Resolute Mining Limited — Annual Report 2021

Mar 3, 2022

At 31 December 2021

4 March 2022

Increase in Mineral Resources, Ore Reserves maintained

Highlights

• Mineral Resources have increased by 1.0 million ounces (Moz) to 9.5Moz of gold, net of depletion and sale of the Bibiani Gold Mine

• Ore Reserves have been maintained at 4.1Moz net of depletion and sale of the Bibiani Gold Mine

• Syama Mineral Resources increased following exploration success at both Tabakoroni and the Northern Pits

• Mineral Resources at Tabakoroni increased 40% to 1.3Moz and Ore Reserves increased by 78% to 765,000oz

• Mako Ore Reserves and Mineral Resources in line with mining depletion

• Bibiani sale removes 0.66Moz of Ore Reserves and 2.5Moz of Mineral Resources

Resolute Mining Limited (ASX/LSE: RSG, Resolute or the Company) is pleased to announce the Company’s Annual Ore Reserve and Mineral Resource Statement at 31 December 2021.

Ore Reserves have been maintained at 4.1Moz of gold while Mineral Resources have increased by 1Moz to 9.5Moz of gold after accounting for the effects of mining depletion, asset sales and exploration success.

A detailed breakdown of the Company’s Ore Reserves and Mineral Resources at 31 December 2021 representing the Syama and Mako operations is presented in the tables below. The 2021 Annual Ore Reserve Statement is included at Table 3 of this announcement and the 2021 Annual Mineral Resource Statement is included at Table 4.

At 31 December 2021 Resolute’s direct share of Ore Reserves was 3.4Moz and Mineral Resources of 7.8 Moz.

The sale of the Bibiani Gold Mine in 2021 removed 0.66Moz of Ore Reserves and 2.5Moz of Mineral Resources from Resolute’s Global Inventory.

All tonnes and grade information have been rounded to reflect relative uncertainty of the estimate, small differences may be present in the totals.

Resolute Mining Limited ABN 39 097 088 689 Level 2, Australia Place, Perth, Western Australia 6000 T +61 8 9261 6100 E contact@rml.com.au

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Page 1 of 91

At 31 December 2021

Table 1: Ore Reserves (100% Basis)

	Proved Probable Total Reserves
Ore reserves As at December 2021	Tonnes g/t oz Tonnes g/t oz Tonnes g/t oz (000s) (000s) (000s) (000s) (000s) (000s)
Syama Mako Ore Reserves	4,770 1.7 258 35,500 2.8 3,150 40,300 2.6 3,400 5,090 1.4 224 7,100 1.9 437 12,200 1.7 661
	9,860 1.5 482 42,600 2.6 3,580 52,500 2.4 4,060

Ore Reserves as at 31 December 2021 on a 100% basis total 4.1Moz, which reflects the sale of Bibiani.

In Mali, the Ore Reserves at the Syama Gold Mine (Syama) increased due to an expansion in the Ore Reserves at Tabakoroni.

Continued exploration success at Tabakoroni led to a large increase in Ore Reserves with drilling programs completed in 2021 greatly increasing measured and Indicated Resources leading to a 78% increase in Ore Reserves to five million tonnes (Mt) at 4.7g/t Au for 766,000oz.

Underground Ore Reserves at Syama deceased due to mining depletion and changes to the sub-level cave flow model.

Open pit Ore Reserves at Syama increased slightly over the December 2020 statement due to increases at Tabakoroni and the Northern Pits.

Ore Reserves at the Mako Gold Mine (Mako) decreased in line with mining depletion.

Resolute’s asset ownership is 80% of Syama (Mali Government 20%), 90% of Tabakoroni (Mali Government 10%), 90% of Mako (Senegalese Government 10%). As such, the Company’s fully attributable Ore Reserves position net government interests, is 3.4Moz of gold.

Table 2: Mineral Resources (100% Basis)

	Measured	Measured	Indicated Inferred Total Resources	Indicated Inferred Total Resources	Indicated Inferred Total Resources	Indicated Inferred Total Resources
Mineral Resources As at December 2021	Tonnes g/t (000s)	oz	Tonnes g/t (000s)	ozTonnes g/t (000s) (000s)	OzTonnes g/t (000s) (000s)	oz
		(000s)				(000s)
Syama Mako Mineral Resources	23,300 3.1 5,510 1.3	2,290	47,800 2.9 9,910 1.8	4,490 34,600 1.7 560 986 0.9	1,900 106,000 2.6 28 16,400 1.6	8,670
		238				826
	28,800 2.7	2,520	57,800 2.7	5,050 35,600 1.7	1,920 122,000 2.4	9,500

Mineral Resources (inclusive of Ore Reserves) at 31 December 2021, on a 100% basis, contain 9.5Moz of gold. The Company’s fully attributable Mineral Resources position, net of government interests is 7.8Moz of gold.

Mineral Resources decreased from the previously published position at 31 December 2020 following the sale of

Bibiani, which previously contributed 2.5Moz.

The total Mineral Resources at Tabakoroni remain largely the same as the previous statement however successful drilling programs in 2021 converted a large proportion of the inferred resources to indicated category leading to a 40% increase in the Measured and Indicated Resources.

There was a substantial increase in the Mineral Resources from the Syama Satellite Deposits to 1.6Moz, which was underpinned by a sizable increase in the Mineral Resources from the Northern Pits as a result of drilling programs which have been added to the inventory this year.

In Senegal, the Mineral Resources at Mako were re-estimated in 2021 following drilling programs completed in the past few years. This updated Mineral Resource Estimation did not make a material change in the resources, which showed a small decrease this year in line with mining depletion.

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At 31 December 2021

Table 3: Ore Reserves Statement

Proved Probable Total Reserves	Group Share
Ore Reserves As at December 2021 Tonnes g/t oz Tonnes g/t oz Tonnes g/t oz (000s) (000s) (000s) (000s) (000s) (000s)
	oz
	(000s)
Mali	80%
Syama Underground 0 0.0 0 25,700 2.6 2,160 25,700 2.6 2,160 Syama Stockpiles 760 1.8 44 1,810 1.3 77 2,570 1.5 121	1,730
	97
Sub Total (Sulphides) 760 1.8 44 27,500 2.5 2,240 28,200 2.5 2,280	1,820
Satellite Deposits 793 1.8 46 1,430 1.9 89 2,220 1.9 135 Stockpiles (Satellite deposits) 768 1.5 38 1,400 1.0 43 2,170 1.2 80	108
	64
Sub Total Satellite Deposits 1,560 1.7 83 2,830 1.5 132 4,390 1.5 215	172
	90%
Tabakoroni Underground 0 0.0 0 5,030 4.7 766 5,030 4.7 766 Tabakoroni Open Pit 596 2.0 39 209 1.8 12 804 2.0 51 Tabakoroni Satellite Deposits 962 1.6 49 0 0.0 0 962 1.6 49 Tabakoroni Stockpiles 888 1.5 43 0 0.0 0 888 1.5 43
	689
	46
	44
	39
Sub Total Tabakoroni 2,450 1.7 131 5,240 4.6 778 7,680 3.7 908	818
Mali Total 4,770 1.7 258 35,500 2.8 3,150 40,300 2.6 3,400	2,810
Senegal Mako 2,040 1.9 122 7,100 1.9 437 9,140 1.9 558 Mako Stockpiles 3,050 1.1 103 0 0.0 0 3,050 1.1 103	90%
	502
	93
Senegal Total 5,090 1.4 224 7,100 1.9 437 12,200 1.7 661	595
Total Ore Reserves 9,860 1.5 482 42,600 2.6 3,580 52,500 2.4 4,060	3,410

Notes:

1. Mineral Resources include Ore Reserves.

2. All tonnes and grade information have been rounded to reflect relative uncertainty of the estimate, small differences may be present in the totals.

3. Syama Underground mine planning is based on a cut-off grade of 2g/t.

4. Syama Satellite Reserves are reported above 1.0g/t cut-off.

5. Tabakoroni Underground Reserves are reported above a 2.5g/t cut-off.

6. Tabakoroni Satellite Reserves are reported above 1.1g/t cut-off.

7. Mako Reserves are reported above 0.6g/t cut-off.

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At 31 December 2021

Table 4: Mineral Resources Statement

4:Mineral Resources Statement
Measured Indicated Inferred Total Resources	Group Share
Mineral Resources As at December 2021 Tonnes g/t oz Tonnes g/t oz Tonnes g/t oz Tonnes g/t oz (000s) (000s) (000s) (000s) (000s) (000s) (000s) (000s)
	oz
	(000s)
Projects where Resolute has a controlling interest Mali Syama Underground 14,400 3.6 1,640 25,400 3.0 2,460 10,600 2.6 883 50,400 3.1 4,980 Stockpiles (Sulphide) 760 1.8 44 1,830 1.4 79 0 0.0 0 2,590 1.5 123	80%
	3,990
	99
Sub Total (Sulphides) 15,200 3.5 1,690 27,300 2.9 2,540 10,600 2.6 883 53,000 3.0 5,110
	4,090
Satellite Deposits 4,330 2.7 375 11,000 2.1 758 4,860 2.8 435 20,200 2.4 1,570 Stockpiles (Satellite Deposits) 768 1.5 38 1,400 1.0 43 45 1.1 2 2,220 1.2 82
	1,250
	66
Sub Total Satellite Deposits 5,100 2.5 412 12,400 2.0 800 4,910 2.8 437 22,400 2.3 1,650
	1,320
Old Tailings 0 0.0 0 0 0.0 0 17,000 0.7 365 17,000 0.7 365 Tabakoroni Open Pit 524 3.3 55 2,130 4.6 318 21 5.6 4 2,670 4.4 377 Tabakoroni Underground 6 3.5 1 5,180 4.8 792 1,640 3.5 182 6,830 4.4 976 Tabakoroni Satellite Deposits 1,560 1.7 86 850 1.7 47 414 1.9 25 2,830 1.7 157 Tabakoroni Stockpiles 888 1.5 43 0 0.0 0 0 0.0 0 888 1.5 43
	292
	90%
	339
	878
	142
	39
Sub Total Tabakoroni 2,980 1.9 185 8,160 4.4 1,160 2,080 3.2 211 13,200 3.7 1,550
	1,400
Mali Total 23,300 3.1 2,290 47,800 2.9 4,490 34,600 1.7 1,900 106,000 2.6 8,670
	7,090
Senegal Mako 2,460 1.7 135 9,910 1.8 560 986 0.9 28 13,400 1.7 723 Mako Stockpile 3,050 1.1 103 0 0.0 0 0 0.0 0 3,050 1.1 103
	90%
	650
	93
Senegal Total 5,510 1.3 238 9,910 1.8 560 986 0.9 28 16,400 1.6 826
	743
Total Mineral Resources 28,800 2.7 2,520 57,800 2.7 5,050 35,600 1.7 1,920 122,000 2.4 9,500
	7,840

Notes:

1. Mineral Resources include Ore Reserves.

2. All tonnes and grade information have been rounded to reflect relative uncertainty of the estimate, small differences may be present in the totals.

3. Resources are reported above 1.5g/t cut-off for the Northern Pits.

4. Resources for the SLC at Syama is reported within an MSO shape generated at 1.3g/t and south of the SLC within an MSO shape generated at 1.5g/t.

5. Resources for the Cashew NE, Paysans, Tellem and Porphyry Zone (Splay) are reported above a cut-off of 1.0g/t.

6. Resources for Tabakoroni Open Pit are reported above a cut-off of 1.0g/t and within a US$2,000 optimised shell.

7. Resources for the Tabakoroni Underground are reported within an MSO shape generated at 1.75g/t (equivalent to US$2,000).

8. Mako Resources are reported above a cut-off of 0.5g/t and within a US$2,000 optimised shell.

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At 31 December 2021

Competent Persons Statement

The information in this announcement that relates to data quality, geological interpretation and Mineral Resource estimation for the various projects unless specified in the list below is based on information compiled by Bruce Mowat, a Competent Person who is a Member of the Australian Institute of Geoscientists and a full-time employee of Resolute Corporate Services Pty Ltd, a wholly-owned subsidiary of Resolute Mining Limited. Mr Mowat has sufficient experience that is relevant to the styles of mineralisation and type of deposits under consideration and to the activity being undertaken as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (JORC Code 2012). Mr Mowat consents to the inclusion in this announcement of the material compiled by him in the form and context in which it appears.

The information in this statement that relates to the Mineral Resources and Ore Reserves listed below is based on information and supporting documents prepared by the Competent Person identified. Each person specified in the list has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity, which has been undertaken to qualify as a Competent Person as defined in the JORC Code 2012.

Mr Atkinson and Mr Patani are full-time employees of Resolute Corporate Services Pty Ltd, a wholly-owned subsidiary of Resolute Mining Limited. Mr Johnson is a full-time employee of MPR Geological Consultants Pty Ltd.

Mr Osiejak is a full-time employee of Cube Consulting Pty Ltd. Ms Havlin is an employee of Snowden Optiro Pty Ltd. Each person identified in the list below consents to the inclusion in this announcement of the material compiled by them in the form and context in which it appears.

Activity	Competent Person	Membership Institution
Syama Resource	Susan Havlin	Australasian Institute of Mining and Metallurgy
Syama Reserve	Gito Patani	Australasian Institute of Mining and Metallurgy
Northern Pits Resource	Nic Johnson	Australian Institute of Geoscientists
Syama Tailings Facility	Susan Havlin	Australasian Institute of Mining and Metallurgy
Tabakoroni OP Resource	Susan Havlin	Australasian Institute of Mining and Metallurgy
Tabakoroni OP Reserves	Scott Atkinson	Australasian Institute of Mining and Metallurgy
Tabakoroni UG Resource	Susan Havlin	Australasian Institute of Mining and Metallurgy
Tabakoroni UG Reserves	Gito Patani	Australasian Institute of Mining and Metallurgy
Tellem Resource	Nic Johnson	Australian Institute of Geoscientists
Tellem Reserves	Scott Atkinson	Australasian Institute of Mining and Metallurgy
Cashew NE Resource	Bruce Mowat	Australian Institute of Geoscientists
Cashew NE Reserves	Scott Atkinson	Australasian Institute of Mining and Metallurgy
Paysans Resource	Bruce Mowat	Australian Institute of Geoscientists
Paysans Reserves	Scott Atkinson	Australasian Institute of Mining and Metallurgy
Porphyry Zone Resource	Bruce Mowat	Australian Institute of Geoscientists
Porphyry Zone Reserves	Scott Atkinson	Australasian Institute of Mining and Metallurgy
Mako Resources	Marcus Osiejak	Australasian Institute of Mining and Metallurgy
Mako Reserves	Scott Atkinson	Australasian Institute of Mining and Metallurgy

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At 31 December 2021

Contact Information

Resolute

James Virgo, GM Finance and Investor Relations contact@rml.com.au +61 8 9261 6100

Media

Cameron Morse, FTI Consulting cameron.morse@fticonsulting.com +61 433 886 871

Public Relations

Jos Simson, Tavistock resolute@tavistock.co.uk +44 207 920 3150

Corporate Broker

Varun Talwar, Berenberg +44 203 753 3039

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At 31 December 2021

APPENDIX

Ore Reserves Comparison to 31 December 2020

Reserves and Resources comply with the Australasian Code for Reporting of Mineral Resources and Reserves (The JORC Code 2004 and JORC Code 2012)

Ore Reserves	Dec-21 Dec-20 Tonnes Gold grade Ounces Group Share Group Share Tonne s Gold grade Ounces Group Share Group Share (000s) (g/t) (000s) % Ounces (000s) (g/t) (000s) % Ounces Proved Proved Comment on Changes
Mali
Syama Stockpiles (Sulphide) Northern Pits Stockpiles (Oxide) Porphyry Zone (Splay) Tabakoroni Open Pit Tabakoroni Stockpiles Senegal	760 1.8 44 80% 35 675 2.0 42 80% 34 Movement in operating stockpiles 793 1.8 46 80% 37 0 0.0 0 80% 0 New Reserve 768 1.5 38 80% 30 860 1.5 41 80% 33 Movement in operating stockpiles 962 1.6 49 90% 44 0 0.0 0 90% 0 New Reserve 596 2.0 39 90% 35 295 1.6 15 90% 14 New Reserve 888 1.5 43 90% 39 955 1.5 46 90% 42 Movement in operating stockpiles
Mako Mako Stockpiles	2,040 1.9 122 90% 109 3,860 2.0 245 90% 220 Depletion due to mining and new Reserve 3,050 1.1 103 90% 93 2,580 1.2 98 90% 88 Movement in operating stockpiles
Total Proved	9,860 1.5 482 421 9,220 1.6 487 430
	Probable Probable Comment on Changes
Mali
Syama Underground Syama Stockpiles (Sulphide) Northern Pits Stockpiles (Oxide) Cashew NE Paysans Tellem Tabakoroni Underground Tabakoroni Open Pit Senegal	25,700 2.6 2,160 80% 1,730 26,800 2.8 2,440 80% 1,950 Depletion due to mining and new Reserve 1,810 1.3 77 80% 62 1,810 1.3 77 80% 62 Movement in operating stockpiles 184 1.3 8 80% 6 0 0.0 0 80% 0 New Reserve 1,400 1.0 43 80% 34 1,400 1.0 43 80% 34 No change 90 2.0 6 80% 5 658 2.5 54 80% 43 Depletion due to mining and New Reserve 715 2.0 46 80% 37 715 2.0 46 80% 37 No change 435 2.1 29 80% 23 435 2.1 29 80% 23 No change 5,030 4.7 766 90% 689 2,910 4.6 430 90% 387 New Reserve 209 1.8 12 90% 11 97 1.6 5 90% 5 New Reserve
Mako Bibiani	7,100 1.9 437 90% 393 6,840 2.0 438 90% 394 Depletion due to mining and new Reserve 0 0.0 0 90% 0 6,400 3.3 660 90% 594 Asset sold
Total Probable	42,600 2.6 3,580 2,990 48,100 2.7 4,220 3,530
Total Reserves	52,500 2.4 4,060 3,410 57,300 2.6 4,710 3,960

Appendix Table 1: Ore Reserves Comparison – 31 December 2021 to 31 December 2020

Notes:

1. Mineral Resources include Ore Reserves.

2. All tonnes and grade information have been rounded to reflect relative uncertainty of the estimate, small differences may be present in the totals.

3. Bibiani Reserves are reported above 2.75g/t cut-off.

4. Syama Underground mine planning is based on a cut-off grade of 2g/t.

5. Syama Satellite Reserves are reported above 1.0g/t cut-off.

6. Tabakoroni Underground Reserves are reported above a 2.5g/t cut-off.

7. Tabakoroni Satellite Reserves are reported above 1.1g/t cut-off.

8. Mako Reserves are reported above 0.6g/t cut-off.

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At 31 December 2021

Mineral Resources Comparison To 31 December 2020

Mineral Resources	Dec-21 Dec-20 Tonnes Gold grade Ounces Group Share Group Share Tonnes Gold grade Ounces Group Share Group Share (000s) (g/t) (000s) % Ounces (000s) (g/t) (000s) % Ounces Measured Measured Comment on Changes
Mali
Syama Underground Syama stockpiles (Sulphide) Northern Pits Stockpiles (Oxide) Tabakoroni Open Pit Tabakoroni Underground Tabakoroni Stockpiles Porphyry Zone (Splay)	14,400 3.6 1,640 80% 1,320 14,100 3.9 1,760 80% 1,410 Depletion due to mining and new Resource 760 1.8 44 80% 35 676 2.0 42 80% 34 Movement in operating stockpiles 4,330 2.7 375 80% 300 0 0.0 0 80% 0 New Resource 768 1.5 38 80% 30 860 1.5 41 80% 33 Movement in operating stockpiles 524 3.3 55 90% 50 287 2.4 22 90% 20 New Resource 6 3.5 1 90% 1 211 4.4 30 90% 27 New Resource 888 1.5 43 90% 39 955 1.5 46 90% 42 Movement in operating stockpiles 1,560 1.7 86 90% 77 0 0.0 0 90% 0 New Resource
Senegal
Mako Mako Stockpiles	2,450 1.7 135 90% 122 4,530 1.8 267 90% 241 Depletion due to mining and new Resource 3,050 1.1 103 90% 93 2,580 1.2 98 90% 88 Movement in operating stockpiles
Total Measured	28,800 2.7 2,520 2,060 24,200 3.0 2,310 1,890
	Indicated Indicated Comment on Changes
Mali
Syama Underground Syama stockpiles (Sulphide) Northern Pits Stockpiles (Oxide) Cashew NE Paysans Tellem Tabakoroni Open Pit Tabakoroni Underground Porphyry Zone (Splay) Senegal Mako	25,400 3.0 2,460 80% 1,960 22,300 3.2 2,290 80% 1,830 Depletion due to mining and new Resource 1,830 1.4 79 80% 63 1,810 1.3 77 80% 62 Movement in operating stockpiles 4,120 2.7 363 80% 291 3,880 2.4 295 80% 236 New Resource 1,400 1.0 43 80% 34 1,400 1.0 43 80% 34 No change 906 1.9 54 80% 43 970 2.4 74 80% 59 Depletion due to mining and new Resource 4,210 1.7 230 80% 184 4,210 1.7 230 80% 184 No change 1,770 1.9 110 80% 88 1,770 1.9 110 80% 88 No change 2,130 4.6 318 90% 286 726 3.1 72 90% 65 New Resource 5,180 4.8 792 90% 713 4,440 4.9 699 90% 629 New Resource 850 1.7 47 90% 42 0 0.0 0 90% 0 New Resource 9,910 1.8 560 90% 504 9,590 1.8 559 90% 503 New Resource and mining depletion
Ghana
Bibiani	0 0.0 0 90% 0 13,300 3.5 1,490 90% 1,340 Asset sold
Total Indicated	57,800 2.7 5,050 4,210 64,400 2.9 5,940 5,040

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At 31 December 2021

Mineral Resources Comparison to 31 December 2020

Mineral Resources	Dec-21 Dec-20 Tonnes Gold grade Ounces Group Share Group Share Tonnes Gold grade Ounces Group Share Group Share (000s) (g/t) (000s) % Ounces (000s) (g/t) (000s) % Ounces Inferred Inferred Comment on Changes
Mali
Syama Underground Northern Pits Stockpiles (Oxide) Cashew NE Paysans Tellem Tabakoroni Open Pit Tabakoroni Underground Porphyry Zone (Splay) Tailings Storage Facility Senegal	10,600 2.6 883 80% 706 4,230 3.4 458 80% 366 Depletion due to mining and new Resource 3,500 3.2 358 80% 286 506 2.5 40 80% 32 No change 45 1.1 2 80% 1 45 1.1 2 80% 1 No change 49 1.4 2 80% 2 3 2.7 0 80% 0 Depletion due to mining and new Resource 920 1.6 40 80% 32 920 1.6 40 80% 32 No change 400 2.5 35 80% 28 400 2.5 35 80% 28 No change 21 5.6 4 90% 3 15 3.6 2 90% 2 New Resource 1,640 3.5 182 90% 164 3,460 4.8 536 90% 483 New Resource 414 1.9 25 90% 22 3,820 2.0 247 90% 223 Depletion due to mining and new Resource 17,000 0.7 365 80% 292 17,000 0.7 365 80% 292 No change
Mako Ghana	986 0.9 28 90% 25 1,210 1.0 40 90% 36 Depletion due to mining and new Resource
Bibiani	0 0.0 0 90% 0 8,440 3.7 1,010 90% 910 Asset sold
Total Inferred	35,600 1.7 1,920 1,560 40,100 2.2 2,780 2,410
Total Resources	122,000 2.4 9,500 7,840 129,000 2.7 11, 000 9,330

Appendix Table 2: Mineral Resources Comparison – 31 December 2021 to 31 December 2020

Notes:

1. Mineral Resources include Ore Reserves.

2. All tonnes and grade information have been rounded to reflect relative uncertainty of the estimate, small differences may be present in the totals.

3. Resources are reported above 1.5g/t cut-off for the Northern Pits.

4. Resources for the SLC at Syama is reported within an MSO shape generated at 1.3g/t and south of the SLC within an MSO shape generated at 1.5g/t.

5. Resources for the Cashew NE, Paysans, Tellem and Porphyry Zone (Splay) are reported above a cut-off of 1.0g/t.

6. Resources for Tabakoroni Open Pit are reported above a cut-off of 1.0g/t and within a US$2,000 optimised shell.

7. Resources for the Tabakoroni Underground are reported within an MSO shape generated at 1.75g/t (equivalent to US$2,000).

8. Mako Resources are reported above a cut-off of 0.5g/t and within a US$2,000 optimised shell.

9. Bibiani Resources are reported above 2.0g/t cut-off.

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At 31 December 2021

JORC Code, 2012 Edition – Table 1 Report

Syama Gold Mine

Section 1 Sampling Techniques and Data

Section 1 Sampling Techniques and Data
CRITERIA JORC CODE EXPLANATION	COMMENTARY
Sampling techniques •Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling. •Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. •Aspects of the determination of mineralisation that are Material to the Public Report. •In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.	The mineral resource estimate was based on data collected from reverse circulation (RC) and diamond core (DD) drill holes completed by Resolute Mining Limited (2003-2017), Randgold Resources Ltd (1996-2000) and BHP (1987-1996). Diamond core was sampled at 1m intervals and cut in half, to provide a 2-4kg sample, which was sent to the laboratory for crushing, splitting and pulverising, to provide a 30g charge for analysis. RC samples were collected on 1m intervals via a cyclone by riffle split (dry), or by scoop (wet), to obtain a 2-4kg sample which was sent to the laboratory for crushing, splitting and pulverising to provide a 30g charge for analysis. Resolute sampling and sample preparation protocols are industry standard and are deemed appropriate by the Competent Person. The Randgold and BHP diamond core and RC samples were taken on 1m intervals. Due to the historical nature of the data sampling protocols are not known. Drill types used include diamond core of HQ and NQ sizes. Core is oriented at 3m down hole intervals using a Reflex Act II RD Orientation Tool and more recently using a Reflex north seeking gyro instrument. Drill core interval recoveries are measured from core block to core block using a tape measure. Appropriate measures are taken to maximise sample recovery and ensure representative nature of the samples. No apparent relationship between sample recovery and grade. Drill holes were geologically logged by geologists for colour, grainsize, lithology, minerals, alteration and weathering on geologically domained intervals. Geotechnical and structure orientation data was measured and logged for all diamond core intervals. Diamond core was photographed (wet and dry). Holes were logged in their entirety (100%) and this logging was considered reliable and appropriate.
Drilling techniques •Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.).
Drill sample recovery •Method of recording and assessing core and chip sample recoveries and results assessed. •Measures taken to maximise sample recovery and ensure representative nature of the samples. •Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.
Logging •Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. •Whether logging is qualitative or quantitative in nature. •Core (or costean, channel, etc.) photography. •The total length and percentage of the relevant intersections logged.

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CRITERIA JORC CODE EXPLANATION	COMMENTARY Diamond core were sampled at 1m intervals and cut in half to obtain a 2-4kg sample. Reverse circulation samples were collected on 1m intervals by riffle split (dry) or by scoop (wet) to obtain a 2-4kg sample. Sample preparation for diamond core and RC samples includes oven drying, crushing to 10mm and splitting, pulverising to 85% passing -75um. These preparation techniques are deemed to be appropriate to the material and element being sampled. Drill core coarse duplicates were split by the laboratory after crushing at a rate of 1:20 samples. Reverse circulation field duplicates were collected by the company at a rate of 1:20 samples. Resolute sampling, sample preparation and quality control protocols are of industry standard and all attempts were made to ensure an unbiased representative sample was collected. The methods applied in this process were deemed appropriate by the Competent Person. Sub-sampling techniques and sample preparation completed by previous owners is not known. All Resolute samples were analysed for gold by 30g fire assay fusion with AAS instrument finish. The analysis was performed by ALS Bamako or SGS Morila. The analytical method was appropriate for the style of mineralisation. No geophysical tools were used to determine elemental concentrations. Quality control (QC) procedures included the use of certified standards and blanks (1:20), non- certified sand blanks (1:20), diamond core coarse duplicates (1:20) and reverse circulation field duplicates (1:20). Laboratory quality control data, including laboratory standards, blanks, duplicates, repeats and grind size results were also captured into the digital database. Analysis of the QC sample assay results indicates that an acceptable level of accuracy and precision has been achieved. The assay techniques used by Randgold and BHP include fire assay fusion with AAS instrument finish and aqua regia with AAS. The majority of the samples were analysed at the onsite Syama laboratory. Due to the historical nature of the Randgold and BHP data the assay procedures are not known for all samples.
Sub-sampling techniques and sample preparation • If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled.
Quality of assay data and laboratory tests • The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.
Verification of sampling and assaying • The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data.	Verification of significant intersections have been completed by company personnel and the competent person. No drill holes within the resource area were twinned. Drill holes were logged onto paper templates or Excel templates with lookup codes, validated and then compiled into a relational SQL 2012 database using DataShed data management software. The database has a variety of verification protocols which are used to validate the data entry. The drill hole database is backed up daily to the head office server. Assay result files were reported by the laboratory in PDF and CSV format and imported directly into the SQL database without adjustment or modification. Resolute has conducted extensive reviews, data validation and data verification on the historic data collected by the previous owners, Randgold and BHP.

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CRITERIA	JORC CODE EXPLANATION	JORC CODE EXPLANATION	COMMENTARY
Location of	•	Accuracy and quality of surveys used to locate drill holes	Collar coordinates were picked up in UTM (WGS84) by staff
data points		(collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	surveyors using an RTK DGPS with an expected accuracy of 0.05m; elevations were height above EGM96 geoid.
	•	Specification of the grid system used.	Down hole surveys were collected using single shot and multi shot
	•	Quality and adequacy of topographic control.	magnetic survey tools including Reflex EZTrac and EZShot instruments. A time-dependent declination was applied to the
			magnetic readings to determine UTM azimuth. Diamond drilling
			completed in 2017 and 2018 has utilised a Reflex EZ Gyro downhole
			survey instrument to provide more frequent data points and reduced
			magnetic interference.
			Coordinates and azimuth are reported in UTM WGS84 Zone 29
			North in this release.
			Coordinates were translated to local mine grid where appropriate.
			Local topographic control is via satellite photography and drone UAV
			Aerial Survey.
Data spacing	•	Data spacing for reporting of Exploration Results.	The drill hole spacing was sufficient to demonstrate geological and
and distribution	•	Whether the data spacing and distribution is sufficient to	grade continuity appropriate for
		establish the degree of geological and grade continuity	Mineral Resource estimation and classification in accordance with
		appropriate for the Mineral Resource and Ore Reserve	the 2012 JORC Code.
	•	estimation procedure(s) and classifications applied. Whether sample compositing has been applied.	The appropriateness of the drill spacing was reviewed by the geological technical team, both on site and within the Resolute
			group. This was also reviewed by the Competent Person.
			RC and diamond core samples were collected on 1m intervals; no
			sample compositing is applied during sampling.
Orientation of data in relation to geological structure	• •	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. If the relationship between the drilling orientation and the	Holes were drilled predominantly perpendicular to mineralised domains where possible. No orientation-based sampling bias has been identified in the data.
		orientation of key mineralised structures is considered to
		have introduced a sampling bias, this should be assessed
		and reported if material.
Sample security	•	The measures taken to ensure sample security.	Samples were collected from the drill site and stored on site.
			All samples were individually bagged and labelled with unique
			sample identifiers then securely dispatched to the laboratories.
			All aspects of sampling process were supervised and tracked by
			SOMISY personnel.
Audits or reviews	•	The results of any audits or reviews of sampling techniques	External audits of procedures indicate protocols are within
		and data.	industry standards.

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Section 2 Reporting of Exploration Results

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
Mineral tenement	• Type, reference name/number, location and ownership	Drilling was conducted within the Malian Exploitation
and land tenure	including agreements or material issues with third parties	Concession Permit PE 93/003 which has an area of
status	such as joint ventures, partnerships, overriding royalties,	200.6km2.
	native title interests, historical sites, wilderness or national park and environmental settings.	Resolute Mining Limited has an 80% interest in the Syama project and the Exploitation Permit PE—93/003, on which it
	• 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.	is based, through its Malian subsidiary, Sociêtê des Mines de Syama SA (SOMISY). The Malian Government holds a free carried 20% interest in SOMISY.
		The Permit is held in good standing. Malian mining law
		provides that all mineral resources are administered by
		DNGM (Direction Nationale de la Géologie et des Mines) or
		National Directorate of Geology and Mines under the
		Ministry of Mines, Energy and Hydrology.
Exploration	• Acknowledgment and appraisal of exploration by	The Syama deposit was originally discovered by a regional
done by other	other parties.	geochemical survey undertaken by the Direction National de
parties		Géologie et des Mines (DNGM) with assistance from the
		United Nations Development Program (UNDP) in 1985.
		There had also been a long history of artisanal activities on
		the hill where an outcropping chert horizon originally marked
		the present-day position of the open pit.
		BHP during 1987-1996 sampled pits, trenches, auger, RC
		and diamond drill holes across Syama prospects.
		Randgold Resources Ltd during 1996-2000 sampled pits,
		trenches, auger, RAB, RC and diamond drill holes across
		Syama prospects.
Geology	• Deposit type, geological setting and style of mineralisation.	The Syama Project is found on the northern margin of the
		Achaean-Proterozoic Leo Shield which forms the southern
		half of the West African Craton. The project area straddles
		the boundary between the Kadiana–Madinani terrane and
		the Kadiolo terrane. The Kadiana-Madinani terrane is
		dominated by greywackes and a narrow belt of interbedded
		basalt and argillite. The Kadiolo terrane comprises polymictic
		conglomerate and sandstone that were sourced from the
		Kadiana-Madinani terrane and deposited in a late- to
		syntectonic basin.
		Prospects are centred on the NNE striking, west dipping,
		Syama-Bananso Fault Zone and Birimian volcano-
		sedimentary units of the Syama Formation. The major
		commodity being sought is gold.
Drill hole	• A summary of all information material to the understanding	No new exploration results have been reported in
Information	of the exploration results including a tabulation of the	this release.
	following information for all Material drill holes: o easting and northing of the drill hole collar.	The listing of the entire drill hole database used to estimate the resource was not considered relevant for this release.
	o elevation or RL (Reduced Level – elevation above sea
	level in metres) of the drill hole collar.
	o dip and azimuth of the hole.
	o down hole length and interception depth.
	o Whole length.
	• If the exclusion of this information is justified on the
	basis that the information is not Material and this exclusion
	does not detract from the understanding of the report,
	the Competent Person should clearly explain why this is the
	case.

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CRITERIA	JORC CODE EXPLANATION	COMMENTARY
Data aggregation	• In reporting Exploration Results, weighting averaging	No new exploration results have been reported in
methods	techniques, maximum and/or minimum grade truncations	this release.
	(e.g. cutting of high grades) and cut-off grades are usually Material and should be stated.	Metal equivalent values are not used in reporting.
	• Where aggregate intercepts incorporate short lengths of
	high-grade results and longer lengths of low-grade results,
	the procedure used for such aggregation should be stated
	and some typical examples of such aggregations should be
	shown in detail.
	• The assumptions used for any reporting
	of metal equivalent values should be clearly stated.
Relationship	• These relationships are particularly important in the	The mineralisation is steeply dipping at approximately 600
between	reporting of Exploration Results.	from the horizontal.
mineralisation widths and intercept lengths	• If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are	Most of the drill holes are planned at local grid 0900at a general inclination of -600east to achieve as close to perpendicular to the ore zone as possible.
	reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width not known’).	At the angle of the drill holes and the dip of the ore zones, the reported intercepts will be slightly more than true width.
Diagrams	• Appropriate maps and sections (with scales) and	Relevant maps, diagrams and tabulations are included in the
	tabulations of intercepts should be included for any	body of text.
	significant discovery being reported. These should include,
	but not be limited to a plan view of drill hole collar locations
	and appropriate sectional views.
Balanced	• Where comprehensive reporting of all Exploration Results is	Mineral Resources are being reported in this announcement.
reporting	not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	No new exploration results have been reported in this release.
Other substantive	• Other exploration data, if meaningful and material, should	No geophysical and geochemical data and any additional
exploration data	be reported including (but not limited to): geological	exploration information has been reported in this release, as
	observations; geophysical survey results; geochemical	they are not deemed relevant to the release.
	survey results; bulk samples – size and method of
	treatment; metallurgical test results; bulk density,
	groundwater, geotechnical and rock characteristics;
	potential deleterious or contaminating substances.
Further work	• The nature and scale of planned further work (e.g. tests for	Depth extension drilling is planned to test the down-dip
	lateral extensions or depth extensions or large-scale step-	potential of the Syama ore body at depth, and beneath the
	out drilling).	current limit of drilling.
	• Diagrams clearly highlighting the areas of possible
	extensions, including the main geological interpretations
	and future drilling areas, provided this information is not
	commercially sensitive.

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Section 3 Estimation and Reporting of Mineral Resources

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
Database	• Measures taken to ensure that data has not been corrupted by,	Data has been compiled into a relational SQL database; the
integrity	for example, transcription or keying errors, between its initial	setup of this database precludes the loading of data which does
	collection and its use for Mineral Resource estimation purposes.	not meet the required validation protocols. The data is managed
	• Data validation procedures used.	using DataShed© drill hole management software using SQL database techniques. Validation checks are conducted using
		SQL and DataShed© relational database standards. Data has
		also been checked against original hard copies for 100% of the
		data, and where possible, loaded from original data sources.
		Resolute completed the following basic validation checks on the
		data supplied prior to resource estimation:
		•Drill holes with overlapping sample intervals.
		•Sample intervals with no assay data. Duplicate records.
		•Assay grade ranges.
		•Collar coordinate ranges.
		•Valid hole orientation data.
		There are no significant issues identified with the data.
Site visits	• Comment on any site visits undertaken by the Competent	Ms Susan Havlin, a Member of the Australasian Institute of
	Person and the outcome of those visits.	Mining and Metallurgy is the Competent Person who has visited
	• If no site visits have been undertaken indicate why this is	this site on numerous occasions.
	the case.	All aspects of drilling, sampling and mining are considered by the
		Competent Persons to be of a high industry standard.
Geological interpretation	• Confidence in (or conversely, the uncertainty of) the geological interpretation of the mineral deposit. • Nature of the data used and of any assumptions made.	The digital database used for the interpretation included logged intervals for the key stratigraphic zones of Syama. Detailed geological logs were available in hardcopy and digital and reviewed where necessary.
	• The effect, if any, of alternative interpretations on Mineral Resource estimation.	Drill density (50m by 50m) for the majority of the Syama area
	• The use of geology in guiding and controlling Mineral Resource estimation.	allows for confident interpretation of the geology and mineralised domains. More recent grade control (gc) drilling (at 25m by 25m spacing) confirms the positions of mineralised zones.
	• The factors affecting continuity both of grade and geology.	Geological andstructuralcontrols support modelled mineralised zones, which are constrained within geological units.
		Continuity of mineralisation is affected by proximity to
		structural conduits (allowing flow of mineralised fluids),
		stratigraphic position, lithology of key stratigraphic units and
		porosity of host lithologies.
		Wireframes used to constrain the estimation for Syama South
		and Nafolo are based on drill hole intercepts and geological
		boundaries. All wireframes at Syama South and Nafolo have
		been constructed to a 1g/t Au cut-off grade for shape
		consistency.
		The incorporation of an independent structural model (Steve
		King, 2019) gives limited options for large scale alternate
		interpretations.
Dimensions	• The extent and variability of the Mineral Resource	The Syama area extends for approximately 1,500 metres in
	expressed as length (along strike or otherwise), plan width,	strike and the west dipping gold mineralised zone is between
	and depth below surface to the upper and lower limits	100-200 metres in horizontal width, narrowing at its southern and
	of the Mineral Resource.	northern limits. The Mineral Resource is limited in depth by
		drilling, which extends from surface to a maximum depth of
		approximately 800 metres vertically.

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• Estimation • The nature and appropriateness of the estimation and modelling technique(s) applied and key assumptions, including techniques treatment of extreme grade values, domaining, interpolation parameters and maximum distance of extrapolation from data points. If a computer assisted estimation method was chosen include a description of computer software and parameters used.

• The availability of check estimates, previous estimates and/or mine production records and whether the Mineral Resource estimate takes appropriate account of such data.

• The assumptions made regarding recovery of byproducts.

• Estimation of deleterious elements or other non-grade variables of economic significance (e.g. sulphur for acid mine drainage characterization).

• In the case of block model interpolation, the block size in relation to the average sample spacing and the search employed.

• In the case of block model interpolation, the block size in relation to the average sample spacing and the search employed.

• Any assumptions behind modelling of selective mining units.

• Any assumptions about correlation between variables.

• Description of how the geological interpretation was used to control the resource estimates.

• Discussion of basis for using or not using grade cutting or capping.

• The process of validation, the checking process used, the comparison of model data to drill hole data, and use of reconciliation data if available.

Estimation was completed in Datamine Studio RM using Categorical Indicator (CI) approach to define the mineralised blocks followed by an Ordinary Kriged (OK) model to estimate the gold grade. Grades were estimated into parent block of 5mE by 12.5mN by 5mRL for Syama underground and 10mE by 25 mN by 10mRl for Syama South and Nafolo. Sub- celling down to 5mE by 12.5mN by 5mRL was employed for resolution of the mineralisation boundary at Nafolo.

The categorical model used a cut-off of 1 g/t gold once the mineralised blocks have been identified another categorical model within this mineralisation is carried out at a cut-off of 2 g/t to identify higher grade zones. A 5mE by 12.5mN by 5mRL block size was employed during the categorical process used to delineate mineralised regions.

After this process, the model was reblocked up to 5mE by 25mN by 10mRL for Nafolo while retaining the smaller size blocks as subcells at mineralisation boundaries.

The resource model included estimates for sulphide sulphur and organic carbon which assist with metallurgical characterisation. The sulphide sulphur is estimated via a categorical indicator approach with a cut-off grade of 1% to identify the higher grade blocks and then an OK estimation was carried out within these blocks. Organic carbon was just estimated without boundaries into the block model. There are reduced assays at depth of these two elements so there is some smoothing at depth.

Kriging neighbourhood analysis was performed to optimise the block size, sample numbers and discretisation levels with the goal of minimising conditional bias in the gold grade estimates.

A larger blocks size for Nafolo and Syama South was chosen based on this analysis than was employed in the previous resource estimate and the wider drill spacing.

A total of three search passes was used, with the first search pass set to the range of the variogram for each element. A minimum of 10 and a maximum of 30 samples were used. The search stayed the same for the second pass but was increased by a factor of 2 for the third and final pass. The minimum number of samples was reduced to 8 for the second pass and 6 for the third pass.

Semi-soft boundaries were used between the higher grade and lower grade domains and between the lower grade domain and the waste domain for Syama Main. Two samples either side of the mineralisation boundary were used in the OK estimation. Hard boundaries were utilised for the domains at Nafolo, Syama South and all of the domains for sulphide sulphur.

Un-estimated blocks (less than 1% for gold) were assigned the domain average grades. No deleterious elements were found in the ore.

No selective mining units have been assumed.

No assumptions have been made regarding the correlation of variables although it is noted that a broad positive correlation exists between gold and sulphur.

Estimation searches have been orientated to respect the orientation of the Syama Formation which hosts the mineralisation.

Top cuts were applied to reduce the variability of the data and to remove the outliers.

The estimated block model grades were visually validated against the input drillhole data and comparisons were carried out against the drillhole data and by northing and elevation slices. Global comparison between the input data and the block grades for each variable is considered acceptable (±10%).

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CRITERIA	JORC CODE EXPLANATION	COMMENTARY
		Comparison with the 2020 Mineral Resource was carried out.
Moisture	•Whether the tonnages are estimated on a dry basis or with	All tonnages are estimated on a dry basis.
	natural moisture, and the method of determination of the
	moisture content.
Cut-off parameters	•The basis of the adopted cut-off grade(s) or quality	Mineral Resources for the main part of Syama was reported
	parameters applied.	within a shape generated using a MSO (Mineable Shape
		Optimiser) at 1.3g/t cut-off grade (equivalent to a US$2,000 gold
		price) this was based on the current Sub-Level Caving (SLC)
		mining method. The material south of the main zone was
		reported within an MSO shape generated at 1.5 g/t cut-off grade
		(equivalent to a US$2,000 gold price) as this is planned to be
		mined by Open Stoping.
Mining factors	•Assumptions made regarding possible mining methods,	The current mining method for underground exploitation is
or assumptions	minimum mining dimensions and internal (or, if applicable,	SLC.
	external) mining dilution. It is always necessary as part of the process of determining reasonable prospects for eventual	The resource model extends from 1,250 mRL to 600 mRL.
	economic extraction to consider potential mining methods, but	Open pit mining methods were used by Resolute to 1,120
	the assumptions made regarding mining methods and	mRL. Material testing conducted on samples of underground
	parameters when estimating Mineral Resources may not	ore confirmed that properties such as metallurgical factors,
	always be rigorous.	structural trends and geological continuity remain the same as
	Where this is the case, this should be reported with an explanation of the basis of the mining assumptions made.	observed in the fresh rock portion of the open pit.
		This Mineral Resource does not account for mining recovery.
Metallurgical factors	•The basis for assumptions or predictions regarding	Resolute has conducted metallurgical testwork on variability
or assumptions	metallurgical amenability. It is always necessary as part of	samples taken from within the proposed underground ore
	the process of determining reasonable prospects for eventual economic extraction to consider potential metallurgical methods, but the assumptions regarding metallurgical treatment processes and parameters made	zone. A testwork program was supervised by consultants MineLogix Pty Ltd based on analytical testwork completed at ALS Metallurgy Laboratory.
	when reporting Mineral Resources may not always be	The program included comminution, flotation, roasting and
	rigorous. Where this is the case, this should be reported	leaching assessments.
	with an explanation of the basis of the metallurgical assumptions made.	The planned processing flowsheet involves crushing, milling, flotation and roasting, followed by CIL recovery of the calcine
		product. The Syama sulphide processing facility has been in
		operation in its current form since 2007.
		The various testwork programs did not identify any contrasting
		metallurgical behaviour from samples within the underground ore
		zone and theperformanceof theundergroundore typically
		matches that observed for open pit ore.

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CRITERIA JORC CODE EXPLANATION COMMENTARY

• Environmental • Assumptions made regarding possible waste and process factors residue disposal options. It is always necessary as part of or assumptions the process of determining reasonable prospects for eventual economic extraction to consider the potential environmental impacts of the mining and processing operation. While at this stage the determination of potential environmental impacts, particularly for a green fields project, may not always be well advanced, the status of early consideration of these potential environmental impacts should be reported. Where these aspects have not been considered this should be reported with an explanation of the environmental assumptions made.

It is a requirement of Decree No.03-594/P-RM of 31 December 2003 of Malian law that an Environmental and Social Impact Study (Étude d’Impact Environmental et Social – EIES) must be undertaken to update the potential environmental and social impacts of the mine’s redevelopment. The EIES for the Syama Gold Mine was approved in November 2007 and an Environment Permit (07- 0054/MEA – SG) was issued by the Ministry of Environment and Sanitation on the 22 November 2007. The Ministry of Environment conduct timely reviews of the Syama Gold Mine to ensure that the Company maintains compliance with the EIES guidelines.

At Syama there are three key practices for disposal of wastes and residues namely, stacking of waste rock from open pit mining; storage of tailings from mineral processes; and “tallstack dispersion” of sulphur dioxide from the roasting of gold bearing concentrate. All waste disposal practices are in accordance with the guidelines in the EIES.

The Environmental and Social Impact Study – “Société des Mines de Syama, Syama Gold Mine, Mali, dated 2007 indicated there was minimal potential for acid mine drainage from waste rock due to the elevated carbonate content which buffers a potential acid generation. Resolute maintains a plan for progressive rehabilitation of waste rock landforms as part of ongoing mine development and waste rock dumping.

The landform of tailings impoundments does not have a net acid generating potential. The largest volume is flotation tailings where the sulphide minerals have already been removed from the host rock. Its mineralogy includes carbonates which further buffer any acid-formation potential from sulphides that may also be present.

Cyanide levels in the leached-calcine tailings are typically less than 50 ppm in the weak acid dissociable form. Groundwater away from the tailing’s landform is intercepted by trenches and sump pumps.

Sulphur dioxide is generated from the roasting of gold concentrate so that gold can be extracted and refined. Tall-Stack “dispersion” of the sulphur dioxide emission is monitored continuously. Prevailing weather and dissipation of the sulphur dioxide is modelled daily to predict the need to pause the roasting process to meet the air quality criteria set out in the Environmental and Social Impact Study.

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CRITERIA

JORC CODE EXPLANATION

• Bulk density • Whether assumed or determined. If assumed, the basis for the assumptions. If determined, the method used, whether wet or dry, the frequency of the measurements, the nature, size and representativeness of the samples.

• The bulk density for bulk material must have been measured by methods that adequately account for void spaces (vugs, porosity, etc), moisture and differences between rock and alteration zones within the deposit.

• Discuss assumptions for bulk density estimates used in the evaluation process of the different materials.

COMMENTARY

Site personnel have completed numerous bulk density comparative estimates on HQ drill core to assess variability using the Archimedes method of dry weight versus weight in water. This method was used for 96% of the bulk density measurements.

Other tests were completed by SGS using the pycnometer method.

Based on the data collected the following SG estimates were applied to the model:

• Syama Formation 2.82

• • Sikoro Formation 2.75

• Banmbere Conglomerate 2.75

SIKORO

==> picture [212 x 30] intentionally omitted <==

----- Start of picture text -----

FORMATION
SYAMA BANMBERE
CONGLOMERATE
FORMATION
----- End of picture text -----

Classification

• The basis for the classification of the Mineral Resources into varying confidence categories.

• Whether appropriate account has been taken of all relevant factors (i.e. relative confidence in tonnage/grade estimations, reliability of input data, confidence in continuity of geology and metal values, quality, quantity and distribution of the data).

• Whether the result appropriately reflects the Competent Person’s view of the deposit.

The Measured Mineral Resource classification is based on good confidence in the geology and gold grade continuity with less than 25m x 25m spaced drillhole density in the central part of the deposit directly below the current pit.

The Indicated Mineral Resource classification is based on good confidence in the geology and gold grade continuity with less than 75m x 75m spaced drillhole density in the central part of the deposit.

The Inferred Mineral Resource classification is applied to extensions of mineralised zones on the margins of the deposit where drill spacing is more than 100m x 100m and the extents of mineralisation at depth. The Nafolo orebody to the south of Syama which is tested by wider drill spacing has also been classified as Inferred.

The validation of the block model has confirmed satisfactory correlation of the input data to the estimated grades and reproduction of data trends.

The Mineral Resource estimate appropriately reflects the view of the Competent Persons.

Audits or reviews

• The results of any audits or reviews of Mineral Resource estimates.

The Mineral Resource has been audited internally and in conjunction with resource consultants at Snowden Optiro Pty Ltd as part of the routine validation process. There has been no external review of the Mineral Resource estimate.

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CRITERIA	JORC CODE EXPLANATION	COMMENTARY
Discussion of	•Where appropriate a statement of the relative accuracy and	The relative accuracy of the Mineral Resource estimate is
relative accuracy/	confidence level in the Mineral Resource estimate using an	reflected in the reporting of Indicated and Inferred resource
confidence	approach or procedure deemed appropriate by the Competent Person. For example, the application of statistical	categories as defined by 2012 JORC Code guidelines.
	or geostatistical procedures to quantify the relative accuracy	The geostatistical techniques applied to the estimate of
	of the resource within stated confidence limits, or, if such an	underground resources at Syama are deemed appropriate to
	approach is not deemed appropriate, a qualitative discussion	the estimation of Sub Level Caving (SLC) mining method and
	of the factors that could affect the relative accuracy and	hence applicable for reserve estimation.
	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	The estimation was compared with the production history at Syama and it is within 15-20% which is within the limits for the relevant classifications.
	evaluation. Documentation should include assumptions made
	and the procedures used.
	•These statements of relative accuracy
	and confidence of the estimate should be compared with
	production data, where available.

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Section 4 Estimation and Reporting of Ore Reserves

CRITERIA JORC CODE EXPLANATION	COMMENTARY
Mineral Resource estimate for conversion to Ore Reserves •Description of the Mineral Resource estimate used as a basis for the conversion to an Ore Reserve. •Clear statement as to whether the Mineral Resources are reported additional to, or inclusive of, the Ore Reserve.	The Syama 1121 Mineral Resource is the basis for the estimation of Syama Ore Reserves. The Mineral Resources are reported inclusive of Ore Reserves.
Site visits •Comment on any site visits undertaken by the Competent Person and the outcome of those visits. •If no site visits have been undertaken indicate why this is the case.	The Competent Person, Mr. Gito Patani, is a full-time employee of Resolute Mining Ltd and a Member of the Australasian Institute of Mining and Metallurgy. He recently started with the company and conducted a site visit to the project area in January 2022. Travel to site was restricted during the 2021 due to covid- 19 travel restrictions, but weekly contact with site teams was maintained throughout the period.
Study status •The type and level of study undertaken to enable Mineral Resources to be converted to Ore Reserves. •The Code requires that a study to at least Pre-Feasibility Study level has been undertaken to convert Mineral Resources to Ore Reserves. Such studies will have been carried out and will have determined a mine plan that is technically achievable and economically viable, and that material Modifying Factors have been considered.	Pre-Feasibility and Feasibility studies were previously conducted for Syama. The Syama UG mine is a going concern. The Ore Reserves are derived from LOM plan maintained for the ongoing scheduling and management of Syama UG operations.
Cut-off parameters •The basis of the cut-off grade(s) or quality parameters applied.	The LOM plan for Syama is designed based on variable shut-off grade with dilution and recovery estimation undertaken in cave flow modelling. The shut-off grade strategy used for cave flow modelling is based on COG calculation for various years from Fy22 financial model. The COG is estimated using: a gold price of USD 1,500/oz, a metallurgical recovery of 78%, an ad valorem royalty rate of 6%.
Mining factors or assumptions •The method and assumptions used as reported in the Pre- Feasibility or Feasibility Study to convert the Mineral Resource to an Ore Reserve (i.e. either by application of appropriate factors by optimization or by preliminary or detailed design). •The choice, nature and appropriateness of the selected mining method(s) and other mining parameters including associated design issues such as pre-strip, access, etc. •The assumptions made regarding geotechnical parameters (e.g. pit slopes, stope sizes, etc.), grade control and pre- production drilling. •The major assumptions made and Mineral Resource model used for pit and stope optimization (if appropriate). •The mining dilution factors used. •The mining recovery factors used. •Any minimum mining widths used. •The manner in which Inferred Mineral Resources are utilized in mining studies and the sensitivity of the outcome to their inclusion. •The infrastructure requirements of the selected mining methods. Most of mining at Syama UG is planned to be undertaken by Sub- Level Caving (SLC) mining methods. Geotechnical studies have concluded that the deposit is amenable to SLC, and that caving is likely to be induced at hydraulic radii of between 12 and 17. Observed progress from mining to date supports these conclusions. Resolute undertakes a program of grade control drilling at Syama UG to progressively upgrade its geological confidence at Syama and enable further detailed mine planning. The Ore Reserve was estimated using the block model prepared for estimating the 2021 Mineral Resource. The Syama LOM plan is prepared —from the Mineral Resource block model— using mining industry standard computer aided design and scheduling software. Initially, production rings are designed to extract ore. Subsequently, lateral development and other infrastructure are designed to access production rings and enable safe and efficient ore extraction. Mining dilution and recovery are estimated for production rings using flow modelling software, PGCA. Dilution and recovery are inversely related at Syama. In general, the greater the recovery, the higher the level of dilution that will be experienced. The Syama LOM planning process balances recovery against dilution so the cash-flow is maximized..

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With respect to minimum mining widths, production areas at Syama are planned to ensure that minimum hydraulic radius is achieved so that caving is induced in the overlying ground.

Inferred Mineral Resources are not included in the Syama UG mine planning. All material from Syama Underground for 2021 OR inventory is categorised as Probable; comprised mainly of Indicated material. All Inferred and Unclassified material is classified as waste and not included in ore reserves

The infrastructure necessary to extract the Syama UG Ore Reserve is maintained by the Company.

• Metallurgical factors • The metallurgical process proposed and the appropriateness of or assumptions that process to the style of mineralization.

• 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 ore body as a whole.

• For minerals that are defined by a specification, has the ore reserve estimation been based on the appropriate mineralogy to meet the specifications?

• Environmental • The status of studies of potential environmental impacts of the mining and processing operation. Details of waste rock characterization 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.

The Syama deposit is refractory due to locking of gold within the sulphides and variable amounts of reactive natural carbon which robs cyanide leach solutions of dissolved gold. Resolute has years of operating data processing Syama ore and metallurgical testwork data. Processing of the ore will be via the following stages:

Crushing and grinding.

Flotation to produce a sulphide rich concentrate.

Concentrate thickening.

Roasting, followed by calcine quench and wash.

CIL.

Tailings disposal.

The Syama Gold Mine operates in accordance with its’

Environmental & Social Impact Study – “Société des Mines de Syama, Syama Gold Mine, Mali, dated 2007. Waste rock characterisation has been included in prior studies for this Environmental & Social Impact Study. Work is ongoing to optimise the mining operation and environmental management through the following :

Drilling to investigate rock characteristics

mineralogical assay analysis of drill core

routine testing of rock material types for acid generating properties

developing a sequence, rate and design optimization for open-pit mine walls, ramps and the waste rock dump landform to meet the requirements of rock characteristics.

The outcomes of this work are part of a continuous improvement program that contributes to the waste rock dump management plans, annual reporting and consultation-committee meetings with government and community representatives.

Tailings storage for the life of mine is forecast to be impounded over the existing footprint area approved in the Environmental & Social Impact Study. Progressive raising of the tailings impoundments will occur to contain life-of-mine storage capacity. Routine progress on the monitoring is reported to government and at stakeholder meetings in concert with routine inspections by government representatives.

The Syama Project is mature in its operating life with environmental management permitted by an Environmental Authority and supported by an Environmental Management Plan. No impediments are anticipated to the development of the underground mine.

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Infrastructure	•The existence of appropriate infrastructure: availability of land	The Syama Mine and the underground mine site are located
	for plant development, power, water, transportation (particularly	near the two major towns of Kadiola and Sikasso. Kadiola, 55km
	for bulk commodities), labour, accommodation; or the ease with which the infrastructure can be provided or accessed.	southeast, is the regional capital while Sikasso, approximately 85 km to the northeast, is the second largest city in Mali and located
		close to the border with Burkina Faso.
		Access is via formed gravel road off the sealed Sikasso to Côte
		d’Ivoire highway through Kadiola, and then from Fourou to site.
		Most consumables and supplies use this route as it can be
		approached either from Côte d’Ivoire through the border post at
		Zegoua or alternatively from Burkina Faso and Togo through
		Sikasso. The road north through Bananso to Farakala, on the
		main highway from Bamako to Sikasso, provides an alternate
		and shorter route to Bamako. This road is generally impassable
		during the wet season when the low level “bridge” at Bananso is
		covered with water.
		Supporting infrastructure for the current operations has included
		upgrading of the 70km section of road from Kadiola to the site,
		refurbishment of administration buildings, plant site buildings and
		accommodation for housing expatriate and senior national staff.
		The underground operations will also use this infrastructure, with
		additional allowance made in the study for underground specific
		infrastructure on surface, such as primary ventilation fan
		installations, additional work shops and offices, and change
		rooms for underground workers.
		The site is serviced by two Internet and mobile
		telecommunications providers (Sotelma & Orange), in addition to
		a point to point satellite connection to Perth.
		The current operation has a peak continuous power demand of
		approximately 22MW with an installed power capacity of 27MW.
		Power is currently supplied from a diesel fired power station.
		Supply of power from the national grid is being considered in the
		near future and was incorporated into the underground study.
Costs	•The derivation of, or assumptions made, regarding projected	Syama is a going concern with established mining, processing
	capital costs in the study.	and administration operations with respect to cost estimates. As
	•The methodology used to estimate operating costs.	part of ongoing operations, capital and operating budgets are
	•Allowances made for the content of deleterious elements.	prepared from first principles and considering existing
	•The derivation of assumptions made of metal	contractual agreements.
	or commodity price(s), for the principal minerals and co-	Syama produces gold doré (without problematic deleterious
	products.	elements) that is subsequently refined offsite. Refining costs are
	•The source of exchange rates used in the study.	not material.
	•Derivation of transportation charges.	Exchange rates used for planning purposes are from consensus
	•The basis for forecasting or source of treatment and refining	forecasts provided by external corporate advisers.
	charges, penalties for failure to meet specification, etc. •The allowances made for royalties payable, both Government and private.	Ad valorem Government royalties of 6% are payable on gold production.
Revenue	•The derivation of, or assumptions made regarding revenue	Syama’s head grade is estimated by mine planning and flow
factors	factors including head grade, metal or commodity price(s)	modelling from the Mineral Resource Estimate.
	exchange rates, transportation and treatment charges, penalties, net smelter returns, etc.	All revenue and cost estimates have been made in USD.
	•The derivation of assumptions made of metal or commodity	The Ore Reserve is based on a planning gold price of
	price(s), for the principal metals, minerals and co-products.	US$1,500/oz.

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• Market • The demand, supply and stock situation for the particular There is a transparent quoted market for the sale of gold. Assessment 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.

Economic • The inputs to the economic analysis to produce the net present The economic assessment of the project demonstrates robust value (NPV) in the study, the source and confidence of these economics. economic inputs including estimated inflation, discount rate, etc. • NPV ranges and sensitivity to variations in the significant assumptions and inputs. Social • The status of agreements with key stakeholders and matters Resolute assumed management of Société des Mines de Syama leading to social license to operate. in May 2004. The recently completed open pit operated under the 1993 Permit Syama (No.PE-93/003) and the proposed underground will do the same. The selected posts requiring specific skills or experience will most likely be filled by expatriates. In addition to performing their job function, expatriate personnel will be expected to transfer knowledge and expertise to develop their Malian staff's capabilities. In the longer term it is anticipated that Malian nationals will fill most operating and management positions within the company. It is the intention to encourage economic development within the local community. Local contracts therefore, are let wherever possible and the company works actively with existing and emerging companies to achieve this aim. The Syama Mine Community Consultative Committee was established in February 2001 with representatives from local villages, the Malian Government and SOMISY. Since April 2004 the Committee has met regularly as a communication forum and to address community issues and assist with community project proposals. Other • To the extent relevant, the impact of the following on the project High seasonal rain fall events present a risk for the underground and/or on the estimation and classification of the Ore Reserves: operations. • Any identified material naturally occurring risks. All current government agreements and approvals are in good • The status of material legal agreements and marketing standing and no anticipated changes are expected. arrangements. • The status of governmental agreements and approvals critical to the viability of the project, such as mineral tenement status, and government and statutory approvals. There must be reasonable grounds to expect that all necessary Government approvals will be received within the timeframes anticipated in the Pre-Feasibility or Feasibility study. Highlight and discuss the materiality of any unresolved matter that is dependent on a third party on which extraction of the reserve is contingent.

• Classification • The basis for the classification of the Ore Reserves into varying All Measured and Indicated Resources were converted to confidence categories. Probable Reserves, given the sub-level caving method.

• • Whether the result appropriately reflects the Competent Person’s view of the deposit.

• • The proportion of Probable Ore Reserves that have been derived from Measured Mineral Resources (if any).

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Audits or reviews	•The results of any audits or reviews of Ore Reserve estimates.	Snowden Mining Industry Consultants completed the Syama
		Underground Pre-Feasibility study in 2015 and later contributed
		to detailed designs incorporated in the Definitive Feasibility
		Study. Subsequent mining studies have been conducted in
		conjunction with various industry experts from external
		companies relevant to the areas of study.
		No other external audits of Ore Reserves were undertaken.
Discussion of	•Where appropriate a statement of the relative accuracy and	Treatment costs and recoveries are based on the actual
relative accuracy/ confidence	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	performance of processing underground ore and provide a high level of confidence.
	quantify the relative accuracy of the reserve within stated	Resolute has extensive experience with a similar underground
	confidence limits, or, if such an approach is not deemed	operation at the Company’s Mt Wright mine in Australia. This
	appropriate, a qualitative discussion of the factors which could affect	experience was combined with industry average assumptions,
	the relative accuracy and confidence of the estimate.	where required, to provide a level of accuracy and confidence
	•The statement should specify whether it relates to global or
	local estimates, and, if local, state the relevant tonnages, which	that falls within the required standard for a Definitive Feasibility
	should be relevant to technical and economic evaluation.	Study and the subsequent Mining studies.
	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	All the parameters assumed and adopted including the financial modelling and analysis have been subject to internal peer review.
	material impact on Ore Reserve viability, or for which there are remaining areas of uncertainty at the current study stage. •It is recognized that this may not be possible or appropriate in all circumstances. These statements of relative accuracy and	The Ore Reserve estimate is based on the Mineral Resource estimate. Consequently, the Ore Reserve estimate accuracy is dependent on the Mineral Resource estimate accuracy.
	confidence of the estimate should be compared with production
	data, where available.

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Tabakoroni

Section 1 Sampling Techniques and Data

CRITERIA JORC CODE EXPLANATION	COMMENTARY
Sampling techniques •Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling. •Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. •Aspects of the determination of mineralisation that are Material to the Public Report. •In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.	The samples were collected from reverse circulation (RC) and diamond core drill holes. RC samples were collected on 1m intervals by riffle split (dry) or by scoop (wet), to obtain a 1-3kg sample which was sent to the laboratory for crushing, splitting and pulverising to provide a 30g charge for analysis. Diamond core was sampled at 1m intervals and cut in half, to provide a 2-4kg sample, which was sent to the laboratory for crushing, splitting and pulverising to provide a 30g charge for analysis. Sampling and sample preparation protocols are industry standard and are deemed appropriate by the Competent Person. Drill types used include diamond core of PQ and HQ sizes and RC. Core is oriented at 3m down hole intervals using a Reflex Act II RD Orientation Tool. Drill core interval recoveries are measured from core block to core block using a tape measure. Appropriate measures are taken to maximise sample recovery and ensure the representative nature of the samples. No apparent relationship is noted between sample recovery and grade. Drill holes were geologically logged by geologists for colour, grainsize, lithology, minerals, alteration and weathering on geologically-domained intervals. Geotechnical and structure orientation data was measured and logged for all diamond core intervals. Diamond core was photographed (wet and dry). Holes were logged in their entirety (100%) and this logging was considered reliable and appropriate.
Drilling techniques •Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.).
Drill sample recovery •Method of recording and assessing core and chip sample recoveries and results assessed. •Measures taken to maximise sample recovery and ensure representative nature of the samples. •Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.
Logging •Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. •Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography. •The total length and percentage of the relevant intersections logged.

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CRITERIA JORC CODE EXPLANATION	COMMENTARY
Sub-sampling techniques and sample preparation •If core, whether cut or sawn and whether quarter, half or all core taken. •If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry. •For all sample types, the nature, quality and appropriateness of the sample preparation technique. •Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. •Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. •Whether sample sizes are appropriate to the grain size of the material being sampled.	Diamond core was sampled at 1m intervals and cut in half to obtain a 2-4kg sample. Reverse circulation samples were collected on 1m intervals by riffle split (dry) or by scoop (wet) to obtain a 1-3kg sample. Sample preparation for diamond core and RC samples includes oven drying, crushing to 10mm, splitting and pulverising to 85% passing -75µm. These preparation techniques are deemed to be appropriate to the material being sampled. Drill core coarse duplicates were split by the laboratory after crushing at a rate of 1:20 samples. Reverse circulation field duplicates were collected by the Company at a rate of 1:20 samples. Sampling, sample preparation and quality control protocols are of industry standard and all attempts were made to ensure an unbiased representative sample was collected. The methods applied in this process were deemed appropriate by the Competent Person. All samples were dispatched to ALS Bamako for gold analysis by 30g fire assay fusion with AAS instrument finish (method code Au-AA25). Over-range results were re-analysed and reported by 30g fire assay fusion with gravimetric finish (method code Au- GRA21). The analytical method was appropriate for the style of mineralisation. No geophysical tools were used to determine elemental concentrations. Quality control (QC) procedures included the use of certified standards (1:40), non-certified sand blanks (1:40), diamond core coarse duplicates (1:20) and reverse circulation field duplicates (1:20). Laboratory quality control data, including laboratory standards, blanks, duplicates, repeats, grind size results and sample weights were also captured into the digital database. Analysis of the QC sample assay results indicates that an acceptable level of accuracy and precision has been achieved. Verification of significant intersections have been completed by the Company personnel and the Competent Person. No drill holes within the resource area were twinned. Drill holes were logged into digital templates with lookup codes, validated and then compiled into a relational SQL 2012 database using DataShed data management software. The database has verification protocols which are used to validate the data entry. The drill hole database is backed up on a daily basis to the head office server. Assay result files were reported by the laboratory in PDF and CSV format and imported into the SQL database without adjustment or modification.
Quality of assay data and laboratory tests •The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. •For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. •Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.
Verification of sampling and assaying •The verification of significant intersections by either independent or alternative company personnel. •The use of twinned holes. •Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. •Discuss any adjustment to assay data.

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CRITERIA JORC CODE EXPLANATION	COMMENTARY Collar coordinates were picked up in UTM (WGS84) by staff surveyors using an RTK DGPS with an expected accuracy of 0.05m; elevations were height above EGM96 geoid. Down hole surveys were collected at intervals between 5m and 30m using either a Reflex EZ-Gyro north seeking instrument or a Reflex EZ-Trac magnetic instrument in single shot or multi shot mode. A time-dependent declination was applied to the magnetic readings to determine UTM azimuth. Coordinates and azimuths are reported in UTM WGS84 Zone 29 North. Coordinates were translated to local mine grid using 1 point and rotation. Local topographic control is via LIDAR surveys, satellite photography and drone UAV aerial survey. Drill hole spacing was sufficient to demonstrate geological and grade continuity appropriate for a Mineral Resource and the classifications applied under the 2012 JORC Code. The appropriateness of the drill spacing was reviewed by the geological technical team, both on site and head office. This was also reviewed by the Competent Person. Samples were collected on 1m intervals; no sample compositing is applied during sampling. Holes were drilled predominantly perpendicular to mineralised domains where possible. No orientation-based sampling bias has been identified in the data.
Location of data points •Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. •Specification of the grid system used. •Quality and adequacy of topographic control.
Data spacing and distribution •Data spacing for reporting of Exploration Results. •Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. •Whether sample compositing has been applied.
Orientation of data in relation to geological structure •Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. •If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.
Sample security •The measures taken to ensure sample security.	Samples were collected from the drill site and stored on site. All samples were individually bagged and labelled with unique sample identifiers, then securely dispatched to the laboratories. All aspects of sampling and dispatch process were supervised and tracked by SOMIFI personnel.
Audits or reviews •The results of any audits or reviews of sampling techniques and data.	External audits of procedures indicate protocols are within industry standards.

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Section 2 Reporting of Exploration Results

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
Mineral tenement	•Type, reference name/number, location and ownership	Tabakoroni drilling was completed within the Finkolo-Tabakoroni
and land tenure	including agreements or material issues with third parties such	Exploitation Licence PE 13/19. Resolute Mining Limited has an
status	as joint ventures, partnerships, overriding royalties, native title	85% interest in Exploitation Permit PE 13/19, through its Malian
	interests, historical sites, wilderness or national park and	subsidiary, Sociêtê des Mines de Finkolo SA (SOMIFI). The
	environmental settings.	Malian Government holds a free carried 10% interest in SOMIFI.
	•The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	The Permits are held in good standing. Malian mining law provides that all Mineral Resources are administered by DNGM (Direction Nationale de la Géologie et des Mines) or National
		Directorate of Geology and Mines under the Ministry of Mines,
		Energy and Hydrology.
Exploration done	•Acknowledgment and appraisal of exploration by other	Etruscan Resources Inc explored Tabakoroni during 2002-2003
by other parties	parties.	by auger, aircore, RC and diamond drill hole tails. The
		Tabakoroni area was previously explored by BHP (1988-1990)
		and Barrick Gold (1990) by auger, pits, trenches, RAB and
		diamond core drilling.
Geology	•Deposit type, geological setting and style of mineralisation.	The Tabakoroni deposit is hosted in upright tightly folded
		greenstone rocks of the Syama Formation, comprising
		interbedded basalt and sediment units, and an overlying complex
		sequence of deep marine and turbiditic sediments. The
		sequence overlying the basalts contains interbedded
		carbonaceous units (silts and shales) that are preferentially
		deformed, and which form the Tabakoroni Main Shear Zone
		(TMSZ) that lies along the approximate contact of the
		greenstone-sediment sequence. Gold mineralisation occurs
		within the TMSZ associated with quartz vein stockworks and
		stylolitic quartz reefs.
Drill hole	•A summary of all information material to the understanding of	All information, including easting, northing, elevation, dip,
Information	the exploration results including a tabulation of the following	azimuth, coordinate system, drill hole length, intercept length and
	information for all Material drill holes:	depth are measured and recorded in UTM Zone 29 WGS84.
	o easting and northing of the drill hole collar	The Syama belt is mostly located on the Tengrela 1/200,000
	o elevation or RL (Reduced Level – elevation above sea	topo sheet (Sheet NC 29-XVIII).
	level in metres) of the drill hole collar	The Tabakoroni local grid has been tied to the UTM Zone 29
	o dip and azimuth of the hole	WGS84 co-ordinate system.
	o down hole length and interception depth	Spectrum Survey and Mapping from Australia established survey
	o Whole length.	control at Tabakoroni using AusPos online processing to obtain
	•If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not	an accurate UTM Zone 29 (WGS84) and ‘above geoid’ RL for the origin of the survey control points.
	detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	Accuracy of the survey measurements is considered to meet acceptable industry standards.
		Drill hole information has been tabulated for this release in the
		intercepts table of the accompanying text.
		For completeness the following information about the drill holes
		is provided:
		• Easting, Northing and RL of the drill hole collars are
		measured and recorded in UTM Zone 29 (WGS84).
		• Dip is the inclination of the drill hole from horizontal. A drill
		hole drilled at -60° is 60° from the horizontal.
		• Down hole length is the distance down the inclination of the
		hole and is measured as the distance from the horizontal to
		end of hole.
		• Intercept depth is the distance from the start of the hole down
		the inclination of the hole to the depth of interest or assayed
		interval of interest.

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CRITERIA	JORC CODE EXPLANATION	COMMENTARY
Data aggregation	•In reporting Exploration Results, weighting averaging	No new exploration results have been reported in this release.
methods	techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material	Metal equivalent values are not used in reporting.
	and should be stated.
	•Where aggregate intercepts incorporate short lengths of high-
	grade results and longer lengths of low-grade results, the
	procedure used for such aggregation should be stated and
	some typical examples of such aggregations should be shown
	in detail.
	•The assumptions used for any reporting of metal equivalent
	values should be clearly stated.
Relationship	•These relationships are particularly important in the reporting	The majority of the Tabakoroni mineralisation is vertical. There is
between	of Exploration Results.	one domain which dips at 45oto the west.
mineralisation widths and intercept lengths	•If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. •If it is not known and only the down hole lengths	The majority of the drill holes are planned at a general inclination of -60 degrees east and as close to perpendicular to the ore zone as possible.
	are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width not known’).	At the angle of the drill holes and the dip of the ore zones, the reported intercepts will be slightly more than true width.
Diagrams	•Appropriate maps and sections (with scales) and tabulations	Relevant maps, diagrams and tabulations are included in the body
	of intercepts should be included for any significant discovery	of text.
	being reported These should include, but not be limited to
	a plan view of drill hole collar locations and appropriate
	sectional views.
Balanced	•Where comprehensive reporting of all Exploration Results is	Mineral Resources are being reported in this announcement.
reporting	not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading	No new exploration results have been reported in this release.
	reporting of Exploration Results.
Other	•Other exploration data, if meaningful and material, should	No geophysical and geochemical data or any additional
substantive	be reported including (but not limited to): geological	exploration information has been reported in this release,
exploration data	observations; geophysical survey results; geochemical survey	as they are not deemed relevant to the release.
	results; bulk samples – size and method of treatment;
	metallurgical test results; bulk density, groundwater,
	geotechnical and rock characteristics; potential deleterious
	or contaminating substances.
Further work	•The nature and scale of planned further work (e.g. tests	Depth extension drilling is planned to test the down-dip potential
	for lateral extensions or depth extensions or large-scale step-	of the Tabakoroni ore body at depth, and beneath the current limit
	out drilling).	of drilling.
	•Diagrams clearly highlighting the areas of possible extensions,
	including the main geological interpretations and future drilling
	areas, provided this information is not commercially sensitive.

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Section 3 Estimation and Reporting of Mineral Resources

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
Database integrity	•Measures taken to ensure that data has not been corrupted	Data has been compiled into a relational SQL database; the
	by, for example, transcription or keying errors, between its initial	setup of this database precludes the loading of data which do not
	collection and its use for Mineral Resource estimation	meet the required validation protocols. The data is managed
	purposes.	using DataShed© drill hole management software using SQL
	•Data validation procedures used.	database techniques. Validation checks are conducted using
		SQL and DataShed© relational database standards. Data has
		also been checked against original hard copies for 100% of the
		data, and where possible, loaded from original data sources.
		Resolute completed the following basic validation checks on the
		data supplied prior to resource estimation:
		•Drill holes with overlapping sample intervals.
		•Sample intervals with no assay data or duplicate records.
		•Assay grade ranges.
		•Collar coordinate ranges.
		•Valid hole orientation data.
		There are no significant issues identified with the data.
Site visits	•Comment on any site visits undertaken by the Competent	Mrs Susan Havlin, an employee of Snowden Optiro Pty Ltd and
	Person and the outcome of those visits.	a
	•If no site visits have been undertaken indicate why this is	Member of the Australasian Institute of Mining and Metallurgy is
	the case.	the Competent Person who has visited this site in February and
		October 2019.
		All aspects of drilling, sampling and mining are considered by the
		Competent Persons to be of a high industry standard.
Geological	•Confidence in (or conversely, the uncertainty of) the geological	The digital database used for the interpretation included logged
interpretation	interpretation of the mineral deposit.	intervals for the key stratigraphic zones of Tabakoroni. Detailed
	•Nature of the data used and of any assumptions made.	geological logs were available in hardcopy and digital and
	•The effect, if any, of alternative interpretations on Mineral	reviewed where necessary.
	Resource estimation.	There is a high level of confidence for the interpretation of the
	•The use of geology in guiding and controlling Mineral Resource	Tabakoroni Main Shear Zone (TMSZ) due to the close-spaced
	estimation.	grade control drilling at surface and the confirmation of the
	•The factors affecting continuity both of grade and geology.	position in the current oxide pits. Since an independent structural
		model was created there is high level of confidence in the
		geological interpretation of the minor lodes adjacent to the
		TMSZ.
		Wireframes used to constrain the estimation are based on drill
		hole intercepts and geological boundaries. All wireframes at
		Tabakoroni have been constructed to a 1g/t Au cut-off grade for
		shape consistency.
		The mineralisation in the TMSZ is generally quite consistent and
		drill intercepts clearly define the shape of the mineralised zones
		with limited options for large scale alternate interpretations.
Dimensions	•The extent and variability of the Mineral Resource expressed	The mineral resource at Tabakoroni comprises four individual
	as length (along strike or otherwise), plan width, and depth	domains. The main zone is the TMSZ, which extends for
	below surface to the upper and lower limits of the Mineral Resource.	approximately 1,800 metres along strike; the sub-vertical dipping gold mineralised zone width varies between 1.5 and 15 metres,
		with an average thickness of 5 metres. The Mineral Resource is
		limited in depth by drilling, which extends from surface to a
		maximum depth of approximately 450 metres vertically.

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There is a zone parallel to the TMSZ which is generally at depth and not as consistent; this is dominantly in the central part of the deposit. The northeast (NE) domain is a zone which is striking at 20° and is sub vertical in the north of the deposit. The southern lode is shallow westerly-dipping lodes in the southern and central portion of the deposit. The whole of the Tabakoroni deposit, including domains additional to the TMSZ, extends for 450 metres in the horizontal plane.

• Estimation and • The nature and appropriateness of the estimation technique(s) modelling applied and key assumptions, including treatment of extreme grade techniques values, domaining, interpolation parameters and maximum distance of extrapolation from data points. If a computer assisted estimation method was chosen include a description of computer software and parameters used.

• The availability of check estimates, previous estimates and/or mine production records and whether the Mineral Resource estimate takes appropriate account of such data.

• The assumptions made regarding recovery of by- products.

• Estimation of deleterious elements or other non-grade variables of economic significance (e.g. sulphur for acid mine drainage characterization).

• In the case of block model interpolation, the block size in relation to the average sample spacing and the search employed.

• In the case of block model interpolation, the block size in relation to the average sample spacing and the search employed.

• Any assumptions behind modelling of selective mining units.

• Any assumptions about correlation between variables.

• Description of how the geological interpretation was used to control the resource estimates.

• Discussion of basis for using or not using grade cutting or capping.

• The process of validation, the checking process used, the comparison of model data to drill hole data, and use of reconciliation data if available.

Estimation was completed in Datamine Studio RM using an Ordinary Kriged model to estimate the gold grade. Grades were estimated into parent block of 5 mE by 10 mN by 5 mRL with sub- celling down to 1mE by 2 mN by 1 mRL was employed for resolution of the mineralisation boundaries as defined by wireframes. The drill spacing at Tabakoroni varies from 12.5 by 12.5 metres for grade control to between 25 and 50 metres for the exploration holes.

Drillhole sample data was flagged using domain codes generated from three-dimensional mineralisation domains. The grade control samples and exploration samples were composited to 1 metre intervals.

Variogram orientations were largely controlled by the strike of the mineralisation and downhole variography. Variograms for estimation purposes were determined for each domain.

Kriging neighbourhood analysis was performed to optimise the block size, sample numbers and discretisation levels with the goal of minimising conditional bias in the gold grade estimates.

Mineralisation domains were treated as hard boundaries in the estimation process while oxidation surfaces were treated as soft boundaries for gold, sulphide sulphur and organic carbon. A hard boundary was utilised in the estimation of arsenic between fresh material and transitional material following a boundary analysis review.

Three search passes were used, with the first search pass set to the range of the variogram for each element. A minimum of 8 and a maximum of 30 samples were used. The search stayed the same for the second pass but was increased by a factor of 2 for the third and final pass. The minimum number of samples was reduced to 6 for the second pass and 4 for the third pass.

No deleterious elements were found in the ore.

No selective mining units have been assumed.

Top cuts were applied to reduce the variability of the data and to remove the outliers.

The estimated block model grades were visually validated against the input drillhole data and comparisons were carried out against the drillhole data and by northing and elevation slices. Global comparison between the input data and the block grades for each variable is considered acceptable (±10%).

Comparison with the mine production to date was carried out and was within an acceptable limit.

Moisture

• Whether the tonnages are estimated on a dry basis or with natural moisture, and the method of determination of the moisture content.

• Cut-off parameters • The basis of the adopted cut-off grade(s) or quality parameters applied.

All tonnages have been estimated on a dry basis.

Mineral Resources for open pit extraction have been reported at a 1 g/t Au grade cut-off and above a US$2000/oz optimised shell.

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The Mineral Resources for underground mining are undiluted and the mineralised blocks (within the mineralisation wireframes) have been reported within MSO wireframes created at US$2,000/oz which is equivalent to 1.75 g/t Au cut-off grade.

Mining factors	• Assumptions made regarding possible mining methods,	A Pre-Feasibility study determined the mining method would be
or assumptions	minimum mining dimensions and internal (or, if applicable,	by long hole open stoping. No Mineral Resource margin
	external) mining dilution. It is always necessary as part of	(external) dilution has been modelled. A minimum stope dip of
	the process of determining reasonable prospects for	30 degrees on the footwall was applied. More rigorous mining
	eventual economic extraction to consider potential mining methods, but the assumptions made regarding mining	assumptions and parameters will be applied during the conversion to Ore Reserves.
	methods and parameters when estimating Mineral
	Resources may not always be rigorous. Where this is the
	case, this should be reported with an explanation of the
	basis of the mining assumptions made.
Metallurgical factors	•The basis for assumptions or predictions regarding	No metallurgical factors or assumptions have been made during
or assumptions	metallurgical amenability. It is always necessary as part of the	the resource estimation process as these will be addressed
	process of determining reasonable prospects for eventual	during the conversion to Ore Reserves.
	economic extraction to consider potential metallurgical
	methods, but the assumptions regarding metallurgical
	treatment processes and parameters made when reporting
	Mineral Resources may not always be rigorous. Where this is
	the case, this should be reported with an explanation of the
	basis of the metallurgical assumptions made.
Environmental	• Assumptions made regarding possible waste and	It is a requirement of Decree No.03-594/P-RM of 31 December
factors	process residue disposal options. It is always necessary	2003 of Malian law that an Environmental and Social Impact
or assumptions	as part of the process of determining reasonable	Study (Étude d’Impact Environmental et Social – EIES) must be
	prospects for eventual economic extraction to consider	undertaken to update the potential environmental and social
	the potential environmental impacts of the mining and processing operation. While at this stage the determination of potential environmental impacts, particularly for a green fields project, may not always be well advanced, the status of early consideration of these potential environmental impacts should be reported. Where these aspects have not been considered this should be reported with an explanation of the	impacts of the mine’s redevelopment. The EIES for the Syama Gold Mine (including Tabakoroni) was approved in November 2007 and an Environment Permit (07- 0054/MEA – SG) was issued by the Ministry of Environment and Sanitation on 22 November 2007. The Ministry of Environment conducts timely reviews of the Syama Gold Mine to ensure that Company maintains compliance with the EIES guidelines.
	environmental assumptions made.	At Sama and Tabakoroni there are three ke ractices for

At Syama and Tabakoroni, there are three key practices for disposal of wastes and residues namely, stacking of waste rock from open pit mining; storage of tailings from mineral processes; and “tall-stack dispersion” of sulphur dioxide from the roasting of gold bearing concentrate. All waste disposal practices are in accordance with the guidelines in the EIES.

The Environmental and Social Impact Study – “Société des Mines de Syama, Syama Gold Mine, Mali”, dated 2007 indicated there was minimal potential for acid mine drainage from waste rock due to the elevated carbonate content which buffers a potential acid generation. Resolute maintains a plan for progressive rehabilitation of waste rock landforms as part of ongoing mine development and waste rock dumping.

The landform of tailings impoundments does not have a net acid generating potential. The largest volume is flotation tailings where the sulphide minerals have already been removed from the host rock. Its mineralogy includes carbonates which further buffer any acid-formation potential from sulphides that may also be present.

Cyanide levels in the leached-calcine tailings are typically less than 50 ppm in the weak acid dissociable form. Groundwater away from the tailings landform is intercepted by trenches and sump pumps.

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Sulphur dioxide is generated from the roasting of gold concentrate so that gold can be extracted and refined. Tall-Stack “dispersion” of the sulphur dioxide emission is monitored continuously. Prevailing weather and dissipation of the sulphur dioxide is modelled daily to predict the need to pause the roasting process to meet the air quality criteria set out in the Environmental and Social Impact Study.

• Bulk density • Whether assumed or determined. If assumed, the basis for the assumptions. If determined, the method used, whether wet or dry, the frequency of the measurements, the nature, size and representativeness of the samples.

• The bulk density for bulk material must have been measured by methods that adequately account for void spaces (vugs, porosity, etc), moisture and differences between rock and alteration zones within the deposit.

• Discuss assumptions for bulk density estimates used in the evaluation process of the different materials.

• Classification • The basis for the classification of the Mineral Resources into varying confidence categories.

• Whether appropriate account has been taken of all relevant factors (i.e. relative confidence in tonnage/grade estimations, reliability of input data, confidence in continuity of geology and metal values, quality, quantity and distribution of the data).

• Whether the result appropriately reflects the Competent Person’s view of the deposit.

Site personnel have completed numerous bulk density comparative estimates on HQ drill core to assess variability using the Archimedes method of dry weight versus weight in water. This method was used for 76% of the bulk density measurements. The other 34% is by unknown method.

On the basis of the data collected the following SG estimates were applied to the model by weathering type:

• Oxide 2.12 t/m[3]

• • Transitional 2.38 t/m[3] • Fresh 2.72 t/m[3]

The Measured Mineral Resource classification is based on good confidence in the geology and gold grade continuity with 12.5 m x 12.5 m spaced drillhole density in the central part of the deposit.

The Indicated Mineral Resource classification is based on good confidence in the geology and gold grade continuity with less than 50 m x 50 m spaced drillhole density in the central part of the deposit.

The Inferred Mineral Resource classification is applied to extensions of mineralised zones on the margins of the deposit where drill spacing is more than 50 m x 50 m and the extents of mineralisation at depth.

The validation of the block model has confirmed satisfactory correlation of the input data to the estimated grades and reproduction of data trends.

The Mineral Resource estimate appropriately reflects the view of the Competent Persons.

• Audits or reviews • The results of any audits or reviews of Mineral Resource estimates.

• Discussion of • Where appropriate a statement of the relative accuracy relative and confidence level in the Mineral Resource estimate accuracy/ using an approach or procedure deemed appropriate by confidence the Competent Person. For example, the application of statistical or geostatistical procedures to quantify the relative accuracy of the resource within stated confidence limits, or, if such an approach is not deemed appropriate, a qualitative discussion of the factors that could affect the relative accuracy and confidence of the estimate.

• • The statement should specify whether it relates to global or local estimates, and, if local, state the relevant tonnages, which should be relevant to technical and economic evaluation. Documentation should include assumptions made and the procedures used.

• • These statements of relative accuracy and confidence of the estimate should be compared with production data, where available.

The Mineral Resource has been audited internally and in conjunction with resource consultants at Snowden Optiro Pty Ltd as part of the routine validation process. There has been an external review of the Mineral Resource estimation completed by Cube Consulting Pty Ltd in February 2022.

The relative accuracy of the Mineral Resource estimate is reflected in the reporting of Measured, Indicated and Inferred resource categories as defined by 2012 JORC Code guidelines.

The estimate is considered to be relevant to an annual level of reporting of tonnage and grade.

The estimation was compared with the production history at Tabakoroni and it is within 15%, which is within the limits for the relevant classifications.

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Section 4 Estimation and Reporting of Ore Reserves

• CRITERIA JORC CODE EXPLANATION COMMENTARY Mineral Resource • Description of the Mineral Resource estimate used as estimate for a basis for the conversion to an Ore Reserve. conversion to • Clear statement as to whether the Mineral Resources

• Ore Reserves are reported additional to, or inclusive of, the Ore Reserve.

The Ore Reserves are based on the Mineral Resource estimate detailed in the ASX release dated December 2021, prepared by Optiro Pty Ltd. The resource was reported above a 1.75 g/t gold grade cut-off, based on an equivalent gold price of US$2,000/oz and an underground mining method utilising long hole stoping mining methods with paste fill. Material below this cut-off is not included in the Mineral Resource.

Ore Reserves are the material reported as a sub-set of the resource, that which can be extracted from the mine and processed with an economically acceptable outcome. The resource is depleted for open pit material already mined and future cut back planned for Taba North. Mineral Resources are reported inclusive of Ore Reserves.

• Site visits • Comment on any site visits undertaken by the Competent Person and the outcome of those visits.

• • If no site visits have been undertaken indicate why this is the case.

The Competent Person, Mr Gito Patani, is a full-time employee of Resolute Mining Ltd and a Member of the Australasian Institute of Mining and Metallurgy. He conducted a site visit to the project area in January 2022. Travel to site was restricted during the 2021 due to covid-19 travel restrictions, but weekly contact with site teams was maintained throughout the period.

The site visit reviewed the project site and proposed portal location in the mined out Namakan Pit western wall, a review of current operations at both Syama and Tabakoroni, existing open pit infrastructure available for immediate underground use, a review of selected drill core and various meetings were held with site personnel and key stakeholders to the study. A pit wall failure was noticed in the eastern wall of the Namakan pit. This failure was monitored since then through the past wet season and have stabilised at its natural angle of repose and does not pose further material risk to the proposed underground portal location.

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CRITERIA JORC CODE EXPLANATION COMMENTARY

• Study status • The type and level of study undertaken to enable Mineral Resources to be converted to Ore Reserves.

• The Code requires that a study to at least Pre-Feasibility Study level has been undertaken to convert Mineral Resources to Ore Reserves. Such studies will have been carried out and will have determined a mine plan that is technically achievable and economically viable, and that material Modifying Factors have been considered.

A Pre-Feasibility Study was completed on Tabakoroni Underground in late 2020.

Tabakoroni open pit has been in continuous mining operation since August 2018. During this time the performance of the open pit has shown a positive reconciliation between mineral resources and gold production and delivered positive cashflows. Data from the current open pit operations which also applies to the intended underground operation, such as existing infrastructure and ore haulage cost, were used as part of the underground study. The open pit reconciliation data was not considered as it relates to oxide ore only and the underground will focus on fresh ore only.

No underground operations have been undertaken at Tabakoroni yet. However, underground operations and processing of similar underground material have been undertaken for several years at the nearby Syama Mine where the Tabakoroni Underground ore will also be processed under the current toll treatment agreement, providing actual data to further support the Tabakoroni study assumptions.

Primary contributors to the study were:

• Optiro Pty Ltd – Mineral Resources.

• Solid Geology Pty Ltd – Structural Model.

• AMC Consultants – mining geotechnical study and portal review.

• Piteau – dewatering.

• Digby Wells – environmental and social impact assessment.

• Outotec – backfill, concentrate roasting, floatation plant.

• Osprey – security assessment.

• Practara – economic evaluation.

• ALS – metallurgical variability testing.

• • Resolute Mining Ltd – mine design and scheduling, processing and overall study management.

• Cut-off • The basis of the cut-off grade(s) or quality parameters parameters applied.

A marginal cut-off grade (COG) of 2.5g/t gold has been applied for Tabakoroni Underground. This is based on long hole open stoping with paste fill at a gold price of U$1,500/oz, metallurgical recovery of 78%, and includes royalties of 6%.

Individual underground zones and levels were further tested to confirm each area achieves the required financial returns to offset the capital investment required to access that zone or level. Sub-economical areas were removed from the reserves.

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• Mining factors or • The method and assumptions used as reported in the assumptions Pre-Feasibility or Feasibility Study to convert the Mineral Resource to an Ore Reserve (i.e. either by application of appropriate factors by optimization or by preliminary or detailed design).

• The choice, nature and appropriateness of the selected mining method(s) and other mining parameters including associated design issues such as pre-strip, access, etc.

• The assumptions made regarding geotechnical parameters (e.g. pit slopes, stope sizes, etc.), grade control and pre-production drilling.

• The major assumptions made and Mineral Resource model used for pit and stope optimization (if appropriate).

• The mining dilution factors used.

• The mining recovery factors used.

• Any minimum mining widths used.

• The manner in which Inferred Mineral Resources are utilized in mining studies and the sensitivity of the outcome to their inclusion.

• The infrastructure requirements of the selected mining methods.

The Tabakoroni mineralisation is mostly steeply dipping, between 80 to 90°, with an average width of 4m to 15m. Some mineralisation is located parallel to, and adjacent to the main Tabakoroni mineralisation. These shallower dipping zones are located predominantly in a competent basalt zone, ranging in dip between 40° and 80°, with an average width of 2m to 10m.

Long hole open stoping is considered the most suitable mining method to extract the underground deposit. Long term support will be providing by backfilling the stopes with cemented paste in the main mineralised zone, create by adding binder to a large supply of highly weathered oxide waste already available on site from the previous open pit mines. Shallower dipping zones in the competent basalt zones will also use open stoping with pillars, where appropriate.

Longitudinal sub-level caving and open stoping with rock fill were also reviewed but not considered appropriate methods. The mineralisation is too long and narrow to use sub-level caving and it would result in caving breaking through into the current open pit, increasing inrush risk for the underground. Paste fill was selected over waste fill as it provides a better cashflow with a top-down mining method, provides improved stability and in general there is a lack of suitable fresh rock to use as backfill material. It also improves the extraction of parallel mineralised zones which was not possible with open stopes and loose rock fill.

The reported Ore Reserve estimates for Tabakoroni are based on Deswik.SO (Mineable Shape Optimiser / MSO) results, followed by detailed mine design in Deswik.CAD and activity-based task and resource scheduling in Deswik.Sched. Economic modelling was performed in consultation with an external financial consultant experienced in Malian mining economic modelling.

Stope dilution is considered separately for hangingwall and footwall conditions as part of the MSO optimisation. Equivalent Linear Overbreak Slough (ELOS) is applied based on geotechnical domaining, resulting in 0.5m dilution in competent (basalt) ground to 2.0m in poor, highly structured zones. The average dilution considered is 0.5 to 1.0m, applied individually to both hangingwall and footwall conditions. A global mine recovery of 90% was applied.

Minimum Mining Width used was 3.0m, but average stoping widths range between 4.5m and 10.0m. Level spacings are selected at 20m vertical, floor to floor. Stope lengths of 10m to 50m are recommended based on the geotechnical modelling and chosen level spacing. The study conservatively limited stope lengths to 20m, which will be further optimised during actual operations. For the shallower dipping stopes a minimum footwall dip of 40° was selected to ensure blasted material can be moved effectively to the drawpoint for loading during production.

Costs are based on existing contract mining rates from the nearby Syama Operation with a contract proposal provided for the study to account for potential changes expected at Tabakoroni, contract haulage rates to the Syama process plant from the current Tabakoroni open pit operation, processing costs are based on the current Syama process plant and site costs which are understood with a high degree of accuracy from current operations.

Equipment for the underground were selected considering the selected mining method, planned production rate, existing experience and equipment in operation at Syama Underground. Loading will be done by 21t loaders from the development headings and stopes and hauled by 63t trucks to surface via a decline. From surface stockpiles ore will be hauled to the process plant at Syama using the current open pit truck haulage fleet and waste will dumped directly onto the existing open pit waste dumps.

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CRITERIA JORC CODE EXPLANATION COMMENTARY

The mine plan includes an insignificant amount of Inferred Resources, which is not material to the outcome of the Ore Reserves. Inferred Resources were considered when positioning life of mine infrastructure but does not materially influence the outcome of the current reserves.

Existing open pit infrastructure and a dedicated haul road to Syama is available for immediate use by the underground operation. The only additional infrastructure consists of:

  - A power shed to house diesel generators for power generation. Existing diesel generators will be relocated from the current Syama operation as part of their power upgrades and the power shed is just for weather protection.

  - Paste plant for paste fill generation. • Explosives magazine (open pit operations did minimal blasting and did not establish an explosive magazine).

  - Underground primary ventilation fans.

  - Upgraded security control facilities.

  - Minor fit-out to the existing open pit offices and workshops to comply with underground requirements (change house, lamp room, etc).

  - Float circuit modifications to allow the existing Syama Oxide plant to process sulphide ore.

• Metallurgical factors • The metallurgical process proposed and the or assumptions appropriateness of that process to the style of mineralization.

• 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 ore body as a whole.

• For minerals that are defined by a specification, has the ore reserve estimation been based on the appropriate mineralogy to meet the specifications?

Metallurgical test work was conducted on multiple samples, representative of the spatial and mineralogical distribution of the deposit. The tests indicated that, similarly to the Syama ore, the Tabakoroni ore can be double refractory in nature due to locking of gold within the sulphides and organic carbon. Processing of the ore will be similar to that of the Syama sulphide circuit which has been in operation for several years and is well understood, consisting of the following stages:

• Crushing and grinding utilising the existing oxide process plant infrastructure

• • Gravity gold recovery utilising the existing oxide gravity circuit

• Flotation to produce a sulphide rich concentrate through a new flotation circuit, prior to blending with the current Syama concentrate circuit for further:

• Concentrate thickening.

• o Roasting, followed by calcine quench and wash. o Carbon-in-leach (CIL). o Tailings disposal.

The oxide crushing and grinding circuit has an oxide capacity of 1.5Mtpa, with a modelled sulphide throughput capacity of up to 1.0Mtpa. The Syama roaster, CIL circuit and tailings storage facility has enough capacity to process the additional concentrate.

A number of metallurgical test work programmes have been conducted on a range of Tabakoroni ore samples to date. The most recent variability test programme, conducted as part of the PFS, focussed on optimising the flowsheet to then assess the metallurgical performance of the various mineralised domains to be encountered. A total gold recovery of 83% has been assumed based on test results to date. This is in line with similar ore being processed at Syama.

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CRITERIA JORC CODE EXPLANATION COMMENTARY

Environmental • The status of studies of potential environmental impacts of the mining and processing operation. Details of waste rock characterization 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.

The Tabakoroni mining area and haul road to Syama are covered under current environmental approval and permitting. An ESIA update and approval for the changes brought about by the new underground operation is currently been conducted by an experienced local consultant as per Malian regulations, with external specialist consulting input where required. The ESIA only considers the changes due to the existing Tabakoroni operation going underground as the current open pit operations and processing at Syama is already covered under existing approvals (Refer Section 3). A draft ESIA report for the changes has been submitted for approval and is pending government approval. No reasons are known to the Competent Person why this approval will not be granted.

An active waste rock characterisation program has been put in place for Tabakoroni open pit operation. Underground waste will be co-disposed underground with paste fill where possible, with the remainder being stored on the current open pit waste dump under the current waste rock management protocols to prevent potentially acid forming waste rock from contaminating water sources. The current waste dump has much more space than is required by the underground operation.

Ore Reserves from Tabakoroni will be processed at Syama and tailings storage will be impounded in existing footprint area approved in the current ESIA. Progressive raising of the tailings occurs regularly with the 9th lift completed in 2019. Routine progress on the monitoring is reported to government and at stakeholder meetings in concert with routine inspections by government representatives. Arsenic is naturally occurring in the Tabakoroni mineralisation. A groundwater characterisation programme was conducted as part of the ESIA submission and did not identify any adverse impacts on water being discharged to the environment.

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CRITERIA JORC CODE EXPLANATION COMMENTARY

• 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.

All required mining infrastructure is already in place at the Tabakoroni open pit mine and processing and camp facilities at Syama Mine, except for the additions required specifically for the Tabakoroni underground, consisting of:

• A power shed to house diesel generators for power generation. Existing diesel generators will be relocated from the current Syama operation as part of their power upgrades.

• • Paste plant for paste fill generation.

• Explosives magazine.

• Upgraded security control facilities.

• Minor fit-out to the existing open pit offices and workshops to comply with underground requirements, such as change rooms and lamp rooms.

• Float circuit modifications to allow the existing Syama Oxide plant to process Tabakoroni sulphide ore.

Tabakoroni is linked to the Syama Mine through a purpose built 35km haul road. The Syama Mine is located near the two major towns of Kadiola and Sikasso. Kadiola, 55km southeast, is the regional capital while Sikasso, approximately 85km to the northeast, is the second largest city in Mali and located close to the border with Burkina Faso.

Access is via formed gravel road off the sealed Sikasso to Côte d’Ivoire highway through Kadiola, and then from Fourou to site. Most consumables and supplies use this route as it can be approached either from Côte d’Ivoire through the border post at Zegoua or alternatively from Burkina Faso and Togo through Sikasso. The road north through Bananso to Farakala, on the main highway from Bamako to Sikasso, provides an alternate and shorter route to Bamako. This road is generally impassable during the wet season when the low level “bridge” at Bananso is covered with water.

The 70km section of road from Kadiola to the site was upgraded for the Syama Mine. In addition to the current open pit infrastructure left behind by open pit operations at Tabakoroni, the Syama Mine provides access to administration buildings, plant site buildings and accommodation for housing expatriate and senior national staff.

Tabakoroni site is serviced through a local telecommunications provider Orange. Provision is made in the study to allow have a dedicated link to Syama Mine, from where two Internet and mobile telecommunications providers (Sotelma & Orange) are available, in addition to a point to point satellite connection to Perth.

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CRITERIA

JORC CODE EXPLANATION COMMENTARY

• 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 coproducts.

• 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.

Cost estimates are based mostly on existing operations at Syama and Tabakoroni, with modifications where identified in the study. Current operations, and existing costs were used for:

• Ore haulage to Syama for processing under the current open pit haulage contract.

• Owner-operated processing, general and administration costs are shared between the oxide plant and the sulphide plant at Syama, which processes the current Syama UG orebody. These costs are well understood, and minor changes were included based on Tabakoroni specific metallurgical variability test work results.

• Power generation cost utilising the current Syama diesel generators.

• Development and production rates are based on the current Syama mining contract schedule of rates, with updated quotes provided by the contractor as required for mining method changes expected at Tabakoroni.

• Ground support consumables, fuel, explosives, bulk cement based on current Syama mining contract.

• Mine closure costs (existing open pit component).

• PFS level cost estimates were calculated for:

• Paste fill cost – based on locally supplied bulk cement prices and an independent paste fill study to determine consumption rate.

• Environmental and mine closure costs specific to underground.

The oxide plant produces gold doré (without problematic deleterious elements) that is subsequently refined offsite. Refining costs are allowed for as per current Syama Mine, but are not material.

Ad valorem Government royalties of 6% are payable on gold production.

• 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.

A gold price of US$1,500/oz formed the basis of the Ore Reserves. Gold price used for planning purposes is from consensus forecasts provided by external corporate advisers.

No penalties are incurred, nor is any revenue received from coproducts.

• 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.

The market for gold is robust with prevailing gold price being well above US$1,500/oz.

Supply and demand are not considered material to the Ore Reserve calculations.

• Price and volume forecasts and the basis for these forecasts.

• For industrial minerals the customer specification, testing and acceptance requirements prior to a supply contract.

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CRITERIA

JORC CODE EXPLANATION COMMENTARY

• 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 financial evaluation undertaken as part of the evaluation indicated a positive net present value (NPV) at a 7% annual discount rate. The following major economic inputs were used:

• Costs as previous described.

• Gold price of US$1500/oz.

• Royalties of 6%.

• Effective tax rate of 25% (Corporate tax rate of 30% with 5% discount provided by the Malian government to Tabakoroni).

• Discount rate of 7% per annum for real, post-tax cash flows.

A Statistical PERT sensitivity (SPERT) analysis was conducted as part of the PFS. The NPV is most sensitive to revenue contributors, i.e. gold grade and gold price. This is expected as the study covered all the upfront costs in establishing the underground mine, but only considered the upper Measured and Indicated components of the Mineral Resource. It is expected that this sensitivity will greatly improve once the large Inferred Resource, open both along strike and at depth, has been drilled and confidence increased to be included in future Ore Reserves.

Social • The status of agreements with key stakeholders and Tabakoroni falls under the SOMIFI exploitation permit and is matters leading to social license to operate. managed by SOMISY under Management and Toll Treatment agreements lodged with the Government of Mali. It is the intention to encourage economic development within the local community. During the operation of Tabakoroni open pit focus has been on improving farming and health care plus providing access to water; this will continue to remain a focus. The Syama Mine Community Consultative Committee, which includes representation from Tabakoroni and the villages adjacent to the Syama Satellites, was established in February 2001 with representatives from local villages, the Malian Government and SOMISY. Since April 2004 the Committee has met regularly as a communication forum and to address community issues and assist with community project proposals; it continues to meet on the first or second Tuesday of each month. Initial consultation as part of the underground updates to the ESIA indicated no major concerns with the underground operation.

Other • To the extent relevant, the impact of the following on the All current government agreements and approvals are in good project and/or on the estimation and classification of the standing and no anticipated changes are expected. Political Ore Reserves: instability is a potential risk in Mali, but the owner has many • Any identified material naturally occurring risks. years operating experience in this environment through the • The status of material legal agreements and marketing current Syama and Tabakoroni operations. The current Malian arrangements. government is supportive of mining operations and the current Syama and Tabakoroni operations are in good standing with the • The status of governmental agreements and approvals authorities. There are no current unresolved matters affecting critical to the viability of the project, such as mineral this project. tenement status, and government and statutory approvals. There must be reasonable grounds to expect It is expected that the updated ESIA for moving the Tabakoroni that all necessary Government approvals will be operations underground will be approved by the Malian received within the timeframes anticipated in the Pre- government and will not affect the viability of the project. 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.

It is the intention to encourage economic development within the local community. During the operation of Tabakoroni open pit focus has been on improving farming and health care plus providing access to water; this will continue to remain a focus.

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CRITERIA JORC CODE EXPLANATION	COMMENTARY
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).	Proved and Probable Ore Reserves were declared based on the Measured and Indicated Mineral Resources. The Ore Reserve estimate appropriately reflects the Competent Person’s view of the deposit. None of the Measured Mineral Resource was converted to Proven Ore Reserves. The Measured Resource component is located below the previous open pit and forms part of the crown pillar to be extracted at the end of the underground mine life. Due to the inherent risk of extracting the crown pillar at a much later stage in the mine’s life, it is appropriate in the Competent Person’s opinion to classify this material as Probable Ore Reserves and not Proved Ore Reserves.
Audits or reviews •The results of any audits or reviews of Ore Reserve estimates.	Major parts of the study were completed by external, independent contributors and were internally reviewed by each contributor prior to submission to Resolute. These inputs were then further reviewed by Resolute Corporate and Site operational teams prior to inclusion in the PFS. The combined PFS and Ore Reserves output was then internally reviewed, but no external review of the combine PFS and Ore Reserves has been conducted yet.
Discussion of relative accuracy/ confidence •Where appropriate a statement of the relative accuracy and confidence level in the Ore Reserve estimate using an approach or procedure deemed appropriate by the Competent Person. For example, the application of statistical or geostatistical procedures to quantify the relative accuracy of the reserve within stated confidence limits, or, if such an approach is not deemed appropriate, a qualitative discussion of the factors which could affect the relative accuracy and confidence of the estimate. •The statement should specify whether it relates to global or local estimates, and, if local, state the relevant tonnages, which should be relevant to technical and economic evaluation. Documentation should include assumptions made and the procedures used. •Accuracy and confidence discussions should extend to specific discussions of any applied Modifying Factors that may have a material impact on Ore Reserve viability, or for which there are remaining areas of uncertainty at the current study stage. •It is recognized that this may not be possible or appropriate in all circumstances. These statements of relative accuracy and confidence of the estimate should be compared with production data, where available.	The relative accuracy and confidence of the Ore Reserve estimate is inherent in the Ore Reserve Classification. The mine design and schedule were prepared to a PFS level of accuracy. Conservative mining modifying factors were used to account for potential variations in ground and geotechnical conditions. The open pit operations had a slight positive reconciliation, but this was not considered material to the underground project as the open pit operations only focused on oxide material, and the underground will be focusing on fresh, sulphide ore. Reconciliation procedures will be implemented as part of the underground operation and will be considered in future Ore Reserve updates. Costs are at PFS level of confidence or better due to existing capital infrastructure and open pit operations at Tabakoroni, and existing underground operations and processing at Syama, which will be re-used for the Tabakoroni underground project. Metallurgical results are in line with Syama parameters for similar ore, and are consistent between various test programmes, providing confidence in the assumptions used for the study.

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Syama Satellite Deposits – Cashew NE, Paysans, Tellem and Northern Pits

Section 1 Sampling Techniques and Data

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
Sampling techniques	• Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement	The samples were collected from reverse circulation (RC) and diamond core drill holes.
	tools appropriate to the minerals under investigation, such as	RC samples were collected on 1m intervals by riffle split (dry) or
	down hole gamma sondes, or handheld XRF instruments, etc.).	by scoop (wet), to obtain
	These examples should not be taken as limiting the broad	a 1-3kg sample which was sent to the laboratory for crushing,
	meaning of sampling.	splitting and pulverising to provide a 30g charge for analysis.
	• Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.	Diamond core was sampled at 1m intervals and cut in half, to provide a 2-4kg sample, which was sent to the laboratory for crushing, splitting and
	• Aspects of the determination of mineralisation that are Material	pulverising to provide a 30g charge for analysis.
	to the Public Report.	Sampling and sample preparation protocols are industry
	• In cases where ‘industry standard’ work has been done this	standard and are deemed appropriate by the Competent Person.
	would be relatively simple (e.g. ‘reverse circulation drilling was
	used to obtain 1 m samples from which 3 kg was pulverised to
	produce a 30 g charge for fire assay’). In other cases more
	explanation may be required, such as where there is coarse
	gold that has inherent sampling problems. Unusual
	commodities or mineralisation types (e.g. submarine nodules)
	may warrant disclosure of detailed information.
Drilling techniques	• Drill type (e.g. core, reverse circulation, open-hole hammer,	Drill types used include diamond core of PQ and HQ sizes and
	rotary air blast, auger, Bangka, sonic, etc.) and details (e.g.	RC.
	core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.).	Core is oriented at 3m down hole intervals using a Reflex Act II RD Orientation Tool.
Drill sample	• Method of recording and assessing core and chip sample	Drill core interval recoveries are measured from core block to
recovery	recoveries and results assessed.	core block using a tape measure.
	• Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and	Appropriate measures are taken to maximise sample recovery and ensure the representative nature of the samples.
	grade and whether sample bias may have occurred due to	No apparent relationship is noted between sample recovery and
	preferential loss/gain of fine/coarse material.	grade.
Logging	• Whether core and chip samples have been geologically and	Drill holes were geologically logged by geologists for colour,
	geotechnically logged to a level of detail to support appropriate	grainsize, lithology, minerals, alteration and weathering on
	Mineral Resource estimation, mining studies and metallurgical	geologically-domained intervals.
	studies.	Geotechnical and structure orientation data was measured and
	• Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.	logged for all diamond core intervals.
	• The total length and percentage of the relevant intersections	Diamond core was photographed (wet and dry).
	logged.	Holes were logged in their entirety (100%) and this logging was
		considered reliable and appropriate.

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CRITERIA	JORC CODE EXPLANATION	COMMENTARY
Sub-sampling	• If core, whether cut or sawn and whether quarter, half or all	Diamond core was sampled at 1m intervals and cut in half to
techniques	core taken.	obtain a 2-4kg sample.
and sample preparation	• If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness	Reverse circulation samples were collected on 1m intervals by riffle split (dry) or by scoop (wet) to obtain a 1-3kg sample.
	of the sample preparation technique.	Sample preparation for diamond core and RC samples includes
	• Quality control procedures adopted for all sub-sampling	oven drying, crushing to 10mm, splitting and pulverising to 85%
	stages to maximise representivity of samples.	passing -75µm. These preparation techniques are deemed to be
	• Measures taken to ensure that the sampling is representative	appropriate to the material being sampled.
	of the in-situ material collected, including for instance results	Drill core coarse duplicates were split by the laboratory after
	for field duplicate/second-half sampling.	crushing at a rate of 1:20 samples. Reverse circulation field
	• Whether sample sizes are appropriate to the grain size of the	duplicates were collected by the Company at a rate of 1:20
	material being sampled.	samples.
		Sampling, sample preparation and quality control protocols are
		of industry standard and all attempts were made to ensure an
		unbiased representative sample was collected. The methods
		applied in this process were deemed appropriate by the
		Competent Person.
Quality of assay	• The nature, quality and appropriateness of the assaying and	All samples were dispatched to ALS Bamako for gold analysis by
data and	laboratory procedures used and whether the technique is	30g fire assay fusion with AAS instrument finish (method code
laboratory tests	considered partial or total.	Au-AA25). Over-range results were re-analysed and reported by
	• For geophysical tools, spectrometers, handheld XRF	30g fire assay fusion with gravimetric finish (method code Au-
	instruments, etc., the parameters used in determining the	GRA21). The analytical method was appropriate for the style of
	analysis including instrument make and model, reading times,	mineralisation.
	calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (e.g. standards,	No geophysical tools were used to determine elemental concentrations.
	blanks, duplicates, external laboratory checks) and whether
	acceptable levels of accuracy (i.e. lack of bias) and precision	Quality control (QC) procedures included the use of certified
	have been established.	standards (1:40), non-certified sand blanks (1:40), diamond core
		coarse duplicates (1:20) and reverse circulation field duplicates
		(1:20).
		Laboratory quality control data, including laboratory standards,
		blanks, duplicates, repeats, grind size results and sample
		weights were also captured into the digital database.
		Analysis of the QC sample assay results indicates that an
		acceptable level of accuracy and precision has been achieved.
Verification of	• The verification of significant intersections by either	Verification of significant intersections have been completed by
sampling and	independent or alternative company personnel.	Company personnel and the Competent Person.
assaying	• The use of twinned holes.	No drill holes within the resource area were twinned.
	• Documentation of primary data, data entry procedures, data
	verification, data storage (physical and electronic) protocols.	Drill holes were logged into digital templates with lookup codes,
	• Discuss any adjustment to assay data.	validated and then compiled into a relational SQL 2012 database
		using DataShed data management software. The database has
		verification protocols which are used to validate the data entry.
		The drill hole database is backed up on a daily basis to the head
		office server.
		Assay result files were reported by the laboratory in PDF and
		CSV format and imported into the SQL database without
		adjustment or modification.

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CRITERIA	JORC CODE EXPLANATION	COMMENTARY
Location of data points	• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	Collar coordinates were picked up in UTM (WGS84) by staff surveyors using an RTK DGPS with an expected accuracy of 0.05m; elevations were height above EGM96 geoid.
	• Specification of the grid system used. • Quality and adequacy of topographic control.	Down hole surveys were collected at intervals between 5m and 30m using either a Reflex EZ-Gyro north seeking instrument or a
		Reflex EZ-Trac magnetic instrument in single shot or multi shot
		mode. A time-dependent declination was applied to the magnetic
		readings to determine UTM azimuth.
		Coordinates and azimuths are reported in UTM WGS84 Zone 29
		North.
		Coordinates were translated to local mine grid using 1 point and
		rotation.
		Local topographic control is via LIDAR surveys, satellite
		photography and drone UAV aerial survey.
Data spacing and distribution	• Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity	Drill hole spacing was sufficient to demonstrate geological and grade continuity appropriate for a Mineral Resource and the classifications applied under the 2012 JORC Code.
	appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.	The appropriateness of the drill spacing was reviewed by the geological technical team, both on site and head office. This was
	• Whether sample compositing has been applied.	also reviewed by the Competent Person.
		Samples were collected on 1m intervals; no sample compositing
		is applied during sampling.
Orientation of	• Whether the orientation of sampling achieves unbiased	Holes were drilled predominantly perpendicular to mineralised
data in relation to	sampling of possible structures and the extent to which this is	domains where possible.
geological	known, considering the deposit type.
structure	• If the relationship between the drilling orientation and the	No orientation-based sampling bias has been identified in the
	orientation of key mineralised structures is considered to have	data.
	introduced a sampling bias, this should be assessed and
	reported if material.
Sample security	• The measures taken to ensure sample security.	Samples were collected from the drill site and stored on site.
		All samples were individually bagged and labelled with unique
		sample identifiers, then securely dispatched to the laboratories.
		All aspects of sampling and dispatch process were supervised
		and tracked by SOMIFI personnel.
Audits or reviews	• The results of any audits or reviews of sampling techniques	External audits of procedures indicate protocols are within
	and data.	industry standards.

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Section 2 Reporting of Exploration Results

CRITERIA	JORC CODE EXPLANATION	JORC CODE EXPLANATION	COMMENTARY
Mineral tenement and land tenure status	•	Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties,	Drilling at Syama was conducted within the Malian Exploitation Concession Permit PE 93/003 which covers an area of 200.6km2.
		native title interests, historical sites, wilderness or	Resolute Mining Limited has an 80% interest in the Syama
	•	national park and environmental settings. The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence	project and the Exploitation Permit PE 93/003, on which it is based, through its Malian subsidiary, Sociêtê des Mines de Syama SA (SOMISY). The Malian Government holds a free carried 20% interest in SOMISY.
		to operate in the area.
			The Permits are held in good standing. Malian mining law
			provides that all Mineral Resources are administered by
			DNGM (Direction Nationale de la Géologie et des Mines) or
			National Directorate of Geology and Mines under the Ministry
			of Mines, Energy and Hydrology.
Exploration done by other parties	•	Acknowledgment and appraisal of exploration by other parties.	The Syama deposit was originally discovered by a regional geochemical survey undertaken by the Direction National de Géologie et des Mines (DNGM) with assistance from the
			United Nations Development Program (UNDP) in 1985. There
			had also been a long history of artisanal activities on the hill
			where an outcropping chert horizon originally marked the
			present-day position of the open pit.
			BHP during 1987-1996 sampled pits, trenches, auger, RC
			and diamond drill holes across Syama prospects. Randgold
			Resources Ltd during 1996-2000 sampled pits, trenches,
			auger, RAB, RC and diamond drill holes across Syama
			prospects.
			Etruscan Resources Inc explored Tabakoroni during 2002-
			2003 by auger, aircore, RC and diamond drill hole tails. The
			Tabakoroni area was previously explored Barrick Gold (1990)
			by auger, pits, trenches, RAB and diamond core drilling.
Geology	•	Deposit type, geological setting and style of mineralisation.	The Syama Project is found on the northern margin of the Achaean-Proterozoic Leo Shield which forms the southern half of the West African Craton. The project area straddles
			the boundary between the Kadiana–Madinani terrane and the
			Kadiolo terrane. The Kadiana-Madinani terrane is dominated
			by greywackes and a narrow belt of interbedded basalt and
			argillite. The Kadiolo terrane comprises polymictic
			conglomerate and sandstone that were sourced from the
			Kadiana-Madinani terrane and deposited in a late- to
			syntectonic basin.
			Prospects are centred on the NNE striking, west dipping,
			Syama-Bananso Fault Zone and Birimian volcano-
			sedimentary units of the Syama Formation. The major
			commodity being sought is gold.

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CRITERIA	JORC CODE EXPLANATION	JORC CODE EXPLANATION	COMMENTARY
Drill hole Information	•	A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:	All information, including easting, northing, elevation, dip, azimuth, coordinate system, drill hole length, intercept length and depth are measured and recorded in UTM Zone 29 WGS84.
		o easting and northing of the drill hole collar	The Syama belt is mostly located on the Tengrela 1/200,000 topo
		o elevation or RL (Reduced Level – elevation above sea	sheet (Sheet NC 29-XVIII).
		level in metres) of the drill hole collar	Spectrum Survey & Mapping from Australia established survey
		o dip and azimuth of the hole	control at Tabakoroni using AusPos online processing to obtain an
		o down hole length and interception depth	accurate UTM Zone 29 (WGS84) and ‘above geoid’ RL for the
		o Whole length.	origin of the survey control points.
			Accuracy of the survey measurements is considered to meet
	•	If the exclusion of this information is justified on the basis	acceptable industry standards.
		that the information is not Material and this exclusion does	Drill hole information has been tabulated for this release in the
		not detract from the understanding of the report, the	intercepts table of the accompanying text.
		Competent Person should clearly explain why this is the case.	For completeness the following information about the drill holes is provided:
			•Easting, Northing and RL of the drill hole collars are
			measured and recorded in UTM Zone 29 (WGS84).
			•Dip is the inclination of the drill hole from horizontal. A drill
			hole drilled at -60° is 60° from the horizontal.
			•Down hole length is the distance down the inclination of the
			hole and is measured as the distance from the horizontal to
			end of hole.
			•Intercept depth is the distance from the start of the hole
			down the inclination of the hole to the depth of interest or
			assayed interval of interest.
Data aggregation	•	In reporting Exploration Results, weighting averaging	Exploration results are tabulated using the following parameters:
methods		techniques, maximum and/or minimum grade truncations	•Grid coordinates are WGS84 Zone 29 North.
		(e.g. cutting of high grades) and cut-off grades are usually	•Cut-off grade for reporting of intercepts is >=1g/t Au.
	•	Material and should be stated. Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.	•No top cut of individual assays prior to length weighted compositing of the reported intercept has been applied. •Maximum 3m consecutive internal dilution included within the intercept. Metal equivalent values are not used in reporting.
	•	The assumptions used for any reporting of metal equivalent
		values should be clearly stated.
Relationship	•	These relationships are particularly important in the	The Cashew NE, Paysans and Northern Pits mineralisation is
between		reporting of Exploration Results.	shallowly dipping at about 30 degrees to the west (local grid).
mineralisation widths and intercept lengths	• •	If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are	The majority of the Tellem mineralisation is narrow and sub vertical.
		reported, there should be a clear statement to this effect	The majority of the drill holes are planned at a general inclination
		(e.g. ‘down hole length, true width not known’).	of -60 degrees east and as close to perpendicular to the ore zone
			as possible.
			At the angle of the drill holes and the dip of the ore zones, the
			reported intercepts will be slightly more than true width.
Diagrams	•	Appropriate maps and sections (with scales) and	No exploration results have been reported in this release.
		tabulations of intercepts should be included for any
		significant discovery being reported These should
		include, but not be limited to a plan view of drill hole collar
		locations and appropriate sectional views.

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CRITERIA	JORC CODE EXPLANATION	JORC CODE EXPLANATION	COMMENTARY
Balanced	•	Where comprehensive reporting of all Exploration Results	Significant intercepts of new drill holes have not been
reporting		is not practicable, representative reporting of both low	reported in this release.
		and high grades and/or widths should be practiced to
		avoid misleading reporting of Exploration Results.
Other	•	Other exploration data, if meaningful and material, should	No geophysical and geochemical data or any additional
substantive		be reported including (but not limited to): geological	exploration information has been reported in this release, as
exploration data		observations; geophysical survey results; geochemical	they are not deemed relevant to the release.
		survey results; bulk samples – size and method of
		treatment; metallurgical test results; bulk density,
		groundwater, geotechnical and rock characteristics;
		potential deleterious or contaminating substances.
Further work	•	The nature and scale of planned further work (e.g. tests	Further drilling is planned.
		for lateral extensions or depth extensions or large-scale
		step-out drilling).
	•	Diagrams clearly highlighting the areas of possible
		extensions, including the main geological interpretations
		and future drilling areas, provided this information is not
		commercially sensitive.

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Section 3 Estimation and Reporting of Mineral Resources

CRITERIA JORC CODE EXPLANATION	COMMENTARY
Database integrity • Measures taken to ensure that data has not been corrupted by, for example, transcription or keying errors, between its initial collection and its use for Mineral Resource estimation purposes. • Data validation procedures used.	Cashew NE,Paysans and Tellem Data has been compiled into a relational SQL database; the setup of this database precludes the loading of data which do not meet the required validation protocols. The data is managed using DataShed© drill hole management software using SQL database techniques. Validation checks are conducted using SQL and DataShed© relational database standards. Data has also been checked against original hard copies for 100% of the data, and where possible, loaded from original data sources. Resolute completed the following basic validation checks on the data supplied prior to resource estimation: •Drill holes with overlapping sample intervals. •Sample intervals with no assay data or duplicate records. •Assay grade ranges. •Collar coordinate ranges. •Valid hole orientation data. There are no significant issues identified with the data.
Site visits • Comment on any site visits undertaken by the Competent Person and the outcome of those visits. • If no site visits have been undertaken indicate why this is the case.	Cashew NE and Paysans Mr Bruce Mowat, a full-time employee of Resolute Mining Ltd and a Member of the Australasian Institute of Mining and Metallurgy is the Competent Person who has visited this site multiple times. Tellem and Northern Pits Mr Nicholas Johnson, as employee of MPR Geological Consultants Pty Ltd and a Member of the Geological Institute of Geoscientists is the Competent Person who has visited this site on numerous occasions, the most recent being May 2014 to review the grade control protocols ad review the Mineral Resource estimates at Syama. All aspects of drilling, sampling and mining are considered by the Competent Persons to be of a high industry standard.
Geological interpretation • Confidence in (or conversely, the uncertainty of) the geological interpretation of the mineral deposit. • Nature of the data used and of any assumptions made. • The effect, if any, of alternative interpretations on Mineral Resource estimation. • The use of geology in guiding and controlling Mineral Resource estimation. • The factors affecting continuity both of grade and geology.	Cashew NE and Paysans The digital database used for the interpretation included logged intervals for the key stratigraphic zones of Cashew NE, Paysans and Tellem. Detailed geological logs were available in hardcopy and digital and reviewed where necessary. Wireframes used to constrain the estimation are based on drill hole intercepts and geological boundaries. All wireframes at Cashew NE and Paysans have been constructed to a 0.3g/t Au cut-off grade for shape consistency. At Tellem they were constructed at nominal 0.1g/t Au mineralised envelope. There is a moderate level of confidence for the interpretation at Cashew NE, Paysans, Tellem and Northern Pits due to the relatively close-spaced drilling at surface. The mineralisation is generally quite consistent and drill intercepts clearly define the shape of the mineralised zones with limited options for large scale alternate interpretations.

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CRITERIA JORC CODE EXPLANATION COMMENTARY

Dimensions

• The extent and variability of the Mineral Resource expressed as length (along strike or otherwise), plan width, and depth below surface to the upper and lower limits of the Mineral Resource.

Cashew NE

The mineral resource at Cashew comprises three individual domains they all dip at about 30 degrees to the west (local grid) from surface and extend 200 metres down dip. The three domains extend for approximately 350 metres along strike and the gold mineralised zone width varies between 1.5 and 20 metres, with an average thickness of 7 metres.

Paysans

Three domains have been identified at Paysans. The three domains all dip at about 30 degrees to the west (local grid) and extend for 300 metres down dip. The mineralised zone width varies between 1.5 and 10 metres with an average thickness of 3 metres. They strike northsouth (local grid) for approximately 1,700 metres. The deposit has been divided into three areas by two faults which run east-west (local grid).

Tellem There are three mineralised domains at Tellem. The three domains are narrow sub vertical zone of stockwork veins modelled to be between a few metres to 1.5 metres in thickness. The strike length is approximately 4.3 kilometres and covers a vertal extent of 270 metres.

Northern Pits

The Northern Pits Mineral Resource area extends over a strike length of 6,000 metres (from 1,196,925mN to 1,202,800mN), and includes the 310m vertical interval from 455mRL to 145mRL. The overall plan width of the mineralised lodes varies between 10 metres to 100 metres in horizontal thickness.

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Estimation and The nature and appropriateness of the estimation modelling technique(s) applied and key assumptions, including techniques treatment of extreme grade values, domaining, interpolation parameters and maximum distance of extrapolation from data points. If a computer assisted estimation method was chosen include a description of computer software and parameters used.

• The availability of check estimates, previous estimates and/or mine production records and whether the Mineral Resource estimate takes appropriate account of such data.

• The assumptions made regarding recovery of by- products.

• • Estimation of deleterious elements or other non-grade variables of economic significance (e.g. sulphur for acid mine drainage characterization).

• In the case of block model interpolation, the block size in relation to the average sample spacing and the search employed.

• In the case of block model interpolation, the block size in relation to the average sample spacing and the search employed.

• Any assumptions behind modelling of selective mining units.

• Any assumptions about correlation between variables.

• Description of how the geological interpretation was used to control the resource estimates.

• Discussion of basis for using or not using grade cutting or capping.

• The process of validation, the checking process used, the comparison of model data to drill hole data, and use of reconciliation data if available.

Cashew NE

Estimation was completed in Datamine Studio RM using an Ordinary Kriged model to estimate the gold, sulphide sulphur and organic carbon grades. Grades were estimated into parent block of 5mE by 5mN by 2.5mRL with sub- celling down to 2.5mE by 2.5mN by 2.5mRL was employed for resolution of the mineralisation boundaries as defined by wireframes. The drill spacing at Cashew is a nominal 25 by 25 metres for the exploration holes for the majority of the deposits and 50 by 50 metres around the periphery. The main part of the deposit has been gc drilled out to 12.5 by 5 metres.

Drillhole sample data was flagged using domain codes generated from three-dimensional mineralisation domains. The samples were composited to 1 metre intervals.

Variogram orientations were largely controlled by the strike of the mineralisation and downhole variography. One set of variograms was generated for all the mineralisation due to similar orientation of each of the domains.

Kriging neighbourhood analysis was performed to optimise the block size, sample numbers and discretisation levels with the goal of minimising conditional bias in the gold grade estimates.

The mineralisation domains were treated as hard boundaries in the estimation process while oxidation surfaces were treated as soft boundaries.

Three search passes were used, with the first search pass set to the range of the variogram for each domain. A minimum of 8 and a maximum of 30 samples were used. The search stayed the same for the second pass but was increased by a factor of 2 for the third and final pass. The minimum number of samples was reduced to six for the second pass and for the third pass.

No deleterious elements were found in the ore.

No selective mining units have been assumed.

Top cuts were applied to reduce the variability of the data and to remove the outliers.

The estimated block model grades were visually validated against the input drillhole data and comparisons were carried out against the drillhole data and by northing and elevation slices. Global comparison between the input data and the block grades for each variable is considered acceptable (±10%)

Paysans

Estimation was completed in Datamine Studio RM using an Ordinary Kriged model to estimate the gold grade. Grades were estimated into parent block of 10mE by 20mN (at Cashew, 25mN at Paysans) by 5mRL with sub- celling down to 2.5mE by 2.5mN by 2.5mRL was employed for resolution of the mineralisation boundaries as defined by wireframes. The drill spacing at Paysans is a nominal 25 by 25 metres for the exploration holes for the majority of the deposits and 50 by 50 metres around the periphery.

Drillhole sample data was flagged using domain codes generated from three-dimensional mineralisation domains. The samples were composited to one metre intervals.

Variogram orientations were largely controlled by the strike of the mineralisation and downhole variography. One set of variograms was generated for all the mineralisation due to similar orientation of each of the domains and sometimes lack of composites. Kriging neighbourhood analysis was performed to optimise the block size, sample numbers and discretisation levels with the goal of minimising conditional bias in the gold grade estimates.

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At Cashew mineralisation domains were treated as hard boundaries in the estimation process while oxidation surfaces were treated as soft boundaries. At Paysans the mineralisation domains were treated as hard boundaries as well as the boundary between the transitional and fresh material within each domain.

The boundary between the oxide and transitional is treated as a soft boundary. Three search passes were used, with the first search pass set to the range of the variogram for each domain. A minimum of eight and a maximum of 30 samples were used. The search stayed the same for the second pass but was increased by a factor of three for the third and final pass. The minimum number of samples was reduced to six for the second pass and four for the third pass.

No deleterious elements were found in the ore.

No selective mining units have been assumed.

Top cuts were applied to reduce the variability of the data and to remove the outliers.

The estimated block model grades were visually validated against the input drillhole data and comparisons were carried out against the drillhole data and by northing and elevation slices. Global comparison between the input data and the block grades for each variable is considered acceptable (±10%).

Tellem

Multiple Indicator Kriging (MIK) with block support adjustment to estimate gold resources into blocks with dimensions of 10mE by 25mN by 5mRL. MIK of gold grades used indicator variography based on the two metre resource composite sample grades. Gold grade continuity was characterised by indicator variograms at 14 indicator thresholds spanning the global range of grades. A block support adjustment was used to estimate the recoverable gold resources at each deposit. The shape of the local block gold grade distribution has been assumed lognormal and an additional adjustment for the “Information Effect” has been applied to arrive at the final Mineral Resource estimates.

MIK was used as the preferred method for estimation of gold resources at Tellem as the approach has been demonstrated to work well in a large number of deposits of diverse geological styles. The gold mineralisation seen at the Tellem deposit is typical of that seen in most structurally controlled gold deposits where the MIK method has been found to be of most benefit.

Data viewing, compositing and wire-framing were performed using Micromine software. Exploratory data analysis, variogram calculation and modelling, and resource estimation have been performed using FSSI Consultant (Australia) Pty Ltd GS3M software. GS3M is designed specifically for estimation of recoverable resources using MIK methodology.

The sample data set containing all available assaying were composited to two metre intervals each located by their mid-point co-ordinates and assigned a length weighted average gold grade. The composite length of two metres was chosen because it is a multiple of the most common sampling interval (1.0 metre) and is also an appropriate choice for the kriging of gold into the model blocks where open pit mining is undertaken on 2.5 metre benches. Block dimensions are 10mE by 25mN by 5mRL and was chosen as it approximates the average drill hole spacing in the horizontal direction, with the 5m elevation being a multiple of the mining bench height of 2.5m. The interpolation utilised a 3 pass octant search strategy with search radii generally in the order of category 1 searching 15m in the x, 25m in the y and 15m in the z direction, 16 minimum composites used, a maximum of four composites per octant and a minimum of four octants with data.

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Category 2 uses a 50% search distance increase but otherwise the same parameters and category 3 uses the same search distance as category 2 but only requires eight minimum composites and only 2 octants require data. The search ellipse on each category is consistently orientated orthogonal to modelling grid.

The 2m resource composites were initially coded by the mineralisation domain interpretation and the resultant primary domain coding further subdivided using the weathering surfaces to form sub-domains. Sample composites in each primary and subdomain combination were reviewed for their univariate and indicator statistics and spatial continuity and were the basis of grade modelling.

A combination of outlier high grade composites being ignored for each sub-domain for the generation of the indicator statistics, and selection of the median instead of mean for the highest indicator threshold were used to guard against a few higher grades within the population from having a disproportional influence on the gold estimation.

A block support adjustment was used to estimate the recoverable gold resources. The shape of the local block gold grade distribution has been assumed lognormal and an additional adjustment for the “Information Effect” has been applied to arrive at the final Resource estimates. Selective mining unit assumed to be in the general range 4mE by 8mN by 2.5mRL.

Visual validation of grade trends and gold distributions was carried out.

These is no mine production, so no comparisons were carried out.

Northern Pits

MIK was used as the preferred method for estimation of open pit gold resources at Northern Pits as the approach has been demonstrated to work well in a large number of deposits of diverse geological styles. The gold mineralisation seen at Northern Pits is typical of that seen in structurally controlled gold deposits where the MIK method has been found to be of most benefit.

Resolute provided grade control drilling data and reconciliation data as part of the Mineral Resource estimate update. Grade control drilling is not utilised in the estimation but is used for validation purposes. Ongoing reconciliations between resource models, grade control and mining outcomes indicate that the Northern Pits Mineral Resource model is reliable estimates of recoverable resources.

No assumptions regarding recovery of by products or deleterious elements are made in the estimation model.

Multiple Indicator Kriging (MIK) with block support adjustment was used to estimate gold resources into blocks with dimensions of 15m (east) by 25m (north) by 5m (elevation), which approximates the average drill hole spacing in the horizontal direction and the 5m elevation being a multiple of the mining bench height of 2.5m.

The interpolation utilised a 3 pass octant search strategy with search radii generally in the order of category 1 searching 25m in the x direction, 30m in the y direction and 10m in the z direction, 16 minimum composites used with a maximum of 4 composites per octant and a minimum of 4 octants with data. Category 2 uses a 50% search distance increase but otherwise the same parameters and category 3 uses the same search distance as category 2 but only requires 8 minimum composites and only 2 octants require data. The search ellipse on each category is consistently orientated. Rotations to orientate the search ellipse

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CRITERIA JORC CODE EXPLANATION	COMMENTARY
	are customised to the general orientation of the mineralisation (-40 -> 110). MIK of gold grades used indicator variography based on the two metre resource composite sample grades. Gold grade continuity within mineralised zones were characterised by indicator variograms at 14 indicator thresholds spanning the global range of grades. A block support adjustment was used to estimate the recoverable gold resources at Northern Pits. The shape of the local block gold grade distribution has been assumed lognormal and an additional adjustment for the “Information Effect” has been applied to arrive at the final Mineral Resource estimates. In the MPR study data viewing, compositing and wire-framing were performed using Micromine software. Exploratory data analysis, variogram calculation and modelling, and Resource estimation were performed using FSSI Consultants (Australia) Pty Ltd (FSSI) GS3M software. GS3M is designed specifically for estimation of recoverable resources using MIK. The sample data set containing all available assaying were composited to two metre intervals each located by their mid-point co-ordinates and assigned a length weighted average gold grade. The composite length of two metres was chosen because it is a multiple of the most common sampling interval (1.0 metre) and is also an appropriate choice for the kriging of gold into the model blocks where open pit mining is undertaken on 2.5 metre benches.
Moisture • Whether the tonnages are estimated on a dry basis or with natural moisture, and the method of determination of the moisture content.	Cashew NE, Paysans, Tellem and Northern Pits All tonnages have been estimated on a dry basis.
Cut-off parameters • The basis of the adopted cut-off grade(s) or quality parameters applied.	Cashew NE, Paysans and Tellem Mineral Resources for open pit extraction have been reported at a 1g/t Au grade cut-off. Northern Pits Mineral Resources have been reported above 1.5g/t Au grade cut- off.
Mining factors or assumptions • Assumptions made regarding possible mining methods, minimum mining dimensions and internal (or, if applicable, external) mining dilution. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential mining methods, but the assumptions made regarding mining methods and parameters when estimating Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the mining assumptions made.	Cashew NE, Paysans, Tellem and Northern Pits The Resource models assume that a moderate level of mining selectivity is achieved in open pit mining. It has been assumed that high quality grade control will be applied to ore/waste delineation processes using RC drilling, or similar, at a nominal (and no greater) spacing of 5 metre by 12.5 metre and applying a pattern sufficient to ensure adequate coverage of the mineralisation zones. This is consistent with current mining practises at Syama.
Metallurgical factors or assumptions • The basis for assumptions or predictions regarding metallurgical amenability. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential metallurgical methods, but the assumptions regarding metallurgical treatment processes and parameters made when reporting Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the metallurgical assumptions made.	Cashew NE, Paysans, Tellem and Northern Pits No metallurgical factors or assumptions have been made during the resource estimation process as these will be addressed during the conversion to Ore Reserves.

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CRITERIA JORC CODE EXPLANATION COMMENTARY

• Environmental • Assumptions made regarding possible waste and process factors or residue disposal options. It is always necessary as part assumptions of the process of determining reasonable prospects for eventual economic extraction to consider the potential environmental impacts of the mining and processing operation. While at this stage the determination of potential environmental impacts, particularly for a green fields project, may not always be well advanced, the status of early consideration of these potential environmental impacts should be reported. Where these aspects have not been considered this should be reported with an explanation of the environmental assumptions made.

Cashew NE, Paysans, Tellem and Northern Pits

It is a requirement of Decree No.03-594/P-RM of 31 December 2003 of Malian law that an Environmental and Social Impact Study (Étude d’Impact Environmental et Social – EIES) must be undertaken to update the potential environmental and social impacts of the mine’s redevelopment. The EIES for the Syama Gold Mine (including Tabakoroni) was approved in November 2007 and an Environment Permit (07- 0054/MEA – SG) was issued by the Ministry of Environment and Sanitation on 22 November 2007. The Ministry of Environment conducts timely reviews of the Syama Gold Mine to ensure that the Company maintains compliance with the EIES guidelines.

At Syama, there are three key practices for disposal of wastes and residues namely, stacking of waste rock from open pit mining; storage of tailings from mineral processes; and “tall-stack dispersion” of sulphur dioxide from the roasting of gold bearing concentrate. All waste disposal practices are in accordance with the guidelines in the EIES.

The Environmental and Social Impact Study – “Société des Mines de Syama, Syama Gold Mine, Mali”, dated 2007 indicated there was minimal potential for acid mine drainage from waste rock due to the elevated carbonate content which buffers a potential acid generation. Resolute maintains a plan for progressive rehabilitation of waste rock landforms as part of ongoing mine development and waste rock dumping.

The landform of tailings impoundments does not have a net acid generating potential. The largest volume is flotation tailings where the sulphide minerals have already been removed from the host rock. Its mineralogy includes carbonates which further buffer any acid-formation potential from sulphides that may also be present.

Cyanide levels in the leached-calcine tailings are typically less than 50ppm in the weak acid dissociable form. Groundwater away from the tailings landform is intercepted by trenches and sump pumps.

Sulphur dioxide is generated from the roasting of gold concentrate so that gold can be extracted and refined. Tall-Stack “dispersion” of the sulphur dioxide emission is monitored continuously. Prevailing weather and dissipation of the sulphur dioxide is modelled daily to predict the need to pause the roasting process to meet the air quality criteria set out in the Environmental and Social Impact Study.

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CRITERIA JORC CODE EXPLANATION	COMMENTARY
Bulk density • Whether assumed or determined. If assumed, the basis for the assumptions. If determined, the method used, whether wet or dry, the frequency of the measurements, the nature, size and representativeness of the samples. • The bulk density for bulk material must have been measured by methods that adequately account for void spaces (vugs, porosity, etc), moisture and differences between rock and alteration zones within the deposit. • Discuss assumptions for bulk density estimates used in the evaluation process of the different materials.	Paysans and Tellem No bulk density measurements have been taken at Paysans. An average SG was applied to the model by weathering type based on similar deposits at Syama: Oxide 1.80 t/m3 Transitional 2.40 t/m3 Fresh 2.70 t/m3 Cashew NE One hole had density measurements at Cashew. The average density was adjusted to reflect the density of this hole. The density was assigned based on weathering: Oxide 2.00 t/m3 Transitional 2.56 t/m3 Fresh 2.75 t/m3 Northern Pits Site personnel have completed numerous bulk density comparative estimates on HQ drill core to assess variability using the Archimedes method of dry weight versus weight in water. This method was used for 96% of the bulk density measurements. Other tests were completed by SGS using the pycnometer method. Based on the data collected the following SG estimates were applied to the model: Oxide 1.80 t/m3 Transitional 2.40 t/m3 Fresh 2.70 t/m3
Classification • The basis for the classification of the Mineral Resources into varying confidence categories. • Whether appropriate account has been taken of all relevant factors (i.e. relative confidence in tonnage/grade estimations, reliability of input data, confidence in continuity of geology and metal values, quality, quantity and distribution of the data). • Whether the result appropriately reflects the Competent Person’s view of the deposit.	Cashew NE and Paysans The Indicated Mineral Resource classification is based on moderate confidence in the geology and gold grade continuity with 25m x 25m spaced drillhole density or less. The Inferred Mineral Resource classification is applied to extensions of mineralised zones on the margins of the deposit where drill spacing is more than 50m x 50m and the extents of mineralisation at depth. The validation of the block model has confirmed satisfactory correlation of the input data to the estimated grades and reproduction of data trends. Tellem and Northern Pits The Resource model uses a classification scheme producing a resource code based on the number and location of gold composites used to estimate proportions and gold grade of each block. This is based on the principle that larger numbers of composites, which are more evenly distributed within the search neighbourhood, will provide a more reliable estimate. The strategy adopted in the current study uses category 1 and 2 from the 3 pass octant search strategy as Indicated and category 3 as Inferred. This results in a geologically sensible classification whereby Category 1 and 2 are surrounded by data in close proximity. Category 3 blocks may occur on the peripheries of drilling but are still related to drilling data within reasonable distances. The Mineral Resource estimates appropriately reflects the view of the Competent Persons.

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CRITERIA JORC CODE EXPLANATION	COMMENTARY
Audits or reviews • The results of any audits or reviews of Mineral • Resource estimates.	Cashew NE, Paysans, Tellem and Northern Pits There has been no external review of the Mineral Resource estimate.
Discussion of relative accuracy/ confidence • Where appropriate a statement of the relative accuracy and confidence level in the Mineral Resource 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 resource within stated confidence limits, or, if such an approach is not deemed appropriate, a qualitative discussion of the factors that could affect the relative accuracy and confidence of the estimate. • The statement should specify whether it relates to global or local estimates, and, if local, state the relevant tonnages, which should be relevant to technical and economic evaluation. Documentation should include assumptions made and the procedures used. • These statements of relative accuracy and confidence of the estimate should be compared with production data, where available.	Cashew NE, Paysans, Tellem and Northern Pits The Mineral Resource estimate has been classified based on the quality of the data collected, the density of data, the confidence of the geological models and mineralisation models, and the grade estimation quality. This has been applied to a relative confidence based on data density and zone confidence for resource classification. No relative statistical or geostatistical confidence or risk measure has been generated or applied. The relative accuracy of the Mineral Resource estimate is reflected in the reporting of Indicated and Inferred resource categories as defined by 2012 JORC Code guidelines. The estimate is considered to be relevant to an annual level of reporting of tonnage and grade. No production data available for comparison.

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Section 4 Estimation and Reporting of Ore Reserves

CRITERIA JORC CODE EXPLANATION	COMMENTARY Cashew NE, Paysans and Tellem Resources and Reserves at Cashew NE, Paysans and Tellem are reported above a 1 g/t cut-off. This was calculated as a marginal cut-off utilising open pit mining methods. Material below this cut- off is not included in the mineral resource. Ore Reserves are the material reported as a sub-set of the resource, that can be extracted from the mine and processed with an economically acceptable outcome. Mineral Resources are reported inclusive of Ore Reserves.
Mineral Resource estimate for conversion to Ore Reserves • Description of the Mineral Resource estimate used as a basis for the conversion to an Ore Reserve. • Clear statement as to whether the Mineral Resources are reported additional to, or inclusive of, the Ore Reserve.
Site visits • Comment on any site visits undertaken by the Competent Person and the outcome of those visits. • If no site visits have been undertaken indicate why this is the case.	Cashew NE, Paysans and Tellem Mr Scott Atkinson is a Competent Person and member of the Australasian Institute of Mining and Metallurgy and is a Competent Person who has visited the site the project is located.
Study status • The type and level of study undertaken to enable Mineral Resources to be converted to Ore Reserves. • The Code requires that a study to at least Pre-Feasibility Study level has been undertaken to convert Mineral Resources to Ore Reserves. Such studies will have been carried out and will have determined a mine plan that is technically achievable and economically viable, and that material Modifying Factors have been considered.	Cashew NE, Paysans and Tellem Feasibility studies were completed for mining of open satellite deposits in 2009 and mining of satellite pits has been occurring since 2014.
Cut-off parameters • The basis of the cut-off grade(s) or quality parameters applied.	Cashew NE, Paysans and Tellem Cashew, Tellem and Paysans use a cut-off of 1.0g/t, based on the economic parameters described in subsequent sections.

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CRITERIA	JORC CODE EXPLANATION	JORC CODE EXPLANATION	COMMENTARY
Mining factors or	•	The method and assumptions used as reported in the	Cashew NE, Paysans and Tellem
assumptions		Pre-Feasibility or Feasibility Study to convert the Mineral	The reported Ore Reserve estimates Cashew NE, Tellem and
	•	Resource to an Ore Reserve (i.e. either by application of appropriate factors by optimization or by preliminary or detailed design). The choice, nature and appropriateness of the selected mining method(s) and other mining parameters including	Paysans are based on pit optimisations conducted using the Lerchs- Grossman (LG) algorithm utilizing the WhittleTM software to calculate the optimal pit at specific input parameters and pit designs. Costs are based on existing contract mining and haulage rates and site costs which are understood with a high degree of accuracy.
		associated design issues such as pre-strip, access, etc.	Mining is planned to be undertaken by conventional open pit
	•	The assumptions made regarding geotechnical	methods of drill and blast, followed by load and haul.
	•	parameters (e.g. pit slopes, stope sizes, etc.), grade control and pre-production drilling. The major assumptions made and Mineral Resource model used for pit and stope optimization (if appropriate).	Detailed pit design work was completed based on pit optimisations using Whittle Four-X optimisation software. Only Measured and Indicated Resources were used in the pit optimisation.
	• •	The mining dilution factors used. The mining recovery factors used.	Overall slope angles are approximately 40° based on empirical experience from the mining other similar satellite pits.
	•	Any minimum mining widths used.	Grade control consists of RC drilling, based on a 5.0mE x 12.5mN
	•	The manner in which Inferred Mineral Resources are	drill pattern.
		utilized in mining studies and the sensitivity of the outcome to their inclusion.	Cashew NE, Paysans A 10% dilution factor is applied.
	•	The infrastructure requirements of the selected mining methods.	Tellem
			The MIK resource estimation technique used for Tellem implicitly
			incorporates internal mining dilution at the scale of the assessed
			SMU so no additional modifying factor was applied.
			Cashew NE, Paysans and Tellem
			Minimum Mining Width used is 15m.
			The pits contain approximately 2% of Inferred Resources.
Metallurgical factors	•	The metallurgical process proposed and the	Cashew NE, Paysans and Tellem
or assumptions		appropriateness of that process to the style of	Processing is by conventional primary crushing followed by single
		mineralization.	stage SAG milling. Gold recovery is by means of a gravity
	•	Whether the metallurgical process is well-tested	recovery circuit and carbon in leach process.
		technology or novel in nature.	Processing recoveries used are 90%, 80% and 65% for Oxide,
	•	The nature, amount and representativeness of	Transitional and fresh material respectively.
		metallurgical test work undertaken, the nature of the metallurgical domaining applied and the corresponding	Mine is operational with good reconciliation between predicted recoveries and actual.
		metallurgical recovery factors applied.
	•	Any assumptions or allowances made for deleterious elements.	Allowances are made in the recovery estimates for transitional and fresh ore as the Au recovery is impacted by some of the gold
	•	The existence of any bulk sample or pilot scale test work	being hosted in refractory sulphide and preg-robbing carbon.
		and the degree to which such samples are considered
		representative of the ore body as a whole.
	•	For minerals that are defined by a specification, has the
		ore reserve estimation been based on the appropriate
		mineralogy to meet the specifications?
Environmental	•	The status of studies of potential environmental impacts	Cashew NE, Paysans and Tellem
		of the mining and processing operation. Details of waste	An active waste rock characterisation program has been put in
		rock characterization and the consideration of potential sites, status of design options considered and, where	place for Tabakoroni and will extend to these satellite open pit deposits.
		applicable, the status of approvals for process residue	Ore from these pits will be processed at Syama and tailings
		storage and waste dumps should be reported.	storage will be impounded in existing footprint area approved in
			the Environmental and Social Impact Study. Progressive raising of
			the tailings occurs regularly with the ninth lift completed in 2019.
			Routine progress on the monitoring is reported to government and
			at stakeholder meetings in concert with routine inspections by
			government representatives.

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CRITERIA JORC CODE EXPLANATION	COMMENTARY Cashew NE, Paysans and Tellem These pits will be supported by existing infrastructure at Syama as they are close to the main facility.
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.
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.	Cashew NE, Paysans and Tellem The Cashew NE, Paysan and Tellem pits are located within approximately 10km of Syama. Ore is trucked to Syama where it is processed at Syama’s oxide circuit. General and administration costs are shared between the oxide plant and the sulphide plant which treats the Syama UG orebody. As part of ongoing operations, capital and operating budgets are prepared from first principles and considering existing contractual agreements. The oxide plant produces gold doré (without problematic deleterious elements) that is subsequently refined offsite. Refining costs are not material. • Exchange rates used for planning purposes are from consensus forecasts provided by external corporate advisers. • Ad valorem Government royalties of 6% are payable on gold production.
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.	Cashew NE, Paysans and Tellem A gold price of US$1,500/oz formed the basis of the Ore Reserves.
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.	Cashew NE, Paysans and Tellem The market for gold is robust with prevailing gold price being around US$1,850/oz. Supply and demand are not considered material to the Ore Reserve calculations.
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.	Cashew NE, Paysans and Tellem The financial evaluation undertaken as part of the evaluation of these open pits indicated a positive net present value (NPV) at a 5% discount rate and operating results to date have exceeded production and NPV forecasts.

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CRITERIA JORC CODE EXPLANATION	COMMENTARY Cashew NE, Paysans and Tellem The Southern Satellite Pits fall within the Syama exploitation permit and will be managed and operated by SOMISY SA. Development of the Southern Satellite pits has required updating of the SOMISY ESIA which has been lodged with the Government of Mali since December 2019. The ESIA process has required consultation with local community and local government leadership plus other relevant stakeholders. Engagement will continue up to and during operations including the payment of compensation to farmers whose fields are disturbed as per Malian legal requirements. It is anticipated that Malian nationals will fill most operating and management positions related to the Southern Satellite open pits. It is the intention to encourage economic development within the local community. The Syama Mine Community Consultative Committee, which includes representation from Tabakoroni and the villages adjacent to the Southern Satellites, was established in February 2001 with representatives from local villages, the Malian Government and SOMISY. Since April 2004 the Committee has met regularly as a communication forum and to address community issues and assist with community project proposals; it continues to meet on the first or second Tuesday of each month.
Social • The status of agreements with key stakeholders and matters leading to social license to operate.
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.	Cashew NE, Paysans and Tellem All current government agreements and approvals are in good standing and no anticipated changes are expected.
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).	Cashew NE, Paysans and Tellem Probable Ore Reserves were declared based on the Indicated Mineral Resources. The Ore Reserve estimate appropriately reflects the Competent Person’s view of the deposit.
Audits or reviews • The results of any audits or reviews of Ore Reserve estimates.	Cashew NE, Paysans and Tellem No external audits of resources/reserves were undertaken.

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CRITERIA JORC CODE EXPLANATION

COMMENTARY Cashew NE, Paysans and Tellem The relative accuracy and confidence of the Ore Reserve estimate is inherent in the Ore Reserve Classification. All the parameters assumed and adopted along with financial modelling and analysis have been subject to internal peer review.

Discussion of relative accuracy/ confidence • Where appropriate a statement of the relative accuracy and confidence level in the Ore Reserve estimate using an approach or procedure deemed appropriate by the Competent Person. For example, the application of statistical or geostatistical procedures to quantify the relative accuracy of the reserve within stated confidence limits, or, if such an approach is not deemed appropriate, a qualitative discussion of the factors which could affect the relative accuracy and confidence of the estimate. • The statement should specify whether it relates to global or local estimates, and, if local, state the relevant tonnages, which should be relevant to technical and economic evaluation. Documentation should include assumptions made and the procedures used. • Accuracy and confidence discussions should extend to specific discussions of any applied Modifying Factors that may have a material impact on Ore Reserve viability, or for which there are remaining areas of uncertainty at the current study stage. • It is recognized that this may not be possible or appropriate in all circumstances. These statements of relative accuracy and confidence of the estimate should be compared with production data, where available.

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Tabakoroni Satellite Deposits – Porphyry Zone (Splay)

Section 1 Sampling Techniques and Data

CRITERIA	JORC CODE EXPLANATION	JORC CODE EXPLANATION	COMMENTARY
Sampling	•	Nature and quality of sampling (e.g. cut channels, random	The samples were collected from reverse circulation (RC) and
techniques		chips, or specific specialised industry standard	diamond core drill holes.
		measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling.	RC samples were collected on 1m intervals by riffle split (dry) or by scoop (wet), to obtain a 1-3kg sample which was sent to the laboratory for crushing, splitting and pulverising to provide a 30g charge for analysis.
	• •	Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. Aspects of the determination of mineralisation that are Material to the Public Report.	Diamond core was sampled at 1m intervals and cut in half, to provide a 2-4kg sample, which was sent to the laboratory for crushing, splitting and pulverising to provide a 30g charge for analysis.
	•	In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling	Sampling and sample preparation protocols are industry standard and are deemed appropriate by the Competent Person.
		was used to obtain 1 m samples from which 3 kg was
		pulverised to produce a 30 g charge for fire assay’). In other
		cases more explanation may be required, such as where
		there is coarse gold that has inherent sampling problems.
		Unusual commodities or mineralisation types (e.g.
		submarine nodules) may warrant disclosure of detailed
		information.
Drilling	•	Drill type (e.g. core, reverse circulation, open-hole hammer,	Drill types used include diamond core of PQ and HQ sizes and
techniques		rotary air blast, auger, Bangka, sonic, etc.) and details (e.g.	RC.
		core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.).	Core is oriented at 3m down hole intervals using a Reflex Act II RD Orientation Tool.
Drill sample	•	Method of recording and assessing core and chip sample	Drill core interval recoveries are measured from core block to
recovery		recoveries and results assessed.	core block using a tape measure.
	• •	Measures taken to maximise sample recovery and ensure representative nature of the samples. Whether a relationship exists between sample recovery and	Appropriate measures are taken to maximise sample recovery and ensure the representative nature of the samples.
		grade and whether sample bias may have occurred due to	No apparent relationship is noted between sample recovery
		preferential loss/gain of fine/coarse material.	and grade.
Logging	•	Whether core and chip samples have been geologically and	Drill holes were geologically logged by geologists for colour,
		geotechnically logged to a level of detail to support	grainsize, lithology, minerals, alteration and weathering on
		appropriate Mineral Resource estimation, mining studies	geologically-domained intervals.
	•	and metallurgical studies. Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.	Geotechnical and structure orientation data was measured and logged for all diamond core intervals.
	•	The total length and percentage of the relevant	Diamond core was photographed (wet and dry).
		intersections logged.	Holes were logged in their entirety (100%) and this logging was
			considered reliable and appropriate.

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CRITERIA	JORC CODE EXPLANATION	JORC CODE EXPLANATION	COMMENTARY
Sub-sampling	•	If core, whether cut or sawn and whether quarter, half or all	Diamond core was sampled at 1m intervals and cut in half to
techniques and		core taken.	obtain a 2-4kg sample.
sample preparation	• •	If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry. For all sample types, the nature, quality and appropriateness	Reverse circulation samples were collected on 1m intervals by riffle split (dry) or by scoop (wet) to obtain a 1-3kg sample.
		of the sample preparation technique.	Sample preparation for diamond core and RC samples includes
	•	Quality control procedures adopted for all sub-sampling	oven drying, crushing to 10mm, splitting and pulverising to 85%
		stages to maximise representivity of samples.	passing -75µm. These preparation techniques are deemed to be
	•	Measures taken to ensure that the sampling is	appropriate to the material being sampled.
	•	representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. Whether sample sizes are appropriate to the grain size of the material being sampled.	Drill core coarse duplicates were split by the laboratory after crushing at a rate of 1:20 samples. Reverse circulation field duplicates were collected by the Company at a rate of 1:20 samples.
			Sampling, sample preparation and quality control protocols are
			of industry standard and all attempts were made to ensure an
			unbiased representative sample was collected. The methods
			applied in this process were deemed appropriate by the
			Competent Person.
Quality of assay	•	The nature, quality and appropriateness of the assaying and	All samples were dispatched to ALS Bamako for gold analysis by
data and		laboratory procedures used and whether the technique is	30g fire assay fusion with AAS instrument finish (method code
laboratory tests		considered partial or total.	Au-AA25). Over-range results were re-analysed and reported by
	•	For geophysical tools, spectrometers, handheld XRF	30g fire assay fusion with gravimetric finish (method code Au-
		instruments, etc., the parameters used in determining the	GRA21). The analytical method was appropriate for the style of
		analysis including instrument make and model, reading	mineralisation.
	•	times, calibrations factors applied and their derivation, etc. Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks)	No geophysical tools were used to determine elemental concentrations.
		and whether acceptable levels of accuracy (i.e. lack of bias)	Quality control (QC) procedures included the use of certified
		and precision have been established.	standards (1:40), non-certified sand blanks (1:40), diamond core
			coarse duplicates (1:20) and reverse circulation field duplicates
			(1:20).
			Laboratory quality control data, including laboratory standards,
			blanks, duplicates, repeats, grind size results and sample
			weights were also captured into the digital database.
			Analysis of the QC sample assay results indicates that an
			acceptable level of accuracy and precision has been achieved.
Verification of	•	The verification of significant intersections by either	Verification of significant intersections have been completed by
sampling and		independent or alternative company personnel.	Company personnel and the Competent Person.
assaying	• •	The use of twinned holes. Documentation of primary data, data entry procedures, data	No drill holes within the resource area were twinned.
		verification, data storage (physical and electronic) protocols.	Drill holes were logged into digital templates with lookup codes,
	•	Discuss any adjustment to assay data.	validated and then compiled into a relational SQL 2012 database
			using DataShed data management software. The database has
			verification protocols which are used to validate the data entry.
			The drill hole database is backed up on a daily basis to the head
			office server.
			Assay result files were reported by the laboratory in PDF and
			CSV format and imported into the SQL database without
			adjustment or modification.

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CRITERIA JORC CODE EXPLANATION	COMMENTARY
Location of data points • Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control.	Collar coordinates were picked up in UTM (WGS84) by staff surveyors using an RTK DGPS with an expected accuracy of0.05m; elevations were height above EGM96 geoid. Down hole surveys were collected at intervals between 5m and 30m using either a Reflex EZ-Gyro north seeking instrument or a Reflex EZ-Trac magnetic instrument in single shot or multi shot mode. A time-dependent declination was applied to the magnetic readings to determine UTM azimuth. Coordinates and azimuths are reported in UTM WGS84 Zone 29 North. Coordinates were translated to local mine grid using 1 point and rotation. Local topographic control is via LIDAR surveys, satellite photography and drone UAV aerial survey. Drill hole spacing was sufficient to demonstrate geological and grade continuity appropriate for a Mineral Resource and the classifications applied under the 2012 JORC Code. The appropriateness of the drill spacing was reviewed by the geological technical team, both on site and head office. This was also reviewed by the Competent Person. Samples were collected on 1m intervals; no sample compositing is applied during sampling. Holes were drilled predominantly perpendicular to mineralised domains where possible. No orientation-based sampling bias has been identified in the data. Samples were collected from the drill site and stored on site. All samples were individually bagged and labelled with unique sample identifiers, then securely dispatched to the laboratories. All aspects of sampling and dispatch process were supervised and tracked by SOMIFI personnel. External audits of procedures indicate protocols are within industry standards.
Data spacing and distribution • Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied.
Orientation of data in relation to geological structure • Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.
Sample security • The measures taken to ensure sample security.
Audits or reviews • The results of any audits or reviews of sampling techniques and data.

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Section 2 Reporting of Exploration Results

CRITERIA		JORC CODE EXPLANATION	COMMENTARY
Mineral tenement and land tenure status	•	Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.	Porphyry Zone drilling was completed within the Finkolo-Tabakoroni Exploitation Licence PE 13/19. Resolute Mining Limited has an 85% interest in Exploitation Permit PE 13/19, through its Malian subsidiary, Sociêtê des Mines de Finkolo SA (SOMIFI). The Malian Government holds a free carried 10% interest in SOMIFI.
	•	The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	The Permits are held in good standing. Malian mining law provides that all Mineral Resources are administered by DNGM (Direction Nationale de la Géologie et des Mines) or National Directorate of Geology and Mines under the Ministry of Mines,
			Energy and Hydrology.
Exploration done	•	Acknowledgment and appraisal of exploration by other	Etruscan Resources Inc explored Tabakoroni during 2002-2003
by other parties		parties.	by auger, aircore, RC and diamond drill hole tails. The
			Tabakoroni area was previously explored by BHP (1988-1990)
			and Barrick Gold (1990) by auger, pits, trenches, RAB and
			diamond core drilling.
Geology	•	Deposit type, geological setting and style of mineralisation.	The Tabakoroni Porphyry Zone is located on a NNE trending
			splay of the NNW oriented Main Tabakoroni Shear Zone.
			Host rocks are comprised of interbedded greywacke and shale
			with small intrusions of quartz feldspar phyric dacite porphyry.
			Ductile shearing affects all units and is particularly focussed
			within the shale units.
			Mineralisation occurs as quartz-pyrite veins and sulphidic shears
			within shale units. Visible gold is commonly seen in vein quartz.
			The gold mineralisation at the ‘Porphyry Zone” is somewhat
			erratic with more coherent zones striking NNE and dipping
			shallowly and steeply west.
Drill hole	•	A summary of all information material to the understanding	No exploration results have been reported in this release.
Information		of the exploration results including a tabulation of the following information for all Material drill holes:	All information, including easting, northing, elevation, dip, azimuth, coordinate system, drill hole length, intercept length and
		o easting and northing of the drill hole collar	depth are measured and recorded in UTM Zone 29 WGS84.
		o elevation or RL (Reduced Level – elevation above sea	The Syama belt is mostly located on the Tengrela 1/200,000
		level in metres) of the drill hole collar	topo sheet (Sheet NC 29-XVIII).
		o dip and azimuth of the hole o down hole length and interception depth o Whole length.	The Tabakoroni local grid has been tied to the UTM Zone 29 WGS84 co-ordinate system.
	•	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	Spectrum Survey & Mapping from Australia established survey control at Tabakoroni using AusPos online processing to obtain an accurate UTM Zone 29 (WGS84) and ‘above geoid’ RL for the origin of the survey control points.
		the case.	Accuracy of the survey measurements is considered to meet
			acceptable industry standards.
			Drill hole information has been tabulated for this release in the
			intercepts table of the accompanying text.
			For completeness the following information about the drill holes
			is provided:
			• Easting, Northing and RL of the drill hole collars are
			measured and recorded in UTM Zone 29 (WGS84).
			• Dip is the inclination of the drill hole from horizontal. A drill
			hole drilled at -60° is 60° from the horizontal.
			• Down hole length is the distance down the inclination of the
			hole and is measured as the distance from the horizontal to
			end of hole.

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			•	Intercept depth is the distance from the start of the hole
				down the inclination of the hole to the depth of interest or
				assayed interval of interest.
Data aggregation	•	In reporting Exploration Results, weighting averaging	Exploration results are tabulated using the following parameters:
methods		techniques, maximum and/or minimum grade truncations
		(e.g. cutting of high grades) and cut-off grades are usually	•	Grid coordinates are WGS84 Zone 29 North.
		Material and should be stated.	•	Cut-off grade for reporting of intercepts is >=1g/t Au.
	•	Where aggregate intercepts incorporate short lengths of	•	No top cut of individual assays prior to length weighted
		high grade results and longer lengths of low grade results,		compositing of the reported intercept has been applied.
		the procedure used for such aggregation should be stated	•	Maximum 3m consecutive internal dilution included within the
		and some typical examples of such aggregations should be shown in detail.		intercept.
	•	The assumptions used for any reporting of metal equivalent	Metal equivalent values are not used in reporting.
		values should be clearly stated.
Relationship	•	These relationships are particularly important in the reporting		The majority of the drill holes are planned at a general inclination
between		of Exploration Results.		of -60 degrees east and as close to perpendicular to the ore zone
mineralisation widths and intercept lengths	•	If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.		as possible. At the angle of the drill holes and the dip of the ore zones, the
	•	If it is not known and only the down hole lengths are reported,		reported intercepts will be slightly more than true width.
		there should be a clear statement to this effect (e.g. ‘down
		hole length, true width not known’).
Diagrams	•	Appropriate maps and sections (with scales) and tabulations		No exploration results have been reported in this release.
		of intercepts should be included for any significant discovery
		being reported These should include, but not be limited to a
		plan view of drill hole collar locations and appropriate
		sectional views.
Balanced	•	Where comprehensive reporting of all Exploration Results is		Significant intercepts of new drill holes have not been reported in
reporting		not practicable, representative reporting of both low and high		this release.
		grades and/or widths should be practiced to avoid misleading
		reporting of Exploration Results.
Other	•	Other exploration data, if meaningful and material, should be		No geophysical and geochemical data or any additional
substantive		reported including (but not limited to): geological		exploration information has been reported in this release,
exploration data		observations; geophysical survey results; geochemical survey		as they are not deemed relevant to the release.
		results; bulk samples – size and method of treatment;
		metallurgical test results; bulk density, groundwater,
		geotechnical and rock characteristics; potential deleterious or
		contaminating substances.
Further work	•	The nature and scale of planned further work (e.g. tests for		Further drilling is planned.
		lateral extensions or depth extensions or large-scale step-out
		drilling).
	•	Diagrams clearly highlighting the areas of possible
		extensions, including the main geological interpretations and
		future drilling areas, provided this information is not
		commercially sensitive.

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Section 3 Estimation and Reporting of Mineral Resources

CRITERIA	JORC CODE EXPLANATION	JORC CODE EXPLANATION	COMMENTARY
Database integrity	•	Measures taken to ensure that data has not been	Data has been compiled into a relational SQL database; the setup
		corrupted by, for example, transcription or keying errors,	of this database precludes the loading of data which do not meet
		between its initial collection and its use for Mineral	the required validation protocols. The data is managed using
		Resource estimation purposes.	DataShed© drill hole management software using SQL database
	•	Data validation procedures used.	techniques. Validation checks are conducted using SQL and DataShed© relational database standards. Data has also been
			checked against original hard copies for 100% of the data, and
			where possible, loaded from original data sources.
			Resolute completed the following basic validation checks on the
			data supplied prior to resource estimation:
			• Drill holes with overlapping sample intervals.
			• Sample intervals with no assay data or duplicate records.
			• Assay grade ranges.
			• Collar coordinate ranges.
			• Valid hole orientation data.
			There are no significant issues identified with the data.
Site visits	•	Comment on any site visits undertaken by the Competent Person and the outcome of those visits.	Mr Bruce Mowat, a fulltime employee of Resolute Mining Limited and a Member of the Australasian Institute of Mining and
	•	If no site visits have been undertaken indicate why this is the case.	Metallurgy is the Competent Person who has visited this site on multiple occasions.
			All aspects of drilling, sampling and mining are considered by the
			Competent Persons to be of a high industry standard.
Geological interpretation	• •	Confidence in (or conversely, the uncertainty of) the geological interpretation of the mineral deposit. Nature of the data used and of any assumptions made.	The digital database used for the interpretation included logged intervals for the key stratigraphic zones of the Porphyry Zone. Detailed geological logs were available in hardcopy and digital and reviewed where necessary.
	•	The effect, if any, of alternative interpretations on Mineral Resource estimation.	A wireframe was used to constrain the estimation is based on drill
	• •	The use of geology in guiding and controlling Mineral Resource estimation. The factors affecting continuity both of grade and geology.	hole intercepts and geological boundaries. The wireframe has been constructed to a 0.5g/t Au cut-off grade for shape consistency. Only one wireframe was constructed in the closely spaced drilled area and the remaining mineralisation was in the
			wider spaced drilling area and an alternate estimation method was
			used.
			The confidence in the geological interpretation is a moderate level
			and is based on good quality drilling and ongoing drill hole
			logging. The main zone has been gc drilled and therefore is
			considered robust, the area outside the gc drilling has a lower
			confidence give the sparse drilling. There could be alternative
			interpretations in this area which is reflected in the classification.
			The logging in the geological database of lithology and weathering
			were considered during the mineralisation domain interpretations,
			and where available.
Dimensions	•	The extent and variability of the Mineral Resource expressed as length (along strike or otherwise), plan width,	The Porphyry Zone Mineral Resource area extends over a strike length of 700 metres (from 1,164,600 mN to 1,165,300 mN) and
		and depth below surface to the upper and lower limits of	includes the 175 metre vertical interval from 345mRL to 170mRL.
		the Mineral Resource.	The overall plan width of the mineralised lodes varies between a
			few metres to 20 metres in thickness and is 600 metres wide (from
			810,265 mE to 810,865 mE).

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CRITERIA	JORC CODE EXPLANATION	JORC CODE EXPLANATION	COMMENTARY
Estimation and modelling techniques	•	The nature and appropriateness of the estimation technique(s) applied and key assumptions, including treatment of extreme grade values, domaining, interpolation parameters and maximum distance of extrapolation from data points. If a computer assisted estimation method was chosen include a description of computer software and parameters used.	Estimation was completed in Datamine Studio RM using two estimation methods. Gold was estimation into a three-dimensional block model by dynamic anisotropy using ordinary kriging (OK) into the main domain (Domain 10). A hard boundary was used between mineralisation domains. A soft boundary was used between the oxide and transitional and a hard boundary between transitional and fresh within the main domain. To capture the
	•	The availability of check estimates, previous estimates	complex low angled surrounding mineralisation an unconstrained
		and/or mine production records and whether the Mineral Resource estimate takes appropriate account of such	inverse distance cubed (ID3) estimation technique was used.
		data.	The drill spacing at The Porphyry Zone is a nominal 25 by 25
	•	The assumptions made regarding recovery of by-	metres for the exploration holes for the majority of the deposits
		products.	and 50 by 50 metres around the periphery. The main part of the
	•	Estimation of deleterious elements or other non-grade variables of economic significance (e.g. sulphur for acid mine drainage characterization).	deposit has been gc drilled out to 12.5 by 10 metres. Parent blocks of 4mE by 10mN by 5mRl were used for the block model to tie in with the existing grade control model. Sub blocking down to
	•	In the case of block model interpolation, the block size in relation to the average sample spacing and the search	1mE by 2.5mN by 1.25mRl was employed for resolution of the mineralisation boundaries as define by wireframes
	•	employed. In the case of block model interpolation, the block size in relation to the average sample spacing and the search employed.	Drillhole sample data was flagged using domain codes generated from three-dimensional mineralisation domains. The samples were composited to 1 metre intervals.
	•	Any assumptions behind modelling of selective mining	Variogram orientations were largely controlled by the strike of the
		units.	mineralisation and downhole variography. The search ellipse for
	• •	Any assumptions about correlation between variables. Description of how the geological interpretation was used	the background mineralisation is orientated striking towards the north and dipping 30oto the west.
		to control the resource estimates.	Kriging neighbourhood analysis was performed to optimise the
	•	Discussion of basis for using or not using grade cutting or	block size, sample numbers and discretisation levels with the goal
		capping.	of minimising conditional bias in the gold grade estimates.
	•	The process of validation, the checking process used, the comparison of model data to drill hole data, and use of reconciliation data if available.	Three search passes were used, with the first search pass set to the range of the variogram for each domain. A minimum of eight
			and a maximum of 30 samples were used. The search stayed the
			same for the second pass but was increased by a factor of two for
			the third and final pass. The minimum number of samples was
			reduced to 6 for the second pass and four for the third pass.
			No deleterious elements were found in the ore.
			No selective mining units have been assumed.
			Top cuts were applied to reduce the variability of the data and to
			remove the outliers.

The estimated block model grades were visually validated against the input drillhole data and comparisons were carried out against the drillhole data and by northing and elevation slices. Global comparison between the input data and the block grades for each variable is considered acceptable (±10%).

Moisture	•	Whether the tonnages are estimated on a dry basis or	All tonnages have been estimated on a dry basis.
		with natural moisture, and the method of determination of
		the moisture content.
Cut-off parameters	•	The basis of the adopted cut-off grade(s) or quality	The cut-off grade of 1g/t for the stated open pit Mineral
		parameters applied.	Resource estimate is determined from economic parameters
			that reflect geotechnical, mining and processing parameters and
			costs for an open pit mining operation.

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CRITERIA	JORC CODE EXPLANATION	JORC CODE EXPLANATION	COMMENTARY
Mining factors or	•	Assumptions made regarding possible mining methods,	The Resource models assume that a moderate level of mining
assumptions		minimum mining dimensions and internal (or, if	selectivity is achieved in open pit mining. It has been assumed
		applicable, external) mining dilution. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential mining methods, but the assumptions made regarding mining methods and parameters when estimating Mineral Resources may not always be	that high quality grade control will be applied to ore/waste delineation processes using RC drilling, or similar, at a nominal (and no greater) spacing of 10 metre by 12.5 metre and applying a pattern sufficient to ensure adequate coverage of the mineralisation zones.
		rigorous. Where this is the case, this should be reported with an explanation of the basis of the mining	This is consistent with current mining practises at Syama.
		assumptions made.
Metallurgical factors	•	The basis for assumptions or predictions regarding	No metallurgical factors or assumptions have been made during
or assumptions		metallurgical amenability. It is always necessary as part of	the resource estimation process as these will be addressed
		the process of determining reasonable prospects for eventual economic extraction to consider potential	during the conversion to Ore Reserves.
		metallurgical methods, but the assumptions regarding
		metallurgical treatment processes and parameters made
		when reporting Mineral Resources may not always be
		rigorous. Where this is the case, this should be reported
		with an explanation of the basis of the metallurgical
		assumptions made.

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CRITERIA JORC CODE EXPLANATION COMMENTARY

Environmental • Assumptions made regarding possible waste and factors or process residue disposal options. It is always necessary assumptions as part of the process of determining reasonable prospects for eventual economic extraction to consider the potential environmental impacts of the mining and processing operation. While at this stage the determination of potential environmental impacts, particularly for a green fields project, may not always be well advanced, the status of early consideration of these potential environmental impacts should be reported. Where these aspects have not been considered this should be reported with an explanation of the environmental assumptions made.

It is a requirement of Decree No.03-594/P-RM of 31 December 2003 of Malian law that an Environmental and Social Impact Study (Étude d’Impact Environmental et Social – EIES) must be undertaken to update the potential environmental and social impacts of the mine’s redevelopment. The EIES for the Syama Gold Mine (including Tabakoroni) was approved in November 2007 and an Environment Permit (07- 0054/MEA – SG) was issued by the Ministry of Environment and Sanitation on 22 November 2007. The Ministry of Environment conducts timely reviews of the Syama Gold Mine to ensure that the Company maintains compliance with the EIES guidelines.

At Syama and Tabakoroni, there are three key practices for disposal of wastes and residues namely, stacking of waste rock from open pit mining; storage of tailings from mineral processes; and “tall-stack dispersion” of sulphur dioxide from the roasting of gold bearing concentrate. All waste disposal practices are in accordance with the guidelines in the EIES.

The Environmental and Social Impact Study – “Société des Mines de Syama, Syama Gold Mine, Mali”, dated 2007 indicated there was minimal potential for acid mine drainage from waste rock due to the elevated carbonate content which buffers a potential acid generation. Resolute maintains a plan for progressive rehabilitation of waste rock landforms as part of ongoing mine development and waste rock dumping.

The landform of tailings impoundments does not have a net acid generating potential. The largest volume is flotation tailings where the sulphide minerals have already been removed from the host rock. Its mineralogy includes carbonates which further buffer any acid-formation potential from sulphides that may also be present. Cyanide levels in the leached-calcine tailings are typically less than 50ppm in the weak acid dissociable form. Groundwater away from the tailings landform is intercepted by trenches and sump pumps.

Sulphur dioxide is generated from the roasting of gold concentrate so that gold can be extracted and refined. TallStack “dispersion” of the sulphur dioxide emission is monitored continuously. Prevailing weather and dissipation of the sulphur dioxide is modelled daily to predict the need to pause the roasting process to meet the air quality criteria set out in the Environmental & Social Impact Study.

Bulk density • Whether assumed or determined. If assumed, the basis for the assumptions. If determined, the method used, whether wet or dry, the frequency of the measurements, the nature, size and representativeness of the samples. • The bulk density for bulk material must have been measured by methods that adequately account for void spaces (vugs, porosity, etc), moisture and differences between rock and alteration zones within the deposit. • Discuss assumptions for bulk density estimates used in the evaluation process of the different materials.

No bulk density measurements have been taken at the Porphyry Zone.

An average SG was applied to the model by weathering types based on similar deposits at Syama:

• Oxide 2.12 t/m[3] • Transitional 2.38 t/m[3] • Fresh 2.72 t/m[3]

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CRITERIA	JORC CODE EXPLANATION	JORC CODE EXPLANATION	COMMENTARY
Classification	•	The basis for the classification of the Mineral	In general, the Inferred Mineral Resource classification is applied
		Resources into varying confidence categories.	to extensions of mineralised zones on the margins of the deposit
	•	Whether appropriate account has been taken of all	where drill spacing is more than 50m x 50m and the extents of
		relevant factors (i.e. relative confidence in tonnage/	mineralisation at depth. However, due to the complexity of the
		grade estimations, reliability of input data, confidence in	surrounding mineralisation and the low confidence in the
		continuity of geology and metal values, quality, quantity	geological interpretation in addition to the estimation method
		and distribution of the data).	being unconstrained. The competent person decided to classify
	•	Whether the result appropriately reflects the	the whole of the deposit to Inferred until more drilling can be
		Competent Person’s view of the deposit.	carried out.
			The validation of the block model has confirmed satisfactory
			correlation of the input data to the estimated grades and
			reproduction of data trends.
			The Mineral Resource estimates appropriately reflects the view
			of the Competent Person.
Audits or reviews	• •	The results of any audits or reviews of Mineral Resource estimates.	There has been no external review of the Mineral Resource estimate.
Discussion of	•	Where appropriate a statement of the relative accuracy	The Mineral Resource estimate has been classified based on
relative accuracy/		and confidence level in the Mineral Resource estimate	the quality of the data collected, the density of data, the
confidence		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 resource within stated confidence limits, or, if such an approach is not deemed appropriate, a qualitative discussion of the factors that could affect the	confidence of the geological models and mineralisation models, and the grade estimation quality. This has been applied to a relative confidence based on data density and zone confidence for resource classification. No relative statistical or geostatistical confidence or risk measure has been generated or applied.
		relative accuracy and confidence of the estimate.	Mine production data was used in the validation process and
	•	The statement should specify whether it relates to global	showed to be within 20% of the estimated tonnes, grade and
		or local estimates, and, if local, state the relevant	ounces within the mined area.
		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.

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Section 4 Estimation and Reporting of Ore Reserves

CRITERIA		JORC CODE EXPLANATION	COMMENTARY
Mineral Resource	•	Description of the Mineral Resource estimate used as a	Resources at Porphyry Zone are reported above a 1g/t cut-off.
estimate for		basis for the conversion to an Ore Reserve.	This was calculated as a marginal cut-off utilising open pit mining
conversion to Ore Reserves	•	Clear statement as to whether the Mineral Resources are reported additional to, or inclusive of, the Ore Reserve.	methods. Material below this cut-off is not included in the Mineral Resource.
			Ore Reserves are the material reported as a sub-set of the
			resource, that which can be extracted from the mine and
			processed with an economically acceptable outcome.
			Mineral Resources are reported inclusive of Ore Reserves.
Site visits	•	Comment on any site visits undertaken by the Competent Person and the outcome of those visits.	Mr Scott Atkinson is a member of the Australasian Institute of Mining and Metallurgy and is a Competent Person who has
	•	If no site visits have been undertaken indicate why this is	visited the site where the project is located.
		the case.
Study status	•	The type and level of study undertaken to enable Mineral Resources to be converted to Ore Reserves.	The Porphyry Zone deposit is adjacent to the Tabakoroni mine which had a Feasibility study was completed in 2009 with
	•	The Code requires that a study to at least Pre-Feasibility	updates in 2012 and 2016.
		Study level has been undertaken to convert Mineral Resources to Ore Reserves. Such studies will have been carried out and will have determined a mine plan that is technically achievable and economically viable, and that material Modifying Factors have been considered.	Tabakoroni has been in continuous mining operation since August 2018. During this time the performance the project has shown a positive reconciliation between mineral resources and gold production and delivered positive cashflows.
Cut-off parameters	•	The basis of the cut-off grade(s) or quality parameters	A cut-off of 1.1g/t has been applied for Porphyry Zone
		applied.
Mining factors or assumptions	•	The method and assumptions used as reported in the Pre-Feasibility or Feasibility Study to convert the Mineral	The reported Ore Reserve estimate for Porphyry Zone is based on pit optimisations conducted using the Lerchs-Grossman (LG)
		Resource to an Ore Reserve (i.e. either by application of	algorithm of the Whittle software to calculate the optimal pit at
		appropriate factors by optimization or by preliminary or	specific input parameters and pit designs. Costs are based on
		detailed design).	existing contract mining and haulage rates and site costs which
	•	The choice, nature and appropriateness of the selected	are understood with a high degree of accuracy.
	•	mining method(s) and other mining parameters including associated design issues such as pre-strip, access, etc. The assumptions made regarding geotechnical parameters (e.g. pit slopes, stope sizes, etc.), grade control and pre-production drilling.	Mining is undertaken by conventional open pit methods of drill and blast, followed by load and haul, utilising mining equipment comprising 120t – 230t diesel hydraulic excavators and 90t off- highway dump trucks.
	•	The major assumptions made and Mineral Resource	Detailed pit design work was completed based on pit
		model used for pit and stope optimization (if appropriate).	optimisations using Whittle Four-X optimisation software. Only
	•	The mining dilution factors used.	Indicated Resources were used in the pit optimisation.
	•	The mining recovery factors used.	Pit slope parameters for Porphyry Zone were based on a
	•	Any minimum mining widths used.	geotechnical assessment that included a total of seven specific
	•	The manner in which Inferred Mineral Resources are	geotechnical holes. Overall slopes angles are approximately 40°.
		utilized in mining studies and the sensitivity of the	All other pits adopt similar overall slope angles.
		outcome to their inclusion.
	•	The infrastructure requirements of the selected mining methods.	Grade control consists of RC drilling, based on a 5.0mE x 12.5mN drill pattern
			The MIK resource estimation technique used for the Porphyry
			Zone implicitly incorporates internal mining dilution at the scale
			of the assessed SMU so no additional modifying factor was
			applied.

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CRITERIA		JORC CODE EXPLANATION	COMMENTARY
Metallurgical factors or assumptions	•	The metallurgical process proposed and the appropriateness of that process to the style of	Processing is by conventional primary crushing followed by single stage SAG milling. Gold recovery is by means of a gravity
		mineralization.	recovery circuit and carbon in leach process.
	•	Whether the metallurgical process is well-tested technology or novel in nature.	Processing recoveries used are 90%, 80% and 65% for Oxide, Transitional and fresh material respectively
	•	The nature, amount and representativeness of
		metallurgical test work undertaken, the nature of the	Mine is operational with good reconciliation between predicted
		metallurgical domaining applied and the corresponding	recoveries and actual
		metallurgical recovery factors applied.
	•	Any assumptions or allowances made for deleterious	Allowances are made in the recovery estimates for transitional
		elements.	and fresh ore as the Au recovery is impacted by some of the
	•	The existence of any bulk sample or pilot scale test work	gold being hosted in refractory sulphide and preg-robbing carbon
		and the degree to which such samples are considered
		representative of the ore body as a whole.
	•	For minerals that are defined by a specification, has the
		ore reserve estimation been based on the appropriate
		mineralogy to meet the specifications?
Environmental	•	The status of studies of potential environmental impacts of the mining and processing operation. Details of waste	An active waste rock characterisation program has been put in place for Porphyry Zone.
		rock characterization and the consideration of potential sites, status of design options considered and, where	Ore Reserves from Porphyry Zone will be processed at Syama
		applicable, the status of approvals for process residue	and tailings storage will be impounded in existing footprint area
		storage and waste dumps should be reported.	approved in the Environmental and Social Impact Study.
			Progressive raising of the tailings occurs regularly with the 9thlift
			completed in 2019. Routine progress on the monitoring is
			reported to government and at stakeholder meetings in concert
			with routine inspections by government representatives.
Infrastructure	•	The existence of appropriate infrastructure: availability of land for plant development, power, water, transportation	All required infrastructure is already in place for the Porphyry Zone deposit which is within the current the Tabakoroni mine
		(particularly for bulk commodities), labour,	footprint
		accommodation; or the ease with which the infrastructure
		can be provided, or accessed.
Costs	•	The derivation of, or assumptions made, regarding projected capital costs in the study.	The Porphyry Zone deposit is adjacent to the Tabakoroni mine, with established mining operations. Ore is trucked to Syama
	•	The methodology used to estimate operating costs.	where it is processed at Syama’s oxide circuit. General and administration costs are shared between the oxide plant and the
	•	Allowances made for the content of deleterious elements.	sulphide plant which treats the Syama UG orebody. The
	•	The derivation of assumptions made of metal or	Porphyry Zone deposit will be mined contemporaneously with
		commodity price(s), for the principal minerals and co-	the Tabakoroni pits using the same mining and haulage fleet.
		products.	The mining and haulage rates are based on known contract
	•	The source of exchange rates used in the study.	rates.
	•	Derivation of transportation charges.	The oxide plant produces gold doré (without problematic
	•	The basis for forecasting or source of treatment and	deleterious elements) that is subsequently refined offsite.
		refining charges, penalties for failure to meet	Refining costs are not material.
		specification, etc.
	•	The allowances made for royalties payable, both Government and private.	Exchange rates used for planning purposes are from consensus forecasts provided by external corporate advisers.
			Ad valorem Government royalties of 6% are payable on
			gold production.

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CRITERIA		JORC CODE EXPLANATION	COMMENTARY
Revenue factors	•	The derivation of, or assumptions made regarding revenue factors including head grade, metal or	A gold price of US$1,500/oz formed the basis of the Ore Reserves.
		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.
Market assessment	•	The demand, supply and stock situation for the particular commodity, consumption trends and factors likely to affect	The market for gold is robust with prevailing gold price being around US$1,850/oz.
		supply and demand into the future.	Supply and demand are not considered material to the Ore
	•	A customer and competitor analysis along with the	Reserve calculations.
		identification of likely market windows for the product.
	•	Price and volume forecasts and the basis for these
		forecasts.
	•	•or industrial minerals the customer specification, testing
		and acceptance requirements prior to a supply contract.
Economic	•	The inputs to the economic analysis to produce the net present value (NPV) in the study, the source and	The financial evaluation undertaken as part of the evaluation of these open pits indicated a positive net present value (NPV) at a
		confidence of these economic inputs including estimated	5% discount rate and operating results to date have exceeded
		inflation, discount rate, etc.	production and NPV forecasts.
	•	NPV ranges and sensitivity to variations in the significant
		assumptions and inputs.
Social	•	The status of agreements with key stakeholders and matters leading to social license to operate.	The Porphyry Zone falls under the SOMIFI exploitation permit and is managed by SOMISY SA under Management and Toll Treatment agreements lodged with the Government of Mali.
			It is the intention to encourage economic development within the
			local community. During the operation of Tabakoroni and its
			satellite deposits the focus has been on improving farming and
			health care plus providing access to water; this will continue to
			remain a focus.
			The Syama Mine Community Consultative Committee, which
			includes representation from Tabakoroni and the villages
			adjacent to the Syama Satellites, was established in February
			2001 with representatives from local villages, the Malian
			Government and SOMISY. Since April 2004 the Committee has
			met regularly as a communication forum and to address
			community issues and assist with community project proposals; it
			continues to meet on the first or second Tuesday of each month.

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CRITERIA		JORC CODE EXPLANATION	COMMENTARY
Other	•	To the extent relevant, the impact of the following on the project and/or on the estimation and classification of the	All current government agreements and approvals are in good standing and no anticipated changes are expected.
		Ore Reserves:
	•	Any identified material naturally occurring risks.
	•	The status of material legal agreements and marketing
		arrangements.
	•	The status of governmental agreements and approvals
		critical to the viability of the project, such as mineral
		tenement status, and government and statutory approvals.
		There must be reasonable grounds to expect that all
		necessary Government approvals will be received within the
		timeframes anticipated in the Pre-Feasibility or Feasibility
		study. Highlight and discuss the materiality of any
		unresolved matter that is dependent on a third party on
		which extraction of the reserve is contingent.
Classification	•	The basis for the classification of the Ore Reserves into	Proved and Probable Ore Reserves were declared based on the
		varying confidence categories.	Measured and Indicated Mineral Resources.
	• •	Whether the result appropriately reflects the Competent Person’s view of the deposit. The proportion of Probable Ore Reserves that have been	The Ore Reserve estimate appropriately reflects the Competent Person’s view of the deposit.
		derived from Measured Mineral Resources (if any).
Audits or reviews	•	The results of any audits or reviews of Ore Reserve
		estimates.
Discussion of	•	Where appropriate a statement of the relative accuracy	The relative accuracy and confidence of the Ore Reserve estimate
relative accuracy/		and confidence level in the Ore Reserve estimate using	is inherent in the Ore Reserve Classification.
confidence		an approach or procedure deemed appropriate by the
		Competent Person. For example, the application of
		statistical or geostatistical procedures to quantify the
		relative accuracy of the reserve within stated confidence
		limits, or, if such an approach is not deemed appropriate,
		a qualitative discussion of the factors which could affect
		the relative accuracy and confidence of the estimate.
	•	The statement should specify whether it relates to global
		or local estimates, and, if local, state the relevant
		tonnages, which should be relevant to technical and
		economic evaluation. Documentation should include
		assumptions made and the procedures used.
	•	Accuracy and confidence discussions should extend to
		specific discussions of any applied Modifying Factors that
		may have a material impact on Ore Reserve viability, or
		for which there are remaining areas of uncertainty at the
		current study stage.
	•	It is recognized that this may not be possible or
		appropriate in all circumstances. These statements of
		relative accuracy and confidence of the estimate should
		be compared with production data, where available.

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Mako

Section 1 Sampling Techniques and Data

CRITERIA		JORC CODE EXPLANATION	COMMENTARY
Sampling techniques	•	Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under	Sampling has been by diamond drill coring and reverse circulation chip techniques with minor trench and surface sampling.
		investigation, such as down hole gamma sondes, or	Diamond core is geologically logged and sampled to geological
		handheld XRF instruments, etc.). These examples should	contacts with nominal sample lengths between 0.3m and 4.5m
		not be taken as limiting the broad meaning of sampling.	(most commonly 1.5m). Core selected for assay is systematically
	•	Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.	cut lengthwise into half core by diamond blade rock saw, numbered and bagged before dispatch to the laboratory for analysis.
	•	Aspects of the determination of mineralisation that are	All core is photographed, wet and dry.
		Material to the Public Report.	Reverse circulation chips are geologically logged and sampled
	•	In cases where ‘industry standard’ work has been done this	on regular lengths of 1m. Chip material selected for assay is
		would be relatively simple (e.g. ‘reverse circulation drilling	systematically divided to a 1/8 proportion using a rotary splitter
		was used to obtain 1 m samples from which 3 kg was	attached to the cyclone sample recovery system, numbered and
		pulverised to produce a 30 g charge for fire assay’). In other	bagged before dispatch to the laboratory for analysis.
		cases more explanation may be required, such as where
		there is coarse gold that has inherent sampling problems.
		Unusual commodities or mineralisation types (e.g.
		submarine nodules) may warrant disclosure of detailed
		information.
Drilling techniques	•	Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond	Diamond core drilling with standard inner tubes. NTW diameter (57.1 mm) to target depth where possible with some smaller NQ2 intervals as tails. Core is marked and oriented.
		tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.).	Reverse Circulation drilling with 4” or 4.5” hammer and 4” rod string to target depth.
Drill sample recovery	• • •	Method of recording and assessing core and chip sample recoveries and results assessed. Measures taken to maximise sample recovery and ensure representative nature of the samples. Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	Diamond core recoveries are measured in the core trays and recorded as recovered metres and recovered % as part of the geological logging process. Diamond core drilling prior to the latest deep diamond drilling had just over 96% of core sample intervals measured (28,701 measurements totalling 46,200m of core) with core recoveries of 75% or better. Approximately 85% of core sample intervals measured had core recoveries of 100%. The percentage core
			recovery data was examined graphically against the gold grades
			and Cube established that no relationship is evident between
			core loss and gold grade in the regions of low core recovery.
			In 2016 % core recovery data was examined graphically against
			the gold grades and no relationship is evident between core loss
			and gold grade in the regions of low sample recovery.
			RC recoveries are monitored by chip sample weight recording.
			Of 43 RC holes reviewed by Cube in 2016 all recorded weight/m
			in consolidated rock material ranged from 19 to 38kg/m
			(mode=25; mean=25; median=25kg/m) which equates to rock
			densities between 2 and 3gcm3.
Logging	•	Whether core and chip samples have been geologically and	Diamond core has been geologically and geotechnically logged
		geotechnically logged to a level of detail to support	to a level of detail to support appropriate classification and
		appropriate Mineral Resource estimation, mining studies	reporting of a Mineral Resource.
		and metallurgical studies.	Reverse circulation chip samples have been geologically logged
	•	Whether logging is qualitative or quantitative in nature. Core	to a level of detail to support appropriate classification and
		(or costean, channel, etc.) photography.	reporting of a Mineral Resource.
	•	The total length and percentage of the relevant intersections logged.	Total length of DD logged data is 69,728.01m from total 70,527.01m drilled.

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• CRITERIA JORC CODE EXPLANATION COMMENTARY Sub-sampling • If core, whether cut or sawn and whether quarter, half or all techniques and core taken. diamond saw. sample • If non-core, whether riffled, tube sampled, rotary split, etc. preparation and whether sampled wet or dry.

Core is systematically cut lengthwise into half core with a diamond saw.

In the initial drill phases between 2kg and 6kg of broken core sample was dispatched by contracted truck transport to SGS Mali (Phase 1- 90 holes) or ALS Mali (Phases 2 and 3 – 88 holes) for sample preparation.

• For all sample types, the nature, quality and appropriateness of the sample preparation technique.

• Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.

More recent samples (Phase 3 to 5 and the 2018 deep diamond holes) have undergone sample preparation at the site sample prep laboratory.

• Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.

The 2018 deep diamond programme (PWD362 to 420) was prepared onsite with assay pulps analysed by ALS Loughrea (Ireland).

• Whether sample sizes are appropriate to the grain size of the material being sampled.

RC samples representing a 1/8 split are taken directly from the rig mounted cyclone by rotary splitter, sample weight is recorded, sample is bagged in pre numbered plastic and sample tickets are inserted and bag is sealed for transport to preparation facility.

Generally, one of each of the two control samples (blank or CRM standard) is inserted into the sample stream every tenth sample. Over the 2018 deep diamond programme A total of 4,582 samples have had 249 CRM and 260 blanks inserted, sufficient as per industry standards. An industry standard, documented process of sample mark-up, core splitting, bagging and ticketing and recording is in place at the Mako site. The laboratories sample preparation followed a standard documented process flow with whole sample crushing (better than 70% passing 2mm) followed by a 1kg riffle split for pulverisation to 75 micron (better than 85% pass).

Master pulps of 250g were split and placed in airtight, sealed bags and sent by courier to the assaying laboratory for analysis.

For the majority of the Phase 1 drilling the mineralised interval sample preparation done at SGS Mali has been repeated and reassayed. As a result the nature, quality and appropriateness of the sample preparation technique are to industry standard.

Sample size of 2-6kg is appropriate for the grain size of material.

Quality of assay data and laboratory tests	•	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.	Au assays are determined by fire assay with AAS finish. Laboratory and assay procedures are appropriate for Mineral Resource estimation.
	•	For geophysical tools, spectrometers, handheld XRF	QAQC consisted of standards, blanks and laboratory duplicates
		instruments, etc., the parameters used in determining the	(both coarse and pulp). The QAQC sample results showed
		analysis including instrument make and model, reading	acceptable levels of accuracy and precision.
		times, calibrations factors applied and their derivation, etc.
	•	Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks)	The assay data is considered by Cube to be suitable for Mineral Resource estimation.
		and whether acceptable levels of accuracy (i.e. lack of bias)
		and precision have been established.
Verification of sampling and assaying	• •	The verification of significant intersections by either independent or alternative company personnel. The use of twinned holes.	All aspects of the core sampling, assay procedures and QA/QC program have been reviewed by Cube and were judged to be of industry standard and suitable for use in the estimation of Mineral Resources.
	•	Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.	Independent sampling has been undertaken by Cube and the results closely match the original data.
	•	Discuss any adjustment to assay data.	Drill hole assay result data has been checked against the original
			hardcopy laboratory assay reports by Cube for a representative
			number of holes.

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CRITERIA		JORC CODE EXPLANATION	COMMENTARY
			Cube has in 2014 undertaken site based checks of the raw
			assay data to verify grade intersections were consistent with a
			visual inspection of mineralisation in the core.
			Below detection limit values (negatives) have been replaced by
			background values.
			Un-sampled intervals have been retained as un-sampled (null or
			blank). The majority of these intervals occur within the waste
			domain and have no material impact on the estimate.
Location of data	•	Accuracy and quality of surveys used to locate drill holes	Drill holes have been surveyed by a contract surveyor (P.C.
points		(collar and down-hole surveys), trenches, mine workings	Drysdale Land and Engineering Surveyor) using a Leica GS12
		and other locations used in Mineral Resource estimation.	GNSS (GPS) survey system.
	•	Specification of the grid system used.	Down hole surveys were undertaken by the drilling contractor
	•	Quality and adequacy of topographic control.	using a Reflex Ex-Trac tool with a reading taken approx. every 50m down the hole.
			During the August 2018 site visit Cube made independent
			verification of the collar surveys of three diamond core in
			progress holes (PWD409, 408 and 407) which were all found to
			be within an acceptable tolerance of the planned and reported
			coordinates. Cube also verified the coordinated positions of laid
			out grade control planned holes on the pit floor.
			Grid system is based on the UTM28N grid on the WGS84
			ellipsoid. Survey heights are based on PRS097 (with
			independent checks on AusPos) and are orthometric (i.e. msl).
			A topographic surface was provided based on a one metre
			resolution satellite DTM surface of Central Mako, including the
			Petowal prospect area, and a number of smaller resolution (10m
			x 10m) data files derived from the one metre source data. Cube
			utilised the smaller resolution data (10m x 10m) for all validation
			and estimation purposes.
Data spacing and	•	Data spacing for reporting of Exploration Results.	Data spacing is variable being in the range of 80m x 40m to 20m
distribution	•	Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.	x 20m. Additionally, a significant area of grade control drilling at 10m x 10m has been completed defining a volume of approximately four million BCM. This spacing is adequate to determine the geological and grade continuity for reporting of Measured, Indicated and Inferred Mineral Resources.
	•	Whether sample compositing has been applied.
			Drill samples were composited to 3m for use in the estimate.
Orientation of	•	Whether the orientation of sampling achieves unbiased	The drill hole orientation was designed to intersect the
data in relation to		sampling of possible structures and the extent to which this	mineralisation orthogonal to dip and strike of the major
geological		is known, considering the deposit type.	mineralisation bodies. The majority of drill hole azimuths were
structure	•	If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	between 140° and 160⁰ with dips varying from -50 to -80⁰ below horizontal. For a small number of holes, different orientations were selected to target different portions of the mineralisation depending on localised mineralised structures or features.
			The preliminary RC grade control programme drilling was
			all vertical (azimuth of 0⁰ and dip of -90⁰). Mine grade control
			during 2017 and 2018 was primarily drilled on azimuth 140⁰
			dipping -60⁰.
			Drilling primarily targeted the FEL unit which contained the most
			significant mineralisation and dipped at about 20-30⁰ to the
			northwest near surface, steepening to about 45⁰ dip at depth.
			The drilling orientation is adequate for a non-biased assessment
			of the orebody with respect to interpreted structures and
			interpreted controls on mineralisation.
Sample security	•	The measures taken to ensure sample security.	Labelling and submission of samples complies with industry
			standard.

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CRITERIA		JORC CODE EXPLANATION	COMMENTARY
Audits or reviews	•	The results of any audits or reviews of sampling techniques	An independent audit of the sample preparation laboratory has
		and data.	been undertaken in 2018 (Fis, 2018) and the review undertaken

An independent audit of the sample preparation laboratory has been undertaken in 2018 (Fis, 2018) and the review undertaken at the project by Cube in August 2018 and both found no material issues with the sampling methods or data.

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Section 2 Reporting of Exploration Results

CRITERIA	JORC CODE EXPLANATION	JORC CODE EXPLANATION	COMMENTARY
Mineral tenement	•	Type, reference name/number, location and ownership	To date no exploration results have been reported on a granted
and land tenure		including agreements or material issues with third parties	exploration permit, owned 100% by Petowal Mining Company
status		such as joint ventures, partnerships, overriding royalties,	SA (Petowal).
		native title interests, historical sites, wilderness or national park and environmental settings.	The permit is in good standing.
	•	The security of the tenure held at the time of reporting along
		with any known impediments to obtaining a licence to
		operate in the area.
Exploration done	•	Acknowledgment and appraisal of exploration by other	Exploration has been performed by Mako Exploration Company
by other parties		parties.	SARL (“MEC”), 100% owned by TORO.
Geology	•	Deposit type, geological setting and style of mineralisation.	It is currently interpreted that the northeast striking structure
			controlled the flow of the gold bearing hydrothermal fluids, with the
			preferential chemistry/rheology of the felsic volcanic horizon acting
			as a favourable horizon for silicification and the deposition of the
			gold-pyrite mineral assemblage. Intensity of gold mineralisation
			appears to correlate with the intensity of pyrite development and
			exhibits good lateral and vertical continuity through the mineralised
			zone.
			Mineralisation has a relatively simple geometry comprising a zone
			that varies from 30 to 60m in width, along the 1,700m strike length
			drilled to date. The zone dips approximately 20-30⁰ to the northwest
			near surface, steepening to approximately 45⁰ dip
			at depth.
Drill hole	•	A summary of all information material to the understanding	Easting, Northing and RL of the drill hole collars are based on the
Information		of the exploration results including a tabulation of the	UTM28N grid on the WGS84 ellipsoid. Survey heights are based on
		following information for all Material drill holes:	PRS097 (with independent checks on AusPos) and are orthometric
		o easting and northing of the drill hole collar	(i.e. msl).
		o elevation or RL (Reduced Level – elevation above sea	The MRE has used drill hole collar RL derived from the topographical
		level in metres) of the drill hole collar	surface.
		o dip and azimuth of the hole	Dip is the inclination of the hole from the horizontal. For example, a
		o down hole length and interception depth o Whole length.	vertically down drilled hole from the surface is -90°. Azimuth is reported in degrees as the grid direction toward which the hole is drilled.
	•	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.	Down hole length of the hole is the distance from the surface to the end of the hole, as measured along the drill trace. Intersection depth is the distance down the hole as measured along the drill trace. Intersection width is the downhole distance of an intersection as measured along the drill trace.
			Drill hole length is the distance from the surface to the end of the
			hole, as measured along the drill trace.
Data aggregation	•	In reporting Exploration Results, weighting averaging	Gold assay intercepts were composited to 3m length down the
methods		techniques, maximum and/or minimum grade truncations	hole, using length weighting, in order to provide a uniform
		(e.g. cutting of high grades) and cut-off grades are usually	sample support size for grade estimation.
		Material and should be stated.	High grade cuts have been applied to gold grade composites,
	•	Where aggregate intercepts incorporate short lengths of	but only for use in producing check estimates. The primary,
		high grade results and longer lengths of low grade results,	reported estimates were based on a Uniform Conditioning
		the procedure used for such aggregation should be stated	approach which used cut grade values.
		and some typical examples of such aggregations should be shown in detail.	The assay intervals are reported as down hole length as the true
			width variable is not known.
	•	The assumptions used for any reporting of metal equivalent
		values should be clearly stated.	Gold assays are rounded to two decimal places.
			No metal equivalent reporting is used or applied.

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Relationship between mineralisation	•	These relationships are particularly important in the reporting of Exploration Results.	The intersection width is measured down the hole trace and may not be the true width.
widths and	•	If the geometry of the mineralisation with respect to the drill	All drill results are downhole intervals only due to the variable
intercept lengths		hole angle is known, its nature should be reported.	orientation of the mineralisation.
	•	If it is not known and only the down hole lengths are
		reported, there should be a clear statement to this effect
		(e.g. ‘down hole length, true width not known’).
Diagrams	•	Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery	A plan view is contained within this document. New cross- sectional interpretations are included.
		being reported These should include, but not be limited to a
		plan view of drill hole collar locations and appropriate
		sectional views.
Balanced reporting	•	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid	Diamond and RC drill holes forming the basis of the Mineral Resource estimate have been reported previously as part of the 2018 MRE. Additional drilling has informed the 2018 update.
		misleading reporting of Exploration Results.
Other substantive exploration data	•	Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical	No other exploration data is considered meaningful and material to this document.
		survey results; bulk samples – size and method of
		treatment; metallurgical test results; bulk density,
		groundwater, geotechnical and rock characteristics; potential
		deleterious or contaminating substances.
Further work	• •	The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step- out drilling). Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and	Future exploration may involve the drilling of more drill holes, both diamond core and reverse circulation, to further extend the mineralised zones and to collect additional detailed data on known mineralized zones. Geophysical exploration is also planned as part of the future exploration of the permit.
		future drilling areas, provided this information is not
		commercially sensitive.

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Section 3 Estimation and Reporting of Mineral Resources

CRITERIA	JORC CODE EXPLANATION	JORC CODE EXPLANATION	COMMENTARY
Database integrity	•	Measures taken to ensure that data has not been corrupted by, for example, transcription or keying errors, between its	Database is maintained by PMC who compile and validate all data files on the project.
		initial collection and its use for Mineral Resource estimation purposes.	Cube completed validation checks on the database including checks for overlapping sample intervals, checks on minimum
	•	Data validation procedures used.	and maximum assays, depths, azimuths, dips and co-ordinates
			for consistency. No material errors were identified. Cube
			undertook site based checks of the raw assay data to verify that
			grade intersections were consistent with a visual inspection of
			mineralisation in the core.
			A number of drill hole collar positions were also verified in the
			field.
Site visits	•	Comment on any site visits undertaken by the Competent Person and the outcome of those visits.	The competent Person (Marcus Osiejak) has not conducted a site visit.
	•	If no site visits have been undertaken indicate why this	The previous Competent Person (Patrick Adams) a current
		is the case.	employee of Cube Consulting conducted a site visit to the Mako
			Project between 8th and 14th February 2014 and 11th to 14th
			August 2018 and undertook independent inspection of all
			pertinent aspects of the project.
Geological interpretation	•	Confidence in (or conversely, the uncertainty of) the geological interpretation of the mineral deposit.	The geological confidence is considered by Cube to be moderate to high.
	•	Nature of the data used and of any assumptions made.	The mineralised volume at Petowal has been based on a drill
	•	The effect, if any, of alternative interpretations on Mineral Resource estimation.	section interpretation of mineralisation defined by a lower limit gold grade of 0.2 g/t Au, along with the observed close
	• •	The use of geology in guiding and controlling Mineral Resource estimation. The factors affecting continuity both of grade and geology.	association between mineralisation and the felsic lithological unit. The overall shape and trend of the mineralisation was guided by the form of the felsic unit and its contacts with the surrounding basalt. Four mineralisation domains, the first
			contained within the felsic unit, the second and third in the
			adjacent footwall basalt and the fourth in the hanging wall basalt
			unit, were defined (Domains 100 200 300 400, respectively). A
			separate Domain (500) was created based on mineralisation
			450m northwest of the Mako deposit. An overall envelope, called
			Domain 1 encapsulating all the material not contained within
			Domains 100, 200, 300, 400 and 500 out to the limit of drill
			coverage, was also created. The resulting volumes encapsulate
			the complete mineralised distribution and produce a model that
			reduces the risk of conditional bias that could be introduced
			where the constraining interpretation and data selection is based
			on a significantly higher grade than the natural geological grade
			cut-off.
			The factors affecting continuity both of grade and geology are
			most likely to be associated with structural controls and local
			complexity, the knowledge of which is limited with the current
			spacing of information. The broad approach to the mineralisation
			modelling is an attempt to model an unbiased interpretation.
Dimensions	•	The extent and variability of the Mineral Resource expressed	The gold mineralisation identified to date varies from 30m to
		as length (along strike or otherwise), plan width, and depth	60m in width, along the 1,700m strike length drilled to date. The
		below surface to the upper and lower limits of the Mineral Resource.	zone dips approximately 20-30⁰ to the northwest near surface, steepening to approximately 45⁰ dip at depth.
Estimation and modelling techniques	•	The nature and appropriateness of the estimation technique(s) applied and key assumptions, including treatment of extreme grade values, domaining, interpolation parameters and	Three metre downhole composite gold grade data were interpolated into 20mE x 20mN x 5mRL sized panels using Ordinary Kriging (OK).
		maximum distance of extrapolation from data points. Ifa

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CRITERIA	JORC CODE EXPLANATION	JORC CODE EXPLANATION	COMMENTARY
		computer assisted estimation method was chosen include a	The minimum number of composites was set at 8 and the
		description of computer software and parameters used.	maximum number of composites was set at either 16 (Domain
			100), 26 (Domain 200) or 24 (Domains 300, 400 and 4000).
			The maximum search ellipse radius was set at either 180m
	•	The availability of check estimates, previous estimates and/or	(Domain 100), 160 (Domain 200), 120m (Domain 300), 200m
		mine production records and whether the Mineral Resource	(Domain 400) or 300m (Domain 4000). The orientation of the
		estimate takes appropriate account of such data.	variogram model and search ellipse was dynamically set
	•	The assumptions made regarding recovery of by- products.	according to the shape of the felsic hanging wall and footwall, as
	•	Estimation of deleterious elements or other non-grade	well the trend of high grade mineralisation within the felsic unit.
		variables of economic significance (e.g. sulphur for acid mine drainage characterization).	Change of Support (CoS) calculations were conducted, conditioned to the panel grade estimates, for selectivity on 5mE
	•	In the case of block model interpolation, the block size in	x 5mN x 2.5mRL SMU-sized blocks in order to produce a
		relation to the average sample spacing and the search	recoverable resource estimate. The Gaussian-based Uniform
		employed.	Conditioning approach was applied to the OK check grade
	•	In the case of block model interpolation, the block size in	estimates. An information effect correction was applied during
		relation to the average sample spacing and the search	the CoS calculations, to account for a future theoretical grade
		employed.	control drill configuration of 10mE x 10mN x 1mRL. The CoS
	• •	Any assumptions behind modelling of selective mining units. Any assumptions about correlation between variables.	process yields a set of array variables, stored in the panel block model, detailing the estimates for tonnage, grade and metal above a range of grade cut-offs.
	•	Description of how the geological interpretation was used to control the resource estimates.	A process of localisation was completed, by which the output of
	•	Discussion of basis for using or not using grade cutting or capping.	the CoS is mapped into single grade estimate per 5mE x 5mN x 2.5mRL block in an SMU block model, which comprises the final product of the grade estimation.
	•	The process of validation, the checking process used, the comparison of model data to drill hole data, and use of reconciliation data if available.	Domain 500 was estimated using ID2 methodology. Due to the limited number of samples within the domain a robust variogram
			could not be produced. Two passes were used with second pass
			having double the initial search radii of 45m.
			Surpac Mining software 6.9 and Isatis were used for estimation.
			No by-product recoveries were considered.
			Estimations of density were also made with this Mineral
			Resource estimation.
			Block model validation was undertaken globally by comparing
			the mean LUC block grade estimates to the mean of the
			informing composite grades on a domain by domain basis. The
			LUC estimates were also compared to the mean grade of a
			check ID2estimation.
Moisture	•	Whether the tonnages are estimated on a dry basis or with	Moisture was not considered in the density assignment.
		natural moisture, and the method of determination of the
		moisture content.
Cut-off parameters	•	The basis of the adopted cut-off grade(s) or quality	A nominal lower cut-off grade of 0.2g/t Au was used to define
		parameters applied.	the mineralised domains to encompass the complete
			mineralised distribution and produce a model that reduces the
			risk of conditional bias that could be introduced where the
			constraining interpretation and data selection is based on a
			significantly higher grade than the natural geological grade
			cut-off.
			The cut-off grade for reporting (above 0.5g/t Au) was used in line
			with the previous resource reporting and is based on the results
			of Whittle optimisation shells using cost and recovery data
			sourced from the operation of the open pit mine by PMC during
			2017-18.
			A Whittle optimisation shell using these operational costs and a
			goldprice of US$2,000/ounce has been used to limit the

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			reported MRE to that with reasonable expectations of economic
			exploitation.
Mining factors or	•	Assumptions made regarding possible mining methods,	The shallow occurrence of the mineralisation indicates that open
assumptions		minimum mining dimensions and internal (or, if applicable,	pit mining is appropriate for Petowal in line with other deposits in
		external) mining dilution.	the area.
		It is always necessary as part of the process of determining	The estimation methodology used results in an amount of edge
		reasonable prospects for eventual economic extraction to consider potential mining methods, but the assumptions made regarding mining methods and parameters when estimating	dilution being incorporated into the blocks of the model. No account of mining loss has been incorporated.
		Mineral Resources may not always be rigorous. Where this is
		the case, this should be reported with an explanation of the
		basis of the mining assumptions made.
Metallurgical factors	•	The basis for assumptions or predictions regarding	No specific assumptions were made regarding metallurgical
or assumptions		metallurgical amenability. It is always necessary as part of the	factors for this estimate.
		process of determining reasonable prospects for eventual economic extraction to consider potential metallurgical	Metallurgical test work on the mineralisation commenced in
		methods, but the assumptions regarding metallurgical	2012 and is ongoing.
		treatment processes and parameters made when reporting
		Mineral Resources may not always be rigorous. Where this is
		the case, this should be reported with an explanation of the
		basis of the metallurgical assumptions made.
Environmental	•	Assumptions made regarding possible waste and process	No assumptions were made regarding environmental
factors or		residue disposal options. It is always necessary as part of the	restrictions.
assumptions		process of determining reasonable prospects for eventual
		economic extraction to consider the potential environmental
		impacts of the mining and processing operation. While at this
		stage the determination of potential environmental impacts,
		particularly for a green fields project, may not always be well
		advanced, the status of early consideration of these potential
		environmental impacts should be reported. Where these
		aspects have not been considered this should be reported
		with an explanation of the environmental assumptions made.
Bulk density	•	Whether assumed or determined. If assumed, the basis for the	Specific gravity values for the Petowal Prospect have been
		assumptions. If determined, the method used, whether wet or	measured based on the Archimedean Principle using the
		dry, the frequency of the measurements, the nature, size and representativeness of the samples.	immersion method for individual core samples. A total of 16,078 density measurements were available for use, with the vast
	•	The bulk density for bulk material must have been measured	majority of these being in fresh rock below the saprock and
		by methods that adequately account for void spaces (vugs,	laterite domains. This data has been used as the basis of the
		porosity, etc), moisture and differences between rock and	block model bulk density.
	•	alteration zones within the deposit. Discuss assumptions for bulk density estimates used in the evaluation process of the different materials.	Visual inspection shows a clear relationship between lithology and density in fresh rock. No relationship between density and sulphur content or gold content could be established.
			A default bulk density of 1.70t/m3was assigned to the thin
			laterite horizon capping the deposit and to the underlying
			saprock.
			A default bulk density of 2.46t/m3was assigned to soft
			(oxidised?) rock.
			In fresh rock, Ordinary Kriging was used to estimate density,
			with the variogram and search neighbourhood being dynamically
			oriented as per the gold grade estimation. Default values for un-
			estimated fresh rock were set as undifferentiated rock=2.86t/m3;
			fresh UBU 2.99t/m3; fresh LBU 2.96t/m3and fresh FEL 2.75t/m3,
			fresh RHD 2.69t/m3.

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CRITERIA	JORC CODE EXPLANATION	JORC CODE EXPLANATION	COMMENTARY
Classification	•	The basis for the classification of the Mineral Resources into	The Measured, Indicated and Inferred classification is based on
		varying confidence categories.	the confidence in the continuity of geology and mineralisation
	• •	Whether appropriate account has been taken of all relevant factors (i.e. relative confidence in tonnage/grade estimations, reliability of input data, confidence in continuity of geology and metal values, quality, quantity and distribution of the data). Whether the result appropriately reflects the Competent Person’s view of the deposit.	and quality/confidence in the estimation and quality of assay data and bulk density data. Sectional wireframe interpretations encompass material of Measured and Indicated classification. The classification is Measured where it is informed by 20m spaced drilling on 20m spaced sections or better, the slope of regression estimation quality parameter is greater than 0.8. It is classified as Indicated where it is informed by 20m to 40m
			spaced drilling on 40m spaced sections or better, the slope of
			regression estimation quality parameter is greater than 0.7.
			Inferred classification is informed by 40m spaced drilling on 80m
			spaced sections, or better.
			The Mineral Resource estimate appropriately reflects the
			Competent Person’s view of the deposit.
Audits or reviews	•	The results of any audits or reviews of Mineral	No external reviews have been completed.
	•	Resource estimates.
Discussion of	•	Where appropriate a statement of the relative accuracy and	Although the estimate for gold is considered to be without bias, it
relative accuracy/		confidence level in the Mineral Resource estimate using an	is for the some of the estimated volume based on relatively wide
confidence		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 resource within stated confidence limits, or, if such an approach is not deemed appropriate, a qualitative discussion of the factors that could affect the relative accuracy and	spaced data. The estimate is therefore of moderate confidence and expected to be of moderate relative accuracy at the local (SMU) scale when drilling density exceeds 20m x 20m. Infill grade control drilling will be required to improve the confidence of the local estimate.
		confidence of the estimate.	The LUC estimate has been compared to ID estimates and in a
	• •	The statement should specify whether it relates to global or local estimates, and, if local, state the relevant tonnages, which should be relevant to technical and economic evaluation. Documentation should include assumptions made and the procedures used. These statements of relative accuracy and confidence of the	limited volume to an OK estimate of close spaced grade control drilling. Differences have been identified, however these do not exceed expectations and no material issues have been identified in these comparisons and the LUC estimate appropriately represents the source data.
		estimate should be compared with production data, where
		available.

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Section 4 Estimation and Reporting of Ore Reserves

CRITERIA	JORC CODE EXPLANATION	JORC CODE EXPLANATION	COMMENTARY
Mineral Resource estimate for conversion to Ore Reserves	• •	Description of the Mineral Resource estimate used as a basis for the conversion to an Ore Reserve. Clear statement as to whether the Mineral Resources are reported additional to, or inclusive of, the Ore Reserve.	Ore Reserves are the material reported as a sub-set of the resource, that which can be extracted from the mine and processed with an economically acceptable outcome. Mineral Resources are reported inclusive of Ore Reserves.
Site visits	•	Comment on any site visits undertaken by the Competent Person and the outcome of those visits.	The Competent Person, Mr Scott Atkinson, is a full-time employee of Resolute Mining Ltd and a Member of the
	•	If no site visits have been undertaken indicate why this is the case.	Australasian Institute of Mining and Metallurgy. He conducted a site visit to the project area in January 2022
Study status	•	The type and level of study undertaken to enable Mineral Resources to be converted to Ore Reserves.	A mining study update was conducted by Mining Focus Consultants Pty Ltd in July 2020 based on the 2015 Definitive
	•	The Code requires that a study to at least Pre-Feasibility	feasibility study
		Study level has been undertaken to convert Mineral	Mako open pit has been in continuous mining operation since
		Resources to Ore Reserves. Such studies will have been	August 2017. During this time the performance of the open pit
		carried out and will have determined a mine plan that is technically achievable and economically viable, and that material Modifying Factors have been considered.	has shown a positive reconciliation between mineral resources and gold production and delivered positive cashflows.
			Primary contributors to the study were:
			• Mining Focus Consultants
Cut-off parameters	•	The basis of the cut-off grade(s) or quality parameters applied.	A Mill breakeven cut-off grade (COG) of 0.6 g/t gold has been applied for Mako.
			Mako operations are open pit mining methods. Whittle pit shell
Mining factors or assumptions	•	The method and assumptions used as reported in the Pre-Feasibility or Feasibility Study to convert the Mineral Resource to an Ore Reserve (i.e. either by application of appropriate factors by optimization or by preliminary or	optimisations were conducted as component of the mining study. Ground conditions at Mako are good with overall slope angle 56 with berm slope angle of 75 degrees.
		detailed design).	Footwall slope is on average 45 degrees in line with the dip of
	•	The choice, nature and appropriateness of the selected	the orebody.
		mining method(s) and other mining parameters including associated design issues such as pre-strip, access, etc.	The Resource model was a diluted model.
	•	The assumptions made regarding geotechnical parameters	95% Mining recovery used.
		(e.g. pit slopes, stope sizes, etc.), grade control and	No Inferred Mineral Resource is included within the Reserve.
		pre-production drilling.
	•	The major assumptions made and Mineral Resource model used for pit and stope optimization (if appropriate).	No additional infrastructure is required for the remaining mine life.
	•	The mining dilution factors used.	Different recovery is used for different ore types. Basalt 90%
	•	The mining recovery factors used.	recovery which is line with current plant performance.
	•	Any minimum mining widths used.	Recovery process is well tested and performing to expectation
	•	The manner in which Inferred Mineral Resources are utilized	No deleterious elements, no organics or other elements
		in mining studies and the sensitivity of the outcome to their	impacting on Au recovery.
		inclusion.
	•	The infrastructure requirements of the selected mining
		methods.
Metallurgical factors or assumptions	• •	The metallurgical process proposed and the appropriateness of that process to the style of mineralization. Whether the metallurgical process is well-tested technology or	• Different recovery is used for different ore types. Basalt 90% recovery which is line with current plant performance.
		novel in nature.	• Recovery process is well tested and performing to
	•	The nature, amount and representativeness of metallurgical	expectation
		test work undertaken, the nature of the metallurgical
		domaining applied and the corresponding metallurgical	• No deleterious elements, no organics or other elements
		recovery factors applied.	impacting on Au recovery

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	•	Any assumptions or allowances made for deleterious
		elements.
	•	The existence of any bulk sample or pilot scale test work and
		the degree to which such samples are considered
		representative of the ore body as a whole.
	•	For minerals that are defined by a specification, has the ore
		reserve estimation been based on the appropriate mineralogy
		to meet the specifications?
Environmental	•	The status of studies of potential environmental impacts of the mining and processing operation. Details of waste rock characterization and the consideration of potential sites,	No acid generation from the waste dumps have been observed in line with test work expectations. No acid forming metallurgy within waste rock material.
		status of design options considered and, where applicable,
		the status of approvals for process residue storage and waste
		dumps should be reported.
Infrastructure	•	The existence of appropriate infrastructure: availability of land	All infrastructure for the Mako project has been completed.
		for plant development, power, water, transportation (particularly for bulk commodities), labour, accommodation; or the ease with which the infrastructure can be provided, or	Water supply dams, TSF dams have been completed with ongoing TSF lifts planned through the remaining mine life. All
		accessed.	power station and camp accommodation infrastructure has been
			completed.
Costs	•	The derivation of, or assumptions made, regarding projected capital costs in the study.	Royalties paid are variable dependent on gold price At 1500 the gold royalty is 3.53%. at 1800 $/oz the royalty is 3.8%
	•	The methodology used to estimate operating costs.	Costs used are taken from mine actuals and Mining contractor
	•	Allowances made for the content of deleterious elements.	unit rates.
	•	The derivation of assumptions made of metal or commodity
		price(s), for the principal minerals and co- products.
	•	The source of exchange rates used in the study.
	•	Derivation of transportation charges.
	•	The basis for forecasting or source of treatment and refining
		charges, penalties for failure to meet specification, etc.
	•	The allowances made for royalties payable, both Government
		and private.
Revenue factors	•	The derivation of, or assumptions made regarding revenue factors including head grade, metal or commodity price(s)	A gold price of US$1,500/oz formed the basis of the Ore Reserves. Gold price used for planning purposes are from
		exchange rates, transportation and treatment charges,	consensus forecasts provided by external corporate advisers.
		penalties, net smelter returns, etc.
	•	The derivation of assumptions made of metal or commodity	No penalties are incurred for deleterious material
		price(s), for the principal metals, minerals and co-products.	No revenue received from co-products.
Market assessment	•	The demand, supply and stock situation for the particular commodity, consumption trends and factors likely to affect	The market for gold is robust with prevailing gold price being well above US$1,500/oz.
		supply and demand into the future.	Supply and demand are not considered material to the Ore
			Reserve calculations.
	•	A customer and competitor analysis along with the
		identification of likely market windows for the product.
	•	Price and volume forecasts and the basis for these forecasts.
	•	For industrial minerals the customer specification, testing and
		acceptance requirements prior to a supply contract.

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CRITERIA	JORC CODE EXPLANATION	JORC CODE EXPLANATION	COMMENTARY	COMMENTARY
Economic	•	The inputs to the economic analysis to produce the net present value (NPV) in the study, the source and confidence	The financial evaluation undertaken as part of the evaluation indicated a positive net present value (NPV) at a 7% annual
		of these economic inputs including estimated inflation,	discount rate. The following major economic inputs were used:
		discount rate, etc.
	•	NPV ranges and sensitivity to variations in the significant	•	Costs as previously described.
		assumptions and inputs.	•	Gold price of US$1500/oz.
			•	Royalties of 3.5%.
Social	•	The status of agreements with key stakeholders and matters	The government of Senegal has a 10% free carried interest in
		leading to social license to operate.	the operation.
			No other stakeholder agreements in place.
Other	•	To the extent relevant, the impact of the following on the	No additional naturally occurring risks. No flood risk, low
		project and/or on the estimation and classification of the Ore	seismicity risk.
		Reserves:
	•	Any identified material naturally occurring risks.
	•	The status of material legal agreements and marketing
		arrangements.
	•	The status of governmental agreements and approvals critical
		to the viability of the project, such as mineral tenement status,
		and government and statutory approvals. There must be
		reasonable grounds to expect that all necessary Government
		approvals will be received within the timeframes anticipated in
		the Pre-Feasibility or Feasibility study. Highlight and discuss
		the materiality of any unresolved matter that is dependent on
		a third party on which extraction of the reserve is contingent.
Classification	•	The basis for the classification of the Ore Reserves into	The Ore Reserve estimate appropriately reflects the Competent
		varying confidence categories.	Person’s view of the deposit.
	•	Whether the result appropriately reflects the Competent
		Person’s view of the deposit.
	•	The proportion of Probable Ore Reserves that have been
		derived from Measured Mineral Resources (if any).
Audits or reviews	•	The results of any audits or reviews of Ore Reserve
		estimates.
	•	Where appropriate a statement of the relative accuracy and
		confidence level in the Ore Reserve estimate using an
		approach or procedure deemed appropriate by the Competent
		Person. For example, the application of statistical or
		geostatistical procedures to quantify the relative accuracy of
		the reserve within stated confidence limits, or, if such an
		approach is not deemed appropriate, a qualitative discussion
Discussion of		of the factors which could affect the relative accuracy and
relative accuracy/		confidence of the estimate.
confidence	•	The statement should specify whether it relates to global or
		local estimates, and, if local, state the relevant tonnages,
		which should be relevant to technical and economic
		evaluation. Documentation should include assumptions made
		and the procedures used.
	•	Accuracy and confidence discussions should extend to
		specific discussions of any applied Modifying Factors that may
		have a material impact on Ore Reserve viability, or for which
		there are remaining areas of uncertainty at the current study
		stage.
	•	It is recognized that this may not be possible or appropriate in
		all circumstances. These statements of relative accuracy and
		confidence of the estimate should be compared with

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CRITERIA

JORC CODE EXPLANATION COMMENTARY

production data, where available.

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