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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

  • 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

  • Most of the Mineral Resources are within 150m of surface and the larger deposits (Kilosegui and Souwa) remain open along strike and at depth

  • 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;

  • 1 - RPEEE is defined by optimised pit shells based on a gold price of $2,000/oz;

  • 2 - RPEEE is defined by optimised pit shells based on a gold price of $3,000/oz;

  • Reported at a gold grade cut-off of 0.3 g/t Au;

  • Includes drill holes up to and including 27 August 2023;

  • 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.
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.
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
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.
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.
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
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.
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
and drilling campaigns. As
such, historical data has
not materially contributed
to the current Mineral Re-
source Estimate.
Geology Deposit type, geological
setting and style of 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.
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 of
the 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 the
hole
o down hole length and
interception 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.
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.
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.
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.
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
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.
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.
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.
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
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.
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
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
of USD3,000 per troy
ounce;

Overall pit wall slope
angles used are (in
the range of):
o
24° in oxide;
o
28° in transitional;
o
48° in fresh;

Mining Recovery of
92% (8% ore loss);

Mining Dilution of
14%;

Process Recovery:
o
Oxide: 93.5%
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
were identified during initial
testwork.
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
sources. Ongoing monitor-
ing and additional environ-
mental studies are planned
as the project advances to-
ward development.
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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Criteria JORC Code explanation Commentary
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.
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
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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