REG - Resolute Mining Ltd - Updated Doropo DFS
Yesterday 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20251215:nRSO5487La&default-theme=true
RNS Number : 5487L Resolute Mining Limited 15 December 2025
15 December 2025
Updated Doropo DFS Confirms Strong Project Economics
Resolute Mining Limited ("Resolute" or "the Company") (ASX/LSE: RSG), the
Africa-focused gold miner, is pleased to announce results of the updated
Definitive Feasibility Study ("DFS") for the Doropo Gold Project ("Doropo" or
the "Project") in Côte d'Ivoire.
The updated Doropo DFS compiled by Lycopodium, which builds on the 2024 DFS(1)
prepared by Centamin plc ("2024 DFS"), outlines a larger project (+55% ore)
with an extended mine life (+3 years), higher average life of mine production
and compelling financials.
The full technical report can be found on the Resolute website on the Reports
(https://www.rml.com.au/investors/reports/) page.
Highlights
• Life-of-mine ("LOM") average production of approximately 170koz pa
over 13 years (for total production of 2.2Moz) from mill feed of 59Mt grading
1.31g/t containing 2.50Moz of gold (previously 167koz pa over 10 years)
• DFS delivers significant returns with a post-tax project NPV(5%)
(100% basis) of US$1.46bn, IRR of 49% at a conservative gold price assumption
of US$3,000/oz
• First five years average annual gold production of 204koz at an
all-in sustaining cost ("AISC") of US$1,294/oz
• Updated and Competitive LoM AISC of ~US$1,406/oz (2024 DFS:
US$1,047/oz)
• Significant upside at recent average spot gold prices of
~US$4,200/oz where post-tax NPV(5%) increases to US$2.76bn (100% basis) with
an IRR of 77% and payback period of approximately 1 year
• Revised capital cost estimate of US$516M (2024 DFS: US$373M)
reflecting the larger scale project (fresh ore processing capacity increased
from 4.0 Mtpa to 4.9 Mtpa) and up-to-date pricing
• Total Ore Reserve estimate of 59.1Mt grading 1.31g/t for 2.50Moz of
contained gold across eight keys areas, representing a ~33% increase in
contained gold. Ore Reserves estimated at a conservative gold price of
US$1,950/oz
• In first five years average annual post-tax free cash flow and
EBITDA (100% basis) of US$268M and US$364M respectively and payback period of
1.7 years
• Updated DFS strengthens Resolute's path to becoming a highly
diversified gold producer across multiple assets and countries, targeting
annual production of over 500kozpa from 2028
Chris Eger, Managing Director and CEO commented:
"This update confirms the outstanding economics of the Doropo Gold Project
which is poised to become another high-quality gold mine in West Africa.
Doropo is a high-margin, long-life gold mine that will significantly
strengthen Resolute's operating portfolio, increasing group production to over
500koz per annum from 2028 and adding another jurisdiction to our production
profile.
Doropo will produce approximately 170koz per annum for over 13 years at a
competitive average AISC of US$1,406/oz, delivering a post-tax NPV(5%) of
US$1.46bn and IRR of 49%. The average annual gold production of over 200koz in
the first five years means the updated construction capital cost of US$516M
will be paid back in under two years at a US$3,000/oz gold price. At a gold
price assumption closer to today's prices (US$4,200/oz) the post-tax NPV(5%)
and IRR increases to approximately US$2.8bn and 77% respectively on a 100%
basis. Furthermore, we are confident of the potential for future mine life
extensions at Doropo through growing the existing resources as well as
exploration potential on the permits.
This has been achieved through optimisations at a higher, although still
conservative, reserve price of US$1,950/oz (versus US$1,450/oz in the 2024
DFS). To further optimise the economics, we decided upon a processing plant
that has a larger capacity for the fresh ore (4.9 Mtpa up from 4.0 Mtpa in the
2024 DFS). These revisions on the plant meaningfully enhance production, and
account for over half (US$80M) of the US$143M increase in capital cost from
the 2024 DFS.
In addition to the value Doropo will add to Resolute and its shareholders we
anticipate the Project will provide major benefits to the local communities
and Côte d'Ivoire. In our US$3,000/oz base case we expect to contribute more
than US$420M in government royalties and social fund payments over the
Project's current life. Beyond these direct financial benefits, the Project
will also create significant employment opportunities, with a peak
construction workforce of over 1500 personnel and over 400 employees during
operations.
We have spent significant time in Cote D'Ivoire, since the acquisition,
meeting stakeholders and the Minister of Mines has reaffirmed the government's
commitment to deliver our Mining License by early 2026, if not before. Our
November meeting in Abidjan was highly productive, and we remain confident in
the collaborative relationship we have built with the Ivorian authorities.
Receipt of the permit will let us to proceed with FID and financing, keeping
us on track for construction to begin in H1 2026."
Doropo Project Overview
The Doropo Gold Project is situated in the Bounkani Region of Côte d'Ivoire,
approximately 480 km northeast of Abidjan and 50 km north of Bouna, near the
Burkina Faso border.
Resolute acquired the Doropo Project from AngloGold Ashanti in May 2025 and
has been updating the 2024 DFS since then.
Table 1 includes operational and financial highlights at a flat long-term
base-case gold assumption of US$3,000/oz.
Units Value
Mine Life Years 13
LOM ore processed kt 59,102
LOM strip ratio w:o 4.9
LOM feed grade processed Au g/t 1.31
LOM gold recovery % 88%
LOM gold production koz 2,196
Upfront capital cost US$M 516
Life of Mine average:
Gold, average annual production koz 169
Cash costs per ounce US$/oz 1,123
AISC per ounce US$/oz 1,406
EBITDA US$M 294
Free Cash Flow (post-tax) US$M 214
Project years 1 to 5:
Gold, average annual production koz 204
Cash costs per ounce US$/oz 1,005
AISC per ounce US$/oz 1,294
EBITDA US$M 364
Free Cash Flow (post-tax) US$M 268
Pre-Tax Economics
Net present value - 5% US$M 1,959
Internal Rate of Return % 57%
Post-Tax Economics
Net present value - 5% US$M 1,457
Internal Rate of Return % 49%
Payback period (from first production) Years 1.7
Table 1: Economic Summary
Conventional open pit mining is modelled to start at the end of 2027 with
commissioning and ramp up in the first half of 2028.
The ore production schedule assumes the Souwa 'hub'' region (Souwa, Nokpa,
Chegue Main, Chegue South) is operated as one mining area, Kilosegui as a
separate mining area with other satellite deposits mined early in the mine
life.
Figure 1: Production Profile and AISC (US$/oz)
In the first five years average annual gold production is 204koz at an AISC of
US$1,294/oz. At the base case gold assumption of US$3,000/oz and on a 100%
basis this generates average annual free cash flow of US$268M and a payback
period of under two years.
Figure 2: Free Cash Flow Profile (US$M)
The post-tax NPV sensitivity comparing varying discount rate percentages and
gold price is presented in Table 2. The base case result for the Project is
highlighted in bold.
3,000 3,500 4,000 4,500
5% 1,457 2,000 2,543 3,086
7% 1,245 1,723 2,202 2,680
10% 988 1,388 1,789 2,189
Table 2: Sensitivity of post-tax NPV5% (US$M) to Discount Rate and Gold Price
(US$/oz)
Key Updates
The principal update has been optimising the pit shells at a higher, but still
conservative, reserve gold price assumption of US$1,950/oz (2024 DFS:
US$1,450/oz). This has increased the ore reserve by approximately 55% to
59.1Mt with contained gold increasing to 2.5Moz (2024 DFS: 1.9Moz).
Key areas of the DFS that have been updated include the following:
• As a result of the increased ore reserves, and to add operational
flexibility, it was decided to increase the processing plant capacity for
fresh ore from 4.0Mpta in the 2024 DFS to 4.9Mtpa
• Further work by the energy consultant indicated grid power without
back-up generators is suitable. Resolute is planning to evaluate adding a
solar and battery lease option which is expected to improve power costs and
enhance sustainability credentials
• Increased capital costs (c. $142M) due to increase in plant
capacity ($80M), general cost inflation ($14M), capital costs that were
underestimated or omitted in the 2024 DFS ($35M) and additional contingency
($13M)
• Increase in the size of the water storage dam (WSD) to
approximately 6 Mm(3) capacity to ensure that the processing facility has
ample water reserve
• Land acquisition and compensation in line with a larger project
development area (PDA) and larger pits
• Tailing Storage Facility (TSF) sized for larger volume based on
60Mt vs 40Mt in 2024 DFS
• Site security bolstered significantly
• Operating costs updated with current market pricing
The key changes from the 2024 DFS and the 2025 DFS update are shown in Table
3:
2024 DFS 2025 DFS Update Variance
Mining
Life of Mine Years 10 13 30%
Pit shells design US$/oz 1450 1950 34%
Total Tonnes Mined Mt 225.8 348.8 54%
Total Ore Mined Mt 38.2 59.1 55%
Total Waste Mined Mt 187.6 289.7 54%
Ore Grade g/t 1.53 1.31 -14%
Contained Gold koz 1,876 2,497 33%
Processing
Oxide & Transition Mtpa 5.4 5.4 0%
Fresh Mtpa 4.0 4.9 23%
Infrastructure
TSF Capacity Mt 40 60 50%
Water Storage Dam Capacity m(3) 2,000,000 6,150,000 208%
Power
Power Supply Grid Grid
Power Installed MW 27 33 18%
Construction Capital Cost US$M 373 515 38%
Operating Costs
Mining US$/t mined 3.8 4.1 4%
Processing US$/t milled 12.1 14.5 20%
G&A US$/t milled 3.8 3.5 -8%
Key Outputs
Gold Production (LoM) Moz 1.7 2.2 31%
Avg. Annual Gold Production Koz pa 167 169 1%
AISC (LoM Avg.) US$/oz 1,047 1,406 33%
Gold Price US$/oz 1,900 3,000 58%
Discount Rate % 8% 5% -38%
NPV (post-tax, 100% basis) US$M 426 1457 242%
IRR (post-tax) % 34% 49% 42%
Table 3: Key updates in the 2025 DFS
Capital Cost Update
A full capital cost review was performed reflecting the current cost
environment and changes to the Project scale.
The upfront capital cost estimate is US$516M which is approximately $142M
higher than that 2024 DFS ($373M) due to increasing the plant capacity,
general cost inflation, inclusion of capital costs that were underestimated or
omitted in the 2024 DFS and additional contingency. The breakdown of areas
where capital costs estimates have increased from the 2024 DFS is shown in
Table 4.
Increase from 2024 DFS (US$M)
Capital costs associated with increased plant capacity: 79.6
• Plant upgrades - US$28.4M
• TSF and WSD - US$19.2M
• Site Infrastructure - US$11.1M
• Additional comminution equipment - US$8.6M
• Contractor's Overheads - US$5.7M
• Water Harvesting Dam - US$4.4M
• Pre-Operations Mining - US$2.2M
Omitted or underestimated capital costs in 2024 DFS: 35.4
• Grid Power and Emergency Supply - US$11.5M
• Additional land take and ownership costs - $11.0M
• Construction Costs (Camp, Labour & Expenses) - US$7.0M
• Insurance and Duties - US$1.8M
• Other - US$4.1
Cost inflation (3% inflation rate) 14.1
Increased contingency on higher capital cost 13.3
Total 142.4
Table 4: Areas of capital cost increase from 2024 DFS
Several opportunities have been identified that may reduce capital or
operating costs, improve schedule flexibility, or enhance long-term project
performance. These will be further assessed and incorporated into ongoing
technical work.
Regarding power supply, Resolute intends to conduct a study on a solar and
battery solution, with the aim of integrating it during the early years of
production. This initiative is expected to lower operational power costs and
reduce greenhouse gas emissions. The study will be carried out alongside
process plant construction and implemented as soon as practicable.
Operating Cost Updates
The operating costs have increased from the 2024 DFS as a full review was
performed reflecting the current cost environment. This has been principally
driven by the higher diesel and power price assumptions and the larger
throughput of the processing plant.
Mining costs in the updated DFS are based on contractor submissions received
in October 2025. Processing and G&A operating costs have been developed
for a plant with a throughput equivalent to 5.4 Mtpa of oxide / transitional
material and 4.9 Mtpa of fresh material.
2024 DFS 2025 DFS Explanation
(LoM avg) (LoM avg)
Mining 3.8 4.1 · Up to date mining tenders, diesel price of $1.145/l (vs $1.00/l
in 2024 DFS)
(US$/t mined) ($85M/yr) ($109M/yr)
Processing 12.1 14.5 · The plant is larger and has installed power of 33MW (vs 27MW in
2024 DFS)
(US$/t milled) ($71M/yr) ($89M/yr)
· Unit power rate of US$0.135kWh (vs US$0.125/kWh in 2024 DFS)
· Higher maintenance and consumables costs due to larger equipment
and throughput of plant
· Lower labour cost due to reduced number of expats and laboratory
labour costs included in the contractor Laboratory costs (vs owner Lab in 2024
DFS)
AISC 1,047 1,406 · $90/oz attributed to increase in royalties due to higher gold
price assumption (US$1,900/oz in 2024 DFS)
(US$/oz)
Table 5: Operating cost comparisons
Ore Reserves
The Doropo ore reserve has increased from 38.2Mt at 1.53 g/t with contained
gold content of 1,876 koz to 59.1 Mt grading 1.31 g/t for 2,495 koz of
contained gold. The main driver of this increase is the higher reserve price
assumed (US$1,950/oz). The ore reserve is on a 100% project basis and is
reported in accordance with the JORC 2012 standard.
The ore reserve is across eight areas - see Table 6 - with 63% contained in
two of the areas (Souwa and Kilosegui). Additional detailed information
relating to generation of the Ore Reserves is set out in the JORC Table below.
Proven Probable Total
Area Mt Grade (g/t Au) Contained Gold (koz) Mt Grade (g/t Au) Contained Gold (koz) Mt Grade (g/t Au) Contained Gold (koz)
Souwa 0.3 1.80 15.9 15.9 1.37 700.4 16.2 1.38 716.3
Kilosegui 0.2 1.16 6.4 21.6 1.22 849.1 21.8 1.22 855.5
Nokpa 0.4 2.34 26.9 3.7 1.69 201.7 4.1 1.75 228.6
Chegue Main 0.2 1.00 6.5 5.4 0.98 170.0 5.6 0.98 176.5
Chegue South 0.2 1.07 7 1.6 1.13 56.4 1.8 1.10 63.4
Kekeda 0.1 0.95 3.6 3.2 1.05 109.7 3.3 1.05 113.3
Han 0.1 1.88 6.8 3.8 1.93 232.3 3.9 1.93 239.1
Enioda 0.0 0.00 0 2.5 1.29 104.4 2.5 1.29 104.4
Total 1.4 1.58 73.1 57.7 1.31 2424.0 59.1 1.31 2497.1
Table 6: Ore Reserve Estimate
Financing Update
Resolute intends to use its existing balance sheet to progress Doropo into
construction which is expected in H1 2026. The Company continues to generate
robust cash flows from its operations and at the end of Q3 had a net cash
position of US$136.6 million.
In addition to using its internal cash flows, the Company is actively
considering a range of funding options to support the construction of the
Doropo project. A comprehensive financing strategy will be communicated
alongside the Final Investment Decision (FID).
Resolute has received significant interest from several financing groups which
have expressed their intent to support Doropo's development. This level of
interest reflects a high degree of confidence in the project, and the Company
plans to expedite these discussions to advance the Project throughout its
construction phase.
Next Steps
Resolute will continue engaging with the Ivorian government and progressing
Doropo towards construction to achieve first gold in H1 2028. Key next steps
include:
· Commencement of front-end engineering works;
· Tender and award of the EPCM and engineering contracts;
· Building owners project team in preparation for FID;
· Upon receipt of the Exploitation Permit, start to progress the
resettlement action plan and livelihood restoration plan
Figure 3: Approximate Project Timeline
Contact
Resolute Public Relations
Matthias O'Toole-Howes Jos Simson, Tavistock
motoolehowes@resolutemining.com (mailto:motoolehowes@resolutemining.com) resolute@tavistock.co.uk (mailto:resolute@tavistock.co.uk)
+44 203 3017 620 +44 207 920 3150
Corporate Brokers
Jennifer Lee, Berenberg
+44 20 3753 3040
Tom Rider, BMO Capital Markets
+44 20 7236 1010
Authorised by Mr Chris Eger, Managing Director and Chief Executive Officer
Competent Person Statement
The 2025 Doropo Ore Reserve Estimate was completed by Mr. Ross Cheyne FAusIMM.
Mr. Cheyne is employed by Orelogy Consulting. Mr. Cheyne has sufficient
experience which is relevant to the style of mineralisation and type of
deposit under consideration and to the mining activity being undertaken to
qualify as a Competent Person as defined in the 2012 Edition of the JORC Code.
The information in this announcement that relates to the Mineral Resource
estimate has been based on information and supporting documents prepared by Mr
Bruce Mowat, a Competent Person who is a member of The Australian Institute of
Geoscientists. Mr Mowat is a full-time employee Resolute Mining Limited Group
and has sufficient experience 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. Mr Mowat confirms that the Mineral Resource
estimate is based on information in the supporting documents and consents to
the inclusion in the report of the Mineral Resource estimate and related
content based on the information in the form and context in which it appears.
Cautionary Statement about Forward-Looking Statements
This announcement contains certain "forward-looking statements" including
statements regarding our intent, belief or current expectations with respect
to Resolute's business and operations, market conditions, results of
operations and financial condition, and risk management practices. The words
"likely", "expect", "aim", "should", "could", "may", "anticipate", "predict",
"believe", "plan", "forecast" and other similar expressions are intended to
identify forward-looking statements. Indications of, and guidance on, future
earnings, anticipated production, life of mine and financial position and
performance are also forward-looking statements. These forward-looking
statements involve known and unknown risks, uncertainties and other factors
that may cause Resolute's actual results, performance and achievements or
industry results to differ materially from any future results, performance or
achievements, or industry results, expressed or implied by these
forward-looking statements. Relevant factors may include (but are not limited
to) changes in commodity prices, foreign exchange fluctuations and general
economic conditions, increased costs and demand for production inputs, the
speculative nature of exploration and project development, including the risks
of obtaining necessary licences and permits and diminishing quantities or
grades of reserves, political and social risks, changes to the regulatory
framework within which Resolute operates or may in the future operate,
environmental conditions including extreme weather conditions, recruitment and
retention of personnel, industrial relations issues and litigation. The
production target in the updated DFS contains no Inferred Mineral Resources.
To the extent a production target is based on those Inferred Mineral
Resources, there is a low level of geological confidence associated with
Inferred Mineral Resources and there is no certainty that future exploration
work will result in the determination of inferred mineral resources or that
the production target itself will be realised
Forward-looking statements are based on Resolute's good faith assumptions as
to the financial, market, regulatory and other relevant environments that will
exist and affect Resolute's business and operations in the future. Resolute
does not give any assurance that the assumptions will prove to be correct.
There may be other factors that could cause actual results or events not to be
as anticipated, and many events are beyond the reasonable control of Resolute.
Readers are cautioned not to place undue reliance on forward-looking
statements, particularly in the current economic climate with the significant
volatility, uncertainty and disruption caused by the COVID-19 pandemic.
Forward-looking statements in this document speak only at the date of issue.
Except as required by applicable laws or regulations, Resolute does not
undertake any obligation to publicly update or revise any of the
forward-looking statements or to advise of any change in assumptions on which
any such statement is based. Except for statutory liability which cannot be
excluded, each of Resolute, its officers, employees and advisors expressly
disclaim any responsibility for the accuracy or completeness of the material
contained in these forward-looking statements and excludes all liability
whatsoever (including in negligence) for any loss or damage which may be
suffered by any person as a consequence of any information in forward-looking
statements or any error or omission.
ASX LISTING RULE 5.16 AND 5.17 REQUIREMENTS
The material assumptions on which the production target for the Project and
the forecast financial information derived therefrom are based are detailed in
the DFS Summary Report, which is available on the Company's website.
The production target is based on Probable and Proven Ore Reserves that have
been prepared by Competent Persons in accordance with the requirements of the
JORC Code (2012).
ASX LISTING RULE 5.9.1 REQUIREMENTS
Key DFS assumptions and outputs are summarised in Table 7 and 8 below. Further
details are available in the DFS Summary Report, which is available on the
Company's website.
Mining Unit Number
Ore Mined Mt 59,102
Stripping Ratio x 4.9
Ore Grade g/t 1.31
Contained Gold Koz 2,497
Processing
Mine life Years 13
Processing rate Mtpa 4.9
Total ore processed kt 59,102
Recovery % 88%
Total gold production koz 2,196
Average gold production koz pa 169
Capital Costs
Direct construction costs US$M 372.8
Pre-production mining costs US$M 23.6
Owners' costs US$M 76.8
Contingency US$M 42.3
Total pre-production capital cost US$M 515.5
Sustaining capital costs US$M 171.8
Closure costs (net of salvage) US$M 33.2
Operating Costs
Cash Costs US$/oz 1,123
All-in Sustaining Costs US$/oz 1,406
Table 7: DFS Inputs and Assumptions
Key Financial Metrics Unit Number
US$3,000/oz Gold Price (base case) Pre-tax NPV5% US$M 1,959
Pre-tax IRR % 57%
Pre-tax payback period Years 1.5
Post-tax NPV5% US$M 1,457
Post-tax IRR % 49%
Post-tax payback period Years 1.7
US$4,200/oz Gold Price (spot case) Pre-tax NPV5% US$M 3,669
Pre-tax IRR % 86%
Pre-tax payback period Years 1.0
Post-tax NPV5% US$M 2,760
Post-tax IRR % 77%
Post-tax payback period Years 1.0
Table 8: DFS Outputs
A summary of the JORC Table is provided below for compliance regarding the
Mineral Resources and Ore Reserves reported within and in-line with
requirements of ASX Listing Rule 5.9.1.
JORC Table
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 (e.g. cut channels, random chips, or · The sampling was conducted using multiple techniques tailored to the
specific specialised industry standard measurement tools appropriate to the project's geological and surface conditions. Soil sampling programs were
minerals under investigation, such as down hole gamma sondes, or handheld XRF extensive, collecting approximately 92,307 samples be-tween 2014 and 2022.
instruments, etc.). These examples should not be taken as limiting the broad Soils were sampled from the mottled zone or the top of the saprolite horizon
meaning of sampling. to obtain coherent gold anomalies, utilising standardised grid patterns
(typically 400 m x 400 m, with infill at 200m and 100 m where re-quired).
· Include reference to measures taken to ensure sample representivity Auger drilling was employed in areas with thick lateritic cover (>3 m),
and the appropriate calibration of any measurement tools or systems used. reaching saprolitic material with depths averaging 6.22 m and up to 30 m in
some cases. Auger drilling recovered material systematically for gold analysis
· Aspects of the determination of mineralisation that are Material to and geochemical interpretation.
the Public Report.
· Trenching programs (32 trenches to date) were used to expose in situ
· In cases where 'industry standard' work has been done this would be mineralised structures, allowing for systematic channel sampling.
relatively simple (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 · Reverse Circulation (RC) and Diamond Core (DD) drilling were the
assay'). In other cases more explanation may be required, such as where there principal methods used for delineating Mineral Resources. RC drilling was
is coarse gold that has inherent sampling problems. Unusual commodities or conducted using 5¼ to 5¾ inch diameter face-sampling hammers to recover
mineralisation types (e.g. submarine nodules) may warrant disclosure of one-metre interval samples, typically dry un-less groundwater was encountered.
detailed information. Diamond drilling employed HQ and NQ diameter core, with triple tube techniques
for improving recovery in broken ground. RC samples were riffle split on site,
and core samples were sawn to produce half-core for analysis. Sampling
procedures incorporated QAQC measures, including the insertion of blanks,
standards, and duplicates to ensure sample representivity. Assay protocols
utilised 50 g fire assay (AAS finish) for gold, and multi element analysis was
performed where applicable.
Drilling techniques · Drill type (e.g. core, reverse circulation, open-hole hammer, rotary · Drilling methods involved a combination of Reverse Circulation (RC),
air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple Diamond Core (DD), and auger drilling methods. RC drilling was primarily used
or 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 bro-ken ground to maximise core recovery, while
standard double-tube setups were used elsewhere. Orientation of diamond core
was conducted selectively using Reflex ACT II core orientation devices to
facilitate structural logging. Au-ger 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 fine/ statistical checks confirmed no significant bias in gold grade associated with
coarse material. sample mass.
· Diamond core recovery was measured, with an overall average recovery of
approximately 96% across the project. Recovery rates improved with depth, with
>90% core recovery recorded for 89.5% of core samples, and exceeding 97.5%
recovery below 50 m depth. Core recovery measurements were recorded in the
database for each run. The use of triple-tube drilling in broken ground
contributed to maintaining high recovery standards. The overall conclusion,
supported by quality control reviews, was that there is no significant
sampling bias attributable to differential recovery.
Logging · Whether core and chip samples have been geologically and · Comprehensive geological and geotechnical logging was undertaken for
geotechnically logged to a level of detail to support appropriate Mineral all drill-holes 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 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 non-core, whether riffled, tube sampled, rotary split, etc. and to achieve a target sample size of ap-proximately 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 appropriateness of the cut lengthwise using diamond-bladed core saws; half core samples were
sample preparation technique. 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 riffle split
· Measures taken to ensure that the sampling is representative of the to produce a subsample for pulverisation. The pulverised material was milled
in situ material collected, including for instance results for field to achieve at least 85% passing 75 microns, producing a pulp of approximately
duplicate/second-half sampling. 150 to 250 g for fire assay analysis. Quality assurance measures were built
into preparation workflows, including the regular inclusion of duplicate
· Whether sample sizes are appropriate to the grain size of the splits and check samples. Laboratory facilities used (primarily Bureau Veritas
material being sampled. 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 standards
laboratory procedures used and whether the technique is considered partial or and utilised reputable laboratories. All drill samples were primarily analysed
total. for gold using 50 g fire assay with atomic absorption spectroscopy (AAS) or
inductively coupled plasma atomic emission spectroscopy (ICP-AES) finish. In
· For geophysical tools, spectrometers, handheld XRF instruments, etc., cases where assays exceeded 10 g/t Au, samples were re-analysed using a
the parameters used in determining the analysis including instrument make and gravimetric finish to im-prove accuracy. For some RC and trench samples,
model, reading times, calibrations factors applied and their derivation, etc. particularly those with coarse gold, photon assay techniques were trialled to
validate fire assay results.
· Nature of quality control procedures adopted (e.g. standards, blanks,
duplicates, external laboratory checks) and whether acceptable levels of · Quality control procedures were rigorous. Certified reference materials
accuracy (i.e. lack of bias) and precision have been established. (standards), field blanks, and field duplicates were inserted into the sample
stream at regular intervals - approximately one QAQC sample every 20 to 30
samples. Laboratory duplicates, in-ternal 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 under-taken through a
or alternative company personnel. combination of internal reviews, du-plicate 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 re-viewed continuously by project geologists and ex-ternal 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 pro-grams 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 Re-source
· Specification of the grid system used. estimation, with horizontal and vertical accuracy generally within ±0.2m. In
areas of rugged topography or logistical difficulty, survey-grade handheld GPS
· Quality and adequacy of topographic control. units were temporarily used during initial exploration stages (soil sampling,
auger drilling, trenching), but were later replaced with DGPS surveys for all
critical drill collars.
· Elevation data were tied into the Nivellement Général de Côte d'Ivoire
· (NGCI) vertical datum. A topographic digital terrain model (DTM) was
produced using high-resolution satellite imagery and ground-truthing, which
was used for both resource modelling and mine planning. Grid systems used were
WGS84, Zone 30N for initial exploration and UTM Zone 30N (WGS84 projection)
for final re-source definition.
Data spacing and distribution · Data spacing for reporting of Exploration Results. · Drilling was conducted on nominal grid spacings ap-propriate for the
level of confidence required for re-source estimation. In the main mineralised
· Whether the data spacing and distribution is sufficient to establish zones (Souwa, Chegue, and Kra-kara), RC and diamond drilling was performed on
the degree of geological and grade continuity appropriate for the Mineral approximately 25 m x 25 m to 50 m x 50 m grids. Some areas of denser drilling
Resource and Ore Reserve estimation procedure(s) and classifications applied. (for example, grade control drilling) achieved spacing as tight as 10 m x 10
m.
· Whether sample compositing has been applied.
· Outside the main resource areas, reconnaissance and exploration drilling
was more broadly spaced at 80 m x 80 m or larger intervals, appropriate for
early-stage resource targeting. Soil sampling grids were generally established
on 400 m x 400 m grids, with localised infill to 100 m or 200 m grids as
needed. Data spacing was assessed during Mineral Re-source 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 de-signed 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-posit. Most drillholes were oriented towards the south-east or
southwest with an inclination of -50° to -60°, depending on the local
· If the relationship between the drilling orientation and the structural orientation of gold-bearing zones. The mineralisation is generally
orientation of key mineralised structures is considered to have introduced a hosted in north-northeast trending structures dipping moderately to steeply to
sampling bias, this should be assessed and reported if material. the east or west, making these drill orientations ap-propriate 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 com-plex
structure (fold closures, sheared zones), multiple drill directions were
employed to cross-validate mineralisation geometry.
Sample security · The measures taken to ensure sample security. · Sample security protocols were implemented to ensure the integrity of all
collected samples from the point of collection through to laboratory delivery.
After collection, samples were placed into pre-numbered, durable plastic bags
and securely sealed. Multiple samples were then packed into larger polyweave
sacks for easier handling and protection during transport. Samples were stored
in a secure, supervised facility at the exploration camp before
transportation.
· Transport to the assay laboratories (Bureau Veritas in Abidjan and SGS in
Ouagadougou) was carried out either by company personnel or trusted,
contracted couriers. Chain-of-custody forms were maintained throughout the
transfer process, and receipt of samples was acknowledged in writing by
laboratory staff. While rigorous internal controls were observed, there is no
specific mention of external audits or independent over-sight of sample
security protocols. However, no incidents of sample loss, tampering, or
contamination have been reported, and laboratory reconciliation of received
samples consistently matched dis-patch 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
per-formed by Centamin's in-house geology and resource teams throughout the
exploration and re-source 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 sup-porting exploration
data were conducted as part of the NI 43-101 technical re-port 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 the
agreements or material issues with third parties such as joint ventures, Bounkani region approximately 480 km north of Abidjan, near the border with
partnerships, overriding royalties, native title interests, historical sites, Burkina Faso. The project comprises a contiguous package of seven exploration
wilderness or national park and environmental settings. 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 licenses. Surface
rights, compensation arrangements with local communities, and environmental
baseline studies have been addressed as part of the permitting and development
process. Royalties include a government royalty (gold-price dependent) on gold
production as prescribed under Ivorian mining law. No third-party ownership
interests, material encumbrances, or joint venture arrangements affecting the
Doropo Project have been disclosed.
Exploration done by other parties · Acknowledgment and appraisal of exploration by other parties. · Historical exploration activities prior to Centamin's involvement were
limited. There are no records of systematic exploration or drilling by major
international companies. Previous work primarily consisted of regional-scale
geochemical surveys and government-sponsored mapping pro-grams conducted by
the Côte d'Ivoire geological survey and local government initiatives. These
activities provided basic geo-logical 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
re-ported 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 Re-source Estimate.
Geology · Deposit type, geological setting and style of mineralisation. · The Doropo Project is located within the Birimian-age greenstone belts of
the West African Craton, a prolific geological setting known for hosting
orogenic gold deposits. Specifically, the project lies in northern Côte
d'Ivoire, comprising a sequence of volcano-sedimentary rocks, including mafic
volcanics, interbedded metasediments, felsic intrusives, and minor ultra-mafic
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 con-trolled, hosted within
moderate- to steeply-dipping quartz-carbonate-sulphide vein arrays. These
veins are developed along shear zones, fault splays, and lithological
contacts. Mineralisation is associated with strong silica, sericite,
carbonate, and minor chlorite alteration halos. Sulphide minerals such as
pyrite, arsenopyrite, and lesser amounts of pyrrhotite are common, closely
associated with gold occurrence. The mineralisation style is typical of
orogenic lode gold systems, with gold generally occurring as free grains and
fine inclusions within sulphides. Structural controls, including vein
orientations and competency contrasts between rock units, are critical factors
influencing the distribution and continuity of mineralisation.
Drill hole Information · A summary of all information material to the understanding of the · The NI 43-101 Technical Report of 2024 provides comprehensive drillhole
exploration results including a tabulation of the following information for information, covering collar lo-cations, drill hole depths, azimuths, dips,
all Material drill holes: and 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 intersections
o dip and azimuth of the hole are re-ported systematically, with true thickness considerations discussed
where relevant. The database includes 5,794 drillholes for a total of 547,805
o down hole length and interception depth m of drilling. The report also provides detailed composite intercept tables
for representative drilling results across all principal deposits (Souwa,
o hole length. 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 reported
maximum and/or minimum grade truncations (e.g. cutting of high grades) and based on compositing of contiguous mineralised intervals. Assay results were
cut-off grades are usually Material and should be stated. compo-sited to ensure that sample length variability did not introduce bias.
Only intervals above a certain cut-off grade (typically 0.5 g/t Au for
· Where aggregate intercepts incorporate short lengths of high-grade 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 top-cutting (grade capping) was applied when presenting raw
should be shown in detail. exploration results; however, top-cutting was considered and applied during
Mineral Re-source estimation to control the influence of extreme outlier
· The assumptions used for any reporting of metal equivalent values grades. Composites used downhole lengths of 1 m, reflecting the RC and DD
should be clearly stated. sampling intervals. Where lower grade mate-rial was present within
higher-grade zones, internal dilution up to 2 m was accepted within the
compo-sited 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 Drill-holes were typically inclined at -50° to -60° angles depending on
angle is known, its nature should be reported. local geological conditions, and aimed at intersecting mineralised zones that
dip moderately (30°to 70°) to-wards the east or west (ac-cording to the
· If it is not known and only the down hole lengths are reported, there individual de-posit). As such, downhole intercept lengths reported in
should be a clear statement to this effect (e.g. 'down hole length, true width exploration results ap-proximate true widths in most cases, particularly in
not known'). the main Souwa, Chegue, and Krakara deposits.
· In cases where drilling was oblique to structures - particularly in
folded or com-plex structural zones, true widths were estimated or commentary
provided where necessary. No mate-rial bias in grade or continuity arising
from drilling orientation was identified during Mineral Resource estimation.
Geological modelling used structural measurements, cross sections, and 3D
wireframes to constrain true thickness of the mineralised zones.
Diagrams · Appropriate maps and sections (with scales) and tabulations of · The NI 43-101 Technical Report of 2024 provides a variety of diagrams
intercepts should be included for any significant discovery being reported that 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 re-source outlines. These include:
locations and appropriate sectional views.
· Plan view maps showing drill hole collar locations and surface
projections of the mineralised zones.
· Cross sections and long sections through key deposits (e.g., Souwa,
Chegue, Krakara) depicting lithological units, interpreted mineralisation
wireframes, and drill intercepts.
· 3D block models illustrating grade distribution and re-source
classifications.
· Regional geological maps.
Balanced reporting · Where comprehensive reporting of all Exploration Results is not · Exploration results are presented in a manner that is consistent with
practicable, representative reporting of both low and high grades and/or balanced reporting principles. Both positive results (significant gold
widths should be practiced to avoid misleading reporting of Exploration intersections) and lower-grade or barren drilling outcomes are dis-cussed in
Results. the report narrative. Significant intercepts are reported based on a gold
cut-off (typically 0.5 g/t Au), and intervals that do not meet this threshold
are not excluded without comment - their absence is im-plied where relevant.
Where drill programs encountered areas of weak mineralisation or barren
geology, this is acknowledged qualitatively in the discussion of deposit
extents and geological domains.
· Resource estimation was based on all available drilling data, not just
high-grade intervals.
Other substantive exploration data · Other exploration data, if meaningful and material, should be · In addition to drilling and trenching, that the previous owner has
reported including (but not limited to): geological observations; geophysical completed several substantive exploration programs across the Project area,
survey results; geochemical survey results; bulk samples - size and method of including extensive soil geo-chemistry, auger drilling, geophysical surveys,
treatment; metallurgical test results; bulk density, groundwater, geotechnical and baseline environmental studies.
and rock characteristics; potential deleterious or contaminating substances.
· Soil geochemistry: Over 92,000 soil samples were collected between 2014
and 2022 on grids varying from 400 x 400 m down to 100 x 100 m, helping to
identify coherent gold-in-soil anomalies that guided subsequent drilling.
· Auger drilling: Approximately 28,000 auger holes were drilled to sample
through laterite cover to saprolite, providing a 3D geochemical signature
where soil sampling was in-effective.
· Geophysics: Regional aeromagnetic and radio-metric surveys were
con-ducted by government agencies, with Centamin reprocessing this data to aid
in geological interpretation and target generation. Ground-based induced
polarisation (IP) surveys were conducted selectively over key prospects to
assist in structural interpretation.
· Preliminary metallurgical test work was performed on representative
mineralised material. Test work 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 sup-port
permitting requirements.
Further work · The nature and scale of planned further work (e.g. tests for lateral · Future work will focus on advancing the deposit toward production
extensions or depth extensions or large-scale step-out drilling). readiness. Key programs planned include infill drilling to up-grade portions
of the Mineral Resource from Indicated to Measured classification,
· Diagrams clearly highlighting the areas of possible extensions, particularly in the Souwa, Chegue, and Kra-kara deposits. Additional step-out
including the main geological interpretations and future drilling areas, and extensional drilling is also proposed to target near-mine exploration
provided this information is not commercially sensitive. opportunities along the interpreted structural corridors, with the aim of
in-creasing the overall re-source base.
· Further geotechnical drilling and pit slope studies are planned to refine
open-pit designs, along with additional hydrogeological investigations to
support mine dewatering strategies. Metallurgical test work has been expanded,
to include 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 man-aged using
example, transcription or keying errors, between its initial collection and industry-standard practices. Geological, geotechnical, and assay data were
its use for Mineral Resource estimation purposes. initially collected in field log sheets or digital capture tools and
subsequently entered into a centralised SQL-based data-base system. Data entry
· Data validation procedures used. protocols included validation checks to reduce transcription errors, including
dropdown lists for logging codes and automated field validations. Independent
verification of key fields (collar locations, assay results, geology codes)
against original laboratory certificates and field records was carried out
periodically.
· Database administration was performed by Centamin's in-house data
management team, and peri-odic reviews and audits were conducted to check for
consistency, missing fields, duplications, and logical errors. The data-base
was exported and in-dependently 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 the
outcome of those visits. Mineral Resource estimate. The site visits included direct observation of
drilling operations (RC and diamond drilling), core handling and sampling
· If no site visits have been undertaken indicate why this is the case. practices, geological logging procedures, and data management workflows.
· During the site visits, the QP reviewed: drill collar lo-cations, sampling
representivity (soil, auger, RC, DD), core logging facilities, QAQC sample
insertion and management, sample security and transport procedures.
· No material issues or in-consistencies 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, Chegue
interpretation of the mineral deposit. 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 surface
· The effect, if any, of alternative interpretations on Mineral mapping, soil geochemistry, trenching, drilling (RC and diamond core), and
Resource estimation. geophysical data. The mineralisation is structurally controlled, typically
hosted within quartz-carbonate-sulphide vein arrays aligned along
· The use of geology in guiding and controlling Mineral Resource north-north-east trending shear zones. Detailed geological logging of drill
estimation. core and RC chips provided information on lithology, alteration,
mineralisation styles, and structure, which were incorporated into the 3D
· The factors affecting continuity both of grade and geology. geological models.
· Wireframes were constructed around logged mineralisation envelopes using a
nominal cut-off of approximately 0.3 to 0.5 g/t Au, depending on deposit and
geological domain. Interpretation of geological continuity, mineralised
do-main boundaries, and grade distribution is sup-ported by close-spaced
drilling (especially in Souwa, Chegue, and Kra-kara) 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 Re-source comprises multiple discrete deposits, the
length (along strike or otherwise), plan width, and depth below surface to the largest of which are Souwa, Chegue, and Krakara. These deposits are
upper and lower limits of the Mineral Resource. structurally controlled lode gold systems that occur along northeast-trending
shear zones. The mineralised zones are typically hosted in altered mafic to
intermediate volcanic rocks and are characterised by moderate to steep dips.
· The combined strike length of individual mineralised lodes within the
Doropo Project is over 12 km, with individual deposits ranging from 300 m to
over 2.5 km in length. Mineralised zones are generally 3 to 15 m thick but can
reach widths of up to 30 m in dilational zones or where stacked lodes
coalesce. The mineralisation extends from near surface to vertical depths of
100 to 250 m, with some mineralised domains drilled to 300 to 400 m vertical
depth, particularly in Souwa.
Estimation and modelling techniques · The nature and appropriateness of the estimation technique(s) applied · Software used for the Mineral Resource estimate included Geoaccess
and key assumptions, including treatment of extreme grade values, domaining, Professional, Leapfrog Geo, Surpac and Isatis v2018.5.
interpolation parameters and maximum distance of extrapolation from data
points. If a computer assisted estimation method was chosen include a · The Mineral Resource estimate for the Doropo Project was estimated using
description of computer software and parameters used. Ordinary Kriging (OK) interpolation and Local Uniform Conditioning (LUC).
Estimation was conducted within hard boundary mineralisation domains defined
· The availability of check estimates, previous estimates and/or mine by 3D wireframes, con-structed based on geological logging, assay results,
production records and whether the Mineral Resource estimate takes appropriate trenching, and geophysical interpretations. Drillhole data was composited to 1
account of such data. m intervals prior to estimation. High-grade outlier values were assessed
through statistical analysis of gold grade distributions by domain, and top
· The assumptions made regarding recovery of by-products. cuts were applied on an individual domain basis to reduce the influence of
extreme grades. In some areas a distance limiting constraint was applied.
· Estimation of deleterious elements or other non-grade variables of Variogram models were developed in Gaussian space to model the spatial
economic significance (e.g. sulphur for acid mine drainage characterisation). continuity of gold grades and back transformed prior to estimation. Search
ellipses were oriented along the dominant structural trends observed in the
· In the case of block model interpolation, the block size in relation mineralisation.
to the average sample spacing and the search employed.
· The block models were constructed for each de-posit with a parent block
· Any assumptions behind modelling of selective mining units. size of 5 m x 5 m x 2.5 m -the assumed ultimate SMU block size and rotated
according to the orientation of the deposit. The OK interpolation was
· Any assumptions about correlation between variables. undertaken into relatively large panel blocks - predominantly 20 m x 20 m x 5
m but variable depending on deposit. Sub-blocking was utilised to accurately
· Description of how the geological interpretation was used to control honour geological and mineralisation boundaries.
the resource estimates.
· No mining dilution or recovery factors were applied; the estimate reflects
· Discussion of basis for using or not using grade cutting or capping. in-situ grades and tonnages.
· The process of validation, the checking process used, the comparison · Only gold was estimated; no deleterious elements were modelled. No
of model data to drill hole data, and use of reconciliation data if available. by-products were considered, and no correlations be-tween variables were
assumed as only gold was economically significant.
· The model was validated through visual inspections, comparison of input
composite grades to block grades, swath plot analysis, and global statistical
checks. No reconciliation to mining production was possible as the Doropo
Project remains pre-production at this time.
Moisture · Whether the tonnages are estimated on a dry basis or with natural · Tonnages are estimated and reported on a dry basis.
moisture, and the method of determination of the moisture content.
Cut-off parameters · The basis of the adopted cut-off grade(s) or quality parameters · The Mineral Resource estimates for the Doropo Project were reported using a
applied. 0.3 g/t Au cut-off grade. This cut-off was selected based on PFS assumptions
that reflect open pit mining methods, anticipated pro-cessing costs,
metallurgical recoveries, and a long-term gold price assumption.
· The 0.3 g/t Au cut-off represents a reasonable expectation for economic
ex-traction in a conventional open-pit scenario with moderate stripping ratios
and CIL (carbon-in-leach) gold recovery.
Mining factors or assumptions · Assumptions made regarding possible mining methods, minimum mining · Mining factors and assumptions are based on the expectation of open pit
dimensions and internal (or, if applicable, external) mining dilution. It is mining methods using conventional truck and shovel operations. Optimised pit
always necessary as part of the process of determining reasonable prospects shells were generated using Whittle optimisation software to test the
for eventual economic extraction to consider potential mining methods, but the reason-able prospects for eventual economic extraction. These pit shells
assumptions made regarding mining methods and parameters when estimating informed the re-porting 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 in 2025 with key mining
made. parameters summarised below;
• All models were re-blocked to 10 mX x 10 mY x 5
mRL;
• Gold price assumption of USD3,000 per troy ounce;
Overall pit wall slope angles used are (in the range of):
o 24° in oxide;
o 28° in transitional;
o 48° in fresh;
• Mining Recovery of 92% (8% ore loss);
• Mining Dilution of 14%;
• Process Recovery: Oxide: 93.5%
Metallurgical factors or assumptions · The basis for assumptions or predictions regarding metallurgical · Preliminary metallurgical test work has been conducted on representative
amenability. It is always necessary as part of the process of determining mineralised material from the Doropo Project. Samples were collected across a
reasonable prospects for eventual economic extraction to consider potential range of deposits (Souwa, Chegue, Krakara) and across different oxidation
metallurgical methods, but the assumptions regarding metallurgical treatment states (oxide, transitional, and fresh rock). Test work was performed at
processes and parameters made when reporting Mineral Resources may not always certified laboratories and included gravity recovery tests, cyanidation
be rigorous. Where this is the case, this should be reported with an leaching tests, and bottle roll tests.
explanation of the basis of the metallurgical assumptions made.
· The results indicate that gold mineralisation is amenable to conventional
gravity recovery followed by CIL (carbon-in-leach) pro-cessing, achieving high
gold recoveries generally exceeding 90%. Oxide material exhibited slightly
higher recovery rates than fresh rock, but all major ore types demonstrated
favour-able leach kinetics. No significant metallurgical challenges, such as
refractory gold or deleterious elements affecting processing, were identified
during initial test work.
Environmental factors or assumptions · Assumptions made regarding possible waste and process residue disposal · Environmental and social baseline studies have been conducted across the
options. It is always necessary as part of the process of determining 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 accordance with
reported with an explanation of the environmental assumptions made. 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 con-ducted using the
Archimedes principle (water immersion displacement method) on core samples.
· The bulk density for bulk material must have been measured by methods Samples were oven-dried before testing to ensure that moisture content did not
that adequately account for void spaces (vugs, porosity, etc.), moisture and artificially influence the density readings.
differences between rock and alteration zones within the deposit.
· A substantial dataset of 19,587 bulk density measurements were collected
· Discuss assumptions for bulk density estimates used in the evaluation and statistically analysed. Density values were assigned to different
process of the different materials. oxidation domains as follows:
· Oxide material: average bulk density ~1.8-2.0 t/m³
· Transitional material: ~2.3-2.5 tm³
· Fresh rock: ~2.7 t/m³.
· These domain-specific densities were applied to the block model based on
the oxidation state of each block. Density variability was reviewed, and no
significant spatial inconsistencies were identified that would materially
affect the Mineral Resource estimate.
Classification · The basis for the classification of the Mineral Resources into · The Mineral Resource has been classified and reported in accordance with
varying confidence categories. 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 geo-logical confidence, continuity of mineralisation, and data quality.
(i.e. 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 moder-ate 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 Consulting undertook regular internal peer reviews during the course
of the MRE work.
Discussion of relative accuracy/ confidence · Where appropriate a statement of the relative accuracy and confidence · The relative accuracy and confidence of the Doropo Mineral Resource
level in the Mineral Resource estimate using an approach or procedure deemed estimates are considered ap-propriate 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 project
the resource within stated confidence limits, or, if such an approach is not 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 advanced
· The statement should specify whether it relates to global or local exploration and prefeasibility stages.
estimates, and, if local, state the relevant tonnages, which should be
relevant to technical and economic evaluation. Documentation should include
assumptions made and the procedures used.
· These statements of relative accuracy and confidence of the estimate
should be compared with production data, where available.
Section 4 Estimation and Reporting of Ore Reserves
(Criteria listed in section 1, and where relevant in section 2, also apply to
this section.)
Criteria JORC Code explanation Commentary
Mineral Resource · Description of the Mineral Resource estimate used as a basis for the The Mineral Resource Estimate (MRE) for the Doropo project as at September
conversion to an Ore Reserve 2025 has been used for the 2025 DFS Update for the Doropo Gold Project and the
estimate for conversion to Ore Reserves
associated Ore Reserve estimation that underpins it.
· Clear statement as to whether the Mineral Resources are reported
additional to, or inclusive of, the Ore Reserves. The Mineral Resource has been reported in accordance with the Australasian
Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves
(JORC 2012).
The Mineral Resource Estimate is inclusive of the 2025 Doropo Ore Reserve
Estimate.
· Comment on any site visits undertaken by the Competent Person and the The 2025 Doropo Ore Reserve Estimate was completed by Mr. Ross Cheyne FAusIMM.
outcome of those visits. Mr. Cheyne is employed by Orelogy Consulting. Mr. Cheyne has sufficient
Site visits
experience which is relevant to the style of mineralisation and type of
deposit under consideration and to the mining activity being undertaken to
qualify as a Competent Person as defined in the 2012 Edition of the JORC Code.
· If no site visits have been undertaken indicate why this is the case.
Mr Cheyne was the Qualified Person for the previous Mineral Reserve Estimate
developed by Centamin. This was released under Canadian National Instrument
43-101 which did not require a site visit to be undertaken, Mr Cheyne has not
carried out a site visit as part of this Ore Reserve update, He has had
numerous briefings with multiple independent consultants that have attended
site since 2022 through both the PFS and DFS project assessment phases and
therefore has a sound understanding of the site conditions
· The type and level of study undertaken to enable Mineral Resources to The Doropo Mineral Resource has been converted to an Ore Reserve through the
be converted to Ore Reserves. completion of a Feasibility Level Mining Study (FS).
Study Status
· The Code requires that a study to at least Pre- Feasibility Study The mine plan is considered technically achievable and involves the
level has been undertaken to convert Mineral Resources to Ore Reserves. Such application of conventional technology and open pit mining methods widely
studies will have been carried out and will have determined a mine plan that utilised in similar West African mining operations.
is technically achievable and economically viable, and that material Modifying
Factors have been considered.
Financial modelling shows the project to be economically viable using current
assumptions on gold price and quoted pricing.
Modifying Factors that relate to the mining and processing of ore and recovery
of gold have been considered for the Ore Reserve Estimate.
The Study was compiled by Lycopodium with input from
· Resolute Mining limited (Mineral Resource)
· SRK Consulting (Mine Geotechnical)
· Orelogy Consulting (Mine Planning and Ore Reserve)
· ALS (Metallurgical test work)
· Knight Piesold (Tailings Storage Facility)
· Knight Piesold (Hydrogeology)
· H&B Consulting and Earth Systems (Environmental and Social
Impact Assessment)
· The basis of the cut-off grade(s) or quality parameters applied Break-even cut-off grades were determined by considering:
Cut-off parameters · Gold price, net of refining charge and royalties,
of $1,847/oz
· Achievable gold recovery from ore processing
averaging 88%.
· Feasibility Study ore processing costs at an
average throughput rate of 815 tph.
· Geological modelling domaining at 0.3 g/t.
A minimum diluted cut-off grade of 0.32 g/t to 0.52 g/t was applied dependent
on location and ore type.
· The method and assumptions used as reported in the Pre-Feasibility or The 2025 Ore Reserve Estimate is based on an open pit mining approach
Feasibility Study to convert the Mineral Resource to an Ore Reserve (i.e. underpinned by mine plans that deliver ore for processing on site to produce
Mining factors or assumptions either by application of appropriate factors by optimisation or by preliminary gold for sale. The mine planning activities included to derive the Ore Reserve
or detailed design). were:
· Detailed dilution modelling for a selective mining operation.
· The choice, nature and appropriateness of the selected mining · Open pit optimisation and selection of a viable economic shell as
method(s) and other mining parameters including associated design issues such the basis for design. Pit shells were selected based on cashflow, geotechnical
as pre-strip, access, etc. constraints and operational considerations.
· Development of ultimate pit designs split into practical internal
stages suitable for the size of the mining equipment and wall design
· The assumptions made regarding geotechnical parameters (e.g., pit parameters based on recommendations provided by an external geotechnical
slopes, stope sizes, etc), grade control and pre-production drilling. consultant.
· Mine scheduling which balanced value objectives with practical
considerations.
· The major assumptions made, and Mineral Resource model used for pit
and stope optimisation (if appropriate). · Mining cost estimation based on submissions from experienced
contract mining service providers.
· The mining dilution factors used.
Conventional open pit mining using excavators and rigid dump trucks was
selected as the most appropriate mining method. The fleet sizing and mining
approach is conventional and common across the West African mining industry.
· The mining recovery factors used.
The mining method and grade control practises to be employed at Doropo are
· Any minimum mining widths used. aimed at mining the ore zones selectively using backhoe configured excavators
on a 2.5 m flitch to minimise dilution and ore loss. Blasting of all rock was
assessed on 5 or 10 m benches.
· The manner in which Inferred Mineral Resources are utilised in mining
studies and the sensitivity of the outcome to their inclusion.
Final pits were generally split into stages where practical. Stages were
generally designed with dual lane ramps except for the final two benches where
single lanes were adopted. The mine design used a minimum mining width of
· The infrastructure requirements of the selected mining methods. 30 m for the base of pits. The stage designs targeted a minimum mining width
of 100 m as a practical mining limit without compromising operability
SRK Consulting previously completed a geotechnical investigation and pit slope
design. As part of the 2023 feasibility assessment completed by the previous
owner, a total of 8 holes of approximately 820 m total length were completed.
These are in addition to 33 drillholes completed for the 2023 PFS and 23
drillholes completed for the Scoping Study in 2018. A selection of these
drillholes were utilized by SRK to complete the 2023 geotechnical study as
noted in their report.
The pit designs have significantly expanded since the previous study carried
out in 2023 due to the higher gold price used for the 2025 DFS update. These
expanded pits have resulted in some of the previously collected geotechnical
data, largely targeting highwall conditions of the pits, being located away
from the final wall of the updated designs, Therefore, a geotechnical review
was requested from SRK to confirm the established pit slope design
recommendations (SRK, 2023) were still appropriate. The SRK review concluded
that the consistency of the deposit geology and expected structural
orientations indicated the data was usable for design purposes and the
previous design criteria was still valid, but that potential risks behind pit
walls may exist.
Nokpa pit changed the most significantly with the updated mining assumptions.
Previously identified poor rock conditions in the highwall were mitigated
previously owing to shallow overall slope heights and shallow slope angles.
Designs for Nokpa were updated to include thea requirement for a geotechnical
berm in the hangingwall as recommended by SRK.
Ore loss (mining recovery) and dilution was modelled during the conversion of
the Resource Model to a Mining Model taking into account ore width, orebody
dip, the selective mining unit and the grade of the diluent material by
applying a 1.0 m mixing zone at the boundaries between or and waste.
Equivalent zero dilution grade and ore losses reported by deposit were:
Area Dilution (%) Ore loss (%)
Enioda 6.5% 5.2%
Han 3.9% 3.8%
Kekeda 4.1% 7.0%
Kilosegui 1.3% 8.3%
Nokpa/Chegue 9.7% 2.9%
Souwa 10.9% 1.5%
Total 4.8% 5.8%
Physical, technical and economic parameters were then applied to the diluted
Mining Model as part of the pit optimisation process, generating an "optimal"
open pit excavation geometry which was utilised as the basis of subsequent
detailed mine design.
No Inferred Mineral Resources have been included in the Ore Reserve Estimate.
Inferred Mineral Resources were treated as waste and assigned no economic
value.
The open pit mining approach will require establishment of the following site
infrastructure adjacent to the proposed processing facility:
· Heavy vehicle and light vehicle workshop,
· Fuel farm,
· Wash down facility,
· Parts warehouse,
· Vehicle laydown, tyre store and chemical disposal facilities.
· Offices, mess hall and ablutions.
Metallurgical factors or assumptions · The metallurgical process proposed and the appropriateness of that The proposed process flowsheet includes a single stage crushing, Semi
process to the style of mineralisation. Autogenous Grinding, Ball Milling comminution circuit followed by conventional
gravity and carbon-in-leach (CIL) gold recovery process. The metallurgical
process proposed is appropriate for non-refractory free milling gold ores.
· Whether the metallurgical process is well-tested technology or novel
in nature.
The metallurgical process is a well-tested technology and conventional for
gold processing plants.
· The nature, amount and representativeness of metallurgical test work
undertaken, the nature of the metallurgical domaining applied and the
corresponding metallurgical recovery factors applied. Detailed metallurgical testwork, undertaken in 2023 and 2024 by ALS Metallurgy
in Perth, has been completed as part of the studies undertaken by the previous
mine owners. The testwork included comminution, gravity concentration, cyanide
leaching and carbon adsorption and thickening.
· Any assumptions or allowances made for deleterious elements.
Representative samples from each pit and of each domain (oxide, transition and
· The existence of any bulk sample or pilot scale test work and the fresh) were included in the testwork programmes. The recovery factors are
degree to which such samples are considered representative of the orebody as a based on the testwork results and include all pits and domains.
whole.
The testwork indicated that the grades of deleterious elements were below the
· For minerals that are defined by a specification, has the ore reserve levels of concern.
estimation been based on the appropriate mineralogy to meet the
specifications?
The testwork in the two previous studies was performed on master composite and
variability samples for each pit and domain. No bulk samples were tested and
no continuous pilot scale testwork was conducted.
There are no defined mineral specifications that apply to this Project.
Environmental · The status of studies of potential environmental impacts of the An Environmental and Social Impact Assessment (ESIA) was completed and
mining and processing operation. approved by government with the granting of an environmental permit in June
2024. The ESIA was aligned to the Côte d'Ivoire national regulatory
requirements. The studies undertaken are comprehensive and of acceptable
quality, scope and level of detail for a Detailed Feasibility Study.
· Details of waste rock characterisation and the consideration of
potential sites, status of design options considered and, where applicable, The ESIA included the geochemical characterisation of waste rock and ore
the status of approvals for process residue storage and waste dumps should be material for the project. The results of the geochemical assessment have been
reported. considered in Project design.
Geochemical characterisation of waste rock and ore material for the Doropo
project has been carried out. The results of static testing show that the ore
(>0.2 g/t Au) and waste rock material has a generally low total sulphur (S)
content, with all samples containing less than 1% total S. The highest total S
was recorded for an ore-grade sample of granodiorite, at 0.88% S. The average
total S content for waste material is 0.04%. Nearly all of the S present is
shown to be in the form of sulphide. As a result of the low S contents, the
sample population has a low acid generation potential (AP), and generally
higher values of neutralisation potential (NP). The average neuralisation
potential ratio (NPR) for the population is 15, implying that samples have on
average 15 times greater NP than AP. All waste samples are classified on the
basis of static test indices as non-potential acid generating (PAG), while 10%
of ore samples are classified as PAG.
Infrastructure · The existence of appropriate infrastructure: availability of land for The Project site is located in Northeastern Cote D'Ivoire within the Bounkani
plant development, power, water, transportation (particularly for bulk Region, approximately 450km northeast of Abidjan and 50km west of Bouna.
commodities), labour, accommodation; or the ease with which the infrastructure
can be provided, or accessed. The feasibility study update assumes that the workforce will be accommodated
in the main on site in the purpose-built accommodation facility with local
workers from the area accommodated in their dwellings near the mine site.
A suitable location has been identified and Feasibility studies undertaken
for a permanent accommodation camp to be constructed appropriate for both
Project Execution and Operations.
Grid connection to the Cote d'Ivoire power system has been chosen to supply
power and incorporated into the design. Solar option will be investigated in
the future to identify alternate cheaper and greener power solutions.
Water will come via the Water harvesting dam which will supply water to the
Water supply dam.
Other infrastructure will include a ROM pad, pit dewatering infrastructure,
tailings storage facility, water storage dam, water harvesting dam, airstrip,
mine access road, process plant offices and stores facilities and mine
services area
Costs · The derivation of, or assumptions made, regarding projected capital The FS level capital cost estimate in 2025 $US prices has been developed by
costs in the study. Lycopodium based on a mechanical equipment list and material take-offs with
vendor pricing for large mechanical items and in-house Engineering estimates
for process and non-process infrastructure in accordance with AACE Class 4
estimate and are considered to be estimated at a +/-10% accuracy consistent
· The methodology used to estimate operating costs. with a FS.
· Allowances made for the content of deleterious elements. Lycopodium developed capital cost estimates for:
· Contractor Preliminaries and General
· The derivation of assumptions made of metal or commodity price(s), · Bulk earthworks.
for the principal minerals and co- products.
· Concrete
· Water supply, storage, and treatment facilities.
· The source of exchange rates used in the study.
· Major equipment including crushing, grinding, gravity and CIL
circuits, and associated process service infrastructure.
· Derivation of transportation charges. · All electrical supply and distribution
· Process and non-process buildings
· The basis for forecasting or source of treatment and refining · Access roads and civils.
charges, penalties for failure to meet specification, etc.
· Major electrical services.
· Tailings Storage Facilities (TSF)
· The allowances made for royalties payable, both Government and
private. · Water Storage Dam (WSD)
· Water Harvesting Dam (WHD)
· Airstrip
· Access Road
· Sediment control structures
Note : Knight Piesold developed Quantity take-offs for TSF, WSD, WHD, access
road sediment control structures and airstrip)
ECG Engineering developed costs for the Power Grid connection.
The FS mining cost estimate prepared by Orelogy was supported by budget
pricing obtained from reputable open pit mining contractors in October 2025.
Diesel fuel consumption was included at a price of $1.145/l.
Mine owner operating costs have been estimated based on 2025 labour market
estimates plus site based allowances, flights, accommodation, and oncosts. All
operating costs are considered to be estimated at a +/-10% accuracy consistent
with a FS.
All revenue and cost calculations have been done using US Dollars.
Transportation and refining charges of $4/oz was assumed.
An allowance has been made of 6% for royalties.
Revenue factors · The derivation of, or assumptions made regarding revenue factors Ore production and gold recovery estimates for revenue calculations were based
including head grade, metal or commodity price(s) exchange rates, on detailed mine designs, mine schedules, mining factors metallurgical test
transportation and treatment charges, penalties, net smelter returns, etc. work and cost estimates for mining and processing.
· The derivation of assumptions made of metal or commodity price(s), A gold price of USD1950 per ounce has been used for the open pit optimisation
for the principal metals, minerals and co-products. on which the Ore Reserve pit designs are based and the associated revenue
factors. This equates to less than 50% of the current gold spot price.
There are no other commodities or co-products generated.
Market assessment · The demand, supply and stock situation for the particular commodity, There is a transparent open market for the sale of gold.
consumption trends and factors likely to affect supply and demand into the
future.
No industrial minerals have been considered.
· 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 2025 Doropo Ore Reserve Estimate has been evaluated through an
(NPV) in the study, the source and confidence of these economic inputs appropriately detailed financial model developed by Resolute. All operating
including estimated inflation, discount rate, etc. and capital costs as well as revenue factors were included in the financial
model. This process has demonstrated the Ore Reserve Estimate has a positive
economic return, at a gold price of US$1,950/oz, of approximately US$339 M
NPV5% (post-tax) and 18% IRR (post-tax).
· NPV ranges and sensitivity to variations in the significant
assumptions and inputs.
Sensitivity analysis has been carried out with the Ore Reserve Estimate being
most sensitive to gold price. A 10% increase in gold price increases NPV by
approximately 55%, with a 10% price reduction resulting in a -65% change to
NPV. This degree of sensitivity is a product of the conservatively low gold
price used to develop the Ore Reserve Estimate.
Social · The status of agreements with key stakeholders and matters leading to The Resettlement and Livelihood Restoration Framework (RLRF) for the Doropo
social license to operate. Gold Project (Doropo) has been developed in draft format as a stand-alone
document as part of the ESIA. This framework serves as a strategic guide for
the social planning of the Project, encompassing resettlement, livelihood
restoration, and compensation.
Other · To the extent relevant, the impact of the following on the project The Company has long-standing granted exploration licences extending over all
and/or on the estimation and classification of the Ore Reserves: Doropo deposits where Ore Reserves have been defined.
· Any identified material naturally occurring risks. There are no likely identified naturally occurring risks that may affect the
Doropo Ore Reserve Estimate area.
· The status of material legal agreements and marketing arrangements.
There are reasonable grounds to expect that all necessary Government approvals
will be received within standard timeframes after lodgement of requisite
applications.
· 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 Mining exploitation permit is expected to be received from the Ivorian
anticipated in the Pre-Feasibility or Feasibility study. Highlight and discuss Government in 1Q26
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 classification of the 2025 Doropo Ore Reserve Estimate has been reported
confidence categories. in accordance with the 2012 Edition of the JORC Code.
· Whether the result appropriately reflects the Competent Person's view The 2025 Doropo Ore Reserve Estimate reflects the Competent Person's view of
of the deposit. the deposit.
· The proportion of Probable Ore Reserves that have been derived from The Proven and Probable components of the Ore Reserve Estimate are based
Measured Mineral Resources (if any). respectively on that portion of Measured and Indicated Mineral Resource within
the mine designs that may be economically extracted and includes allowance for
dilution and ore loss.
Audits or reviews · The results of any audits or reviews of Ore Reserve estimates. Peer review on the 2025 Doropo Ore Reserve Estimate has been completed
internally by Orelogy Consulting.
Discussion of relative accuracy/ confidence · Where appropriate a statement of the relative accuracy and confidence The Mineral Resource Estimate and hence the Ore Reserve Estimate relate to
level in the Ore Reserve estimate using an approach or procedure deemed global estimates. No production or reconciliation data is yet available for
appropriate by the Competent Person. For example, the application of comparison.
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. It is noted that Ore Reserve Estimates are an estimation only and subject to
numerous variables common to mining projects and/or operations. It is however,
in the opinion of the Competent Person that at the time of reporting, economic
extraction of the 2025 Doropo Project Ore Reserve estimate can be reasonably
· The statement should specify whether it relates to global or local justified.
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.
The mine design, mine schedule and financial model on which the Ore Reserve
Estimate is based have been completed to a Feasibility Study standard with a
corresponding level of confidence.
· 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. Assumed ore treatment recoveries are supported by metallurgical testwork.
· It is recognised that this may not be possible or appropriate in all It is in the opinion of the Competent Person that cost assumptions and
circumstances. These statements of relative accuracy and confidence of the modifying factors applied in the estimation of the Ore Reserve are reasonable.
estimate should be compared with production data, where available. Relevant mining contractor costs are based on budget level pricing supplied by
suitably qualified mining contractors.
There is reasonable grounds to expect that all primary and secondary mining
approvals will be received within the timeframes required for project
development.
Physical, technical and economic parameters were then applied to the diluted
Mining Model as part of the pit optimisation process, generating an "optimal"
open pit excavation geometry which was utilised as the basis of subsequent
detailed mine design.
No Inferred Mineral Resources have been included in the Ore Reserve Estimate.
Inferred Mineral Resources were treated as waste and assigned no economic
value.
The open pit mining approach will require establishment of the following site
infrastructure adjacent to the proposed processing facility:
· Heavy vehicle and light vehicle workshop,
· Fuel farm,
· Wash down facility,
· Parts warehouse,
· Vehicle laydown, tyre store and chemical disposal facilities.
· Offices, mess hall and ablutions.
Metallurgical factors or assumptions
· The metallurgical process proposed and the appropriateness of that
process to the style of mineralisation.
· Whether the metallurgical process is well-tested technology or novel
in nature.
· 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 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?
The proposed process flowsheet includes a single stage crushing, Semi
Autogenous Grinding, Ball Milling comminution circuit followed by conventional
gravity and carbon-in-leach (CIL) gold recovery process. The metallurgical
process proposed is appropriate for non-refractory free milling gold ores.
The metallurgical process is a well-tested technology and conventional for
gold processing plants.
Detailed metallurgical testwork, undertaken in 2023 and 2024 by ALS Metallurgy
in Perth, has been completed as part of the studies undertaken by the previous
mine owners. The testwork included comminution, gravity concentration, cyanide
leaching and carbon adsorption and thickening.
Representative samples from each pit and of each domain (oxide, transition and
fresh) were included in the testwork programmes. The recovery factors are
based on the testwork results and include all pits and domains.
The testwork indicated that the grades of deleterious elements were below the
levels of concern.
The testwork in the two previous studies was performed on master composite and
variability samples for each pit and domain. No bulk samples were tested and
no continuous pilot scale testwork was conducted.
There are no defined mineral specifications that apply to this Project.
Environmental
· The status of studies of potential environmental impacts of the
mining and processing operation.
· Details of waste rock characterisation and 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.
An Environmental and Social Impact Assessment (ESIA) was completed and
approved by government with the granting of an environmental permit in June
2024. The ESIA was aligned to the Côte d'Ivoire national regulatory
requirements. The studies undertaken are comprehensive and of acceptable
quality, scope and level of detail for a Detailed Feasibility Study.
The ESIA included the geochemical characterisation of waste rock and ore
material for the project. The results of the geochemical assessment have been
considered in Project design.
Geochemical characterisation of waste rock and ore material for the Doropo
project has been carried out. The results of static testing show that the ore
(>0.2 g/t Au) and waste rock material has a generally low total sulphur (S)
content, with all samples containing less than 1% total S. The highest total S
was recorded for an ore-grade sample of granodiorite, at 0.88% S. The average
total S content for waste material is 0.04%. Nearly all of the S present is
shown to be in the form of sulphide. As a result of the low S contents, the
sample population has a low acid generation potential (AP), and generally
higher values of neutralisation potential (NP). The average neuralisation
potential ratio (NPR) for the population is 15, implying that samples have on
average 15 times greater NP than AP. All waste samples are classified on the
basis of static test indices as non-potential acid generating (PAG), while 10%
of ore samples are classified as PAG.
Infrastructure
· The existence of appropriate infrastructure: availability of land for
plant development, power, water, transportation (particularly for bulk
commodities), labour, accommodation; or the ease with which the infrastructure
can be provided, or accessed.
The Project site is located in Northeastern Cote D'Ivoire within the Bounkani
Region, approximately 450km northeast of Abidjan and 50km west of Bouna.
The feasibility study update assumes that the workforce will be accommodated
in the main on site in the purpose-built accommodation facility with local
workers from the area accommodated in their dwellings near the mine site.
A suitable location has been identified and Feasibility studies undertaken
for a permanent accommodation camp to be constructed appropriate for both
Project Execution and Operations.
Grid connection to the Cote d'Ivoire power system has been chosen to supply
power and incorporated into the design. Solar option will be investigated in
the future to identify alternate cheaper and greener power solutions.
Water will come via the Water harvesting dam which will supply water to the
Water supply dam.
Other infrastructure will include a ROM pad, pit dewatering infrastructure,
tailings storage facility, water storage dam, water harvesting dam, airstrip,
mine access road, process plant offices and stores facilities and mine
services area
Costs
· The derivation of, or assumptions made, regarding projected capital
costs in the study.
· 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.
The FS level capital cost estimate in 2025 $US prices has been developed by
Lycopodium based on a mechanical equipment list and material take-offs with
vendor pricing for large mechanical items and in-house Engineering estimates
for process and non-process infrastructure in accordance with AACE Class 4
estimate and are considered to be estimated at a +/-10% accuracy consistent
with a FS.
Lycopodium developed capital cost estimates for:
· Contractor Preliminaries and General
· Bulk earthworks.
· Concrete
· Water supply, storage, and treatment facilities.
· Major equipment including crushing, grinding, gravity and CIL
circuits, and associated process service infrastructure.
· All electrical supply and distribution
· Process and non-process buildings
· Access roads and civils.
· Major electrical services.
· Tailings Storage Facilities (TSF)
· Water Storage Dam (WSD)
· Water Harvesting Dam (WHD)
· Airstrip
· Access Road
· Sediment control structures
Note : Knight Piesold developed Quantity take-offs for TSF, WSD, WHD, access
road sediment control structures and airstrip)
ECG Engineering developed costs for the Power Grid connection.
The FS mining cost estimate prepared by Orelogy was supported by budget
pricing obtained from reputable open pit mining contractors in October 2025.
Diesel fuel consumption was included at a price of $1.145/l.
Mine owner operating costs have been estimated based on 2025 labour market
estimates plus site based allowances, flights, accommodation, and oncosts. All
operating costs are considered to be estimated at a +/-10% accuracy consistent
with a FS.
All revenue and cost calculations have been done using US Dollars.
Transportation and refining charges of $4/oz was assumed.
An allowance has been made of 6% for royalties.
Revenue factors
· The derivation of, or assumptions made regarding revenue factors
including head grade, metal or commodity price(s) exchange rates,
transportation and treatment charges, penalties, net smelter returns, etc.
· The derivation of assumptions made of metal or commodity price(s),
for the principal metals, minerals and co-products.
Ore production and gold recovery estimates for revenue calculations were based
on detailed mine designs, mine schedules, mining factors metallurgical test
work and cost estimates for mining and processing.
A gold price of USD1950 per ounce has been used for the open pit optimisation
on which the Ore Reserve pit designs are based and the associated revenue
factors. This equates to less than 50% of the current gold spot price.
There are no other commodities or co-products generated.
Market assessment
· The demand, supply and stock situation for the particular commodity,
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.
There is a transparent open market for the sale of gold.
No industrial minerals have been considered.
Economic
· The inputs to the economic analysis to produce the net present value
(NPV) in 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.
The 2025 Doropo Ore Reserve Estimate has been evaluated through an
appropriately detailed financial model developed by Resolute. All operating
and capital costs as well as revenue factors were included in the financial
model. This process has demonstrated the Ore Reserve Estimate has a positive
economic return, at a gold price of US$1,950/oz, of approximately US$339 M
NPV5% (post-tax) and 18% IRR (post-tax).
Sensitivity analysis has been carried out with the Ore Reserve Estimate being
most sensitive to gold price. A 10% increase in gold price increases NPV by
approximately 55%, with a 10% price reduction resulting in a -65% change to
NPV. This degree of sensitivity is a product of the conservatively low gold
price used to develop the Ore Reserve Estimate.
Social
· The status of agreements with key stakeholders and matters leading to
social license to operate.
The Resettlement and Livelihood Restoration Framework (RLRF) for the Doropo
Gold Project (Doropo) has been developed in draft format as a stand-alone
document as part of the ESIA. This framework serves as a strategic guide for
the social planning of the Project, encompassing resettlement, livelihood
restoration, and compensation.
Other
· To the extent relevant, the impact of the following on the 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.
The Company has long-standing granted exploration licences extending over all
Doropo deposits where Ore Reserves have been defined.
There are no likely identified naturally occurring risks that may affect the
Doropo Ore Reserve Estimate area.
There are reasonable grounds to expect that all necessary Government approvals
will be received within standard timeframes after lodgement of requisite
applications.
Mining exploitation permit is expected to be received from the Ivorian
Government in 1Q26
Classification
· The basis for the classification of the Ore Reserves into varying
confidence categories.
· 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).
The classification of the 2025 Doropo Ore Reserve Estimate has been reported
in accordance with the 2012 Edition of the JORC Code.
The 2025 Doropo Ore Reserve Estimate reflects the Competent Person's view of
the deposit.
The Proven and Probable components of the Ore Reserve Estimate are based
respectively on that portion of Measured and Indicated Mineral Resource within
the mine designs that may be economically extracted and includes allowance for
dilution and ore loss.
Audits or reviews
· The results of any audits or reviews of Ore Reserve estimates.
Peer review on the 2025 Doropo Ore Reserve Estimate has been completed
internally by Orelogy Consulting.
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 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.
The Mineral Resource Estimate and hence the Ore Reserve Estimate relate to
global estimates. No production or reconciliation data is yet available for
comparison.
It is noted that Ore Reserve Estimates are an estimation only and subject to
numerous variables common to mining projects and/or operations. It is however,
in the opinion of the Competent Person that at the time of reporting, economic
extraction of the 2025 Doropo Project Ore Reserve estimate can be reasonably
justified.
The mine design, mine schedule and financial model on which the Ore Reserve
Estimate is based have been completed to a Feasibility Study standard with a
corresponding level of confidence.
Assumed ore treatment recoveries are supported by metallurgical testwork.
It is in the opinion of the Competent Person that cost assumptions and
modifying factors applied in the estimation of the Ore Reserve are reasonable.
Relevant mining contractor costs are based on budget level pricing supplied by
suitably qualified mining contractors.
There is reasonable grounds to expect that all primary and secondary mining
approvals will be received within the timeframes required for project
development.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END UPDGPGCGPUPAUUA
Copyright 2019 Regulatory News Service, all rights reservedRecent news on Resolute Mining
See all newsREG - Resolute Mining Ltd - Updated Doropo DFS
AnnouncementREG - Resolute Mining Ltd - Initial Mineral Resource at La Debo
AnnouncementREG - Resolute Mining Ltd - Appendix 3Y - Adrienne Parker
AnnouncementREG - Resolute Mining Ltd - Mali Update
AnnouncementREG - Resolute Mining Ltd - September 2025 Quarterly Presentation
Announcement