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Resolute Mining Limited Annual Report 2024

Mar 10, 2025

10548_rns_2025-03-10_ae6293eb-d9e6-4b64-b294-3b6284c29f9e.pdf

Annual Report

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At 31 December 2024

11 March 2025

Reserves and Resources Maintained with Exploration Success in Senegal and Guinea

Resolute Mining Limited (Resolute, the Company or the Group) (ASX/LSE: RSG), is pleased to announce the Company’s Annual Ore Reserve and Resource Statement at 31 December 2024.

Highlights

  • Total Mineral Resources maintained at 11.0 million ounces (Moz) of contained gold with exploration success at Tomboronkoto in Senegal and Mansala in Guinea; all Mineral Resources are reported as JORC compliant

  • Total Ore Reserves maintained at 4.4 Moz post mining depletion across Mali and Senegal

  • Syama North Ore Reserves increased to 1.5 Moz following continued drilling success in 2024 and change in gold price assumption to $1,950/oz

  • Updated Mineral Resource Estimate (MRE) at Tomboronkoto of 7.0 Mt grading 1.7 g/t for 377 koz of contained gold[1]

  • Addition of Mineral Resource in Guinea from the Initial Inferred MRE of 8.4 Mt grading 1.3 g/t Au for 357 koz of contained gold[1]

Chris Eger, CEO and Managing Director, commented,

“Resolute’s steadfast commitment to its exploration programme over the past decade has proven to be invaluable. Today, we pleasingly report that our exploration teams have successfully maintained and grown our Ore Reserves and Mineral Resources across the Company’s West African portfolio.

The increase in the Ore Reserve at Syama North to over 1.5 Moz provides open pit flexibility in conjunction with the underground sub-level cave at Syama. This ensures we can provide an optimal feed blend to the sulphide processing plant. This will increase to 4 Mtpa of capacity once the Sulphide Conversion Project is complete in mid-2026.

Resolute is also committed to extending the life of its Mako operation in Senegal. Importantly, the Tomboronkoto deposit, which is located 17 km from Mako, was upgraded to the Indicated category in 2024. The Company will continue to advance its studies at this project, alongside its other exploration programmes across West Africa, and looks forward to keeping the market updated on future progress.”

At 31 December 2024, Resolute’s Group share of Ore Reserves was maintained at 3.6 Moz (Table 3) and Mineral Resources was also maintained at 9.1 Moz.

A detailed breakdown of the Company’s Ore Reserves and Mineral Resources at 31 December 2024 representing the Syama (Mali) and Mako (Senegal) operations and exploration projects (Guinea) is presented in the tables below. The 2024 Annual Ore Reserve Statement and the 2024 Annual Mineral Resource Statement are in Table 3 and 4 respectively.

1 As at 31 December 2024, resource reported at cut off above 0.7 g/t within a US$2,950 optimised pit shell.

Resolute Mining Limited ABN 39 097 088 689 Level 17, 2 The Esplanade, Perth, Western Australia 6000 T +61 8 9261 6100 E [email protected]

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Page 1 of

108

At 31 December 2024

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

Table 1: Ore Reserves (100% Basis)

Proved Probable Total Reserves Total Reserves Total Reserves
As
December 2024		 Tonnes
(000s)		 g/t oz
(000s)		 Tonnes
(000s)		 g/t oz
(000s)		 Tonnes
(000s)		 g/t oz
(000s)
Mali 2,424 1.5 114 50,781 2.5 4,013 53,205 2.4 4,126
Senegal 5,586 0.9 166 1,078 1.8 61 6,664 1.1 227
Managed Ore Reserves
8,010		 1.1 280 51,869 2.4 4,074 59,869 2.3 4,354

Total Ore Reserves as at 31 December 2024 on a 100% basis total 4.4 Moz after mining depletion, changes in modifying factors and a large increase in reserves at Syama North.

Resolute’s asset ownership is 80% of Syama, 90% of Tabakoroni and 90% of Mako. As such, the Company’s fully attributable Ore Reserves position net government interests, is 3.6Moz of gold – see Table 3. The December 2024 Ore Reserves use a gold price of US$1,950/oz.

Successful drilling campaigns at Syama North in 2024, and changes in modifying factors permitted an increased open pit Ore Reserve to 1.5 Moz grading 2.2 g/t up from the previous Ore Reserve of 983koz grading 2.6 g/t. The reserves at Syama North underpin the long-term future at Syama and will be a key source of material to the Sulphide Conversion Project that is planned to start in mid-2026.

The Ore Reserves at the Syama Underground Mine decreased due to mining depletion and changes in modifying factors. Ore Reserves at Mako decreased in line with mining depletion. Over 70% of the Reserves at Mako are in stockpile material grading 0.9 g/t. This material will be processed from the second half of 2025 onwards once open pit mining ceases.

Table 2: Mineral Resources (100% Basis)

Measured Measured Indicated Indicated Inferred Total Resources Resources
As at
December 2024		 Tonnes
(000s)		 g/t oz
(000s)		 Tonnes
(000s)		 g/t oz
(000s)		 Tonnes
(000s)		 g/t oz
(000s)		 Tonnes
(000s)		 g/t oz
(000s)
Mali 36,539 2.6 3,082
55,682
2.9		 5,196
31,418
1.7		 1,680
123,639		 2.5
9,957
Senegal 5,600 0.9 167 9,476 1.7 512 1,180 1.3 51 16,256 1.4
730
Guinea 0 0.0 0 0 0.0 0 8,438 1.3 357 8,348 1.3
357
Managed Mineral
Resources		 42,139 2.4 3,249
65,158
2.7		 5,708
41,036
1.6		 2,088
148,333		 2.3
11,044

Mineral Resources (inclusive of Ore Reserves) at 31 December 2024, on a 100% basis, contain 11 Moz of gold. The Company’s fully attributable Mineral Resources position, net of government interests is 9.1 Moz of gold.

Mineral Resources were maintained at 11Moz which was an excellent result as all Mineral Resources in this statement are fully JORC, and therefore RPEEE (Reasonable Prospects for Eventual Economic

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Page 2 of 108

At 31 December 2024

Extraction), compliant. Previously Syama North and Tomboronkoto (Senegal) were stated at an economic cut off of 1g/t Au. The open pit amenable Mineral Resources in this statement are constrained within optimised pits and the underground Mineral Resources are constrained within Mineable Shape Optimiser (MSO) shapes.

The Mineral Resources at Mako and Syama Underground mine decreased in line with mining depletion. However, Mineral Resources were maintained by additions during 2024 at Syama North, Tomboronkoto and Mansala (Guinea).

The majority of Mineral Resources at Tomboronkoto were upgraded from Inferred to Indicated after successful infill drilling in 2024. Technical studies of the Tomboronkoto Project are currently underway.

In Guinea, the maiden Mineral Resource Estimate was published on 12 September 2024. The Mansala Resource is included in this statement with a total of 8.4 Mt @ 1.3g/t Au for 357,000oz, constrained by a US$2,950/oz pit shell at a cut off of 0.7g/t Au.

Table 3: Ore Reserves Statement

Proved
Probable
Total		 Group
Share
Ore Reserves
As at December 2024
Tonnes
(000s)
g/t
oz
(000s)
Tonnes
(000s)
g/t
oz
(000s)
Tonnes
(000s)
g/t
oz
(000s)		 oz
(000s)
Mali
Syama Underground
0
0.0
0
20,899
2.4
1,603
20,899
2.4
1,603
Syama Stockpiles
754
1.5
37
1,786
1.3
76
2,540
1.4
113		 80%
1,282
90
Sub Total (Sulphides)
754
1.5
37
22,685
2.3
1,716
23,439
2.3
1,716		 1,373
Syama Satellite Deposits
66
1.8
4
21,829
2.2
1,530
21,895
2.2
1,534
Stockpiles (satellite deposits)
653
1.3
27
1,239
1.0
38
1,892
1.1
65		 1,227
52
Sub Total Satellite Deposits
719
1.3
31
23,068
2.1
1,568
23,787
2.1
1,599		 1,279
Tabakoroni Underground
0
0.0
0
5,028
4.7
766
5,028
4.7
766
Tabakoroni Open Pit
0
0
0
0
0
0
0
0
0
Tabakoroni Satellite Deposits
0
0.0
0
0
0.0
0
0
0.0
0
Tabakoroni Stockpiles
951
1.5
46
0
0.0
0
951
1.5
46		 90%
689
0
0
41
Sub Total Tabakoroni
951
1.5
42
5,028
4.7
766
5,979
4.2
812		 730
Mali Total
2,424
1.5
114
50,781
2.5
4,013
53,205
2.4
4,126		 3,382
Senegal
Mako
39
1.0
1
1,078
1.8
61
1,117
1.7
62
Mako Stockpiles
5,547
0.9
165
0
0.0
0
5,547
0.9
165		 90%
56
149
Senegal Total
5,586
0.9
166
1,078
1.8
61
6,664
1.1
227		 205
Total Ore Reserves
8,010
1.1
280
51,859
2.4
4,074
59,869
2.3
4,354		 3,587

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 shut-off grade of 2g/t.

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At 31 December 2024

  1. Syama Satellite Reserves are reported above 0.7g/t cut-off.

  2. Syama North Sulphide Reserves are reported above 0.8g/t cut-off.

  3. Tabakoroni Underground Reserves are reported above a 2.75g/t cut-off.

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

  5. Mako Reserves are reported above 0.8g/t cut-off.

Table 4: Mineral Resources Statement

Measured Measured Indicated Indicated Inferred Inferred Total Group
Share
Mineral Resources
As at December 2024		 Tonnes
(000s)		 g/t oz
(000s)		 Tonnes
(000s)		 g/t oz
(000s)		 Tonnes
(000s)		 g/t oz
(000s)		 Tonnes
(000s)		 g/t oz
(000s)		 oz
(000s)
Mali 80%
Syama Underground 29,961 2.7 2,636 16,926 2.4 1,302 5,101 2.8 459 51,988 2.6 4,397 3,517
Stockpiles (sulphide) 754 1.5 37 1,786 1.3 76 0 0 0 2,540 1.4 113 90
Sub Total (Sulphides) 30,715 2.7 2,67
3		 18,712 2.3 1,377 5,101 2.8 459 54,528 2.6 4,509 3,607
Syama Satellite Deposits 3,431 2.7 296 30,401 3.0 2,966 7,627 2.7 671 41,459 3.0 3,934 3,147
Stockpiles (satellite
deposits)		 1,221 1.8 69 1,239 1.0 38 46 1.1 2 2,506 1.4 108 87
Sub Total Satellite
Deposits		 4,652 2.5 365 31,640 3.0 3,004 7,673 2.7 673 43,965 2.9 4,042 3,234
Old Tailings 0 0.0 0 0 0.0 0 17,000 0.7 365 17,000 0.7 365 292
90%
Tabakoroni Open Pit 0 0.0 0 151 4.5 22 0 0 0 151 4.5 22 20
Tabakoroni Underground 6 3.5 1 5,179 4.8 792 1,644 3.5 182 6,829 4.4 976 878
Tabakoroni Satellite
Deposits		 191 2.0 12 0 0.0 0 0 0.0 0 191 2.0 12 11
Tabakoroni Stockpiles 975 1.0 31 0 0.0 0 0 0.0 0 975 1.0 31 28
Sub Total Tabakoroni 1,172 1.2 44 5,330 4.8 815 1,644 3.5 183 8,146 4.0 1,041 937
Mali Total 36,539 2.6 3,08
2		 55,662 2.9 5,196 31,418 1.7 1,680 123,639 2.5 9,957 8,070
Senegal 90%
Mako 53 0.9 2 3,308 1.7 178 300 0.9 8 3,661 1.6 188 169
Tomboronkoto 0 0.0 0 6,168 1.7 334 880 1.5 43 7,048 1.7 377 339
Mako Stockpiles 5,547 0.9 165 0 0.0 0 0 0.0 0 5,547 0.9 165 149
Senegal Total 5,600 0.9 167 9,476 1.7 512 1,180 1.3 51 16,256 1.4 730 657
Guinea 100%
Mansala 0 0.0 0 0 0.0 0 8,438 1.3 357 8,438 1.3 357 357
Total Mineral Resources 42,139 2.4 3,249 65,158 2.7 5,708 41,036 1.6 2,088 148,333 2.3 11,044 9,084

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 at Syama North are reported inside a US$2,950 optimised pit at a 0.7 g/t Au cut-off or inside a 1.5 g/t Au MSO.

  4. Resources for the at Syama Underground are reported 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).

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At 31 December 2024

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

  2. Tomboronkoto Resources are reported above a cut-off of 0.7g/t Au within a US$2,950 optimised pit shell. 10. Mansala Resource is reported within a US$2,950 optimised pit at a 0.7 g/t Au cut-off.

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 Smillie, Mr Ndjibu and Mr Patani are full-time employees of Resolute Corporate Services Pty Ltd, a wholly-owned subsidiary of Resolute Mining Limited.

Activity Competent Person Membership Institution
Syama Resource Patrick Smillie Society for Mining, Metallurgy, and Exploration
Syama Reserve Gito Patani Australasian Institute of Mining and Metallurgy
Syama North Resource Patrick Smillie Society for Mining, Metallurgy, and Exploration
Syama North Reserve Kitwa Ndjibu Australasian Institute of Mining and Metallurgy
Syama Tailings Facility Patrick Smillie Society for Mining, Metallurgy, and Exploration
Tabakoroni OP Resource Bruce Mowat Australasian Institute of Geoscientists
Tabakoroni OP Reserves Kitwa Ndjibu Australasian Institute of Mining and Metallurgy
Tabakoroni UG Resource Bruce Mowat Australasian Institute of Geoscientists
Tabakoroni UG Reserves Gito Patani Australasian Institute of Mining and Metallurgy
Tellem Resource Patrick Smillie Society for Mining, Metallurgy, and Exploration
Tellem Reserves Kitwa Ndjibu Australasian Institute of Mining and Metallurgy
Cashew Resource Bruce Mowat Australian Institute of Geoscientists
Cashew Reserves Kitwa Ndjibu Australasian Institute of Mining and Metallurgy
Paysans Resource Bruce Mowat Australian Institute of Geoscientists
Paysans Reserves Kitwa Ndjibu Australasian Institute of Mining and Metallurgy
Porphyry Zone Resource Bruce Mowat Australian Institute of Geoscientists
Porphyry Zone Reserves Kitwa Ndjibu Australasian Institute of Mining and Metallurgy
Mako Resources Bruce Mowat Australian Institute of Geoscientists
Mako Reserves Kitwa Ndjibu Australasian Institute of Mining and Metallurgy
Tomboronkoto Resource Patrick Smillie Society for Mining, Metallurgy, and Exploration
Mansala Resource Patrick Smillie Society for Mining, Metallurgy, and Exploration

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At 31 December 2024

Authorised by Mr Chris Eger, Managing Director and Chief Executive Officer

Contact

Resolute

Matthias O’Toole Howes, Corporate Development and Investor Relations Manager [email protected] +44 203 3017 620

Public Relations

Jos Simson, Tavistock [email protected] +44 207 920 3150

Corporate Brokers Jennifer Lee, Berenberg +44 20 3753 3040

Tom Rider, BMO Capital Markets +44 20 7236 1010

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At 31 December 2024

APPENDIX

Ore Reserves Comparison to 31 December 2023

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-24
Dec-23
Tonnes
Gold
grade
Ounces
Group
Share
Group
Share
Tonnes
Gold
grade
Ounces
Group
Share
Group
Share
(000s)
(g/t)
(000s)
%
Ounces
(000s)
(g/t)
(000s)
%
Ounce
s
Proved
Proved
Comment on Changes
Mali
Syama Stockpiles
(Sulphide)
Syama North
Stockpiles (Oxide)
Porphyry
Zone
(Splay)
Tabakoroni Open
Pit
Tabakoroni
Stockpiles
Senegal
754
1.5
37
80%
29
1,071
1.8
61
80%
48
Movement in operating stockpiles
66
1.8
4
80%
3
97
1.8
6
80%
5
New Reserve and depletion

653
1.3
27
80%
22
919
1.5
44
80%
35
Movement in operating stockpiles

0
0.0
0
80%
0
164
2.2
11
80%
10
Depleted

0
0.0
0
90%
0
48
1.9
3
90%
3
Depleted
951
1.5
46
90%
41
975
1.3
42
90%
38
Movement in operating stockpiles
Mako
Mako Stockpiles		 39
1.0
1
90%
1
345
1.9
21
90%
19
COG change and mining depletion
5,547
0.9
165
90%
149
4,100
1.0
131
90%
118
Movement in operating stockpiles
Total Proved 8,010
1.1
280

245
7,508
1.3
304

263
Probable
Probable
Comment on Changes
Mali
Syama
Underground
Syama Stockpiles
(sulphide)
Syama North
Stockpiles (Syama
North)
Cashew
Paysans
Tellem
Folona
Tabakoroni
Open
Pit
Tabakoroni
Underground
Senegal		 20,899
2.4
1,603
80%
1,282 23,588
2.5
1,865 80%
1,49
2
Depletion from mining, updated
resource model, and new cave flow
settings

1,786
1.3
76
80%
61
1,823
1.3
79
80%
83
Movement in operating stockpiles
21,184
2.2
1,497
80%
1,198 11,878
2.6
984
80%
787
New pit optimisation (A21, Ba01N,
Ba04, Alpha) against new resource
model

1,239
1.0
38
80%
30
1,403
1.0
43
80%
34
Movement in operating stockpiles
0
0.0
0
80%
0
120
1.3
5
80%
4
Depletion
401
1.6
21
80%
16
598
1.6
31
80%
25
New pit design, mining depletion,
and revised modifying factors
244
1.6
13
80%
10
541
1.8
32
80%
25
New resource model, new pit
optimisation and design.
0
0.0
0
80%
0
0
0.0
0
80%
0
No change

0
0.0
0
90%
0
0
0.0
0
90%
0
No change
5,028
4.7
766
90%
689
5,028
4.7
766
90%
689
No change
Mako 1,078
1.8
61
90%
55
3,652
2.1
250
90%
225
Mining depletion and change in
modifyingfactors
Total Probable 51,859
2.4
4,074
3,342
48,631
2.6
4,054
**3,345 **
Total Reserves 59,869
2.3
4,354
3,587
56,139
2.4
4,358
3,608

Appendix Table 1: Ore Reserves Comparison – 31 December 2024 to 31 December 2023 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 shut-off grade of 2g/t.

  4. Syama Satellite Reserves are reported above 0.7g/t cut-off.

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At 31 December 2024

  1. Syama North Satellite Reserves are reported above 0.8g/t cut off

  2. Tabakoroni Underground Reserves are reported above a 2.75g/t cut-off.

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

  4. Mako Reserves are reported above 0.9g/t cut-off.

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At 31 December 2024

Mineral Resources Comparison To 31 December 2023

Mineral Resources Dec-24
Dec-23
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)
Syama North
Stockpiles (Oxide)
Cashew NE
Tabakoroni Open Pit
Tabakoroni Underground
Tabakoroni Stockpiles
Porphyry Zone (Splay)		 29,961
2.7
2,636
80%
2,109
24,023
3.1
2,356
80%
1,885
Depletion due to mining and new resource
754
1.5
37
80%
29
1,071
1.8
62
80%
50
Movement in operating stockpiles
2,400
3.1
236
80%
189
2,417
3.2
251
80%
201
New resource and change in RPEEE factors
1,221
1.8
69
80%
55
1,848
1.4
85
80%
68
Movement in operating stockpiles
1,031
1.8
60
80%
48
1,031
1.8
60
80%
48
No change
0
0.0
0
90%
0
0
030
0
90%
0
No change
6
3.5
1
90%
1
6
3.5
1
90%
1
No change
975
1.0
31
90%
28
954
1.5
46
90%
41
Movement in operating stockpiles
191
2.0
12
90%
11
191
2.0
12
90%
11
No change
Senegal
Mako
Mako Stockpiles		 53
0.9
2
90%
1
507
1.6
25
90%
23
Depletion due to mining
5,547
0.9
165
90%
149
4,100
1.0
131
90%
118
Movement in operating stockpiles
Total Measured 36,149
2.6
3,029
2,445
30,558
2.9
2,822
2,282
Indicated
Indicated
Mali
Syama Underground
Syama Stockpiles (Sulphide)
Syama North
Stockpiles (Oxide)
Paysans
Tellem
Tabakoroni Open Pit
Tabakoroni Underground		 16,926
2.4
1,302
80%
1,041
24,940
2.6
2,061
80%
1,649
Depletion due to mining and new resource
1,786
1.3
76
80%
61
1,777
1.3
75
80%
60
Movement in operating stockpiles
25,670
3.2
2,669
80%
2,135
25,301
3.0
2,412
80%
1,930
New Resource and depletion due to mining
1,239
1.0
38
80%
30
1,449
1.0
45
80%
36
Movement in operating stockpiles
3,437
1.8
199
80%
159
3,437
1.8
199
80%
159
No change
1,294
2.4
98
80%
79
1,294
2.4
98
80%
79
No change
151
4.5
22
90%
20
205
5.0
33
90%
30
No change
5,179
4.8
792
90%
713
5,179
4.8
792
90%
713
No change
Senegal
Mako
Tomboronkoto		 3,308
1.7
178
90%
160
6,234
1.8
363
90%
327
Depletion due to mining
6,168
1.7
334
90%
301
0
0.0
0
90%
0
New Resource
Total Indicated 58,990
3.0
5,708
4,699
69,762
2.7
6,067
4,971
Mineral Resources Inferred
Inferred
Comment on Changes
Mali
Syama Underground
Syama North
Stockpiles (Syama North)
Paysans
Tellem
Tabakoroni Open Pit
Tabakoroni Underground
Tailings Storage Facility		 5,101
2.8
459
80%
367
1,903
2.0
124
80%
99
New Resource and depletion.
4,346
3.3
464
80%
371
9,502
2.6
806
80%
645
New Resource and depletion.
46
1.1
2
80%
1
46
1.1
2
80%
1
No change
1,765
1.7
98
80%
78
1,765
1.7
98
80%
78
No change
1,516
2.2
109
80%
88
2,528
2.3
187
80%
150
No change
0
0.0
0
90%
0
0
0.0
0
90%
0
No change
1,644
3.5
183
90%
164
1,644
3.5
183
90%
164
No change
17,000
0.7
365
80%
292
17,000
0.7
365
80%
292
No change
Senegal
Mako
Tomboronkoto		 300
0.9
8
90%
7
464
0.9
13
90%
12
Depletion due to mining
880
1.5
43
90%
39
10,204
1.2
403
90%
363
New resource
Guinea
Mansala 8,438
1.3
357
100%
357
0
0.0
0
100%
0
New resource

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Total Inferred 41,036 1.6 2,088 1,765
44,044		 1.5 2,102 1,742
Total Resources 142,165 2.4 11,044 9,084
149,055		 2.3 11,198 9,157

Appendix Table 2: Mineral Resources Comparison – 31 December 2024 to 31 December 2023

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 at Syama North are reported inside a US$2,950 optimised pit at a 0.7 g/t Au cut-off or inside a 1.5 g/t Au MSO.

  4. Resources for Syama Underground are reported 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 within a US$2,000 pit shell.

  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. Tomboronkoto resource is reported within a US$2,950 optimised pit shell at a 0.7 g/t cut-off.

  10. Mansala resource is reported within a US$2,950 optimised pit shell at a 0.7 g/t cut-off.

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JORC Code, 2012 Edition – Table 1 Report

Syama Gold Mine

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 (2003-2023),
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.
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 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 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.		 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.
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.		 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.

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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 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.
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.		 All Resolute samples were analysed for gold by 30g fire assay
fusion with AAS instrument finish. The analysis was performed by
ALS Bamako, ALS Ouagadougou, 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.
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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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 using single shot and multi shot
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
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.		 The drill hole spacing was sufficient to demonstrate geological and
grade continuity appropriate for
Mineral Resource estimation and classification in accordance with
the 2012 JORC Code.
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
orientation of key mineralised structures is considered to
have introduced a sampling bias, this should be assessed
and reported if material.		 Holes were drilled predominantly perpendicular to mineralised
domains where possible.
No orientation-based sampling bias has been identified in the
data.
Sample security •
The measures taken to ensure sample security.		 Samples were collected from the drill site and stored on site.
All samples were individually bagged and labelled with unique
sample identifiers then securely dispatched to the laboratories.
All aspects of sampling process were supervised and tracked by
SOMISY personnel.
Audits or reviews •
The results of any audits or reviews of sampling
techniques and 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 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.
• 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.		 Drilling was conducted within the Malian Exploitation
Concession Permit PE 93/003 which has an area of
200.6km2.
Resolute Mining Limited has an 80% interest in the Syama
project and the Exploitation Permit PE—93/003, on which it
is based, through its Malian 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
done by other
parties		 • Acknowledgment and appraisal of exploration by
other parties.		 The Syama deposit was originally discovered by a regional
geochemical survey undertaken by the Direction National
de Géologie et des Mines (DNGM) with assistance from the
United Nations Development Program (UNDP) in 1985.
There had also been a long history of artisanal activities on
the hill where an outcropping chert horizon originally
marked the present-day position of the open pit.
BHP during 1987-1996 sampled pits, trenches, auger, RC
and diamond drill holes across Syama prospects.
Randgold Resources Ltd during 1996-2000 sampled pits,
trenches, auger, RAB, RC and diamond drill holes across
Syama prospects.
Geology • Deposit
type,
geological
setting
and
style
of
mineralisation.		 The Syama Project is found on the northern margin of the
Achaean-Proterozoic Leo Shield which forms the southern
half of the West African Craton. The project area straddles
the boundary between the Kadiana–Madinani terrane and
the Kadiolo terrane. The Kadiana-Madinani terrane is
dominated by greywackes and a narrow belt of interbedded
basalt and argillite. The Kadiolo terrane comprises
polymictic conglomerate and sandstone that were sourced
from the Kadiana-Madinani terrane and deposited in a late-
to syntectonic basin.
Prospects are centred on the NNE striking, west dipping,
Syama-Bananso Fault Zone and Birimian volcano-
sedimentary units of the Syama Formation. The major
commodity being sought is gold.
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:
o easting and northing of the drill hole collar.
o elevation or RL (Reduced Level – elevation above sea
level in metres) of the drill hole collar.
o dip and azimuth of the hole.
o down hole length and interception depth.
o Whole length.
• If the exclusion of this information is justified on the
basis that the information is not Material and this exclusion
does not detract from the understanding of the report,
the Competent Person should clearly explain why this is
the
case.		 No new exploration results have been reported in
this release.
The listing of the entire drill hole database used to estimate
the resource was not considered relevant for this release.

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Data aggregation
methods		 • In reporting Exploration Results, weighting averaging
techniques, maximum and/or minimum grade truncations
(e.g. cutting of high grades) and cut-off grades are usually
Material and should be stated.
• Where aggregate intercepts incorporate short lengths of
high-grade results and longer lengths of low-grade results,
the procedure used for such aggregation should be stated
and some typical examples of such aggregations should
be shown in detail.
• The
assumptions
used
for
any
reporting
of metal equivalent values should be clearly stated.		 No new exploration results have been reported in
this release.
Metal equivalent values are not used in reporting.
Relationship
between
mineralisation
widths and
intercept lengths		 • These relationships are particularly important in the
reporting of Exploration Results.
• If the geometry of the mineralisation with respect to the
drill hole angle is known, its nature should be reported.
• If it is not known and only the down hole lengths are
reported, there should be a clear statement to this effect
(e.g. ‘down hole length, true width not known’).		 The mineralisation is steeply dipping at approximately 600
from the horizontal.
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.
At the angle of the drill holes and the dip of the ore zones,
the reported intercepts will be slightly more than true width.
Diagrams • Appropriate maps and sections (with scales) and
tabulations of 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.		 Relevant maps, diagrams and tabulations are included in
the body of text.
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
misleading
reporting
of
Exploration
Results.		 Mineral
Resources
are
being
reported
in
this
announcement.
No new exploration results have been reported in this
release.
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
survey results; bulk samples – size and method of
treatment; metallurgical test results; bulk density,
groundwater, geotechnical and rock characteristics;
potential
deleterious
or
contaminating
substances.		 No geophysical and geochemical data and any additional
exploration information has been reported in this release,
as they are not deemed relevant to the release.
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 drilling areas, provided this information is not
commercially
sensitive.		 Depth extension drilling is planned to test the down-dip
potential of the Syama ore body at depth, and beneath the
current limit of drilling.

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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.		 Data has been compiled into a relational SQL database; the
setup of this database precludes the loading of data which
does 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. 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.		 The Competent Person visited site in November 2022 and July
of 2023.
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.
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.
Drill density (50m by 50m) for the majority of the Syama area
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. 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
expressed as length (along strike or otherwise), plan width,
and depth below surface to the upper and lower limits
of
the
Mineral
Resource.		 The Syama area extends for approximately 1,500 metres in
strike and the west dipping gold mineralised zone is between
100-200 metres in horizontal width, narrowing at its southern
and northern limits. The Mineral Resource is limited in depth by
drilling, which extends from surface to a maximum depth of
approximately 800 metres vertically.
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		 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
by25mNby10mRl forSyama SouthandNafolo.Sub-celling

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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.

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%). Comparison with previous Mineral Resources 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.

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Cut-off
parameters		 •The basis of the adopted cut-off grade(s) or quality
parameters applied.		 Mineral Resources for the main part of Syama was reported
within a shape generated using a MSO (Mineable Shape
Optimiser) at 1.5g/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
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.		 The current mining method for underground exploitation is
SLC.
The resource model extends from 1,250 mRL to 600 mRL.
Open pit mining methods were used by Resolute to 1,120
mRL. Material testing conducted on samples of
underground ore confirmed that properties such as
metallurgical factors, structural trends and geological
continuity remain the same as observed in the fresh rock
portion of the open pit.
This Mineral Resource does not account for mining
recovery.
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.		 Resolute has conducted metallurgical testwork on variability
samples taken from within the proposed underground ore
zone. A testwork program was supervised by consultants
MineLogix Pty Ltd based on analytical testwork completed at
ALS Metallurgy Laboratory.
The program included comminution, flotation, roasting and
leaching assessments.
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 theunderground
ore typically matches that observed for open pit ore.
Environmental
factors
or assumptions		 •Assumptions made regarding possible waste and
process residue disposal options. It is always necessary
as part of the process of determining reasonable
prospects for eventual economic extraction to consider
the potential environmental impacts of the mining and
processing operation.
While
at
this
stage
the
determination of
potential
environmental impacts,
particularly for a green fields project, may not always be
well advanced, the status of early consideration of these
potential environmental impacts should be reported.
Where theseaspects 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 “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
wherethe sulphidemineralshave already been removedfrom

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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. 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 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.

==> picture [244 x 478] intentionally omitted <==

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

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

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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. 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.		 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 geostatistical techniques applied to the estimate of
underground resources at Syama are deemed appropriate to
the estimation of Sub Level Caving (SLC) mining method and
hence applicable for reserve estimation.
The estimation has been compared to Syama production
history, and reconciles within 10%.

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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 0125 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 started with
the company in 2021 and conducts site visit to the project area
on a regular basis and weekly contact with site teams was
maintained throughout teams meetings
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 constant 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 Fy25 financial model. The COG is estimated using: a gold
price of USD 1,950/oz, a metallurgical recovery of 78%, an ad
valorem royalty rate of 10.5%.
Mining factors
or assumptions		 •The method and assumptions used as reported in the Pre-
Feasibility or 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 radius of
between 12 and 17m. 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 2024 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.
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.

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Inferred Mineral Resources are not included in the Syama UG
mine planning. All material from Syama Underground for 2024 OR
inventory is categorised as Probable; comprised mainly of
Indicated material. All Inferred and Unclassified material is
classified as waste and not included in ore reserves
The infrastructure necessary to extract the Syama UG Ore
Reserve is maintained by the company.
Metallurgical
factors
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 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?		 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.
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 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
for
plant
development,
power,
water,
transportation
(particularly for bulk commodities), labour, accommodation;
or the ease with which the infrastructure can be provided or
accessed.		 The Syama Mine and the underground mine site are located
near the two major towns of Kadiola and Sikasso. Kadiola,
55km southeast, is the regional capital while Sikasso,
approximately 85 km to the northeast, is the second largest city
in Mali and located close to the border with Burkina Faso.
Access is via formed gravel road off the sealed Sikasso to Côte
d’Ivoire highway through Kadiola, and then from Fourou to site.
Most consumables and supplies use this route as it can be
approached either from Côte d’Ivoire through the border post
at Zegoua or alternatively from Burkina Faso and Togo through
Sikasso. The road north through Bananso to Farakala, on the
main highway from Bamako to Sikasso, provides an alternate
and shorter route to Bamako. This road is generally
impassable during the wet season when the low level “bridge”
at Bananso is covered with water.
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
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.		 Syama is a going concern with established mining, processing
and administration operations with respect to cost estimates.
As part of ongoing operations, capital and operating budgets
are prepared from first principles and considering existing
contractual agreements.
Syama 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 10.5% 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.		 Syama’s head grade is estimated by mine planning and flow
modelling from the Mineral Resource Estimate.
All revenue and cost estimates have been made in USD.
The Ore Reserve is based on a planning gold price of
US$1,950/oz.

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Market
Assessment		 •The demand, supply and stock situation for the particular
commodity, consumption trends and factors likely to affect
supply and demand into the future.
•A customer and competitor analysis along with the
identification of likely market windows for the product.
•Price and volume forecasts and the basis for these forecasts.
•For industrial minerals the customer specification, testing and
acceptance requirements prior to a supply contract.		 There is a transparent quoted market for the sale of gold.
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 economic assessment of the project demonstrates robust
economics.
Social •The status of agreements with key stakeholders and matters
leading to social license to operate.		 Resolute assumed management of Société des Mines de
Syama 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 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.		 High seasonal rain fall events present a risk for the
underground operations.
All current government agreements and approvals are in good
standing and no anticipated changes are expected.

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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).		 All Measured and Indicated Resources were converted to
Probable Reserves, given the sub-level caving method.
Audits or reviews •The results of any audits or reviews of Ore Reserve
estimates.		 Snowden Mining Industry Consultants completed the Syama
Underground Pre-Feasibility study in 2015 and later
contributed to detailed designs incorporated in the Definitive
Feasibility Study. Subsequent mining studies have been
conducted in conjunction with various industry experts from
external companies relevant to the areas of study.
No other external audits of Ore Reserves were undertaken.
Discussion of
relative
accuracy/
confidence		 •Where appropriate a statement of the relative accuracy and
confidence level in 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.
Treatment costs and recoveries are based on the actual
performance of processing underground ore and provide
a high level of confidence.
Resolute has extensive experience with a similar underground
operation at the Company’s Mt Wright mine in Australia. This
experience was combined with industry average assumptions,
where required, to provide a level of accuracy and confidence
that falls within the required standard for a Definitive Feasibility
Study and the subsequent Mining studies.
All the parameters assumed and adopted including the
financial modelling and analysis have been subject to internal
peer
review.
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.

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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.
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 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 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.		 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.
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.		 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.
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		 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.

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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
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.		 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
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 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.
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.
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.		 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.

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•Whether
sample
compositing
has
been
applied.		 The appropriateness of the drill spacing was reviewed by the
geological technical team, both on site and head office. This was
also reviewed by the Competent Person.
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
orientation of key mineralised structures is considered to have
introduced a sampling bias, this should be assessed and
reported
if
material.		 Holes were drilled predominantly perpendicular to mineralised
domains where possible.
No orientation-based sampling bias has been identified in
the data.
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 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.
•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.		 Tabakoroni 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 Permits are held in good standing. Malian mining law provides
that all Mineral Resources are administered by DNGM (Direction
Nationale de la Géologie et des Mines) or National Directorate of
Geology and Mines under the Ministry of Mines, Energy and
Hydrology.
Exploration done
by other parties		 •Acknowledgment and appraisal of exploration by other parties. Etruscan Resources Inc explored Tabakoroni during 2002-2003 by
auger, aircore, RC and diamond drill hole tails. The Tabakoroni
area was previously explored by BHP (1988-1990) and Barrick
Gold (1990) by auger, pits, trenches, RAB and diamond core
drilling.
Geology •Deposit type, geological setting and style of mineralisation. The Tabakoroni deposit is hosted in upright tightly folded
greenstone rocks of the Syama Formation, comprising interbedded
basalt and sediment units, and an overlying complex sequence of
deep marine and turbiditic sediments. The sequence overlying the
basalts contains interbedded carbonaceous units (silts and shales)
that are preferentially deformed, and which form the Tabakoroni
Main Shear Zone (TMSZ) that lies along the approximate contact
of the greenstone-sediment sequence. Gold mineralisation occurs
within the TMSZ associated with quartz vein stockworks and
stylolitic quartz reefs.
Drill hole
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:
o
easting and northing of the drill hole collar
o
elevation or RL (Reduced Level – elevation above sea
level in metres) of the drill hole collar
o
dip and azimuth of the hole
o
down hole length and interception depth
o
Whole length.
•If the exclusion of this information is justified on the basis that
the information is not Material and this exclusion does not
detract from the understanding of the report, the Competent
Person should clearly explain why this is the case.		 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.
The Syama belt is mostly located on the Tengrela 1/200,000 topo
sheet (Sheet NC 29-XVIII).
The Tabakoroni local grid has been tied to the UTM Zone 29
WGS84 co-ordinate system.
Spectrum Survey and 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.
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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Data aggregation
methods		 •In
reporting
Exploration
Results,
weighting
averaging
techniques, maximum and/or minimum grade truncations (e.g.
cutting of high grades) and cut-off grades are usually Material
and should be stated.
•Where aggregate intercepts incorporate short lengths of high-
grade results and longer lengths of low-grade results, the
procedure used for such aggregation should be stated and
some typical examples of such aggregations should be shown
in detail.
•The assumptions used for any reporting of metal equivalent
values
should
be
clearly
stated.		 No new exploration results have been reported in this release.
Metal equivalent values are not used in reporting.
Relationship
between
mineralisation
widths and
intercept lengths		 •These relationships are particularly important in the reporting of
Exploration Results.
•If the geometry of the mineralisation with respect to the drill hole
angle is known, its nature should be reported.
•If it is not known and only the down hole lengths
are reported, there should be a clear statement to this effect
(e.g. ‘down hole length, true width not known’).		 The majority of the Tabakoroni mineralisation is vertical. There is
one domain which dips at 45oto the west.
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.
At the angle of the drill holes and the dip of the ore zones, the
reported intercepts will be slightly more than true width.
Diagrams •Appropriate maps and sections (with scales) and tabulations of
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.		 Relevant maps, diagrams and tabulations are included in the body
of text.
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 misleading
reporting of Exploration Results.		 Mineral Resources are being reported in this announcement.
No new exploration results have been reported in this release.
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 survey
results; bulk samples – size and method of treatment;
metallurgical
test
results;
bulk
density,
groundwater,
geotechnical and rock characteristics; potential deleterious
or
contaminating
substances.		 No geophysical and geochemical data or any additional exploration
information
has
been
reported
in
this
release,
as they are not deemed relevant to the release.
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 drilling
areas, provided this information is not commercially sensitive.		 Depth extension drilling is planned to test the down-dip potential of
the Tabakoroni ore body at depth, and beneath the current limit of
drilling.

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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.		 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.		 Mr Patrick Smillie, a full time employee of Resolute Mining Ltd,
has visited the site on multiple occasions.
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.		 The digital database used for the interpretation included
logged intervals for the key stratigraphic zones of Tabakoroni.
Detailed geological logs were available in hardcopy and digital
and reviewed where necessary.
There is a high level of confidence for the interpretation of the
Tabakoroni Main Shear Zone (TMSZ) due to the close-spaced
grade control drilling at surface and the confirmation of the
position in the current oxide pits. Since an independent
structural model was created there is high level of confidence
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
as length (along strike or otherwise), plan width, and depth
below surface to the upper and lower limits of the Mineral
Resource.		 The mineral resource at Tabakoroni comprises four individual
domains. The main zone is the TMSZ, which extends for
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.
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
southernand centralportionof the deposit. Thewhole of the

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Tabakoroni deposit, including domains additional to the TMSZ, extends for 450 metres in the horizontal plane.

Tabakoroni deposit, including domains additional to the TMSZ,
extends for 450 metres in the horizontal plane.
Estimation and
modelling
techniques		 •The nature and appropriateness of the estimation technique(s)
applied 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.
•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.		 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.		 Mineral Resources for open pit extraction have been reported
at a 1 g/t Au grade cut-off and above a US$2000/oz optimised
shell.
The Mineral Resources for underground mining are undiluted
and the mineralised blocks (within the mineralisation
wireframes) have been reported within MSO wireframes
created atUS$2,000/oz which is equivalent to1.75 g/t Au cut-

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off
grade.
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.		 A Pre-Feasibility study determined the mining method would
be by long hole open stoping. No Mineral Resource margin
(external) dilution has been modelled. A minimum stope dip of
30 degrees on the footwall was applied. More rigorous mining
assumptions and parameters will be applied during the
conversion to Ore Reserves.
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.		 No metallurgical factors or assumptions have been made
during the resource estimation process as these will be
addressed during the conversion to Ore Reserves.
Environmental
factors
or assumptions		 • Assumptions made regarding possible waste and
process residue disposal options. It is always
necessary as part of the process of determining
reasonable
prospects
for
eventual
economic
extraction to consider the potential environmental
impacts of the mining and processing operation.
While at this stage the determination of potential
environmental impacts, particularly for a green fields
project, may not always be well advanced, the status
of
early
consideration
of
these
potential
environmental impacts should be reported. Where
these aspects have not been considered this should
be reported with an explanation of the environmental
assumptions made.		 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 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 50
ppm in the weak acid dissociable form. Groundwater away from the
tailings landform is intercepted by trenches and sump pumps.
Sulphur dioxide is generated from the roasting of gold
concentrate so that gold can be extracted and refined. Tall-
Stack “dispersion” of the sulphur dioxide emission is monitored
continuously. Prevailing weather and dissipation of the sulphur
dioxideismodelled dailyto predict theneedto pausethe

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roasting process to meet the air quality criteria set out in the Environmental and Social Impact Study.

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.		 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/m3
•
Transitional 2.38 t/m3
•
Fresh
2.72 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.		 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.		 The Mineral Resource has been audited internally and in
conjunction with resource consultants at Snowden Optiro Pty
Ltd as part of the routine validation process. There has been
an external review of the Mineral Resource estimation
completed by Cube Consulting Pty Ltd in February 2022.
Discussion of
relative
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.		 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
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 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. Regular site visit to the
project area was conducted during the year 2024 and weekly
contact with site teams was maintained throughout the period.
These site visits help to validate technical and operating
assumptions used in the preparation of this ore reserves
The site visit reviewed the project site and proposed portal
location in the mined out Namakan Pit western wall, a review of
current operations at both Syama and Tabakoroni, existing
open pit infrastructure available for immediate underground
use, a review of selected drill core and various meetings were
held with site personnel and key stakeholders to the study. A pit
wall failure exist in the eastern wall of the Namakan pit. This
failure was monitored since the occurrence through the last
couple of wet season and have stabilised at its natural angle of
repose and does not pose further material risk to the proposed
underground portal location
Study status •The type and level of study undertaken to enable
Mineral Resources to be 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

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•
Outotec – backfill, concentrate roasting, floatation
plant
•
Osprey – security assessment
•
Practara – economic evaluation
•
ALS – metallurgical variability testing
•
Resolute Mining Ltd – mine design and scheduling,
processing and overall study management
Cut-off
parameters		 •The basis of the cut-off grade(s) or quality
parameters applied.		 A marginal cut-off grade (COG) of 2.5 g/t gold has been applied
for Tabakoroni Underground. This is based on long hole open
stoping with paste fill at a gold price of U$1,950/oz, metallurgical
recovery of 78%, and includes royalties of 10.5%.
Individual underground zones and levels were further tested to
confirm each area achieves the required financial returns to
offset the capital investment required to access that zone or
level. Sub-economical areas were removed from the reserves.
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.		 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 0.5 m dilution in competent
(basalt) ground to 2.0 m in poor, highly structured zones. The
average dilution considered is 0.5 to 1.0 m, applied individually
to both hangingwall and footwall conditions. A global mine
recovery of 90% was applied.
Minimum Mining Width used was 3.0 m, but average stoping
widths range between 4.5 m and 10.0 m. Level spacings are
selected at 20 m vertical, floor to floor. Stope lengths of 10 m
to 50 m are recommended based on the geotechnical modelling
and chosen level spacing. The study conservatively limited
stope lengths to 20 m, which will be further optimised during
actual operations. For the shallower dipping stopes a minimum
footwalldip of 40° was selectedto ensure blastedmaterialcan

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be moved effectively to the drawpoint for loading during production.

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

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

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

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

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 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?

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

The oxide crushing and grinding circuit has an oxide capacity of 1.6 Mtpa, with a modelled sulphide throughput capacity of up to

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1.0 Mtpa. The Syama roaster, CIL circuit and tailings storage
facility has enough capacity to process the additional
concentrate.
A number of metallurgical test work programmes have been
conducted on a range of Tabakoroni ore samples to date. The
most recent variability test programme, conducted as part of the
PFS, focussed on optimising the flowsheet to then assess the
metallurgical performance of the various mineralised domains
to be encountered. A total gold recovery of 78% has been
assumed based on test results to date. This is in line with
similar ore being processed at Syama.
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 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 in pit tailings area approved in the current
ESIA. Routine progress on the monitoring is reported to
government and at stakeholder meetings in concert with routine
inspections by government representatives.
Arsenic is naturally occurring in the Tabakoroni mineralisation.
A groundwater characterisation programme was conducted as
part of the ESIA submission and did not identify any adverse
impacts on water being discharged to the environment.
Infrastructure • The
existence
of
appropriate
infrastructure:
availability of land for plant 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
35 km haul road. The Syama Mine is located near the two
major towns of Kadiola and Sikasso. Kadiola, 55km southeast,
is the regional capital while Sikasso, approximately 85 km to the
northeast, is the second largest city in Mali and located close to
the border with Burkina Faso.
Access is via formed gravel road off the sealed Sikasso to Côte
d’Ivoire highway through Kadiola, and then from Fourou to site.
Most consumables and supplies use this route as it can be
approached either from Côte d’Ivoire through the border post at
Zegoua or alternatively from Burkina Faso and Togo through
Sikasso. The road north through Bananso to Farakala, on the
main highway from Bamako to Sikasso, provides an alternate
and shorter route to Bamako. This road is generally impassable
during the wet season when the low level “bridge” at Bananso
is covered with water.

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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.

The 70km section of road from Kadiola to the site was upgraded
for the Syama Mine. In addition to the current open pit
infrastructure left behind by open pit operations at Tabakoroni,
the Syama Mine provides access to administration buildings,
plant site buildings and accommodation for housing expatriate
and senior national staff.
Tabakoroni site is serviced through a local telecommunications
provider Orange. Provision is made in the study to allow have
a dedicated link to Syama Mine, from where two Internet and
mobile telecommunications providers (Sotelma & Orange) are
available, in addition to a point to point satellite connection to
Perth.
Costs • The derivation of, or assumptions made, regarding
projected capital costs 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.		 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 Tabakaroni
•
ground support consumables, fuel, explosives, bulk
cement based on current Syama mining contract
•
mine closure costs (existing open pit component)
•
PFS level cost estimates were calculated for:
•
paste fill cost – based on locally supplied bulk cement
prices and an independent paste fill study to determine
consumption rate
•
environmental and mine closure costs specific to
underground
The oxide plant produces gold doré (without problematic
deleterious elements) that is subsequently refined offsite.
Refining costs are allowed for as per current Syama Mine, but
are not material.
Ad valorem Government royalties of 10.5% are payable on gold
production.
Revenue factors •The derivation of, or assumptions made regarding
revenue factors 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$1,950/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 co-
products.
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.		 The market for gold is robust with prevailing gold price being
well above US$1,950/oz.
Supply and demand are not considered material to the Ore
Reserve calculations.

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•A customer and competitor analysis along with the
identification of likely market windows for the
product.
•Price and volume forecasts and the basis for these
forecasts.
•For industrial minerals the customer specification,
testing and acceptance requirements prior to a
supply
contract.
Economic •The inputs to the economic analysis to produce the
net present value (NPV) in the 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$1650/oz
•
Royalties of 6%
•
Effective tax rate of 25% (Corporate tax rate of 30% with
5% discount provided by the Malian government to
Tabakoroni)
•
Discount rate of 7% per annum for real, post-tax cash
flows.
Social •The status of agreements with key stakeholders and
matters leading to social license to operate.		 Tabakoroni falls under the SOMIFI exploitation permit and is
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
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.		 All current government agreements and approvals are in good
standing and no anticipated changes are expected. Political
instability is a potential risk in Mali, but the owner has many
years operating experience in this environment through the
current Syama and Tabakoroni operations. The current Malian
government is supportive of mining operations and the current
Syama and Tabakoroni operations are in good standing with the
authorities. There are no current unresolved matters affecting
this project.

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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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Tabakoroni Satellite Deposits – Porphyry Zone (Splay)

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.
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 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 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.		 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.
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.		 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.
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.		 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.

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•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.		 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.
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.		 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
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 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.
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.
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. _		 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.

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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 orientation of key mineralised structures is
considered to have introduced a sampling bias, this
should be assessed and reported if material.		 Holes were drilled predominantly perpendicular to mineralised domains
where possible.
No
orientation-based
sampling
bias
has
been
identified
in
the data.
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
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.
•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.		 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 and a free carried 5% interest is held
privately.
The Permits are held in good standing. Malian mining law provides that all
Mineral Resources are administered by DNGM (Direction Nationale de la
Géologie et des Mines) or National Directorate of Geology and Mines
under the Ministry of Mines, Energy and Hydrology.
Exploration done
by other parties		 •Acknowledgment and appraisal of exploration by
other parties.		 Etruscan Resources Inc explored Tabakoroni during 2002-2003 by auger,
aircore, RC and diamond drill hole tails. The Tabakoroni area was
previously explored by BHP (1988-1990) and Barrick Gold (1990) by
auger, pits, trenches, RAB and diamond core drilling..
Geology •Deposit type, geological setting and style of
mineralisation.		 The Tabakoroni 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
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:
o
easting and northing of the drill hole collar
o
elevation or RL (Reduced Level – elevation
above sea level in metres) of the drill hole
collar
o
dip and azimuth of the hole
o
down hole length and interception depth
o
Whole length.
•If the exclusion of this information is justified on the
basis that the information is not Material and this
exclusion does not detract from the understanding of
the report, the Competent Person should clearly
explain why this is the case.		 No exploration results have been reported in this release.
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.
The Syama belt is mostly located on the Tengrela 1/200,000 topo sheet
(Sheet NC 29-XVIII).
The Tabakoroni local grid has been tied to the UTM Zone 29 WGS84 co-
ordinate system.
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.
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
methods		 •In
reporting
Exploration
Results,
weighting
averaging techniques, maximum and/or minimum
grade truncations (e.g. cutting of high grades) and
cut-off grades are usually Material and should be
stated.
•Where aggregate intercepts incorporate short
lengths of high-grade results and longer lengths of
low-grade results, the procedure used for such
aggregation should be stated and some typical
examples of such aggregations should be shown in
detail.
•The assumptions used for any reporting of metal
equivalent
values
should
be
clearly
stated.		 No new exploration results have been reported in this release.
Exploration results are tabulated using the following parameters:
•
Grid coordinates are WGS84 Zone 29 North
•
Cut-off grade for reporting of intercepts is >=1g/t Au
•
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
Relationship
between
mineralisation
widths and
intercept lengths		 •These relationships are particularly important in the
reporting of Exploration Results.
•If the geometry of the mineralisation with respect to
the drill hole angle is known, its nature should be
reported.
•If it is not known and only the down hole lengths
are reported, there should be a clear statement to
this effect (e.g. ‘down hole length, true width not
known’).		 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.
At the angle of the drill holes and the dip of the ore zones, the reported
intercepts will be slightly more than true width.
Diagrams •Appropriate maps and sections (with scales) and
tabulations of 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.		 No exploration results have been reported in this release.
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
misleading
reporting
of
_Exploration Results. _		 Significant intercepts of new drill holes have not been reported in this
release.
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 survey results; bulk samples – size and
method of treatment; metallurgical test results; bulk
density,
groundwater,
geotechnical
and
rock
characteristics;
potential
deleterious
or
contaminating
substances.		 No geophysical and geochemical data or any additional exploration
information has been reported in this release, as they are not deemed
relevant to the release.
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 drilling areas, provided this
information
is
not
commercially
sensitive.		 Further drilling is planned.

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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.		 Data have been compiled into a relational SQL database; the
setup of this database precludes the loading of data which do
not meet the required 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.		 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.
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.		 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.
A wireframe was used to constrain the estimation is based on
drill hole intercepts and geological boundaries. The wireframe
has been constructed to a 0.5 g/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, and depth
below surface to the upper and lower limits of the Mineral
Resource.		 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 includes the 175 metre vertical interval from 345 mRL
to 170 mRL. 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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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.
•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 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 complex low angled surrounding
mineralisation an unconstrained inverse distance cubed (ID3)
estimation technique was used.
The drill spacing at The Porphyry Zone 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 10 metres. Parent
blocks of 4 mE by 10 mN by 5 mRl were used for the block
model to tie in with the existing grade control model. Sub
blocking down to 1 mE by 2.5 mN by 1.25 mRl was employed
for resolution of the mineralisation boundaries as define by
wireframes
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. The search
ellipse for the background mineralisation is orientated striking
towards the north and dipping 30oto the west.
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.
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 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%).
Moisture •Whether the tonnages are estimated on a dry basis or
with natural moisture, and the method of determination
of the moisture content.		 All tonnages have been estimated on a dry basis.
Cut-off
parameters		 •The basis of the adopted cut-off grade(s) or quality
parameters applied.		 The cut-off grade of 1 g/t for the stated open pit Mineral
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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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.		 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 10 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.		 No metallurgical factors or assumptions have been made
during the resource estimation process as these will be
addressed during the conversion to Ore Reserves.
Environmental
factors
or assumptions		 • Assumptions made regarding possible waste and
process residue disposal options. It is always
necessary as part of the process of determining
reasonable
prospects
for
eventual
economic
extraction to consider the potential environmental
impacts of the mining and processing operation. While
at
this
stage
the
determination
of
potential
environmental impacts, particularly for a green fields
project, may not always be well advanced, the status
of early consideration of these potential environmental
impacts should be reported. Where these aspects
have not been considered this should be reported with
an explanation of the environmental assumptions
made.		 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 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 & Social Impact Study – “Société des
Mines de Syama, Syama Gold Mine, Mali”, dated 2007
indicated there was minimal potential for acid mine drainage
from waste rock due to the elevated carbonate content which
buffers a potential acid generation. Resolute maintains a plan
for progressive rehabilitation of waste rock landforms as part
of ongoing mine development and waste rock dumping.
The landform of tailings impoundments does not have a net
acid generating potential. The largest volume is flotation
tailings where the sulphide minerals have already been
removed from the host rock. Its mineralogy includes
carbonates which further buffer any acid-formation potential
from sulphides that may also be present.
Cyanide levels in the leached-calcine tailings are typically less
than 50 ppm in the weak acid dissociable form. Groundwater
away from the tailings landform is intercepted by trenches and
sump pumps.
Sulphur dioxide is generated from the roasting of gold
concentrate so that gold can be extracted and refined. Tall-
Stack “dispersion” of the sulphur dioxide emission is monitored
continuously. Prevailing weather and dissipation of the sulphur
dioxideismodelled dailyto predict theneedto pausethe

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roasting process to meet the air quality criteria set out in the Environmental & Social Impact Study.

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/m3
•
Transitional 2.38 t/m3
•
Fresh 2.72 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.		 In general, 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. However, due to the
complexity of the surrounding mineralisation and the low
confidence in the geological interpretation in addition to the
estimation method being unconstrained. The competent
person decided to classify the whole of the deposit to Inferred
until more drilling can be 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
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.		 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.
Mine production data was used in the validation process and
showed to be within 20% of the estimated tonnes, grade and
ounces within the mined area.

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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.		 Resources at Porphyry Zone 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 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.
•If no site visits have been undertaken indicate
why
this
is the case.		 Mr Kitwa Ndjibu is 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.		 The Porphyry Zone deposit is adjacent to the Tabakoroni mine which
had a Feasibility study was completed in 2009 with updates in 2012 &
2016.
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. For 2024, the pit has been depleted;
there is no ore to report.
Cut-off
parameters		 •The basis of the cut-off grade(s) or quality
parameters applied.		 No need to determine the cut-off grade
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.		 The reported Ore Reserve estimate for Porphyry Zone is based on pit
optimisations conducted using the Lerchs-Grossman (LG) algorithm of
the Whittle 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.
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.
Detailed pit design work was completed based on pit optimisations
using Whittle Four-X optimisation software. Only Indicated Resources
were used in the pit optimisation.
Pit slope parameters for Porphyry Zone were based on a geotechnical
assessment that included a total of seven specific geotechnical holes.
Overall slopes angles are approximately 40°. All other pits adopt
similar overall slope angles.
Grade control consists of RC drilling, based on a 5.0mE x 12.5mN drill
pattern

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• 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 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.
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 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?		 Processing is by conventional primary crushing followed by single
stage SAG milling. Gold recovery is by means of a gravity recovery
circuit and carbon in leach process.
Processing recoveries used are 90%, 80% and 65% for Oxide,
Transitional and fresh material respectively
Mine is operational with good reconciliation between predicted
recoveries and actual
Allowances are made in the recovery estimates for transitional and
fresh ore as the Au recovery is impacted by some of the gold being
hosted in refractory sulphide and preg-robbing carbon
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.		 An active waste rock characterisation program has been put in place
for Porphyry Zone.
Ore Reserves from Porphyry Zone will be processed at Syama and
tailings storage will be impounded in existing footprint area approved
in the Environmental & Social Impact Study. Progressive raising of the
tailings occurs regularly with the 9th lift completed in 2019. Routine
progress on the monitoring is reported to government and at
stakeholder meetings in concert with routine inspections by
government representatives.
Infrastructure • The existence of appropriate infrastructure:
availability of land 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 infrastructure is already in place for the Porphyry Zone
deposit which is within the current the Tabakoroni mine footprint
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 Porphyry Zone deposit is adjacent to the Tabakoroni mine, with
established mining operations. 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. The Porphyry Zone deposit will be mined
contemporaneously with the Tabakoroni pits using the same mining
and haulage fleet. The mining and haulage rates are based on known
contract rates.
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

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• 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) 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.
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.		 The market for gold is robust with prevailing gold price being around
US$2,900/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.		 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.
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.
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.		 All current government agreements and approvals are in good
standing and no anticipated changes are expected.

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•The status of material legal agreements and
marketing arrangements.
•The status of governmental agreements and
approvals critical to the viability of the project,
such as mineral tenement status, and
government and statutory approvals. There
must be reasonable grounds to expect that all
necessary Government approvals will be
received within the timeframes anticipated in
the
Pre-Feasibility
or
Feasibility
study.
Highlight and discuss the materiality of any
unresolved matter that is dependent on a third
party on which extraction of the reserve is
contingent.
Classification •The basis for the classification of the Ore
Reserves into varying confidence 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.
Audits or reviews •The results of any audits or reviews of Ore
Reserve estimates.
Discussion of
relative
accuracy/
confidence		 •Where appropriate a statement of the relative
accuracy and confidence level in the Ore
Reserve estimate using an approach or
procedure
deemed
appropriate
by
the
Competent
Person.
For
example,
the
application of statistical or geostatistical
procedures to quantify the relative accuracy
of the reserve within stated confidence limits,
or, if such an approach is not deemed
appropriate, a qualitative discussion of the
factors which could affect the relative
accuracy and confidence of the estimate.
•The statement should specify whether it
relates to global or local estimates, and, if
local, state the relevant tonnages, which
should be relevant to technical and economic
evaluation. Documentation should include
assumptions made and the procedures used.
•Accuracy and confidence discussions should
extend to specific discussions of any applied
Modifying Factors that may have a material
impact on Ore Reserve viability, or for which
there are remaining areas of uncertainty at the
current study stage.
•It is recognized that this may not be possible
or appropriate in all circumstances. These
statements
of
relative
accuracy
and
confidence of the estimate should be
compared with production data, where
available.		 The relative accuracy and confidence of the Ore Reserve estimate is
inherent in the Ore Reserve Classification.

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Syama Satellite Deposits – Cashew, Paysans, Tellem and Syama North

Section 1 Sampling Techniques and Data

CRITERIA JORC CODE EXPLANATION COMMENTARY
Sampling
techniques		 • Nature and quality of sampling (e.g. cut channels,
random chips, or 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.
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 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 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.		 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.
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.		 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.

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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.
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.		 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
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 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.
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.

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Local topographic control is via LIDAR surveys, satellite photography and drone UAV aerial survey.

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 appropriate for the Mineral Resource and Ore
Reserve estimation procedure(s) and classifications
applied.
• Whether sample compositing has been applied.		 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.
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.		 Holes were drilled predominantly perpendicular to mineralised domains
where possible.
No orientation-based sampling bias has been identified in the data.
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/SOMISY 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
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.
•
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.		 Drilling at Syama was conducted within the Malian Exploitation
Concession Permit PE 93/003 which covers an area of 200.6km2.
Resolute Mining Limited has an 80% interest in the Syama project and
the Exploitation Permit PE 93/003, on which it is based, through its
Malian subsidiary, Sociêtê des Mines de Syama SA (SOMISY). The
Malian Government holds a free carried 20% interest in SOMISY.
The Permits are held in good standing. Malian mining law provides that
all Mineral Resources are administered by DNGM (Direction Nationale
de la Géologie et des Mines) or National Directorate of Geology and
Mines under the Ministry of Mines, Energy and Hydrology.
Exploration done
by other parties		 •
Acknowledgment and appraisal of exploration by other
parties.		 The Syama deposit was originally discovered by a regional geochemical
survey undertaken by the Direction National de Géologie et des Mines
(DNGM) with assistance from the United Nations Development Program
(UNDP) in 1985. There had also been a long history of artisanal activities
on the hill where an outcropping chert horizon originally marked the
present-day position of the open pit.
BHP during 1987-1996 sampled pits, trenches, auger, RC and diamond
drill holes across Syama prospects. Randgold Resources Ltd during
1996-2000 sampled pits, trenches, auger, RAB, RC and diamond drill
holes across Syama prospects.
Etruscan Resources Inc explored Tabakoroni during 2002-2003 by
auger, aircore, RC and diamond drill hole tails. The Tabakoroni area was
previously explored Barrick Gold (1990) by auger, pits, trenches, RAB
and diamond core drilling.
Geology •
Deposit type, geological setting and style of
mineralisation.		 The Syama Project is found on the northern margin of the Achaean-
Proterozoic Leo Shield which forms the southern half of the West African
Craton. The project area straddles the boundary between the Kadiana–
Madinani terrane and the Kadiolo terrane. The Kadiana-Madinani
terrane is dominated by greywackes and a narrow belt of interbedded
basalt and argillite. The Kadiolo terrane comprises polymictic
conglomerate and sandstone that were sourced from the Kadiana-
Madinani terrane and deposited in a late- to syntectonic basin.
Prospects are centred on the NNE striking, west dipping, Syama-
Bananso Fault Zone and Birimian volcano-sedimentary units of the
Syama Formation. The major commodity being sought is gold.
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:
o
easting and northing of the drill hole collar
o
elevation or RL (Reduced Level – elevation above
sea level in metres) of the drill hole collar
o
dip and azimuth of the hole
o
down hole length and interception depth
o
Whole
length.
•
If the exclusion of this information is justified on the
basis that the information is not Material and this
exclusion does not detract from the understanding of
the report, the Competent Person should clearly
explain
why
this
is
the case.		 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.
The Syama belt is mostly located on the Tengrela 1/200,000 topo sheet
(Sheet NC 29-XVIII).
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.
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).

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•Dip is the inclination of the drill hole from horizontal. A drill hole
drilled at -60° is 60° from the horizontal.
•Down hole length is the distance down the inclination of the hole
and is measured as the distance from the horizontal to end of hole.
•Intercept depth is the distance from the start of the hole down the
inclination of the hole to the depth of interest or assayed interval of
interest.
Data aggregation
methods		 •
In reporting Exploration Results, weighting averaging
techniques,
maximum
and/or
minimum
grade
truncations (e.g. cutting of high grades) and cut-off
grades are usually Material and should be stated.
•
Where aggregate intercepts incorporate short lengths
of high-grade results and longer lengths of low-grade
results, the procedure used for such aggregation
should be stated and some typical examples of such
aggregations should be shown in detail.
•
The assumptions used for any reporting of metal
equivalent
values
should
be
clearly
stated.		 Exploration results are tabulated using the following parameters:
•Grid coordinates are WGS84 Zone 29 North.
•Cut-off grade for reporting of intercepts is >=1g/t Au.
•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.
Relationship
between
mineralisation
widths and
intercept lengths		 •
These relationships are particularly important in the
reporting of Exploration Results.
•
If the geometry of the mineralisation with respect to
the drill hole angle is known, its nature should be
reported.
•
If it is not known and only the down hole lengths are
reported, there should be a clear statement to this
effect (e.g. ‘down hole length, true width not known’).		 The Cashew NE, Paysans and Syama North mineralisation is shallowly
dipping at about 30 degrees to the west (local grid).
The majority of the Tellem mineralisation is narrow and sub vertical.
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.
At the angle of the drill holes and the dip of the ore zones, the reported
intercepts will be slightly more than true width.
Diagrams •
Appropriate maps and sections (with scales) and
tabulations of 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.		 No exploration results have been reported in this release.
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 misleading reporting of Exploration
Results.		 Significant intercepts of new drill holes have not been reported in this
release.
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 survey results; bulk samples – size and
method of treatment; metallurgical test results; bulk
density,
groundwater,
geotechnical
and
rock
characteristics; potential deleterious or contaminating
substances.		 No geophysical and geochemical data or any additional exploration
information has been reported in this release, as they are not deemed
relevant to the release.
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 drilling areas, provided this
information
is
not
commercially
sensitive.		 Further drilling is planned.

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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,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 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 Syama North
Mr Patrick Smillie is a full-time employee of Resolute Mining Ltd and a
Member of the Society for Mining, Metallurgy, and Exploration is the
competent person and has visited 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 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 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 Syama North due to the relatively
close-spaced drilling at surface. The mineralisation is generally quite
consistent and drill intercepts clearly define the shape of the
mineralised zones with limited options for large scale alternate
interpretations.
Dimensions • The extent and variability of the Mineral Resource
expressed as length (along strike or otherwise), plan
width,
and depth below surface to the upper and lower limits
of the Mineral Resource.		 Cashew
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. Themineralisedzonewidth varies between 1.5 and10metreswithan

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average thickness of 3 metres. They strike north-south (local grid) for approximately 1,700 metres. The deposit has been divided into three areas by two faults which run east-west (local grid).

Tellem

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

Syama North

The Syama North 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.

Cashew

Estimation and Cashew modelling The nature and appropriateness of the Estimation was completed in Datamine Studio RM using an Ordinary techniques estimation technique(s) applied and key Kriged model to estimate the gold, sulphide sulphur and organic assumptions, including treatment of extreme carbon grades. Grades were estimated into parent block of 5mE by grade values, domaining, interpolation 5mN by 2.5mRL with sub- celling down to 2.5mE by 2.5mN by 2.5mRL parameters and maximum distance of was employed for resolution of the mineralisation boundaries as defined by wireframes. The drill spacing at Cashew is a nominal 25 by extrapolation from data points. If a computer 25 metres for the exploration holes for the majority of the deposits and assisted estimation method was chosen 50 by 50 metres around the periphery. The main part of the deposit include a description of computer software has been gc drilled out to 12.5 by 5 metres. and parameters used. Drillhole sample data was flagged using domain codes generated from • The availability of check estimates, previous three-dimensional mineralisation domains. The samples were composited to 1 metre intervals. estimates and/or mine production records and whether the Mineral Resource estimate takes Variogram orientations were largely controlled by the strike of the appropriate account of such data. mineralisation and downhole variography. One set of variograms was • The assumptions made regarding recovery of generated for all the mineralisation due to similar orientation of each of the domains. by- products. • Estimation of deleterious elements or other Kriging neighbourhood analysis was performed to optimise the block non-grade variables of economic significance size, sample numbers and discretisation levels with the goal of (e.g. sulphur for acid mine drainage minimising conditional bias in the gold grade estimates. characterization). The mineralisation domains were treated as hard boundaries in the • In the case of block model interpolation, the estimation process while oxidation surfaces were treated as soft block size in relation to the average sample boundaries. spacing and the search employed. Three search passes were used, with the first search pass set to the • In the case of block model interpolation, the range of the variogram for each domain. A minimum of 8 and a block size in relation to the average sample maximum of 30 samples were used. The search stayed the same for spacing and the search employed. the second pass but was increased by a factor of 2 for the third and • Any assumptions behind modelling of final pass. The minimum number of samples was reduced to six for the second pass and for the third pass.

  • Any assumptions behind modelling of selective mining units.

  • Any assumptions about correlation between variables.

No deleterious elements were found in the ore.

No selective mining units have been assumed.

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

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

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

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%)

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

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.

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==> picture [237 x 632] intentionally omitted <==

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

||||||||
|---|---|---|---|---|---|---|
|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.|
|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%).|
|Syama North and Tellem|
|Estimation of gold grade has been completed using Ordinary Kriging|
|(OK).|
|The deposit mineralisation has been constrained by wireframes|
|constructed using a combination of downhole gold assay and|
|associated lithological logging. These lode wireframes have been used|
|to define domain codes used for estimation. The drillholes have been|
|flagged with the domain code and composited using the domain code|
|to segregate the data.|
|Domain boundary analysis has been undertaken, with hard boundaries|
|used for all domains.|
|Drillholes have been composited to 1m intervals using Leapfrog Geo|
|2024.1 with residual lengths distributed evenly across all composites.|
|There are no residual samples.|
|The influence of extreme gold assays has been reduced by top-cutting|
|across selected domains. Top-cuts have been determined using a|
|combination of log probability, log histogram, and mean-variance plots.|
|Top-cuts have been reviewed and applied to the composites on a|
|domain-by-domain basis.|
|Variography has been determined using Datamine Supervisor v.8.14|
|software using top-cut values. Where there is insufficient data in|
|individual domains to generate meaningful variograms, domains have|
|been grouped, or variograms borrowed from other similar domains.|
|Drillhole data spacing ranges from 10m spacing in areas of dense|
|drilling to approximately 100m spacing in sparsely drilled, deeper|
|areas.|

----- End of picture text -----

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Syama North
The block model parent block size is 5m (X) by 10m (Y) by 5m (Z) with
sub-blocks down to 0.3125m (X) by 0.625m (Y) by 0.3125m (Z), with
the sub-blocks estimated at the scale of the parent block. The block
size is considered appropriate for the drillhole spacing throughout the
deposit.
Grade estimation has been completed in three passes:
Ø
Pass 1 estimation has been undertaken using a minimum and
maximum number of sample composites (determined using
Datamine Supervisor v.8.14 KNA tool) into a search ellipsoid with
dimensions equal to half the variogram range of the domain.
Ø
Pass 2 estimation has been undertaken with the same
minimum/maximum samples as Pass 1 into a search ellipsoid
twice the first pass.
Ø
Pass 3 estimation has been undertaken with a minimum of 4
samples, and the same maximum number of samples as the first
two passes into a search ellipsoid twice the second pass
Previous Mineral Resource estimates are comparable in size and
scope when considering the additional extensional drilling included in
the current estimate.
The Mineral Resource estimate has been validated using visual
validation tools, mean grade comparisons between the block model
and declustered composite grade means, and swath plots comparing
the input composite grades and the block model grades by Northing,
Easting, and RL
No selective mining units are assumed in the estimate.
There will be no by-products recovered from mining.
No additional or deleterious elements have been estimated.
The model focuses on interpreting mineralisation beneath existing
open pits. Historical reconciliation data is incomplete and has not been
used.
Tellem
The block model parent block size is 5m (X) by 10m (Y) by 5m (Z) with
sub-blocks down to 0.625m (X) by 1.25m (Y) by 0.625m (Z), with the
sub-blocks estimated at the scale of the parent block. The block size
is considered appropriate for the drillhole spacing throughout the
deposit.
Grade estimation has been completed in three passes:
Ø
Pass 1 estimation has been undertaken using a minimum and
maximum number of sample composites (determined using
Datamine Supervisor v.8.14 KNA tool) into a search ellipsoid with
dimensions equal to half the variogram range of the domain.
Ø
Pass 2 estimation has been undertaken with the same
minimum/maximum samples as Pass 1 into a search ellipsoid
twice the first pass.
Ø
Pass 3 estimation has been undertaken with a minimum of 4
samples, and the same maximum number of samples as the first
two passes into a search ellipsoid twice the second pass
Previous Mineral Resource estimates are comparable in size and
scope when considering the additional extensional drilling included in
the current estimate.
The Mineral Resource estimate has been validated using visual
validation tools, mean grade comparisons between the block model
and declustered composite grade means, and swath plots comparing
the input composite grades and the block model grades by Northing,
Easting, and RL
No selective mining units are assumed in the estimate.
There will be no by-products recovered from mining.

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No additional or deleterious elements have been estimated.
The model focuses on interpreting mineralisation beneath existing
open pits. Historical reconciliation data is incomplete and has not been
used.
Moisture •
Whether the tonnages are estimated on a dry
basis or with natural moisture, and the method
of
determination
of the moisture content.		 All tonnages have been estimated on a dry basis.
Cut-off parameters •
The basis of the adopted cut-off grade(s) or
quality parameters applied.		 Mineral Resources for open pit extraction have been reported within a
US$2,950 optimised pit at a cut-off of 0.7 g/t. Underground resources
have been reported inside a 1.5 g/t MSO.
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.		 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.		 No metallurgical factors or assumptions have been made during the
resource estimation process as these will be addressed during the
conversion to Ore Reserves.
Environmental
factors or
assumptions		 •
Assumptions made regarding possible waste
and process residue disposal options. It is
always
necessary
as
part
of the process of determining reasonable
prospects for eventual economic extraction to
consider the potential environmental impacts
of the mining and processing operation. While
at this stage the determination of potential
environmental impacts, particularly for a green
fields project, may not always be well
advanced, the status of early consideration of
these potential environmental impacts should
be reported. Where these aspects have
not been considered this should be reported
with an explanation of the environmental		 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.

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assumptions made. 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.
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
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
Syama North
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 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 Syama North

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Mineral Resources were classified in accordance with the
Australasian Code for the Reporting of Exploration Results, Mineral
Resources and Ore Reserves (JORC, 2012).
The deposits have been classified as Measured, Indicated, and
Inferred Mineral Resource based on a combination of quantitative and
qualitative criteria which include geologic continuity, confidence in
volume models, data quality, sample spacing, lode continuity, and
estimation parameters (number of informing composites, estimation
pass number, kriging quality parameters, and minimum and average
distance composites).
The Measured portion of the Resource was defined using areas
populated on the first estimation pass, within 20m of informing
composites; the kriging efficiency and slope of regression were
generally >=0.7; and high confidence exists in lode continuity (strike
and thickness).
The Indicated portion of the Resource was defined using areas
populated on the first two estimation passes within 50m of informing
composites; the kriging efficiency and slope of regression were
generally >=0.7; and moderate to high confidence exists in lode
continuity (strike and thickness).
Mineralisation that not classified by the above parameters has been
classified as Inferred.
The input data is comprehensive in its coverage and does not favour
or misrepresent the in situ mineralisation. The definition of the
mineralised zones is based on a high level of geologic understanding
from good quality sample data, producing models of continuous
mineralised lodes. Validation of the block model shows good
correlation of the input data to the block estimated grades.
The Mineral Resource estimate appropriately reflects the view of the
Competent
Person.
Audits or reviews •
The results of any audits or reviews of Mineral
•
Resource estimates.		 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.		 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
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.		 Cashew, Paysans_Samogo and Tellem
Resources and Reserves at, 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 which can be extracted from the mine and processed with an
economically acceptable outcome.
Mineral Resources are reported inclusive of Ore Reserves.
Syama North
The Ore Reserves are based on the Mineral Resource estimate detailed
in the ASX release dated January 2023. The resource was reported
above a 0.7 g/t gold grade cut-off, based on an equivalent gold price of
US$2,950/oz and using an Open pit mining methodology. The 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 region and processed with an
economically acceptable outcome.
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 South, Paysans_Samogo and Tellem
Mr Kitwa Ndjibu a member of the Australasian Institute of Mining and
Metallurgy and is a Competent Person who has visited the site the
project is in the year 2024.
Syama North
The Competent Person, Mr Kitwa Ndjibu, is a full-time employee of
Resolute Mining Ltd and a Member of the Australasian Institute of
Mining and Metallurgy.
Regular site visit to the project area was conducted during the year
2024, and weekly contact with site teams was maintained throughout
the period. These site visits help to validate technical and operating
assumptions used in the preparation of these ore reserves
The site visit reviewed the project site and proposed waste dump
location, a review of current operations at Syama and Tabakoroni,
existing open pit infrastructure available, a review of selected drill core
and various meetings were held with site personnel key stakeholders to
the study.
Study status •
The type and level of study undertaken to
enable
Mineral 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 South, Paysans-Samogo and Tellem
Feasibility studies were completed for mining of open satellite deposits
in 2009 and mining of satellite pits has been occurring since 2014.
Further optimisations have been undertaken in 2024 given the change
in gold price and other inputs such as mining and processing costs.
The above-mentioned optimisations resulted in new pit designs at all
sites, Cashew South, Paysans_Samogo and Tellem.
Syama North
Syama North Consist of A21, Beta, Alpha & Ba04.
Feasibility Studies were completed for mining of Open pit satellite
deposits in 2016, and mining of satellite pits has been occurring since
2016. Recent drilling in Syama North has identified a significant
resourceinsulphide, spread acrossthe SyamaNorth region, an

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extension to the known oxide deposit. Additional drilling was
completed targeting the A21 area and the resource model was
updated in August 2023 with additional information. Pit was
reoptimized using the new model and redesigned to match the latest
optimisation. All Reserves were declared as Probable as more test
works and drilling is ongoing to firm up the modifying factors
(geotechnical inputs).
The work undertaken to date has addressed all material Modifying
Factors required for the conversion of a Mineral Resources estimate
into an Ore Reserve estimate and has shown material change to the
reserve; i.e, change in tonnes, grades, rock type (Oxide;
Transisitional and Fresh). Furthermore, the result shows that the
mine plan is technically feasible and economically viable.
.
Cut-off parameters •
The basis of the cut-off grade(s) or quality
parameters applied.		 Cashew South, Paysans_Samogo and Tellem
Like at Syama North, the COG should be 0.8g/t as per economic
parameters described in subsequent sections but considering that
mining activities will only take place in 2025 where the gold price is
higher than the long term’s, the COG of 0.6g/t could be applied. But a
compromise has been done to select 0.7g/t as mill COG.
Syama North
Based on the economic parameters described in subsequent sections,
calculated mill cut of grade of the fresh representing more than 95% of
Syama North ore is approximately 1.0g/t. Oxide and Transition ore
COG is 0.8g/t..
Mining factors or
assumptions		 •
The method and assumptions used as
reported in the 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.		 Cashew South, Paysans_Samogo and Tellem
The reported Ore Reserve estimates Cashew NE, Tellem and Paysans
are based on pit optimisations conducted using the Lerchs-Grossman
(LG) algorithm utilizing the Whittle to determine 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.
Mining is planned to be undertaken by conventional open pit methods
of drill and blast, followed by load and haul.
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.
Overall slope angles are approximately 40° based on empirical
experience from the mining other similar satellite pits
Grade control consists of RC drilling, based on a 5.0mE x 12.5mN drill
pattern
A 5 % dilution factor and 10% mining loss factors have been applied to
all satellite Cashew South, Paysans, Folona and Tellem.
Minimum Mining Width used is 15m.
At Syama South, no geotechnical study was performred but the
parameters used are based on operational experience in mining other
similar pits in same region. Rule of thumb is as follows: approximately
34° - 36° for Oxide and 38°-41° for Transitional.
Paysans dilution and mining loss are 18% and 10% respectively. At
Tellem, the dilution and mining loss are like Syama North. In addition,
further dilution has been applied to the Resource model to account for
illegal mining activities on the first three benches
Syama North
The reported Ore Reserve estimates for Syama North are based on pit
optimisations conducted using the Lerchs-Grossman (LG) algorithm
utilizing the in Whittle to calculate the optimal pit at specific input
parameters and pitdesigns.Costs are based onexisting contract

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mining and haulage rates and site costs which are understood with a high degree of accuracy. Mining is planned to be undertaken by conventional open pit methods of drill and blast, followed by load and haul. Detailed pit design work was completed based on pit optimisations result. Only Measured and Indicated Resources were used in the pit optimisation. Overall slope angles are dependent on rock type; at Syama North, Geotechnical consultants provided slope design parameters after numerical modelling done results of geotechnical drilling. (See Geotechnical report). A 10% dilution and 5 % mining loss factor applied at Syama North,. All Inferred material is treated as waste and is excluded from Reserve Reporting. Inferred Mineral Resources are not included in the pit optimisation and pit design. A mining and production schedule were completed with Inferred Mineral Resource treated as waste. As a result, the conversion of Inferred Mineral Resource to processed product is not required for the overall financial viability of the project.

Metallurgical • The metallurgical process proposed and the Cashew South, Paysans_Samogo and Tellem
factors or
assumptions		 appropriateness of that process to the style of
mineralization.		 Processing is by conventional primary crushing followed by single
stage SAG milling. Gold recovery is by means of a gravity recovery
• Whether the metallurgical process is well- circuit and carbon in leach process.
• tested technology or novel in nature.
The nature, amount and representativeness of		 Processing recoveries used are 86%, 80% and for Oxide and
Transitional respectively.
metallurgical test work undertaken, the nature
of the metallurgical domaining applied and the
corresponding metallurgical recovery factors		 Mine is operational with good reconciliation between predicted
recoveries and actuals.
applied. Allowances are made in the recovery estimates for Transitional and
• Any assumptions or allowances made for Fresh ore as the Au recovery is impacted by some of the gold being
deleterious elements. hosted in refractory sulphide and preg-robbing carbon
• The existence of any bulk sample or pilot scale Syama North
• 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		 Metallurgical test work was conducted on multiple samples. The tests
indicated that, similarly to the Syama ore. The processing of the ore
will be similar to that of the Syama sulphide circuit which has been in
operation for several years and is well understood, consisting of the
specification, has the ore reserve estimation following stages:
been based on the appropriate mineralogy to
meet
the
specifications?		 •
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
•
Concentrate thickening
•
Roasting, followed by calcine quench and wash
•
Carbon-in-leach (CIL)
•
Tailings disposal

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The oxide crushing and grinding circuit has an oxide capacity of 1.6
Mtpa, and Sulphide crushing & grinding has a sulphide capacity of
2.4 Mtpa. PFS study was undertaken, the expansion of the oxide
circuit to a dual feed circuit to feed additional Sulphide ore once the
oxide ore depletes is under construction.
The Syama roaster, CIL circuit and tailings storage facility has
enough capacity to process the additional concentrate from Syama
North Sulphide ore stream.
A total gold recovery of 86%, 80% and 78%, has been assumed for
Oxide, Transitional and Fresh Material respectively, based on test
results to date. This is in line with similar ore being processed at
Syama.
Environmental •
The
status
of
studies
of
potential
environmental impacts of 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.		 Cashew South, Paysans_Samogo and Tellem
Ore from these pits will be processed at Syama and tailings storage
will be impounded in existing footprint area approved in the
Environmental & Social Impact Study. Progressive raising of the
tailings occurs regularly with the 9th lift completed in 2019. Routine
progress on the monitoring is reported to government and at
stakeholder meetings in concert with routine inspections by
government representatives
Syama North
An active waste rock characterisation program has been put in place.
Potentially Acid Forming (PAF) and Non Acid Forming (NAF) will be
identified for waste material dumping in light of closure plan
consideration.
Ore from these pits will be processed at Syama and tailings storage
will be impounded in existing tailings storage area.
Infrastructure •
The existence of appropriate infrastructure:
availability of 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.		 These pits will be supported by existing infrastructure at Syama as they
are close to the main facility.
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.		 All 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 10.5% are payable on gold
production.

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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$1,950/oz formed the basis of the Ore Reserves.
Gold prices used for planning are from consensus forecasts provided
by external corporate advisers.
No penalties are incurred, nor is any revenue received from co-
products.
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.		 The market for gold is robust with prevailing gold price being well above
the Reserve price.
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 South, Paysans_Samogo and Tellem
The financial evaluation undertaken as part of the evaluation of these
open pits indicated a positive net present value (NPV) at 7% discount
rate and operating results to date have exceeded production and NPV
forecasts.
Syama North
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$1950/oz
•
Royalties of 10.5%
•
Effective tax rate of 25% (Corporate tax rate of 30% with 5%
discount provided by the Malian government to Tabakoroni)
•
Discount rate of 7% per annum for real, post-tax cash flows.
Social •
The
status
of
agreements
with
key
stakeholders and matters leading to social
license to operate.		 Cashew South, Paysans_samogo 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
SouthernSatellites,was establishedin February2001 with

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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.
Syama North
The Syama North Pits fall within the Syama exploitation permit and will
be managed and operated by SOMISY SA.
Development of the Northern pits requires updating of the SOMISY
ESIA. The ESIA process requires consultation with local community
and government leadership and other relevant stakeholders.
Engagement will continue up to and during operations including the
payment of compensation to farmers whose fields are disturbed as per
Malian legal requirements.
Malian nationals are anticipated to fill most operating and management
positions related to the Southern Satellite open pits. The intention is to
encourage economic development within the local community
Other •
To the extent relevant, the impact of the
following on the 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.		 All current government agreements and approvals are in good
standing and no anticipated changes are expected. Political instability
is a potential risk in Mali, but the owner has many years operating
experience in this environment through the current Syama
operations. The current Malian government is supportive of mining
operations and the current Syama and operations are in good
standing with the authorities. There are no current unresolved
matters affecting this project.
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 South, Paysans_Samogo and Tellem
Probable Ore Reserves were declared based on the Indicated Mineral
Resources and Measured Resources considering the uncertainty of
the Modifying Factors such as geotechnical inputs.
Nevertheless, since Paysans Central is an operating mine, the
uncertainties are reduced but geotechnical study is yet to confirm the
modifying factors (pit geometry; i.e; batter face angle and berm width.
As a result, there is no Measures Resources conversion into Proved
Reserve.
The Ore Reserve estimate appropriately reflects the Competent
Person’s view of the deposit.
Syama North
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 as the PFS study for plant expansion is underway
.

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Audits or reviews •
The results of any audits or reviews of Ore
Reserve estimates.		 No external audits of resources/reserves were undertaken.
Discussion
of
relative accuracy/
confidence		 •
Where appropriate a statement of the relative
accuracy and 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.
All the parameters assumed and adopted along with financial
modelling and analysis have been subject to internal peer review.

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Tabakoroni Satellite Deposits – Porphyry Zone (Splay)

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.
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 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 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.		 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.
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.		 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.
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 thegrain size		 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.

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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
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.		 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
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 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.
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.
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.		 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.

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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.		 Holes were drilled predominantly perpendicular to mineralised domains
where possible.
No orientation-based sampling bias has been identified in the data.
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
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.
•
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.		 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 Permits are held in good standing. Malian mining law provides
that all Mineral Resources are administered by DNGM (Direction
Nationale de la Géologie et des Mines) or National Directorate of
Geology and Mines under the Ministry of Mines, Energy and
Hydrology.
Exploration done
by other parties		 •
Acknowledgment and appraisal of exploration by other
parties.		 Etruscan Resources Inc explored Tabakoroni during 2002-2003 by
auger, aircore, RC and diamond drill hole tails. The Tabakoroni area
was previously explored by BHP (1988-1990) and Barrick Gold (1990)
by auger, pits, trenches, RAB and diamond core drilling.
Geology •
Deposit
type,
geological
setting
and
style
of
mineralisation.		 The Tabakoroni 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
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:
o
easting and northing of the drill hole collar
o
elevation or RL (Reduced Level – elevation above
sea level in metres) of the drill hole collar
o
dip and azimuth of the hole
o
down hole length and interception depth
o
Whole length.
•
If the exclusion of this information is justified on the basis
that the information is not Material and this exclusion
does not detract from the understanding of the report,
the Competent Person should clearly explain why this is
the case.		 No exploration results have been reported in this release.
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.
The Syama belt is mostly located on the Tengrela 1/200,000 topo
sheet (Sheet NC 29-XVIII).
The Tabakoroni local grid has been tied to the UTM Zone 29 WGS84
co-ordinate system.
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.
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
methods		 •
In reporting Exploration Results, weighting averaging
techniques,
maximum
and/or
minimum
grade
truncations (e.g. cutting of high grades) and cut-off
grades are usually Material and should be stated.
•
Where aggregate intercepts incorporate short lengths of
high grade results and longer lengths of low grade
results, the procedure used for such aggregation should
be stated and some typical examples of such
aggregations should be shown in detail.
•
The assumptions used for any reporting of metal
equivalent
values
should
be
clearly
stated.		 Exploration results are tabulated using the following parameters:
•
Grid coordinates are WGS84 Zone 29 North.
•
Cut-off grade for reporting of intercepts is >=1g/t Au.
•
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.
Relationship
between
mineralisation
widths and
intercept lengths		 •
These relationships are particularly important in the
reporting of Exploration Results.
•
If the geometry of the mineralisation with respect to the
drill hole angle is known, its nature should be reported.
•
If it is not known and only the down hole lengths are
reported, there should be a clear statement to this effect
(e.g. ‘down hole length, true width not known’).		 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.
At the angle of the drill holes and the dip of the ore zones, the reported
intercepts will be slightly more than true width.
Diagrams •
Appropriate maps and sections (with scales) and
tabulations of 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.		 No exploration results have been reported in this release.
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 misleading reporting of Exploration
Results.		 Significant intercepts of new drill holes have not been reported in this
release.
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 survey results; bulk samples – size and
method of treatment; metallurgical test results; bulk
density,
groundwater,
geotechnical
and
rock
characteristics; potential deleterious or contaminating
_substances. _		 No geophysical and geochemical data or any additional exploration
information
has
been
reported
in
this
release,
as they are not deemed relevant to the release.
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 drilling areas, provided this information is not
commercially
sensitive.		 Further drilling is planned.

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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.		 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.		 Mr Bruce Mowat, a fulltime employee of Resolute Mining Limited and
a Member of the Australasian Institute of Mining and 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 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.		 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.
A wireframe was used to constrain the estimation is based on drill
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, and depth below surface
to the upper and lower limits of the Mineral
Resource.		 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
includes the 175 metre vertical interval from 345mRL to 170mRL. 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).
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		 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 complex low angled
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.		 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.		 Mr Bruce Mowat, a fulltime employee of Resolute Mining Limited and
a Member of the Australasian Institute of Mining and 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 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.		 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.
A wireframe was used to constrain the estimation is based on drill
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, and depth below surface
to the upper and lower limits of the Mineral
Resource.		 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
includes the 175 metre vertical interval from 345mRL to 170mRL. 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).
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		 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 complex low angled

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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.		 surrounding mineralisation an unconstrained inverse distance cubed
(ID3) estimation technique was used.
The drill spacing at The Porphyry Zone 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 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 1mE by 2.5mN by 1.25mRl was
employed for resolution of the mineralisation boundaries as define by
wireframes
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. The search ellipse for the
background mineralisation is orientated striking towards the north
and dipping 30oto the west.
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.
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 with natural moisture, and the method
of determination of the moisture content.		 All tonnages have been estimated on a dry basis.
Cut-off parameters •
The basis of the adopted cut-off grade(s) or
quality parameters applied.		 The cut-off grade of 1g/t for the stated open pit Mineral Resource
estimate is determined from economic parameters that reflect
geotechnical, mining and processing parameters and costs for an
open
pit
mining
operation.
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.		 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 10 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.

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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.		 No metallurgical factors or assumptions have been made during the
resource estimation process as these will be addressed during the
conversion to Ore Reserves.
Environmental
factors or
assumptions		 •
Assumptions made regarding possible waste
and
process residue disposal options. It is always
necessary as part of the process of determining
reasonable prospects for eventual economic
extraction
to
consider
the
potential
environmental impacts of the mining and
processing operation. While at this stage the
determination
of
potential
environmental
impacts, particularly for a green fields project,
may not always be well advanced, the status of
early
consideration
of
these
potential
environmental impacts should be reported.
Where these aspects have not been considered
this should be reported with an explanation of
the environmental assumptions made.		 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. Tall-Stack “dispersion” of the
sulphur dioxide emission is monitored continuously. Prevailing
weather and dissipation of the sulphur dioxide is modelled daily to
predict the need to pause the roasting process to meet the air quality
criteria set out in the Environmental & Social Impact Study.
Bulk density •
Whether assumed or determined. If assumed,
the basis for the 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/m3
•
Transitional 2.38 t/m3
•
Fresh 2.72 t/m3

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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.		 In general, 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. However, due to the complexity of the surrounding
mineralisation and the low confidence in the geological interpretation in
addition to the estimation method being unconstrained. The competent
person decided to classify the whole of the deposit to Inferred until more
drilling
can
be
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
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.		 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.
Mine production data was used in the validation process and showed
to be within 20% of the estimated tonnes, grade and ounces within
the mined area.

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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.		 Resources at Porphyry Zone are reported above a 1g/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 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.
•
If no site visits have been undertaken indicate
why this is the case.		 Mr Kitwa Ndjibu is 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.		 The Porphyry Zone deposit is adjacent to the Tabakoroni mine which
had a Feasibility study was completed in 2009 with updates in 2012
& 2016.
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. For 2023, the pit has
been depleted; there is no ore to report.
Cut-off parameters •
The basis of the cut-off grade(s) or quality
parameters
applied.		 No need to determine the cut-off grade
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		 The reported Ore Reserve estimate for Porphyry Zone is based on
pit optimisations conducted using the Lerchs-Grossman (LG)
algorithm of the Whittle 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.
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.
Detailed pit design work was completed based on pit optimisations
using Whittle Four-X optimisation software. Only Indicated
Resources were used in the pit optimisation.
Pit slope parameters for Porphyry Zone were based on a
geotechnical assessment that included a total of seven specific
geotechnical holes. Overall slopes angles are approximately 40°. All
other pits adopt similar overall slope angles.
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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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 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?		 Processing is by conventional primary crushing followed by single
stage SAG milling. Gold recovery is by means of a gravity recovery
circuit and carbon in leach process.
Processing recoveries used are 90%, 80% and 65% for Oxide,
Transitional and fresh material respectively
Mine is operational with good reconciliation between predicted
recoveries and actual
Allowances are made in the recovery estimates for transitional and
fresh ore as the Au recovery is impacted by some of the gold being
hosted in refractory sulphide and preg-robbing carbon
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.		 An active waste rock characterisation program has been put in place
for Porphyry Zone.
Ore Reserves from Porphyry Zone will be processed at Syama and
tailings 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 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 (particularly for bulk
commodities), labour, accommodation; or the
ease with which the infrastructure can be
provided, or accessed.		 All required infrastructure is already in place for the Porphyry Zone
deposit which is within the current the Tabakoroni mine footprint
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		 The Porphyry Zone deposit is adjacent to the Tabakoroni mine, with
established mining operations. 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. The Porphyry Zone deposit will be
mined contemporaneously with the Tabakoroni pits using the same
mining and haulage fleet. The mining and haulage rates are based
on known contract rates.
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 10.5% are payable on
gold production.

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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)
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.
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.
•
•or
industrial
minerals
the
customer
specification,
testing
and
acceptance
requirements prior to a supply contract.		 The market for gold is robust with prevailing gold price being around
US$2,900/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.		 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.
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.
Other •
To the extent relevant, the impact of the
following on the project and/or on the estimation
and
classification
of
the
Ore Reserves:		 All current government agreements and approvals are in good standing
and no anticipated changes are expected.

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•
Any identified material naturally occurring risks.
•
The status of material legal agreements and
marketing arrangements.
•
The status of governmental agreements and
approvals critical to the viability of the project,
such
as
mineral
tenement
status,
and
government and statutory approvals. There
must be reasonable grounds to expect that all
necessary Government approvals will be
received within the timeframes anticipated in the
Pre-Feasibility or Feasibility study. Highlight and
discuss the materiality of any unresolved matter
that is dependent on a third party on which
extraction
of
the
reserve
is
contingent.
Classification •
The basis for the classification of the Ore
Reserves into varying 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.
Audits or reviews •
The results of any audits or reviews of Ore
Reserve estimates.
Discussion of
relative accuracy/
confidence		 •
Where appropriate a statement of the relative
accuracy and confidence level in the Ore
Reserve estimate using an approach or
procedure
deemed
appropriate
by
the
Competent Person. For example, the application
of statistical or geostatistical procedures to
quantify the relative accuracy of the reserve
within stated confidence limits, or, if such an
approach
is
not
deemed
appropriate,
a
qualitative discussion of the factors which could
affect the relative accuracy and confidence of
the estimate.
•
The statement should specify whether it relates
to global or local estimates, and, if local, state
the relevant tonnages, which should be relevant
to
technical
and
economic
evaluation.
Documentation should include assumptions
made and the procedures used.
•
Accuracy and confidence discussions should
extend to specific discussions of any applied
Modifying Factors that may have a material
impact on Ore Reserve viability, or for which
there are remaining areas of uncertainty at the
current study stage.
•
It is recognized that this may not be possible or
appropriate
in
all
circumstances.
These
statements of relative accuracy and confidence
of the estimate should be compared with
production
data,
where
available.		 The relative accuracy and confidence of the Ore Reserve estimate is
inherent in the Ore Reserve Classification.

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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
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.		 Sampling has been by diamond drill coring and reverse circulation chip
techniques with minor trench and surface sampling.
Diamond core is geologically logged and sampled to geological
contacts with nominal sample lengths between 0.3m and 4.5m (most
commonly 1.5m). Core selected for assay is systematically cut
lengthwise into half core by diamond blade rock saw, numbered and
bagged before dispatch to the laboratory for analysis.
All core is photographed, wet and dry.
Reverse circulation chips are geologically logged and sampled on
regular lengths of 1m. Chip material selected for assay is
systematically divided to a 1/8 proportion using a rotary splitter
attached to the cyclone sample recovery system, numbered and
bagged before dispatch to the laboratory for analysis.
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.).		 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.
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 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 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 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		 Diamond core has been geologically and geotechnically logged to a
level of detail to support appropriate classification and reporting of a
Mineral Resource.
Reverse circulation chip samples have been geologically logged to a
level of detail to support appropriate classification and reporting of a
Mineral Resource.

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intersections logged. Total length of DD logged data is 69,728.01m from total 70,527.01m
drilled.
Sub-sampling
techniques and
sample
preparation		 •
If core, whether cut or sawn and whether quarter, half
or all core 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.		 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.
More recent samples (Phase 3 to 5 and the 2018 deep diamond holes)
have undergone sample preparation at the site sample prep
laboratory.
The 2018 deep diamond programme (PWD362 to 420) was prepared
onsite with assay pulps analysed by ALS Loughrea (Ireland).
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 re-assayed. As
a result the nature, quality and appropriateness of the sample
preparation technique are to industry standard.
Sample size of 2-6kg is appropriate for the grain size of material.
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.		 Au assays are determined by fire assay with AAS finish. Laboratory
and assay procedures are appropriate for Mineral Resource
estimation.
QAQC consisted of standards, blanks and laboratory duplicates (both
coarse and pulp). The QAQC sample results showed acceptable
levels of accuracy and precision.
The assay data is considered to be suitable for Mineral Resource
estimation.
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.		 All aspects of the core sampling, assay procedures and QA/QC
program have been reviewed and were judged to be of industry
standard and suitable for use in the estimation of Mineral Resources.
Independent sampling has been undertaken and the results closely
match the original data.
Drill hole assay result data has been checked against the original
hardcopy laboratory assay reports for a representative number of
holes.
Site based checks of therawassay datahave beenundertaken to

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verify grade intersections were consistent with a visual inspection of
mineralisation in the core.
Below detection limit values (negatives) have been replaced by
background values.
Un-sampled intervals have been retained as un-sampled (null or
blank). The majority of these intervals occur within the waste domain
and have no material impact on the estimate.
Location of data
points		 •
Accuracy and quality of surveys used to locate drill
holes (collar 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.		 Drill holes have been surveyed by a contract surveyor (P.C. Drysdale
Land and Engineering Surveyor) using a Leica GS12 GNSS (GPS)
survey system.
Down hole surveys were undertaken by the drilling contractor using a
Reflex Ex-Trac tool with a reading taken approx. every 50m down the
hole.
Cube consulting made independent verification of the collar surveys of
three diamond core in progress holes (PWD409, 408 and 407) which
were all found to be within an acceptable tolerance of the planned and
reported coordinates. Cube also verified the coordinated positions of
laid out grade control planned holes on the pit floor.
Grid system is based on the UTM28N grid on the WGS84 ellipsoid.
Survey heights are based on PRS097 (with independent checks on
AusPos) and are orthometric (i.e. msl).
A topographic surface was provided based on a one metre resolution
satellite DTM surface of Central Mako, including the Petowal prospect
area, and a number of smaller resolution (10m x 10m) data files
derived from the one metre source data. The smaller resolution data
(10m x 10m) has been used for all validation and estimation purposes.
Data spacing and
distribution		 •
Data spacing for reporting of Exploration Results.
•
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.		 Data spacing is variable being in the range of 80m x 40m to 20m x
20m. Additionally, a significant area of grade control drilling at 10m x
10m has 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.
Drill samples were composited to 3m for use in the estimate.
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.		 The drill hole orientation was designed to intersect the mineralisation
orthogonal to dip and strike of the major mineralisation bodies. The
majority of drill hole azimuths were between 140° and 160⁰ with dips
varying from -50 to -80⁰ below horizontal. For a small number of holes,
different 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.
Audits or reviews •
The results of any audits or reviews of sampling
techniques and data.		 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 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.
•
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.		 To date no exploration results have been reported on a granted
exploration permit, owned 100% by Petowal Mining Company SA
(Petowal).
The permit is in good standing.
Exploration done
by other parties		 •
Acknowledgment and appraisal of exploration by
other parties.		 Exploration has been performed by Mako Exploration Company SARL
(“MEC”), 100% owned by TORO.
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
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:
o
easting and northing of the drill hole collar
o
elevation or RL (Reduced Level – elevation above
sea level in metres) of the drill hole collar
o
dip and azimuth of the hole
o
down hole length and interception depth
o
Whole length.
•
If the exclusion of this information is justified on the
basis that the information is not Material and this
exclusion does not detract from the understanding of
the report, the Competent Person should clearly
explain
why
this
is
the case.		 Easting, Northing and RL of the drill hole collars are based on the UTM28N
grid on the WGS84 ellipsoid. Survey heights are based on PRS097 (with
independent checks on AusPos) and are orthometric (i.e. msl).
The MRE has used drill hole collar RL derived from the topographical
surface.
Dip is the inclination of the hole from the horizontal. For example, a
vertically down drilled hole from the surface is -90°. Azimuth is reported in
degrees as the grid direction toward which the hole is drilled.
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
methods		 •
In reporting Exploration Results, weighting averaging
techniques,
maximum
and/or
minimum
grade
truncations (e.g. cutting of high grades) and cut-off
grades are usually Material and should be stated.
•
Where aggregate intercepts incorporate short lengths
of high grade results and longer lengths of low grade
results, the procedure used for such aggregation
should be stated and some typical examples of such
aggregations should be shown in detail.
•
The assumptions used for any reporting of metal
equivalent values should be clearly stated.		 Gold assay intercepts were composited to 3m length down the hole,
using length weighting, in order to provide a uniform sample support
size for grade estimation.
High grade cuts have been applied to gold grade composites, but only
for use in producing check estimates. The primary, reported estimates
were based on a Uniform Conditioning approach which used cut grade
values.
The assay intervals are reported as down hole length as the true width
variable is not known.
Gold assays are rounded to two decimal places.
No metal equivalent reporting is used or applied.

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Relationship
between
mineralisation
widths and
intercept lengths		 •
These relationships are particularly important in the
reporting of Exploration Results.
•
If the geometry of the mineralisation with respect to
the drill hole angle is known, its nature should be
reported.
•
If it is not known and only the down hole lengths are
reported, there should be a clear statement to this
effect (e.g. ‘down hole length, true width not known’).		 The intersection width is measured down the hole trace and may not
be the true width.
All drill results are downhole intervals only due to the variable
orientation of the mineralisation.
Diagrams •
Appropriate maps and sections (with scales) and
tabulations of intercepts should be included for any
significant discovery being reported These should
include, but not be limited to a plan view of drill hole
collar locations and appropriate sectional views.		 A plan view is contained within this document. New cross-sectional
interpretations are included.
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 misleading reporting of Exploration
Results.		 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.
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 survey results; bulk samples – size and
method of treatment; metallurgical test results; bulk
density,
groundwater,
geotechnical
and
rock
characteristics; potential deleterious or contaminating
substances.		 No other exploration data is considered meaningful and material to this
document.
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 drilling areas, provided this
information is not commercially sensitive.		 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.

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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.		 Database is maintained by PMC who compile and validate
all data files on the project.
Cube completed validation checks on the database including
checks for overlapping sample intervals, checks on minimum
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.
•
If no site visits have been undertaken indicate why this
is
the
case.		 The competent person has visited site on multiple occasions.
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.		 The geological confidence is considered to be moderate to
high.
The mineralised volume at Petowal has been based on a drill
section interpretation of mineralisation defined by a lower
limit gold grade of 0.2 g/t Au, along with the observed close
association between mineralisation and the 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 as length (along strike or otherwise), plan width,
and depth below surface to the upper and lower limits of the
Mineral Resource.		 The gold mineralisation identified to date varies from 30m 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.
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		 Three metre downhole composite gold grade data were
interpolated into 20mE x 20mN x 5mRL sized panels using
Ordinary Kriging (OK).
The minimum number of composites was set at 8 and the
maximum number of composites was set at either 16
(Domain 100), 26 (Domain 200) or 24 (Domains 300, 400 and
4000).

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chosen include a description of computer software and parameters used.

The maximum search ellipse radius was set at either 180m (Domain 100), 160 (Domain 200), 120m (Domain 300), 200m (Domain 400) or 300m (Domain 4000). The orientation of the variogram model and search ellipse was dynamically set according to the shape of the felsic hanging wall and footwall, as well the trend of high grade mineralisation within the felsic unit.

• The availability of check estimates, previous estimates unit. and/or mine production records and whether the Mineral Resource estimate takes appropriate account of such data. Change of Support (CoS) calculations were conducted, conditioned to the panel grade estimates, for selectivity on • The assumptions made regarding recovery of by- products. 5mE x 5mN x 2.5mRL SMU-sized blocks in order to produce a recoverable resource estimate. The Gaussian-based • Estimation of deleterious elements or other non-grade Uniform Conditioning approach was applied to the OK check variables of economic significance (e.g. sulphur for acid grade estimates. An information effect correction was mine drainage characterization). applied during the CoS calculations, to account for a future • In the case of block model interpolation, the block size in theoretical grade control drill configuration of 10mE x 10mN x 1mRL. The CoS process yields a set of array variables, relation to the average sample spacing and the search stored in the panel block model, detailing the estimates for employed. tonnage, grade and metal above a range of grade cut-offs. • In the case of block model interpolation, the block size in A process of localisation was completed, by which the output relation to the average sample spacing and the search of the CoS is mapped into single grade estimate per 5mE x employed. 5mN x 2.5mRL block in an SMU block model, which • Any assumptions behind modelling of selective mining units. comprises the final product of the grade estimation. • Any assumptions about correlation between variables. Domain 500 was estimated using ID2 methodology. Due to the limited number of samples within the domain a robust • Description of how the geological interpretation was used to variogram could not be produced. Two passes were used control the resource estimates. with second pass having double the initial search radii of 45m. • Discussion of basis for using or not using grade cutting or capping. Surpac Mining software 6.9 and Isatis were used for estimation. • The process of validation, the checking process used, the comparison of model data to drill hole data, and use of No by-product recoveries were considered. reconciliation data if available. 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 ID[2 ] estimation. Moisture Moisture was not considered in the density assignment. • Whether the tonnages are estimated on a dry basis or with natural moisture, and the method of determination of the moisture content. Cut-off parameters A nominal lower cut-off grade of 0.2g/t Au was used to define • The basis of the adopted cut-off grade(s) or quality the mineralised domains to encompass the complete parameters applied. mineralised distribution and produce a model that reduces the risk of conditional bias that could be introduced where the constraining interpretation and data selection is based on a significantly higher grade than the natural geological grade cut-off. The cut-off grade for reporting (above 0.5g/t Au) was used in line with the previous resource reporting and is based on the results of Whittle optimisation shells using cost and recovery data sourced from the operation of the open pit mine by PMC during 2017-18. A Whittle optimisation shell using these operational costs and a gold price of US$2,000/ounce has been used to limit the reported MRE to that with reasonable expectations of economic exploitation.

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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.		 The shallow occurrence of the mineralisation indicates that
open pit mining is appropriate for Petowal in line with other
deposits in the area.
The estimation methodology used results in an amount of
edge dilution being incorporated into the blocks of the model.
No account of mining loss has been incorporated.
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.		 No specific assumptions were made regarding metallurgical
factors for this estimate.
Metallurgical test work on the mineralisation commenced in
2012 and is ongoing.
Environmental
factors or
assumptions		 •
Assumptions made regarding possible waste and process
residue disposal options. It is always necessary as part of
the process of determining reasonable prospects for
eventual economic extraction to consider the potential
environmental impacts of the mining and processing
operation. While at this stage the determination of potential
environmental impacts, particularly for a green fields
project, may not always be well advanced, the status of
early consideration of these potential environmental
impacts should be reported. Where these aspects have not
been considered this should be reported with an explanation
of
the
environmental
assumptions
made.		 No assumptions were made regarding environmental
restrictions.
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.		 Specific gravity values for the Petowal Prospect have been
measured based on the Archimedean Principle using the
immersion method for individual core samples. A total of
16,078 density measurements were available for use, with
the vast majority of these being in fresh rock below the
saprock and laterite domains. This data has been used as
the basis of the block model bulk density.
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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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, Indicated and Inferred classification is based
on the confidence in the continuity of geology and
mineralisation 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
•
Resource
estimates.		 No external reviews have been completed.
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.		 Although the estimate for gold is considered to be without
bias, it is for the some of the estimated volume based on
relatively wide 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.
The LUC estimate has been compared to ID estimates and
in a 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.

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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.		 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.
•
If no site visits have been undertaken indicate why this
is
the case.		 The Competent Person, Mr Kitwa Ndjibu, is a full-time employee
of Resolute Mining Ltd and a Member of the Australasian
Institute of Mining and Metallurgy. He has conducted multiple site
visits, most recently in October, 2024.
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 mining study update was conducted by Mining Focus
Consultants Pty Ltd in July 2020 based on the 2015 Definitive
feasibility study Mako open pit has been in continuous mining
operation since August 2017. During this time the performance
of the open pit 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) change from remains
0.7g/t gold has been applied for Mako in spite the increase in
gold price from $1650/oz to $1950/oz. This is due to the grade
adjustment (dilution) applied to both Grade Control (GC) and
Resource models used for Reserve Reporting.; the first was used
on active benches and 30 m below while the last is used on the
rest of benches to the bottom pit.
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.		 •
Mako operations are open pit mining methods.
•
Whittle pit shell optimisations were conducted as
component of the mining study. ·
•
Ground conditions at Mako are good with overall slope
angle 55° with batter face angle of 75°. ·
•
Footwall slope is on average 45 degrees in line with the
dip of the orebody. ·
•
The Resource model was a diluted model; no additional
dilution is required. ·
•
95% Mining recovery used. ·
•
No Inferred Mineral Resource is included within the
Reserve. ·
•
No additional infrastructure is required for the remaining
mine life.

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•
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 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?		 •
Different recovery is used for different ore types. Basalt
and Felsic ore have 90% and 95% recoveries
respectively. Overall recovery has been 92.7%
•
Recovery process is well tested and performing to
expectation. ·
•
No deleterious elements, no organics or other elements
impacting on Au recovery
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.		 No acid generation from the waste dumps have been observed
in line with test work expectations. No acid forming metallurgy
within waste rock material.
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 infrastructure for the Mako project has been completed.
Water supply dams, TSF dams have been completed with
ongoing TSF lifts planned through the remaining mine life. All
power station and camp accommodation infrastructure has been
completed.
Costs •
The derivation of, or assumptions made, regarding
projected capital 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.		 Royalties paid are variable dependent on gold price At 1500 the
gold royalty is 3.53%. at 1800 $/oz the royalty is 3.8%
Costs used are taken from mine actuals and Mining contractor
unit rates.
Revenue factors •
The derivation of, or assumptions made regarding
revenue factors including head grade, metal or		 A gold price of US$1,950/oz formed the basis of the Ore
Reserves. Gold price used for planning purposes are from
consensus forecasts provided by external corporate advisers.

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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.		 No penalties are incurred for deleterious material.
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 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.		 The market for gold is robust with prevailing gold price being well
above the reserve price.
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.		 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$1950/oz
•
Royalties of 4.03%
Social •
The status of agreements with key stakeholders and
matters leading to social license to operate.		 The government of Senegal has a 10% free carried interest in
the operation.
No other stakeholder agreements in place.
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.		 No additional naturally occurring risks. No flood risk, low
seismicity risk.
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 Ore Reserve estimate appropriately reflects the Competent
Person’s view of the deposit.

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

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Tomboronkoto

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.		 Sampling has been by diamond drill coring and reverse circulation
chip.
Diamond core has been geologically logged and sampled to geological
contacts with nominal sample lengths between 0.3m and 4.5m (most
commonly 1m). Core selected for assay is systematically cut
lengthwise into half core by diamond blade rock saw, numbered and
bagged before dispatch to the laboratory for analysis.
All core is photographed, wet and dry.
Reverse circulation chips are geologically logged and sampled on
regular lengths of 1m. Chip material selected for assay is
systematically divided to a 1/8 proportion using a rotary splitter
attached to the cyclone sample recovery system, numbered and
bagged before dispatch to the laboratory for analysis.
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.).		 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.
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.
RC recoveries are monitored by chip sample weight recording. Sample
weights have been analysed for cyclicity with no relationship between
sample weight and depth noted.
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.		 Diamond core has been geologically and geotechnically logged to a
level of detail to support appropriate classification and reporting of a
Mineral Resource.
Reverse circulation chip samples have been geologically logged to a
level of detail to support appropriate classification and reporting of a
Mineral Resource.
Total length of DD logged is 1,242m. Total length of RC logged is
12,986m.
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.		 Historic core has been systematically cut lengthwise into half core with
a diamond saw.
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.

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•
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.		 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. 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.
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.
•
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.		 Au assays are determined by fire assay with AAS finish. Laboratory
and assay procedures are appropriate for Mineral Resource
estimation.
QAQC consisted of standards, blanks and laboratory duplicates (both
coarse and pulp). The QAQC sample results showed acceptable
levels of accuracy and precision.
The assay data is considered to be suitable for Mineral Resource
estimation.
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.		 All aspects of the core sampling, assay procedures and QA/QC
program have been reviewed and were judged to be suitable for use
in the estimation of Mineral Resources.
Drill hole assay result data has been checked against the original
hardcopy laboratory assay reports for a representative number of
holes.
Below detection limit values (negatives) have been replaced by
background values.
Un-sampled intervals have been retained as un-sampled (null or
blank). All of these intervals occur within the waste domain and have
no material impact on the estimate.
Location of data
points		 •
Accuracy and quality of surveys used to locate drill
holes (collar 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.		 Drill holes have been surveyed by the Mako Mine staff surveyors using
a Leica GS14, GS15 and GS18 DGPS.
Down hole surveys were undertaken by the drilling contractor using a
Reflex DeviGyro tool with a reading taken. every 3m down the hole.
Grid system is based on the UTM28N grid on the WGS84 ellipsoid.
Survey heights are based on PRS097 (with independent checks on
AusPos) and are orthometric (i.e. msl).
A topographic surface with 1m resolution has been generated from a
2022 Lidar survey of the Tomboronkoto area.
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.		 Data spacing is Generally 25x25m, with a gap underneath National
Highway 7, which runs across the western portion of the deposit. This
spacing is adequate to determine the geological and grade continuity
for reporting of a Mineral Resources.
Drill samples were composited to 1m for use in the estimate.
Orientation of data
in relation to
geological
structure		 •
Whether the orientation of sampling achieves unbiased
sampling of possible structures and the extent to which
this is known, considering the deposit type.
•
Ifthe relationship between the drilling orientation and		 Geological structures are interpreted to be steeply-dipping to the
south-southeast. Drilling intersects structures from the north and south
sides, generally dipping -60⁰ below horizontal, with azimuths either at
approximately 340⁰ or 160⁰. All drilling would ideally be targeted from

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the orientation of key mineralised structures is the south, but the presence of the village of Tomboronkoto largely considered to have introduced a sampling bias, this precludes this should be assessed and reported if material. Drilling primarily targeted the granodiorite unit which contained the most significant mineralisation and dipped at about 70⁰ to the southsoutheast. The drilling orientation is adequate for a non-biased assessment of the orebody with respect to interpreted structures and interpreted controls on mineralisation. Sample security • The measures taken to ensure sample security. Labelling and submission of samples complies with industry standard. Audits or reviews • The results of any audits or reviews of sampling An independent audit of the sample preparation laboratory has been techniques and data. undertaken in 2018 (Fis, 2018) found no material issues with the sampling methods or data. The competent person audited the sample preparation laboratory in 2024. No material issues were found.

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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.
•
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 Tomboronkoto Permit is held by Ardimines SARL. Toro Gold
Limited is in a joint Venture with Ardimines with Toro being the
manager and sole funder of the joint Venture. Toro Gold Limited is a
company controlled by resolute Limited. The permit is in good
standing.
Exploration done
by other parties		 •
Acknowledgment and appraisal of exploration by other
parties.		 Past exploration has been performed by Ashanti Gold and Randgold
Resources on a previously held Research Permit which was
relinquished prior to being held by Ardimines SARL. Randgold had
undertaken soil geochemistry, surface mapping and drilling on the
entire Research Permit. Regional auger drilling identified gold
anomalism which Ashanti Gold followed up with Diamond and Reverse
Circulation drilling and trenching on the Tomboronkoto prospect.
Subsequently Randgold undertook further DD drilling and trenching.
Geology •
Deposit
type,
geological
setting
and
style
of
mineralisation.		 Mineralisation is currently interpreted to be within a shear in the
granodiorite unit. 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 70⁰ to the south-southeast.
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:
o
easting and northing of the drill hole collar
o
elevation or RL (Reduced Level – elevation above
sea level in metres) of the drill hole collar
o
dip and azimuth of the hole
o
down hole length and interception depth
o
Whole length.
•
If the exclusion of this information is justified on the
basis that the information is not Material and this
exclusion does not detract from the understanding of
the report, the Competent Person should clearly
explain
why
this
is
the case.		 Easting, Northing and RL of the drill hole collars are based on the
UTM28N grid on the WGS84 ellipsoid. Survey heights are based on
PRS097 (with independent checks on AusPos) and are orthometric (i.e.
msl).
The MRE has used drill hole collar RL derived from the topographical
surface.
Dip is the inclination of the hole from the horizontal. For example, a
vertically down drilled hole from the surface is -90°. Azimuth is reported in
degrees as the grid direction toward which the hole is drilled.
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
methods		 •
In reporting Exploration Results, weighting averaging
techniques,
maximum
and/or
minimum
grade
truncations (e.g. cutting of high grades) and cut-off
grades are usually Material and should be stated.
•
Where aggregate intercepts incorporate short lengths
of high grade results and longer lengths of low grade
results, the procedure used for such aggregation
should be stated and some typical examples of such
aggregations should be shown in detail.
•
The assumptions used for any reporting of metal
equivalent values should be clearly stated.		 Drillholes have been composited to 1m intervals using Leapfrog Geo
2023.2.1 with residual lengths distributed evenly across all
composites within the domain. There are no residual samples.
The influence of extreme gold assays has been limited by top-cutting
assays across all domains. Top-cuts have been determined using a
combination of log probability, log histogram, and mean variance
plots. Top-cuts have been reviewed and applied to the composites
on a domain-by-domain basis.
The assay intervals are reported as down hole length as the true
width variable is not known.
Gold assays are rounded to two decimal places.
No metal equivalent reporting is used or applied.

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Relationship
between
mineralisation
widths and
intercept lengths		 •
These relationships are particularly important in the
reporting of Exploration Results.
•
If the geometry of the mineralisation with respect to the
drill hole angle is known, its nature should be reported.
•
If it is not known and only the down hole lengths are
reported, there should be a clear statement to this
effect (e.g. ‘down hole length, true width not known’).		 The intersection width is measured down the hole trace and may not
be the true width.
All drill results are downhole intervals only due to the variable
orientation of the mineralisation.
Diagrams •
Appropriate maps and sections (with scales) and
tabulations of intercepts should be included for any
significant discovery being reported These should
include, but not be limited to a plan view of drill hole
collar locations and appropriate sectional views.		 A plan view is contained within this document. New cross-sectional
interpretations are included.
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 misleading reporting of Exploration
Results.		 Diamond and RC drill holes forming the basis of the Mineral Resource
estimate have been reported previously.. Additional drilling has
informed the 2024 estimate.
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 survey results; bulk samples – size and
method of treatment; metallurgical test results; bulk
density,
groundwater,
geotechnical
and
rock
characteristics; potential deleterious or contaminating
substances.		 No other exploration data is considered meaningful and material to this
document.
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 drilling areas, provided this
information is not commercially sensitive.		 Future exploration may involve the drilling of more drillholes, both
diamond core and reverse circulation, to further extend the mineralised
zones and to collect additional detailed data on known mineralized
zones. Geophysical exploration is also planned as part of the future
exploration of the permit.

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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.		 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.		 Mr Patrick Smillie, a full time employee of Resolute Mining Limited
and a Member of the Society for Mining, Metallurgy, and
Exploration is the Competent Person, who visited site in June,
2024.
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.		 The digital database used for the interpretation included logged
intervals for the key granodiorite unit. There is a moderate level of
confidence in the interpretation of the mineralised shear
zoneprimarily due to the relatively wide-spaced drilling.
Additionally Resolute’s drilling program was entirely RC, though
historic core has been reviewed and logged.
The mineralised volume has been constructed using nested
Leapfrog Indicator wireframes at lower cut-offs of 0.2 g/t Au and
0.75 g/t Au. The overall shape of the mineralised unit has been
guided by a sectional interpretation of the trend of mineralisation
within the mineralised shear.
The factors affecting continuity both of grade and geology are most
likely to be associated with structural controls and local complexity,
the knowledge of which is limited with the current spacing of
information. The broad approach to the mineralisation modelling is
an attempt to model an unbiased interpretation.
Dimensions •
The extent and variability of the Mineral Resource
expressed as length (along strike or otherwise), plan
width, and depth below surface to the upper and
lower limits of the Mineral Resource.		 Gold mineralisation varies from approximately 10 to 50m in
thickness along the approximately 750m strike length of defined
mineralisation. Mineralisation dips at approximately 70⁰ to the SSE
and is defined to approximately 150m vertical depth. The deposit
remains open at depth and to the west.
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 of gold grade has been completed using Ordinary
Kriging (OK). Mineralisation has been constrained using
wireframes constructed using nested Leapfrog Indicator
wireframes constructed within the host granodiorite unit. These
wireframes have been used to define domain codes for estimation.
Drillholes have been flagged with the domain code and
composited using the domain code to segregate the data.
Domain boundary analysis has been undertaken with hard
boundaries used for all domains.

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  • 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 nongrade 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.

Drillholes have been composited to 1m intervals using Leapfrog Geo 2023.2.1 with residual lengths distributed evenly across all composites within the domain. There are no residual samples.

The influence of extreme gold assays has been limited by topcutting assays across all domains. Top-cuts have been determined using a combination of log probability, log histogram, and mean variance plots. Top-cuts have been reviewed and applied to the composites on a domain-by-domain basis.

Variography has been undertaken on a domain-by-domain basis in Datamine Supervisor v.8.14.3.3 using top-cut values.

Drillhole data spacing is 25m x 25m across the deposit, with a small gap of 50x50m spaced data under National Highway 7 which runs across the western portion of the deposit.

The block model parent block size is 10m (X) by 10m (Y) by 5m (Z) with up to 16 sub-blocks per parent block in the X and Y directions, and up to 8 sub-blocks per parent block in the Z direction. Sub-blocks have been estimated at the parent block scale. Block size is considered appropriate for the drillhole spacing throughout the deposit.

Grade estimation has been completed in three passes:

  • Ø Pass 1 estimation has been undertaken using a minimum of 4 and maximum of 25 sample composites (determined using Datamine Supervisor v.8.14 KNA tool) into a search ellipsoid with dimensions equal to half the variogram range of the domain.

  • Ø Pass 2 estimation has been undertaken with the same minimum/maximum samples as Pass 1 into a search ellipsoid twice the first pass.

  • Ø Pass 3 estimation has been undertaken with a minimum of 2 samples, and the same maximum number of samples as the first two passes into a search ellipsoid twice the second pass

  • Ø A maximum of three samples per drillhole has been used in the first two passes, with no limits set on the third pass..

The mineral resource estimate has been validated using visual validation tools, mean grade comparisons between the block model and declustered composite grade means, and swath plots comparing the input composite grades and the estimated block model grades by Northing, Easting, and RL.

Leapfrog Geo v2023.2.1 and Datamine Supervisor v8.14.3.3 software have been used for estimation.

No by-product recoveries were considered.

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

Moisture was not considered in the density assignment.

Cut-off parameters • The basis of the adopted cut-off grade(s) or quality
parameters applied.		 A nominal lower cut-off grade of 0.2g/t Au was used to define the
mineralised domains to encompass the complete mineralised
distribution and produce a model 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 and above 1.0 g/t
Au) was used in line with the previous resource reporting at the
nearby Mako deposit

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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.		 The shallow occurrence of the mineralisation indicates that open
pit mining is appropriate, in line with other deposits in the area.
The estimation methodology used results in an amount of edge
dilution being incorporated into the blocks of the model. No account
of mining loss has been incorporated.
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.		 No specific assumptions were made regarding metallurgical
factors for this estimate.
Metallurgy is assumed to be similar to the nearby Mako deposit.
Environmental
factors or
assumptions		 •
Assumptions made regarding possible waste and
process residue disposal options. It is always
necessary as part of the process of determining
reasonable
prospects
for
eventual
economic
extraction to consider the potential environmental
impacts of the mining and processing operation.
While at this stage the determination of potential
environmental impacts, particularly for a green fields
project, may not always be well advanced, the status
of
early
consideration
of
these
potential
environmental impacts should be reported. Where
these aspects have not been considered this should
be reported with an explanation of the environmental
assumptions
made.		 In order for mining to occur, the nearby village of Tomboronkoto
would need to be relocated and a portion of National Highway 7
rerouted.
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.		 Specific gravity values for the Tomboronkoto Prospect have been
measured based on the Archimedean Principle using the
immersion method for individual core samples. A total of 1,406
density measurements were available for use. This data has been
used as the basis of the block model bulk density.
No relationship between density and gold content could be
established.
A default bulk density of 1.74t/m3was assigned to oxide rocks.
A default bulk density of 2.31t/m3was assigned to transitional
rock.
A default bulk density of 2.71t/m3was assigned to fresh rock.
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).		 The classification is based on the confidence in the continuity of
geology and mineralisation and quality/confidence in the
estimation and quality of assay data and bulk density data.
The Indicated portion of the Resource was defined within a
wireframe constructed around areas populated in the first two
estimation passes, where drilling density is less than or equal to
25x25m, and Kriging efficiency is generally >= 0.6.

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•
Whether the result appropriately reflects the
Competent Person’s view of the deposit.		 Mineralisation not classified as Indicated has been classified as
Inferred.
The Mineral Resource estimate appropriately reflects the
Competent Person’s view of the deposit.
Audits or reviews •
The results of any audits or reviews of Mineral
•
Resource
estimates.		 No external reviews have been completed.
Discussion of
relative accuracy/
confidence		 •
Where appropriate a statement of the relative
accuracy and 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.		 The Mineral Resource Estimate has been classified based on the
quality of the data collected, the density of the data, the
confidence of the geologic and mineralisation models, and the
grade estimation quality. No relative statistical or geostatistical
confidence or risk measure has been applied.
The relative accuracy of the Mineral Resource Estimate is
reflected in the reporting of Indicated and Inferred resource
categories as defined by the JORC 2012 code guidelines.
No production data is available for comparison.

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