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Resolute Mining Limited — Capital/Financing Update 2025
Sep 7, 2025
10548_rns_2025-09-07_441cb6dd-9e43-47ff-8017-4d9a1b6ac800.pdf
Capital/Financing Update
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8 September 2025
Updated Mineral Resource Estimate at Doropo, Côte d’Ivoire
Resolute Mining Limited (“Resolute” or “the Company”) (ASX/LSE: RSG), the Africa-focused gold miner, is pleased to announce an updated Mineral Resource Estimate (“MRE”) for the Doropo Gold Project which is situated in Northern Côte d’Ivoire.
Highlights
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Total Measured, Indicated and Inferred MRE of 114 Mt grading 1.19 g/t Au for 4.4 Moz a 28% increase from the previous MRE of 3.4 Moz
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Most of the Mineral Resources are within 150m of surface and the larger deposits (Kilosegui and Souwa) remain open along strike and at depth
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84% of the Mineral Resources are in the Measured and Indicated category
All dollar values are in United States Dollars unless specified otherwise
Since acquiring Doropo in Q2 2025, Resolute has been updating the existing Definitive Feasibility Study (“DFS”) that was produced by Centamin in July 2024. As part of the update optimisations of the Resource have been completed at a gold price assumption of $3000/oz versus $2,000/oz in the previous 2023 MRE. The Updated Mineral Resource Estimate of 4.4 Moz represents a substantial c. 1 Moz increase from the previous MRE of 3.4 Moz with 84% of contained ounces in the Measured and Indicated resource category.
The Company is confident of further growth of the Mineral Resources as current optimisations are based on conservative pit shell assumptions and the two largest prospects, Kilosegui and Souwa that contain approximately 2.3Moz of the MRE, remain open along strike and at depth.
Resolute anticipates that, based on the plant capacity outlined in the 2024 DFS, the increase in Mineral Resources will extend the mine life by at least five years beyond the original 10-year plan. The conversion of Measured and Indicated Resources to Reserves was approximately 61% in the 2024 DFS.
Resolute is in the process of optimising pit designs and incorporating revised capital and operating cost estimates to update the Ore Reserves of Doropo. This is being done at a gold price assumption of $1,950/oz (versus $1,450/oz in the 2024 DFS). The updated DFS is expected to maintain a production profile, similar to the 2024 DFS, of more than 200koz per year in the first four years of production.
All workstreams for Doropo are on track. The updated DFS, being run by Lycopodium, is targeted for Q4 2025 along with an updated Ore Reserve. Resolute is awaiting approval of the Exploitation Permit by the Interministerial Commission followed by signing of the Presidential Decree. Following this, FID is expected by end of 2025.
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Chris Eger, Managing Director and CEO commented:
“This increase in the size of the Mineral Resource at Doropo is a promising first step and one we expected given the change in the gold environment since Centamin’s DFS published in July 2024. We are confident that Doropo will be a high-quality long-life mine underpinned by the expectation of further resource growth at Kilosegui and Souwa.
The major increase over the existing Resource indicates major upside at Doropo and is a key consideration in the updated DFS. We are continuing the optimisation studies and expect to provide the updated DFS and Ore Reserve by the end of the year.”
Doropo
Resolute announced the acquisition of the Doropo Gold Project on 1 May 2025. Doropo is a developmentstage project that is expected to increase Group production above 500koz per year once in production from 2028. The project is expected to grow and diversify Resolute’s operations in the broader West African region.
In the 2024 DFS a gold price assumption of $2,000/oz for the pit constrained RPEEE Mineral Resources and $1,450/oz for the Ore Reserves was used. Resolute is currently carrying out a number of workstreams to update the 2024 DFS which will reflect the higher gold price and revised input costs.
Resolute has recently rerun new pit optimisations on all the Doropo Mineral Resource Block Models for pit optimisation using a range of gold prices. The Mineral Resource for Doropo is reported within a $3,000/oz pit shell and above a cut-off of 0.3g/t (see Table 1).
| Doropo Mineral Resource Estimate | Doropo Mineral Resource Estimate |
|---|---|
| September 2025 (0.3g/t Au cut-off, $3,000/oz pit shell, JORC 2012) October 2023 (0.3g/t Au cut-off, $2,000/oz pit shell, CIM 2014) |
|
| Classification | Tonnes Grade (g/t Au) Ounces (Au) Tonnes Grade (g/t Au) Ounces (Au) |
| Measured | 1,550,000 1.57 78,000 1,510,000 1.60 77,000 |
| Indicated | 95,200,000 1.18 3,601,000 75,340,000 1.25 3,027,000 |
| Inferred | 17,440,000 1.21 680,000 7,370,000 1.23 292,000 |
| Total | 114,190,000 1.19 4,360,000 84,220,000 1.25 3,396,000 |
Table 1: Doropo Mineral Resource Estimate Comparison
Within the $3,000/oz pit shell 84% of the Mineral Resources are in the Measured and Indicated category.
There remains significant potential to grow and expand the Mineral Resources at Doropo. The larger resources such as those at Souwa and Kilosegui are open down dip and along strike.
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Geology and Mineralisation
The Doropo Project is located within the Birimian-age greenstone belts of the West African Craton, a prolific geological setting known for hosting orogenic gold deposits. Specifically, the project lies in northern Côte d’Ivoire, comprising a sequence of volcano-sedimentary rocks, including mafic volcanics, interbedded metasediments, felsic intrusives, and minor ultramafic units. The local geology consists predominantly of intermediate to mafic volcaniclastic rocks, intruded by granitoid bodies and crosscut by regional shear zones
Gold mineralisation is primarily structurally controlled, hosted within moderate- to steeply-dipping quartz– carbonate–sulphide vein arrays. These veins are developed along shear zones, fault splays, and lithological contacts. Mineralisation is associated with strong silica, sericite, carbonate, and minor chlorite alteration halos. Sulphide minerals such as pyrite, arsenopyrite, and lesser amounts of pyrrhotite are common, closely associated with gold occurrence. The mineralisation style is typical of orogenic lode gold systems, with gold generally occurring as free grains and fine inclusions within sulphides. Structural controls, including vein orientations and competency contrasts between rock units, are critical factors influencing the distribution and continuity of mineralisation.
Doropo Mineral Resource Notes
Mineral Resources stated in this announcement used identical input parameters used by Centamin in the 2024 Doropo DFS but were constrained by $3,000/oz pit shells rather than $2,000/oz pit shells. The smaller Mineral Resources which were not included in the 2024 Ore Reserves were constrained by $2,000/oz shells (see notes on Tables 2 - 4). Further optimisations are in progress and will be published in the upcoming 2025 Mineral Resources and Ore Reserve Statement.
Mineral Resource Estimates by classification and prospect are shown in Table 2, 3 and 4.
| Measured Mineral Resources (0.3 g/t Au COG) | Measured Mineral Resources (0.3 g/t Au COG) | Measured Mineral Resources (0.3 g/t Au COG) | |
|---|---|---|---|
| Prospect | Mt | Au g/t | Au Moz |
| Attire1 | - | - | - |
| Chegue Main2 | 0.19 | 1.09 | 0.007 |
| Chegue South2 | 0.23 | 1.08 | 0.008 |
| Enioda2 | - | - | - |
| Han2 | 0.11 | 2.03 | 0.007 |
| Hinda1 | - | - | - |
| Hinda South1 | - | - | - |
| Kekeda2 | 0.20 | 0.81 | 0.005 |
| Kilosegui2 | 0.21 | 1.10 | 0.007 |
| Nare1 | - | - | - |
| Nokpa2 | 0.34 | 2.48 | 0.027 |
| Sanboyoro1 | - | - | - |
| Solo1 | - | - | - |
| Souwa2 | 0.27 | 1.88 | 0.016 |
| Tchouahinin1 | - | - | - |
| Vako1 | - | - | - |
| TOTAL | 1.55 | 1.57 | 0.078 |
Table 2: Measured Mineral Resources by Prospect
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| Indicated Mineral Resources (0.3 g/t Au COG) | Indicated Mineral Resources (0.3 g/t Au COG) | Indicated Mineral Resources (0.3 g/t Au COG) | |
|---|---|---|---|
| Prospect | Mt | Au g/t | Au Moz |
| Attire1 | 0.42 | 1.86 | 0.025 |
| Chegue Main2 | 7.80 | 0.98 | 0.246 |
| Chegue South2 | 6.26 | 1.02 | 0.206 |
| Enioda2 | 3.95 | 1.24 | 0.158 |
| Han2 | 5.16 | 1.66 | 0.276 |
| Hinda1 | - | - | - |
| Hinda South1 | - | - | - |
| Kekeda2 | 5.72 | 0.95 | 0.175 |
| Kilosegui2 | 35.78 | 1.08 | 1.247 |
| Nare1 | - | - | - |
| Nokpa2 | 7.38 | 1.50 | 0.356 |
| Sanboyoro1 | 0.01 | 1.33 | 0.001 |
| Solo1 | - | - | - |
| Souwa2 | 20.23 | 1.31 | 0.853 |
| Tchouahinin1 | - | - | - |
| Vako1 | 2.48 | 0.73 | 0.058 |
| TOTAL | 95.20 | 1.18 | **3.601 ** |
Table 3: Indicated Mineral Resources by Prospect
| Inferred Mineral Resources (0.3 g/t Au COG) | Inferred Mineral Resources (0.3 g/t Au COG) | Inferred Mineral Resources (0.3 g/t Au COG) | |
|---|---|---|---|
| Prospect | Mt | Au g/t | Au Moz |
| Attire1 | 0.71 | 2.43 | 0.055 |
| Chegue Main2 | 1.30 | 0.97 | 0.041 |
| Chegue South2 | 1.15 | 1.07 | 0.040 |
| Enioda2 | 1.49 | 1.08 | 0.052 |
| Han2 | 0.57 | 1.30 | 0.024 |
| Hinda1 | 0.15 | 1.54 | 0.007 |
| Hinda South1 | 0.84 | 0.78 | 0.021 |
| Kekeda2 | 0.61 | 0.68 | 0.013 |
| Kilosegui2 | 4.25 | 0.99 | 0.135 |
| Nare1 | 0.05 | 0.95 | 0.002 |
| Nokpa2 | 3.84 | 1.41 | 0.173 |
| Sanboyoro1 | 0.11 | 1.61 | 0.006 |
| Solo1 | 0.16 | 2.43 | 0.013 |
| Souwa2 | 1.03 | 1.89 | 0.063 |
| Tchouahinin1 | 1.06 | 0.96 | 0.033 |
| Vako1 | 0.12 | 0.71 | 0.003 |
| TOTAL | 17.44 | 1.21 | 0.680 |
Table 4: Inferred Mineral Resources by Prospect
Some numerical differences may occur due to rounding;
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1 - RPEEE is defined by optimised pit shells based on a gold price of $2,000/oz;
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2 - RPEEE is defined by optimised pit shells based on a gold price of $3,000/oz;
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Reported at a gold grade cut-off of 0.3 g/t Au;
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Includes drill holes up to and including 27 August 2023;
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Inclusive of Mineral Reserves
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Contact
Resolute
Matthias O’Toole-Howes [email protected]
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
Authorised by Mr Chris Eger, Managing Director and Chief Executive Officer
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About Resolute Mining
Resolute is an African-focused gold miner with more than 30 years of experience as an explorer, developer and operator. Throughout its history the Company has produced more than 9 million ounces of gold from ten gold mines. The Company is now entering a growth phase through the development of the Doropo project in Côte d’Ivoire which will supplement the existing production from the Syama mine in Mali and Mako mine in Senegal. The Company trades on the Australian Securities Exchange (ASX) and the London Stock Exchange (LSE) under the ticker RSG.
Competent Persons Statement
The information in this report that relates to the Exploration Results, Mineral Resources and Ore Reserves is based on information compiled by Mr Bruce Mowat, a member of The Australian Institute of Geoscientists. Mr Bruce Mowat has more than 5 years’ experience relevant to the styles of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person, as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (the JORC Code). Mr Bruce Mowat is a full-time employee of the Resolute Mining Limited Group and holds equity securities in the Company. He has consented to the inclusion of the matters in this report based on his information in the form and context in which it appears. This information was prepared and disclosed under the JORC Code 2012 except where otherwise noted.
The information in this announcement that relates to the Mineral Resource estimate has been based on information and supporting documents prepared by Mr Bruce Mowat, a Competent Person who is a member of The Australian Institute of Geoscientists. Mr Mowat is a full-time employee Resolute Mining Limited Group and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which has been undertaken to qualify as a Competent Person. Mr Mowat confirms that the Mineral Resource estimate is based on information in the supporting documents and consents to the inclusion in the report of the Mineral Resource estimate and related content based on the information in the form and context in which it appears.
Cautionary Statement about Forward-Looking Statements
This announcement contains certain “forward-looking statements” including statements regarding our intent, belief or current expectations with respect to Resolute’s business and operations, market conditions, results of operations and financial condition, and risk management practices. The words "likely", "expect", "aim", "should", "could", "may", "anticipate", "predict", "believe", "plan", "forecast" and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, future earnings, anticipated production, life of mine and financial position and performance are also forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Resolute’s actual results, performance and achievements or industry results to differ materially from any future results, performance or achievements, or industry results, expressed or implied by these forward-looking statements. Relevant factors may include (but are not limited to) changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licences and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which Resolute operates or may in the future operate, environmental
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conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation.
Forward-looking statements are based on Resolute’s good faith assumptions as to the financial, market, regulatory and other relevant environments that will exist and affect Resolute’s business and operations in the future. Resolute does not give any assurance that the assumptions will prove to be correct. There may be other factors that could cause actual results or events not to be as anticipated, and many events are beyond the reasonable control of Resolute. Readers are cautioned not to place undue reliance on forward-looking statements, particularly in the current economic. Forward-looking statements in this document speak only at the date of issue. Except as required by applicable laws or regulations, Resolute does not undertake any obligation to publicly update or revise any of the forward-looking statements or to advise of any change in assumptions on which any such statement is based. Except for statutory liability which cannot be excluded, each of Resolute, its officers, employees and advisors expressly disclaim any responsibility for the accuracy or completeness of the material contained in these forward-looking statements and excludes all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in forwardlooking statements or any error or omission.
Annexure 1 - JORC Code, 2012 Edition
Additional technical information relating to foreign estimates
ASX Listing Rule 5.12
Section 1 Sampling Techniques and Data
Doropo Project –
(Criteria in this section apply to all succeeding sections.)
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Sampling techniques | • Nature and quality of sam- pling (eg cut channels, ran- dom chips, or specific spe- cialised industry standard measurement tools appro- priate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as lim- iting 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. |
•The sampling was con- ducted using multiple tech- niques tailored to the pro- ject's geological and sur- face conditions. Soil sam- pling programs were exten- sive, collecting approxi- mately 92,307 samples be- tween 2014 and 2022. Soils were sampled from the mottled zone or the top of the saprolite horizon to obtain coherent gold anom- alies, utilising standardised grid patterns (typically 400 m x 400 m, with infill at 200 |
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| • Aspects of the determina- tion of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be rela- tively simple (eg ‘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 com- modities or mineralisation types (eg submarine nod- ules) may warrant disclo- sure of detailed infor- mation. |
m and 100 m where re- quired). Auger drilling was employed in areas with thick lateritic cover (>3 m), reaching saprolitic material with depths averaging 6.22 m and up to 30 m in some cases. Auger drilling recov- ered material systemati- cally for gold analysis and geochemical interpretation. •Trenching programs (32 trenches to date) were used to expose in situ min- eralised structures, allow- ing for systematic channel sampling. •Reverse Circulation (RC) and Diamond Core (DD) drilling were the principal methods used for delineat- ing Mineral Resources. RC drilling was conducted us- ing 5¼ to 5¾ inch diameter face-sampling hammers to recover one-metre interval samples, typically dry un- less groundwater was en- countered. Diamond drilling employed HQ and NQ di- ameter core, with triple tube techniques for improv- ing recovery in broken ground. RC samples were riffle split on site, and core samples were sawn to pro- duce half-core for analysis. Sampling procedures incor- porated QAQC measures, including the insertion of blanks, standards, and du- plicates to ensure sample representivity. Assay proto- cols utilised 50 g fire assay (AAS finish) for gold, and multi-element analysis was |
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| performed where applica- ble. |
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| Drilling techniques | • Drill type (eg core, reverse circulation, open-hole ham- mer, rotary air blast, auger, Bangka, sonic, etc) and de- tails (eg core diameter, tri- ple or standard tube, depth of diamond tails, face-sam- pling bit or other type, whether core is oriented and if so, by what method, etc). |
•Drilling methods involved a combination of Reverse Circulation (RC), Diamond Core (DD), and auger drill- ing methods. RC drilling was primarily used for de- lineating near-surface min- eralisation and preliminary resource definition. RC drilling employed face-sam- pling hammers with bit sizes ranging from 5¼ to 5¾ inches. Dry drilling was the standard procedure, with drilling halted at the water table to prevent con- tamination from wet sam- ples; below groundwater, diamond drilling methods were applied. •Diamond core drilling used HQ and NQ diameter core. Triple-tube systems were implemented in highly bro- ken ground to maximise core recovery, while stand- ard double-tube setups were used elsewhere. Ori- entation of diamond core was conducted selectively using Reflex ACT II core orientation devices to facili- tate structural logging. Au- ger drilling was utilised for shallow exploration across areas with thick laterite cover. All drill methods were executed to a high standard with contractors experienced in gold explo- ration in West Africa. |
| Drill sample recovery | • Method of recording and assessing core and chip sample recoveries and re- sults assessed. |
•Drill sample recovery was systematically monitored during both RC and dia- mond drilling programs. RC |
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| • Measures taken to maxim- ise sample recovery and ensure representative na- ture of the samples. • Whether a relationship ex- ists between sample recov- ery and grade and whether sample bias may have oc- curred due to preferential loss/gain of fine/coarse ma- terial. |
samples were weighed reg- ularly, particularly from 2018 onwards, to monitor sample size consistency and ensure the representa- tiveness of samples. Analy- sis of over 447,401 RC sample weights showed a consistent recovery trend stabilizing between 30–40 kg per metre after clearing the uppermost weathered horizons. Minor variations in sample weight were ob- served at shallow depths and in softer materials; however, statistical checks confirmed no significant bias in gold grade associ- ated with sample mass. •Diamond core recovery was measured, with an overall average recovery of approximately 96% across the project. Recovery rates improved with depth, with >90% core recovery rec- orded for 89.5% of core samples, and exceeding 97.5% recovery below 50 m depth. Core recovery measurements were rec- orded in the database for each run. The use of triple- tube drilling in broken ground contributed to main- taining high recovery standards. The overall con- clusion, supported by qual- ity control reviews, was that there is no significant sam- pling bias attributable to dif- ferential recovery. |
|
| Logging | • Whether core and chip samples have been geo- logically and geotechnically logged to a level of detail to support appropriate Mineral |
•Comprehensive geological and geotechnical logging was undertaken for all drill- holes including RC and |
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Resource estimation, min- ing studies and metallurgi- cal studies. • Whether logging is qualita- tive or quantitative in na- ture. Core (or costean, channel, etc) photography. • The total length and per- centage of the relevant in- tersections logged. |
DD. Drillholes were logged systematically for a range of key geological attributes: lithology, alteration, miner- alisation, texture, structure, weathering, and rock qual- ity designation (RQD). RC samples were logged visu- ally on site, with geological observations recorded both digitally and on physical log sheets where applicable. Diamond core was logged in greater detail, particu- larly for structural geology, alteration styles, mineral assemblages, and vein re- lationships, providing criti- cal inputs for 3D geological modelling. •Photographic records were maintained for all diamond drill core - photographed both wet and dry - before sampling. Logging cap- tured sufficient detail to support resource estima- tion, mining studies, and metallurgical investigations. Logging procedures in- cluded the use of a stand- ardised lithological and al- teration coding scheme to ensure consistency across the drilling campaigns. Dig- ital capture of logging data into a centralised database with validation rules also enhanced data reliability. |
|
| Sub-sampling techniques and sample preparation |
• If core, whether cut or sawn and whether quarter, half or all core 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 appro- priateness of the sample |
•Systematic sub-sampling and sample preparation protocols were employed to ensure that samples re- mained representative of in situ mineralisation. For RC drilling, 1 m samples were split on site using a three- |
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| preparation technique. • Quality control procedures adopted for all sub-sam- pling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is repre- sentative of the in situ ma- terial collected, including for instance results for field duplicate/second-half sam- pling. • Whether sample sizes are appropriate to the grain size of the material being sampled. |
tier riffle splitter to achieve a target sample size of ap- proximately 2 to 3 kg for la- boratory submission. Wet samples encountered in shallow zones were left to dry naturally prior to split- ting where possible. For di- amond drilling, core was cut lengthwise using dia- mond-bladed core saws; half-core samples were col- lected for routine assay, while the other half was preserved for reference and potential future re-as- say. •Sample preparation at the laboratory followed industry best practices. Samples were oven dried, crushed to 70 to 85% passing 2 mm, then riffle split to produce a subsample for pulverisation. The pulver- ised material was milled to achieve at least 85% pass- ing 75 microns, producing a pulp of approximately 150 to 250 g for fire assay analysis. Quality assurance measures were built into preparation workflows, in- cluding the regular inclu- sion of duplicate splits and check samples. Laboratory facilities used (primarily Bu- reau Veritas Abidjan, SGS Ouagadougou) operated to ISO 17025 standards, and internal laboratory QAQC reviews were conducted regularly. |
|
| Quality of assay data and laboratory tests |
• The nature, quality and ap- propriateness of the assay- ing and laboratory proce- dures used and whether the technique is considered |
•Assay methodologies were based on internationally recognised standards and |
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in deter- mining the analysis includ- ing instrument make and model, reading times, cali- brations factors applied and their derivation, etc. • Nature of quality control procedures adopted (eg standards, blanks, dupli- cates, external laboratory checks) and whether ac- ceptable levels of accuracy (ie lack of bias) and preci- sion have been estab- lished. |
utilised reputable laborato- ries. All drill samples were primarily analysed for gold using 50 g fire assay with atomic absorption spec- troscopy (AAS) or induc- tively coupled plasma atomic emission spectros- copy (ICP-AES) finish. In cases where assays ex- ceeded 10 g/t Au, samples were re-analysed using a gravimetric finish to im- prove accuracy. For some RC and trench samples, particularly those with coarse gold, photon assay techniques were trialled to validate fire assay results. •Quality control procedures were rigorous. Certified ref- erence materials (stand- ards), field blanks, and field duplicates were inserted into the sample stream at regular intervals - approxi- mately one QAQC sample every 20 to 30 samples. Laboratory duplicates, in- ternal standards, and blanks were also moni- tored. QAQC data were routinely reviewed to en- sure analytical accuracy and precision. Failures (e.g., a standard outside 3 standard deviations) trig- gered immediate re-assay of sample batches. No sig- nificant long-term bias or drift was observed across the assay dataset. Labora- tories involved (Bureau Veritas, Abidjan and SGS, Ouagadougou) are ISO/IEC 17025 accredited, ensuringlaboratory prac- |
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| tices are consistent with in- dustry best practice. |
||
| Verification of sampling and assaying |
• The verification of signifi- cant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry proce- dures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data. |
•Verification of sampling and assaying was under- taken through a combina- tion of internal reviews, du- plicate analyses, and inde- pendent data validation ex- ercises. Field duplicates were collected regularly from RC drilling to monitor sampling precision, with re- sults demonstrating satis- factory repeatability of gold grades. CRMs and blanks were inserted at regular in- tervals to monitor assay ac- curacy and contamination. QAQC charts were re- viewed continuously by project geologists and ex- ternal consultants during key drilling campaigns. •The primary assay labora- tories (Bureau Veritas and SGS) conducted their own internal QC programs, which were also monitored. Limited twin drilling was conducted, with twin RC holes and DD holes used to verify mineralisation con- tinuity, grade reproducibil- ity, and geological interpre- tation; results confirmed good spatial reproducibility. While external umpire (sec- ondary lab) assay pro- grams were not routinely undertaken, the perfor- mance of primary laborato- ries and internal QAQC programs were considered satisfactory for the report- ing of Mineral Resources. Assay data and logging data were entered digitally |
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| into validated databases, and independent audits of the database have been performed during resource estimation reviews. |
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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 loca- tions used in Mineral Re- source estimation. • Specification of the grid system used. • Quality and adequacy of topographic control. |
•Drillhole collar locations were surveyed using a combination of differential GPS (DGPS) systems and total station surveying where higher precision was required. The DGPS sur- veys were conducted by trained field surveyors to ensure location accuracy suitable for Mineral Re- source estimation, with hor- izontal and vertical accu- racy generally within ±0.2 m. In areas of rugged to- pography or logistical diffi- culty, survey-grade handheld GPS units were temporarily used during ini- tial exploration stages (soil sampling, auger drilling, trenching), but were later replaced with DGPS sur- veys for all critical drill col- lars. •Elevation data were tied into the Nivellement Gé- néral de Côte d’Ivoire (NGCI) vertical datum. A topographic digital terrain model (DTM) was pro- duced using high-resolution satellite imagery and ground-truthing, which was used for both resource modelling and mine plan- ning. Grid systems used were WGS84, Zone 30N for initial exploration and UTM Zone 30N (WGS84 projection) for final re- source definition. |
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| 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 conti- nuity appropriate for the Mineral Resource and Ore Reserve estimation proce- dure(s) and classifications applied. • Whether sample composit- ing has been applied. |
•Drilling was conducted on nominal grid spacings ap- propriate for the level of confidence required for re- source estimation. In the main mineralised zones (Souwa, Chegue, and Kra- kara), RC and diamond drilling was performed on approximately 25 m x 25 m to 50 m x 50 m grids. Some areas of denser drilling (for example, grade control drilling) achieved spacing as tight as 10 m x 10 m. •Outside the main resource areas, reconnaissance and exploration drilling was more broadly spaced at 80 m x 80 m or larger inter- vals, appropriate for early- stage resource targeting. Soil sampling grids were generally established on 400 m x 400 m grids, with localised infill to 100 m or 200 m grids as needed. Data spacing was as- sessed during Mineral Re- source estimation and was found sufficient to establish geological and grade conti- nuity for the appropriate classifications (Measured, Indicated, and Inferred). No sample compositing was applied prior to resource estimation; raw assay inter- vals were used directly in estimation procedures. |
| Orientation of data in relation to geological structure |
• Whether the orientation of sampling achieves unbi- ased sampling of possible structures and the extent to which this is known, con- sidering the deposit type. • If the relationship between the drilling orientation and |
•Drilling programs were de- signed to target mineral- ised structures as close to perpendicular as possible to the interpreted dip of mineralisation at each de- posit. Most drillholes were |
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| Criteria | JORC Code explanation | Commentary |
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| the orientation of key min- eralised structures is con- sidered to have introduced a sampling bias, this should be assessed and reported if material. |
oriented towards the south- east or southwest with an inclination of -50° to -60°, depending on the local structural orientation of gold-bearing zones. The mineralisation is generally hosted in north-northeast trending structures dipping moderately to steeply to the east or west, making these drill orientations ap- propriate to intersect miner- alised zones at reasonable angles and to minimise bias in the intercept lengths. •Geological interpretations and cross sections confirm that drilling achieved rea- sonably representative in- tersections of mineralisa- tion. No significant sam- pling bias related to drilling orientation was observed during resource modelling and estimation. In areas of uncertainty or more com- plex structure (fold clo- sures, sheared zones), multiple drill directions were employed to cross- validate mineralisation ge- ometry. |
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| Sample security | • The measures taken to en- sure sample security. |
•Sample security protocols were implemented to en- sure the integrity of all col- lected samples from the point of collection through to laboratory delivery. After collection, samples were placed into pre-numbered, durable plastic bags and securely sealed. Multiple samples were then packed into larger polyweave sacks for easier handling |
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| and protection during transport. Samples were stored in a secure, super- vised facility at the explora- tion camp before transpor- tation. •Transport to the assay la- boratories (Bureau Veritas in Abidjan and SGS in Ouagadougou) was carried out either by company per- sonnel or trusted, con- tracted couriers. Chain-of- custody forms were main- tained throughout the transfer process, and re- ceipt of samples was acknowledged in writing by laboratory staff. While rig- orous internal controls were observed, there is no specific mention of external audits or independent over- sight of sample security protocols. However, no in- cidents of sample loss, tampering, or contamina- tion have been reported, and laboratory reconcilia- tion of received samples consistently matched dis- patch records. |
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| Audits or reviews | • The results of any audits or reviews of sampling tech- niques and data. |
•Audits and reviews of sam- pling techniques, assay data, and database integ- rity have been carried out periodically. Internal tech- nical reviews were per- formed by Centamin’s in- house geology and re- source teams throughout the exploration and re- source evaluation phases. These reviews covered sampling practices, QAQC data performance, logging standards, and database |
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| quality, ensuring consistent application of protocols and identifying areas for proce- dural improvement where necessary. •Independent reviews of the Resource models and sup- porting exploration data were conducted as part of the NI 43-101 technical re- port preparation. Qualified Persons (QPs) signed off on the Mineral Resource estimates after assessing the drilling, sampling, and QAQC procedures. |
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Mineral tenement and land tenure status |
• Type, reference name/number, location and ownership including agree- ments or material issues with third parties such as joint ventures, partner- ships, overriding royalties, native title interests, histori- cal sites, wilderness or na- tional park and environ- mental settings. • The security of the tenure held at the time of reporting along with any known im- pediments to obtaining a li- cence to operate in the area. |
•The Doropo Project is lo- cated in the northeast of Côte d’Ivoire, in the Boun- kani region approximately 480 km north of Abidjan, near the border with Burkina Faso. The project comprises a contiguous package of seven explora- tion permits ("Doropo Per- mit Package") covering a combined area of approxi- mately 1,847 km². •All tenements are held in good standing with the Côte d’Ivoire Ministry of Mines and have been maintained in accordance with local legal require- ments. There are no known outstanding disputes affect- ing the licences. Surface rights, compensation ar- rangements with local com- munities, and environmen- tal baseline studies have |
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| Criteria | JORC Code explanation | Commentary |
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| been addressed as part of the permitting and develop- ment process. Royalties in- clude a standard 4% gov- ernment royalty on gold production as prescribed under Ivorian mining law. No third-party ownership interests, material encum- brances, or joint venture ar- rangements affecting the Doropo Project have been disclosed. |
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| Exploration done by other parties |
• Acknowledgment and ap- praisal of exploration by other parties. |
•Historical exploration activi- ties prior to Centamin's in- volvement were limited. There are no records of systematic exploration or drilling by major interna- tional companies. Previous work primarily consisted of regional-scale geochemical surveys and government- sponsored mapping pro- grams conducted by the Côte d’Ivoire geological survey and local govern- ment initiatives. These ac- tivities provided basic geo- logical context but did not lead to significant discovery or development efforts. •Centamin’s exploration ef- forts since acquiring the permits have been respon- sible for the identification, systematic testing, and ad- vancement of the Doropo Mineral Resource. No Min- eral Resources or signifi- cant exploration targets from previous explorers were inherited by Cen- tamin. All resources re- ported to date result from Centamin’s soil sampling, auger drilling, trenching, |
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| Criteria | JORC Code explanation | Commentary |
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| and drilling campaigns. As such, historical data has not materially contributed to the current Mineral Re- source Estimate. |
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| Geology | • Deposit type, geological setting and style of mineral- isation. |
•The Doropo Project is lo- cated within the Birimian- age greenstone belts of the West African Craton, a pro- lific geological setting known for hosting orogenic gold deposits. Specifically, the project lies in northern Côte d’Ivoire, comprising a sequence of volcano-sedi- mentary rocks, including mafic volcanics, interbed- ded metasediments, felsic intrusives, and minor ultra- mafic units. The local geol- ogy consists predominantly of intermediate to mafic volcaniclastic rocks, in- truded by granitoid bodies and crosscut by regional shear zones. •Gold mineralisation is pri- marily structurally con- trolled, hosted within mod- erate- to steeply-dipping quartz–carbonate–sulphide vein arrays. These veins are developed along shear zones, fault splays, and lithological contacts. Miner- alisation is associated with strong silica, sericite, car- bonate, and minor chlorite alteration halos. Sulphide minerals such as pyrite, ar- senopyrite, and lesser amounts of pyrrhotite are common, closely associ- ated with gold occurrence. The mineralisation style is typical of orogenic lode gold systems, withgold |
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| generally occurring as free grains and fine inclusions within sulphides. Structural controls, including vein ori- entations and competency contrasts between rock units, are critical factors in- fluencing the distribution and continuity of minerali- sation. |
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| Drill hole Information | • A summary of all infor- mation material to the un- derstanding of the explora- tion results including a tab- ulation of the following in- formation for all Material drill holes: o easting and northing ofthe drill hole collar o elevation or RL (Re-duced Level – elevation above sea level in me- tres) of the drill hole col- lar o dip and azimuth of thehole o down hole length andinterception depth o hole length.• If the exclusion of this infor- mation is justified on the basis that the information is not Material and this exclu- sion does not detract from the understanding of the report, the Competent Per- son should clearly explain why this is the case. |
•The NI 43-101 Technical Report provides compre- hensive drillhole infor- mation, covering collar lo- cations, drill hole depths, azimuths, dips, and key in- tersections. Drillhole collars were surveyed using differ- ential GPS (DGPS) or total station equipment, and were tied into a local grid based on the UTM Zone 30N, WGS84 datum. Com- plete lists of drill collars, in- cluding northing, easting, elevation, azimuth, dip, and total depth, are included in appendices of the technical report for all holes used in Resource estimation. •Significant exploration re- sults and Mineral Resource drill intersections are re- ported systematically, with true thickness considera- tions discussed where rele- vant. The database in- cludes 5,794 drillholes for a total of 547,805 m of drill- ing. The report also pro- vides detailed composite intercept tables for repre- sentative drilling results across all principal deposits (Souwa, Chegue, Krakara, etc.), including downhole depth intervals,gold |
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| grades, and sample lengths. |
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| Data aggregation methods | • In reporting Exploration Re- sults, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate inter- cepts incorporate short lengths of high grade re- sults and longer lengths of low grade results, the pro- cedure used for such ag- gregation 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 and Mineral Resource drill inter- cepts are reported based on compositing of contigu- ous mineralised intervals. Assay results were compo- sited to ensure that sample length variability did not in- troduce bias. Only intervals above a certain cut-off grade (typically 0.5 g/t Au for mineralised zones) were included when report- ing exploration results. •No top-cutting (grade cap- ping) was applied when presenting raw exploration results; however, top-cut- ting was considered and applied during Mineral Re- source estimation to control the influence of extreme outlier grades. Composites used downhole lengths of 1 m, reflecting the RC and DD sampling intervals. Where lower grade mate- rial was present within higher-grade zones, inter- nal dilution up to 2 m was accepted within the compo- sited interval to maintain geological continuity. |
| Relationship between mineralisation widths and intercept lengths |
• These relationships are particularly important in the reporting of Exploration Re- sults. • If the geometry of the min- eralisation 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 ef- fect(eg ‘down hole length, |
•The majority of drilling was designed to intersect min- eralisation as close as pos- sible to true width by orient- ing drillholes approximately perpendicular to the domi- nant strike and dip of min- eralised structures. Drill- holes were typically in- clined at -50° to -60° an- gles depending on local ge- ological conditions, and |
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| true width not known’). | aimed at intersecting min- eralised zones that dip moderately (30°to 70°) to- wards the east or west (ac- cording to the individual de- posit). As such, downhole intercept lengths reported in exploration results ap- proximate true widths in most cases, particularly in the main Souwa, Chegue, and Krakara deposits. •In cases where drilling was oblique to structures - par- ticularly in folded or com- plex structural zones, true widths were estimated or commentary provided where necessary. No mate- rial bias in grade or conti- nuity arising from drilling orientation was identified during Mineral Resource estimation. Geological modelling used structural measurements, cross sec- tions, and 3D wireframes to constrain true thickness of the mineralised zones. |
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| Diagrams | • Appropriate maps and sec- tions (with scales) and tab- ulations of intercepts should be included for any significant discovery being reported These should in- clude, but not be limited to a plan view of drill hole col- lar locations and appropri- ate sectional views. |
•The NI 43-101 Technical Report provides a variety of diagrams that illustrate the distribution of mineralisa- tion, drill coverage, geologi- cal interpretation, and re- source outlines. These in- clude: •Plan view maps showing drill hole collar locations and surface projections of the mineralised zones. •Cross sections and long sections through key de- posits (e.g., Souwa, Chegue, Krakara) depicting lithological units, inter- preted mineralisation |
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| wireframes, and drill inter- cepts. •3D block models illustrating grade distribution and re- source classifications. •Regional geological maps. |
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| Balanced reporting | • Where comprehensive re- porting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid mislead- ing reporting of Exploration Results. |
•Exploration results are pre- sented in a manner that is consistent with balanced reporting principles. Both positive results (significant gold intersections) and lower-grade or barren drill- ing outcomes are dis- cussed in the report narra- tive. Significant intercepts are reported based on a gold cut-off (typically 0.5 g/t Au), and intervals that do not meet this threshold are not excluded without com- ment - their absence is im- plied where relevant. Where drill programs en- countered areas of weak mineralisation or barren ge- ology, this is acknowledged qualitatively in the discus- sion of deposit extents and geological domains. •Resource estimation was based on all available drill- ing data, not just high- grade intervals. |
| Other substantive exploration data |
• Other exploration data, if meaningful and material, should be reported includ- ing (but not limited to): geo- logical observations; geo- physical survey results; ge- ochemical survey results; bulk samples – size and method of treatment; met- allurgical test results; bulk density, groundwater, ge- otechnical and rock charac- teristics; potential deleteri- ous or contaminating sub- stances. |
•In addition to drilling and trenching, Centamin has completed several substan- tive exploration programs across the Project area, in- cluding extensive soil geo- chemistry, auger drilling, geophysical surveys, and baseline environmental studies. •Soil geochemistry: Over 92,000 soil samples were collected between 2014 |
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| and 2022 on grids varying from 400 x 400 m down to 100 x 100 m, helping to identify coherent gold-in- soil anomalies that guided subsequent drilling. •Auger drilling: Approxi- mately 28,000 auger holes were drilled to sample through laterite cover to saprolite, providing a 3D geochemical signature where soil sampling was in- effective. •Geophysics: Regional aeromagnetic and radio- metric surveys were con- ducted by government agencies, with Centamin reprocessing this data to aid in geological interpreta- tion and target generation. Ground-based induced po- larisation (IP) surveys were conducted selectively over key prospects to assist in structural interpretation. •Preliminary metallurgical testwork was performed on representative mineralised material. Testwork indi- cated that gold mineralisa- tion was amenable to con- ventional gravity recovery and cyanide leaching, with excellent recoveries (>90% extraction) achievable. Ad- ditionally, environmental baseline studies have been completed across the Doropo permit area to sup- port permitting require- ments. |
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| Further work | • The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or |
•Future work will focus on advancing the deposit to- ward production readiness. |
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| large-scale step-out drill- ing). • Diagrams clearly highlight- ing the areas of possible extensions, including the main geological interpreta- tions and future drilling ar- eas, provided this infor- mation is not commercially sensitive. |
Key programs planned in- clude infill drilling to up- grade portions of the Min- eral Resource from Indi- cated to Measured classifi- cation, particularly in the Souwa, Chegue, and Kra- kara deposits. Additional step-out and extensional drilling is also proposed to target near-mine explora- tion opportunities along the interpreted structural corri- dors, with the aim of in- creasing the overall re- source base. •Further geotechnical drill- ing and pit slope studies are planned to refine open- pit designs, along with ad- ditional hydrogeological in- vestigations to support mine dewatering strategies. Metallurgical testwork will be expanded, including variability testing across different ore domains to op- timise processing flow- sheets. Environmental and social impact assessments (ESIA) will continue to en- sure compliance with per- mitting obligations. |
Section 3 Estimation and Reporting of Mineral Resources
(Criteria listed in section 1, and where relevant in section 2, also apply to this section.)
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Database integrity | • Measures taken to ensure that data has not been cor- rupted by, for example, transcription or keying er- rors, between its initial col- lection and its use for Min- eral Resource estimation purposes. • Data validation procedures used. |
•The drillhole database has been developed and man- aged using industry-stand- ard practices. Geological, geotechnical, and assay data were initially collected in field log sheets or digital capture tools and subse- |
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| Criteria | JORC Code explanation | Commentary |
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| quently entered into a cen- tralised SQL-based data- base system. Data entry protocols included valida- tion checks to reduce tran- scription errors, including dropdown lists for logging codes and automated field validations. Independent verification of key fields (collar locations, assay re- sults, geology codes) against original laboratory certificates and field rec- ords was carried out peri- odically. •Database administration was performed by Cen- tamin’s in-house data man- agement team, and peri- odic reviews and audits were conducted to check for consistency, missing fields, duplications, and logical errors. The data- base was exported and in- dependently validated prior to each Mineral Resource estimation. Assay results were matched against orig- inal laboratory certificates to ensure accuracy, and downhole survey data was checked for consistency with expected drillhole tra- jectories. No material er- rors or significant discrep- ancies were identified dur- ing validation. |
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| Site visits | • Comment on any site visits undertaken by the Compe- tent Person and the out- come of those visits. • If no site visits have been undertaken indicate why this is the case. |
•Site visits were conducted by Qualified Persons (QPs) responsible for the Mineral Resource estimate. The site visits included direct observation of drilling oper- ations (RC and diamond drilling), core handlingand |
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| sampling practices, geolog- ical logging procedures, and data management workflows. •During the site visits, the QP reviewed: drill collar lo- cations, sampling repre- sentivity (soil, auger, RC, DD), core logging facilities, QAQC sample insertion and management, sample security and transport pro- cedures. •No material issues or in- consistencies were identi- fied during the site visits. |
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| Geological interpretation | • Confidence in (or con- versely, the uncertainty of ) the geological interpreta- tion of the mineral deposit. • Nature of the data used and of any assumptions made. • The effect, if any, of alter- native interpretations on Mineral Resource estima- tion. • The use of geology in guid- ing and controlling Mineral Resource estimation. • The factors affecting conti- nuity both of grade and ge- ology. |
•The Doropo Gold Project comprises sixteen pro- spects, Attire, Enioda, Chegue Main, Chegue South, Han, Hinda, Hinda South, Kekeda, Kilosegui, Nare, Nokpa, Sanboyoro, Solo, Souwa, Tchouahinin, and Vako. •The geological interpreta- tion for each is based on a combination of surface mapping, soil geochemis- try, trenching, drilling (RC and diamond core), and geophysical data. The min- eralisation is structurally controlled, typically hosted within quartz–carbonate– sulphide vein arrays aligned along north-north- east trending shear zones. Detailed geological logging of drill core and RC chips provided information on li- thology, alteration, mineral- isation styles, and struc- ture, which were incorpo- rated into the 3D geological models. |
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| •Wireframes were con- structed around logged mineralisation envelopes using a nominal cut-off of approximately 0.3 to 0.5 g/t Au, depending on deposit and geological domain. In- terpretation of geological continuity, mineralised do- main boundaries, and grade distribution is sup- ported by close-spaced drilling (especially in Souwa, Chegue, and Kra- kara) and structural meas- urements taken from ori- ented core. Confidence in the interpretation is high where drilling density is greater, while areas of wider drill spacing retain a lower confidence, resulting in appropriate resource classification into Meas- ured, Indicated, or Inferred. |
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| Dimensions | • The extent and variability of the Mineral Resource ex- pressed as length (along strike or otherwise), plan width, and depth below sur- face to the upper and lower limits of the Mineral Re- source. |
•The Doropo Mineral Re- source comprises multiple discrete deposits, the larg- est of which are Souwa, Chegue, and Krakara. These deposits are struc- turally controlled lode gold systems that occur along northeast-trending shear zones. The mineralised zones are typically hosted in altered mafic to interme- diate volcanic rocks and are characterised by mod- erate to steep dips. •The combined strike length of individual mineralised lodes within the Doropo Project is over 12 km, with individual deposits ranging from 300 m to over 2.5 km in length. Mineralised |
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| Criteria | JORC Code explanation | Commentary |
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| zones are generally 3 to 15 m thick but can reach widths of up to 30 m in dila- tional zones or where stacked lodes coalesce. The mineralisation extends from near surface to verti- cal depths of 100 to 250 m, with some mineralised do- mains drilled to 300 to 400 m vertical depth, particu- larly in Souwa. |
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| Estimation and modelling techniques |
• The nature and appropri- ateness of the estimation technique(s) applied and key assumptions, including treatment of extreme grade values, domaining, interpo- lation parameters and max- imum distance of extrapo- lation from data points. If a computer assisted estima- tion method was chosen in- clude a description of com- puter software and param- eters used. • The availability of check estimates, previous esti- mates and/or mine produc- tion records and whether the Mineral Resource esti- mate takes appropriate ac- count of such data. • The assumptions made re- garding recovery of by- products. • Estimation of deleterious elements or other non- grade variables of eco- nomic significance (eg sul- phur for acid mine drainage characterisation). • 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 min- ing units. • Any assumptions about |
•Software used for the Min- eral Resource estimate in- cluded Geoaccess Profes- sional, Leapfrog Geo, Sur- pac and Isatis v2018.5. •The Mineral Resource esti- mate for the Doropo Pro- ject was estimated using Ordinary Kriging (OK) inter- polation and Local Uniform Conditioning (LUC). Esti- mation was conducted within hard boundary min- eralisation domains defined by 3D wireframes, con- structed based on geologi- cal logging, assay results, trenching, and geophysical interpretations. Drillhole data was composited to 1 m intervals prior to esti- mation. High-grade outlier values were assessed through statistical analysis of gold grade distributions by domain, and top-cuts were applied on an individ- ual domain basis to reduce the influence of extreme grades. In some areas a distance limiting constraint was applied. Variogram models were developed in Gaussian space to model the spatial continuityof |
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| correlation between varia- bles. • Description of how the geo- logical interpretation was used to control the re- source estimates. • Discussion of basis for us- ing or not using grade cut- ting 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. |
gold grades and back transformed prior to esti- mation. Search ellipses were oriented along the dominant structural trends observed in the mineralisa- tion. •The block models were constructed for each de- posit with a parent block size of 5 m x 5 m x 2.5 m – the assumed ultimate SMU block size and rotated ac- cording to the orientation of the deposit. The OK inter- polation was undertaken into relatively large panel blocks – predominantly 20 m x 20 m x 5 m but varia- ble depending on deposit. Sub-blocking was utilised to accurately honour geo- logical and mineralisation boundaries. •No mining dilution or recov- ery factors were applied; the estimate reflects in-situ grades and tonnages. •Only gold was estimated; no deleterious elements were modelled. No by- products were considered, and no correlations be- tween variables were as- sumed as only gold was economically significant. •The model was validated through visual inspections, comparison of input com- posite grades to block grades, swath plot analy- sis, and global statistical checks. No reconciliation to mining production was pos- sible as the Doropo Project remains pre-production at this time. |
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| Criteria | JORC Code explanation | Commentary |
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| Moisture | • Whether the tonnages are estimated on a dry basis or with natural moisture, and the method of determina- tion of the moisture con- tent. |
•Tonnages are estimated and reported on a dry ba- sis. |
| Cut-off parameters | • The basis of the adopted cut-off grade(s) or quality parameters applied. |
•The Mineral Resource esti- mates for the Doropo Pro- ject were reported using a 0.3 g/t Au cut-off grade. This cut-off was selected based on PFS assumptions that reflect open pit mining methods, anticipated pro- cessing costs, metallurgical recoveries, and a long-term gold price assumption. •The 0.3 g/t Au cut-off rep- resents a reasonable ex- pectation for economic ex- traction in a conventional open-pit scenario with moderate stripping ratios and CIL (carbon-in-leach) gold recovery. |
| Mining factors or assumptions | • Assumptions made regard- ing possible mining meth- ods, minimum mining di- mensions and internal (or, if applicable, external) min- ing dilution. It is always necessary as part of the process of determining rea- sonable prospects for eventual economic extrac- tion to consider potential mining methods, but the assumptions made regard- ing mining methods and parameters when estimat- ing 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. |
•Mining factors and as- sumptions are based on the expectation of open pit mining methods using con- ventional truck and shovel operations. Optimised pit shells were generated us- ing Whittle optimisation software to test the reason- able prospects for eventual economic extraction. These pit shells informed the re- porting constraints applied to the Mineral Resource estimate. •The pit optimisations were generated by Orelogy with key mining parameters summarised below; • All models were re- blocked to 10 mX x 10 mY x 5 mRL; • Goldprice assumption |
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| Criteria | JORC Code explanation | Commentary |
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| of USD3,000 per troy ounce; • Overall pit wall slope angles used are (in the range of): o24° in oxide; o28° in transitional; o48° in fresh; • Mining Recovery of 92% (8% ore loss); • Mining Dilution of 14%; • Process Recovery: oOxide: 93.5% |
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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 determin- ing reasonable prospects for eventual economic ex- traction to consider poten- tial metallurgical methods, but the assumptions re- garding metallurgical treat- ment processes and pa- rameters made when re- porting Mineral Resources may not always be rigor- ous. Where this is the case, this should be re- ported with an explanation of the basis of the metallur- gical assumptions made. |
•Preliminary metallurgical testwork has been con- ducted on representative mineralised material from the Doropo Project. Sam- ples were collected across a range of deposits (Souwa, Chegue, Krakara) and across different oxida- tion states (oxide, transi- tional, and fresh rock). Testwork was performed at certified laboratories and included gravity recovery tests, cyanidation leaching tests, and bottle roll tests. •The results indicate that gold mineralisation is ame- nable to conventional grav- ity recovery followed by CIL (carbon-in-leach) pro- cessing, achieving high gold recoveries generally exceeding 90%. Oxide ma- terial exhibited slightly higher recovery rates than fresh rock, but all major ore types demonstrated favour- able leach kinetics. No sig- nificant metallurgical chal- lenges, such as refractory gold or deleterious ele- ments affectingprocessing, |
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| Criteria | JORC Code explanation | Commentary |
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| were identified during initial testwork. |
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| Environmen-tal factors or assumptions |
• Assumptions made regard- ing possible waste and pro- cess residue disposal op- tions. It is always neces- sary as part of the process of determining reasonable prospects for eventual eco- nomic extraction to con- sider the potential environ- mental impacts of the min- ing and processing opera- tion. While at this stage the determination of potential environmental impacts, particularly for a green- fields project, may not al- ways be well advanced, the status of early considera- tion of these potential envi- ronmental impacts should be reported. Where these aspects have not been considered this should be reported with an explana- tion of the environmental assumptions made. |
•Environmental and social baseline studies have been conducted across the pro- ject area, including flora and fauna surveys, water quality sampling, heritage site assessments, and so- cial impact studies. These baseline investigations were undertaken to inform the Environmental and So- cial Impact Assessment (ESIA) process, which is a legal requirement for ob- taining a Mining Licence in Côte d’Ivoire. •An ESIA and Resettlement Action Plan (RAP) were prepared in accordance with Ivorian regulations and submitted to the relevant authorities. Environmental certificates and approvals have been granted as part of the Mining Licence issu- ance. Key environmental risks identified (such as water management, waste disposal, and biodiversity preservation) have been assessed at a preliminary level and mitigation measures proposed, alt- hough final designs (e.g., for tailings storage facilities and mine waste dumps) will be completed during Feasibility Studies. •There are no known envi- ronmental issues that would materially affect the reasonable prospects of eventual economic extrac- tion of the Mineral Re- |
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| Criteria | JORC Code explanation | Commentary |
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| sources. Ongoing monitor- ing and additional environ- mental studies are planned as the project advances to- ward development. |
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| Bulk density | • Whether assumed or deter- mined. If assumed, the ba- sis for the assumptions. If determined, the method used, whether wet or dry, the frequency of the meas- urements, 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 differ- ences between rock and al- teration zones within the deposit. • Discuss assumptions for bulk density estimates used in the evaluation pro- cess of the different materi- als. |
•Bulk density measure- ments were taken system- atically using drill core samples from across the various deposits and oxida- tion zones (oxide, transi- tional, and fresh rock). The measurements were con- ducted using the Archime- des principle (water immer- sion displacement method) on core samples. Samples were oven-dried before testing to ensure that mois- ture content did not artifi- cially influence the density readings. •A substantial dataset of 19,587 bulk density meas- urements were collected and statistically analysed. Density values were as- signed to different oxidation domains as follows: •Oxide material: average bulk density ~1.8–2.0 t/m³, •Transitional material: ~2.3– 2.5 tm³, •Fresh rock: ~2.7 t/m³. •These domain-specific densities were applied to the block model based on the oxidation state of each block. Density variability was reviewed, and no sig- nificant spatial inconsisten- cies were identified that would materially affect the Mineral Resource estimate. |
| Classification | • The basis for the classifica- tion of the Mineral Re- |
•The Mineral Resource has been classified and re- ported in accordance with |
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| sources into varying confi- dence categories. • Whether appropriate ac- count has been taken of all relevant factors (ie relative confidence in ton- nage/grade estimations, re- liability of input data, confi- dence in continuity of geol- ogy and metal values, qual- ity, quantity and distribution of the data). • Whether the result appro- priately reflects the Compe- tent Person’s view of the deposit. |
the CIM Definition Stand- ards. Resources were clas- sified into Measured, Indi- cated, and Inferred catego- ries based on a combina- tion of drilling density, geo- logical confidence, continu- ity of mineralisation, and data quality. •Measured Resources were assigned in areas where drilling density was highest (nominally on 10 m x 10 m grids), geological and min- eralisation continuity was well established, and data quality (assays, surveys, logging) was considered excellent. •Indicated Resources were defined in areas of moder- ate drilling density (typically 25 m to 30 m spacing) where mineralisation conti- nuity and geological con- trols were reasonably well understood. •Inferred Resources were assigned to zones with broader drill spacing up to 50 m x 50 m, lower geolog- ical confidence, or where extrapolation beyond drill- ing data was required. •The classification approach appropriately reflects the level of confidence in the underlying geological mod- els, sampling methods, and assay results. |
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| Audits or reviews | • The results of any audits or reviews of Mineral Re- source estimates. |
•No independent audit has been completed on the Doropo Mineral Resource Estimate. •Cube undertook regular in- ternal peer reviews during the course of the MRE |
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| Criteria | JORC Code explanation | Commentary |
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| work. | ||
| Discussion of relative accuracy/ confidence |
• Where appropriate a state- ment of the relative accu- racy and confidence level in the Mineral Resource es- timate using an approach or procedure deemed ap- propriate by the Competent Person. For example, the application of statistical or geostatistical procedures to quantify the relative accu- racy 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 confi- dence of the estimate. • The statement should specify whether it relates to global or local estimates, and, if local, state the rele- vant tonnages, which should be relevant to tech- nical and economic evalua- tion. Documentation should include assumptions made and the procedures used. • These statements of rela- tive accuracy and confi- dence of the estimate should be compared with production data, where available. |
•The relative accuracy and confidence of the Doropo Mineral Resource esti- mates are considered ap- propriate for the classifica- tion levels assigned. •No production data is avail- able for direct reconcilia- tion, as the project is still in the exploration and devel- opment phase. •At the global scale, the Mineral Resource estimate is considered to have an accuracy commensurate with industry expectations for a project at the ad- vanced exploration and prefeasibility stages. |
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