the Resource was defined using areas populated on the
first estimation pass, within 20m of informing composites; the kriging
efficiency and slope of regression were generally >=0.7; and high
confidence exists in lode continuity (strike and thickness).
The Indicated portion of the Resource was defined using areas populated on the
first two estimation passes within 50m of informing composites; the kriging
efficiency and slope of regression were generally >=0.7; and moderate to
high confidence exists in lode continuity (strike and thickness).
Mineralisation that not classified by the above parameters has been classified
as Inferred.
The input data is comprehensive in its coverage and does not favour or
misrepresent the in situ mineralisation. The definition of the mineralised
zones is based on a high level of geologic understanding from good quality
sample data, producing models of continuous mineralised lodes. Validation of
the block model shows good correlation of the input data to the block
estimated grades.
The Mineral Resource estimate appropriately reflects the view of the Competent
Person.
Audits or reviews · The results of any audits or reviews of Mineral Resource estimates. No external audit of the Resource has been completed.
Discussion of relative accuracy/ confidence · Where appropriate a statement of the relative accuracy and The relative accuracy of the Mineral Resource estimate is reflected in the
confidence level in the Mineral Resource estimate using an approach or reporting of Measured, Indicated and Inferred as per the guidelines of the
procedure deemed appropriate by the Competent Person. For example, the 2012 JORC Code.
application of statistical or geostatistical procedures to quantify the
relative accuracy of the resource within stated confidence limits, or, if such
an approach is not deemed appropriate, a qualitative discussion of the factors
that could affect the relative accuracy and confidence of the estimate.
· The statement should specify whether it relates to global or local
estimates, and, if local, state the relevant tonnages, which should be
relevant to technical and economic evaluation. Documentation should include
assumptions made and the procedures used.
· These statements of relative accuracy and confidence of the
estimate should be compared with production data, where available.
Section 4 Estimation and Reporting of Ore Reserves
CRITERIA JORC CODE EXPLANATION COMMENTARY
Mineral Resource estimate for conversion to Ore Reserves · Description of the Mineral Resource estimate used as a basis for The Ore Reserves are based on the Mineral Resource estimate detailed in the
the conversion to an Ore Reserve. ASX release dated October 2025. The resource was reported above a 1.0 g/t gold
grade cut-off, based on an equivalent gold price of US$4,000/oz and using an
· • Clear statement as to whether the Mineral Resources are Open pit mining methodology. The Material below this cut-off is not included
reported additional to, or inclusive of, the Ore Reserve. in the Mineral Resource.
Ore Reserves are the Material reported as a sub-set of the resource, that
which can be extracted from the region and processed with an economically
acceptable outcome.
Site visits · Comment on any site visits undertaken by the Competent Person and .The Competent Person, Mr Kitwa Ndjibu, is a full-time employee of Resolute
the outcome of those visits. Mining Ltd and a Member of the Australasian Institute of Mining and
Metallurgy.
· • If no site visits have been undertaken indicate why this is
the case. Regular site visit to the project area was conducted during the year 2025, and
weekly contact with site teams was maintained throughout the period. These
site visits help to validate technical and operating assumptions used in the
preparation of these ore reserves
The site visit reviewed the project site and proposed waste dump location, a
review of current operations at Syama and Tabakoroni, existing open pit
infrastructure available, a review of selected drill core and various meetings
were held with site personnel key stakeholders to the study.
Study status · •The type and level of study undertaken to enable Mineral Syama North Consist of A21, Beta, Alpha & Ba04.
Resources to be converted to Ore Reserves.
Feasibility Studies were completed for mining of Open pit satellite deposits
· •The Code requires that a study to at least Pre-Feasibility in 2016, and mining of satellite pits has been occurring since 2016. Recent
Study level has been undertaken to convert Mineral Resources to Ore Reserves. drilling in Syama North has identified a significant resource in sulphide,
Such studies will have been carried out and will have determined a mine plan spread across the Syama North region, an extension to the known oxide deposit.
that is technically achievable and economically viable, and that Material Additional drilling was completed targeting the A21 area and the resource
Modifying Factors have been considered. model was updated in August 2023 with additional information. Pit was
reoptimized using the new model and redesigned to match the latest
optimisation. All Reserves were declared as Probable as more test works and
drilling is ongoing to firm up the modifying factors (geotechnical inputs).
The work undertaken to date has addressed all material Modifying Factors
required for the conversion of a Mineral Resources estimate into an Ore
Reserve estimate and has shown material change to the reserve; i.e, change in
tonnes, grades, rock type (Oxide; Transisitional and Fresh). Furthermore, the
result shows that the mine plan is technically feasible and economically
viable.
Cut-off parameters · •The basis of the cut-off grade(s) or quality parameters Based on the economic parameters described in subsequent sections, calculated
applied. mill cut of grade of the fresh representing more than 95% of Syama North ore
is approximately 1.0g/t. Oxide and Transition ore COG is 0.8g/t..
Mining factors or assumptions · •The method and assumptions used as reported in the The reported Ore Reserve estimates for Syama North are based on pit
Pre-Feasibility or Feasibility Study to convert the Mineral Resource to an Ore optimisations conducted using the Lerchs-Grossman (LG) algorithm utilizing the
Reserve (i.e. either by application of appropriate factors by optimization or in Whittle to calculate the optimal pit at specific input parameters and pit
by preliminary or detailed design). designs. Costs are based on existing contract mining and haulage rates and
site costs which are understood with a high degree of accuracy.
· •The choice, nature and appropriateness of the selected mining
method(s) and other mining parameters including associated design issues such Mining is planned to be undertaken by conventional open pit methods of drill
as pre-strip, access, etc. and blast, followed by load and haul.
· •The assumptions made regarding geotechnical parameters (e.g. Detailed pit design work was completed based on pit optimisations result. Only
pit slopes, stope sizes, etc.), grade control and pre-production drilling. Measured and Indicated Resources were used in the pit optimisation.
· •The major assumptions made and Mineral Resource model used for Overall slope angles are dependent on rock type; at Syama North, Geotechnical
pit and stope optimization (if appropriate). consultants provided slope design parameters after numerical modelling done
results of geotechnical drilling. (See Geotechnical report).
· •The mining dilution factors used.
A 10% dilution and 5 % mining loss factor applied at Syama North,. All
· •The mining recovery factors used. Inferred material is treated as waste and is excluded from Reserve Reporting.
· •Any minimum mining widths used. Inferred Mineral Resources are not included in the pit optimisation and pit
design. A mining and production schedule were completed with Inferred Mineral
· •The manner in which Inferred Mineral Resources are utilized in Resource treated as waste. As a result, the conversion of Inferred Mineral
mining studies and the sensitivity of the outcome to their inclusion. Resource to processed product is not required for the overall financial
viability of the project.
· •The infrastructure requirements of the selected mining
methods.
Metallurgical factors or assumptions · •The metallurgical process proposed and the appropriateness of Metallurgical test work was conducted on multiple samples. The tests indicated
that process to the style of mineralization. that, similarly to the Syama ore. The processing of the ore will be similar
to that of the Syama sulphide circuit which has been in operation for several
· •Whether the metallurgical process is well-tested technology or years and is well understood, consisting of the following stages:
novel in nature.
· Crushing and grinding utilising the existing oxide process plant
· •The nature, amount and representativeness of metallurgical infrastructure
test work undertaken, the nature of the metallurgical domaining applied and
the corresponding metallurgical recovery factors applied. · Gravity gold recovery utilising the existing oxide gravity
circuit
· •Any assumptions or allowances made for deleterious elements.
· Flotation to produce a sulphide rich concentrate
· •The existence of any bulk sample or pilot scale test work and
the degree to which such samples are considered representative of the ore body · Concentrate thickening
as a whole.
· Roasting, followed by calcine quench and wash
· •For minerals that are defined by a specification, has the ore
reserve estimation been based on the appropriate mineralogy to meet the · Carbon-in-leach (CIL)
specifications?
· Tailings disposal
The oxide crushing and grinding circuit has an oxide capacity of 1.6 Mtpa, and
Sulphide crushing & grinding has a sulphide capacity of 2.4 Mtpa. PFS
study was undertaken, the expansion of the oxide circuit to a dual feed
circuit to feed additional Sulphide ore once the oxide ore depletes is under
construction.
The Syama roaster, CIL circuit and tailings storage facility has enough
capacity to process the additional concentrate from Syama North Sulphide ore
stream.
A total gold recovery of 86%, 80% and 78%, has been assumed for Oxide,
Transitional and Fresh Material respectively, based on test results to date.
This is in line with similar ore being processed at Syama.
Environmental · •The status of studies of potential environmental impacts of An active waste rock characterisation program has been put in place.
the mining and processing operation. Details of waste rock characterization Potentially Acid Forming (PAF) and Non Acid Forming (NAF) will be identified
and the consideration of potential sites, status of design options considered for waste material dumping in light of closure plan consideration.
and, where applicable, the status of approvals for process residue storage and
waste dumps should be reported. Ore from these pits will be processed at Syama and tailings storage will be
impounded in existing tailings storage area.
Infrastructure · •The existence of appropriate infrastructure: availability of These pits will be supported by existing infrastructure at Syama as they are
land for plant development, power, water, transportation (particularly for close to the main facility.
bulk commodities), labour, accommodation; or the ease with which the
infrastructure can be provided, or accessed.
Costs · •The derivation of, or assumptions made, regarding projected The Syama North pits are located within approximately 8km of Syama. Ore is
capital costs in the study. trucked to Syama where it is processed at Syama. General and administration
costs are shared between the oxide plant and the sulphide plant. As part of
· •The methodology used to estimate operating costs. ongoing operations, capital and operating budgets are prepared from first
principles and considering existing contractual agreements.
· •Allowances made for the content of deleterious elements.
The processing plant produces gold doré (without problematic deleterious
· •The derivation of assumptions made of metal or commodity elements) that is subsequently refined offsite. Refining costs are not
price(s), for the principal minerals and co- products. material.
· •The source of exchange rates used in the study. · Exchange rates used for planning purposes are from consensus
forecasts provided by external corporate advisers.
· •Derivation of transportation charges.
· Ad valorem Government royalties of 10.5 % are payable on gold
· •The basis for forecasting or source of treatment and refining production.
charges, penalties for failure to meet specification, etc.
· •The allowances made for royalties payable, both Government and
private.
Revenue factors · •The derivation of, or assumptions made regarding revenue A gold price of US$2,300/oz formed the basis of the Ore Reserves. Gold prices
factors including head grade, metal or commodity price(s) exchange rates, used for planning are from consensus forecasts provided by external corporate
transportation and treatment charges, penalties, net smelter returns, etc. advisers.
· •The derivation of assumptions made of metal or commodity No penalties are incurred, nor is any revenue received from co-products.
price(s), for the principal metals, minerals and co-products.
Market assessment · •The demand, supply and stock situation for the particular The gold market is robust with the prevailing gold price being well above
commodity, consumption trends and factors likely to affect supply and demand US$2,300/oz.
into the future.
Supply and demand are not considered material to the Ore Reserve calculations.
· •A customer and competitor analysis along with the
identification of likely market windows for the product.
· •Price and volume forecasts and the basis for these forecasts.
· •For industrial minerals the customer specification, testing
and acceptance requirements prior to a supply contract.
Economic · •The inputs to the economic analysis to produce the net present The financial evaluation undertaken as part of the evaluation indicated a
value (NPV) in the study, the source and confidence of these economic inputs positive net present value (NPV) at a 7% annual discount rate. The following
including estimated inflation, discount rate, etc. major economic inputs were used:
· •NPV ranges and sensitivity to variations in the significant · Costs as previous described
assumptions and inputs.
· Gold price of US$2300/oz
· Royalties of 10.5%
· Effective tax rate of 25% (Corporate tax rate of 30% with 5%
discount provided by the Malian government to Tabakoroni)
· Discount rate of 7% per annum for real, post-tax cash flows.
Social · •The status of agreements with key stakeholders and matters The Syama North Pits fall within the Syama exploitation permit and will be
leading to social license to operate. managed and operated by SOMISY SA.
Development of the Northern pits requires updating of the SOMISY ESIA. The
ESIA process requires consultation with local community and government
leadership and other relevant stakeholders. Engagement will continue up to and
during operations including the payment of compensation to farmers whose
fields are disturbed as per Malian legal requirements.
Malian nationals are anticipated to fill most operating and management
positions related to the Southern Satellite open pits. The intention is to
encourage economic development within the local community
Other · •To the extent relevant, the impact of the following on the All current government agreements and approvals are in good standing and no
project and/or on the estimation and classification of the Ore Reserves: anticipated changes are expected. Political instability is a potential risk in
Mali, but the owner has many years operating experience in this environment
· •Any identified material naturally occurring risks. through the current Syama operations. The current Malian government is
supportive of mining operations and the current Syama and operations are in
· •The status of material legal agreements and marketing good standing with the authorities. There are no current unresolved matters
arrangements. affecting this project.
· •The status of governmental agreements and approvals critical
to the viability of the project, such as mineral tenement status, and
government and statutory approvals. There must be reasonable grounds to expect
that all necessary Government approvals will be received within the timeframes
anticipated in the Pre-Feasibility or Feasibility study. Highlight and discuss
the materiality of any unresolved matter that is dependent on a third party on
which extraction of the reserve is contingent.
Classification · •The basis for the classification of the Ore Reserves into Proved and Probable Ore Reserves were declared based on the Measured and
varying confidence categories. Indicated Mineral Resources.
· •Whether the result appropriately reflects the Competent The Ore Reserve estimate appropriately reflects the Competent Person's view of
Person's view of the deposit. the deposit.
· •The proportion of Probable Ore Reserves that have been derived None of the Measured Mineral Resource was converted to Proven Ore Reserves as
from Measured Mineral Resources (if any). the PFS study for plant expansion is underway.
Audits or reviews · •The results of any audits or reviews of Ore Reserve estimates. No external audits of Resources/Reserves were undertaken.
Discussion of relative accuracy/ confidence · •Where appropriate a statement of the relative accuracy and The relative accuracy and confidence of the Ore Reserve estimate is inherent
confidence level in the Ore Reserve estimate using an approach or procedure in the Ore Reserve Classification.
deemed appropriate by the Competent Person. For example, the application of
statistical or geostatistical procedures to quantify the relative accuracy of All the parameters assumed and adopted along with financial modelling and
the reserve within stated confidence limits, or, if such an approach is not analysis have been subject to internal peer review.
deemed appropriate, a qualitative discussion of the factors which could affect
the relative accuracy and confidence of the estimate.
· •The statement should specify whether it relates to global or
local estimates, and, if local, state the relevant tonnages, which should be
relevant to technical and economic evaluation. Documentation should include
assumptions made and the procedures used.
· •Accuracy and confidence discussions should extend to specific
discussions of any applied Modifying Factors that may have a Material impact
on Ore Reserve viability, or for which there are remaining areas of
uncertainty at the current study stage.
· •It is recognized that this may not be possible or appropriate
in all circumstances. These statements of relative accuracy and confidence of
the estimate should be compared with production data, where available.
Syama Satellite Deposits - Cashew NE, Paysans, Tellem
Section 1 Sampling Techniques and Data
CRITERIA JORC CODE EXPLANATION COMMENTARY
Sampling techniques · Nature and quality of sampling (e.g. cut channels, random chips, or The samples were collected from reverse circulation (RC) and diamond core
specific specialised industry standard measurement tools appropriate to the drill holes.
minerals under investigation, such as down hole gamma sondes, or handheld XRF
instruments, etc.). These examples should not be taken as limiting the broad RC samples were collected on 1m intervals by riffle split (dry) or by scoop
meaning of sampling. (wet), to obtain a 1-3kg sample which was sent to the laboratory for crushing,
splitting and pulverising to provide a 30g charge for analysis.
· Include reference to measures taken to ensure sample representivity
and the appropriate calibration of any measurement tools or systems used. Diamond core was sampled at 1m intervals and cut in half, to provide a 2-4kg
sample, which was sent to the laboratory for crushing, splitting and
· Aspects of the determination of mineralisation that are Material to pulverising to provide a 30g charge for analysis.
the Public Report.
Sampling and sample preparation protocols are industry standard and are deemed
· In cases where 'industry standard' work has been done this would be appropriate by the Competent Person.
relatively simple (e.g. 'reverse circulation drilling was used to obtain 1 m
samples from which 3 kg was pulverised to produce a 30 g charge for fire
assay'). In other cases more explanation may be required, such as where there
is coarse gold that has inherent sampling problems. Unusual commodities or
mineralisation types (e.g. submarine nodules) may warrant disclosure of
detailed information.
Drilling techniques · Drill type (e.g. core, reverse circulation, open-hole hammer, Drill types used include diamond core of PQ and HQ sizes and RC.
rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter,
triple or standard tube, depth of diamond tails, face-sampling bit or other Core is oriented at 3m down hole intervals using a Reflex Act II RD
type, whether core is oriented and if so, by what method, etc.). Orientation Tool.
Drill sample recovery · Method of recording and assessing core and chip sample recoveries Drill core interval recoveries are measured from core block to core block
and results assessed. using a tape measure.
· Measures taken to maximise sample recovery and ensure Appropriate measures are taken to maximise sample recovery and ensure the
representative nature of the samples. representative nature of the samples.
· Whether a relationship exists between sample recovery and grade and No apparent relationship is noted between sample recovery and grade.
whether sample bias may have occurred due to preferential loss/gain of
fine/coarse material.
Logging · Whether core and chip samples have been geologically and Drill holes were geologically logged by geologists for colour, grainsize,
geotechnically logged to a level of detail to support appropriate Mineral lithology, minerals, alteration and weathering on geologically-domained
Resource estimation, mining studies and metallurgical studies. intervals.
· Whether logging is qualitative or quantitative in nature. Core (or Geotechnical and structure orientation data was measured and logged for all
costean, channel, etc.) photography. diamond core intervals.
· The total length and percentage of the relevant intersections Diamond core was photographed (wet and dry).
logged.
Holes were logged in their entirety (100%) and this logging was considered
reliable and appropriate.
Sub-sampling techniques and sample preparation · If core, whether cut or sawn and whether quarter, half or all core Diamond core was sampled at 1m intervals and cut in half to obtain a 2-4kg
taken. sample.
· If non-core, whether riffled, tube sampled, rotary split, etc. and Reverse circulation samples were collected on 1m intervals by riffle split
whether sampled wet or dry. (dry) or by scoop (wet) to obtain a 1-3kg sample.
· For all sample types, the nature, quality and appropriateness of Sample preparation for diamond core and RC samples includes oven drying,
the sample preparation technique. crushing to 10mm, splitting and pulverising to 85% passing -75µm. These
preparation techniques are deemed to be appropriate to the material being
· Quality control procedures adopted for all sub-sampling stages to sampled.
maximise representivity of samples.
Drill core coarse duplicates were split by the laboratory after crushing at a
· Measures taken to ensure that the sampling is representative of the rate of 1:20 samples. Reverse circulation field duplicates were collected by
in-situ material collected, including for instance results for field the company at a rate of 1:20 samples.
duplicate/second-half sampling.
Sampling, sample preparation and quality control protocols are of industry
· Whether sample sizes are appropriate to the grain size of the standard and all attempts were made to ensure an unbiased representative
material being sampled. sample was collected. The methods applied in this process were deemed
appropriate by the Competent Person.
Quality of assay data and laboratory tests · The nature, quality and appropriateness of the assaying and All samples were dispatched to ALS Bamako for gold analysis by 30g fire assay
laboratory procedures used and whether the technique is considered partial or fusion with AAS instrument finish (method code Au-AA25). Over-range results
total. were re-analysed and reported by 30g fire assay fusion with gravimetric finish
(method code Au-GRA21). The analytical method was appropriate for the style of
· For geophysical tools, spectrometers, handheld XRF instruments, mineralisation.
etc., the parameters used in determining the analysis including instrument
make and model, reading times, calibrations factors applied and their No geophysical tools were used to determine elemental concentrations.
derivation, etc.
Quality control (QC) procedures included the use of certified standards
· Nature of quality control procedures adopted (e.g. standards, (1:40), non-certified sand blanks (1:40), diamond core coarse duplicates
blanks, duplicates, external laboratory checks) and whether acceptable levels (1:20) and reverse circulation field duplicates (1:20).
of accuracy (i.e. lack of bias) and precision have been established.
Laboratory quality control data, including laboratory standards, blanks,
duplicates, repeats, grind size results and sample weights were also captured
into the digital database.
Analysis of the QC sample assay results indicates that an acceptable level of
accuracy and precision has been achieved.
Verification of sampling and assaying · The verification of significant intersections by either independent Verification of significant intersections have been completed by company
or alternative company personnel. personnel and the Competent Person.
· The use of twinned holes. No drill holes within the resource area were twinned.
· Documentation of primary data, data entry procedures, data Drill holes were logged into digital templates with lookup codes, validated
verification, data storage (physical and electronic) protocols. and then compiled into a relational SQL 2012 database using DataShed data
management software. The database has verification protocols which are used to
· Discuss any adjustment to assay data. validate the data entry. The drill hole database is backed up on a daily basis
to the head office server.
Assay result files were reported by the laboratory in PDF and CSV format and
imported into the SQL database without adjustment or modification.
Location of data points · Accuracy and quality of surveys used to locate drill holes (collar Collar coordinates were picked up in UTM (WGS84) by staff surveyors using an
and down-hole surveys), trenches, mine workings and other locations used in RTK DGPS with an expected accuracy of ±0.05m; elevations were height above
Mineral Resource estimation. EGM96 geoid.
· Specification of the grid system used. Down hole surveys were collected at intervals between 5m and 30m using either
a Reflex EZ-Gyro north seeking instrument or a Reflex EZ-Trac magnetic
· Quality and adequacy of topographic control. instrument in single shot or multi shot mode. A time-dependent declination was
applied to the magnetic readings to determine UTM azimuth.
Coordinates and azimuths are reported in UTM WGS84 Zone 29 North.
Coordinates were translated to local mine grid using 1 point and rotation.
Local topographic control is via LIDAR surveys, satellite photography and
drone UAV aerial survey.
Data spacing and distribution · Data spacing for reporting of Exploration Results. Drill hole spacing was sufficient to demonstrate geological and grade
continuity appropriate for a Mineral Resource and the classifications applied
· Whether the data spacing and distribution is sufficient to under the 2012 JORC Code.
establish the degree of geological and grade continuity appropriate for the
Mineral Resource and Ore Reserve estimation procedure(s) and classifications The appropriateness of the drill spacing was reviewed by the geological
applied. technical team, both on site and head office. This was also reviewed by the
Competent Person.
· Whether sample compositing has been applied.
Samples were collected on 1m intervals; no sample compositing is applied
during sampling.
Orientation of data in relation to geological structure · Whether the orientation of sampling achieves unbiased sampling of Holes were drilled predominantly perpendicular to mineralised domains where
possible structures and the extent to which this is known, considering the possible.
deposit type.
No orientation-based sampling bias has been identified in the data.
· If the relationship between the drilling orientation and the
orientation of key mineralised structures is considered to have introduced a
sampling bias, this should be assessed and reported if material.
Sample security · The measures taken to ensure sample security. Samples were collected from the drill site and stored on site. All samples
were individually bagged and labelled with unique sample identifiers, then
securely dispatched to the laboratories. All aspects of sampling and dispatch
process were supervised and tracked by SOMIFI personnel.
Audits or reviews · The results of any audits or reviews of sampling techniques and External audits of procedures indicate protocols are within industry
data. standards.
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 Drilling at Syama was conducted within the Malian Exploitation Concession
agreements or material issues with third parties such as joint ventures, Permit PE 93/003 which covers an area of 200.6 Km2.
partnerships, overriding royalties, native title interests, historical sites,
wilderness or national park and environmental settings. Resolute Mining Limited has an 80% interest in the Syama project and the
Exploitation Permit PE 93/003, on which it is based, through its Malian
· The security of the tenure held at the time of reporting along with subsidiary, Sociêtê des Mines de Syama SA (SOMISY). The Malian Government
any known impediments to obtaining a licence to operate in the area. holds a free carried 20% interest in SOMISY.
The Permits are held in good standing. Malian mining law provides that all
Mineral Resources are administered by DNGM (Direction Nationale de la
Géologie et des Mines) or National Directorate of Geology and Mines under the
Ministry of Mines, Energy and Hydrology.
Exploration done by other parties · Acknowledgment and appraisal of exploration by other parties. The Syama deposit was originally discovered by a regional geochemical survey
undertaken by the Direction National de Géologie et des Mines (DNGM) with
assistance from the United Nations Development Program (UNDP) in 1985. There
had also been a long history of artisanal activities on the hill where an
outcropping chert horizon originally marked the present-day position of the
open pit.
BHP during 1987-1996 sampled pits, trenches, auger, RC and diamond drill holes
across Syama prospects. Randgold Resources Ltd during 1996-2000 sampled pits,
trenches, auger, RAB, RC and diamond drill holes across Syama prospects.
Etruscan Resources Inc explored Tabakoroni during 2002-2003 by auger, aircore,
RC and diamond drill hole tails. The Tabakoroni area was previously explored
Barrick Gold (1990) by auger, pits, trenches, RAB and diamond core drilling.
Geology · Deposit type, geological setting and style of mineralisation. The Syama Project is found on the northern margin of the Achaean-Proterozoic
Leo Shield which forms the southern half of the West African Craton. The
project area straddles the boundary between the Kadiana-Madinani terrane and
the Kadiolo terrane. The Kadiana-Madinani terrane is dominated by greywackes
and a narrow belt of interbedded basalt and argillite. The Kadiolo terrane
comprises polymictic conglomerate and sandstone that were sourced from the
Kadiana-Madinani terrane and deposited in a late- to syntectonic basin.
Prospects are centred on the NNE striking, west dipping, Syama-Bananso Fault
Zone and Birimian volcano-sedimentary units of the Syama Formation. The major
commodity being sought is gold.
· A summary of all information material to the understanding of the All information, including easting, northing, elevation, dip, azimuth,
exploration results including a tabulation of the following information for coordinate system, drill hole length, intercept length and depth are measured
Drill hole Information all Material drill holes: and recorded in UTM Zone 29 WGS84.
o easting and northing of the drill hole collar The Syama belt is mostly located on the Tengrela 1/200,000 topo sheet (Sheet
NC 29-XVIII).
o elevation or RL (Reduced Level - elevation above sea level in metres) of
the drill hole collar Spectrum Survey & Mapping from Australia established survey control at
Tabakoroni using AusPos online processing to obtain an accurate UTM Zone 29
o dip and azimuth of the hole (WGS84) and 'above geoid' RL for the origin of the survey control points.
o down hole length and interception depth Accuracy of the survey measurements is considered to meet acceptable industry
standards.
o Whole length.
Drill hole information has been tabulated for this release in the intercepts
· If the exclusion of this information is justified on the basis that table of the accompanying text.
the information is not Material and this exclusion does not detract from the
understanding of the report, the Competent Person should clearly explain why For completeness the following information about the drill holes is provided:
this is the case.
· Easting, Northing and RL of the drill hole collars are measured
and recorded in UTM Zone 29 (WGS84)
· Dip is the inclination of the drill hole from horizontal. A drill
hole drilled at -60° is 60° from the horizontal
· Down hole length is the distance down the inclination of the hole
and is measured as the distance from the horizontal to end of hole
· Intercept depth is the distance from the start of the hole down
the inclination of the hole to the depth of interest or assayed interval of
interest.
Data aggregation methods · In reporting Exploration Results, weighting averaging techniques, Exploration results are tabulated using the following parameters:
maximum and/or minimum grade truncations (e.g. cutting of high grades) and
cut-off grades are usually Material and should be stated. · Grid coordinates are WGS84 Zone 29 North
· Where aggregate intercepts incorporate short lengths of high-grade · Cut-off grade for reporting of intercepts is >=1g/t Au
results and longer lengths of low-grade results, the procedure used for such
aggregation should be stated and some typical examples of such aggregations · No top cut of individual assays prior to length weighted
should be shown in detail. compositing of the reported intercept has been applied.
· The assumptions used for any reporting of metal equivalent values · Maximum 3m consecutive internal dilution included within the
should be clearly stated. intercept.
Metal equivalent values are not used in reporting.
Relationship between mineralisation widths and intercept lengths · These relationships are particularly important in the reporting of The Cashew NE, and Paysans mineralisation is shallowly dipping at about 30
Exploration Results. degrees to the west (local grid).
· If the geometry of the mineralisation with respect to the drill The majority of the Tellem mineralisation is narrow and sub vertical.
hole angle is known, its nature should be reported.
The majority of the drill holes are planned at a general inclination of ‑60
· If it is not known and only the down hole lengths are reported, degrees east and as close to perpendicular to the ore zone as possible.
there should be a clear statement to this effect (e.g. 'down hole length, true
width not known'). At the angle of the drill holes and the dip of the ore zones, the reported
intercepts will be slightly more than true width.
Diagrams · Appropriate maps and sections (with scales) and tabulations of No exploration results have been reported in this release.
intercepts should be included for any significant discovery being reported
These should include, but not be limited to a plan view of drill hole collar
locations and appropriate sectional views.
Balanced reporting · Where comprehensive reporting of all Exploration Results is not Significant intercepts of new drill holes have not been reported in this
practicable, representative reporting of both low and high grades and/or release.
widths should be practiced to avoid misleading reporting of Exploration
Results.
Other substantive exploration data · Other exploration data, if meaningful and material, should be No geophysical and geochemical data or any additional exploration information
reported including (but not limited to): geological observations; geophysical has been reported in this release, as they are not deemed relevant to the
survey results; geochemical survey results; bulk samples - size and method of release.
treatment; metallurgical test results; bulk density, groundwater, geotechnical
and rock characteristics; potential deleterious or contaminating substances.
Further work · The nature and scale of planned further work (e.g. tests for Further drilling is planned.
lateral extensions or depth extensions or large-scale step-out drilling).
· Diagrams clearly highlighting the areas of possible extensions,
including the main geological interpretations and future drilling areas,
provided this information is not commercially sensitive.
Section 3 Estimation and Reporting of Mineral Resources
CRITERIA JORC CODE EXPLANATION COMMENTARY
Database · Measures taken to ensure that data has not been corrupted by, for Cashew NE,Paysans and Tellem
example, transcription or keying errors, between its initial collection and
integrity its use for Mineral Resource estimation purposes. Data have been compiled into a relational SQL database; the setup of this
database precludes the loading of data which do not meet the required
· Data validation procedures used. validation protocols. The data is managed using DataShed© drill hole
management software using SQL database techniques. Validation checks are
conducted using SQL and DataShed© relational database standards. Data has
also been checked against original hard copies for 100% of the data, and where
possible, loaded from original data sources.
Resolute completed the following basic validation checks on the data supplied
prior to resource estimation:
· Drill holes with overlapping sample intervals
· Sample intervals with no assay data or duplicate records
· Assay grade ranges
· Collar coordinate ranges
· Valid hole orientation data.
There are no significant issues identified with the data.
Site visits · Comment on any site visits undertaken by the Competent Person and Mr Bruce Mowat, a full-time employee of Resolute Mining Ltd and a Member of
the outcome of those visits. the Australasian Institute of Mining and Metallurgy is the Competent Person
who has visited this site multiple times during a tenure of more than 14 years
· If no site visits have been undertaken indicate why this is the with the company.
case.
Geological interpretation · Confidence in (or conversely, the uncertainty of) the geological Cashew NE and Paysans
interpretation of the mineral deposit.
The digital database used for the interpretation included logged intervals for
· Nature of the data used and of any assumptions made. the key stratigraphic zones of Cashew NE, Paysans and Tellem. Detailed
geological logs were available in hardcopy and digital and reviewed where
· The effect, if any, of alternative interpretations on Mineral necessary.
Resource estimation.
Wireframes used to constrain the estimation are based on drill hole intercepts
· The use of geology in guiding and controlling Mineral Resource and geological boundaries. All wireframes at Cashew NE and Paysans have been
estimation. constructed to a 0.3g/t Au cut-off grade for shape consistency. At Tellem they
were constructed at nominal 0.1 g/t Au mineralised envelope.
· The factors affecting continuity both of grade and geology.
There is a moderate level of confidence for the interpretation at Cashew NE,
Paysans, and Tellem due to the relatively close-spaced drilling at surface.
The mineralisation is generally quite consistent and drill intercepts clearly
define the shape of the mineralised zones with limited options for large scale
alternate interpretations.
Dimensions · The extent and variability of the Mineral Resource expressed as Cashew NE
length (along strike or otherwise), plan width, and depth below surface to the
upper and lower limits of the Mineral Resource. The mineral resource at Cashew comprises three individual domains they all dip
at about 30 degrees to the west (local grid) from surface and extend 200
metres down dip. The three domains extend for approximately 350 metres along
strike and the gold mineralised zone width varies between 1.5 and 20 metres,
with an average thickness of 7 metres.
Paysans
Three domains have been identified at Paysans. The three domains all dip at
about 30 degrees to the west (local grid) and extend for 300 metres down
dip. The mineralised zone width varies between 1.5 and 10 metres with an
average thickness of 3 metres. They strike north-south (local grid) for
approximately 1,700 metres. The deposit has been divided into three areas by
two faults which run east-west (local grid).
Tellem
There are three mineralised domains at Tellem. The three domains are narrow
sub vertical zone of stockwork veins modelled to be between a few metres to
1.5 metres in thickness. The strike length is approximately 4.3 kilometres
and covers a vertal extent of 270 metres.
Estimation and modelling techniques · The nature and appropriateness of the estimation technique(s) Cashew NE
applied and key assumptions, including treatment of extreme grade values,
domaining, interpolation parameters and maximum distance of extrapolation from Estimation was completed in Datamine Studio RM using an Ordinary Kriged model
data points. If a computer assisted estimation method was chosen include a to estimate the gold, sulphide sulphur and organic carbon grades. Grades
description of computer software and parameters used. were estimated into parent block of 5 mE by 5 mN by 2.5 mRL with sub- celling
down to 2.5 mE by 2.5 mN by 2.5 mRL was employed for resolution of the
· The availability of check estimates, previous estimates and/or mineralisation boundaries as defined by wireframes. The drill spacing at
mine production records and whether the Mineral Resource estimate takes Cashew is a nominal 25 by 25 metres for the exploration holes for the majority
appropriate account of such data. of the deposits and 50 by 50 metres around the periphery. The main part of
the deposit has been gc drilled out to 12.5 by 5 metres.
· The assumptions made regarding recovery of by- products.
Drillhole sample data was flagged using domain codes generated from
· Estimation of deleterious elements or other non-grade variables three-dimensional mineralisation domains. The samples were composited to 1
of economic significance (e.g. sulphur for acid mine drainage metre intervals.
characterization).
Variogram orientations were largely controlled by the strike of the
· In the case of block model interpolation, the block size in mineralisation and downhole variography. One set of variograms was generated
relation to the average sample spacing and the search employed. for all the mineralisation due to similar orientation of each of the domains.
· In the case of block model interpolation, the block size in Kriging neighbourhood analysis was performed to optimise the block size,
relation to the average sample spacing and the search employed. sample numbers and discretisation levels with the goal of minimising
conditional bias in the gold grade estimates.
· Any assumptions behind modelling of selective mining units.
The mineralisation domains were treated as hard boundaries in the estimation
· Any assumptions about correlation between variables. process while oxidation surfaces were treated as soft boundaries.
· Description of how the geological interpretation was used to Three search passes were used, with the first search pass set to the range of
control the resource estimates. the variogram for each domain. A minimum of 8 and a maximum of 30 samples
were used. The search stayed the same for the second pass but was increased
· Discussion of basis for using or not using grade cutting or by a factor of 2 for the third and final pass. The minimum number of samples
capping. was reduced to 6 for the second pass and 4 for the third pass.
· The process of validation, the checking process used, the No deleterious elements were found in the ore.
comparison of model data to drill hole data, and use of reconciliation data if
available. No selective mining units have been assumed.
Top cuts were applied to reduce the variability of the data and to remove the
outliers.
The estimated block model grades were visually validated against the input
drillhole data and comparisons were carried out against the drillhole data and
by northing and elevation slices. Global comparison between the input data
and the block grades for each variable is considered acceptable (±10%).
Paysans
Estimation was completed in Datamine Studio RM using an Ordinary Kriged model
to estimate the gold grade. Grades were estimated into parent block of 10 mE
by 20 mN (at Cashew, 25 mN at Paysans) by 5 mRL with sub- celling down to 2.5
mE by 2.5 mN by 2.5 mRL was employed for resolution of the mineralisation
boundaries as defined by wireframes. The drill spacing at Paysans is a
nominal 25 by 25 metres for the exploration holes for the majority of the
deposits and 50 by 50 metres around the periphery.
Drillhole sample data was flagged using domain codes generated from
three-dimensional mineralisation domains. The samples were composited to 1
metre intervals.
Variogram orientations were largely controlled by the strike of the
mineralisation and downhole variography. One set of variograms was generated
for all the mineralisation due to similar orientation of each of the domains
and sometimes lack of composites.
Kriging neighbourhood analysis was performed to optimise the block size,
sample numbers and discretisation levels with the goal of minimising
conditional bias in the gold grade estimates.
At Cashew mineralisation domains were treated as hard boundaries in the
estimation process while oxidation surfaces were treated as soft boundaries.
At Paysans the mineralisation domains were treated as hard boundaries as well
as the boundary between the transitional and fresh material within each
domain. The boundary between the oxide and transitional is treated as a soft
boundary.
Three search passes were used, with the first search pass set to the range of
the variogram for each domain. A minimum of 8 and a maximum of 30 samples
were used. The search stayed the same for the second pass but was increased
by a factor of 3 for the third and final pass. The minimum number of samples
was reduced to 6 for the second pass and 4 for the third pass.
No deleterious elements were found in the ore.
No selective mining units have been assumed.
Top cuts were applied to reduce the variability of the data and to remove the
outliers.
The estimated block model grades were visually validated against the input
drillhole data and comparisons were carried out against the drillhole data and
by northing and elevation slices. Global comparison between the input data
and the block grades for each variable is considered acceptable (±10%).
Tellem
Multiple Indicator Kriging (MIK) with block support adjustment to estimate
gold resources into blocks with dimensions of 10 mE by 25 mN by 5 mRL. MIK
of gold grades used indicator variography based on the two metre resource
composite sample grades. Gold grade continuity was characterised by
indicator variograms at 14 indicator thresholds spanning the global range of
grades. A block support adjustment was used to estimate the recoverable gold
resources at each deposit. The shape of the local block gold grade
distribution has been assumed lognormal and an additional adjustment for the
"Information Effect" has been applied to arrive at the final Mineral Resource
estimates.
MIK was used as the preferred method for estimation of gold resources at
Tellem as the approach has been demonstrated to work well in a large number of
deposits of diverse geological styles. The gold mineralisation seen at the
Tellem deposit is typical of that seen in most structurally controlled gold
deposits where the MIK method has been found to be of most benefit.
Data viewing, compositing and wire-framing were performed using Micromine
software. Exploratory data analysis, variogram calculation and modelling,
and resource estimation have been performed using FSSI Consultant (Australia)
Pty Ltd GS3M software. GS3M is designed specifically for estimation of
recoverable resources using MIK methodology.
The sample data set containing all available assaying were composited to two
metre intervals each located by their mid-point co-ordinates and assigned a
length weighted average gold grade. The composite length of two metres was
chosen because it is a multiple of the most common sampling interval (1.0
metre) and is also an appropriate choice for the kriging of gold into the
model blocks where open pit mining is undertaken on 2.5 metre benches.
Block dimensions are 10 mE by 25 mN by 5 mRL and was chosen as it approximates
the average drill hole spacing in the horizontal direction, with the 5m
elevation being a multiple of the mining bench height of 2.5m. The
interpolation utilised a 3 pass octant search strategy with search radii
generally in the order of category 1 searching 15m in the x, 25m in the y and
15m in the z direction, 16 minimum composites used, a maximum of 4 composites
per octant and a minimum of 4 octants with data. Category 2 uses a 50%
search distance increase but otherwise the same parameters and category 3 uses
the same search distance as category 2 but only requires 8 minimum composites
and only 2 octants require data. The search ellipse on each category is
consistently orientated orthogonal to modelling grid.
The 2m resource composites were initially coded by the mineralisation domain
interpretation and the resultant primary domain coding further subdivided
using the weathering surfaces to form sub-domains. Sample composites in each
primary and sub-domain combination were reviewed for their univariate and
indicator statistics and spatial continuity and were the basis of grade
modelling.
A combination of outlier high grade composites being ignored for each
sub-domain for the generation of the indicator statistics, and selection of
the median instead of mean for the highest indicator threshold were used to
guard against a few higher grades within the population from having a
disproportional influence on the gold estimation.
A block support adjustment was used to estimate the recoverable gold
resources. The shape of the local block gold grade distribution has been
assumed lognormal and an additional adjustment for the "Information Effect"
has been applied to arrive at the final Resource estimates. Selective mining
unit assumed to be in the general range 4mE by 8mN by 2.5mRL.
Visual validation of grade trends and gold distributions was carried out.
These is no mine production, so no comparisons were carried out.
Moisture · Whether the tonnages are estimated on a dry basis or with natural Cashew NE, Paysans,Tellem
moisture, and the method of determination of the moisture content.
All tonnages have been estimated on a dry basis.
Cut-off parameters · The basis of the adopted cut-off grade(s) or quality parameters Cashew NE, Paysans and Tellem
applied.
Mineral Resources for open pit extraction have been reported at a 1 g/t Au
grade cut-off.
Mining factors or assumptions · Assumptions made regarding possible mining methods, minimum Cashew NE, Paysans, Tellem
mining dimensions and internal (or, if applicable, external) mining dilution.
It is always necessary as part of the process of determining reasonable The Resource models assume that a moderate level of mining selectivity is
prospects for eventual economic extraction to consider potential mining achieved in open pit mining. It has been assumed that high quality grade
methods, but the assumptions made regarding mining methods and parameters when control will be applied to ore/waste delineation processes using RC drilling,
estimating Mineral Resources may not always be rigorous. Where this is the or similar, at a nominal (and no greater) spacing of 5 metre by 12.5 metre and
case, this should be reported with an explanation of the basis of the mining applying a pattern sufficient to ensure adequate coverage of the
assumptions made. mineralisation zones.
This is consistent with current mining practises at Syama.
Metallurgical factors or assumptions · The basis for assumptions or predictions regarding metallurgical Cashew NE, Paysans, Tellem
amenability. It is always necessary as part of the process of determining
reasonable prospects for eventual economic extraction to consider potential No metallurgical factors or assumptions have been made during the resource
metallurgical methods, but the assumptions regarding metallurgical treatment estimation process as these will be addressed during the conversion to Ore
processes and parameters made when reporting Mineral Resources may not always Reserves.
be rigorous. Where this is the case, this should be reported with an
explanation of the basis of the metallurgical assumptions made.
Environmental factors or assumptions · Assumptions made regarding possible waste and process residue Cashew NE, Paysans, Tellem
disposal options. It is always necessary as part of the process of determining
reasonable prospects for eventual economic extraction to consider the It is a requirement of Decree No.03-594/P-RM of 31 December 2003 of Malian law
potential environmental impacts of the mining and processing operation. While that an Environmental and Social Impact Study (Étude d'Impact Environmental
at this stage the determination of potential environmental impacts, et Social - EIES) must be undertaken to update the potential environmental and
particularly for a green fields project, may not always be well advanced, the social impacts of the mine's redevelopment. The EIES for the Syama Gold Mine
status of early consideration of these potential environmental impacts should (including Tabakoroni) was approved in November 2007 and an Environment Permit
be reported. Where these aspects have not been considered this should be (07- 0054/MEA - SG) was issued by the Ministry of Environment and Sanitation
reported with an explanation of the environmental assumptions made. on 22 November 2007. The Ministry of Environment conducts timely reviews of
the Syama Gold Mine to ensure that company maintains compliance with the EIES
guidelines.
At Syama, there are three key practices for disposal of wastes and residues
namely, stacking of waste rock from open pit mining; storage of tailings from
mineral processes; and "tall-stack dispersion" of sulphur dioxide from the
roasting of gold bearing concentrate. All waste disposal practices are in
accordance with the guidelines in the EIES.
The Environmental & Social Impact Study - "Société des Mines de Syama,
Syama Gold Mine, Mali", dated 2007 indicated there was minimal potential for
acid mine drainage from waste rock due to the elevated carbonate content which
buffers a potential acid generation. Resolute maintains a plan for
progressive rehabilitation of waste rock landforms as part of ongoing mine
development and waste rock dumping.
The landform of tailings impoundments does not have a net acid generating
potential. The largest volume is flotation tailings where the sulphide
minerals have already been removed from the host rock. Its mineralogy includes
carbonates which further buffer any acid-formation potential from sulphides
that may also be present.
Cyanide levels in the leached-calcine tailings are typically less than 50 ppm
in the weak acid dissociable form. Groundwater away from the tailings landform
is intercepted by trenches and sump pumps.
Sulphur dioxide is generated from the roasting of gold concentrate so that
gold can be extracted and refined. Tall-Stack "dispersion" of the sulphur
dioxide emission is monitored continuously. Prevailing weather and dissipation
of the sulphur dioxide is modelled daily to predict the need to pause the
roasting process to meet the air quality criteria set out in the Environmental
& Social Impact Study.
Bulk density · Whether assumed or determined. If assumed, the basis for the Paysans and Tellem
assumptions. If determined, the method used, whether wet or dry, the frequency
of the measurements, the nature, size and representativeness of the samples. No bulk density measurements have been taken at Paysans.
· The bulk density for bulk material must have been measured by An average SG was applied to the model by weathering type based on similar
methods that adequately account for void spaces (vugs, porosity, etc), deposits at Syama:
moisture and differences between rock and alteration zones within the deposit.
· Discuss assumptions for bulk density estimates used in the
evaluation process of the different materials. Oxide 1.80 t/m(3)
Transitional 2.40 t/m(3)
Fresh 2.70 t/m(3)
Cashew NE
One hole had density measurements at Cashew. The average density was
adjusted to reflect the density of this hole. The density was assigned based
on weathering:
Oxide 2.00 t/m(3)
Transitional 2.56 t/m(3)
Fresh 2.75 t/m(3)
Classification · The basis for the classification of the Mineral Resources into Cashew NE and Paysans
varying confidence categories.
The Indicated Mineral Resource classification is based on moderate confidence
· Whether appropriate account has been taken of all relevant in the geology and gold grade continuity with 25 m x 25 m spaced drillhole
factors (i.e. relative confidence in tonnage/grade estimations, reliability of density or less.
input data, confidence in continuity of geology and metal values, quality,
quantity and distribution of the data). The Inferred Mineral Resource classification is applied to extensions of
mineralised zones on the margins of the deposit where drill spacing is more
· Whether the result appropriately reflects the Competent Person's than 50 m x 50 m and the extents of mineralisation at depth.
view of the deposit.
The validation of the block model has confirmed satisfactory correlation of
the input data to the estimated grades and reproduction of data trends.
Tellem
The Resource model uses a classification scheme producing a resource code
based on the number and location of gold composites used to estimate
proportions and gold grade of each block. This is based on the principle that
larger numbers of composites, which are more evenly distributed within the
search neighbourhood, will provide a more reliable estimate.
The strategy adopted in the current study uses category 1 and 2 from the 3
pass octant search strategy as Indicated and category 3 as Inferred. This
results in a geologically sensible classification whereby Category 1 and 2 are
surrounded by data in close proximity. Category 3 blocks may occur on the
peripheries of drilling but are still related to drilling data within
reasonable distances.
The Mineral Resource estimates appropriately reflects the view of the
Competent Persons.
Audits or reviews · The results of any audits or reviews of Mineral Cashew NE, Paysans, Tellem
· Resource estimates. There has been no external review of the Mineral Resource estimate.
Discussion of relative accuracy/ confidence · Where appropriate a statement of the relative accuracy and Cashew NE, Paysans, Tellem
confidence level in the Mineral Resource estimate using an approach or
procedure deemed appropriate by the Competent Person. For example, the The Mineral Resource estimate has been classified based on the quality of the
application of statistical or geostatistical procedures to quantify the data collected, the density of data, the confidence of the geological models
relative accuracy of the resource within stated confidence limits, or, if such and mineralisation models, and the grade estimation quality. This has been
an approach is not deemed appropriate, a qualitative discussion of the factors applied to a relative confidence based on data density and zone confidence for
that could affect the relative accuracy and confidence of the estimate. resource classification. No relative statistical or geostatistical
confidence or risk measure has been generated or applied.
· The statement should specify whether it relates to global or
local estimates, and, if local, state the relevant tonnages, which should be The relative accuracy of the Mineral Resource estimate is reflected in the
relevant to technical and economic evaluation. Documentation should include reporting of Indicated and Inferred resource categories as defined by 2012
assumptions made and the procedures used. JORC Code guidelines.
· These statements of relative accuracy and confidence of the The estimate is considered to be relevant to an annual level of reporting of
estimate should be compared with production data, where available. tonnage and grade.
No production data available for comparison.
Section 4 Estimation and Reporting of Ore Reserves
CRITERIA JORC CODE EXPLANATION COMMENTARY
Mineral Resource estimate for conversion to Ore Reserves · Description of the Mineral Resource estimate used as a basis for Paysans
the conversion to an Ore Reserve.
Resources and Reserves at Paysans are reported above a 1 g/t cut-off. This was
· Clear statement as to whether the Mineral Resources are reported calculated as a marginal cut-off utilising open pit mining methods. Material
additional to, or inclusive of, the Ore Reserve. below this cut-off is not included in the mineral resource.
Ore Reserves are the material reported as a sub-set of the resource, that
which can be extracted from the mine and processed with an economically
acceptable outcome.
Mineral Resources are reported inclusive of Ore Reserves.
Site visits · Comment on any site visits undertaken by the Competent Person and Paysans
the outcome of those visits.
Mr Kitwa Ndjibu a member of the Australasian Institute of Mining and
· If no site visits have been undertaken indicate why this is the Metallurgy and is a Competent Person who has visited the site the project is
case. in the year 2025.
Study status · The type and level of study undertaken to enable Mineral Paysans_and Tellem
Resources to be converted to Ore Reserves.
Feasibility studies were completed for mining of open satellite deposits in
· The Code requires that a study to at least Pre-Feasibility Study 2009 and mining of satellite pits has been occurring since 2014.
level has been undertaken to convert Mineral Resources to Ore Reserves. Such
studies will have been carried out and will have determined a mine plan that Further optimisations have been undertaken in 2025 given the change in gold
is technically achievable and economically viable, and that material Modifying price and other inputs such as mining and processing costs. The
Factors have been considered. above-mentioned optimisations resulted in new pit designs at all sites,
Paysans
Cut-off parameters · The basis of the cut-off grade(s) or quality parameters applied. Paysans
Like at Syama North, the COG should be 0.8g/t as per economic parameters
described in subsequent sections but considering that mining activities will
only take place in 2025 where the gold price is higher than the long term's,
the COG of 0.6g/t could be applied. But a compromise has been used to select
0.7g/t as mill COG.
Mining factors or assumptions · The method and assumptions used as reported in the Paysans
Pre-Feasibility or Feasibility Study to convert the Mineral Resource to an Ore
Reserve (i.e. either by application of appropriate factors by optimization or The reported Ore Reserve estimates Cashew NE, Tellem and Paysans are based on
by preliminary or detailed design). pit optimisations conducted using the Lerchs-Grossman (LG) algorithm utilizing
the Whittle to determine the optimal pit at specific input parameters and pit
· The choice, nature and appropriateness of the selected mining designs. Costs are based on existing contract mining and haulage rates and
method(s) and other mining parameters including associated design issues such site costs which are understood with a high degree of accuracy.
as pre-strip, access, etc.
Mining is planned to be undertaken by conventional open pit methods of drill
· The assumptions made regarding geotechnical parameters (e.g. pit and blast, followed by load and haul.
slopes, stope sizes, etc.), grade control and pre-production drilling.
Detailed pit design work was completed based on pit optimisations using
· The major assumptions made and Mineral Resource model used for Whittle Four-X optimisation software. Only Measured and Indicated Resources
pit and stope optimization (if appropriate). were used in the pit optimisation.
· The mining dilution factors used. Overall slope angles are approximately 40° based on empirical experience from
the mining other similar satellite pits
· The mining recovery factors used.
Grade control consists of RC drilling, based on a 5.0mE x 12.5mN drill pattern
· Any minimum mining widths used.
A 5 % dilution factor and 10% mining loss factors have been applied to all
· The manner in which Inferred Mineral Resources are utilized in satellite Paysans.
mining studies and the sensitivity of the outcome to their inclusion.
Minimum Mining Width used is 15m.
· The infrastructure requirements of the selected mining methods.
At Syama South, no geotechnical study was performred but the parameters used
are based on operational experience in mining other similar pits in same
region. Rule of thumb is as follows: approximately 34° - 36° for Oxide and
38°-41° for Transitional.
In addition, further dilution has been applied to the Resource model to
account for illegal mining activities on the first three benches
Metallurgical factors or assumptions · The metallurgical process proposed and the appropriateness of Paysans
that process to the style of mineralization.
Processing is by conventional primary crushing followed by single stage SAG
· Whether the metallurgical process is well-tested technology or milling. Gold recovery is by means of a gravity recovery circuit and carbon in
novel in nature. leach process.
· The nature, amount and representativeness of metallurgical test Processing recoveries used are 86%, 80% and for Oxide and Transitional
work undertaken, the nature of the metallurgical domaining applied and the respectively.
corresponding metallurgical recovery factors applied.
Mine is operational with good reconciliation between predicted recoveries and
· Any assumptions or allowances made for deleterious elements. actuals.
· The existence of any bulk sample or pilot scale test work and the Allowances are made in the recovery estimates for Transitional and Fresh ore
degree to which such samples are considered representative of the ore body as as the Au recovery is impacted by some of the gold being hosted in refractory
a whole. sulphide and preg-robbing carbon
· For minerals that are defined by a specification, has the ore
reserve estimation been based on the appropriate mineralogy to meet the
specifications?
Environmental · The status of studies of potential environmental impacts of the Paysans
mining and processing operation. Details of waste rock characterization and
the consideration of potential sites, status of design options considered and, Ore from these pits will be processed at Syama and tailings storage will be
where applicable, the status of approvals for process residue storage and impounded in existing footprint area approved in the Environmental &
waste dumps should be reported. Social Impact Study. Progressive raising of the tailings occurs regularly
with the 9th lift completed in 2019. Routine progress on the monitoring is
reported to government and at stakeholder meetings in concert with routine
inspections by government representatives.
Infrastructure · The existence of appropriate infrastructure: availability of land Paysans
for plant development, power, water, transportation (particularly for bulk
commodities), labour, accommodation; or the ease with which the infrastructure These pits will be supported by existing infrastructure at Syama as they are
can be provided, or accessed. close to the main facility. Ore is hauled to the Syama infrastructure.
Costs · The derivation of, or assumptions made, regarding projected Paysans
capital costs in the study.
Paysans pits are located within approximately 10km of Syama. Ore is trucked to
· The methodology used to estimate operating costs. Syama where it is processed at Syama's oxide circuit. General and
administration costs are shared between the oxide plant and the sulphide plant
· Allowances made for the content of deleterious elements. which treats the Syama UG orebody. As part of ongoing operations, capital and
operating budgets are prepared from first principles and considering existing
· The derivation of assumptions made of metal or commodity contractual agreements.
price(s), for the principal minerals and co- products.
The oxide plant produces gold doré (without problematic deleterious elements)
· The source of exchange rates used in the study. that is subsequently refined offsite. Refining costs are not material.
· Derivation of transportation charges. · Exchange rates used for planning purposes are from consensus
forecasts provided by external corporate advisers.
· The basis for forecasting or source of treatment and refining
charges, penalties for failure to meet specification, etc. · Ad valorem Government royalties of 10.5% are payable on gold
production.
· The allowances made for royalties payable, both Government and
private.
Revenue factors · The derivation of, or assumptions made regarding revenue factors Paysans
including head grade, metal or commodity price(s) exchange rates,
transportation and treatment charges, penalties, net smelter returns, etc. A gold price of US$ 2,300/oz formed the basis of the Ore Reserves.
· The derivation of assumptions made of metal or commodity
price(s), for the principal metals, minerals and co-products.
Market assessment · The demand, supply and stock situation for the particular Paysans
commodity, consumption trends and factors likely to affect supply and demand
into the future. The market for gold is robust with prevailing gold price being around US$
2,300/oz.
· A customer and competitor analysis along with the identification
of likely market windows for the product. Supply and demand are not considered material to the Ore Reserve calculations.
· Price and volume forecasts and the basis for these forecasts.
· For industrial minerals the customer specification, testing and
acceptance requirements prior to a supply contract.
Economic · The inputs to the economic analysis to produce the net present The financial evaluation undertaken as part of the evaluation of these open
value (NPV) in the study, the source and confidence of these economic inputs pits indicated a positive net present value (NPV) at 7% discount rate and
including estimated inflation, discount rate, etc. operating results to date have exceeded production and NPV forecasts.
· NPV ranges and sensitivity to variations in the significant The following major economic inputs were used:
assumptions and inputs.
· Costs as previous described
· Gold price of US$ 2,300/oz
· Royalties of 10.5%
· Effective tax rate of 25% (Corporate tax rate of 30% with 5%
discount provided by the Malian government to Tabakoroni)
· Discount rate of 7% per annum for real, post-tax cash flows.
Social · The status of agreements with key stakeholders and matters Paysans
leading to social license to operate.
The Southern Satellite Pits fall within the Syama exploitation permit and will
be managed and operated by SOMISY SA.
Development of the Southern Satellite pits has required updating of the SOMISY
ESIA which has been lodged with the Government of Mali since December 2019.
The ESIA process has required consultation with local community and local
government leadership plus other relevant stakeholders. Engagement will
continue up to and during operations including the payment of compensation to
farmers whose fields are disturbed as per Malian legal requirements.
It is anticipated that Malian nationals will fill most operating and
management positions related to the Southern Satellite open pits.
It is the intention to encourage economic development within the local
community
The Syama Mine Community Consultative Committee, which includes representation
from Tabakoroni and the villages adjacent to the Southern Satellites, was
established in February 2001 with representatives from local villages, the
Malian Government and SOMISY. Since April 2004 the Committee has met
regularly as a communication forum and to address community issues and assist
with community project proposals; it continues to meet on the first or second
Tuesday of each month.
Other · To the extent relevant, the impact of the following on the Paysans
project and/or on the estimation and classification of the Ore Reserves:
All current government agreements and approvals are in good standing and no
· Any identified material naturally occurring risks. anticipated changes are expected.
· The status of material legal agreements and marketing
arrangements.
· The status of governmental agreements and approvals critical to
the viability of the project, such as mineral tenement status, and government
and statutory approvals. There must be reasonable grounds to expect that all
necessary Government approvals will be received within the timeframes
anticipated in the Pre-Feasibility or Feasibility study. Highlight and discuss
the materiality of any unresolved matter that is dependent on a third party on
which extraction of the reserve is contingent.
Classification · The basis for the classification of the Ore Reserves into varying Paysans
confidence categories.
Probable Ore Reserves were declared based on the Indicated Mineral Resources
· Whether the result appropriately reflects the Competent Person's and Measured Resources considering the uncertainty of the Modifying Factors
view of the deposit. such as geotechnical inputs.
· The proportion of Probable Ore Reserves that have been derived Nevertheless, since Paysans Central is an operating mine, the uncertainties
from Measured Mineral Resources (if any). are reduced but geotechnical study is yet to confirm the modifying factors
(pit geometry; i.e; batter face angle and berm width. As a result, there is no
Measures Resources conversion into Proved Reserve.
The Ore Reserve estimate appropriately reflects the Competent Person's view of
the deposit.
Audits or reviews · The results of any audits or reviews of Ore Reserve estimates. Paysans
No external audits of Resources/Reserves were undertaken.
Discussion of relative accuracy/ confidence · Where appropriate a statement of the relative accuracy and Paysans
confidence level in the Ore Reserve estimate using an approach or procedure
deemed appropriate by the Competent Person. For example, the application of The relative accuracy and confidence of the Ore Reserve estimate is inherent
statistical or geostatistical procedures to quantify the relative accuracy of in the Ore Reserve Classification.
the reserve within stated confidence limits, or, if such an approach is not
deemed appropriate, a qualitative discussion of the factors which could affect All the parameters assumed and adopted along with financial modelling and
the relative accuracy and confidence of the estimate. analysis have been subject to internal peer review.
· The statement should specify whether it relates to global or
local estimates, and, if local, state the relevant tonnages, which should be
relevant to technical and economic evaluation. Documentation should include
assumptions made and the procedures used.
· Accuracy and confidence discussions should extend to specific
discussions of any applied Modifying Factors that may have a material impact
on Ore Reserve viability, or for which there are remaining areas of
uncertainty at the current study stage.
· It is recognized that this may not be possible or appropriate in
all circumstances. These statements of relative accuracy and confidence of the
estimate should be compared with production data, where available.
Mako
Section 1 Sampling Techniques and Data
CRITERIA JORC CODE EXPLANATION COMMENTARY
Sampling techniques · Nature and quality of sampling (e.g. cut channels, random chips, or Sampling has been by diamond drill coring and reverse circulation chip
specific specialised industry standard measurement tools appropriate to the techniques with minor trench and surface sampling.
minerals under investigation, such as down hole gamma sondes, or handheld XRF
instruments, etc.). These examples should not be taken as limiting the broad Diamond core is geologically logged and sampled to geological contacts with
meaning of sampling. nominal sample lengths between 0.3m and 4.5m (most commonly 1.5m). Core
selected for assay is systematically cut lengthwise into half core by diamond
· Include reference to measures taken to ensure sample representivity blade rock saw, numbered and bagged before dispatch to the laboratory for
and the appropriate calibration of any measurement tools or systems used. analysis.
· Aspects of the determination of mineralisation that are Material to All core is photographed, wet and dry.
the Public Report.
Reverse circulation chips are geologically logged and sampled on regular
· In cases where 'industry standard' work has been done this would be lengths of 1m. Chip material selected for assay is systematically divided to a
relatively simple (e.g. 'reverse circulation drilling was used to obtain 1 m 1/8 proportion using a rotary splitter attached to the cyclone sample recovery
samples from which 3 kg was pulverised to produce a 30 g charge for fire system, numbered and bagged before dispatch to the laboratory for analysis.
assay'). In other cases more explanation may be required, such as where there
is coarse gold that has inherent sampling problems. Unusual commodities or
mineralisation types (e.g. submarine nodules) may warrant disclosure of
detailed information.
Drilling techniques · Drill type (e.g. core, reverse circulation, open-hole hammer, Diamond core drilling with standard inner tubes. NTW diameter (57.1 mm) to
rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, target depth where possible with some smaller NQ2 intervals as tails. Core is
triple or standard tube, depth of diamond tails, face-sampling bit or other marked and oriented.
type, whether core is oriented and if so, by what method, etc.).
Reverse Circulation drilling with 4" or 4.5" hammer and 4" rod string to
target depth.
Drill sample recovery · Method of recording and assessing core and chip sample recoveries Diamond core recoveries are measured in the core trays and recorded as
and results assessed. recovered metres and recovered % as part of the geological logging process.
· Measures taken to maximise sample recovery and ensure Diamond core drilling prior to the latest deep diamond drilling had just over
representative nature of the samples. 96% of core sample intervals measured (28,701 measurements totalling 46,200m
of core) with core recoveries of 75% or better. Approximately 85% of core
· Whether a relationship exists between sample recovery and grade and sample intervals measured had core recoveries of 100%. The percentage core
whether sample bias may have occurred due to preferential loss/gain of recovery data was examined graphically against the gold grades and no
fine/coarse material. relationship is evident between core loss and gold grade in the regions of low
core recovery.
In 2016 % core recovery data was examined graphically against the gold grades
and no relationship is evident between core loss and gold grade in the regions
of low sample recovery.
RC recoveries are monitored by chip sample weight recording. Of 43 RC holes
reviewed in 2016 all recorded weight/m in consolidated rock material ranged
from 19 to 38kg/m (mode=25; mean=25; median=25kg/m) which equates to rock
densities between 2 and 3gcm3.
Logging · Whether core and chip samples have been geologically and Diamond core has been geologically and geotechnically logged to a level of
geotechnically logged to a level of detail to support appropriate Mineral detail to support appropriate classification and reporting of a Mineral
Resource estimation, mining studies and metallurgical studies. Resource.
· Whether logging is qualitative or quantitative in nature. Core (or Reverse circulation chip samples have been geologically logged to a level of
costean, channel, etc.) photography. detail to support appropriate classification and reporting of a Mineral
Resource.
· The total length and percentage of the relevant intersections
logged. Total length of DD logged data is 69,728.01m from total 70,527.01m drilled.
Sub-sampling techniques and sample preparation · If core, whether cut or sawn and whether quarter, half or all core Core is systematically cut lengthwise into half core with a diamond saw.
taken.
In the initial drill phases between 2kg and 6kg of broken core sample was
· If non-core, whether riffled, tube sampled, rotary split, etc. and dispatched by contracted truck transport to SGS Mali (Phase 1-90 holes) or ALS
whether sampled wet or dry. Mali (Phases 2 and 3 - 88 holes) for sample preparation.
· For all sample types, the nature, quality and appropriateness of More recent samples (Phase 3 to 5 and the 2018 deep diamond holes) have
the sample preparation technique. undergone sample preparation at the site sample prep laboratory.
· Quality control procedures adopted for all sub-sampling stages to The 2018 deep diamond programme (PWD362 to 420) was prepared onsite with assay
maximise representivity of samples. pulps analysed by ALS Loughrea (Ireland).
· Measures taken to ensure that the sampling is representative of the RC samples representing a 1/8 split are taken directly from the rig mounted
in situ material collected, including for instance results for field cyclone by rotary splitter, sample weight is recorded, sample is bagged in pre
duplicate/second-half sampling. numbered plastic and sample tickets are inserted and bag is sealed for
transport to preparation facility.
· Whether sample sizes are appropriate to the grain size of the
material being sampled. Generally, one of each of the two control samples (blank or CRM standard) is
inserted into the sample stream every tenth sample. Over the 2018 deep diamond
programme A total of 4,582 samples have had
249 CRM and 260 blanks inserted, sufficient as per industry standards. An
industry standard, documented process of sample mark-up, core splitting,
bagging and ticketing and recording is in place at the Mako site. The
laboratories sample preparation followed a standard documented process flow
with whole sample crushing (better than 70% passing 2mm) followed by a 1kg
riffle split for pulverisation to 75 micron (better than 85% pass).
Master pulps of 250g were split and placed in airtight, sealed bags and sent
by courier to the assaying laboratory for analysis.
For the majority of the Phase 1 drilling the mineralised interval sample
preparation done at SGS Mali has been repeated and re-assayed. As a result the
nature, quality and appropriateness of the sample preparation technique are to
industry standard.
Sample size of 2-6kg is appropriate for the grain size of material.
Au assays are determined by fire assay with AAS finish. Laboratory and assay
procedures are appropriate for Mineral Resource estimation.
Quality of assay data and · The nature, quality and appropriateness of the assaying and
laboratory procedures used and whether the technique is considered partial or QAQC consisted of standards, blanks and laboratory duplicates (both coarse and
laboratory tests total. pulp). The QAQC sample results showed acceptable levels of accuracy and
precision.
· For geophysical tools, spectrometers, handheld XRF instruments,
etc., the parameters used in determining the analysis including instrument The assay data is considered to be suitable for Mineral Resource estimation.
make and model, reading times, calibrations factors applied and their
derivation, etc.
· Nature of quality control procedures adopted (e.g. standards,
blanks, duplicates, external laboratory checks) and whether acceptable levels
of accuracy (i.e. lack of bias) and precision have been established.
All aspects of the core sampling, assay procedures and QA/QC program have been
reviewed and were judged to be of industry standard and suitable for use in
Verification of · The verification of significant intersections by either independent the estimation of Mineral Resources.
or alternative company personnel.
sampling and assaying
Independent sampling has been undertaken and the results closely match the
· The use of twinned holes. original data.
· Documentation of primary data, data entry procedures, data Drill hole assay result data has been checked against the original hardcopy
verification, data storage (physical and electronic) protocols. laboratory assay reports for a representative number of holes.
· Discuss any adjustment to assay data.
Site based checks of the raw assay data have been undertaken to verify grade
intersections were consistent with a visual inspection of mineralisation in
the core.
Below detection limit values (negatives) have been replaced by background
values.
Un-sampled intervals have been retained as un-sampled (null or blank). The
majority of these intervals occur within the waste domain and have no material
impact on the estimate.
Location of data points · Accuracy and quality of surveys used to locate drill holes (collar Drill holes have been surveyed by a contract surveyor (P.C. Drysdale Land and
and down-hole surveys), trenches, mine workings and other locations used in Engineering Surveyor) using a Leica GS12 GNSS (GPS) survey system.
Mineral Resource estimation.
Down hole surveys were undertaken by the drilling contractor using a Reflex
· Specification of the grid system used. Ex-Trac tool with a reading taken approx. every 50m down the hole.
· Quality and adequacy of topographic control. Cube consulting made independent verification of the collar surveys of three
diamond core in progress holes (PWD409, 408 and 407) which were all found to
be within an acceptable tolerance of the planned and reported coordinates.
Cube also verified the coordinated positions of laid out grade control planned
holes on the pit floor.
Grid system is based on the UTM28N grid on the WGS84 ellipsoid. Survey heights
are based on PRS097 (with independent checks on AusPos) and are orthometric
(i.e. msl).
A topographic surface was provided based on a one metre resolution satellite
DTM surface of Central Mako, including the Petowal prospect area, and a number
of smaller resolution (10m x 10m) data files derived from the one metre source
data. The smaller resolution data (10m x 10m) has been used for all validation
and estimation purposes.
Data spacing and distribution · Data spacing for reporting of Exploration Results. Data spacing is variable being in the range of 80m x 40m to 20m x 20m.
Additionally, a significant area of grade control drilling at 10m x 10m has
· Whether the data spacing and distribution is sufficient to been completed defining a volume of approximately four million BCM. This
establish the degree of geological and grade continuity appropriate for the spacing is adequate to determine the geological and grade continuity for
Mineral Resource and Ore Reserve estimation procedure(s) and classifications reporting of Measured, Indicated and Inferred Mineral Resources.
applied.
Drill samples were composited to 3m for use in the estimate.
· Whether sample compositing has been applied.
Orientation of data in relation to geological · Whether the orientation of sampling achieves unbiased sampling of The drill hole orientation was designed to intersect the mineralisation
structure possible structures and the extent to which this is known, considering the orthogonal to dip and strike of the major mineralisation bodies. The majority
deposit type. of drill hole azimuths were between 140° and 160⁰ with dips varying from
-50 to -80⁰ below horizontal. For a small number of holes, different
· If the relationship between the drilling orientation and the orientations were selected to target different portions of the mineralisation
orientation of key mineralised structures is considered to have introduced a depending on localised mineralised structures or features.
sampling bias, this should be assessed and reported if material.
The preliminary RC grade control programme drilling was all vertical (azimuth
of 0⁰ and dip of -90⁰). Mine grade control during 2017 and 2018 was
primarily drilled on azimuth 140⁰ dipping -60⁰.
Drilling primarily targeted the FEL unit which contained the most significant
mineralisation and dipped at about 20-30⁰ to thenorthwest near surface,
steepening to about 45⁰ dip at depth. The drilling orientation is adequate
for a non-biased assessment of the orebody with respect to interpreted
structures and interpreted controls on mineralisation.
Sample security · The measures taken to ensure sample security. Labelling and submission of samples complies with industry standard.
Audits or reviews · The results of any audits or reviews of sampling techniques and An independent audit of the sample preparation laboratory has been undertaken
data. in 2018 (Fis, 2018) and the review undertaken at the project by Cube in August
2018 and both found no material issues with the sampling methods or data.
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 To date no exploration results have been reported on a granted exploration
agreements or material issues with third parties such as joint ventures, permit, owned 100% by Petowal Mining Company SA (Petowal).
partnerships, overriding royalties, native title interests, historical sites,
wilderness or national park and environmental settings. The permit is in good standing.
· The security of the tenure held at the time of reporting along with
any known impediments to obtaining a licence to operate in the area.
Exploration done by other parties · Acknowledgment and appraisal of exploration by other parties. Exploration has been performed by Mako Exploration Company SARL ("MEC"), 100%
owned by TORO.
It is currently interpreted that the northeast striking structure controlled
the flow of the gold bearing hydrothermal fluids, with the preferential
Geology · Deposit type, geological setting and style of mineralisation. chemistry/rheology of the felsic volcanic horizon acting as a favourable
horizon for silicification and the deposition of the gold-pyrite mineral
assemblage. Intensity of gold mineralisation appears to correlate with the
intensity of pyrite development and exhibits good lateral and vertical
continuity through the mineralised zone.
Mineralisation has a relatively simple geometry comprising a zone that varies
from 30 to 60m in width, along the 1,700m strike length drilled to date. The
zone dips approximately 20-30⁰ to the northwest near surface,
steepening
to
approximately
45⁰ dip at depth.
Drill hole · A summary of all information material to the understanding of the Easting, Northing and RL of the drill hole collars are based on the UTM28N
exploration results including a tabulation of the following information for grid on the WGS84 ellipsoid. Survey heights are based on PRS097 (with
Information all Material drill holes: independent checks on AusPos) and are orthometric (i.e. msl).
o easting and northing of the drill hole collar The MRE has used drill hole collar RL derived from the topographical surface.
o elevation or RL (Reduced Level - elevation above sea level in metres) of Dip is the inclination of the hole from the horizontal. For example, a
the drill hole collar vertically down drilled hole from the surface is -90°. Azimuth is reported in
degrees as the grid direction toward which the hole is drilled.
o dip and azimuth of the hole
Down hole length of the hole is the distance from the surface to the end of
o down hole length and interception depth the hole, as measured along the drill trace. Intersection depth is the
distance down the hole as measured along the drill trace. Intersection width
o Whole length. is the downhole distance of an intersection as measured along the drill trace.
· If the exclusion of this information is justified on the basis that Drill hole length is the distance from the surface to the end of the hole, as
the information is not Material and this exclusion does not detract from the measured along the drill trace.
understanding of the report, the Competent Person should clearly
explain
why
this is the case.
Data aggregation methods · In reporting Exploration Results, weighting averaging techniques, Gold assay intercepts were composited to 3m length down the hole, using length
maximum and/or minimum grade truncations (e.g. cutting of high grades) and weighting, in order to provide a uniform sample support size for grade
cut-off grades are usually Material and should be stated. estimation.
· Where aggregate intercepts incorporate short lengths of high grade High grade cuts have been applied to gold grade composites, but only for use
results and longer lengths of low grade results, the procedure used for such in producing check estimates. The primary, reported estimates were based on a
aggregation should be stated and some typical examples of such aggregations Uniform Conditioning approach which used cut grade values.
should be shown in detail.
The assay intervals are reported as down hole length as the true width
· The assumptions used for any reporting of metal equivalent values variable is not known.
should be clearly stated.
Gold assays are rounded to two decimal places. No metal equivalent reporting
is used or applied.
Relationship between mineralisation widths and · These relationships are particularly important in the reporting of The intersection width is measured down the hole trace and may not be the true
intercept lengths Exploration Results. width.
· If the geometry of the mineralisation with respect to the drill All drill results are downhole intervals only due to the variable orientation
hole angle is known, its nature should be reported. of the mineralisation.
· If it is not known and only the down hole lengths are reported,
there should be a clear statement to this effect (e.g. 'down hole length, true
width not known').
Diagrams · Appropriate maps and sections (with scales) and tabulations of A plan view is contained within this document. New cross-sectional
intercepts should be included for any significant discovery being reported interpretations are included.
These should include, but not be limited to a plan view of drill hole collar
locations and appropriate sectional views.
Balanced reporting · Where comprehensive reporting of all Exploration Results is not Diamond and RC drill holes forming the basis of the Mineral Resource estimate
practicable, representative reporting of both low and high grades and/or have been reported previously as part of the 2018 MRE. Additional drilling has
widths should be practiced to avoid misleading reporting of Exploration informed the 2018 update.
Results.
Other substantive exploration data · Other exploration data, if meaningful and material, should be No other exploration data is considered meaningful and material to this
reported including (but not limited to): geological observations; geophysical document.
survey results; geochemical survey results; bulk samples - size and method of
treatment; metallurgical test results; bulk density, groundwater, geotechnical
and rock characteristics; potential deleterious or contaminating substances.
Further work · The nature and scale of planned further work (e.g. tests for Future exploration may involve the drilling of more drill holes, both diamond
lateral extensions or depth extensions or large-scale step-out drilling). core and reverse circulation, to further extend the mineralised zones and to
collect additional detailed data on known mineralized zones. Geophysical
· Diagrams clearly highlighting the areas of possible extensions, exploration is also planned as part of the future exploration of the permit.
including the main geological interpretations and future drilling areas,
provided this information is not commercially sensitive.
Section 3 Estimation and Reporting of Mineral Resources
CRITERIA JORC CODE EXPLANATION COMMENTARY
Database is maintained by PMC who compile and validate all data files on the
project.
Database integrity · Measures taken to ensure that data has not been corrupted by, for
example, transcription or keying errors, between its initial collection and Cube completed validation checks on the database including checks for
its use for Mineral Resource estimation purposes. overlapping sample intervals, checks on minimum and maximum assays, depths,
azimuths, dips and co-ordinates for consistency. No material errors were
· Data validation procedures used. identified. Cube undertook site based checks of the raw assay data to verify
that grade intersections were consistent with a visual inspection of
mineralisation in the core.
A number of drill hole collar positions were also verified in the field.
Site visits · Comment on any site visits undertaken by the Competent Person and The competent person has visited site on multiple occasions.
the outcome of those visits.
· If no site visits have been undertaken indicate why this is the
case.
Geological interpretation · Confidence in (or conversely, the uncertainty of) the geological The geological confidence is considered to be moderate to high.
interpretation of the mineral deposit.
The mineralised volume at Petowal has been based on a drill section
· Nature of the data used and of any assumptions made. interpretation of mineralisation defined by a lower limit gold grade of 0.2
g/t Au, along with the observed close association between mineralisation and
· The effect, if any, of alternative interpretations on Mineral the felsic lithological unit. The overall shape and trend of the
Resource estimation. mineralisation was guided by the form of the felsic unit and its contacts with
the surrounding basalt. Four mineralisation domains, the first contained
· The use of geology in guiding and controlling Mineral Resource within the felsic unit, the second and third in the adjacent footwall basalt
estimation. and the fourth in the hanging wall basalt unit, were defined (Domains 100 200
300 400, respectively). A separate Domain (500) was created based on
· The factors affecting continuity both of grade and geology. mineralisation 450m northwest of the Mako deposit. An overall envelope, called
Domain 1 encapsulating all the material not contained within Domains 100, 200,
300, 400 and 500 out to the limit of drill coverage, was also created. The
resulting volumes encapsulate the complete mineralised distribution and
produce a model that reduces the risk of conditional bias that could be
introduced where the constraining interpretation and data selection is based
on a significantly higher grade than the natural geological grade cut-off.
The factors affecting continuity both of grade and geology are most likely to
be associated with structural controls and local complexity, the knowledge of
which is limited with the current spacing of information. The broad approach
to the mineralisation modelling is an attempt to model an unbiased
interpretation.
Dimensions · The extent and variability of the Mineral Resource expressed as The gold mineralisation identified to date varies from 30m to 60m in width,
length (along strike or otherwise), plan width, and depth below surface to the along the 1,700m strike length drilled to date. The zone dips approximately
upper and lower limits of the Mineral Resource. 20-30⁰ to the northwest near surface, steepening to approximately 45⁰ dip
at depth.
Estimation and modelling techniques · The nature and appropriateness of the estimation technique(s) Three metre downhole composite gold grade data were interpolated into 20mE x
applied and key assumptions, including treatment of extreme grade values, 20mN x 5mRL sized panels using Ordinary Kriging (OK).
domaining, interpolation parameters and maximum distance of extrapolation from
data points. If a computer assisted estimation method was The minimum number of composites was set at 8 and the maximum number of
composites was set at either 16 (Domain 100), 26 (Domain 200) or 24 (Domains
300, 400 and
4000).
chosen include a description of computer software and parameters used.
· 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 maximum search ellipse radius was set at either 180m (Domain 100), 160
(Domain 200), 120m (Domain 300), 200m (Domain 400) or 300m (Domain 4000). The
· The assumptions made regarding recovery of by- products. orientation of the variogram model and search ellipse was dynamically set
according to the shape of the felsic hanging wall and footwall, as well the
· Estimation of deleterious elements or other non-grade variables of trend of high grade mineralisation within the felsic unit.
economic significance (e.g. sulphur for acid mine drainage characterization).
Change of Support (CoS) calculations were conducted, conditioned to the panel
· In the case of block model interpolation, the block size in grade estimates, for selectivity on 5mE x 5mN x 2.5mRL SMU-sized blocks in
relation to the average sample spacing and the search employed. order to produce a recoverable resource estimate. The Gaussian-based Uniform
Conditioning approach was applied to the OK check grade estimates. An
· In the case of block model interpolation, the block size in information effect correction was applied during the CoS calculations, to
relation to the average sample spacing and the search employed. account for a future theoretical grade control drill configuration of 10mE x
10mN x 1mRL. The CoS process yields a set of array variables, stored in the
· Any assumptions behind modelling of selective mining units. panel block model, detailing the estimates for tonnage, grade and metal above
a range of grade cut-offs.
· Any assumptions about correlation between variables.
A process of localisation was completed, by which the output of the CoS is
· Description of how the geological interpretation was used to mapped into single grade estimate per 5mE x 5mN x 2.5mRL block in an SMU block
control the resource estimates. model, which comprises the final product of the grade estimation.
· Discussion of basis for using or not using grade cutting or Domain 500 was estimated using ID2 methodology. Due to the limited number of
capping. samples within the domain a robust variogram could not be produced. Two passes
were used with second pass having double the initial search radii of 45m.
· The process of validation, the checking process used, the
comparison of model data to drill hole data, and use of reconciliation data if Surpac Mining software 6.9 and Isatis were used for estimation.
available.
No by-product recoveries were considered.
Estimations of density were also made with this Mineral Resource estimation.
Block model validation was undertaken globally by comparing the mean LUC block
grade estimates to the mean of the informing composite grades on a domain by
domain basis. The LUC estimates were also compared to the mean grade of a
check ID2 estimation.
Moisture · Whether the tonnages are estimated on a dry basis or with natural Moisture was not considered in the density assignment.
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 A nominal lower cut-off grade of 0.2g/t Au was used to define the mineralised
applied. domains to encompass the complete mineralised distribution and produce a model
that reduces the risk of conditional bias that could be introduced where the
constraining interpretation and data selection is based on a significantly
higher grade than the natural geological grade
cut-off.
The cut-off grade for reporting (above 0.5g/t Au) was used in line with the
previous resource reporting and is based on the results of Whittle
optimisation shells using cost and recovery data sourced from the operation of
the open pit mine by PMC during 2017-18.
A Whittle optimisation shell using these operational costs and a gold price of
US$2,000/ounce has been used to limit the reported MRE to that with reasonable
expectations of economic exploitation.
Mining factors or assumptions · Assumptions made regarding possible mining methods, minimum mining The shallow occurrence of the mineralisation indicates that open pit mining is
dimensions and internal (or, if applicable, external) appropriate for Petowal in line with other deposits in the area.
mining
dilution.
The estimation methodology used results in an amount of edge dilution being
incorporated into the blocks of the model. No account of mining loss has been
· It is always necessary as part of the process of determining incorporated.
reasonable prospects for eventual economic extraction to consider potential
mining methods, but the assumptions made regarding mining methods and
parameters when 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 · The basis for assumptions or predictions regarding metallurgical No specific assumptions were made regarding metallurgical factors for this
amenability. It is always necessary as part of the process of determining estimate.
assumptions reasonable prospects for eventual economic extraction to consider potential
metallurgical methods, but the assumptions regarding metallurgical treatment Metallurgical test work on the mineralisation commenced in 2012 and is
processes and parameters made when reporting Mineral Resources may not always ongoing.
be rigorous. Where this is the case, this should be reported with an
explanation of the basis of the metallurgical assumptions made.
Environmental factors or · Assumptions made regarding possible waste and process residue No assumptions were made regarding environmental restrictions.
disposal options. It is always necessary as part of the process of determining
assumptions 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 green fields 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 Specific gravity values for the Petowal Prospect have been measured based on
assumptions. If determined, the method used, whether wet or dry, the frequency the Archimedean Principle using the immersion method for individual core
of the measurements, the nature, size and representativeness of the samples. samples. A total of 16,078 density measurements were available for use, with
the vast majority of these being in fresh rock below the saprock and laterite
· The bulk density for bulk material must have been measured by domains. This data has been used as the basis of the block model bulk density.
methods that adequately account for void spaces (vugs, porosity, etc),
moisture and differences between rock and alteration zones within the deposit. Visual inspection shows a clear relationship between lithology and density in
fresh rock. No relationship between density and sulphur content or gold
· Discuss assumptions for bulk density estimates used in the content could be established.
evaluation process of the different materials.
A default bulk density of 1.70t/m3 was assigned to the thin laterite horizon
capping the deposit and to the underlying saprock.
A default bulk density of 2.46t/m3 was assigned to soft (oxidised?) rock.
In fresh rock, Ordinary Kriging was used to estimate density, with the
variogram and search neighbourhood being dynamically oriented as per the gold
grade estimation. Default values for un-estimated fresh rock were set as
undifferentiated rock=2.86t/m3; fresh UBU 2.99t/m3; fresh LBU 2.96t/m3 and
fresh FEL 2.75t/m3, fresh RHD 2.69t/m3.
Section 4 Estimation and Reporting of Ore Reserves
CRITERIA JORC CODE EXPLANATION COMMENTARY
Ore Reserves are the material reported as a sub-set of the resource, that
which can be extracted from the mine and processed with an economically
Mineral Resource estimate for conversion to Ore Reserves · Description of the Mineral Resource estimate used as a basis for acceptable outcome. Mineral Resources are reported inclusive of Ore Reserves.
the conversion to an Ore Reserve.
· Clear statement as to whether the Mineral Resources are reported
additional to, or inclusive of, the Ore Reserve.
Site visits · Comment on any site visits undertaken by the Competent Person and The Competent Person, Mr Kitwa Ndjibu, is a full-time employee of Resolute
the outcome of those visits. Mining Ltd and a Member of the Australasian Institute of Mining and
Metallurgy. He has conducted multiple site visits, most recently in October,
· If no site visits have been undertaken indicate why this is 2024.
the case.
Study status · The type and level of study undertaken to enable Mineral Resources A mining study update was conducted by Mining Focus Consultants Pty Ltd in
to be converted to Ore Reserves. July 2020 based on the 2015 Definitive feasibility study Mako open pit has
been in continuous mining operation since August 2017. During this time the
· The Code requires that a study to at least Pre-Feasibility Study performance of the open pit has shown a positive reconciliation between
level has been undertaken to convert Mineral Resources to Ore Reserves. Such mineral resources and gold production and delivered positive cashflows.
studies will have been carried out and will have determined a mine plan that Primary contributors to the study were: · Mining Focus Consultants
is technically achievable and economically viable, and that material Modifying
Factors have been considered.
Cut-off parameters · The basis of the cut-off grade(s) or quality parameters applied. A Mill breakeven cut-off grade (COG) change from remains 0.7g/t gold has been
applied for Mako in spite the increase in gold price from $1650/oz to
$1950/oz. This is due to the grade adjustment (dilution) applied to both Grade
Control (GC) and Resource models used for Reserve Reporting.; the first was
used on active benches and 30 m below while the last is used on the rest of
benches to the bottom pit.
· Mako operations are open pit mining methods.
Mining factors or assumptions · The method and assumptions used as reported in the Pre-Feasibility · Whittle pit shell optimisations were conducted as component of
or Feasibility Study to convert the Mineral Resource to an Ore Reserve (i.e. the mining study. ·
either by application of appropriate factors by optimization or by preliminary
or detailed design). · Ground conditions at Mako are good with overall slope angle 55°
with batter face angle of 75°. ·
· The choice, nature and appropriateness of the selected mining
method(s) and other mining parameters including associated design issues such · Footwall slope is on average 45 degrees in line with the dip of
as pre-strip, access, etc. the orebody. ·
· The assumptions made regarding geotechnical parameters (e.g. pit · The Resource model was a diluted model; no additional dilution is
slopes, stope sizes, etc.), grade required. ·
control
and · 95% Mining recovery used. ·
pre-production drilling. · No Inferred Mineral Resource is included within the Reserve. ·
· The major assumptions made and Mineral Resource model used for pit · No additional infrastructure is required for the remaining mine
and stope optimization (if appropriate). life.
· The mining dilution factors used.
· The mining recovery factors used.
· Any minimum mining widths used.
· The manner in which Inferred Mineral Resources are utilized in
mining studies and the sensitivity of the outcome to their inclusion.
· The infrastructure requirements of the selected mining methods.
· Different recovery is used for different ore types. Basalt and
Felsic ore have 90% and 95% recoveries respectively. Overall recovery has been
Metallurgical factors or · The metallurgical process proposed and the appropriateness of that 92.7%
process to the style of mineralization.
assumptions
· Recovery process is well tested and performing to expectation. ·
· Whether the metallurgical process is well-tested technology or
novel in nature. · No deleterious elements, no organics or other elements impacting
on Au recovery
· The nature, amount and representativeness of metallurgical test
work undertaken, the nature of the metallurgical domaining applied and the
corresponding metallurgical recovery factors applied.
· Any assumptions or allowances made for deleterious elements.
· The existence of any bulk sample or pilot scale test work and the
degree to which such samples are considered representative of the ore body as
a whole.
· For minerals that are defined by a specification, has the ore
reserve estimation been based on the appropriate mineralogy to meet
the specifications?
Environmental · The status of studies of potential environmental impacts of the No acid generation from the waste dumps have been observed in line with test
mining and processing operation. Details of waste rock characterization and work expectations. No acid forming metallurgy within waste rock material.
the consideration of potential sites, status of design options considered and,
where applicable, the status of approvals for process residue storage and
waste dumps should be reported.
Infrastructure · The existence of appropriate infrastructure: availability of land All infrastructure for the Mako project has been completed.
for plant development, power, water, transportation (particularly for bulk
commodities), labour, accommodation; or the ease with which the Water supply dams, TSF dams have been completed with ongoing TSF lifts planned
infrastructure can be provided, or accessed. through the remaining mine life. All power station and camp accommodation
infrastructure has been completed.
Costs · The derivation of, or assumptions made, regarding projected capital Royalties paid are variable dependent on gold price At 1500 the gold royalty
costs in the study. is 3.53%. at 1800 $/oz the royalty is 3.8%
· The methodology used to estimate operating costs. Costs used are taken from mine actuals and Mining contractor unit rates.
· Allowances made for the content of deleterious elements.
· The derivation of assumptions made of metal or commodity price(s),
for the principal minerals and co-products.
· The source of exchange rates used in the study.
· Derivation of transportation charges.
· The basis for forecasting or source of treatment and refining
charges, penalties for failure to meet specification, etc.
· The allowances made for royalties payable, both Government and
private.
Revenue factors · The derivation of, or assumptions made regarding revenue factors A gold price of US$1,950/oz formed the basis of the Ore Reserves. Gold price
including head grade, metal or commodity price(s) exchange rates, used for planning purposes are from consensus forecasts provided by external
transportation and treatment charges, penalties, net smelter returns, etc. corporate advisers
· The derivation of assumptions made of metal or commodity
price(s), for the principal metals, minerals and co-products
No penalties are incurred for deleterious material.
No revenue received from co-products..
Market assessment · The demand, supply and stock situation for the particular The market for gold is robust with prevailing gold price being well above the
commodity, consumption trends and factors likely to affect supply and demand reserve price.
into the future.
Supply and demand are not considered material to the Ore Reserve calculations.
· A customer and competitor analysis along with the identification of
likely market windows for the product.
· Price and volume forecasts and the basis for these forecasts.
· For industrial minerals the customer specification, testing and
acceptance requirements prior to a supply contract.
Economic · The inputs to the economic analysis to produce the net present The financial evaluation undertaken as part of the evaluation indicated a
value (NPV) in the study, the source and confidence of these economic inputs positive net present value (NPV) at a 7% annual discount rate. The following
including estimated inflation, discount rate, etc. major economic inputs were used:
· NPV ranges and sensitivity to variations in the · Costs as previous described
significant
assumptions · Gold price of US$1950/oz
and inputs.
· Royalties of 4.03%
Social · The status of agreements with key stakeholders and matters leading The government of Senegal has a 10% free carried interest in the operation.
to social license to operate.
No other stakeholder agreements in place.
Other · To the extent relevant, the impact of the following on the project No additional naturally occurring risks. No flood risk, low seismicity risk.
and/or on the estimation and classification of the Ore Reserves:
· Any identified material naturally occurring risks.
· The status of material legal agreements and marketing arrangements.
· The status of governmental agreements and approvals critical to the
viability of the project, such as mineral tenement status, and government and
statutory approvals. There must be reasonable grounds to expect that all
necessary Government approvals will be received within the timeframes
anticipated in the Pre-Feasibility or Feasibility study. Highlight and discuss
the materiality of any unresolved matter that is dependent on a third party on
which extraction of the reserve is contingent.
Classification · The basis for the classification of the Ore Reserves into varying The Ore Reserve estimate appropriately reflects the Competent Person's view of
confidence categories. the deposit.
· Whether the result appropriately reflects the Competent Person's
view of the deposit.
· The proportion of Probable Ore Reserves that have been derived from
Measured Mineral Resources (if any).
Audits or reviews · The results of any audits or reviews of Ore Reserve estimates.
· Where appropriate a statement of the relative accuracy and
confidence level in the Ore Reserve estimate using an approach or procedure
deemed appropriate by the Competent Person. For example, the application of
statistical or geostatistical procedures to quantify the relative accuracy of
the reserve within stated confidence limits, or, if such an approach is not
deemed appropriate, a qualitative discussion of the factors which could affect
the relative accuracy and confidence of the estimate.
· The statement should specify whether it relates to global or local
estimates, and, if local, state the relevant tonnages, which should be
relevant to technical and economic evaluation. Documentation should include
assumptions made and the procedures used.
· Accuracy and confidence discussions should extend to specific
discussions of any applied Modifying Factors that may have a material impact
on Ore Reserve viability, or for which there are remaining areas of
Discussion of relative accuracy/ confidence uncertainty at the current study stage.
· It is recognized that this may not be possible or appropriate in
all circumstances. These statements of relative accuracy and confidence of the
estimate should be compared with production data, where available.
Tomboronkoto
Section 1 Sampling Techniques and Data
CRITERIA JORC CODE EXPLANATION COMMENTARY
Sampling techniques Sampling has been by diamond drill coring and reverse circulation chip.
· Nature and quality of sampling (e.g. cut channels, random chips, Diamond core has been geologically logged and sampled to geological contacts
or specific specialised industry standard measurement tools appropriate to the with nominal sample lengths between 0.3m and 4.5m (most commonly 1m). Core
minerals under investigation, such as down hole gamma sondes, or handheld XRF selected for assay is systematically cut lengthwise into half core by diamond
instruments, etc.). These examples should not be taken as limiting the broad blade rock saw, numbered and bagged before dispatch to the laboratory for
meaning of sampling. analysis.
· Include reference to measures taken to ensure sample All core is photographed, wet and dry.
representivity and the appropriate calibration of any measurement tools or
systems used. Reverse circulation chips are geologically logged and sampled on regular
lengths of 1m. Chip material selected for assay is systematically divided to a
· Aspects of the determination of mineralisation that are Material 1/8 proportion using a rotary splitter attached to the cyclone sample recovery
to the Public Report. system, numbered and bagged before dispatch to the laboratory for analysis.
· In cases where 'industry standard' work has been done this would
be relatively simple (e.g. 'reverse circulation drilling was used to obtain 1
m samples from which 3 kg was pulverised to produce a 30 g charge for fire
assay'). In other cases more explanation may be required, such as where there
is coarse gold that has inherent sampling problems. Unusual commodities or
mineralisation types (e.g. submarine nodules) may warrant disclosure of
detailed information.
Drilling techniques Diamond core drilling with standard inner tubes. NTW diameter (57.1 mm) to
target depth where possible with some smaller NQ2 intervals as tails. Core is
· Drill type (e.g. core, reverse circulation, open-hole hammer, marked and oriented.
rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter,
triple or standard tube, depth of diamond tails, face-sampling bit or other Reverse Circulation drilling with 4" or 4.5" hammer and 4" rod string to
type, whether core is oriented and if so, by what method, etc.). target depth.
Drill sample recovery Diamond core recoveries are measured in the core trays and recorded as
recovered metres and recovered % as part of the geological logging process.
· Method of recording and assessing core and chip sample recoveries
and results assessed. RC recoveries are monitored by chip sample weight recording. Sample weights
have been analysed for cyclicity with no relationship between sample weight
· Measures taken to maximise sample recovery and ensure and depth noted.
representative nature of the samples.
· Whether a relationship exists between sample recovery and grade
and whether sample bias may have occurred due to preferential loss/gain of
fine/coarse material.
Logging Diamond core has been geologically and geotechnically logged to a level of
detail to support appropriate classification and reporting of a Mineral
· Whether core and chip samples have been geologically and Resource.
geotechnically logged to a level of detail to support appropriate Mineral
Resource estimation, mining studies and metallurgical studies. Reverse circulation chip samples have been geologically logged to a level of
detail to support appropriate classification and reporting of a Mineral
· Whether logging is qualitative or quantitative in nature. Core Resource.
(or costean, channel, etc.) photography.
Total length of DD logged is 6,555.5m. Total length of RC logged is 23,218m.
· The total length and percentage of the relevant intersections
logged.
Sub-sampling techniques and sample preparation Historic core has been systematically cut lengthwise into half core with a
diamond saw.
· If core, whether cut or sawn and whether quarter, half or all
core taken. RC samples representing a 1/8 split are taken directly from the rig mounted
cyclone by rotary splitter, sample weight is recorded, sample is bagged in pre
· If non-core, whether riffled, tube sampled, rotary split, etc. numbered plastic and sample tickets are inserted and bag is sealed for
and whether sampled wet or dry. transport to preparation facility.
· For all sample types, the nature, quality and appropriateness of Generally, one of each of the two control samples (blank or CRM standard) is
the sample preparation technique. inserted into the sample stream every tenth sample. Over the 2018 deep diamond
programme. An industry standard, documented process of sample mark-up, core
· Quality control procedures adopted for all sub-sampling stages to splitting, bagging and ticketing and recording is in place at the Mako site.
maximise representivity of samples. The laboratories sample preparation followed a standard documented process
flow with whole sample crushing (better than 70% passing 2mm) followed by a
· Measures taken to ensure that the sampling is representative of 1kg riffle split for pulverisation to 75 micron (better than 85% pass).
the in situ material collected, including for instance results for field
duplicate/second-half sampling. Master pulps of 250g were split and placed in airtight, sealed bags and sent
by courier to the assaying laboratory for analysis.
· Whether sample sizes are appropriate to the grain size of the
material being sampled. Sample size of 2-6kg is appropriate for the grain size of material.
Quality of assay data and laboratory tests Au assays are determined by fire assay with AAS finish. Laboratory and assay
procedures are appropriate for Mineral Resource estimation.
· The nature, quality and appropriateness of the assaying and
laboratory procedures used and whether the technique is considered partial or QAQC consisted of standards, blanks and laboratory duplicates (both coarse and
total. pulp). The QAQC sample results showed acceptable levels of accuracy and
precision.
· For geophysical tools, spectrometers, handheld XRF instruments,
etc., the parameters used in determining the analysis including instrument The assay data is considered to be suitable for Mineral Resource estimation.
make and model, reading times, calibrations factors applied and their
derivation, etc.
· Nature of quality control procedures adopted (e.g. standards,
blanks, duplicates, external laboratory checks) and whether acceptable levels
of accuracy (i.e. lack of bias) and precision have been established.
Verification of sampling and assaying All aspects of the core sampling, assay procedures and QA/QC program have been
reviewed and were judged to be suitable for use in the estimation of Mineral
· The verification of significant intersections by either Resources.
independent or alternative company personnel.
Drill hole assay result data has been checked against the original hardcopy
· The use of twinned holes. laboratory assay reports for a representative number of holes.
· Documentation of primary data, data entry procedures, data Below detection limit values (negatives) have been replaced by background
verification, data storage (physical and electronic) protocols. values.
· Discuss any adjustment to assay data. Un-sampled intervals have been retained as un-sampled (null or blank). All of
these intervals occur within the waste domain and have no material impact on
the estimate.
Location of data points Drill holes have been surveyed by Mako Mine staff surveyors using a Leica
GS14, GS15, and GS18 dGPS.
· Accuracy and quality of surveys used to locate drill holes
(collar and down-hole surveys), trenches, mine workings and other locations Downhole surveys were undertaken by the drilling contractor using a Reflex
used in Mineral Resource estimation. DeviGyro tool with a reading taken every 3m downhole.
· Specification of the grid system used. Grid system is based on the UTM28N grid on the WGS84 ellipsoid. Survey heights
are based on PRS097 (with independent checks on AusPos) and are orthometric
· Quality and adequacy of topographic control. (i.e. msl).
A topographic surface with 1m resolution has been generated from a 2022 Lidar
survey of the Tomboronkoto area.
Data spacing and distribution Data spacing is Generally 25x25m, with a gap underneath National Highway 7,
which runs across the western portion of the deposit. This spacing is adequate
· Data spacing for reporting of Exploration Results. to determine the geological and grade continuity for reporting of a Mineral
Resources.
· Whether the data spacing and distribution is sufficient to
establish the degree of geological and grade continuity appropriate for the Drill samples were composited to 1m for use in the estimate.
Mineral Resource and Ore Reserve estimation procedure(s) and classifications
applied.
· Whether sample compositing has been applied.
Orientation of data in relation to geological structure Geological structures are interpreted to be steeply-dipping to the
south-southeast. Drilling intersects structures from the north and south
· Whether the orientation of sampling achieves unbiased sampling of sides, generally dipping -60⁰ below horizontal, with azimuths either at
possible structures and the extent to which this is known, considering the approximately 340⁰ or 160⁰. All drilling would ideally be targeted from
deposit type. the south, but the presence of the village of Tomboronkoto largely precludes
this.
· If the relationship between the drilling orientation and the
orientation of key mineralised structures is considered to have introduced a Drilling primarily targeted the granodiorite unit which contained the most
sampling bias, this should be assessed and reported if material. significant mineralisation and dipped at about 70⁰ to the south-southeast.
The drilling orientation is adequate for a non-biased assessment of the
orebody with respect to interpreted structures and interpreted controls on
mineralisation.
Sample security Labelling and submission of samples complies with industry standard.
· The measures taken to ensure sample security.
Audits or reviews An independent audit of the sample preparation laboratory has been undertaken
in 2018 (Fis, 2018) found no material issues with the sampling methods or
· The results of any audits or reviews of sampling techniques and data.
data.
The competent person audited the sample preparation laboratory in 2024. No
material issues were found.
Section 2 Reporting of Exploration Results
# JORC CODE EXPLANATION COMMENTARY
Mineral tenement and land tenure status The Tomboronkoto Permit is held by Ardimines SARL. Toro Gold Limited is in
a joint Venture with Ardimines with Toro being the manager and sole funder of
· Type, reference name/number, location and ownership including the joint Venture. Toro Gold Limited is a company controlled by resolute
agreements or material issues with third parties such as joint ventures, Limited. The permit is in good standing.
partnerships, overriding royalties, native title interests, historical sites,
wilderness or national park and environmental settings.
· The security of the tenure held at the time of reporting along
with any known impediments to obtaining a licence to operate in the area.
Exploration done by other parties Past exploration has been performed by Ashanti Gold and Randgold Resources on
a previously held Research Permit which was relinquished prior to being held
· Acknowledgment and appraisal of exploration by other parties. by Ardimines SARL. Randgold had undertaken soil geochemistry, surface
mapping and drilling on the entire Research Permit. Regional auger drilling
identified gold anomalism which Ashanti Gold followed up with Diamond and
Reverse Circulation drilling and trenching on the Tomboronkoto prospect.
Subsequently Randgold undertook further DD drilling and trenching.
Geology Mineralisation is currently interpreted to be within a shear in the
granodiorite unit. Intensity of gold mineralisation appears to correlate with
· Deposit type, geological setting and style of mineralisation. the intensity of pyrite development and exhibits good lateral and vertical
continuity through the mineralised zone.
Mineralisation has a relatively simple geometry comprising a zone that varies
from 30 to 60m in width, along the 1,700m strike length drilled to date. The
zone dips approximately 70⁰ to the south-southeast.
Drill hole Information Easting, Northing and RL of the drill hole collars are based on the UTM28N
grid on the WGS84 ellipsoid. Survey heights are based on PRS097 (with
· A summary of all information material to the understanding of the independent checks on AusPos) and are orthometric (i.e. msl).
exploration results including a tabulation of the following information for
all Material drill holes: The MRE has used drill hole collar RL derived from the topographical surface.
o easting and northing of the drill hole collar Dip is the inclination of the hole from the horizontal. For example, a
vertically down drilled hole from the surface is -90°. Azimuth is reported in
o elevation or RL (Reduced Level - elevation above sea level in metres) of degrees as the grid direction toward which the hole is drilled.
the drill hole collar
Down hole length of the hole is the distance from the surface to the end of
o dip and azimuth of the hole the hole, as measured along the drill trace. Intersection depth is the
distance down the hole as measured along the drill trace. Intersection width
o down hole length and interception depth is the downhole distance of an intersection as measured along the drill trace.
o Whole length. Drill hole length is the distance from the surface to the end of the hole, as
measured along the drill trace.
· 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 Drillholes have been composited to 1m intervals using Leapfrog Geo 2023.2.1
with residual lengths distributed evenly across all composites within the
· In reporting Exploration Results, weighting averaging techniques, domain. There are no residual samples.
maximum and/or minimum grade truncations (e.g. cutting of high grades) and
cut-off grades are usually Material and should be stated. The influence of extreme gold assays has been limited by top-cutting assays
across all domains. Top-cuts have been determined using a combination of log
· Where aggregate intercepts incorporate short lengths of high probability, log histogram, and mean variance plots. Top-cuts have been
grade results and longer lengths of low grade results, the procedure used for reviewed and applied to the composites on a domain-by-domain basis.
such aggregation should be stated and some typical examples of such
aggregations should be shown in detail. The assay intervals are reported as down hole length as the true width
variable is not known.
· The assumptions used for any reporting of metal equivalent values
should be clearly stated. Gold assays are rounded to two decimal places.
No metal equivalent reporting is used or applied.
Relationship between mineralisation widths and intercept lengths The intersection width is measured down the hole trace and may not be the true
width.
· These relationships are particularly important in the reporting
of Exploration Results. All drill results are downhole intervals only due to the variable orientation
of the mineralisation.
· If the geometry of the mineralisation with respect to the drill
hole angle is known, its nature should be reported.
· If it is not known and only the down hole lengths are reported,
there should be a clear statement to this effect (e.g. 'down hole length, true
width not known').
Diagrams A plan view is contained within this document. New cross-sectional
interpretations are included.
· Appropriate maps and sections (with scales) and tabulations of
intercepts should be included for any significant discovery being reported
These should include, but not be limited to a plan view of drill hole collar
locations and appropriate sectional views.
Balanced reporting Diamond and RC drill holes forming the basis of the Mineral Resource estimate
have been reported previously.. Additional drilling has informed the 2024
· Where comprehensive reporting of all Exploration Results is not estimate.
practicable, representative reporting of both low and high grades and/or
widths should be practiced to avoid misleading reporting of Exploration
Results.
Other substantive exploration data No other exploration data is considered meaningful and material to this
document.
· Other exploration data, if meaningful and material, should be
reported including (but not limited to): geological observations; geophysical
survey results; geochemical survey results; bulk samples - size and method of
treatment; metallurgical test results; bulk density, groundwater, geotechnical
and rock characteristics; potential deleterious or contaminating substances.
Further work Future exploration may involve the drilling of more drillholes, both diamond
core and reverse circulation, to further extend the mineralised zones and to
· The nature and scale of planned further work (e.g. tests for collect additional detailed data on known mineralized zones. Geophysical
lateral extensions or depth extensions or large-scale step-out drilling). exploration is also planned as part of the future exploration of the permit.
· Diagrams clearly highlighting the areas of possible extensions,
including the main geological interpretations and future drilling areas,
provided this information is not commercially sensitive.
Section 3 Estimation and Reporting of Mineral Resources
CRITERIA JORC CODE EXPLANATION COMMENTARY
Database Data has been compiled into a relational SQL database; the setup of this
integrity
database precludes the loading of data which do not meet the required
· Measures taken to ensure that data has not been corrupted by, for validation protocols. The data is managed using DataShed© drill hole
example, transcription or keying errors, between its initial collection and management software using SQL database techniques. Validation checks are
its use for Mineral Resource estimation purposes. conducted using SQL and DataShed© relational database standards. Data has
also been checked against original hard copies for 100% of the data, and where
· Data validation procedures used. possible, loaded from original data sources.
Resolute completed the following basic validation checks on the data supplied
prior to resource estimation:
· Drill holes with overlapping sample intervals.
· Sample intervals with no assay data or duplicate records.
· Assay grade ranges.
· Collar coordinate ranges.
· Valid hole orientation data.
There are no significant issues identified with the data.
Site visits Mr James Woodward, a full time employee of Resolute Mining Limited and a
Member of the Australasian Institute of Mining and Metallurgy Metallurgy,
· Comment on any site visits undertaken by the Competent Person and is the Competent Person, and visited site in September, 2025. The visit
the outcome of those visits. included sighting of the core and sample handling and processing facilities,
active drilling (albeit at adjacent prospects, but following the same
· If no site visits have been undertaken indicate why this processes as at Tomboronkoto) and visit to the physical drill site. All
is the case. processes are well managed and meet the expectations of the CP.
Geological interpretation The digital database used for the interpretation included logged intervals for
the key granodiorite unit. There is a moderate level of confidence in the
· Confidence in (or conversely, the uncertainty of) the geological interpretation of the mineralised shear zoneprimarily due to the relatively
interpretation of the mineral deposit. wide-spaced drilling. Additionally Resolute's drilling program was entirely
RC, though historic core has been reviewed and logged.
· Nature of the data used and of any assumptions made.
The mineralised volume has been constructed using nested Leapfrog Indicator
· The effect, if any, of alternative interpretations on Mineral wireframes at lower cut-offs of 0.2 g/t Au and 0.75 g/t Au. The overall
Resource estimation. shape of the mineralised unit has been guided by a sectional interpretation of
the trend of mineralisation within the mineralised shear.
· The use of geology in guiding and controlling Mineral Resource
estimation. The factors affecting continuity both of grade and geology are most likely to
be associated with structural controls and local complexity, the knowledge of
· The factors affecting continuity both of grade and geology. which is limited with the current spacing of information. The broad approach
to the mineralisation modelling is an attempt to model an unbiased
interpretation.
Dimensions Gold mineralisation varies from approximately 10 to 50m in thickness along the
approximately 750m strike length of defined mineralisation. Mineralisation
· The extent and variability of the Mineral Resource expressed as dips at approximately 70⁰ to the SSE and is defined to approximately 150m
length (along strike or otherwise), plan width, and depth below surface to the vertical depth. The deposit remains open at depth and to the west.
upper and lower limits of the Mineral Resource.
Estimation and modelling techniques Estimation of gold grade has been completed using Ordinary Kriging (OK).
Mineralisation has been constrained using wireframes constructed using nested
· The nature and appropriateness of the estimation technique(s) Leapfrog Indicator wireframes constructed within the host granodiorite unit.
applied and key assumptions, including treatment of extreme grade values, These wireframes have been used to define domain codes for estimation.
domaining, interpolation parameters and maximum distance of extrapolation from Drillholes have been flagged with the domain code and composited using the
data points. If a computer assisted estimation method was chosen include a domain code to segregate the data.
description of computer software and parameters used.
Domain boundary analysis has been undertaken with hard boundaries used for all
domains.
Drillholes have been composited to 1m intervals using Leapfrog Geo 2023.2.1
with residual lengths distributed evenly across all composites within the
domain. There are no residual samples.
· The availability of check estimates, previous estimates and/or The influence of extreme gold assays has been limited by top-cutting assays
mine production records and whether the Mineral Resource estimate takes across all domains. Top-cuts have been determined using a combination of log
appropriate account of such data. probability, log histogram, and mean variance plots. Top-cuts have been
reviewed and applied to the composites on a domain-by-domain basis.
· The assumptions made regarding recovery of by- products.
Variography has been undertaken on a domain-by-domain basis in Datamine
· Estimation of deleterious elements or other non-grade variables Supervisor v.8.14.3.3 using top-cut values.
of economic significance (e.g. sulphur for acid mine drainage
characterization). Drillhole data spacing is 25m x 25m across the deposit, with a small gap of
50x50m spaced data under National Highway 7 which runs across the western
· In the case of block model interpolation, the block size in portion of the deposit.
relation to the average sample spacing and the search employed.
The block model parent block size is 10m (X) by 10m (Y) by 5m (Z) with up to
· In the case of block model interpolation, the block size in 16 sub-blocks per parent block in the X and Y directions, and up to 8
relation to the average sample spacing and the search employed. sub-blocks per parent block in the Z direction. Sub-blocks have been estimated
at the parent block scale. Block size is considered appropriate for the
· Any assumptions behind modelling of selective mining units. drillhole spacing throughout the deposit.
· Any assumptions about correlation between variables. Grade estimation has been completed in three passes:
· Description of how the geological interpretation was used to Ø Pass 1 estimation has been undertaken using a minimum of 4 and maximum of
control the resource estimates. 25 sample composites (determined using Datamine Supervisor v.8.14 KNA tool)
into a search ellipsoid with dimensions equal to half the variogram range of
· Discussion of basis for using or not using grade cutting or the domain.
capping.
Ø Pass 2 estimation has been undertaken with the same minimum/maximum
· The process of validation, the checking process used, the samples as Pass 1 into a search ellipsoid twice the first pass.
comparison of model data to drill hole data, and use of reconciliation data if
available. Ø Pass 3 estimation has been undertaken with a minimum of 2 samples, and
the same maximum number of samples as the first two passes into a search
ellipsoid twice the second pass
Ø A maximum of three samples per drillhole has been used in the first two
passes, with no limits set on the third pass..
The mineral resource estimate has been validated using visual validation
tools, mean grade comparisons between the block model and declustered
composite grade means, and swath plots comparing the input composite grades
and the estimated block model grades by Northing, Easting, and RL.
Leapfrog Geo v2023.2.1 and Datamine Supervisor v8.14.3.3 software have been
used for estimation.
No by-product recoveries were considered.
Moisture Moisture was not considered in the density assignment.
· Whether the tonnages are estimated on a dry basis or with natural
moisture, and the method of determination of the moisture content.
Cut-off parameters A nominal lower cut-off grade of 0.2g/t Au was used to define the mineralised
domains to encompass the complete mineralised distribution and produce a model
· The basis of the adopted cut-off grade(s) or quality that reduces the risk of conditional bias that could be introduced where the
parameters applied. constraining interpretation and data selection is based on a significantly
higher grade than the natural geological grade
cut-off.
The cut-off grade for reporting (above 0.5g/t Au and above 1.0 g/t Au) was
used in line with the previous resource reporting at the nearby Mako deposit
Mining factors or assumptions The shallow occurrence of the mineralisation indicates that open pit mining is
appropriate, in line with other deposits in the area.
· Assumptions made regarding possible mining methods, minimum
mining dimensions and internal (or, if applicable, external) mining dilution. The estimation methodology used results in an amount of edge dilution being
incorporated into the blocks of the model. No account of mining loss has been
incorporated.
It is always necessary as part of the process of determining reasonable
prospects for eventual economic extraction to consider potential mining
methods, but the assumptions made regarding mining methods and parameters when
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 No specific assumptions were made regarding metallurgical factors for this
estimate.
· The basis for assumptions or predictions regarding metallurgical
amenability. It is always necessary as part of the process of determining Metallurgy is assumed to be similar to the nearby Mako deposit.
reasonable prospects for eventual economic extraction to consider potential
metallurgical methods, but the assumptions regarding metallurgical treatment
processes and parameters made when reporting Mineral Resources may not always
be rigorous. Where this is the case, this should be reported with an
explanation of the basis of the metallurgical assumptions made.
Environmental factors or assumptions In order for mining to occur, the nearby village of Tomboronkoto would need to
be relocated and a portion of National Highway 7 rerouted.
· Assumptions made regarding possible waste and process residue
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 green fields 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 Specific gravity values for the Tombo Prospect have been measured based on the
Archimedean Principle using the immersion method for individual core samples.
· Whether assumed or determined. If assumed, the basis for the A total of 1,406 density measurements were available for use. This data has
assumptions. If determined, the method used, whether wet or dry, the frequency been used as the basis of the block model bulk density.
of the measurements, the nature, size and representativeness of the samples.
No relationship between density and gold content could be established.
· The bulk density for bulk material must have been measured by
methods that adequately account for void spaces (vugs, porosity, etc), A default bulk density of 1.74t/m(3) was assigned to oxide rocks.
moisture and differences between rock and alteration zones within the deposit.
A default bulk density of 2.31t/m(3) was assigned to transitional rock.
· Discuss assumptions for bulk density estimates used in the
evaluation process of the different materials. A default bulk density of 2.71t/m(3) was assigned to fresh rock.
Classification The classification is based on the confidence in the continuity of geology and
mineralisation and quality/confidence in the estimation and quality of assay
· The basis for the classification of the Mineral Resources into data and bulk density data.
varying confidence categories.
The Indicated portion of the Resource was defined within a wireframe
· Whether appropriate account has been taken of all relevant constructed around areas populated in the first two estimation passes, where
factors (i.e. relative confidence in tonnage/grade estimations, reliability of drilling density is less than or equal to 25x25m, and Kriging efficiency is
input data, confidence in continuity of geology generally >= 0.6.
and metal values, quality, quantity and distribution of the data).
Mineralisation not classified as Indicated has been classified as Inferred.
· Whether the result appropriately reflects the Competent Person's
view of the deposit. The Mineral Resource estimate appropriately reflects the Competent Person's
view of the deposit.
Audits or reviews No external reviews have been completed.
· The results of any audits or reviews of Mineral
· Resource estimates.
Discussion of relative accuracy/ confidence The Mineral Resource Estimate has been classified based on the quality of the
data collected, the density of the data, the confidence of the geologic and
· Where appropriate a statement of the relative accuracy and mineralisation models, and the grade estimation quality. No relative
confidence level in the Mineral Resource estimate using an approach or statistical or geostatistical confidence or risk measure has been applied.
procedure deemed appropriate by the Competent Person. For example, the
application of statistical or geostatistical procedures to quantify the The relative accuracy of the Mineral Resource Estimate is reflected in the
relative accuracy of the resource within stated confidence limits, or, if such reporting of Indicated and Inferred resource categories as defined by the JORC
an approach is not deemed appropriate, a qualitative discussion of the factors 2012 code guidelines.
that could affect the relative accuracy and confidence of the estimate.
No production data is available for comparison.
· The statement should specify whether it relates to global or
local estimates, and, if local, state the relevant tonnages, which should be
relevant to technical and economic evaluation. Documentation should include
assumptions made and the procedures used.
· These statements of relative accuracy and confidence of the
estimate should be compared with production data, where available.
Section 4 Estimation and Reporting of Ore Reserves
CRITERIA JORC CODE EXPLANATION COMMENTARY
Mineral Resource estimate for conversion to Ore Reserves · Description of the Mineral Resource estimate used as a basis for Ore Reserves are the material reported as a sub-set of the resource, that
the conversion to an Ore Reserve. which can be extracted from the mine and processed with an economically
acceptable outcome. Mineral Resources are reported inclusive of Ore
· Clear statement as to whether the Mineral Resources are reported Reserves.
additional to, or inclusive of, the Ore Reserve.
Site visits · Comment on any site visits undertaken by the Competent Person and The Competent Person, Mr Kitwa Ndjibu, is a full-time employee of Resolute
the outcome of those visits. Mining Ltd and a Member of the Australasian Institute of Mining and
Metallurgy. He conducted a site visit to the project area in October 2024.
· If no site visits have been undertaken indicate why this is the
case.
Study status · The type and level of study undertaken to enable Mineral Tomboronkoto open pit is in the project phase to commence mining operation
Resources to be converted to Ore Reserves. in 2028 once the Mako stockpile reclaim will be depleted.
· The Code requires that a study to at least Pre-Feasibility Study
level has been undertaken to convert Mineral Resources to Ore Reserves. Such
studies will have been carried out and will have determined a mine plan that
is technically achievable and economically viable, and that material Modifying
Factors have been considered.
Cut-off parameters · The basis of the cut-off grade(s) or quality parameters applied. A Mill cut-off grade (COG) of 0.5 g/t gold (OX-TR) and 0.6g/t gold (FR)
gold have been applied for Tomboronkoto at $2,500/oz gold price.
Mining factors or assumptions · The method and assumptions used as reported in the · Tomboronkoto operations will be open pit mining methods. Whittle
Pre-Feasibility or Feasibility Study to convert the Mineral Resource to an Ore pit shell optimisations were conducted as component of the mining study.
Reserve (i.e. either by application of appropriate factors by optimization or
by preliminary or detailed design). · Ground conditions at Tomboronkoto closer to the River combined to
actual geotechnical assessments showed that Tomboronkoto slope angles could be
· The choice, nature and appropriateness of the selected mining as follows: 36°, 40° and 55° overall for Oxide, Transition and Fresh
method(s) and other mining parameters including associated design issues such Respectively.
as pre-strip, access, etc.
· The Resource model was a diluted model; no additional dilution is
· The assumptions made regarding geotechnical parameters (e.g. pit required.
slopes, stope sizes, etc.), grade control and pre-production drilling.
· 95% Mining recovery used.
· The major assumptions made and Mineral Resource model used for
pit and stope optimization (if appropriate). · No Inferred Mineral Resource is included within the Reserve.
· The mining dilution factors used. · No additional infrastructure is required for the remaining mine
life.
· The mining recovery factors used.
· Any minimum mining widths used.
· The manner in which Inferred Mineral Resources are utilized in
mining studies and the sensitivity of the outcome to their inclusion.
· The infrastructure requirements of the selected mining methods.
Metallurgical factors or assumptions · The metallurgical process proposed and the appropriateness of · Different recovery is used for different ore types. Oxide : 94.5%
that process to the style of mineralization. and (Tansition/Fresh ) 92.7% recoveries .
· Whether the metallurgical process is well-tested technology or · No deleterious elements, no organics or other elements impacting
novel in nature. on Au recovery.
· The nature, amount and representativeness of metallurgical test
work undertaken, the nature of the metallurgical domaining applied and the
corresponding metallurgical recovery factors applied.
· Any assumptions or allowances made for deleterious elements.
· The existence of any bulk sample or pilot scale test work and the
degree to which such samples are considered representative of the ore body as
a whole.
· For minerals that are defined by a specification, has the ore
reserve estimation been based on the appropriate mineralogy to meet the
specifications?
Environmental · The status of studies of potential environmental impacts of the No acid generation from the waste dumps have been observed in line with test
mining and processing operation. Details of waste rock characterization and work expectations. No acid forming metallurgy within waste rock material.
the consideration of potential sites, status of design options considered and,
where applicable, the status of approvals for process residue storage and
waste dumps should be reported.
Infrastructure · The existence of appropriate infrastructure: availability of land All infrastructure for the Mako project has been completed.
for plant development, power, water, transportation (particularly for bulk
commodities), labour, accommodation; or the ease with which the infrastructure Water supply dams, TSF dams have been completed with ongoing TSF lifts planned
can be provided or accessed. through the remaining mine life. All power station and camp accommodation
infrastructure has been completed.
Costs · The derivation of, or assumptions made, regarding projected Royalty paid on gold price At $2,500/oz is 5.0%. Costs used are taken from
capital costs in the study. mine actuals and Mining contractor unit rates.
· The methodology used to estimate operating costs.
· Allowances made for the content of deleterious elements.
· The derivation of assumptions made of metal or commodity
price(s), for the principal minerals and co- products.
· The source of exchange rates used in the study.
· Derivation of transportation charges.
· The basis for forecasting or source of treatment and refining
charges, penalties for failure to meet specification, etc.
· The allowances made for royalties payable, both Government and
private.
Revenue factors · The derivation of, or assumptions made regarding revenue factors A gold price of US$2,500/oz formed the basis of the Ore Reserves. Gold price
including head grade, metal or commodity price(s) exchange rates, used for planning purposes are from consensus forecasts provided by external
transportation and treatment charges, penalties, net smelter returns, etc. corporate advisers.
· The derivation of assumptions made of metal or commodity No penalties are incurred for deleterious material.
price(s), for the principal metals, minerals and co-products.
No revenue received from co-products.
Market assessment · The demand, supply and stock situation for the particular The market for gold is robust with prevailing gold price being well above
commodity, consumption trends and factors likely to affect supply and demand US$2,500/oz.
into the future.
Supply and demand are not considered material to the Ore Reserve calculations.
· A customer and competitor analysis along with the identification
of likely market windows for the product.
· Price and volume forecasts and the basis for these forecasts.
· For industrial minerals the customer specification, testing and
acceptance requirements prior to a supply contract.
Economic · The inputs to the economic analysis to produce the net present The financial evaluation undertaken as part of the evaluation indicated a
value (NPV) in the study, the source and confidence of these economic inputs positive net present value (NPV) at a 10% annual discount rate. The following
including estimated inflation, discount rate, etc. major economic inputs were used:
· NPV ranges and sensitivity to variations in the significant · Costs as previous described
assumptions and inputs.
· Gold price of US$2,500/oz
· Royalties of 5.0%
Social · The status of agreements with key stakeholders and matters The government of Senegal has a 10% free carried interest in the operation.
leading to social license to operate.
No other stakeholder agreements in place.
Other · To the extent relevant, the impact of the following on the No additional naturally occurring risks. No flood risk, Low seismicity risk,
project and/or on the estimation and classification of the Ore Reserves:
· Any identified material naturally occurring risks.
· The status of material legal agreements and marketing
arrangements.
· The status of governmental agreements and approvals critical to
the viability of the project, such as mineral tenement status, and government
and statutory approvals. There must be reasonable grounds to expect that all
necessary Government approvals will be received within the timeframes
anticipated in the Pre-Feasibility or Feasibility study. Highlight and discuss
the materiality of any unresolved matter that is dependent on a third party on
which extraction of the reserve is contingent.
Classification · The basis for the classification of the Ore Reserves into varying The Ore Reserve estimate appropriately reflects the Competent Person's view of
confidence categories. the deposit.
· Whether the result appropriately reflects the Competent Person's
view of the deposit.
· The proportion of Probable Ore Reserves that have been derived
from Measured Mineral Resources (if any).
Audits or reviews · The results of any audits or reviews of Ore Reserve estimates.
Discussion of relative accuracy/ confidence · Where appropriate a statement of the relative accuracy and
confidence level in the Ore Reserve estimate using an approach or procedure
deemed appropriate by the Competent Person. For example, the application of
statistical or geostatistical procedures to quantify the relative accuracy of
the reserve within stated confidence limits, or, if such an approach is not
deemed appropriate, a qualitative discussion of the factors which could affect
the relative accuracy and confidence of the estimate.
· The statement should specify whether it relates to global or
local estimates, and, if local, state the relevant tonnages, which should be
relevant to technical and economic evaluation. Documentation should include
assumptions made and the procedures used.
· Accuracy and confidence discussions should extend to specific
discussions of any applied Modifying Factors that may have a material impact
on Ore Reserve viability, or for which there are remaining areas of
uncertainty at the current study stage.
· It is recognized that this may not be possible or appropriate in
all circumstances. These statements of relative accuracy and confidence of the
estimate should be compared with production data, where available.
Bantaco Project
Section 1 Sampling Techniques and Data
CRITERIA JORC CODE EXPLANATION COMMENTARY
Sampling techniques · Nature and quality of sampling (e.g. cut channels, random chips, Sampling has been by diamond drill coring and reverse circulation chip.
or specific specialised industry standard measurement tools appropriate to the
minerals under investigation, such as down hole gamma sondes, or handheld XRF Diamond core has been geologically logged and sampled to geological contacts
instruments, etc.). These examples should not be taken as limiting the broad with nominal sample lengths between 0.3m and 4.5m (most commonly 1m). Core
meaning of sampling. selected for assay is systematically cut lengthwise into half core by diamond
blade rock saw, numbered and bagged before dispatch to the laboratory for
· Include reference to measures taken to ensure sample analysis.
representivity and the appropriate calibration of any measurement tools or
systems used. All core is photographed, wet and dry.
· Aspects of the determination of mineralisation that are Material Reverse circulation chips are geologically logged and sampled on regular
to the Public Report. lengths of 1m. Chip material selected for assay is systematically divided to a
1/8 proportion using a rotary splitter attached to the cyclone sample recovery
· In cases where 'industry standard' work has been done this would system, numbered and bagged before dispatch to the laboratory for analysis
be relatively simple (e.g. 'reverse circulation drilling was used to obtain 1
m samples from which 3 kg was pulverised to produce a 30 g charge for fire
assay'). In other cases more explanation may be required, such as where there
is coarse gold that has inherent sampling problems. Unusual commodities or
mineralisation types (e.g. submarine nodules) may warrant disclosure of
detailed information
Drilling techniques · Drill type (e.g. core, reverse circulation, openhole hammer, Diamond core drilling with standard inner tubes. NTW diameter (57.1 mm) to
target depth where possible with some smaller NQ2 intervals as tails. Core is
· rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. marked and oriented.
core diameter, triple or standard tube, depth of diamond tails, facesampling
bit or other type, whether core is oriented and if so, by what method, etc.). Reverse Circulation drilling with 4" or 4.5" hammer and 4" rod string to
target depth
Drill sample recovery · Method of recording and assessing core and chip sample recoveries · Diamond core recoveries are measured in the core trays and
and results assessed. recorded as recovered metres and recovered % as part of the geological logging
process.
· Measures taken to maximise sample recovery and ensure
representative nature of the samples. · RC recoveries are monitored by chip sample weight recording.
Sample weights have been analysed for cyclicity with no relationship between
· Whether a relationship exists between sample recovery and grade sample weight and depth noted
and whether sample bias may have occurred due to preferential loss/gain of
fine/coarse material.
Logging · Whether core and chip samples have been · Diamond core has been geologically and geotechnically logged to a
geologically and level of detail to support appropriate classification and reporting of a
Mineral Resource.
· geotechnically logged to a level of detail to support appropriate
Mineral Resource estimation, mining studies and metallurgical studies. · Reverse circulation chip samples have been geologically logged to
a level of detail to support appropriate classification and reporting of a
· Whether logging is qualitative or quantitative in nature. Core Mineral Resource.
(or costean, channel, etc.) photography.
· Total length of DD logged is 2,100m. Total length of RC logged is
· The total length and percentage of the relevant intersections 37,360m
logged.
Subsampling techniques and sample preparation · If core, whether cut or sawn and whether quarter, half or all · Historic core has been systematically cut lengthwise into half
core taken. core with a diamond saw.
· If noncore, whether riffled, tube sampled, rotary split, etc. and · RC samples representing a 1/8 split are taken directly from the
whether sampled wet or dry. rig mounted cyclone by rotary splitter, sample weight is recorded, sample is
bagged in pre numbered plastic and sample tickets are inserted and bag is
· For all sample types, the nature, quality and appropriateness of sealed for transport to preparation facility.
the sample preparation technique.
· Generally, one of each of the two control samples (blank or CRM
· Quality control procedures adopted for all subsampling stages to standard) is inserted into the sample stream every tenth sample. An industry
maximise representivity of samples. standard, documented process of sample markup, core splitting, bagging and
ticketing and recording is in place at the Mako site
· Measures taken to ensure that the sampling is representative of
the in situ material collected, including for instance results for field · All samples were submitted to external certified analytical
duplicate/secondhalf sampling. laboratory, MSA Bamako. The 3kg sample were considered appropriate sample size
for PhotonAssay analysis.
· Whether sample sizes are appropriate to the grain size of the
material being sampled · MSA prepares the sample by weighing, drying, and crushing the
entire sample to >70% passing 2mm, then into jarred up for PhotonAssay
Quality of assay data and laboratory tests · The nature, quality and appropriateness of the assaying and · Au assays are determined by Chrysos Photon assay at MSA labs in
laboratory procedures used and whether the technique is considered partial or Bamako. Laboratory and assay procedures are appropriate for Mineral Resource
total. estimation.
· For geophysical tools, spectrometers, handheld XRF instruments, · QAQC consisted of standards, blanks and laboratory duplicates
etc., the parameters used in determining the analysis including instrument (both coarse and pulp). The QAQC sample results showed acceptable levels of
make and model, reading times, calibrations factors applied and their accuracy and precision.
derivation, etc.
· The assay data is considered to be suitable for Mineral Resource
· Nature of quality control procedures adopted (e.g. standards, estimation
blanks, duplicates, external laboratory checks) and whether acceptable levels
of accuracy (i.e. lack of bias) and precision have been established
Verification of sampling and assaying · The verification of significant intersections by either · All aspects of the core sampling, assay procedures and QA/QC
independent or alternative company personnel. program have been reviewed and were judged to be suitable for use in the
estimation of Mineral Resources.
· The use of twinned holes.
· Drill hole assay result data has been checked against the
· Documentation of primary data, data entry procedures, data original hardcopy laboratory assay reports for a representative number of
verification, data storage (physical and electronic) protocols. holes.
· Discuss any adjustment to assay data. · Below detection limit values (negatives) have been replaced by
background values.
· Unsampled intervals have been retained as unsampled (null or
blank). All of these intervals occur within the waste domain and have no
material impact on the estimate
Location of data points · Accuracy and quality of surveys used to locate drill holes · Drill holes have been surveyed by Mako Mine staff surveyors using
(collar and downhole surveys), trenches, mine workings and other locations a Leica GS14, GS15, and GS18 dGPS.
used in Mineral Resource estimation.
· Downhole surveys were undertaken by the drilling contractor using
· Specification of the grid system used. a Reflex DeviGyro tool with a reading taken every 3m downhole.
· Quality and adequacy of topographic control · Grid system is based on the UTM28N grid on the WGS84 ellipsoid.
Survey heights are based on PRS097 (with independent checks on AusPos) and are
orthometric (i.e. msl).
· A topographic surface with 1m resolution has been generated from
a Lidar survey of the area
Data spacing and distributio · Data spacing for reporting of Exploration Results. · Data spacing averages 50m x 50m at both Bantaco West and Bantaco
South, with variation in spacing from approximately 20m to 60m between drill
· Whether the data spacing and distribution is sufficient to holes. Drill hole coverage is consistent across the prospects without
establish the degree of geological and grade continuity appropriate for the significant clustering or spatial bias. The spacing is adequate to determine
Mineral Resource and Ore Reserve estimation procedure(s) and classifications the geological and grade continuity for reporting of an Inferred Mineral
applied. Resources.
· Whether sample compositing has been applied · Drill samples were composited to 1m for use in the estimate
Orientation of data in relation to geological structure · Whether the orientation of sampling achieves unbiased sampling of · Geological structures are interpreted to be steeplydipping to the
possible structures and the extent to which this is known, considering the northwest. Drilling intersects structures from the north west, generally
deposit type. dipping 60⁰ below horizontal.
· If the relationship between the drilling orientation and the · Drilling primarily targeted shears within volcanics and
orientation of key mineralised structures is considered to have introduced a metasediments.
sampling bias, this should be assessed and reported if material
· The drilling orientation is adequate for a nonbiased assessment
of the orebody with respect to interpreted structures and interpreted controls
on mineralisation
Sample security · The measures taken to ensure sample security. · Labelling and submission of samples complies with industry
standard.
Audits or reviews · The results of any audits or reviews of · The competent person audited the sample preparation laboratory in
sampling techniques and data. 2024. No material issues were found
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 agreements The Bantaco Permit is held by SNEPAC SARL. Toro Gold Limited is in a joint Venture with SNEPAC with Toro being the manager and sole funder of the joint Venture. Toro Gold
or material issues with third parties such as joint ventures, partnerships, Limited is a company controlled by Resolute Limited. The permit is in good standing
overriding royalties, native title interests, historical sites, wilderness or
national park and environmental settings.
· The security of the tenure held at the time of reporting along with any
known impediments to obtaining a licence to operate in the area
Exploration done by other parties · Acknowledgment and appraisal of exploration by other parties. Past exploration has been performed by Ashanti Gold, and Randgold Resources on a previously held Research Permit which was relinquished prior to being held by SNEPAC
SARL. Randgold had undertaken soil geochemistry, surface mapping and RAB drilling on the Research Permit. Ashanti Gold undertook RAB and diamond drilling. Subsequently
SNEPAC carried out surface geochemistry, auger drilling and RC drilling on the current permit
Geology · Deposit type, geological setting and style of mineralisation. Mineralisation is currently interpreted to be a standard Birimian
orogenic gold deposit style. Gold is related to shears within volcanics and metasediments. Intensity of gold mineralisation appears to correlate with the intensity of
pyrite development and exhibits lateral and vertical continuity through the mineralised zone.
Geometry of the gold mineralisation is generally NNE to NE striking and vertical to steep westerly dipping. The zones vary between 4 and 30m wide
Drill hole Information · A summary of all information material to the understanding of the Easting, Northing and RL of the drill hole collars are based on the UTM28N grid on the WGS84 ellipsoid. Survey heights are based on PRS097 (with independent checks on
exploration results including a tabulation of the following information for AusPos) and are orthometric (i.e. msl).
all Material drill holes: The MRE used drill hole collar RL measured using DGPS to create the topographical surface, pending the extension of Lidar topographic survey to cover the full Bantaco
project area
o easting and northing of the drill hole collar Dip is the inclination of the hole from the horizontal. For example, a vertically down drilled hole from the surface is 90°. Azimuth is reported in degrees as the grid
direction toward which the hole is drilled.
o elevation or RL (Reduced Level - elevation above sea level in metres) of the Down hole length of the hole is the distance from the surface to the end of the hole, as measured along the drill trace. Intersection depth is the distance down the hole
drill hole collar as measured along the drill trace.
Intersection width is the downhole distance of an intersection as measured along the drill trace.
o dip and azimuth of the hole Drill hole length is the distance from the surface to the end of the hole, as measured along the drill trace.
o down hole length and interception depth
o Whole length.
· If the exclusion of this information is justified on the basis that the
information is not Material and this exclusion does not detract from the
understanding of the report, the Competent Person should clearly explain why
this is
the case.
Data aggregation methods · In reporting Exploration Results, weighting averaging techniques, maximum Drillholes have been composited to 1m intervals using Leapfrog Geo 2024.1.2 with residual lengths distributed evenly across all composites within the domain. There are no
and/or minimum grade truncations (e.g. cutting of high grades) and cutoff residual samples.
grades are usually Material and should be stated. No top cuts were applied to the estimation dataset. Extreme grades in the greater Project dataset are located outside of the Bantaco West and South prospects, in areas of
earlier stage exploration.
· Where aggregate intercepts incorporate short lengths of high grade The assay intervals are reported as down hole length as the true width variable is not known.
results and longer lengths of low grade results, the procedure used for such Gold assays are rounded to two decimal places. No metal equivalent reporting is used or applied
aggregation should be stated and some typical examples of such aggregations
should be shown in detail.
The assumptions used for any reporting of metal equivalent values should be clearly stated
Relationship between mineralisation widths and intercept lengths · These relationships are particularly important in the reporting of The intersection width is measured down the hole trace and may not be the true width.
Exploration Results. All drill results are downhole intervals only due to the variable orientation of the mineralisation.
· If the geometry of the mineralisation with respect to the drill hole
angle is known, its nature should be reported.
· If it is not known and only the down hole lengths are reported, there
should be a clear statement to this effect (e.g. 'down hole length, true width
not known').
Diagrams · Appropriate maps and sections (with scales) and tabulations A plan view is contained within this document. A table of intercepts is also included in this document
· of intercepts should be included for any significant discovery being
reported These should include, but not be limited to a plan view of drill hole
collar locations and appropriate sectional views
Balanced reporting · Where comprehensive reporting of all Exploration Results is not Diamond and RC drill holes forming the basis of the Mineral Resource estimate have been reported previously.. Additional drilling has informed the 2025 estimate
practicable, representative reporting of both low and high grades and/or The report is considered balanced and provided in context
widths should be practiced to avoid misleading reporting of Exploration
Results
Other substantive exploration data · Other exploration data, if meaningful and material, should be reported No other exploration data is considered meaningful and material to this document
including (but not limited to): geological observations; geophysical survey
results; geochemical survey results; bulk samples - size and method of
treatment; metallurgical test results; bulk density, groundwater, geotechnical
and rock characteristics; potential deleterious or contaminating substances
Further work · The nature and scale of planned further work (e.g. tests for Future exploration may involve the drilling of more drillholes, both diamond core and reverse circulation, to further extend the mineralised zones and to collect
additional detailed data on known mineralized zones. Geophysical exploration is also planned as part of the future exploration of the permit
· lateral extensions or depth extensions or largescale stepout drilling).
· Diagrams clearly highlighting the areas of possible extensions, including
the main geological interpretations and future drilling areas, provided this
information is not commercially sensitive.
Section 3 Estimation and Reporting of Mineral Resources
CRITERIA JORC CODE EXPLANATION COMMENTARY
Database integrity · Measures taken to ensure that data has not been corrupted by, for Data has been compiled into a relational SQL database; the setup of this
example, transcription or keying errors, between its initial collection and database precludes the loading of data which do not meet the required
its use for Mineral Resource estimation purposes. validation protocols. The data is managed using DataShed© drill hole
management software using SQL database techniques. Validation checks are
· Data validation procedures used. conducted using SQL and DataShed© relational database standards. Data has
also been checked against original hard copies for 100% of the data, and where
possible, loaded from original data sources.
Resolute completed the following basic validation checks on the data supplied
prior to resource estimation:
· Drill holes with overlapping sample intervals.
· Sample intervals with no assay data or duplicate
records.
· Assay grade ranges.
· Collar coordinate ranges.
· Valid hole orientation data.
There are no significant issues identified with the data
Site visits · Comment on any site visits undertaken by the Competent Person and Mr James Woodward, a fulltime employee of Resolute Mining Limited and a Member
the outcome of those visits. of the Australasian Institute of Mining and Metallurgy is the Competent
Person. A visit to the project was made in September 2025, which included
· If no site visits have been undertaken indicate why this is the walking the prospect locations, viewing active drilling and all core and
case. sample handling processes and facilities. All processes are well managed and
meet the expectation of the CP
Geological interpretation · Confidence in (or conversely, the uncertainty of) the geological The digital database used for the interpretation included logged intervals for
interpretation of the mineral deposit. the key geological and mineralised units. There is a moderate level of
confidence in the interpretation of shear zones hosting the mineralisation at
· Nature of the data used and of any assumptions made. Bantaco West and South, primarily due to the relatively widespaced drilling
and small proportion of diamond core to provide additional geological and
· The effect, if any, of alternative interpretations on Mineral structural information and control.
Resource estimation.
The mineralised volume has been constructed using Leapfrog Indicator
· The use of geology in guiding and controlling Mineral Resource wireframes at a lower cutoff of 0.2g/t Au. The overall shape of the
estimation. mineralised unit has been guided by a sectional interpretation of the trend of
mineralisation. Visual checks of the resulting volumes against assay data saw
· The factors affecting continuity both of grade and geology iterative adjustments to avoid overstating volume in areas of lower sample
support.
The factors affecting continuity both of grade and geology are most likely to
be associated with structural controls and local complexity, the knowledge of
which is limited with the current spacing of information. The broad approach
to the mineralisation modelling is an attempt to model an unbiased
interpretation of the mineralised envelope.
Dimensions · The extent and variability of the Mineral Resource expressed Gold mineralisation varies from approximately 10 to 35m in thickness (measured
across the zone from hanging wall to footwall) along approximately 350m strike
· as length (along strike or otherwise), plan width, and depth below length of defined mineralisation at Bantaco South. At Bantaco West
surface to the upper and lower limits of the Mineral Resource. mineralisation is up to approximately 40m thick (measured across the zone from
hanging wall to footwall) along a mineralised zone of approximately 2km strike
length. Mineralisation mostly dips at approximately 40⁰ towards the NW and
is defined to approximately 170m vertical depth. Bantaco South has a minor
mineralised domain dipping subvertically to the SW.
The deposits remain open at depth. Bantaco West shows potential for improved
continuity along the known strike length with additional data, and some
potential for extension to the south. Bantaco South shows some potential for
growth to both the north and south
Estimation and modelling techniques · The nature and appropriateness of the estimation technique(s) Estimation of gold grade has been completed using Ordinary Kriging (OK).
applied and key assumptions, including treatment of extreme grade values, Mineralisation has been constrained using wireframes constructed using
domaining, interpolation parameters and maximum distance of extrapolation from Leapfrog Indicator wireframes constructed within the host shear zones. These
data points. If a computer assisted estimation method was chosen include a wireframes have been used to define domain codes for estimation. Drillholes
description of computer software and parameters used. have been flagged with the domain code and composited using the domain code to
segregate the data.
· The availability of check estimates, previous estimates and/or mine
production records and whether the Mineral Resource estimate takes appropriate Domain boundary analysis has been undertaken with hard boundaries used for all
account of such data. domains.
· The assumptions made regarding recovery of by products. Drillholes have been composited to 1m intervals using Leapfrog Geo 2024.1.2
with residual lengths distributed evenly across all composites within the
· Estimation of deleterious elements or other nongrade variables of domain. There are no residual samples.
economic significance (e.g. sulphur for acid mine drainage characterization).
Topcuts analysis was performed using a combination of log probability, log
· In the case of block model interpolation, the block size in histogram, and mean variance plots. Extreme values were spatially confirmed to
relation to the average sample spacing and the search employed. lie outside of the immediate prospect areas, and at this stage, no topcuts are
applied to the data for Bantaco West or South estimates.
· In the case of block model interpolation, the block size in
relation to the average sample spacing and the search employed. Variography has been undertaken on a domainbydomain basis in Leapfrog Geo
2024.1.2 in Gaussian space. Back transformed variograms are applied to the
· Any assumptions behind modelling of selective mining units. estimate.
· Any assumptions about correlation between variables. Drillhole data spacing averages 50m x 50m, with consistent spatial coverage
across the prospects.
· Description of how the geological interpretation was used to
control the resource estimates. The block model parent block size is 25m (X) by 25m (Y) by 5m
· Discussion of basis for using or not using grade cutting or (Z) with up to 16 subblocks per parent block in the X and Y directions, and up
capping. to 4 subblocks per parent block in the Z direction. Subblocks have been
estimated at the parent block scale. Block size is considered appropriate for
· The process of validation, the checking process used, the the drillhole spacing throughout the deposit.
comparison of model data to drill hole data, and use of reconciliation data if
available. Grade estimation used the following parameters:
· Bantaco West:
► Pass 1 estimation has been undertaken using a minimum of 8 and
maximum of 24 sample composites (validated using Datamine Supervisor v.9 KNA
tool) into a search ellipsoid of 75m x 40m x 10m with the major direction
aligned downdip.
► Pass 2: estimation required a minimum of 4 samples and a larger
search of 100m x 55m x 10m.
► A quadrant approach is applied, with the maximum empty sectors
allowed = 1 for Pass 1 and = 2 for Pass 2.
Bantaco South:
► Westerly domain; Pass 1 used a minimum of 8 and maximum of 20
samples within an ellipse at approximately 90% of the variogram ranges. A
second pass used a minimum of 4 samples, maximum of 12 and search 50% larger
than pass 1. A quadrant approach is applied, with the maximum empty sectors
allowed = 1 for Pass 1 and = 2 for Pass 2.
Easterly domain; Pass 1 used a minimum of 8 and maximum of 16 samples within
an ellipse of 40m x 30m x 10m.. A second Pass used a minimum of 4 samples,
maximum of 16 and search of 60m x 60m x 20m and a maximum of 2 samples per
hole. It is noted that the search distances for the easterly portion of
Bantaco South extend beyond the ranges of the variogram and as such the
easterly portion of Bantaco South is lower confidence than the westerly zone.
This is the first mineral resource estimate released for the Bantaco
prospects.
The mineral resource estimate has been validated using visual validation
tools, mean grade comparisons between the block model and declustered
composite grade means, and swath plots comparing the input composite grades
and the estimated block model grades by Northing, Easting, and RL.
Leapfrog Geo 2024.1.2 and Datamine Supervisor v9 software have been used for
estimation.
No byproduct recoveries were considered
Moisture · Whether the tonnages are estimated on a dry basis or with natural Moisture was not considered in the density assignment
moisture, and the method of determination of the moisture content
Cutoff parameters · The basis of the adopted cutoff grade(s) or quality parameters A nominal lower cutoff grade of 0.2g/t Au was used to define the mineralised
applied domains to encompass the complete mineralised distribution and produce a model
that reduces the risk of conditional bias that could be introduced where the
constraining interpretation and data selection is based on a significantly
higher grade than the natural geological grade cutoff.
The cutoff grade for reporting (above 0.5g/t Au) was used in line with the
previous resource reporting at the nearby Mako deposit
Mining factors or assumptions · Assumptions made regarding possible mining methods, minimum mining The shallow occurrence of the mineralisation indicates that open pit mining is
dimensions and internal (or, if applicable, external) mining dilution. appropriate, in line with other deposits in the area.
· It is always necessary as part of the process of determining The estimation methodology used results in an amount of edge dilution being
reasonable prospects for eventual economic extraction to consider potential incorporated into the blocks of the model. No account of mining loss has been
mining methods, but the assumptions made regarding mining methods and incorporated
parameters when 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 mad
Metallurgical factors or assumptions · The basis for assumptions or predictions regarding metallurgical No specific assumptions were made regarding metallurgical factors for this
amenability. It is always necessary as part of the process of determining estimate.
reasonable prospects for eventual economic extraction to consider potential
metallurgical methods, but the assumptions regarding metallurgical treatment Metallurgy is assumed to be similar to the nearby Mako deposit
processes and parameters made when reporting Mineral Resources may not always
be rigorous. Where this is the case, this should be reported with an
explanation of the basis of the metallurgical assumptions made.
Environmental factors or assumptions · Assumptions made regarding possible waste and process residue No assumptions were made regarding environmental restrictions
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 green fields 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 A default bulk density of 1.8t/m3 was assigned to oxide rocks.
· the assumptions. If determined, the method used, whether wet or A default bulk density of 2.2t/m3 was assigned to transitional rock.
dry, the frequency of the measurements, the nature, size and
representativeness of the samples. A default bulk density of 2.72t/m3 was assigned to fresh rock
· The bulk density for bulk material must have been measured by
methods that adequately account for void spaces (vugs, porosity, etc),
moisture and differences between rock and alteration zones within the deposit.
· Discuss assumptions for bulk density estimates used in the
evaluation process of the different materials
Classification · The basis for the classification of the Mineral Resources into The classification is based on the confidence in the continuity of geology and
varying confidence categories. mineralisation and quality/confidence in the estimation and quality of assay
data and bulk density data.
· Whether appropriate account has been taken of all relevant factors
(i.e. relative confidence in tonnage/grade estimations, reliability of input Sectional wireframe interpretations encompass material of Measured and
data, confidence in continuity of geology and metal values, quality, quantity Indicated classification. As all of Resolute's drilling was RC, and no
and distribution of the data). confirmation of previous diamond drilling has been undertaken, the entire
Mineral Resource has been classified as Inferred.
· Whether the result appropriately reflects the Competent Person's
view of the deposit. The Mineral Resource estimate appropriately reflects the Competent Person's
view of the deposit
Audits or reviews · The results of any audits or reviews of Mineral Resource estimates No external reviews have been completed
Discussion of relative accuracy/ confidence · Where appropriate a statement of the relative accuracy and Although the estimate for gold is considered to be without bias, it is for the
confidence level in the Mineral Resource estimate using an approach or some of the estimated volume based on relatively wide spaced data. The
procedure deemed appropriate by the Competent Person. For example, the estimate is therefore of moderate confidence and expected to be of moderate
application of statistical or geostatistical procedures to quantify the relative accuracy at the local scale when drilling density exceeds 25m x 25m.
relative accuracy of the resource within stated confidence limits, or, if such Infill grade control drilling will be required to improve the confidence of
an approach is not deemed appropriate, a qualitative discussion of the factors the local estimate.
that could affect the relative accuracy and confidence of the estimate.
· The statement should specify whether it relates to global or local
estimates, and, if local, state the relevant tonnages, which should be
relevant to technical and economic evaluation. Documentation should include
assumptions made and the procedures used.
· These statements of relative accuracy and confidence of the
estimate should be compared with production data, where available.
ABC Project - Foreign Resource and Reserve Estimate as at 31 July 2021
Section 1 Sampling Techniques and Data
Criteria JORC Code explanation Commentary
Sampling techniques · Nature and quality of sampling (eg cut channels, random chips, or · The sampling was conducted using multiple techniques tailored to the
specific specialised industry standard measurement tools appropriate to the project's geological and surface conditions. A systematic rock sampling
minerals under investigation, such as down hole gamma sondes, or handheld XRF program was caried out in 2017 to fully characterise the surface expression of
instruments, etc). These examples should not be taken as limiting the broad the mineralisation. A total of 788 rock samples were collected in 2017 and 205
meaning of sampling. rock samples in 2019/2020.
· Include reference to measures taken to ensure sample representivity · Auger drilling was employed extensively over the mineralised corridor
and the appropriate calibration of any measurement tools or systems used. to adequately characterise the underlying rocks. Auger drilling recovered
material systematically for gold analysis and geochemical interpretation. As
· Aspects of the determination of mineralisation that are Material to with the rock chips, auger samples were analysed for Au by fire assay with AAS
the Public Report. finish at Bureau Veritas in Abidjan. Multi-element analyses were completed by
four-acid digest with ICP-AES and ICP-MS finish at ACME Laboratories in
· In cases where 'industry standard' work has been done this would be Vancouver. A total of 2,843 samples were collected at the end of 2020 from
relatively simple (eg 'reverse circulation drilling was used to obtain 1 m 22,219m drilled.
samples from which 3 kg was pulverised to produce a 30 g charge for fire
assay'). In other cases more explanation may be required, such as where there · Reverse Circulation (RC) and Diamond Core (DD) drilling were the
is coarse gold that has inherent sampling problems. Unusual commodities or principal methods used for delineating Mineral Resources. RC drilling was
mineralisation types (eg submarine nodules) may warrant disclosure of detailed conducted using 5¼ to 5¾ inch diameter face-sampling hammers to recover
information. one-metre interval samples, typically dry unless groundwater was encountered.
Diamond drilling employed HQ and NQ diameter core, with triple tube techniques
for improving recovery in broken ground. RC samples were riffle split on site,
and core samples were sawn to produce half-core for analysis. Sampling
procedures incorporated QAQC measures, including the insertion of blanks,
standards, and duplicates to ensure sample representivity. Assay protocols
utilised 50 g fire assay (AAS finish) for gold, and multi-element analysis was
performed where applicable.
Drilling techniques · Drill type (eg core, reverse circulation, open-hole hammer, rotary · Drilling methods involved a combination of Reverse Circulation (RC),
air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or Diamond Core (DD), and auger drilling methods. RC drilling was primarily used
standard tube, depth of diamond tails, face-sampling bit or other type, for delineating near-surface mineralisation and preliminary resource
whether core is oriented and if so, by what method, etc). definition. RC drilling employed face-sampling hammers with bit sizes ranging
from 5¼ to 5¾ inches. Dry drilling was the standard procedure, with drilling
halted at the water table to prevent contamination from wet samples; below
groundwater, diamond drilling methods were applied.
· Diamond core drilling used HQ and NQ diameter core. Triple-tube
systems were implemented in highly broken ground to maximise core recovery,
while standard double-tube setups were used elsewhere. Downhole surveys are
taken every 30m with a single shot Reflex EZ shot system. Orientation of
diamond core was conducted selectively using Reflex ACT II core orientation
devices to facilitate structural logging. Auger drilling was utilised for
shallow exploration across the entire area. All drill methods were executed to
a high standard with contractors experienced in gold exploration in West
Africa.
Drill sample recovery · Method of recording and assessing core and chip sample recoveries and Drill sample recovery was systematically monitored during both RC and diamond
results assessed. drilling programs. RC samples were weighed regularly, to monitor sample size
consistency and ensure the representativeness of samples. Analysis of sample
· Measures taken to maximise sample recovery and ensure representative weights of 47,562 RC samples from Kona South and 47,464 RC samples showed a
nature of the samples. consistent recovery trend stabilizing between 30-40 kg per metre after
clearing the uppermost weathered horizons. Minor variations in sample weight
· Whether a relationship exists between sample recovery and grade and were observed at shallow depths and in softer materials; however, statistical
whether sample bias may have occurred due to preferential loss/gain of checks confirmed no significant bias in gold grade associated with sample
fine/coarse material. mass.
Diamond core recovery was measured, with an overall average recovery of
approximately 96% across the project. Recovery rates improved with depth, with
81% core recovery in oxide, 91% recovery in transitional and 99% in fresh.
Core recovery measurements were recorded in the database for each run. The use
of triple-tube drilling in broken ground contributed to maintaining high
recovery standards. The overall conclusion, supported by quality control
reviews, was that there is no significant sampling bias attributable to
differential recovery
Logging · Whether core and chip samples have been geologically and · Comprehensive geological and geotechnical logging was undertaken for
geotechnically logged to a level of detail to support appropriate Mineral all drillholes including RC and DD. Drillholes were logged systematically for
Resource estimation, mining studies and metallurgical studies. a range of key geological attributes: lithology, alteration, mineralisation,
texture, structure, weathering, and rock quality designation (RQD). RC samples
· Whether logging is qualitative or quantitative in nature. Core (or were logged visually on site, with geological observations recorded both
costean, channel, etc) photography. digitally and on physical log sheets where applicable. Diamond core was logged
in greater detail, particularly for structural geology, alteration styles,
· The total length and percentage of the relevant intersections logged. mineral assemblages, and vein relationships, providing critical inputs for 3D
geological modelling.
• Photographic records were maintained for all diamond drill core
- photographed both wet and dry - before sampling. Logging captured sufficient
detail to support resource estimation, mining studies, and metallurgical
investigations. Logging procedures included the use of a standardised
lithological and alteration coding scheme to ensure consistency across the
drilling campaigns. Digital capture of logging data into a centralised
database with validation rules also enhanced data reliability.
Sub-sampling techniques and sample preparation · If core, whether cut or sawn and whether quarter, half or all core · Systematic sub-sampling and sample preparation protocols were
taken. employed to ensure that samples remained representative of in situ
mineralisation. For RC drilling, 1 m samples were split on site using a
· If non-core, whether riffled, tube sampled, rotary split, etc and three-tier riffle splitter to achieve a target sample size of approximately 2
whether sampled wet or dry. to 3 kg for laboratory submission. Wet samples encountered in shallow zones
were left to dry naturally prior to splitting where possible. For diamond
· For all sample types, the nature, quality and appropriateness of the drilling, core was cut lengthwise using diamond-bladed core saws; half-core
sample preparation technique. samples were collected for routine assay, while the other half was preserved
for reference and potential future re-assay.
· Quality control procedures adopted for all sub-sampling stages to
maximise representivity of samples. · Sample preparation at the laboratory followed industry best
practices. Samples were oven dried, crushed to 70 to 85% passing 2 mm, then
· Measures taken to ensure that the sampling is representative of the riffle split to produce a subsample for pulverisation. The pulverised material
in situ material collected, including for instance results for field was milled to achieve at least 85% passing 75 microns, producing a pulp of
duplicate/second-half sampling. approximately 150 to 250 g for fire assay analysis. Quality assurance measures
were built into preparation workflows, including the regular inclusion of
· Whether sample sizes are appropriate to the grain size of the duplicate splits and check samples. Laboratory facilities used (primarily
material being sampled. Bureau Veritas Abidjan, SGS
· Ouagadougou) operated to ISO 17025 standards, and internal laboratory
QAQC reviews were conducted regularly.
Quality of assay data and laboratory tests · The nature, quality and appropriateness of the assaying and · Assay methodologies were based on internationally recognised
laboratory procedures used and whether the technique is considered partial or standards and utilised reputable laboratories. All drill samples were
total. primarily analysed for gold using 50 g fire assay with atomic absorption
spectroscopy (AAS) or inductively coupled plasma atomic emission spectroscopy
· For geophysical tools, spectrometers, handheld XRF instruments, etc, (ICP-AES) finish. In cases where assays exceeded 10 g/t Au, samples were
the parameters used in determining the analysis including instrument make and re-analysed using a gravimetric finish to improve accuracy. For some RC and
model, reading times, calibrations factors applied and their derivation, etc. trench samples, particularly those with coarse gold.
· Nature of quality control procedures adopted (eg standards, blanks, · Quality control procedures were rigorous. Certified reference
duplicates, external laboratory checks) and whether acceptable levels of materials (standards), field blanks, and field duplicates were inserted into
accuracy (ie lack of bias) and precision have been established. the sample stream at regular intervals - approximately one QAQC sample every
20 to 30 samples. Laboratory duplicates, internal standards, and blanks were
also monitored. QAQC data were routinely reviewed to ensure analytical
accuracy and precision. Failures (e.g., a standard outside 3 standard
deviations) triggered immediate re-assay of sample batches. No significant
long-term bias or drift was observed across the assay dataset. Laboratories
involved (Bureau Veritas, Abidjan and SGS, Ouagadougou) are ISO/IEC 17025
accredited, ensuring laboratory practices are consistent with industry best
practice.
Verification of sampling and assaying · The verification of significant intersections by either independent · Verification of sampling and assaying was undertaken through a
or alternative company personnel. combination of internal reviews, duplicate analyses, and independent data
validation exercises. Field duplicates were collected regularly from RC
· The use of twinned holes. drilling to monitor sampling precision, with results demonstrating
satisfactory repeatability of gold grades. CRMs and blanks were
· Documentation of primary data, data entry procedures, data
verification, data storage (physical and electronic) protocols. inserted at regular intervals to monitor assay accuracy and contamination.
QAQC charts were reviewed continuously by project geologists and external
· Discuss any adjustment to assay data. consultants during key drilling campaigns.
· • The primary assay laboratories (Bureau Veritas and SGS)
conducted their own internal QC programs, which were also monitored. Limited
twin drilling was conducted, with twin RC holes and DD holes used to verify
mineralisation continuity, grade reproducibility, and geological
interpretation; results confirmed good spatial reproducibility. While external
umpire (secondary lab) assay programs were not routinely undertaken, the
performance of primary laboratories and internal QAQC programs were considered
satisfactory for the reporting of Mineral Resources. Assay data and logging
data were entered digitally into validated databases, and independent audits
of the database have been performed during resource estimation reviews.
Location of data points · Accuracy and quality of surveys used to locate drill holes (collar · Drillhole collar locations were surveyed using a combination of
and down-hole surveys), trenches, mine workings and other locations used in differential GPS (DGPS) systems and total station surveying where higher
Mineral Resource estimation. precision was required. The DGPS surveys were conducted by trained field
surveyors to ensure location accuracy suitable for Mineral Resource
· Specification of the grid system used. estimation, with horizontal and vertical accuracy generally within ±0.2 m. In
areas of rugged topography or logistical difficulty, survey-grade handheld GPS
· Quality and adequacy of topographic control. units were temporarily used during initial exploration stages (rock sampling,
auger drilling), but were later replaced with DGPS surveys for all critical
drill collars.
· Elevation data were tied into the Nivellement Général de Côte
d'Ivoire (NGCI) vertical datum. A topographic digital terrain model (DTM) was
· produced using high-resolution satellite imagery and ground-truthing,
which was used for resource modelling. Grid systems used were WGS84, Zone 29N
for initial exploration and UTM Zone 29N (WGS84 projection) for final resource
definition.
Data spacing and distribution · Data spacing for reporting of Exploration Results. · Drilling was conducted on nominal grid spacings appropriate for the
level of confidence required for resource estimation. In the main mineralised
· Whether the data spacing and distribution is sufficient to establish zones at Kona South and Kona Central RC and diamond drilling was performed on
the degree of geological and grade continuity appropriate for the Mineral approximately 50 m x 50 m grids with some areas of wider spacing of 50m x
Resource and Ore Reserve estimation procedure(s) and classifications applied. 100m.
· Whether sample compositing has been applied. · Outside the main resource areas, reconnaissance and exploration
drilling was more broadly spaced at 50 m x 200 m intervals, appropriate for
early-stage resource targeting. Data spacing was assessed during Mineral
Resource Estimation and was found sufficient to establish geological and grade
continuity for inferred classification. No sample compositing was applied
prior to resource estimation; raw assay intervals were used directly in
estimation procedures.
Orientation of data in relation to geological structure · Whether the orientation of sampling achieves unbiased sampling of · Drilling programs were designed to target mineralised structures as
possible structures and the extent to which this is known, considering the close to perpendicular as possible to the interpreted dip of mineralisation at
deposit type. each deposit. All drillholes were oriented towards the east with an
inclination of - 50° to -60°, depending on the local structural orientation
· If the relationship between the drilling orientation and the of gold-bearing zones. The mineralisation is generally hosted in north
orientation of key mineralised structures is considered to have introduced a trending structures dipping moderately to steeply to the west, making these
sampling bias, this should be assessed and reported if material. drill orientations appropriate to intersect mineralised zones at reasonable
angles and to minimise bias in the intercept lengths.
· Geological interpretations and cross
· sections confirm that drilling achieved reasonably representative
intersections of mineralisation. No significant sampling bias related to
drilling orientation was observed during resource modelling and estimation.
Sample security · The measures taken to ensure sample security. · Sample security protocols were implemented to ensure the integrity of
all collected samples from the point of collection through to laboratory
delivery. After collection, samples were placed into pre-numbered, durable
plastic bags and securely sealed. Multiple samples were then packed into
larger polyweave sacks for easier handling and protection during transport.
Samples were stored in a secure, supervised facility at the exploration camp
before transportation.
· Transport to the assay laboratories (Bureau Veritas in Abidjan and
SGS in Ouagadougou) was carried out either by company personnel or trusted,
contracted couriers. Chain-of-custody forms were maintained throughout the
transfer process, and receipt of samples was acknowledged in writing by
laboratory staff. While rigorous internal controls were observed, there is no
specific mention of external audits or independent oversight of sample
security protocols. However, no incidents of sample loss, tampering, or
contamination have been reported, and laboratory reconciliation of received
samples consistently matched dispatch records.
Audits or reviews · The results of any audits or reviews of sampling techniques and data. · Audits and reviews of sampling techniques, assay data, and database
integrity have been carried out periodically. Internal technical reviews were
performed by Centamin's in-house geology and resource teams throughout the
exploration and resource evaluation phases. These reviews covered sampling
practices, QAQC data
performance, logging standards, and database quality, ensuring consistent
application of protocols and identifying areas for procedural improvement
where necessary.
· • Independent reviews of the Resource models and
supporting exploration data were conducted as part of the NI 43-101 technical
report preparation. Qualified Persons (QPs) signed off on the Mineral Resource
estimates after assessing the drilling, sampling, and QAQC procedures.
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
Criteria JORC Code explanation Commentary
Mineral tenement and land tenure status · Type, reference name/number, location and ownership including · The Kona South and Kona Central deposits are the most advanced
agreements or material issues with third parties such as joint ventures, prospects in Centamin's ABC Kona Project, which is located in the Kabadougou
partnerships, overriding royalties, native title interests, historical sites, Region of the Denguélé District, in the northwest of Cote D'Ivoire. The Kona
wilderness or national park and environmental settings. 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% owned by
· The security of the tenure held at the time of reporting along with Centamin Cote d'Ivoire SARL, which is a 100% owned Ivoirian subsidiary of
any known impediments to obtaining a licence to operate in the area. Centamin and covers an area of 382.9 km2.
· All permits (Kona PR658, Windou PR877 and Farako Nafana) are held in
good standing with the Côte d'Ivoire Ministry of Mines and have been
maintained in accordance with local legal requirements. There are no known
outstanding disputes affecting the licences and no known risks or
environmental liabilities that could adversely affect or result in the loss of
ownership of the Resource or permits.
Exploration done by other parties · Acknowledgment and appraisal of exploration by other parties. · Newmont are believed to be the first exploration company to explore
the area in 2010. They conducted regional drainage sampling, mapping and
prospecting across the entire district. This work highlighted the Kona area as
one of their highest ranked targets. Local exploration companies, including
Golden Oriole and Sani Resources, applied for exploration permits on the back
of the Newmont reconnaissance licences but never raised the finance to conduct
any significant work and subsequently had their permits revoked.
· Centamin acquired the exploration permits from the government in 2015
to 2016. The 2018 Kona South Mineral Resource is the first defined in the
area. There is no evidence of any illegal artisanal mining in the permit area.
Geology · Deposit type, geological setting and style of mineralisation. · The ABC Kona project is situated along the main Archean-Birimian
Cratonic suture zone in western Côte d'Ivoire, specifically associated with
the Sassandra Fault Zone.
· The principal mineralised feature identified through mapping and
sampling is the Lolosso structure, a north-south striking mineralised zone
interpreted as a western splay off the major transcurrent Sassandra Fault. The
geological setting includes a narrow keel of later Birimian volcano-sediments
entrapped within earlier Archean thrusted granite and gneissic sheets,
providing a complex structural and lithological host for mineralisation.
· At Kona South, gold is predominantly hosted in psammitic units
(north-south striking) dipping approximately 70° west. This unit is
sandwiched between a calc-silicate hanging wall to the west and a paragneiss
footwall to the east.
An additional mafic volcanic unit lies west of the calc-silicate layer,
completing the local stratigraphy.
· The style of mineralisation is structurally controlled and shows a
strong spatial association with arsenopyrite. Arsenopyrite occurs as
disseminations and aggregates aligned with the foliation of the psammitic
host. Strong silicification is evident within mineralised zones, though quartz
veining is rare and does not appear to play a significant role in gold
control.
Drill hole Information · A summary of all information material to the understanding of the · The NI 43-101 Technical Report provides comprehensive drillhole
exploration results including a tabulation of the following information for information, covering collar locations, drill hole depths, azimuths, dips, and
all Material drill holes: key intersections. Drillhole collars were initially surveyed using a handheld
GPS, then independently surveyed using differential GPS (DGPS) or total
o easting and northing of the drill hole collar station equipment. The collars are in the UTM Zone 29 North, WGS84 datum. The
QP considered a drill plan and representative examples of drill sections
o elevation or RL (Reduced Level - elevation above sea level in metres) of through Kona South and Kona Central would be more informative than a
the drill hole collar tabulation of mineralised intercepts. Sections are provided in the report.
o dip and azimuth of the hole · The database includes 388 drillholes for a total of 57,344 m of
drilling.
o down hole length and interception depth
o hole length.
· If the exclusion of this information is justified on the basis that
the information is not Material and this exclusion does not detract from the
understanding of the report, the Competent Person should clearly explain why
this is the case.
Data aggregation methods · In reporting Exploration Results, weighting averaging techniques, · Exploration results and Mineral Resource drill intercepts are
maximum and/or minimum grade truncations (eg cutting of high grades) and reported based on compositing of contiguous mineralised intervals. Assay
cut-off grades are usually Material and should be stated. results were composited to 1m to ensure that sample length variability did not
introduce bias. The average sample interval is 0.998m.
· Where aggregate intercepts incorporate short lengths of high grade
results and longer lengths of low grade results, the procedure used for such · No metal equivalent values have been reported.
aggregation should be stated and some typical examples of such aggregations
should be shown in detail. · No top-cutting (grade capping) was
· The assumptions used for any reporting of metal equivalent values applied when presenting raw exploration results; however, top- cutting was
should be clearly stated. considered and applied during Mineral Resource estimation to control the
influence of extreme outlier grades. Composites used downhole lengths of 1 m,
reflecting the RC and DD sampling intervals.
Relationship between mineralisation widths and intercept lengths · These relationships are particularly important in the reporting of · The Kona Project drilling program was designed to optimise
Exploration Results. intersection angles relative to the interpreted orientation of gold
mineralisation. Mineralisation typically occurs within steeply dipping shear
· If the geometry of the mineralisation with respect to the drill hole zones striking north - south, dipping steeply ~70⁰ to the west. To account
angle is known, its nature should be reported. for this geometry, most drillholes were inclined at approximately -55° to
-60° and drilled toward the east. This does result in intersections of the
· If it is not known and only the down hole lengths are reported, there mineralisation at a high angle, and in general, true thickness is 80% of the
should be a clear statement to this effect (eg 'down hole length, true width sample length.
not known').
Diagrams · Appropriate maps and sections (with scales) and tabulations of · The NI 43-101 Technical Report provides a variety of diagrams that
intercepts should be included for any significant discovery being reported illustrate the distribution of mineralisation, drill coverage and geological
These should include, but not be limited to a plan view of drill hole collar interpretation. These include:
locations and appropriate sectional views.
· Plan view maps showing drill hole collar locations and surface
projections of the mineralised zones.
· Cross sections and long sections through the deposits depicting
lithological units, interpreted mineralisation wireframes, and drill
intercepts.
· Regional geological maps.
Balanced reporting · Where comprehensive reporting of all Exploration Results is not · Exploration results are presented in a manner that is consistent with
practicable, representative reporting of both low and high grades and/or balanced reporting principles. Both positive results (significant gold
widths should be practiced to avoid misleading reporting of Exploration intersections) and lower-grade or barren drilling outcomes are discussed in
Results. the report narrative.
· Resource estimation was based on all
· available drilling data, not just high-grade intervals.
Other substantive exploration data · Other exploration data, if meaningful and material, should be · The ABC Kona project has benefited from a broad range of exploration
reported including (but not limited to): geological observations; geophysical activities in addition to drilling. Centamin's exploration campaign included
survey results; geochemical survey results; bulk samples - size and method of reconnaissance mapping and systematic rock chip sampling, auger sampling,
treatment; metallurgical test results; bulk density, groundwater, geotechnical ground geophysical survey, an airborne Magnetic and Radiometric survey as well
and rock characteristics; potential deleterious or contaminating substances. as reverse circulation (RC) and diamond drilling. All the exploration work was
conducted by Centamin personnel, or under their direct management, when
carried out by contractors.
· Preliminary, metallurgical test work has been carried out by
Centamin, summarised in the report.
· Bulk densities have been measured from drill core.
· There are no known deleterious elements.
Further work · The nature and scale of planned further work (eg tests for lateral · Further work has been identified to support future exploration,
extensions or depth extensions or large-scale step-out drilling). evaluation, and potential development. Recommended activities include
additional infill and extensional drilling aimed at converting Inferred
· Diagrams clearly highlighting the areas of possible extensions, Resources to Indicated and Measured categories, as well as to test mineralised
including the main geological interpretations and future drilling areas, structures beyond the current limits of resource models. Trenching to test new
provided this information is not commercially sensitive. soil anomalies to identify additional targets.
· More density testwork is required, specifically for the weathered
portions of the Kona deposit to generate reliable density data.
Section 3 Estimation and Reporting of Mineral Resources
(Criteria listed in section 1, and where relevant in section 2, also apply to
this section.)
Criteria JORC Code explanation Commentary
Database integrity · Measures taken to ensure that data · The drillhole database supporting the ABC Kona Resource estimate
underwent a comprehensive validation process. Detailed checks were performed
has not been corrupted by, for example, transcription or keying errors, on collar coordinates, downhole survey measurements, lithology logs, and assay
between its initial collection and its use for Mineral Resource estimation entries to ensure consistency and accuracy.
purposes.
QA/QC protocols were applied throughout the data collection and entry stages.
· Data validation procedures used.
· Only RC and DD were used for the Mineral Resource estimate.
· The QP reviewed the validation and found no significant issues or
errors that would materially affect the confidence in the database or the
subsequent resource estimate.
Site visits · Comment on any site visits undertaken by the Competent Person and the · A formal site visit was conducted by the QP who undertook the MRE, on
outcome of those visits. 29-30 August 2021, as part of the data verification program. The QP observed
selected drill core, discussed geological framework and mineralsiation
· If no site visits have been undertaken indicate why this is the case. controls, toured the camp facility, visited outcrops and checked several drill
collar positions. He discussed data capture, storage and management.
Particular attention was given to verifying geological logging, collar
locations, sampling methods, and database integrity through comparison with
field observations and logs.
Geological interpretation · Confidence in (or conversely, the uncertainty of ) the geological · The geological interpretation is based on geological mapping,
interpretation of the mineral deposit. drilling data (both RC and diamond core), assay results, and geophysical data.
· Nature of the data used and of any assumptions made. · The project area is located along the main Archean-Birimian Cratonic
suture zone, the Sassandra Fault zone and hosts structurally controlled gold
· The effect, if any, of alternative interpretations on Mineral mineralisation. The geological model interprets mineralised zones as steeply
Resource estimation. dipping shear-hosted lodes, which are consistent with regional structural
· The use of geology in guiding and controlling Mineral Resource trends observed in comparable deposits throughout the belt.
estimation.
· At Kona South the gold is hosted almost entirely in the north-south
· The factors affecting continuity both of grade and geology. 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 3km
length (along strike or otherwise), plan width, and depth below surface to the trending towards NNW with a steep dip of 70⁰ towards the west. The major
upper and lower limits of the Mineral Resource. domains have a maximum extension down dip of 400 m to 0 mRL.
· For Kona Central, the mineralised domain has a strike length of 2.4
km, with a maximum extension down dip of 400 m, to 0 mRL.
· The plan width of the mineralisation
· ranges between 5 m and 40 m, depending on the domain and the density
of drilling data.
Estimation and modelling techniques · The nature and appropriateness of the estimation technique(s) applied · Software used for the Mineral Resource estimate included Leapfrog
and key assumptions, including treatment of extreme grade values, domaining, Geo, Surpac, Supervisor and Isatis.
interpolation parameters and maximum distance of extrapolation from data
points. If a computer assisted estimation method was chosen include a · The Mineral Resource estimation for Kona South used Ordinary Kriging
description of computer software and parameters used. (OK) followed by Uniform Conditioning (UC) and Localisation on SMU support
(LUC). For Kona Central, Indicator kriging was performed to separate
· The availability of check estimates, previous estimates and/or mine mineralisation from unmineralised material. Once domained, the estimation
production records and whether the Mineral Resource estimate takes appropriate methods of OK into large panels (20 m x 20 m x 5 m), followed by UC and LUC
account of such data. into assumed SMU sized (5 m x 5 x 2.5 m) blocks.
· The assumptions made regarding recovery of by-products. · Estimation domains were defined based on geological interpretations,
including lithological and structural controls. Drillhole data was composited
· Estimation of deleterious elements or other non-grade variables of to 1 m intervals prior to estimation.
economic significance (eg sulphur for acid mine drainage characterisation).
Top-cuts were assessed and applied to 2 domains to mitigate the influence of
· In the case of block model interpolation, the block size in relation high-grade outliers. In some areas a distance limiting constraint was applied.
to the average sample spacing and the search employed. Variogram analysis was undertaken on normal scores transformed gold composites
for each individual domain in both deposits.
· Any assumptions behind modelling of selective mining units.
· The block models were constructed for each deposit with a parent
· Any assumptions about correlation between variables. 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 -
· Description of how the geological interpretation was used to control predominantly 20 m x 20 m x 5 m.
the resource estimates.
· A two pass search strategy was employed, with increasing search radii
· Discussion of basis for using or not using grade cutting or capping. and decreasing data requirements.
· The process of validation, the checking process used, the comparison · Grade control drill spacing and SMU block size were assumed for the
of model data to drill hole data, and use of reconciliation data if available. 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.
Moisture · Whether the tonnages are estimated on a dry basis or with natural · Tonnages have been estimated on a dry basis.
moisture, and the method of determination of the
· moisture content.
Cut-off parameters · The basis of the adopted cut-off grade(s) or quality parameters · The Mineral Resource estimates for the ABC Kona Project were reported
applied. using a 0.5 g/t Au cut-off grade. This cut-off was selected based on
assumptions that reflect open pit mining methods, anticipated processing
costs, metallurgical recoveries, and a long-term gold price assumption.
Mining factors or assumptions · Assumptions made regarding possible mining methods, minimum mining · Mining factors and assumptions are based on the expectation of open
dimensions and internal (or, if applicable, external) mining dilution. It is pit mining methods using conventional truck and shovel operations.
always necessary as part of the process of determining reasonable prospects
for eventual economic extraction to consider potential mining methods, but the · The Mineral Resource has been reported to a maximum depth of 250 m
assumptions made regarding mining methods and parameters when estimating below surface.
Mineral Resources may not always be rigorous. Where this is the case, this
should be reported with an explanation of the basis of the mining assumptions
· made.
Metallurgical factors or assumptions · The basis for assumptions or predictions regarding metallurgical · Only limited metallurgical testwork has been conducted for the ABC
amenability. It is always necessary as part of the process of determining Kona Project. A fresh sample composite of the Kona South was analysed by ALS
reasonable prospects for eventual economic extraction to consider potential Metallurgy Services in Augus 2018. The results indicate the Kona South
metallurgical methods, but the assumptions regarding metallurgical treatment material is hard, abrasive and non-refractory with an 88.9% overall
processes and parameters made when reporting Mineral Resources may not always Gravity-CIL gold recovery at P80 passing 75µm.
be rigorous. Where this is the case, this should be reported with an
explanation of the basis of the metallurgical · The mineralisation of Kona Central is analogous to Kona South and the
· assumptions made. · 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 using
assumptions. If determined, the method used, whether wet or dry, the frequency water displacement methods to ensure accurate volume and mass measurements,
of the measurements, the nature, size and representativeness of the samples. accounting for any voids and porosity. Samples were taken from diamond drill
core across lithologies and weathering profiles, although these were
· The bulk density for bulk material must have been measured by methods predominantly from fresh rock. Very little to no measured density values were
that adequately account for void spaces (vugs, porosity, etc), moisture and available from transported, saprolite and partially oxidised zones.
differences between rock and alteration zones within the deposit.
· 2,028 bulk density measurements were collected and statistically
· Discuss assumptions for bulk density estimates used in the evaluation analysed. Density values were assigned to different oxidation domains based on
process of the different materials. the average density value.
· The bulk density values assigned in the model are 2.01 g/cm³ for
transported, 2.05 g/cm³ for oxide,
· 2.73 g/cm³ for saprolite, and 2.8 g/cm³ for fresh rock.
Classification · The basis for the classification of the Mineral Resources into · The Mineral Resource has been classified and reported in accordance
varying confidence categories. with the CIM Definition Standards. Resources were classified as the
Whether appropriate account has been taken of all relevant factors (ie Inferred category based on a combination of drilling density, geological
relative confidence in tonnage/grade estimations, reliability of input data, confidence, continuity of mineralisation, and data quality.
confidence in continuity of geology and metal values, quality, quantity and
distribution of the data). · The drill spacing across the deposit is 40 m to 50 m. The QP states
that the quality and veracity of the supporting data are of industry standard
· Whether the result appropriately reflects the Competent Person's view and the geological controls and continuity are reasonably well understood.
of the deposit. However, the QP does not consider the current sample spacing 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 estimates. · No independent audit has been completed on the ABC Korona Mineral
Resource Estimate.
· Cube undertook regular internal peer reviews during the course of the
MRE work.
Discussion of relative accuracy/ confidence · Where appropriate a statement of the relative accuracy and confidence · The relative accuracy and confidence of the ABC Kona Mineral Resource
level in the Mineral Resource estimate using an approach or procedure deemed estimates are considered appropriate for the classification level assigned.
appropriate by the Competent Person. For example, the application of
statistical or geostatistical procedures to quantify the relative accuracy of · No production data is available for direct reconciliation, as the
the resource within stated confidence limits, or, if such an approach is not project is still in the exploration and development phase.
deemed appropriate, a qualitative discussion of the factors that could affect
the relative accuracy and confidence of the estimate. · At the global scale, the Mineral Resource estimate is considered to
have an accuracy commensurate with industry expectations for a project at the
· The statement should specify whether it relates to global or local advanced exploration stage.
estimates, and, if local, state the relevant tonnages, which should be
relevant to technical and economic evaluation. Documentation should include
assumptions made and the procedures used.
· These statements of relative accuracy and confidence of the estimate
should be compared with production data,
· where available.
Doropo Project
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Criteria JORC Code explanation Commentary
Sampling techniques · Nature and quality of sampling (eg cut channels, random chips, or The sampling was conducted using multiple techniques tailored to the project's
specific specialised industry standard measurement tools appropriate to the geological and surface conditions. Soil sampling programs were extensive,
minerals under investigation, such as down hole gamma sondes, or handheld XRF collecting approximately 92,307 samples between 2014 and 2022. Soils were
instruments, etc). These examples should not be taken as limiting the broad sampled from the mottled zone or the top of the saprolite horizon to obtain
meaning of sampling. coherent gold anomalies, utilising standardised grid patterns (typically 400 m
x 400 m, with infill at 200m and 100 m where required). Auger drilling was
· Include reference to measures taken to ensure sample representivity employed in areas with thick lateritic cover (>3 m), reaching saprolitic
and the appropriate calibration material with depths averaging 6.22 m and up to 30 m in some cases. Auger
drilling recovered material systematically for gold analysis and geochemical
of any measurement tools or systems used. interpretation.
· Aspects of the determination of mineralisation that are Material to · Trenching programs (32 trenches to date) were used to expose in situ
the Public Report. mineralised structures, allowing for systematic channel sampling.
In cases where 'industry standard' work has been done this would be relatively · Reverse Circulation (RC) and Diamond Core (DD) drilling were the
simple (eg 'reverse circulation drilling was used to obtain 1 m samples from principal methods used for delineating Mineral Resources. RC drilling was
which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other conducted using 5¼ to 5¾ inch diameter facesampling hammers to recover
cases more explanation may be required, such as where there is coarse gold onemetre interval samples, typically dry unless groundwater was encountered.
that has inherent sampling problems. Unusual commodities or mineralisation Diamond drilling employed HQ and NQ diameter core, with triple tube techniques
types (eg submarine nodules) may warrant disclosure of detailed information for improving recovery in broken ground. RC samples were riffle split on site,
and core samples were sawn to produce halfcore 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
· multielement analysis was performed where applicable.
Drilling techniques · Drill type (eg core, reverse circulation, openhole hammer, rotary air · Drilling methods involved a combination of Reverse Circulation (RC),
blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or Diamond Core (DD), and auger drilling methods. RC drilling was primarily used
standard tube, depth of diamond tails, facesampling bit or other type, whether for delineating nearsurface mineralisation and preliminary resource
core is oriented and if so, by what method, etc). definition. RC drilling employed facesampling 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. Tripletube systems were
implemented in highly broken ground to maximise core recovery, while standard
doubletube setups were used elsewhere. Orientation of diamond core was
conducted selectively using Reflex ACT II core orientation devices to
facilitate structural logging. Auger drilling was utilised for shallow
exploration across areas with thick laterite cover. All drill methods were
executed to a high standard with contractors experienced in gold exploration
in West Africa.
Drill sample recovery · Method of recording and assessing core and chip sample recoveries and · Drill sample recovery was systematically monitored during both RC and
results assessed. diamond drilling programs. RC samples were weighed regularly, particularly
from 2018 onwards, to monitor sample size consistency and ensure the
· Measures taken to maximise sample recovery and ensure representative representativeness of samples. Analysis of over 447,401 RC sample weights
nature of the samples. showed a consistent recovery trend stabilizing between 30-40 kg per metre
after clearing the uppermost weathered horizons. Minor variations in sample
· Whether a relationship exists between sample recovery and grade and weight were observed at shallow depths and in softer materials; however,
whether sample bias may have occurred due to preferential loss/gain of statistical checks confirmed no significant bias in gold grade associated with
fine/coarse material sample mass.
· Diamond core recovery was measured, with an overall average recovery
of approximately 96% across the project. Recovery rates improved with depth,
with
· >90% core recovery recorded for 89.5% of core samples, and
exceeding 97.5% recovery below 50 m depth. Core recovery measurements were
recorded in the database for each run. The use of tripletube drilling in
broken ground contributed to maintaining high recovery standards. The overall
conclusion, supported by quality control reviews, was that there is no
significant sampling bias attributable to differential recovery.
Logging · Whether core and chip samples have been geologically and · Comprehensive geological and geotechnical logging was undertaken for
geotechnically all drillholes including RC and DD. Drillholes were logged systematically for
a range of key geological attributes: lithology, alteration, mineralisation,
logged to a level of detail to support appropriate Resource estimation, mining texture, structure, weathering, and rock quality designation (RQD). RC samples
studies and metallurgical studies. were logged visually on site, with geological observations recorded both
digitally and on physical log sheets where applicable. Diamond core was logged
· Whether logging is qualitative or quantitative in nature. Core (or in greater detail, particularly for structural geology, alteration styles,
costean, channel, etc) photography. mineral assemblages, and vein relationships, providing critical inputs for 3D
geological modelling.
· The total length and percentage of the relevant intersections logged.
· 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.
Subsampling techniques and sample preparation · If core, whether cut or sawn and whether quarter, half or all core · Systematic subsampling and sample preparation protocols were employed
taken. to ensure that samples remained representative of in situ mineralisation. For
RC drilling, 1 m samples were split on site using a three tier riffle splitter
· If noncore, whether riffled, tube sampled, rotary split, etc and to achieve a target sample size of approximately 2 to 3 kg for laboratory
whether sampled wet or dry. submission. Wet samples encountered in shallow zones were left to dry
naturally prior to splitting where possible. For diamond drilling, core was
· For all sample types, the nature, quality and appro cut lengthwise using diamondbladed core saws; halfcore samples were collected
for routine assay, while the other half was preserved for reference and
priateness of the sample preparation technique. potential future reassay.
· Quality control procedures adopted for all subsampling stages to · Sample preparation at the laboratory followed industry best
maximise representivity of samples. practices. Samples were oven dried, crushed to 70 to 85% passing
· Measures taken to ensure that the sampling is representative of the · 2 mm, then riffle split to produce a subsample for pulverisation. The
in situ material collected, including for instance results for field pulverised material was milled to achieve at least 85% passing 75 microns,
duplicate/secondhalf sampling. producing a pulp of approximately 150 to 250 g for fire assay analysis.
Quality assurance measures were built into preparation workflows, including
· Whether sample sizes are appropriate to the grain size of the the regular inclusion of duplicate splits and check samples. Laboratory
material being sampled. facilities used (primarily Bureau Veritas Abidjan, SGS Ouagadougou) operated
to ISO 17025 standards, and internal laboratory QAQC reviews were conducted
regularly.
Quality of assay data and laboratory tests · The nature, quality and appropriateness of the assaying and · Assay methodologies were based on internationally recognised
laboratory proce standards and utilised reputable laboratories. All drill samples were
primarily analysed for gold using 50 g fire assay with atomic absorption
· dures used and whether the technique is considered partial or total. spectroscopy (AAS) or inductively coupled plasma atomic emission spectroscopy
(ICPAES) finish. In cases where assays exceeded 10 g/t Au, samples were
· For geophysical tools, spectrometers, handheld XRF instruments, etc, reanalysed using a gravimetric finish to improve accuracy. For some RC and
the parameters used in determining the analysis including instrument make and trench samples, particularly those with coarse gold, photon assay techniques
model, reading times, calibrations factors applied and their derivation, etc. were trialled to validate fire assay results.
· Nature of quality control procedures adopted (eg standards, blanks, · Quality control procedures were rigorous. Certified reference
duplicates, external laboratory checks) and whether acceptable levels of materials (standards), field blanks, and field duplicates were inserted into
accuracy (ie lack of bias) and precision have been established. the sample stream at regular intervals approximately one QAQC sample every
20 to 30 samples. Laboratory duplicates, internal standards, and blanks were
also monitored. QAQC data were routinely reviewed to ensure analytical
accuracy and precision. Failures (e.g., a standard outside 3 standard
deviations) triggered immediate reassay of sample batches. No significant
longterm bias or drift was observed across the assay dataset. Laboratories
involved (Bureau Veritas, Abidjan and SGS, Ouagadougou) are ISO/IEC 17025
accredited, ensuring laboratory practices are consistent with industry best
practice.
Verification of sampling and assaying · The verification of significant intersections by either independent · Verification of sampling and assaying was undertaken through a
or alternative company personnel. combination of internal reviews, duplicate analyses, and independent data
validation exercises. Field duplicates were collected regularly from RC
· The use of twinned holes. drilling to monitor sampling precision, with results demonstrating
satisfactory repeatability of gold grades. CRMs and blanks were inserted at
· Documentation of primary data, data entry procedures, data regular intervals to monitor assay accuracy and contamination. QAQC charts
verification, data storage (physical and electronic) protocols. were reviewed continuously by project geologists and external consultants
during key drilling campaigns.
· Discuss any adjustment to assay data.
· The primary assay laboratories (Bureau Veritas and SGS) conducted
their own internal QC programs, which were also monitored. Limited twin
drilling was conducted, with twin RC holes and DD holes used to verify
mineralisation continuity, grade reproducibility, and geological
interpretation; results confirmed good spatial reproducibility. While external
umpire (secondary lab) assay programs were not routinely undertaken, the
performance of primary laboratories and internal QAQC programs were considered
satisfactory for the reporting of Mineral Resources. Assay data and logging
data were entered digitally into validated databases, and independent audits
of the database have been performed during resource estimation reviews.
Location of data points · Accuracy and quality of surveys used to locate drill holes (collar · Drillhole collar locations were surveyed using a combination of
and downhole surveys), trenches, mine workings and other locations used in differential GPS (DGPS) systems and total station surveying where higher
Mineral Resource estimation. precision was required. The DGPS surveys were conducted by trained field
surveyors to ensure location accuracy suitable for Mineral Resource
· Specification of the grid system used. estimation, with horizontal and vertical accuracy generally within ±0.2
· Quality and adequacy of topographic control. m. In areas of rugged topography or logistical difficulty, surveygrade
handheld GPS units were temporarily used during initial exploration stages
(soil sampling, auger drilling, trenching), but were later replaced with DGPS
surveys for all critical drill collars.
· Elevation data were tied into the Nivellement Général de Côte
d'Ivoire (NGCI) vertical datum. A topographic digital terrain model (DTM) was
produced using highresolution satellite imagery and groundtruthing, which was
used for both resource modelling and mine planning. Grid systems used were
WGS84, Zone 30N for initial exploration and UTM Zone 30N (WGS84 projection)
for final resource definition.
Data spacing and distribution · Data spacing for reporting of Exploration Results. · Drilling was conducted on nominal grid spacings appropriate for the
level of confidence required for resource estimation. In the main mineralised
· Whether the data spacing and distribution is sufficient to establish zones (Souwa, Chegue, and Krakara), RC and diamond drilling was performed on
the degree of geological and grade continuity appropriate for the Mineral approximately 25 m x 25 m to 50 m x 50 m grids. Some areas of denser drilling
Resource and Ore Reserve estimation procedure(s) and classifications applied. (for example, grade control drilling) achieved spacing as tight as 10 m x 10
m.
· Whether sample compositing has been applied.
· Outside the main resource areas, reconnaissance and exploration
drilling was more broadly spaced at 80 m x 80 m or larger intervals,
appropriate for earlystage resource targeting. Soil sampling grids were
generally established on 400 m x 400 m grids, with localised infill to 100 m
or 200 m grids as needed. Data spacing was assessed during Mineral Resource
estimation and was found sufficient to establish geological and grade
continuity for the appropriate classifications (Measured, Indicated, and
Inferred). No sample compositing was applied prior to resource estimation; raw
assay intervals were used directly in estimation procedures.
Orientation of data in relation to geological structure · Whether the orientation of sampling achieves unbiased sampling of · Drilling programs were designed to target mineralised structures as
possible structures and the extent to which this is known, considering the close to perpendicular as possible to the interpreted dip of mineralisation at
deposit type. each de
· If the relationship between the drilling orientation and the posit. Most drillholes were oriented towards the southeast or southwest with
orientation of key mineralised structures is considered to have introduced a an inclination of 50° to 60°, depending on the local structural orientation
sampling bias, this should be assessed and reported if material of goldbearing zones. The mineralisation is generally hosted in northnortheast
trending structures dipping moderately to steeply to the east or west, making
these drill orientations appropriate to intersect mineralised zones at
reasonable angles and to minimise bias in the intercept lengths.
· Geological interpretations and cross sections confirm that drilling
achieved reasonably representative intersections of mineralisation. No
significant sampling bias related to drilling orientation was observed during
resource modelling and estimation. In areas of uncertainty or more complex
structure (fold closures, sheared zones), multiple drill directions were
employed to cross validate mineralisation geometry.
Sample security · The measures taken to ensure sample security. · Sample security protocols were implemented to ensure the integrity of
all collected samples from the point of collection through to laboratory
delivery. After collection, samples were placed into prenumbered, 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. Chainofcustody forms were maintained throughout the
transfer process, and receipt of samples was acknowledged in writing by
laboratory staff. While rigorous internal controls were observed, there is no
specific mention of external audits or independent oversight of sample
security protocols. However, no incidents of sample loss, tampering, or
contamination have been reported, and laboratory reconciliation of received
samples consistently matched dispatch records.
Audits or reviews · The results of any audits or reviews of sampling techniques and data. · Audits and reviews of sampling techniques, assay data, and database
integrity have been carried out periodically. Internal technical reviews were
performed by Centamin's inhouse 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 43101 technical report preparation.
Qualified Persons (QPs) signed off on the Mineral Resource estimates after
assessing the drilling, sampling, and QAQC procedures.
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
Criteria JORC Code explanation Commentary
Mineral tenement and land tenure status · Type, reference name/number, location and ownership including · The Doropo Project is located in the northeast of Côte d'Ivoire, in
agreements or material issues with third parties such as joint ventures, the Bounkani region approximately 480 km north of Abidjan, near the border
partnerships, overriding royalties, native title interests, historical sites, with Burkina Faso. The project comprises a contiguous package of seven
wilderness or national park and environmental settings. exploration permits ("Doropo Permit Package") covering a combined area of
approximately 1,847 km².
· The security of the tenure held at the time of reporting along with
any known impediments to obtaining a licence to operate in the area. · All tenements are held in good standing with the Côte d'Ivoire
Ministry of Mines and have been maintained in accordance with local legal
requirements. There are no known outstanding disputes affecting the licences.
Surface rights, compensation arrangements with local communities, and
environmen
tal baseline studies have been addressed as part of the permitting and
development process. Royalties include a standard 4% government royalty on
gold production as prescribed under Ivorian mining law.
No thirdparty ownership interests, material encumbrances, or joint venture
arrangements affecting the Doropo Project have been disclosed.
Exploration done by other parties · Acknowledgment and appraisal of exploration by other parties. · Historical exploration activities prior to Centamin's involvement
were limited. There are no records of systematic exploration or drilling by
major international companies. Previous work primarily consisted of
regionalscale geochemical surveys and governmentsponsored mapping programs
conducted by the Côte d'Ivoire geological survey and local government
initiatives. These activities provided basic geological context but did not
lead to significant discovery or development efforts.
· Centamin's exploration efforts since acquiring the permits have been
responsible for the identification, systematic testing, and advancement of the
Doropo Mineral Resource. No Mineral Resources or significant exploration
targets from previous explorers were inherited by Centamin. All resources
reported to date result from Centamin's soil sampling,
auger drilling, trenching, and drilling campaigns. As such, historical data
has not materially contributed to the current Mineral Resource Estimate.
Geology · Deposit type, geological setting and style of mineralisation. · The Doropo Project is located within the Birimianage greenstone belts
of the West African Craton, a prolific geological setting known for hosting
orogenic gold deposits. Specifically, the project lies in northern Côte
d'Ivoire, comprising a sequence of volcanosedimentary rocks, including mafic
volcanics, interbedded metasediments, felsic intrusives, and minor ultramafic
units. The local geology consists predominantly of intermediate to mafic
volcaniclastic rocks, intruded by granitoid bodies and crosscut by regional
shear zones.
· Gold mineralisation is primarily structurally controlled, hosted
within moderate to steeplydipping quartz-carbonate-sulphide vein arrays. These
veins are developed along shear zones, fault splays, and lithological
contacts. Mineralisation is associated with strong silica, sericite,
carbonate, and minor chlorite alteration halos. Sulphide minerals such as
pyrite, arsenopyrite, and lesser amounts of pyrrhotite are common, closely
associated with gold occurrence. The mineralisation style is typical of
orogenic lode gold systems.
Geology · Deposit type, geological setting and style of mineralisation. · The Doropo Project is located within the Birimianage greenstone belts
of the West African Craton, a prolific geological setting known for hosting
orogenic gold deposits. Specifically, the project lies in northern Côte
d'Ivoire, comprising a sequence of volcanosedimentary rocks, including mafic
volcanics, interbedded metasediments, felsic intrusives, and minor ultramafic
units. The local geology consists predominantly of intermediate to mafic
volcaniclastic rocks, intruded by granitoid bodies and crosscut by regional
shear zones.
· Gold mineralisation is primarily structurally controlled, hosted
within moderate to steeplydipping quartz-carbonate-sulphide vein arrays. These
veins are developed along shear zones, fault splays, and lithological
contacts. Mineralisation is associated with strong silica, sericite,
carbonate, and minor chlorite alteration halos. Sulphide minerals such as
pyrite, arsenopyrite, and lesser amounts of pyrrhotite are common, closely
associated with gold occurrence. The mineralisation style is typical of
orogenic lode gold systems, with gold generally occurring as free grains and
fine inclusions within sulphides. Structural controls, including vein
orientations and competency contrasts between rock units, are critical factors
influencing the distribution and continuity of mineralisation.
Drill hole Information · A summary of all information material to the understanding of the · The NI 43101 Technical Report provides comprehensive drillhole
exploration results including a tabulation of the following information for information, covering collar locations, drill hole depths, azimuths, dips, and
all Material drill holes: key intersections. Drillhole collars were surveyed using differential GPS
(DGPS) or total station equipment, and were tied into a local grid based on
o easting and northing of the drill hole collar the UTM Zone 30N, WGS84 datum. Complete lists of drill collars, including
northing, easting, elevation, azimuth, dip, and total depth, are included in
o elevation or RL (Reduced Level - elevation above sea level in metres) of appendices of the technical report for all holes used in Resource estimation.
the drill hole collar
· Significant exploration results and Mineral Resource drill
o dip and azimuth of the hole intersections are reported systematically, with true thickness considerations
discussed where relevant. The database includes 5,794 drillholes for a total
o down hole length and interception depth of 547,805 m of drilling. The report also provides detailed composite
intercept tables for representative drilling results across all principal
o hole length. deposits (Souwa, Chegue, Krakara, etc.), including downhole depth intervals,
gold grades, and sample lengths
· If the exclusion of this information is justified on the basis that
the information is not Material and this exclusion does not detract from the
understanding of the report, the Competent Person should clearly explain why
this is the case.
Data aggregation methods · In reporting Exploration Results, weighting averaging techniques, · Exploration results and Mineral Resource drill intercepts are
maximum and/or minimum grade truncations (eg cutting of high grades) and reported based on compositing of contiguous mineralised intervals. Assay
cutoff grades are usually Material and should be stated. results were composited to ensure that sample length variability did not
introduce bias. Only intervals above a certain cutoff grade (typically 0.5 g/t
· Where aggregate intercepts incorporate short lengths of high grade Au for mineralised zones) were included when reporting exploration results.
results and longer lengths of low grade results, the procedure used for such
aggregation should be stated and some typical examples of such aggregations · No topcutting (grade capping) was applied when presenting raw
should be shown in detail. exploration results; however, topcutting was considered and applied during
Mineral Resource estimation to control the influence of extreme outlier
· The assumptions used for any reporting of metal equivalent values grades. Composites used downhole lengths of
should be clearly stated.
1 m, reflecting the RC and DD sampling intervals.
· Where lower grade material was present within highergrade zones,
internal dilution up to 2 m was accepted within the composited interval to
maintain geological continuity.
Relationship between mineralisation widths and intercept lengths · These relationships are particularly important in the reporting of · The majority of drilling was designed to intersect mineralisation as
Exploration Results. close as possible to true width by orienting drillholes approximately
perpendicular to the dominant strike and dip of mineralised structures.
· If the geometry of the mineralisation with respect to the drill hole Drillholes were typically inclined at 50° to 60° angles depending on local
angle is known, its nature should be reported. geological conditions, and aimed at intersecting mineralised zones that dip
moderately (30°to 70°) towards the east or west (according to the individual
· If it is not known and only the down hole lengths are reported, there deposit). As such, downhole intercept lengths reported in exploration results
should be a clear statement to this effect (eg 'down hole length, true width approximate true widths in most cases, particularly in the main Souwa, Chegue,
not known'). and Krakara deposits.
· In cases where drilling was oblique to structures particularly in
folded or complex structural zones, true widths were estimated or commentary
provided where necessary. No material bias in grade or continuity arising from
drilling orientation was identified during Mineral Resource estimation.
Geological modelling used structural measurements, cross sections, and 3D
wireframes to constrain true thickness of the mineralised zones.
Diagrams · Appropriate maps and sections (with scales) and tabulations of · The NI 43101 Technical Report provides a variety of diagrams that
intercepts should be included for any significant discovery being reported illustrate the distribution of mineralisation, drill coverage, geological
These should include, but not be limited to a plan view of drill hole collar interpretation, and resource outlines. These include:
locations and appropriate sectional views.
· Plan view maps showing drill hole collar locations and surface
projections of the mineralised zones.
· Cross sections and long sections through key deposits (e.g., Souwa,
Chegue, Krakara) depicting lithological units, inter
preted mineralization wireframes, and drill intercepts.
• 3D block models illustrating grade distribution and resource
classifications.
• Regional geological maps.
Balanced reporting · Where comprehensive reporting of all Exploration Results is not · Exploration results are presented in a manner that is consistent with
practicable, representative reporting of both low and high grades and/or balanced reporting principles. Both positive results (significant gold
widths should be practiced to avoid misleading reporting of Exploration intersections) and lowergrade or barren drilling outcomes are discussed in the
Results. report narrative. Significant intercepts are reported based on a gold cutoff
(typically 0.5 g/t Au), and intervals that do not meet this threshold are not
excluded without comment their absence is implied where relevant. Where
drill programs encountered areas of weak mineralisation or barren geology,
this is acknowledged qualitatively in the discussion of deposit extents and
geological domains.
· Resource estimation was based on all available drilling data, not
just highgrade intervals
Other substantive exploration data · Other exploration data, if meaningful and material, should be · In addition to drilling and trenching, Centamin has completed several
reported including (but not limited to): geological observations; geophysical substantive exploration programs across the Project area, including extensive
survey results; geochemical survey results; bulk samples - size and method of soil geochemistry, auger drilling, geophysical surveys, and baseline
treatment; metallurgical test results; bulk density, groundwater, geotechnical environmental studies.
and rock characteristics; potential deleterious or contaminating sub
· Soil geochemistry: Over 92,000 soil samples were
stances.
collected between 2014 and 2022 on grids varying from 400 x 400 m down to 100
x 100 m, helping to identify coherent goldinsoil anomalies that guided
subsequent drilling.
· Auger drilling: Approximately 28,000 auger holes were drilled to
sample through laterite cover to saprolite, providing a 3D geochemical
signature where soil sampling was ineffective.
· Geophysics: Regional aeromagnetic and radiometric surveys were
conducted by government agencies, with Centamin reprocessing this data to aid
in geological interpretation and target generation. Groundbased induced
polarisation (IP) surveys were conducted selectively over key prospects to
assist in structural interpretation
· Preliminary metallurgical testwork was performed on representative
mineralised material. Testwork indicated that gold mineralisation was amenable
to conventional gravity recovery and cyanide leaching, with excellent
recoveries (>90% extraction) achievable. Additionally, environmental
baseline studies have been completed across the Doropo permit area to support
permitting requirements.
Further work · The nature and scale of planned further work (eg tests for lateral Future work will focus on advancing the deposit toward production readiness.
extensions Key programs planned include infill drilling to upgrade portions of the
Mineral Resource from Indicated to Measured classification, particularly in
or depth extensions or largescale stepout drilling). the Souwa, Chegue, and Krakara deposits. Additional stepout and extensional
drilling is also proposed to target nearmine exploration opportunities along
· Diagrams clearly highlighting the areas of possible extensions, the interpreted structural corridors, with the aim of increasing the overall
including the main geological interpretations and future drilling areas, resource base.
provided this information is not commercially sensitive
· Further geotechnical drilling and pit slope studies are planned to
refine openpit designs, along with additional hydrogeological investigations
to support mine dewatering strategies. Metallurgical testwork will be
expanded, including variability testing across different ore domains to
optimise processing flowsheets. Environmental and social impact assessments
(ESIA) will continue to ensure compliance with permitting obligations.
Section 3 Estimation and Reporting of Mineral Resources
(Criteria listed in section 1, and where relevant in section 2, also apply to
this section.)
Criteria JORC Code explanation Commentary
Database integrity · Measures taken to ensure that data has not been corrupted by, for · The drillhole database has been developed and managed using
example, transcription or keying errors, between its initial collection and industrystandard practices. Geological, geotechnical, and assay data were
its use for Mineral Resource estimation purposes. initially collected in field log sheets or digital capture tools and
subsequently entered into a centralised SQLbased database system. Data entry
· Data validation procedures used. protocols included validation checks to reduce transcription errors, including
dropdown lists for logging codes and automated field validations. Independent
verification of key fields (collar locations, assay results, geology codes)
against original laboratory certificates and field records was carried out
periodically.
· • Database administration was performed by Centamin's
inhouse data management team, and periodic reviews and audits were conducted
to check for consistency, missing fields, duplications, and logical errors.
The database was exported and independently validated prior to each Mineral
Resource estimation. Assay results were matched against original laboratory
certificates to ensure accuracy, and downhole survey data was checked for
consistency with expected drillhole trajectories. No material errors or
significant discrepancies were identified during validation
Site visits · Comment on any site visits undertaken by the Competent Person and the · Site visits were conducted by Qualified Persons (QPs) responsible for
outcome of those visits. the Mineral Resource estimate. The site visits included direct observation of
drilling operations (RC and diamond
· If no site visits have been undertaken indicate why this is the case.
drilling), core handling and sampling practices, geological logging
procedures, and data management workflows.
· During the site visits, the QP reviewed: drill collar locations,
sampling representivity (soil, auger, RC, DD), core logging facilities, QAQC
sample insertion and management, sample security and transport procedures.
· No material issues or inconsistencies were identified during the site
visits.
Geological interpretation · Confidence in (or conversely, the uncertainty of ) the geological · The Doropo Gold Project comprises sixteen prospects, Attire, Enioda,
interpretation of the mineral deposit. Chegue Main, Chegue South, Han, Hinda, Hinda South, Kekeda, Kilosegui, Nare,
Nokpa, Sanboyoro, Solo, Souwa, Tchouahinin, and Vako.
· Nature of the data used and of any assumptions made.
· The geological interpretation for each is based on a combination of
· The effect, if any, of alternative interpretations on Mineral surface mapping, soil geochemistry, trenching, drilling (RC and diamond core),
Resource estimation. and geophysical data. The mineralisation is structurally controlled, typically
hosted within quartz-carbonate-sulphide vein arrays aligned along
· The use of geology in guiding and controlling Mineral Resource northnortheast trending shear zones. Detailed geological logging of drill core
estimation. and RC chips provided information on lithology, alteration, mineralisation
styles, and structure, which were incorporated into the 3D geological models.
· The factors affecting continuity both of grade and geology.
· Wireframes were constructed around logged mineralisation envelopes
using a nominal cutoff of approximately 0.3 to 0.5 g/t Au, depending on
deposit and geological domain. Interpretation of geological continuity,
mineralised domain boundaries, and grade distribution is supported by
closespaced drilling (especially in Souwa, Chegue, and Krakara) and structural
measurements taken from oriented core. Confidence in the interpretation is
high where drilling density is greater, while areas of wider drill spacing
retain a lower confidence, resulting in appropriate resource classification
into Measured, Indicated, or Inferred.
Dimensions · The extent and variability of the Mineral Resource expressed as · The Doropo Mineral Resource comprises multiple discrete deposits, the
length (along strike or otherwise), plan width, and depth below surface to the largest of which are Souwa, Chegue, and Krakara. These deposits are
upper and lower limits of the Mineral Resource. structurally controlled lode gold systems that occur along northeasttrending
shear zones. The mineralised zones are typically hosted in altered mafic to
intermediate volcanic rocks and are characterised by moderate to steep dips.
· The combined strike length of individual mineralised lodes within the
Doropo Project is over 12 km, with individual deposits ranging from 300 m to
over 2.5 km in length. Mineralised zones are generally 3 to 15 m thick but can
reach widths of up to 30 m in dilational zones or where stacked lodes
coalesce.
· The mineralisation extends from near surface to vertical depths of
100 to 250 m, with some mineralised domains drilled to 300 to 400 m vertical
depth, particularly in Souwa.
Estimation and modelling techniques · The nature and appropriateness of the estimation technique(s) applied · Software used for the Mineral Resource estimate included Geoaccess
and key assumptions, including treatment of extreme grade values, domaining, Professional, Leapfrog Geo, Surpac and Isatis v2018.5.
interpolation parameters and maximum distance of extrapolation from data
points. If a computer assisted estimation method was chosen include a · The Mineral Resource estimate for the Doropo Project was estimated
description of computer software and parameters used. using Ordinary Kriging (OK) interpolation and Local Uniform Conditioning
(LUC). Estimation was conducted within hard boundary mineralisation domains
· The availability of check estimates, previous estimates and/or mine defined by 3D wireframes, constructed based on geological logging, assay
production records and whether the Mineral Resource estimate takes appropriate results, trenching, and geophysical interpretations. Drillhole data was
account of such data. composited to
· The assumptions made regarding recovery of byproducts. 1 m intervals prior to estimation. Highgrade outlier values were assessed
through statistical analysis of gold grade distributions by domain, and
· Estimation of deleterious elements or other nongrade variables of topcuts were applied on an individual domain basis to reduce the influence of
economic significance (eg sulphur for acid mine drainage characterisation). extreme grades. In some areas a distance limiting constraint was applied.
Variogram models were developed in Gaussian space to model
· In the case of block model interpolation, the block size in relation
to the average sample spacing and the search employed. the spatial continuity of gold grades and back transformed prior to
estimation. Search ellipses were oriented along the dominant structural trends
· Any assumptions behind modelling of selective mining units. observed in the mineralisation.
Any assumptions about correlation between variables. · 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 ultimate SMU block size and
· Description of how the geological interpretation was used to control rotated according to the orientation of the deposit. The OK interpolation was
the resource estimates. undertaken into relatively large panel blocks - predominantly 20 m x 20 m x 5
m but variable depending on deposit. Subblocking was utilised to accurately
· Discussion of basis for using or not using grade cutting or capping. honour geological and mineralisation boundaries.
· The process of validation, the checking process used, the comparison · No mining dilution or recovery factors were applied; the estimate
of model data to drill hole data, and use of reconciliation data if available. reflects insitu grades and tonnages.
· Only gold was estimated; no deleterious elements were modelled. No
byproducts were considered, and no correlations between variables were assumed
as only gold was economically significant.
· The model was validated through visual inspections, comparison of
input composite grades to block grades, swath plot analysis, and global
statistical checks. No reconciliation to mining production was possible as the
Doropo Project remains preproduction at this time.
Moisture · Whether the tonnages are estimated on a dry basis or with natural · Tonnages are estimated and reported on a dry basis.
moisture, and the method of determination of the moisture content.
Cutoff parameters · The basis of the adopted cutoff grade(s) or quality parameters · The Mineral Resource estimates for the Doropo Project were reported
applied. using a
0.3 g/t Au cutoff grade. This cutoff was selected based on PFS assumptions
that reflect open pit mining methods, anticipated processing costs,
metallurgical recoveries, and a longterm gold price assumption.
· The 0.3 g/t Au cutoff represents a reasonable expectation for
economic extraction in a conventional openpit scenario with moderate stripping
ratios and CIL (carboninleach) gold recovery.
Mining factors or assumptions · Assumptions made regarding possible mining methods, minimum mining · Mining factors and assumptions are based on the expectation of open
dimensions and internal (or, if applicable, external) mining dilution. It is pit mining methods using conventional truck and shovel operations. Optimised
always necessary as part of the process of determining reasonable prospects pit shells were generated using Whittle optimisation software to test the
for eventual economic extraction to consider potential mining methods, but the reasonable prospects for eventual economic extraction. These pit shells
assumptions made regarding mining methods and parameters when estimating informed the reporting constraints applied to the Mineral Resource estimate.
Mineral Resources may not always be rigorous. Where this is the case, this
should be reported with an explanation of the basis of the mining assumptions · The pit optimisations were generated by Orelogy with key mining
made. parameters summarised below;
· All models were reblocked to 10 mX x 10 mY x 5 mRL;
· Gold price assumption of USD3,000 per troy ounce;
· Overall pit wall slope angles used are (in the range of):
· 24° in oxide;
· 28° in transitional;
· 48° in fresh;
· Mining Recovery of 92% (8% ore loss);
· Mining Dilution of 14%;
· Process Recovery:
· Oxide: 93.5%
·
Metallurgical factors or assumptions · The basis for assumptions or predictions regarding metallurgical · Preliminary metallurgical testwork has been conducted on
amenability. It is always necessary as part of the process of determining representative mineralised material from the Doropo Project. Samples were
reasonable prospects for eventual economic extraction to consider potential collected across a range of deposits (Souwa, Chegue, Krakara) and across
metallurgical methods, but the assumptions regarding metallurgical treatment different oxidation states (oxide, transitional, and fresh rock). Testwork was
processes and parameters made when reporting Mineral Resources may not always performed at certified laboratories and included gravity recovery tests,
be rigorous. Where this is the case, this should be reported with an cyanidation leaching tests, and bottle roll tests.
explanation of the basis of the metallurgical assumptions made.
· The results indicate that gold mineralisation is amenable to
conventional gravity recovery followed by CIL (carboninleach) processing,
achieving high gold recoveries generally exceeding 90%. Oxide material
exhibited slightly higher recovery rates than fresh rock, but all major ore
types demonstrated favourable leach kinetics. No significant metallurgical
challenges, such as refractory gold or deleterious elements affecting
processing, were identified during initial testwork.
Environmental factors or assumptions · Assumptions made regarding possible waste and process residue · Environmental and social baseline studies have been conducted across
disposal options. It is always necessary as part of the process of determining the project area, including flora and fauna surveys, water quality sampling,
reasonable prospects for eventual economic extraction to consider the heritage site assessments, and social impact studies. These baseline
potential environmental impacts of the mining and processing operation. While investigations were undertaken to inform the Environmental and Social Impact
at this stage the determination of potential environmental impacts, Assessment (ESIA) process, which is a legal requirement for obtaining a Mining
particularly for a greenfields project, may not always be well advanced, the Licence in Côte d'Ivoire.
status of early consideration of these potential environmental impacts should
be reported. Where these aspects have not been considered this should be · An ESIA and Resettlement Action Plan (RAP) were prepared in
reported with an explanation of the environmental assumptions made. accordance with Ivorian regulations and submitted to the relevant authorities.
Environmental certificates and approvals have been granted as part of the
Mining Licence issuance. Key environmental risks identified (such as water
management, waste disposal, and biodiversity preservation) have been assessed
at a preliminary level and mitigation measures proposed, although final
designs (e.g., for tailings storage facilities and mine waste dumps) will be
completed during Feasibility Studies.
· There are no known environmental issues that would materially affect
the reasonable prospects of eventual economic extraction of the Mineral
Resources. Ongoing monitoring and additional environmental studies are planned
as the project advances toward development.
Bulk density · Whether assumed or determined. If assumed, the basis for the · Bulk density measurements were taken systematically using drill core
assumptions. If determined, the method used, whether wet or dry, the frequency samples from across the various deposits and oxidation zones (oxide,
of the measurements, the nature, size and representativeness of the samples. transitional, and fresh rock). The measurements were conducted using the
Archimedes principle (water immersion displacement method) on core samples.
· The bulk density for bulk material must have been measured by methods Samples were ovendried before testing to ensure that moisture content did not
that adequately account for void spaces (vugs, porosity, etc), moisture and artificially influence the density readings.
differences between rock and alteration zones within the deposit.
· A substantial dataset of 19,587 bulk density measurements were
· Discuss assumptions for bulk density estimates used in the evaluation collected and statistically analysed. Density values were assigned to
process of the different materials. different oxidation domains as follows:
· Oxide material: average bulk density ~1.8-2.0 t/m³,
· Transitional material: ~2.3-
2.5 tm³,
· Fresh rock: ~2.7 t/m³.
· These domainspecific densities were applied to the block model based
on the oxidation state of each block. Density variability was reviewed, and no
significant spatial inconsistencies were identified that would materially
affect the Mineral Resource estimate.
Classification · The basis for the classification of the Mineral Re sources into · The Mineral Resource has been classified and reported in accordance
varying confidence categories. with the CIM Definition Standards. Resources were classified into Measured,
Indicated, and Inferred categories based on a combination of drilling density,
· Whether appropriate account has been taken of all relevant factors geological confidence, continuity of mineralisation, and data quality.
(ie relative confidence in tonnage/grade estimations, reliability of input
data, confidence in continuity of geology and metal values, quality, quantity · Measured Resources were assigned in areas where drilling density was
and distribution of the data). highest (nominally on 10 m x 10 m grids), geological and mineralisation
continuity was well established, and data quality (assays, surveys, logging)
· Whether the result appropriately reflects the Competent Person's view was considered excellent.
of the deposit.
· Indicated Resources were defined in areas of moderate drilling
density (typically 25 m to 30 m spacing) where mineralisation continuity and
geological controls were reasonably well understood.
· Inferred Resources were assigned to zones with broader drill spacing
up to 50 m x 50 m, lower geological confidence, or where extrapolation beyond
drilling data was required.
· The classification approach appropriately reflects the level of
confidence in the underlying geological models, sampling methods, and assay
results.
Audits or reviews · The results of any audits or reviews of Mineral Resource estimates. · No independent audit has been completed on the Doropo Mineral
Resource Estimate.
· Cube undertook regular internal peer reviews during the course of the
MRE
Discussion of relative accuracy/ confidence · Where appropriate a statement of the relative accuracy and confidence · The relative accuracy and confidence of the Doropo Mineral Resource
level in the Mineral Resource estimate using an approach or procedure deemed estimates are considered appropriate for the classification levels assigned.
appropriate by the Competent Person. For example, the application of
statistical or geostatistical procedures to quantify the relative accuracy of · No production data is available for direct reconciliation, as the
the resource within stated confidence limits, or, if such an approach is not project is still in the exploration and development phase.
deemed appropriate, a qualitative discussion of the factors that could affect
the relative accuracy and confidence of the estimate. · At the global scale, the Mineral Resource estimate is considered to
have an accuracy commensurate with industry expectations for a project at the
· The statement should specify whether it relates to global or local advanced exploration and prefeasibility stages.
estimates, and, if local, state the relevant tonnages, which should be
relevant to technical and economic evaluation. Documentation should include
assumptions made and the procedures used.
· These statements of relative accuracy and confidence of the estimate
should be compared with
· production data, where available.
Section 4 Estimation and Reporting of Ore Reserves
Criteria JORC Code explanation Commentary
Mineral Resource estimate for conversion to Ore Reserves · Description of the Mineral Resource estimate used as a basis for the · The Ore Reserves are based on the Mineral Resource estimate detailed
conversion to an Ore Reserve. in the foreign estimate, NI-43-101 Technical report on Doropo Project. The
definition standards for NI-43-101 is similar to JORC Code 2012. The resource
· Clear statement as to whether the Mineral Resources are reported is reported above a gold grade cut-off within a RPEEE shell, based on an
additional to, or inclusive of, the Ore Reserves. equivalent gold price of US$1,450/oz using an Open pit mining methodology
· Ore Reserves are the Material reported as a sub-set of the resource,
that which can be extracted from the region and processed with an economically
acceptable outcome
Site visits · Comment on any site visits undertaken by the Competent Person and the · The Competent Person, Mr Bruce Mowat, is a full-time employee of
outcome of those visits. Resolute Mining Ltd and a Member of the Australian Institute of Geoscientists.
· If no site visits have been undertaken indicate why this is the case. · A site visit to the project area was conducted in March 2025. The
site visits help to validate technical and operating assumptions used in the
preparation of the technical study, which forms the basis of the ore reserves.
· The site visit reviewed the project site and proposed waste dump
location, existing infrastructure available, a review of selected drill core
and various meetings were held with site personnel and key stakeholders
Study status · The type and level of study undertaken to enable Mineral Resources to · Doropo Gold Project is at a Feasibility Study stage. It has a
be converted to Ore Reserves. Technical Report (effective date of 18 July 2024) that has been prepared in
accordance with the requirements of National Instrument 43-101 Standards
· The Code requires that a study to at least Pre-Feasibility Study of Disclosure for Mineral Projects published by the Canadian Securities
level has been undertaken to convert Mineral Resources to Ore Reserves. Such Administrators ("NI 43-101").
studies will have been carried out and
· The work undertaken to date has addressed all material Modifying
will have determined a mine plan that is technically achievable and Factors required for the conversion of a Mineral Resources estimate into an
economically viable, and that material Modifying Factors have been considered. Ore Reserve estimate. Furthermore, the technical study shows that the mine
plan is technically feasible and economically viable at a long term gold price
of US$1,900/oz
Cut-off parameters · The basis of the cut-off grade(s) or quality parameters applied. · Current mining activities are based on the calculation below:
· The modifying factors used to develop the cut-off grade were
those available at the time of the LOM production scheduling and are detailed
in the Technical study
Mining factors or assumptions · The method and assumptions used as reported in the Pre-Feasibility or · The reported Ore Reserve estimates for Doropo are based on pit
Feasibility Study to convert the Mineral Resource to an Ore Reserve (i.e. optimisations conducted using Whittle to calculate the optimal pit at specific
either by application of appropriate factors by optimisation or by preliminary input parameters and pit designs. Costs are based on contract mining and site
or detailed design). costs are derived with a high degree of accuracy.
· The choice, nature and appropriateness of the selected mining · Mining is planned to be undertaken by conventional open pit
method(s) and other mining parameters including associated design issues such methods of drill and blast, followed by load and haul. Detailed pit design
as pre-strip, access, etc. work was completed based on pit optimisations result. Only Measured and
Indicated Resources were used in the pit optimisation.
· The assumptions made regarding geotechnical parameters (eg pit
slopes, stope sizes, etc), grade control and pre-production drilling. · Overall slope angles are dependent on rock type and it varies
across different pit. Detailed geo-tech assessment was conducted by external
· The major assumptions made and Mineral Resource model used for pit party as part of the technical study.
and stope optimisation (if appropriate).
· A regularised model used for the reporting, which takes in to
· The mining dilution factors used. account the dilution during the process of mining. In addition a 1.0m skin
width was applied to the edge of ore blocks, at zero grade.
· The mining recovery factors used.
· All Inferred material is treated as waste and is excluded from
· Any minimum mining widths used. Reserve Reporting.
· The manner in which Inferred Mineral Resources are utilised in mining · Inferred Mineral Resources are not included in the pit
studies and the sensitivity of the outcome to their inclusion. optimisation and pit design
· The infrastructure requirements of the selected mining methods.
Metallurgical factors or assumptions · The metallurgical process proposed and the appropriateness of that · Metallurgical test work was conducted on multiple samples and
process to the style of mineralisation. flowsheet developed based on the test. The tests indicated that, Average
metallurgical recovery over the life of mine is 89% for gold.
· Whether the metallurgical process is well-tested technology or novel
in nature. · The processing plant will utilise industry standard comminution,
leaching, adsorption, and gold recovery technologies to produce a saleable
· The nature, amount and representativeness of metallurgical test work gold doré.
undertaken, the nature of the metallurgical domaining applied and the
corresponding metallurgical recovery factors applied. · The Doropo gold plant will process ore of variable fresh,
transitional and oxide feed types from across nine different pits. The LOM
· Any assumptions or allowances made for deleterious elements. feed is 57.6% fresh rock and 42.4% oxide/transitional saprolite or saprock.
The largest ore sources are the Kilosegui and Souwa pits, at 35.4% and 29.2%
· The existence of any bulk sample or pilot scale test work and the of LOM ore source respectively.
degree to which such samples are considered representative of the orebody as a
whole.
· For minerals that are defined by a specification, has the ore reserve
estimation been based on the appropriate mineralogy to meet the
specifications?
Environmental · The status of studies of potential environmental impacts of the · The development of the Doropo Gold Project (Project) requires an
mining and processing operation. Details of waste rock characterisation and Environmental Permit and Mining (Exploitation) Permit in line with Ivoirian
the consideration of potential sites, status of design options considered and, legislation.
where applicable, the status of approvals for process residue storage and
waste dumps should be reported.
· Earth Systems and H&B Consulting were commissioned by Ampella
to review the environmental and social aspects of the Project and prepare an
Environmental and Social Impact Assessment (ESIA) in compliance with key
Ivoirian regulatory requirements, and in accordance with international best
practice
Infrastructure · The existence of appropriate infrastructure: availability of land for · The processing plant will utilise industry standard comminution,
plant development, power, water, transportation (particularly for bulk leaching, adsorption, and gold recovery technologies to produce a saleable
commodities), labour, accommodation; or the ease with which the infrastructure gold doré. The Doropo gold plant will process ore from nine different pits
can be provided, or accessed. with varying quantities of fresh, transitional and oxide ores.
· A processing plant feed rate of 5.4 Mt/a for weathered (oxide and
transitional) material
· and 4.0 Mt/a for fresh material was utilized throughout the
schedule. The schedule assumed 6,000 operating hrs per year for the crusher
and converted the weathered and fresh throughput rates into an hourly rate of
900 t/h and 667 t/h respectively.
· The capital cost estimate for processing including infrastructure
was $271.3 million. This includes a capital estimate of $23.6m for a power
connection to the national grid
Costs · The derivation of, or assumptions made, regarding projected capital · The Project Operating cost estimate (mining, processing, and
costs in the study. infrastructure) developed for the FS is based on a mining services contractor
model for the open pit mining.
· The methodology used to estimate operating costs.
· Operating cost estimates for the Doropo Gold Project has been
· Allowances made for the content of deleterious elements. compiled by GRES based on inputs developed by:
· The source of exchange rates used in the study. · Orelogy - for mining contractor and mine management costs;
· Derivation of transportation charges. · GRES - for the processing costs;
· The basis for forecasting or source of treatment and refining · ECG - for the cost of power;
charges, penalties for failure to meet specification, etc.
· Centamin - for the Site General and Administration (G&A)
· The allowances made for royalties payable, both Government and costs, as well as labour organisation charts, project manning, labour rates
private. and operational manning build-up.
· The operating costs for the Doropo processing plant have been
estimated to an accuracy of -10%/+15% and reflects an estimate base date of
second quarter 2024.
· The sustaining capital estimate summary is in the table below:
Revenue factors · The derivation of, or assumptions made regarding revenue factors · The revenue is derived using a flat gold price assumption of
including head grade, metal or commodity price(s) exchange rates, US$1,950/oz
transportation and treatment charges, penalties, net smelter returns, etc.
· No penalties are incurred, nor is any revenue received from
· The derivation of assumptions made of metal or commodity price(s), co-products.
for the principal metals, minerals and co-products.
Market assessment · The demand, supply and stock situation for the particular commodity, · The gold market is robust with the prevailing gold price being
consumption trends and factors likely to affect supply and demand into the well above US$3,200/oz.
future.
· Supply and demand are not considered material to the Ore Reserve
· A customer and competitor analysis along with the identification of calculations.
likely market windows for the product.
· Doropo is pre-production and does not have an established
· Price and volume forecasts and the basis for these forecasts. customer base. Gold sales are expected to be made into the world gold markets
that are highly liquid
· For industrial minerals the customer specification, testing and
acceptance requirements prior to a supply contract.
Economic · The inputs to the economic analysis to produce the net present value · The financial evaluation undertaken as part of the technical
(NPV) in the study, the source and confidence of these economic inputs study indicated a positive net present value (NPV) at a 8% annual discount
including estimated inflation, discount rate, etc. rate. The following major economic inputs were used:
· NPV ranges and sensitivity to variations in the significant · Costs as previous described
assumptions and inputs.
· Gold price of US$1900/oz
· Royalties & Tax as per the Ivorian Law
Social · The status of agreements with key stakeholders and matters leading to · The development of the Doropo Gold Project (Project) requires an
social licence to operate. Environmental Permit and Mining (Exploitation) Permit in line with Ivoirian
legislation. Earth Systems and H&B Consulting were commissioned by Ampella
to review the environmental and social aspects of the Project and prepare an
Environmental and Social Impact Assessment (ESIA) in compliance with key
Ivoirian regulatory requirements, and in accordance with international best
practice.
· An environmental and social baseline has been established for the
Project with extensive field studies undertaken by the ESIA consultants since
February 2022 to support Project Prefeasibility and Feasibility design studies
as well as the statutory ESIA. These studies have included those related to
socio-economic conditions, land and water use, surface and groundwater
resources, terrestrial and aquatic ecology and biodiversity, air quality,
noise and vibration, traffic and transportation, as well as archaeology and
cultural heritage
· The ESIA process requires consultation with local community and
government leadership and other relevant stakeholders. Engagement will
continue up to and during operations including the payment of compensation to
farmers whose fields are disturbed as per legal requirements.
· Ivoirian nationals are anticipated to fill most operating and
management positions. The intention is to encourage economic development
within the local community
Other · To the extent relevant, the impact of the following on the project · The development of the Doropo Gold Project (Project) requires an
and/or on the estimation and classification of the Ore Reserves: Environmental Permit and Mining (Exploitation) Permit in line with Ivoirian
legislation. Earth Systems and H&B Consulting were commissioned by Ampella
· Any identified material naturally occurring risks. to review the environmental and social aspects of the Project and prepare an
Environmental and Social Impact Assessment (ESIA) in compliance with key
· The status of material legal agreements and marketing arrangements. Ivoirian regulatory requirements, and in accordance with international best
practice.
· The status of governmental agreements and approvals critical to the
viability of the project, such as mineral tenement status, and government and
statutory approvals. There must be reasonable grounds to expect that all
necessary Government approvals will be received within the timeframes
anticipated in the Pre-Feasibility or Feasibility study. Highlight and discuss
the materiality of any unresolved matter that is dependent on a third party on
which
· extraction of the reserve is contingent.
Classification · The basis for the classification of the Ore Reserves into varying · Proved and Probable Ore Reserves were declared based on the
confidence categories. Measured and Indicated Mineral Resources
· Whether the result appropriately deposit.
· The proportion of Probable Ore Reserves that have been derived from
· Measured Mineral Resources (if any).
Audits or reviews · The results of any audits or reviews of Ore Reserve estimates. · No external audits of Resources/Reserves were undertaken. Due
diligence was undertaken by external party on the technical study and
assumptions
Discussion of relative accuracy/ confidence · Where appropriate a statement of the relative accuracy and confidence · The relative accuracy and confidence of the Ore Reserve estimate
level in the Ore Reserve estimate using an approach or procedure deemed is inherent in the Ore Reserve Classification.
appropriate by the Competent Person. For example, the application of
statistical or geostatistical procedures to quantify the relative accuracy of · The mine design and schedule were prepared to a PFS level of
the reserve within stated confidence limits, or, if such an approach is not accuracy. Conservative mining modifying factors were used to account for
deemed appropriate, a qualitative discussion of the factors which could affect potential variations in ground and geotechnical conditions
the relative accuracy and confidence of the estimate.
· The statement should specify whether it relates to global or local
estimates, and, if local, state the relevant tonnages, which should be
relevant to technical and economic evaluation. Documentation should include
assumptions made and the procedures used.
· Accuracy and confidence discussions should extend to specific
discussions of any applied Modifying Factors that may have a material impact
on Ore Reserve viability, or for which there are remaining areas of
uncertainty at the current study stage.
· It is recognised that this may not be possible or appropriate in all
circumstances. These statements of relative accuracy and confidence of the
estimate should be compared with production data, where available.
La Debo
Section 1 Sampling Techniques and Data
CRITERIA JORC CODE EXPLANATION COMMENTARY
Sampling tech-niques · Nature and quality of sampling (e.g. cut channels, random chips, or Sampling has been by diamond drill coring and reverse circula-tion chip.
specific specialised industry standard measure-ment tools appropriate to the
minerals under investigation, such as down hole gamma sondes, or handheld XRF Diamond core has been geologically logged and sampled to geo-logical contacts
instru-ments, etc.). These examples should not be taken as limiting the broad with nominal sample lengths between 0.3m and
meaning of sampling.
4.5m (most commonly 1m). Core selected for assay is systemati-cally cut
· Include reference to measures taken to ensure sample lengthwise into half core by diamond blade rock saw, numbered and bagged
rep-resentivity and the appropriate calibration of any measure-ment tools or before dispatch to the laboratory for anal-ysis.
systems used.
All core is photographed, wet and dry.
· Aspects of the determination of mineralisation that are Mate-rial
to the Public Report. Reverse circulation chips are geologically logged and sampled on regular
lengths of 1m. Chip material selected for assay is sys-tematically divided to
· In cases where 'industry standard' work has been done this would be a 1/8 proportion using a rotary splitter at-tached to the cyclone sample
relatively simple (e.g. 'reverse circulation drilling was used to obtain 1 m recovery system, numbered and bagged before dispatch to the laboratory for
samples from which 3 kg was pul-verised to produce a 30 g charge for fire analysis.
assay'). In other cases more explanation may be required, such as where there
is coarse gold that has inherent sampling problems. Unusual commodities or
mineralisation types (e.g. submarine nodules) may warrant disclosure of
detailed information.
Drilling techniques · Drill type (e.g. core, reverse circulation, open-hole hammer, Diamond core drilling with standard inner tubes. HQ diameter to target depth
rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, where possible with some smaller NQ intervals as tails. Core is marked and
triple or standard tube, depth of diamond tails, face-sampling bit or other oriented.
type, whether core is oriented and if so, by what method, etc.).
Reverse Circulation drilling with 4" or 4.5" hammer and 4" rod string to
target depth.
Drill sample recov-ery · Method of recording and assessing core and chip sample re-coveries Diamond core recoveries are measured in the core trays and recorded as
and results assessed. recovered metres and recovered % as part of the geological logging process.
· Measures taken to maximise sample recovery and ensure RC recoveries are monitored by chip sample weight recording. Sample weights
representative nature of the samples. have been analysed for cyclicity with no relation-ship between sample weight
and depth noted.
· Whether a relationship exists between sample recovery and grade and
whether sample bias may have occurred due to preferential loss/gain of
fine/coarse material.
Logging · Whether core and chip samples have been geologically and Diamond core has been geologically and geotechnically logged to a level of
geotechnically logged to a level of detail to support appropri-ate Mineral detail to support appropriate classification and re-porting of a Mineral
Resource estimation, mining studies and metal-lurgical studies. Resource.
· Whether logging is qualitative or quantitative in nature. Core (or Reverse circulation chip samples have been geologically logged to a level of
costean, channel, etc.) photography. detail to support appropriate classification and re-porting of a Mineral
Resource.
· The total length and percentage of the relevant intersections
logged. Total length of DD logged is 6,804m. Total length of RC logged is 9,849m.
Sub-sampling techniques and sample prepara-tion · If core, whether cut or sawn and whether quarter, half or all core Historic core has been systematically cut lengthwise into half core with a
taken. diamond saw.
· If non-core, whether riffled, tube sampled, rotary split, etc. and RC samples representing a 1/8 split are taken directly from the rig mounted
whether sampled wet or dry. cyclone by rotary splitter, sample weight is recorded, sample is bagged in pre
numbered plastic and sample tickets are inserted and bag is sealed for
· For all sample types, the nature, quality and appropriateness of transport to preparation facility.
the sample preparation technique.
Generally, one of each of the two control samples (blank or CRM standard) is
· Quality control procedures adopted for all sub-sampling stages to inserted into the sample stream every tenth sample. An industry standard,
maximise representivity of samples. documented process of sample mark-up, core splitting, bagging and ticketing
and recording is in place at the LaDebo site.
· Measures taken to ensure that the sampling is representa-tive of
the in situ material collected, including for instance re-sults for field All samples were submitted to external certified analytical labora-
duplicate/second-half sampling.
tory, MSALAB in Yamoussoukro. The 3kg sample were consid-ered appropriate
· Whether sample sizes are appropriate to the grain size of the samples size for Photon Assays analysis.
material being sampled.
MSA prepares the samples by weighing, drying, and crushing the entire samples
to >70% passing 2mm, then prepared for PhotonAssay
Quality of assay data and labora-tory tests · The nature, quality and appropriateness of the assaying and Au assays are determined by Chrysos Photon assay at MSA labs in Yamoussoukro.
laboratory procedures used and whether the technique is considered partial or Laboratory and assay procedures are ap-propriate for Mineral Resource
total. estimation.
· For geophysical tools, spectrometers, handheld XRF instru-ments, QAQC consisted of standards, blanks and laboratory duplicates (both coarse and
etc., the parameters used in determining the analysis including instrument pulp). The QAQC sample results showed ac-ceptable levels of accuracy and
make and model, reading times, cali-brations factors applied and their precision.
derivation, etc.
The assay data is considered to be suitable for Mineral Resource estimation.
· Nature of quality control procedures adopted (e.g. stand-ards,
blanks, duplicates, external laboratory checks) and whether acceptable levels
of accuracy (i.e. lack of bias) and precision have been established.
Verification of sampling and as-saying · The verification of significant intersections by either All aspects of the core sampling, assay procedures and QA/QC program have been
inde-pendent or alternative company personnel. reviewed and were judged to be suitable for use in the estimation of Mineral
Resources.
· The use of twinned holes.
Drill hole assay result data has been checked against the original hardcopy
· Documentation of primary data, data entry procedures, data laboratory assay reports for a representative number of holes.
verification, data storage (physical and electronic) protocols.
Below detection limit values (negatives) have been replaced by background
· Discuss any adjustment to assay data. values.
Un-sampled intervals have been retained as un-sampled (null or blank). All of
these intervals occur within the waste domain and have no material impact on
the estimate.
Location of data points · Accuracy and quality of surveys used to locate drill holes (collar Drill holes have been surveyed by contractor, SEMS Exploration staff using a
and down-hole surveys), trenches, mine workings and other locations used in DGPS.
Mineral Resource estimation.
Downhole surveys were undertaken by the drilling contractor us-ing a
· Specification of the grid system used. ReflexSprintIQ tool with a reading taken every 30m down-hole.
· Quality and adequacy of topographic control. Grid system is based on the UTM29N grid on the WGS84 (north-ern hemisphere)
projection.
A topographic surface has been generated from the satellite im-ages of the
area.
Data spacing and distribution · Data spacing for reporting of Exploration Results. Data spacing is Generally 50x50m. This spacing is adequate to determine the
geological and grade continuity for reporting of a Mineral Resources.
· Whether the data spacing and distribution is sufficient to
es-tablish the degree of geological and grade continuity appro-priate for the Drill samples were composited to 1m for use in the estimate.
Mineral Resource and Ore Reserve estimation procedure(s) and classifications
applied.
· Whether sample compositing has been applied.
Orientation of data in relation to geological struc-ture · Whether the orientation of sampling achieves unbiased sam-pling of Geological structures are interpreted to be steeply-dipping to the
possible structures and the extent to which this is known, considering the south-southeast. Drilling intersects structures from the north and south
deposit type. sides, generally dipping -60⁰ below horizontal, with azi-muths at
approximately 315⁰.
· If the relationship between the drilling orientation and the
ori-entation of key mineralised structures is considered to have introduced a Drill orientation was designed perpendicular to the modelled min-eralisation
sampling bias, this should be assessed and re-ported if material. dipped at about 60⁰ to the south-southeast.
The drilling orientation is adequate for a non-biased assessment of the
orebody with respect to interpreted structures and inter-preted controls on
mineralisation.
Sample security · The measures taken to ensure sample security. Labelling and submission of samples complies with industry standard.
Audits or reviews · The results of any audits or reviews of sampling techniques and The competent person audited the Yamoussoukro sample preparation and assay
data. laboratory in September 2025. No material issues were found, with lab
processes, hygiene and management standards deemed highly appropriate..
Section 2 Reporting of Exploration Results
CRITERIA JORC CODE EXPLANATION COMMENTARY
Mineral tenement and land tenure status · Type, reference name/number, location and ownership in-cluding The LaDebo Permit is held by Jofema Mineral Resources. Toro Gold Limited is in
agreements or material issues with third parties such as joint ventures, a joint Venture with Jofema with Toro being the manager and sole funder of the
partnerships, overriding royalties, native ti-tle interests, historical sites, joint Venture. Toro Gold Limited is a company controlled by resolute Limited.
wilderness or national park and environmental settings. The permit is in good standing.
· The security of the tenure held at the time of reporting along with
any known impediments to obtaining a licence to oper-ate in the area.
Exploration done by other parties · Acknowledgment and appraisal of exploration by other par-ties. Past exploration has been performed by Jofema with previous partners. Jofema
had undertaken soil geochemistry, surface mapping, on the entire Research
Permit. Pitting, Trenching, re-gional Auger drilling and RAB drilling have
identified gold anomalism which Jofema followed up with Diamond and Re-verse
Circulation drilling
Geology · Deposit type, geological setting and style of mineralisation. Mineralisation is currently interpreted to be a standard Birimian oro-genic
gold deposit style. Gold is related to shears within meta-sedi-ments and
volcanics. Intensity of gold mineralisation appears to cor-relate with the
intensity quartz-tourmaline-pyrite veins or dissemi-nated pyrite and veinlets
within a shear.
Geometry of the gold mineralisation is generally NNE to NE striking and
steeply south-easterly dipping. The zones vary between 3m and 20m wide.
Drill hole Infor-mation · A summary of all information material to the understanding of the Easting, Northing and RL of the drill hole collars are based on the UTM29N
exploration results including a tabulation of the follow-ing information for grid on the WGS84 (northern hemisphere) projection.
all Material drill holes:
The MRE has used drill hole collar RL derived from the topographical surface.
o easting and northing of the drill hole collar
Dip is the inclination of the hole from the horizontal. For example, a
o elevation or RL (Reduced Level - elevation above sea level in metres) of vertically down drilled hole from the surface is -90°. Azimuth is re-ported
the drill hole collar in degrees as the grid direction toward which the hole is drilled.
o dip and azimuth of the hole Down hole length of the hole is the distance from the surface to the end of
the hole, as measured along the drill trace. Intersection depth is the
o down hole length and interception depth distance down the hole as measured along the drill trace. Inter-section width
is the downhole distance of an intersection as meas-ured along the drill
o Whole length. trace.
· If the exclusion of this information is justified on the basis that Drill hole length is the distance from the surface to the end of the hole, as
the information is not Material and this exclusion does not detract from the measured along the drill trace.
understanding of the report, the Compe-tent Person should clearly explain why
this is
the case.
Data aggregation methods · In reporting Exploration Results, weighting averaging tech-niques, Samples intervals in this document are all 1m and are not com-posited in the
maximum and/or minimum grade truncations (e.g. cutting of high grades) and drill intersections.
cut-off grades are usually Mate-rial and should be stated.
Cut-off grade for reporting is >= 0.5g/t Au with maximum 3m con-secutive
· Where aggregate intercepts incorporate short lengths of high grade interval dilution.
results and longer lengths of low grade results, the procedure used for such
aggregation should be stated and some typical examples of such aggregations Top-cuts have not been used in the drill intersections.
should be shown in detail.
The assay intervals are reported as down hole length as the true width
· The assumptions used for any reporting of metal equivalent values variable is not known.
should be clearly stated.
Gold assays are rounded to two decimal places. No metal equivalent reporting
is used or applied.
Relationship be-tween mineralisa-tion widths and intercept lengths · These relationships are particularly important in the report-ing of The intersection width is measured down the hole trace and may not be the true
Exploration Results. width.
· If the geometry of the mineralisation with respect to the drill All drill results are downhole intervals only due to the variable ori-entation
hole angle is known, its nature should be reported. of the mineralisation.
· If it is not known and only the down hole lengths are re-
ported, there should be a clear statement to this effect (e.g. 'down hole
length, true width not known').
Diagrams · Appropriate maps and sections (with scales) and tabulations of A plan view is contained within this document. New cross-sec-tional
intercepts should be included for any significant discovery being reported interpretations are included.
These should include, but not be limited to a plan view of drill hole collar
locations and appropriate sec-tional views.
Balanced report-ing · Where comprehensive reporting of all Exploration Results is not All significant assay results from Resolute work are provided in this report.
practicable, representative reporting of both low and high grades and/or
widths should be practiced to avoid mislead-ing reporting of Exploration The report is considered balanced and provided in context.
Results.
Other substan-tive exploration data · Other exploration data, if meaningful and material, should be No other exploration data is considered meaningful and material to this
reported including (but not limited to): geological observa-tions; geophysical document.
survey results; geochemical survey re-sults; bulk samples - size and method of
treatment; metal-lurgical test results; bulk density, groundwater,
geotechnical and rock characteristics; potential deleterious or contaminat-ing
substances.
Further work · The nature and scale of planned further work (e.g. tests for Further regional exploration work including Auger drilling and ge-ological
lateral extensions or depth extensions or large-scale step-out drilling). mapping is underway over the rest of the permit to iden-tified additional RC
and DD drill targets for additional resources. Geophysical exploration will be
· Diagrams clearly highlighting the areas of possible exten-sions, planned as part of the future ex-ploration of the permit.
including the main geological interpretations and fu-ture drilling areas,
provided this information is not commer-cially sensitive.
Section 3 Estimation and Reporting of Mineral Resources
CRITERIA JORC CODE EXPLANATION COMMENTARY
Database integrity · Measures taken to ensure that data has not been corrupted by, for Data has been compiled into a relational SQL database which includes
example, transcription or keying errors, between its ini-tial collection and validation protocols which preclude the loading of erroneous data. The data is
its use for Mineral Resource estimation pur-poses. managed using the DataShed© (MaxGeo) drill hole management software.
Validation checks are conducted using SQL and DataShed© relational database
· Data validation procedures used. standards. Data has also been checked against original hard copies for 100% of
the data, and where possible, loaded from original data sources.
Resolute completed the following basic validation checks on the data supplied
prior to resource estimation:
· Drill holes with overlapping sample intervals.
· Sample intervals with no assay data or duplicate records.
· Assay grade ranges.
· Collar coordinate ranges.
· Valid hole orientation data.
No significant issues were identified in the data.
Site visits · Comment on any site visits undertaken by the Competent Per-son and Mr. James Woodward, a full-time employee of Resolute Mining Limited and a
the outcome of those visits. Member of the AUSIMM, consents to act as the Competent Person (CP) for this
release. The CP visited the project site in September 2025. This included
· If no site visits have been undertaken indicate why this is the company offices, core processing and sample storage facilities and several
case. drill hole sites. An audit of the 3rd party lab facility was also made. In the
opinion of the CP, all processes are well managed and executed to a good
standard. No site related factors were identified that might materially reduce
the validity of the input data to the Mineral Resource Estimate.
Geological interpretation · Confidence in (or conversely, the uncertainty of) the geological The geological logging data for key features coincident with mineralisation
interpretation of the mineral deposit. were used to validate the mineralisation model. Overall, the geology and
mineralisation data correlate as expected according to the prevailing
· Nature of the data used and of any assumptions made. geological interpretation.
· The effect, if any, of alternative interpretations on Mineral The mineralised volume has been constructed a lower cut-off of
Re-source estimation.
0.2 g/t Au. For G3N and the southern domain of G3S, the mineralised domains
· The use of geology in guiding and controlling Mineral Re-source were modelled using an Indicator Interpolant method in Leapfrog software,
estimation. guided by a sectional interpretation of the trend of mineralisation. The
northern domain of G3S was modelled using the Vein Modelling workflow in
· The factors affecting continuity both of grade and geology. Leapfrog. Visual checks of the mineralisation model against assay data saw
iterative adjustments to avoid overstating volume in areas of lower sample
support.
There is a moderate level of confidence in the interpretation of the
mineralised zones.
The factors affecting continuity of both grade and geology are likely to be
associated with local complexity related to the understanding of fluid
pathways in the host rock. Knowledge of these is somewhat limited with the
current spacing of information.
Dimensions · The extent and variability of the Mineral Resource expressed as Gold mineralisation has been estimated across two separate zones, locally
length (along strike or otherwise), plan width, and depth be-low surface to called G3N and G3S.
the upper and lower limits of the Mineral Re-source.
G3N shows an unbroken mineralised zone of approximately
1.5km striking at 030°. The mineralised zone dips at approximately 60° to
the ESE and shows a relatively tabular
zone which anastomoses into two zones at the southern extent.
Thickness varies from approximately 10 to 20m per zone along the strike
length, measured across the zones from hangingwall to footwall. Mineralisation
is defined to approximately 240m vertical depth from the topography and is
encountered from surface. The mineralisation is apparently open to depth.
G3S shows a similar mineralised strike length of approximately 1.5km, striking
at 040°, albeit broken into northern and southern domains, separated by a
200m zone of minor anomalism not yet included in a coherent mineralised
domain. The northern domain consists of two stacked tabular zones, dipping at
approximately 65° to the SE, with a combined thickness of up to 30m measured
across the zones from hangingwall to footwall. The southern domain is modelled
as a single mostly tabular zone, also dipping approximately 65° to the SE,
with a thickness up to 30m measured across the zone. Mineralisation is defined
to approximately 220m vertical depth from the topography and is encountered
from surface. The mineralisation is apparently open to depth.
Estimation and modelling techniques · The nature and appropriateness of the estimation technique(s) Estimation of gold grade used an Ordinary Kriging (OK) workflow.
applied and key assumptions, including treatment of extreme grade values, Mineralisation was constrained using wireframes constructed in Leapfrog Geo at
domaining, interpolation parameters and maxi-mum distance of extrapolation a lower cut-off grade of 0.2g/t. These wireframes defined domain codes for
from data points. If a computer assisted estimation method was chosen include estimation.
a description of computer software and parameters used.
Drillholes were flagged with the domain code and composited using the domain
· The availability of check estimates, previous estimates and/or mine code to segregate the data.
production records and whether the Mineral Resource estimate takes appropriate
account of such data. Domain boundary analysis identified hard boundaries were appropriate for all
domains.
· The assumptions made regarding recovery of by- products.
Drillholes were composited to 1m intervals using Leapfrog Geo 2025.1 with
· Estimation of deleterious elements or other non-grade varia-bles of residual lengths distributed evenly across all composites within the domain.
economic significance (e.g. sulphur for acid mine drain-age characterization).
The influence of extreme gold assays was limited by top-cutting assays across
· In the case of block model interpolation, the block size in all domains. Top-cuts were determined using a combination of log probability,
rela-tion to the average sample spacing and the search employed. log histogram, and mean variance plots for each estimated domain and applied
to the composites on a domain-by-domain basis.
· In the case of block model interpolation, the block size in
rela-tion to the average sample spacing and the search employed. Variography was undertaken on a domain-by-domain basis in Gaussian space,
using Supervisor software, v9. Back transformed variograms are applied to the
· Any assumptions behind modelling of selective mining units. estimate.
· Any assumptions about correlation between variables. Drillhole data spacing averages 50m x 50m, with consistent spatial coverage
across the prospects.
· Description of how the geological interpretation was used to
control the resource estimates. The block model parent block size is 25m (X) by 25m (Y) by 10m
· Discussion of basis for using or not using grade cutting or (Z) with up to 16 sub-blocks per parent block in the X, Y and Z directions.
cap-ping. The estimate was performed at the parent block scale, and sub-blocks assigned
the grade of the relevant parent block. The parent block size is considered
· The process of validation, the checking process used, the appropriate for the drillhole spacing throughout the deposit, and the
comparison of model data to drill hole data, and use of recon-ciliation data sub-blocking results in >99% of the domain volume replicated. The estimate
if available. is not localised to an assumed SMU scale.
Grade estimation used the following parameters: G3N:
Ø Pass 1 estimation has been undertaken using a mini-mum of 6 and maximum
of 20 sample composites, using a search ellipsoid of 33m x 24m x 13m (equal to
vario-gram range) with the major direction aligned down-dip. Max samples per
drill hole = 2
Ø Pass 2: estimation required a minimum of 6 samples and a larger search of
45m x 35m x 15m. Max samples per drill hole = 2
Ø Pass 3: estimation required a minimum of 4 samples and a larger search of
100m x 100m x 30m. No max samples per drill hole.
G3S:
Ø Northern domain; Pass 1 used a minimum of 8 and max-imum of 20 samples
within an ellipse at 42m x 36m x 11 (60% of the variogram range). A second
pass used a minimum of 6 samples, maximum of 20 and search 64m x 54m x 16m
(equal to variogram ranges). A 3rd pass used a broader search of 95m x 80m x
25m.
Ø Southern domain; Pass 1 used a minimum of 10 and maximum of 20 samples
within an ellipse of 60m x 40m x 6m. A second Pass used a minimum of 6
samples, 6 and search of 60m x 40m x 6m. Pass 3 used minimum of 4 and maximum
of 12 samples and a broader search of 90m x 60m x 15m.
The mineral resource estimate has been validated using visual validation
tools, mean grade comparisons between the block model and declustered
composite grade means, and swath plots comparing the input composite grades
and the estimated block model grades by Northing, Easting, and RL. The
estimate is considered an appropriate representation of the volume and grade
distribution of the gold mineralisation.
Leapfrog Geo 2025.1and Datamine Supervisor v9 software were used for the
geostatistical analysis, estimation and validation processes.
No by-product recoveries were considered, and gold grade was the only
estimated variable.
Moisture · Whether the tonnages are estimated on a dry basis or with natural Tonnages are estimated as dry tonnes.
moisture, and the method of determination of the mois-ture content.
Cut-off parameters · The basis of the adopted cut-off grade(s) or quality parameters A nominal lower cut-off grade of 0.2g/t Au was used to define the mineralised
applied. domains to encompass the complete mineralised distribution and produce a model
that reduces the risk of conditional bias that could be introduced where the
constraining interpretation and data selection is based on a significantly
higher grade than the natural geological grade cut-off.
The cut-off grade for reporting (above 0.5g/t Au) is assumed to be the likely
cut-off grade for mining a deposit of similar grade, dimensions and proximity
to surface, as compared to other prospects and projects in the Resolute
portfolio. A more detailed economic analysis may alter the appropriate cut-off
parameters as the MRE is refined.
Mining factors or assumptions · Assumptions made regarding possible mining methods, mini-mum mining The shallow occurrence of the mineralisation and average grade profile suggest
dimensions and internal (or, if applicable, exter-nal) mining dilution. that eventual extraction of the resources by open pit mining methods is a
reasonable assumption. At this stage, no detailed open pit optimisation work
has been completed.
It is always necessary as part of the process of determining reasonable
prospects for eventual economic extraction to con-sider potential mining
methods, but the assumptions made re-garding mining methods and parameters The domaining approach incorporates an amount of edge dilution into the blocks
when estimating Min-eral Resources may not always be rigorous. Where this is of the model. No further steps to account of mining loss / dilution have yet
the case, this should be reported with an explanation of the basis of the been included.
mining assumptions made.
Metallurgical factors or assumptions · The basis for assumptions or predictions regarding metallurgical The assumption is made that the Mineral Resource displays metallurgical
amenability. It is always necessary as part of the process properties amenable to eventual economic extraction
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