Mineral Resources and Reserves Estimates
Mineral Resources
The Koné Gold Project currently hosts 9 gold deposits, as shown in the table below, whereas only the Koné and Gbongogo deposits formed the basis of the Updated Feasibility Study (“UFS”) published in early 2024.
Given the extensive land package encompassing over 52 identified targets, the approach undertaken is to systematically drill test best selected targets to confirm their potential and define starter resources to validate their high-grade content before undertaking larger step-out drilling campaigns. Consequently, 18 targets were drill tested in 2024, which successfully delineated starter resources for 7 higher grade satellite deposits, while another 6 targets have advanced to the pre-resource definition stage and are currently being followed up.
KONÉ PROJECT - APRIL 2025 MINERAL RESOURCE ESTIMATE - SUMMARY
| PIT | CLASSIFICATION | MINERAL RESOURCE ESTIMATE | ||
|---|---|---|---|---|
| Mt | Au g/t | Au Moz | ||
| Koné deposit | Indicated Resources | 245 | 0.57 | 4.49 |
| Inferred Resources | 37 | 0.43 | 0.51 | |
| Satellite deposits (including Gbongogo) |
Indicated Resources | 16 | 1.38 | 0.72 |
| Inferred Resources | 8.4 | 1 | 0.27 | |
| Total | Indicated Resources | 261 | 0.62 | 5.21 |
| Inferred Resources | 45 | 0.54 | 0.78 | |
The April 2025 Mineral Resource Estimates (the “2025 MRE”) are reported in accordance with National Instrument 43-101 Standards Of Disclosure for Mineral Projects (“NI 43-101”) with an effective date of January 31, 2025 for satellite deposits and the Gbongogo deposit, and February 20, 2025 for the Koné deposit. Mineral Resource Estimates follow the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definitions Standards for Mineral Resources in accordance with the NI-43-101. The 2025 MRE was prepared by Mr. Jonathon Abbott of Matrix Resource Consultants of Perth, Australia who is a Qualified Person as defined by NI 43-101. Rounding errors are apparent. The 2025 MRE are reported on a 100% basis and are constrained within optimal pit shells generated at a gold price of US$2,000/ounce. The estimates at are reported at gold cut-off grades of 0.20 g/t (Kone), 0.50g/t (Gbongogo, Koban North, Sena, Gbongogo South, Diouma North and Lokolo Main) and 0.60g/t (Yere North and ANV) Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. No Measured Resources have been estimated. See “Technical Disclosure” in press release dated April 8, 2025.
KONÉ PROJECT - APRIL 2025 MINERAL RESOURCE ESTIMATE - DETAIL
| DEPOSIT | MINERAL RESOURCE ESTIMATE | ||
|---|---|---|---|
| Mt | Au g/t | Au Koz | |
| Koné deposit | |||
| Indicated Resources | 245 | 0.57 | 4,490 |
| Inferred Resources | 37 | 0.43 | 510 |
| Satellite deposits: | |||
| Gbongogo Main deposit | |||
| Indicated Resources | 12 | 1.46 | 560 |
| Inferred Resources | 0.07 | 0.89 | 2 |
| Gbongogo South deposit | |||
| Indicated Resources | 1.7 | 1.2 | 66 |
| Inferred Resources | 2.6 | 1.1 | 92 |
| Koban North deposit | |||
| Indicated Resources | - | - | - |
| Inferred Resources | 3.9 | 0.9 | 113 |
| ANV (Sissédougou) deposit | |||
| Indicated Resources | 1.6 | 1.1 | 57 |
| Inferred Resources | 0.88 | 1.1 | 31 |
| Yere North deposit | |||
| Indicated Resources | 0.19 | 1.05 | 6.4 |
| Inferred Resources | 0.43 | 1.1 | 15 |
| Lokolo Main deposit | |||
| Indicated Resources | 0.3 | 1.61 | 16 |
| Inferred Resources | 0.1 1 | 1.1 | 3.9 |
| Sena deposit | |||
| Indicated Resources | - | - | - |
| Inferred Resources | 0.42 | 1 | 14 |
| Diouma North deposit | |||
| Indicated Resources | 0.38 | 0.95 | 12 |
| Inferred Resources | 0.01 | 1 | 0.3 |
| Sub-total Satellites deposits | |||
| Indicated Resources | 16 | 1.38 | 720 |
| Inferred Resources | 8.4 | 1 | 270 |
| Total | |||
| Indicated Resources | 261 | 0.62 | 5,210 |
| Inferred Resources | 45 | 0.54 | 780 |
The April 2025 Mineral Resource Estimates (the “2025 MRE”) are reported in accordance with National Instrument 43-101 Standards Of Disclosure for Mineral Projects (“NI 43-101”) with an effective date of January 31, 2025 for satellite deposits and the Gbongogo deposit, and February 20, 2025 for the Koné deposit. Mineral Resource Estimates follow the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definitions Standards for Mineral Resources in accordance with the NI-43-101. The 2025 MRE was prepared by Mr. Jonathon Abbott of Matrix Resource Consultants of Perth, Australia who is a Qualified Person as defined by NI 43-101. Rounding errors are apparent. The 2025 MRE are reported on a 100% basis and are constrained within optimal pit shells generated at a gold price of US$2,000/ounce. The estimates at are reported at gold cut-off grades of 0.20 g/t (Kone), 0.50g/t (Gbongogo, Koban North, Sena, Gbongogo South, Diouma North and Lokolo Main) and 0.60g/t (Yere North and ANV) Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. No Measured Resources have been estimated. See “Technical Disclosure” in press release dated April 8, 2025.
Mineral Reserves
Mineral Reserve Estimate, dated as of January 14, 2024, shown in the table below, is supported by the Updated Feasibility Study (“UFS”) published in early 2024 which is based on three open-pit gold deposits, comprising the Koné South pit, Koné North pit and the Gbongogo Main pit, feeding a central gold processing facility.
KONÉ PROJECT – JANUARY 2024 MINERAL RESERVE ESTIMATE
| PIT | CLASSIFICATION | MINERAL RESERVE ESTIMATE | ||
|---|---|---|---|---|
| Mt | Au g/t | Au Moz | ||
| South Pit | Probable | 161.9 | 0.67 | 3.49 |
| North Pit | Probable | 1.9 | 0.47 | 0.03 |
| Gbongogo Main | Probable | 10.7 | 1.43 | 0.49 |
| Total | Probable | 174.3 | 0.72 | 4.01 |
Notes:
1. The Mineral Reserves are classified according to the “CIM” definitions.
2. All Mineral Reserves were classified as Probable based on the Indicated Mineral Resource
3. The Mineral Reserve cut off grade range from 0.19 g/t to 0.49g/t based on a $1,550/oz gold price
4. The Mineral Reserve statement was prepared by Joeline McGrath of Carci Mining Consultants Ltd., who is a Qualified Person as defined by NI 43-101.
5. The figures in this tables are rounded to reflect the precision of the estimates and may include rounding errors.