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Resolute Mining Limited Capital/Financing Update 2025

Apr 30, 2025

10548_rns_2025-04-30_b5a4d379-8174-4b4c-85dc-f4dc444634d3.pdf

Capital/Financing Update

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ASX Announcement
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1 May 2025

Acquisition of the Doropo and ABC Gold Projects in Côte d’Ivoire

Acquisition of high-quality near-term production asset in an established mining jurisdiction strongly enhances and diversifies Resolute’s portfolio of gold assets. Acquisition to be funded from existing liquidity sources

Highlights

  • Resolute is pleased to announce it has entered into a binding agreement to acquire the Doropo and ABC Projects in Côte d’Ivoire from AngloGold Ashanti (“AngloGold”) for US$150 million, comprising a US$25 million upfront cash consideration on closing and US$125 million deferred cash consideration that will be paid in two instalments:

  • US$50 million paid 18 months after closing; and

  • US$75 million paid 30 months after closing

  • The transaction consideration also includes:

  • A 2% royalty over the ABC Project and US$10 million contingent payment due upon the release of a Feasibility Study over the ABC Project that outlines a Mineral Reserve (JORC 2012) exceeding 1Moz of gold

  • The transfer of all Resolute’s exploration permits in Guinea to AngloGold (which is subject to government approval); should the transfer not be completed within 18 months from signing Resolute will pay US$25 million to AngloGold in lieu of the transfer

  • Resolute is excited to add further exposure to Côte d’Ivoire, in which it already has an existing exploration portfolio. The Company views Côte d’Ivoire as a stable, well-established mining jurisdiction where several large gold mines have entered into production in recent years

  • Doropo is a definitive feasibility study (“DFS”) stage project located in the northeast of Côte d’Ivoire with a Mineral Reserve of 1.88Moz grading 1.53 g/t Au[1] . The 2024 DFS outlined an open pit operation, producing an average of 167koz per annum at an average AISC of US$1,047/oz over 10 years

  • The development of the Doropo Project is expected to materially increase Resolute’s annual gold production to above 500koz, complementing the Company’s existing operations, the Syama Gold Mine in Mali and the Mako Gold Mine in Senegal

  • Resolute believes this is a highly accretive transaction for current and future stakeholders. The 2024 DFS highlighted a post-tax IRR of 34% with a 2.1-year payback at a gold price assumption of US$1,900/oz

  • Resolute intends to optimise and de-risk the 2024 DFS through a number of workstreams. Importantly to update pit shell designs to align with the Company’s reserve gold price assumption (DFS

1 The Mineral Reserve estimate is a foreign estimate and is not reported in accordance with the JORC Code. A competent person has not done sufficient work to classify the foreign estimate as an Ore Reserve in accordance with the JORC Code 2012. It is uncertain that following evaluation and/or exploration work that the foreign estimate will be able to be reported as an Ore Reserve under the JORC Code 2012. Doropo Mineral Reserve comprised of Proven Mineral Reserve of 1.3Mt @ 1.73g/t Au and Probable Mineral Reserve of 37.0Mt @ 1.53 g/t Au. See Appendix B below for further details and also refer to the NI43-101 Technical report with an effective date of 18 July 2024, at reserve gold price of $1,450/oz.

Level 17, 2 The Esplanade, Perth, Western Australia 6000 T +61 8 9261 6100 E [email protected]

Resolute Mining Limited ABN 39 097 088 689

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US$1,450/oz, Resolute US$1,950/oz), exploring the addition of diesel backup power, reevaluating the design layout of the key components on site and refreshing cost estimates to update for 2025 pricing.

  • The Company expects to reach a final investment decision by the end of 2025 followed by approximately two years of construction and first production by mid-2028[2]

  • The acquisition and development of Doropo is intended to be funded from existing liquidity sources in addition to external debt facilities with a project finance process being initiated shortly

  • The ABC Project is a greenfield exploration project which has an Inferred Mineral Resource Estimate of 2.16Moz grading 0.9 g/t Au[3]

All $ are United States Dollars unless stated otherwise

Resolute’s Managing Director and CEO, Chris Eger commented :

This acquisition marks an exciting new chapter for Resolute. We believe it is a highly accretive transaction that provides a foundation for future value creation for all stakeholders. The Doropo and ABC Projects present a compelling opportunity to diversify and increase our production profile in the near term to over 500koz, harnessing our existing exploration presence in Côte d’Ivoire, a highly regarded and established mining jurisdiction. The incorporation of a third mining jurisdiction to our portfolio is a pivotal moment, and a firm indication that the Company has repositioned itself for growth.

Once in production, Doropo will complement Resolute’s existing operations at Syama and Mako, further strengthening the Group’s cash flow. Doropo is expected to be a low-cost asset, as outlined in the 2024 DFS, and is expected to significantly enhance group performance.

The addition of Doropo and ABC fits into Resolute’s strategy of becoming a diversified leading gold producer in Africa with strong growth potential. Syama’s size and longevity provides a foundation of stable cash flows for the Company to execute on its growth plans. We also remain excited about the extension of the mine life at our Mako operation through the Bantaco and Tomboronkoto satellite projects.

As part of the Doropo acquisition, we are excited to be inheriting a very capable and dedicated in-country team who will be crucial to progressing Doropo into production. Our next steps will be to finish permitting, supplement our projects team and initiate a review of the project in conjunction with the Front-End Engineering and Design process. Following this we expect a final investment decision to be made by the end of this year.

We are confident that we can leverage Resolute’s long African heritage, and the current management team’s skill set to develop Doropo into a top-class, high-quality gold mine, as we have done before. Doing so will create significant value not only for the country and the local community but importantly for all our stakeholders. Resolute is committed to creating shareholder value and will continue to evaluate future opportunities in pursuit of this.”

2 See Proposed Path to Production on page 5.

3 The Mineral Resource estimate is a foreign estimate and is not reported in accordance with the JORC Code. A competent person has not done sufficient work to classify the foreign estimate as Mineral Resources in accordance with the JORC Code 2012. It is uncertain that following evaluation and/or exploration work that the foreign estimate will be able to be reported as Mineral Resources under the JORC Code 2012. ABC Project Inferred Mineral Resource of 72.0Mt @ 0.9 g/t Au. See Appendix C below for further details and also refer to the NI43-101 Technical report with an effective date of 31 July 2021, at 0.5g/t cut-off grade.

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Resolute will be hosting a conference call on 1 May 2025 at 09:00 BST (18:00 AEST). Please see below for the conference call details.

Resolute will be hosting a conference call on 1 May
for the conference call details.
2025 at 09:00 BST (18:00 AEST). Please see below
Dial in number(s) UK-Wide: +44 (0) 33 0551 0200
USA Local: +1 786 697 3501
USA Toll Free: 866 580 3963
Sydney: +61 (0) 2 8014 9383
Australia Toll Free: 1 800 681 584
South Africa Toll Free: 0 800 980 512
Password (if prompted) QuoteResolute Mining when prompted by the
operator

A presentation, to accompany the call, will be available for download on the Company’s website: https://www.rml.com.au/investors/presentations/.

Resolute Mining Limited (“Resolute” or “the Company”) (ASX/LSE: RSG) is pleased to announce that it has signed an agreement to acquire the Doropo and ABC gold projects, located in Côte d’Ivoire, from AngloGold Ashanti plc (“AngloGold”) for a total cash consideration of US$150 million, as well as a royalty and milestone payment over the ABC Project and the transfer of Resolute’s Guinean exploration permits, to AngloGold.

Resolute has secured what it believes is an outstanding opportunity in acquiring the Doropo Project. This acquisition puts Resolute on an exciting pathway over the next three years to increase annual gold production to over 500koz. Once in production the Doropo Project will complement Resolute’s existing operations, the Syama Mine in Mali and the Mako Mine in Senegal and will add future revenue diversification from Cote d’Ivoire. Moreover, we expect Doropo's attractive AISC, as outlined in the 2024 DFS, to significantly lower the Group's cost base and substantially increase free cash flow generation once in production

The upfront cash consideration will be funded from existing liquidity sources and deferred cash consideration is expected to be funded from cash flows generated from the Company’s operations at Syama and Mako. Development funding for the construction of Doropo is expected to be funded from a combination of existing liquidity, cash flows from Syama and Mako, and project financing.

As of 31 March 2025, Resolute was in a net cash position of US$100.3 million and had total available liquidity of more than US$185 million. This is further enhanced by strong cash flow generation expected from Syama and Mako mines over the next three years. Resolute has been in discussions with several banks in relation to project financing related to development capital requirements. The Company is confident that there will be strong demand for the project financing component given the high-quality nature of Doropo.

Resolute is fully equipped to rapidly advance Doropo toward production. The Company intends to further optimise the 2024 DFS ahead of a Final Investment Decision (“FID”) by the end of 2025.

The exploration-stage ABC Project has a sizeable existing Inferred Mineral Resource Estimate of 2.16Moz. This project presents Resolute with another interesting exploration opportunity in Côte d’Ivoire alongside the Company’s existing La Debo Project.

Upon completion of the transfer of Resolute’s Guinean exploration permits to AngloGold, Resolute will no longer have a presence in Guinea. The Company, however, will continue to look at opportunities within the country and still believes in the gold prospectivity in the Siguiri Basin.

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Doropo Overview

The Doropo Project, which comprises seven exploration permits, covering an area of approximately 1,850km[2] , is in the northeast of Côte d’Ivoire in the Bounkani region, 480 km north of the capital Abidjan and 50 km north of the city of Bouna.

The undeveloped Doropo Gold Project is centred on open pit mining of a cluster of eleven gold deposits out of sixteen deposits/prospects in seven contiguous exploration permits. Mineral Reserves of 38.2 Mt grading 1.53g/t (1.88 Moz contained on a 100% basis) are currently stated for eight mining targets. Measured and Indicated Mineral Resources across the sixteen gold deposits comprise 76.9 Mt grading 1.26g/t (3.0 Moz contained, and inclusive of Mineral Reserves) and 7.4Mt at 1.23g/t Au Inferred Mineral Resources (0.28 Moz).

A Pre-Feasibility Study (“PFS”) was completed in 2023 and the DFS in 2024. The DFS contemplates open-pit mining feeding a 4.2 Mtpa processing plant, producing an average of 167koz per annum at an average all in sustaining cost (“AISC”) of US$1,047/oz over 10 years with a construction capital estimate of US$373 million.[3] At a long-term flat gold price assumption of US$1,900/oz the 2024 DFS highlighted a post-tax IRR of 34% for Doropo[4] . Resolute intends to further optimise the DFS and explore opportunities that are intended to derisk the operational phase of the project. These opportunities include the addition of diesel back up power to maximise plant availability.

The project has received regulatory approval for its Environmental and Social Impact Assessment and the environmental permit was awarded in June 2024. The exploitation permit could be approved in the coming months and Resolute is engaging with the Government of Côte d’Ivoire on this process. However, no certainty can be given on permitting timelines and further detail will be given in due course.

Summary of Key Acquisition Terms

Resolute will acquire AngloGold’s greenfield projects in Côte d’Ivoire via an offshore transaction whereby it will purchase the entire issued share capital of Centamin West Africa Holdings Limited.

The consideration for the acquisition is comprised of the following components:

  • US$150 million cash consideration to be paid to AngloGold in three instalments:

  • US$25 million on closing

  • US$50 million 18 months after closing

  • US$75 million 30 months after closing

  • Resolute to transfer all its mining permits in Guinea, via the transfer of its Guinean subsidiary, to AngloGold. The transfer is subject to Guinean government approval and certain conditions including in respect of the Guinean mining permits. If the transfer is not completed within 18 months (or such longer date as Resolute and AngloGold may agree) then Resolute will pay US$25 million to AngloGold in place of the transfer

  • Provide an uncapped 2% net smelter return (NSR) royalty over the existing exploration permits (Farako Nafana, Kona and Windou) within the ABC Project

  • A contingent payment of US$10 million is payable upon the completion of a feasibility study for the ABC Project that outlines an Ore Reserve (JORC 2012) of at least 1 Moz

3 See Annexure 1 for further information.

4 See Annexure 1 for further information.

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Timeline and Next Steps

The acquisition of the Doropo and ABC Projects is not subject to any conditions and is expected to close shortly.

Resolute’s priorities at the Doropo Project will be:

  • 1) Maintain continuity of the permitting process and development work plans at Doropo with existing staff and contractors complemented by the Resolute team

  • 2) Optimize 2024 DFS primarily based on the points below

  • a. Align reserve gold price assumption with Resolute’s Group R&R

  • b. Optimize the design layout of the key components on site

  • c. Explore addition of diesel back-up power

  • d. Review the resettlement action plan

  • e. Refresh cost estimate to update for 2025 pricing

  • 3) Supplement Resolute’s project team to prepare for project development

  • 4) Continue to advance the Project Financing process

  • 5) Invest in targeted drilling programs at the ABC Project to explore higher grade targets

Proposed Pathway to Production

The timetable below is predicated on the receipt of the exploitation permit.

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Contact

Resolute

Public Relations

Matthias O’Toole Howes, Jos Simson, Emily Moss Tavistock Corporate Development and Investor Relations Manager [email protected] [email protected] +44 207 920 3150 +44 203 3017 620 +44 778 855 4035

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

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 which forms part of UK law pursuant to the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via a Regulatory Information Service (RIS), this inside information is now considered to be in the public domain.

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 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

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are beyond the reasonable control of Resolute. Readers are cautioned not to place undue reliance on forward-looking statements, particularly in the significantly volatile and uncertain current economic climate. 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 forward-looking statements or any error or omission.

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Appendices

A – Doropo Project Mineral Resource Estimate

Mineral Resources (0.3 g/t Au COG) Mineral Resources (0.3 g/t Au COG)
Category Tonnage (Mt) Au Grade (g/t) Gold Content (Moz)
Measured 1.5 1.60 0.1
Indicated 75.3 1.25 3.0
Measure + Indicated 76.9 1.26 3.1
Inferred 7.4 1.23 0.3

Table 1.1 Doropo Mineral Resource Estimate (CIM 2014 Definition Standards), 31 October 2023

The Mineral Resource estimate is a foreign estimate and is not reported in accordance with the JORC Code. A competent person has not done sufficient work to classify the foreign estimate as Mineral Resources in accordance with the JORC Code 2012. It is uncertain that following evaluation and/or exploration work that the foreign estimate will be able to be reported as Mineral Resources under the JORC Code 2012.

B - Doropo Project Mineral Reserve Estimate

Mineral Reserves Mineral Reserves
Category Tonnage (Mt) Au Grade (g/t) Gold Content (Moz)
Proven 1.3 1.73 0.07
Probable 37.0 1.52 1.81
Total 38.2 1.53 1.88

Table 1.2 Doropo Mineral Reserve Estimate (CIM 2014 Definition Standards), 18 July 2024

The information in this announcement relating to the Doropo Project's Mineral Resources and Mineral Reserves has been extracted from Centamin plc’s NI 43-101 Technical Report with an effective date of 18 July 2024 and filed on SEDAR+ (www.sedarplus.ca).[5] The Mineral Resources and Mineral Reserves estimates were prepared in accordance with National Instrument 43-101 (Standards of Disclosure for Mineral Projects) of the Canadian Securities Administrators. Accordingly, the Mineral Reserves and Mineral Resources estimates are not, and do not purport to be, compliant with the JORC Code but are classified as “qualifying foreign estimates” under the ASX Listing Rules.

5 Centamin plc was acquired by AngloGold Ashanti in November 2024.

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C – ABC Project Mineral Resource Estimate

Deposit Oxidation
Indicated Inferred
Tonnage
(Mt)
Au
Grade
(g/t)
Gold
Content
(Moz)
Tonnage
(Mt)
Au
Grade
(g/t)
Gold
Content
(Moz)
Kona
South
Transported - - - 0.1 1.2 0.0
Oxidised - - - 1.0 1.0 0.03
Transitional - - - 1.0 1.0 0.03
Fresh - - - 29.0 1.1 0.99
Kona
Central
Transported - - - 0.1 0.85 0.00
Oxidised - - - 0.4 0.86 0.01
Transitional - - - 0.9 0.81 0.02
Fresh - - - 40.0 0.84 1.08
Total - - - 72 0.9 2.16

Table 1.3 ABC Mineral Resource Estimate (CIM 2014 Definition Standards), 18 July 2021

The information in this announcement relating to the ABC Project's Mineral Resources has been extracted from Centamin plc’s NI 43-101 Technical Report with an effective date of 31 July 2021 and filed on SEDAR (www.sedarplus.ca). The Mineral Resources estimates were prepared in accordance with National Instrument 43-101 (Standards of Disclosure for Mineral Projects) of the Canadian Securities Administrators. Accordingly, the Mineral Resources estimates are not, and do not purport to be, compliant with the JORC Code but are classified as “foreign estimates” under the ASX Listing Rules.

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ASX Listing Rule 5.12

ASX Listing Rule 5.12 requires specific information to be included in a public announcement that contains a foreign estimate. In accordance with ASX Listing Rule 5.12, Resolute provides the additional information in Annexures 1 and 2.

Competent Person Statement

Mr Bruce Mowat confirms that the information in this announcement that relates to the Doropo and ABC Projects’ Mineral Resources and Mineral Reserves provided under ASX Listing Rules 5.12.2 to 5.12.7 is an accurate representation of the available data and studies for the Doropo and ABC Projects. Bruce Mowat is a full-time employee of Resolute Mining Limited and is a member of the Australian Institute of Geoscientists and consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears.

Competent Person Statement Mr Gito Patani confirms that the information in this announcement that relates to the Doropo and ABC Projects’ Mineral Reserves provided under ASX Listing Rules 5.12.2 to 5.12.7 is an accurate representation of the available data and studies for the Doropo and ABC Projects. Gito Patani is a full-time employee of Resolute Mining Limited and is a member of the Australian Institute of Mining and Metallurgy and consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears.

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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 – Foreign Resource and Reserve Estimate as at 18 July 2024 (Criteria in this section apply to all succeeding sections.)

Criteria JORC Code explanation Commentary
Sampling
techniques
Nature and quality of sampling (eg cut
channels, random chips, or specific
specialised industry standard
measurement tools appropriate to the
minerals under investigation, such as
down hole gamma sondes, or
handheld XRF instruments, etc).
These examples should not be taken
as limiting the broad meaning of
sampling.
Include reference to measures taken
to ensure sample representivity and
the appropriate calibration of any
measurement tools or systems used.
Aspects of the determination of
mineralisation that are Material to the
Public Report.
In cases where ‘industry standard’
work has been done this would be
relatively simple (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
commodities or mineralisation types
(eg submarine nodules) may warrant
disclosure of detailed information.
•The sampling was conducted using multiple
techniques tailored to the project's
geological and surface conditions. Soil
sampling programs were extensive,
collecting approximately 92,307 samples
between 2014 and 2022. Soils were
sampled from the mottled zone or the top of
the saprolite horizon to obtain coherent gold
anomalies, utilising standardised grid
patterns (typically 400 m x 400 m, with infill
at 200 m and 100 m where required). 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
recovered material systematically for gold
analysis and geochemical interpretation.
•Trenching programs (32 trenches to date)
were used to expose in situ mineralised
structures, allowing for systematic channel
sampling.
•Reverse Circulation (RC) and Diamond
Core (DD) drilling were the principal
methods used for delineating Mineral
Resources. RC drilling was conducted
using 5¼ to 5¾ inch diameter face-
sampling hammers to recover one-metre
interval samples, typically dry unless
groundwater was encountered. Diamond
drilling employed HQ and NQ diameter
core, with triple tube techniques for
improving recovery in broken ground. RC
samples were riffle split on site, and core
samples were sawn to produce half-core for
analysis. Sampling procedures incorporated

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Criteria JORC Code explanation Commentary
QAQC measures, including the insertion of
blanks, standards, and duplicates to ensure
sample representivity. Assay protocols
utilised 50 g fire assay (AAS finish) for gold,
and multi-element analysis was performed
where applicable.
Drilling
techniques
Drill type (eg core, reverse circulation,
open-hole hammer, rotary air blast,
auger, Bangka, sonic, etc) and details
(eg core diameter, triple or standard
tube, depth of diamond tails, face-
sampling bit or other type, whether
core is oriented and if so, by what
method, etc).
•Drilling methods involved a combination of
Reverse Circulation (RC), Diamond Core
(DD), and auger drilling methods. RC
drilling was primarily used for delineating
near-surface mineralisation and preliminary
resource definition. RC drilling employed
face-sampling 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
contamination from wet samples; below
groundwater, diamond drilling methods
were applied.
•Diamond core drilling used HQ and NQ
diameter core. Triple-tube systems were
implemented in highly broken ground to
maximise core recovery, while standard
double-tube setups were used elsewhere.
Orientation of diamond core was conducted
selectively using Reflex ACT II core
orientation devices to facilitate structural
logging. Auger 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 exploration
in West Africa.
Drill sample
recovery
Method of recording and assessing
core and chip sample recoveries and
results assessed.
Measures taken to maximise sample
recovery and ensure representative
nature of the samples.
Whether a relationship exists between
sample recovery and grade and
whether sample bias may have
occurred due to preferential loss/gain
of fine/coarse material.
•Drill sample recovery was systematically
monitored during both RC and diamond
drilling programs. RC samples were
weighed regularly, particularly from 2018
onwards, to monitor sample size
consistency and ensure the
representativeness of samples. Analysis 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 observed

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Criteria JORC Code explanation Commentary
at shallow depths and in softer materials;
however, statistical checks confirmed no
significant bias in gold grade associated
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 recorded for 89.5% of
core samples, and exceeding 97.5%
recovery below 50 m depth. Core recovery
measurements were recorded in the
database for each run. The use of triple-
tube drilling in broken ground contributed to
maintaining high recovery standards. The
overall conclusion, supported by quality
control reviews, was that there is no
significant sampling bias attributable to
differential recovery.
Logging Whether core and chip samples have
been geologically and geotechnically
logged to a level of detail to support
appropriate Mineral Resource
estimation, mining studies and
metallurgical studies.
Whether logging is qualitative or
quantitative in nature. Core (or
costean, channel, etc) photography.
The total length and percentage of the
relevant intersections logged.
•Comprehensive geological and
geotechnical logging was undertaken for all
drillholes including RC and DD. Drillholes
were logged systematically for a range of
key geological attributes: lithology,
alteration, mineralisation, texture, structure,
weathering, and rock quality designation
(RQD). RC samples were logged visually
on site, with geological observations
recorded both digitally and on physical log
sheets where applicable. Diamond core
was logged in greater detail, particularly for
structural geology, alteration styles, mineral
assemblages, and vein relationships,
providing critical inputs for 3D geological
modelling.
•Photographic records were maintained for
all diamond drill core - photographed both
wet and dry - before sampling. Logging
captured sufficient detail to support
resource estimation, mining studies, and
metallurgical investigations. Logging
procedures included the use of a
standardised lithological and alteration
coding scheme to ensure consistency
across the drilling campaigns. Digital
capture of loggingdata into a centralised

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Criteria JORC Code explanation Commentary
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 appropriateness of the
sample preparation technique.
Quality control procedures adopted for
all sub-sampling stages to maximise
representivity of samples.
Measures taken to ensure that the
sampling is representative of the in
situ material collected, including for
instance results for field
duplicate/second-half sampling.
Whether sample sizes are appropriate
to the grain size of the material being
sampled.
•Systematic sub-sampling and sample
preparation protocols were employed to
ensure that samples remained
representative of in situ mineralisation. For
RC drilling, 1 m samples were split on site
using a three-tier riffle splitter to achieve a
target sample size of approximately 2 to 3
kg for laboratory submission. Wet samples
encountered in shallow zones were left to
dry naturally prior to splitting where
possible. For diamond drilling, core was cut
lengthwise using diamond-bladed core
saws; half-core samples were collected for
routine assay, while the other half was
preserved for reference and potential future
re-assay.
•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 pulverised
material was milled to achieve at least 85%
passing 75 microns, producing a pulp of
approximately 150 to 250 g for fire assay
analysis. Quality assurance measures were
built into preparation workflows, including
the regular inclusion of duplicate splits and
check samples. Laboratory facilities used
(primarily Bureau 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
appropriateness of the assaying and
laboratory procedures used and
whether the technique is considered
partial or total.
For geophysical tools, spectrometers,
handheld XRF instruments, etc, the
parameters used in determining the
analysis including instrument make
and model, reading times, calibrations
factors applied and their derivation,
etc.
Nature ofquality controlprocedures
•Assay methodologies were based on
internationally recognised standards and
utilised reputable laboratories. All drill
samples were primarily analysed for gold
using 50 g fire assay with atomic absorption
spectroscopy (AAS) or inductively coupled
plasma atomic emission spectroscopy (ICP-
AES) finish. In cases where assays
exceeded 10 g/t Au, samples were re-
analysed using a gravimetric finish to
improve accuracy. For some RC and trench

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Criteria JORC Code explanation Commentary
adopted (eg standards, blanks,
duplicates, external laboratory
checks) and whether acceptable
levels of accuracy (ie lack of bias) and
precision have been established.
samples, particularly those with coarse
gold, photon assay techniques were trialled
to validate fire assay results.
•Quality control procedures were rigorous.
Certified reference materials (standards),
field blanks, and field duplicates were
inserted into the sample stream at regular
intervals - approximately one QAQC
sample every 20 to 30 samples. Laboratory
duplicates, internal standards, and blanks
were also monitored. QAQC data were
routinely reviewed to ensure analytical
accuracy and precision. Failures (e.g., a
standard outside 3 standard deviations)
triggered immediate re-assay of sample
batches. No significant long-term bias or
drift was observed across the assay
dataset. Laboratories involved (Bureau
Veritas, Abidjan and SGS, Ouagadougou)
are ISO/IEC 17025 accredited, ensuring
laboratory practices are consistent with
industry best practice.
Verification of
sampling and
assaying
The verification of significant
intersections by either independent or
alternative company personnel.
The use of twinned holes.
Documentation of primary data, data
entry procedures, data verification,
data storage (physical and electronic)
protocols.
Discuss any adjustment to assay
data.
•Verification of sampling and assaying was
undertaken through a combination of
internal reviews, duplicate analyses, and
independent data validation exercises. Field
duplicates were collected regularly from RC
drilling to monitor sampling precision, with
results demonstrating satisfactory
repeatability of gold grades. CRMs and
blanks were inserted at regular intervals to
monitor assay accuracy and contamination.
QAQC charts were reviewed continuously
by project geologists and external
consultants during key drilling campaigns.
•The primary assay laboratories (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
continuity, grade reproducibility, and
geological interpretation; results confirmed
good spatial reproducibility. While external
umpire (secondary lab) assay programs
were not routinelyundertaken, the

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Criteria JORC Code explanation Commentary
performance of primary laboratories and
internal QAQC programs were considered
satisfactory for the reporting of Mineral
Resources. Assay data and logging data
were entered digitally 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 locations used in
Mineral Resource 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 surveys were conducted by trained
field surveyors to ensure location accuracy
suitable for Mineral Resource estimation,
with horizontal and vertical accuracy
generally within ±0.2 m. In areas of rugged
topography or logistical difficulty, survey-
grade handheld GPS units were temporarily
used during initial exploration stages (soil
sampling, auger drilling, trenching), but
were later replaced with DGPS surveys for
all critical drill collars.
•Elevation data were tied into the
Nivellement Général de Côte d’Ivoire
(NGCI) vertical datum. A topographic digital
terrain model (DTM) was produced using
high-resolution satellite imagery and
ground-truthing, which was used for both
resource modelling and mine planning. Grid
systems used were WGS84, Zone 30N for
initial exploration and UTM Zone 30N
(WGS84 projection) for final resource
definition.
Data spacing
and
distribution
Data spacing for reporting of
Exploration Results.
Whether the data spacing and
distribution is sufficient to establish
the degree of geological and grade
continuity appropriate for the Mineral
Resource and Ore Reserve estimation
procedure(s) and classifications
applied.
Whether sample compositing has
been applied.
•Drilling was conducted on nominal grid
spacings appropriate for the level of
confidence required for resource
estimation. In the main mineralised zones
(Souwa, Chegue, and Krakara), 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,

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Criteria JORC Code explanation Commentary
reconnaissance and exploration drilling was
more broadly spaced at 80 m x 80 m or
larger intervals, 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
assessed during Mineral Resource
estimation and was found sufficient to
establish geological and grade continuity for
the appropriate classifications (Measured,
Indicated, and Inferred). No sample
compositing was applied prior to resource
estimation; raw assay intervals were used
directly in estimation procedures.
Orientation of
data in
relation to
geological
structure
Whether the orientation of sampling
achieves unbiased sampling of
possible structures and the extent to
which this is known, considering the
deposit type.
If the relationship between the drilling
orientation and the orientation of key
mineralised structures is considered
to have introduced a sampling bias,
this should be assessed and reported
if material.
•Drilling programs were designed to target
mineralised structures as close to
perpendicular as possible to the interpreted
dip of mineralisation at each deposit. Most
drillholes were oriented towards the
southeast 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 appropriate
to intersect mineralised zones at
reasonable angles and to minimise bias in
the intercept lengths.
•Geological interpretations and cross
sections confirm that drilling achieved
reasonably representative intersections of
mineralisation. No significant sampling bias
related to drilling orientation was observed
during resource modelling and estimation.
In areas of uncertainty or more complex
structure (fold closures, sheared zones),
multiple drill directions were employed to
cross-validate mineralisation geometry.
Sample
security
The measures taken to ensure
sample security.
•Sample security protocols were
implemented to ensure the integrity of all
collected samples from the point of
collection through to laboratory delivery.
After collection, samples were placed into

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Criteria JORC Code explanation Commentary
pre-numbered, durable plastic bags and
securely sealed. Multiple samples were
then packed into larger polyweave sacks for
easier handling and protection during
transport. Samples were stored in a secure,
supervised facility at the exploration camp
before transportation.
•Transport to the assay laboratories (Bureau
Veritas in Abidjan and SGS in
Ouagadougou) was carried out either by
company personnel or trusted, contracted
couriers. Chain-of-custody forms were
maintained throughout the transfer process,
and receipt of samples was acknowledged
in writing by laboratory staff. While rigorous
internal controls were observed, there is no
specific mention of external audits or
independent oversight of sample security
protocols. However, no incidents of sample
loss, tampering, or contamination have
been reported, and laboratory reconciliation
of received samples consistently matched
dispatch records.
Audits or
reviews
The results of any audits or reviews of
sampling techniques and data.
•Audits and reviews of sampling techniques,
assay data, and database integrity have
been carried out periodically. Internal
technical reviews were performed by
Centamin’s in-house geology and resource
teams throughout the exploration and
resource evaluation phases. These reviews
covered sampling practices, QAQC data
performance, logging standards, and
database quality, ensuring consistent
application of protocols and identifying
areas for procedural improvement where
necessary.
•Independent reviews of the Resource
models and supporting exploration data
were conducted as part of the NI 43-101
technical report preparation. Qualified
Persons (QPs) signed off on the Mineral
Resource estimates after assessing the
drilling, sampling, and QAQC procedures.

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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
agreements or material issues with
third parties such as joint ventures,
partnerships, overriding royalties,
native title interests, historical sites,
wilderness or national park and
environmental settings.
The security of the tenure held at the
time of reporting along with any
known impediments to obtaining a
licence to operate in the area.
•The Doropo Project is located in the northeast of
Côte d’Ivoire, in the Bounkani region
approximately 480 km north of Abidjan, near the
border with Burkina Faso. The project comprises
a contiguous package of seven exploration
permits ("Doropo Permit Package") covering a
combined area of approximately 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
requirements. There are no known outstanding
disputes affecting the licences. Surface rights,
compensation arrangements with local
communities, and environmental baseline
studies have been addressed as part of the
permitting and development process. Royalties
include a standard 4% government royalty on
gold production as prescribed under Ivorian
mining law. No third-party ownership interests,
material encumbrances, or joint venture
arrangements affecting the Doropo Project have
been disclosed.
Exploration
done by other
parties
Acknowledgment and appraisal of
exploration by other parties.
•Historical exploration activities prior to
Centamin's involvement were limited. There are
no records of systematic exploration or drilling
by major international companies. Previous work
primarily consisted of regional-scale
geochemical surveys and government-
sponsored mapping programs conducted by the
Côte d’Ivoire geological survey and local
government initiatives. These activities provided
basic geological context but did not lead to
significant discovery or development efforts.
•Centamin’s exploration efforts since acquiring
the permits have been responsible for the
identification, systematic testing, and
advancement of the Doropo Mineral Resource.
No Mineral Resources or significant exploration
targets from previous explorers were inherited
by Centamin. All resources reported to date
result from Centamin’s soil sampling, auger
drilling, trenching, and drillingcampaigns. As

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Criteria JORC Code explanation Commentary
such, historical data has not materially
contributed to the current Mineral Resource
Estimate.
Geology Deposit type, geological setting and
style of 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.
Drill hole
Information
A summary of all information material
to the understanding of the
exploration results including a
tabulation of the following information
for all Material drill holes:
o easting and northing of the drill
hole collar
o elevation or RL (Reduced Level –
elevation above sea level in
metres) of the drill hole collar
o dip and azimuth of the hole
o down hole length and interception
depth
o hole length.
•The NI 43-101 Technical Report provides
comprehensive drillhole information, covering
collar locations, drill hole depths, azimuths, dips,
and key intersections. Drillhole collars were
surveyed using differential GPS (DGPS) or total
station equipment, and were tied into a local grid
based on the UTM Zone 30N, WGS84 datum.
Complete lists of drill collars, including 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 results and Mineral

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Criteria JORC Code explanation Commentary
If the exclusion of this information is
justified on the basis that the
information is not Material and this
exclusion does not detract from the
understanding of the report, the
Competent Person should clearly
explain why this is the case.
Resource drill intersections are reported
systematically, with true thickness
considerations discussed where relevant. The
database includes 5,794 drillholes for a total of
547,805 m of drilling. The report also provides
detailed composite intercept tables for
representative drilling results across all principal
deposits (Souwa, Chegue, Krakara, etc.),
including downhole depth intervals, gold grades,
and sample lengths.
Data
aggregation
methods
In reporting Exploration Results,
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 intercepts
incorporate short lengths of high
grade results and longer lengths of
low grade results, the procedure
used for such aggregation should be
stated and some typical examples of
such aggregations should be shown
in detail.
The assumptions used for any
reporting of metal equivalent values
should be clearly stated.
•Exploration results and Mineral Resource drill
intercepts are reported based on compositing of
contiguous mineralised intervals. Assay results
were composited to ensure that sample length
variability did not introduce bias. Only intervals
above a certain cut-off grade (typically 0.5 g/t Au
for mineralised zones) were included when
reporting exploration results.
•No top-cutting (grade capping) was applied
when presenting raw exploration results;
however, top-cutting was considered and
applied during Mineral Resource 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 material was present within
higher-grade zones, internal dilution up to 2 m
was accepted within the composited interval to
maintain geological continuity.
Relationship
between
mineralisation
widths and
intercept
lengths
These relationships are particularly
important in the reporting of
Exploration Results.
If the geometry of the mineralisation
with respect to the drill hole angle is
known, its nature should be reported.
If it is not known and only the down
hole lengths are reported, there
should be a clear statement to this
effect (eg ‘down hole length, true
width not known’).
•The majority of drilling was designed to intersect
mineralisation as close as possible to true width
by orienting drillholes approximately
perpendicular to the dominant strike and dip of
mineralised structures. Drillholes were typically
inclined at -50° to -60° angles depending on
local geological conditions, and aimed at
intersecting mineralised zones that dip
moderately (30°to 70°) towards the east or west
(according to the individual deposit). As such,
downhole intercept lengths reported in
exploration results approximate true widths in
most cases, particularly in the main Souwa,
Chegue, and Krakara deposits.
•In cases where drilling was oblique to structures
-particularlyin folded or complex structural

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Criteria JORC Code explanation Commentary
zones, true widths were estimated or
commentary provided where necessary. No
material bias in grade or continuity arising from
drilling orientation was identified during Mineral
Resource estimation. Geological modelling used
structural measurements, cross sections, and
3D wireframes to constrain true thickness of the
mineralised zones.
Diagrams Appropriate maps and sections (with
scales) and tabulations of intercepts
should be included for any significant
discovery being reported These
should include, but not be limited to a
plan view of drill hole collar locations
and appropriate sectional views.
•The NI 43-101 Technical Report provides a
variety of diagrams that illustrate the distribution
of mineralisation, drill coverage, geological
interpretation, and resource outlines. These
include:
•Plan view maps showing drill hole collar
locations and surface projections of the
mineralised zones.
•Cross sections and long sections through key
deposits (e.g., Souwa, Chegue, Krakara)
depicting lithological units, interpreted
mineralisation wireframes, and drill intercepts.
•3D block models illustrating grade distribution
and resource classifications.
•Regional geological maps.
Balanced
reporting
Where comprehensive reporting of all
Exploration Results is not
practicable, representative reporting
of both low and high grades and/or
widths should be practiced to avoid
misleading reporting of Exploration
Results.
•Exploration results are presented in a manner
that is consistent with balanced reporting
principles. Both positive results (significant gold
intersections) and lower-grade or barren drilling
outcomes are discussed in the report narrative.
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 comment - their absence is implied
where relevant. Where drill programs
encountered areas of weak mineralisation or
barren geology, this is acknowledged
qualitatively in the discussion of deposit extents
and geological domains.
•Resource estimation was based on all available
drilling data, not just high-grade intervals.
Other
substantive
exploration
data
Other exploration data, if meaningful
and material, should be reported
including (but not limited to):
geological observations; geophysical
survey results; geochemical survey
results; bulk samples – size and
method of treatment; metallurgical
•In addition to drilling and trenching, Centamin
has completed several substantive exploration
programs across the Project area, including
extensive soil geochemistry, auger drilling,
geophysical surveys, and baseline
environmental studies.

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Criteria JORC Code explanation Commentary
test results; bulk density,
groundwater, geotechnical and rock
characteristics; potential deleterious
or contaminating substances.
•Soil geochemistry: Over 92,000 soil samples
were collected between 2014 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: Approximately 28,000 auger holes
were drilled to sample through laterite cover to
saprolite, providing a 3D geochemical signature
where soil sampling was ineffective.
•Geophysics: Regional aeromagnetic and
radiometric surveys were conducted by
government agencies, with Centamin
reprocessing this data to aid in geological
interpretation and target generation. Ground-
based induced polarisation (IP) surveys were
conducted selectively over key prospects to
assist in structural interpretation.
•Preliminary metallurgical testwork was
performed on representative mineralised
material. Testwork indicated that gold
mineralisation was amenable to conventional
gravity recovery and cyanide leaching, with
excellent recoveries (>90% extraction)
achievable. Additionally, environmental baseline
studies have been completed across the Doropo
permit area to support permitting requirements.
Further work The nature and scale of planned
further work (eg tests for lateral
extensions or depth extensions or
large-scale step-out drilling).
Diagrams clearly highlighting the
areas of possible extensions,
including the main geological
interpretations and future drilling
areas, provided this information is not
commercially sensitive.
•Future work will focus on advancing the deposit
toward production readiness. Key programs
planned include infill drilling to upgrade portions
of the Mineral Resource from Indicated to
Measured classification, particularly in the
Souwa, Chegue, and Krakara deposits.
Additional step-out and extensional drilling is
also proposed to target near-mine exploration
opportunities along the interpreted structural
corridors, with the aim of increasing the overall
resource base.
•Further geotechnical drilling and pit slope
studies are planned to refine open-pit designs,
along with additional hydrogeological
investigations to support mine dewatering
strategies. Metallurgical testwork will be
expanded, including variability testing across
different ore domains to optimise processing
flowsheets. Environmental and social impact
assessments(ESIA)will continue to ensure

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Criteria JORC Code explanation Commentary
compliance with permitting 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 corrupted by, for
example, transcription or keying
errors, between its initial collection
and its use for Mineral Resource
estimation purposes.
Data validation procedures used.
•The drillhole database has been developed
and managed using industry-standard
practices. Geological, geotechnical, and assay
data were initially collected in field log sheets
or digital capture tools and subsequently
entered into a centralised SQL-based
database system. Data entry protocols
included validation checks to reduce
transcription errors, including dropdown lists
for logging codes and automated field
validations. Independent verification of key
fields (collar locations, assay results, geology
codes) against original laboratory certificates
and field records was carried out periodically.
•Database administration was performed by
Centamin’s in-house data management team,
and periodic reviews and audits were
conducted to check for consistency, missing
fields, duplications, and logical errors. The
database was exported and independently
validated prior to each Mineral Resource
estimation. Assay results were matched
against original laboratory certificates to
ensure accuracy, and downhole survey data
was checked for consistency with expected
drillhole trajectories. No material errors or
significant discrepancies were identified during
validation.
Site visits Comment on any site visits
undertaken by the Competent Person
and the outcome of those visits.
If no site visits have been undertaken
indicate why this is the case.
•Site visits were conducted by Qualified
Persons (QPs) responsible for the Mineral
Resource estimate. The site visits included
direct observation of drilling operations (RC
and diamond drilling), core handling and
sampling practices, geological logging
procedures, and data management workflows.
•During the site visits, the QP reviewed: drill
collar locations, sampling representivity (soil,
auger, RC, DD), core logging facilities, QAQC
sample insertion and management, sample

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Criteria JORC Code explanation Commentary
security and transport procedures.
•No material issues or inconsistencies were
identified during the site visits.
Geological
interpretation
Confidence in (or conversely, the
uncertainty of ) the geological
interpretation of the mineral deposit.
Nature of the data used and of any
assumptions made.
The effect, if any, of alternative
interpretations on Mineral Resource
estimation.
The use of geology in guiding and
controlling Mineral Resource
estimation.
The factors affecting continuity both of
grade and geology.
•The Doropo Gold Project comprises sixteen
prospects, Attire, Enioda, Chegue Main,
Chegue South, Han, Hinda, Hinda South,
Kekeda, Kilosegui, Nare, Nokpa, Sanboyoro,
Solo, Souwa, Tchouahinin, and Vako.
•The geological interpretation for each is based
on a combination of surface mapping, soil
geochemistry, trenching, drilling (RC and
diamond core), and geophysical data. The
mineralisation is structurally controlled,
typically hosted within quartz–carbonate–
sulphide vein arrays aligned along north-
northeast trending shear zones. Detailed
geological logging of drill core and RC chips
provided information on lithology, alteration,
mineralisation styles, and structure, which
were incorporated into the 3D geological
models.
•Wireframes were constructed 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.
Interpretation of geological continuity,
mineralised domain boundaries, and grade
distribution is supported by close-spaced
drilling (especially in Souwa, Chegue, and
Krakara) and structural measurements taken
from oriented 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
Measured, Indicated, or Inferred.
Dimensions The extent and variability of the
Mineral Resource expressed as
length (along strike or otherwise), plan
width, and depth below surface to the
upper and lower limits of the Mineral
Resource.
•The Doropo Mineral Resource comprises
multiple discrete deposits, the largest of which
are Souwa, Chegue, and Krakara. These
deposits are structurally controlled lode gold
systems that occur along northeast-trending
shear zones. The mineralised zones are
typically hosted in altered mafic to intermediate
volcanic rocks and are characterised by
moderate to steepdips.

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Criteria JORC Code explanation Commentary
•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 zones are generally 3 to 15 m
thick but can reach widths of up to 30 m in
dilational zones or where stacked lodes
coalesce. The mineralisation extends from
near surface to vertical depths of 100 to 250
m, with some mineralised domains drilled to
300 to 400 m vertical depth, particularly in
Souwa.
Estimation
and modelling
techniques
The nature and appropriateness of the
estimation technique(s) applied and
key assumptions, including treatment
of extreme grade values, domaining,
interpolation parameters and
maximum distance of extrapolation
from data points. If a computer
assisted estimation method was
chosen include a description of
computer software and parameters
used.
The availability of check estimates,
previous estimates and/or mine
production records and whether the
Mineral Resource estimate takes
appropriate account of such data.
The assumptions made regarding
recovery of by-products.
Estimation of deleterious elements or
other non-grade variables of
economic significance (eg sulphur 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 mining units.
Any assumptions about correlation
between variables.
Description of how the geological
interpretation was used to control the
resource estimates.
Discussion of basis for using or not
using grade cutting or capping.
The process of validation, the
checking process used, the
comparison of model data to drill hole
data, and use of reconciliation data if
•Software used for the Mineral Resource
estimate included Geoaccess Professional,
Leapfrog Geo, Surpac and Isatis v2018.5.
•The Mineral Resource estimate for the Doropo
Project was estimated using Ordinary Kriging
(OK) interpolation and Local Uniform
Conditioning (LUC). Estimation was conducted
within hard boundary mineralisation domains
defined by 3D wireframes, constructed based
on geological logging, assay results, trenching,
and geophysical interpretations. Drillhole data
was composited to 1 m intervals prior to
estimation. High-grade outlier values were
assessed through statistical analysis of gold
grade distributions by domain, and top-cuts
were applied on an individual 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 continuity
of gold grades and back transformed prior to
estimation. Search ellipses were oriented
along the dominant structural trends observed
in the mineralisation.
•The block models were constructed for each
deposit with a parent block size of 5 m x 5 m x
2.5 m – the assumed ultimate SMU block size
and rotated according to the orientation of the
deposit. The OK interpolation was undertaken
into relatively large panel blocks –
predominantly 20 m x 20 m x 5 m but variable
depending on deposit. Sub-blocking was
utilised to accurately honour geological and
mineralisation boundaries.

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Criteria JORC Code explanation Commentary
available. •No mining dilution or recovery 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 between
variables were assumed as only gold was
economically significant.
•The model was validated through visual
inspections, comparison of input composite
grades to block grades, swath plot analysis,
and global statistical checks. No reconciliation
to mining production was possible as the
Doropo Project remains pre-production at this
time.
Moisture Whether the tonnages are estimated
on a dry basis or with natural
moisture, and the method of
determination of the moisture content.
•Tonnages are estimated and reported on a dry
basis.
Cut-off
parameters
The basis of the adopted cut-off
grade(s) or quality parameters
applied.
•The Mineral Resource estimates for the
Doropo Project 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 processing
costs, metallurgical recoveries, and a long-
term gold price assumption.
•The 0.3 g/t Au cut-off represents a reasonable
expectation for economic extraction in a
conventional open-pit scenario with moderate
stripping ratios and CIL (carbon-in-leach) gold
recovery.
Mining factors
or
assumptions
Assumptions made regarding possible
mining methods, minimum mining
dimensions and internal (or, if
applicable, external) mining dilution. It
is always necessary as part of the
process of determining reasonable
prospects for eventual economic
extraction to consider potential mining
methods, but the assumptions made
regarding mining methods and
parameters when estimating Mineral
Resources may not always be
rigorous. Where this is the case, this
should be reported with an
explanation of the basis of the mining
assumptions made.
•Mining factors and assumptions are based on
the expectation of open pit mining methods
using conventional truck and shovel
operations. Optimised pit shells were
generated using Whittle optimisation software
to test the reasonable prospects for eventual
economic extraction. These pit shells informed
the reporting 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 of USD2,000per

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Criteria JORC Code explanation Commentary
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 determining
reasonable prospects for eventual
economic extraction to consider
potential metallurgical methods, but
the assumptions regarding
metallurgical treatment processes and
parameters made when reporting
Mineral Resources may not always be
rigorous. Where this is the case, this
should be reported with an
explanation of the basis of the
metallurgical assumptions made.
•Preliminary metallurgical testwork has been
conducted on representative mineralised
material from the Doropo Project. Samples
were collected across a range of deposits
(Souwa, Chegue, Krakara) and across
different oxidation states (oxide, transitional,
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
amenable to conventional gravity recovery
followed by CIL (carbon-in-leach) processing,
achieving high gold recoveries generally
exceeding 90%. Oxide material exhibited
slightly higher recovery rates than fresh rock,
but all major ore types demonstrated
favourable leach kinetics. No significant
metallurgical challenges, such as refractory
gold or deleterious elements affecting
processing, were identified during initial
testwork.
Environmen-
tal factors or
assumptions
Assumptions made regarding possible
waste and process residue disposal
options. It is always necessary as part
of the process of determining
reasonable prospects for eventual
economic extraction to consider the
potential environmental impacts of the
mining and processing operation.
While at this stage the determination
of potential environmental impacts,
particularly for a greenfields project,
may not always be well advanced, the
status of early consideration of these
potential environmental impacts
should be reported. Where these
•Environmental and social baseline studies
have been conducted across the project area,
including flora and fauna surveys, water quality
sampling, heritage site assessments, and
social impact studies. These baseline
investigations were undertaken to inform the
Environmental and Social Impact Assessment
(ESIA) process, which is a legal requirement
for obtaining 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

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Criteria JORC Code explanation Commentary
aspects have not been considered
this should be reported with an
explanation of the environmental
assumptions made.
approvals have been granted as part of the
Mining Licence issuance. Key environmental
risks identified (such as water management,
waste disposal, and biodiversity preservation)
have been assessed at a preliminary level and
mitigation measures proposed, although final
designs (e.g., for tailings storage facilities and
mine waste dumps) will be completed during
Feasibility Studies.
•There are no known environmental issues that
would materially affect the reasonable
prospects of eventual economic extraction of
the Mineral Resources. Ongoing monitoring
and additional environmental studies are
planned as the project advances toward
development.
Bulk density Whether assumed or determined. If
assumed, the basis for the
assumptions. If determined, the
method used, whether wet or dry, the
frequency of the measurements, the
nature, size and representativeness of
the samples.
The bulk density for bulk material
must have been measured by
methods that adequately account for
void spaces (vugs, porosity, etc),
moisture and differences between
rock and alteration zones within the
deposit.
Discuss assumptions for bulk density
estimates used in the evaluation
process of the different materials.
•Bulk density measurements were taken
systematically using drill core samples from
across the various deposits and oxidation
zones (oxide, transitional, and fresh rock). The
measurements were conducted using the
Archimedes principle (water immersion
displacement method) on core samples.
Samples were oven-dried before testing to
ensure that moisture content did not artificially
influence the density readings.
•A substantial dataset of 19,587 bulk density
measurements were collected and statistically
analysed. Density values were assigned 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 significant spatial
inconsistencies were identified that would
materially affect the Mineral Resource
estimate.
Classification The basis for the classification of the
Mineral Resources into varying
confidence categories.
Whether appropriate account has
been taken of all relevant factors(ie
•The Mineral Resource has been classified and
reported in accordance with the CIM Definition
Standards. Resources were classified into
Measured, Indicated, and Inferred categories

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Criteria JORC Code explanation Commentary
relative confidence in tonnage/grade
estimations, reliability of input data,
confidence in continuity of geology
and metal values, quality, quantity and
distribution of the data).
Whether the result appropriately
reflects the Competent Person’s view
of the deposit.
based on a combination of drilling density,
geological confidence, continuity 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
mineralisation continuity was well established,
and data quality (assays, surveys, logging)
was considered excellent.
•Indicated Resources were defined in areas of
moderate drilling density (typically 25 m to 30
m spacing) where mineralisation continuity and
geological controls were reasonably well
understood.
•Inferred Resources were assigned to zones
with broader drill spacing up to 50 m x 50 m,
lower geological confidence, or where
extrapolation beyond drilling data was
required.
•The classification approach appropriately
reflects the level of confidence in the
underlying geological models, sampling
methods, and assay results.
Audits or
reviews
The results of any audits or reviews of
Mineral Resource estimates.
•No independent audit has been completed on
the Doropo Mineral Resource Estimate.
•Cube undertook regular internal peer reviews
during the course of the MRE work.
Discussion of
relative
accuracy/
confidence
Where appropriate a statement of the
relative accuracy and confidence level
in the Mineral Resource estimate
using an approach or procedure
deemed appropriate by the
Competent Person. For example, the
application of statistical or
geostatistical procedures to quantify
the relative accuracy of the resource
within stated confidence limits, or, if
such an approach is not deemed
appropriate, a qualitative discussion of
the factors that could affect the
relative accuracy and confidence of
the estimate.
The statement should specify whether
it relates to global or local estimates,
and, if local, state the relevant
tonnages, which should be relevant to
technical and economic evaluation.
Documentation should include
•The relative accuracy and confidence of the
Doropo Mineral Resource estimates are
considered appropriate for the classification
levels assigned.
•No production data is available for direct
reconciliation, as the project is still in the
exploration and development phase.
•At the global scale, the Mineral Resource
estimate is considered to have an accuracy
commensurate with industry expectations for a
project at the advanced exploration and
prefeasibility stages.

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Criteria JORC Code explanation Commentary
assumptions made and the
procedures used.
These statements of relative accuracy
and confidence of the estimate should
be compared with production data,
where available.

Section 4 Estimation and Reporting of Ore Reserves

(Criteria listed in section 1, and where relevant in sections 2 and 3, also apply to this section.)

Criteria JORC Code explanation Commentary
Mineral
Resource
estimate for
conversion to
Ore Reserves
Description of the Mineral Resource
estimate used as a basis for the
conversion to an Ore Reserve.
Clear statement as to whether the
Mineral Resources are reported
additional to, or inclusive of, the Ore
Reserves.
•The Ore Reserves are based on the
Mineral Resource estimate detailed in the
foreign estimate, NI-43-101 Technical
report on Doropo Project. The definition
standards for NI-43-101 is similar to JORC
Code 2012. The resource is reported above
a gold grade cut-off within a RPEEE shell,
based on an equivalent gold price of
US$1,450/oz using an Open pit mining
methodology
•Ore Reserves are the Material reported as
a sub-set of the resource, that which can be
extracted from the region and processed
with an economically acceptable outcome
Site visits Comment on any site visits undertaken
by the Competent Person and the
outcome of those visits.
If no site visits have been undertaken
indicate why this is the case.

The Competent Person, Mr Bruce Mowat, is
a full-time employee of Resolute Mining Ltd
and a Member of the Australian Institute of
Geoscientists.

A site visit to the project area was
conducted in March 2025. The site visits
help to validate technical and operating
assumptions used in the preparation of the
technical study, which forms the basis of the
ore reserves.
•The site visit reviewed the project site and
proposed waste dump location, existing
infrastructure available, a review of selected
drill core and various meetings were held
with site personnel and key stakeholders
Study status The type and level of study undertaken
to enable Mineral Resources to be
converted to Ore Reserves.
The Code requires that a study to at
least Pre-Feasibility Study level has
been undertaken to convert Mineral
Resources to Ore Reserves. Such
studies will have been carried out and
will have determined a mineplan that

Doropo Gold Project is at a Feasibility Study
stage. It has a Technical Report (effective
date of 18 July 2024) that has been
prepared
in
accordance
with
the
requirements of National Instrument 43-101
Standards
of
Disclosure
for
Mineral

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Criteria JORC Code explanation Commentary
is technically achievable and
economically viable, and that material
Modifying Factors have been
considered.
Projects
published
by
the
Canadian
Securities Administrators (“NI 43-101”).
•The work undertaken to date has
addressed all material Modifying Factors
required for the conversion of a Mineral
Resources estimate into an Ore Reserve
estimate. Furthermore, the technical study
shows that the mine plan is technically
feasible and economically viable at a long
term gold price of US$1,900/oz
Cut-off
parameters
The basis of the cut-off grade(s) or
quality parameters applied.

Current mining activities are based on the
calculation below:
•The modifying factors used to develop the
cut-off grade were those available at the
time of the LOM production scheduling and
are detailed in the Technical study
Mining factors
or
assumptions
The method and assumptions used as
reported in the Pre-Feasibility or
Feasibility Study to convert the Mineral
Resource to an Ore Reserve (i.e.
either by application of appropriate
factors by optimisation or by
preliminary or detailed design).
The choice, nature and
appropriateness of the selected mining
method(s) and other mining
parameters including associated
design issues such as pre-strip,
access, etc.
The assumptions made regarding
geotechnical parameters (eg pit
slopes, stope sizes, etc), grade control
and pre-production drilling.
The major assumptions made and
Mineral Resource model used for pit
and stope optimisation (if appropriate).
The mining dilution factors used.
The mining recovery factors used.
Any minimum mining widths used.
The manner in which Inferred Mineral
Resources are utilised in mining
studies and the sensitivity of the
outcome to their inclusion.
The infrastructure requirements of the
selected mining methods.

The reported Ore Reserve estimates for
Doropo are based on pit optimisations
conducted using Whittle to calculate the
optimal pit at specific input parameters and
pit designs. Costs are based on contract
mining and site costs are derived with a
high degree of accuracy.

Mining is planned to be undertaken by
conventional open pit methods of drill and
blast, followed by load and haul. Detailed
pit design work was completed based on pit
optimisations result. Only Measured and
Indicated Resources were used in the pit
optimisation.

Overall slope angles are dependent on rock
type and it varies across different pit.
Detailed
geo-tech
assessment
was
conducted by external party as part of the
technical study.

A regularised model used for the reporting,
which takes in to account the dilution during
the process of mining. In addition a 1.0m
skin width was applied to the edge of ore
blocks, at zero grade.

All Inferred material is treated as waste and
is excluded from Reserve Reporting.

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Criteria JORC Code explanation Commentary
•Inferred Mineral Resources are not included
in the pit optimisation and pit design
Metallurgical
factors or
assumptions
The metallurgical process proposed
and the appropriateness of that
process to the style of mineralisation.
Whether the metallurgical process is
well-tested technology or novel in
nature.
The nature, amount and
representativeness of metallurgical test
work undertaken, the nature of the
metallurgical domaining applied and
the corresponding metallurgical
recovery factors applied.
Any assumptions or allowances made
for deleterious elements.
The existence of any bulk sample or
pilot scale test work and the degree to
which such samples are considered
representative of the orebody as a
whole.
For minerals that are defined by a
specification, has the ore reserve
estimation been based on the
appropriate mineralogy to meet the
specifications?

Metallurgical test work was conducted on
multiple samples and flowsheet developed
based on the test. The tests indicated that,
Average metallurgical recovery over the life
of mine is 89% for gold.

The processing plant will utilise industry
standard
comminution,
leaching,
adsorption, and gold recovery technologies
to produce a saleable gold doré.

The Doropo gold plant will process ore of
variable fresh, transitional and oxide feed
types from across nine different pits. The
LOM feed is 57.6% fresh rock and 42.4%
oxide/transitional saprolite or saprock. The
largest ore sources are the Kilosegui and
Souwa pits, at 35.4% and 29.2% of LOM
ore source respectively.
Environmen-
tal
The status of studies of potential
environmental impacts of the mining
and processing operation. Details of
waste rock characterisation and the
consideration of potential sites, status
of design options considered and,
where applicable, the status of
approvals for process residue storage
and waste dumps should be reported.

The development of the Doropo Gold
Project (Project) requires an
Environmental Permit and Mining
(Exploitation) Permit in line with Ivoirian
legislation.
•Earth Systems and H&B Consulting were
commissioned by Ampella to review the
environmental and social aspects of the
Project and prepare an Environmental and
Social Impact Assessment (ESIA) in
compliance with key Ivoirian regulatory
requirements, and in accordance with
international best practice
Infrastructure The existence of appropriate
infrastructure: availability of land for
plant development, power, water,
transportation (particularly for bulk
commodities), labour, accommodation;
or the ease with which the
infrastructure can be provided, or
accessed.

The processing plant will utilise industry
standard
comminution,
leaching,
adsorption, and gold recovery technologies
to produce a saleable gold doré. The
Doropo gold plant will process ore from nine
different pits with varying quantities of fresh,
transitional and oxide ores.

A processing plant feed rate of 5.4 Mt/a for
weathered (oxide and transitional) material
and 4.0 Mt/a for fresh material was utilised

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Criteria JORC Code explanation Commentary
throughout the schedule. The schedule
assumed 6,000 operating hrs per year for
the crusher and converted the weathered
and fresh throughput rates into an hourly
rate of 900 t/h and 667 t/h respectively.
•The capital cost estimate for processing
including infrastructure was $271.3 million.
This includes a capital estimate of $23.6m
for a power connection to the national grid
Costs The derivation of, or assumptions
made, regarding projected capital
costs in the study.
The methodology used to estimate
operating costs.
Allowances made for the content of
deleterious elements.
The source of exchange rates used in
the study.
Derivation of transportation charges.
The basis for forecasting or source of
treatment and refining charges,
penalties for failure to meet
specification, etc.
The allowances made for royalties
payable, both Government and private.

The Project Operating cost estimate
(mining, processing, and infrastructure)
developed for the FS is based on a mining
services contractor model for the open pit
mining.

Operating cost estimates for the Doropo
Gold Project has been compiled by GRES
based on inputs developed by:

Orelogy - for mining contractor and
mine management costs;

GRES - for the processing costs;

ECG - for the cost of power;

Centamin - for the Site General and
Administration (G&A) costs, as well as
labour organisation charts, project
manning, labour rates and operational
manning build-up.

The operating costs for the Doropo
processing plant have been estimated
to an accuracy of -10%/+15% and
reflects an estimate base date of
second quarter 2024.

The sustaining capital estimate
summary is in the table below:

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Criteria JORC Code explanation Commentary
Revenue
factors
The derivation of, or assumptions
made regarding revenue factors
including head grade, metal or
commodity price(s) exchange rates,
transportation and treatment charges,
penalties, net smelter returns, etc.
The derivation of assumptions made of
metal or commodity price(s), for the
principal metals, minerals and co-
products.

The revenue is derived using a flat gold
price assumption of US$1,950/oz

No penalties are incurred, nor is any
revenue received from co-products.
Market
assessment
The demand, supply and stock
situation for the particular commodity,
consumption trends and factors likely
to affect supply and demand into the
future.
A customer and competitor analysis
along with the identification of likely
market windows for the product.
Price and volume forecasts and the
basis for these forecasts.
For industrial minerals the customer
specification, testing and acceptance
requirements prior to a supply contract.

The gold market is robust with the prevailing
gold price being well above US$3,200/oz.

Supply and demand are not considered
material to the Ore Reserve calculations.
•Doropo is pre-production and does not
have an established customer base. Gold
sales are expected to be made into the
world gold markets that are highly liquid
Economic The inputs to the economic analysis to
produce the net present value (NPV) in
the study, the source and confidence
of these economic inputs including
estimated inflation, discount rate, etc.
NPV ranges and sensitivity to
variations in the significant
assumptions and inputs.

The financial evaluation undertaken as part
of the technical study indicated a positive
net present value (NPV) at a 8% annual
discount
rate.
The
following
major
economic inputs were used:

Costs as previous described

Gold price of US$1900/oz

Royalties & Tax as per the Ivorian Law
Social The status of agreements with key
stakeholders and matters leading to
social licence to operate.

The development of the Doropo Gold
Project (Project) requires an
Environmental Permit and Mining
(Exploitation) Permit in line with Ivoirian
legislation. Earth Systems and H&B
Consulting were commissioned by Ampella
to review the environmental and social
aspects of the Project and prepare an
Environmental and Social Impact
Assessment (ESIA) in compliance with key
Ivoirian regulatory requirements, and in
accordance with international best
practice.

An environmental and social baseline has
been established for the Project with

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Criteria JORC Code explanation Commentary
extensive field studies undertaken by the
ESIA consultants since February 2022 to
support Project Prefeasibility and Feasibility
design studies as well as the statutory
ESIA. These studies have included those
related to socio-economic conditions, land
and water use, surface and groundwater
resources, terrestrial and aquatic ecology
and biodiversity, air quality, noise and
vibration, traffic and transportation, as well
as archaeology and cultural heritage

The ESIA process requires consultation
with local community and government
leadership and other relevant stakeholders.
Engagement will continue up to and during
operations
including
the
payment
of
compensation to farmers whose fields are
disturbed as per legal requirements.

Ivoirian nationals are anticipated to fill most
operating and management positions. The
intention
is
to
encourage
economic
development within the local community
Other To the extent relevant, the impact of
the following on the project and/or on
the estimation and classification of the
Ore Reserves:
Any identified material naturally
occurring risks.
The status of material legal
agreements and marketing
arrangements.
The status of governmental
agreements and approvals critical to
the viability of the project, such as
mineral tenement status, and
government and statutory approvals.
There must be reasonable grounds to
expect that all necessary Government
approvals will be received within the
timeframes anticipated in the Pre-
Feasibility or Feasibility study.
Highlight and discuss the materiality of
any unresolved matter that is
dependent on a third party on which
extraction of the reserve is contingent.

The development of the Doropo Gold
Project (Project) requires an
Environmental Permit and Mining
(Exploitation) Permit in line with Ivoirian
legislation. Earth Systems and H&B
Consulting were commissioned by Ampella
to review the environmental and social
aspects of the Project and prepare an
Environmental and Social Impact
Assessment (ESIA) in compliance with key
Ivoirian regulatory requirements, and in
accordance with international best
practice.
Classification The basis for the classification of the
Ore Reserves into varying confidence
categories.
Whether the result appropriately
•Proved and Probable Ore Reserves were
declared based on the Measured and
Indicated Mineral Resources

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Criteria JORC Code explanation Commentary
reflects the Competent Person’s view
of the deposit.
The proportion of Probable Ore
Reserves that have been derived from
_Measured Mineral Resources(if any). _
Audits or
reviews
The results of any audits or reviews of
Ore Reserve estimates.
•No external audits of Resources/Reserves
were undertaken. Due diligence was
undertaken by external party on the
technical study and assumptions
Discussion of
relative
accuracy/
confidence
Where appropriate a statement of the
relative accuracy and confidence level
in the Ore Reserve estimate using an
approach or procedure deemed
appropriate by the Competent Person.
For example, the application of
statistical or geostatistical procedures
to quantify the relative accuracy of the
reserve within stated confidence limits,
or, if such an approach is not deemed
appropriate, a qualitative discussion of
the factors which could affect the
relative accuracy and confidence of the
estimate.
The statement should specify whether
it relates to global or local estimates,
and, if local, state the relevant
tonnages, which should be relevant to
technical and economic evaluation.
Documentation should include
assumptions made and the procedures
used.
Accuracy and confidence discussions
should extend to specific discussions
of any applied Modifying Factors that
may have a material impact on Ore
Reserve viability, or for which there are
remaining areas of uncertainty at the
current study stage.
It is recognised that this may not be
possible or appropriate in all
circumstances. These statements of
relative accuracy and confidence of the
estimate should be compared with
production data, where available.

The relative accuracy and confidence of the
Ore Reserve estimate is inherent in the Ore
Reserve Classification.

The mine design and schedule were
prepared to a PFS level of accuracy.
Conservative mining modifying factors were
used to account for potential variations in
ground and geotechnical conditions

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Annexure 2 - JORC Code, 2012 Edition

Additional technical information relating to foreign estimates

ASX Listing Rule 5.12

Section 1 Sampling Techniques and Data

ABC Project – Foreign Resource and Reserve Estimate as at 31 July 2021 (Criteria in this section apply to all succeeding sections.)

(Criteria in this section apply to all succeeding sections.)

Criteria JORC Code explanation Commentary
Sampling
techniques
Nature and quality of sampling (eg
cut channels, random chips, or
specific specialised industry
standard measurement tools
appropriate to the minerals under
investigation, such as down hole
gamma sondes, or handheld XRF
instruments, etc). These examples
should not be taken as limiting the
broad meaning of sampling.
Include reference to measures taken
to ensure sample representivity and
the appropriate calibration of any
measurement tools or systems
used.
Aspects of the determination of
mineralisation that are Material to
the Public Report.
In cases where ‘industry standard’
work has been done this would be
relatively simple (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 commodities or
mineralisation types (eg submarine
nodules) may warrant disclosure of
detailed information.
•The sampling was conducted using
multiple techniques tailored to the
project's geological and surface
conditions. A systematic rock sampling
program was caried out in 2017 to fully
characterise the surface expression of
the mineralisation. A total of 788 rock
samples were collected in 2017 and 205
rock samples in 2019/2020.
•Auger drilling was employed extensively
over the mineralised corridor to
adequately characterise the underlying
rocks. Auger drilling recovered material
systematically for gold analysis and
geochemical interpretation. As with the
rock chips, auger samples were
analysed for Au by fire assay with AAS
finish at Bureau Veritas in Abidjan. Multi-
element analyses were completed by
four-acid digest with ICP-AES and ICP-
MS finish at ACME Laboratories in
Vancouver. A total of 2,843 samples
were collected at the end of 2020 from
22,219m drilled.
•Reverse Circulation (RC) and Diamond
Core (DD) drilling were the principal
methods used for delineating Mineral
Resources. RC drilling was conducted
using 5¼ to 5¾ inch diameter face-
sampling hammers to recover one-metre
interval samples, typically dry unless
groundwater was encountered. Diamond
drilling employed HQ and NQ diameter
core, with triple tube techniques for

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Criteria JORC Code explanation Commentary
improving recovery in broken ground.
RC samples were riffle split on site, and
core samples were sawn to produce
half-core for analysis. Sampling
procedures incorporated QAQC
measures, including the insertion of
blanks, standards, and duplicates to
ensure sample representivity. Assay
protocols utilised 50 g fire assay (AAS
finish) for gold, and multi-element
analysis was performed where
applicable.
Drilling
techniques
Drill type (eg core, reverse
circulation, open-hole hammer,
rotary air blast, auger, Bangka,
sonic, etc) and details (eg core
diameter, triple or standard tube,
depth of diamond tails, face-
sampling bit or other type, whether
core is oriented and if so, by what
method, etc).
•Drilling methods involved a combination
of Reverse Circulation (RC), Diamond
Core (DD), and auger drilling methods.
RC drilling was primarily used for
delineating near-surface mineralisation
and preliminary resource definition. RC
drilling employed face-sampling
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
contamination from wet samples; below
groundwater, diamond drilling methods
were applied.
•Diamond core drilling used HQ and NQ
diameter core. Triple-tube systems were
implemented in highly broken ground to
maximise core recovery, while standard
double-tube setups were used
elsewhere. Downhole surveys are taken
every 30m with a single shot Reflex EZ
shot system. Orientation of diamond
core was conducted selectively using
Reflex ACT II core orientation devices to
facilitate structural logging. Auger drilling
was utilised for shallow exploration
across the entire area. All drill methods
were executed to a high standard with
contractors experienced in gold
exploration in West Africa.
Drill sample
recovery
Method of recording and assessing
core and chip sample recoveries
and results assessed.
Measures taken to maximise sample
•Drill sample recovery was systematically
monitored during both RC and diamond
drilling programs. RC samples were

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Criteria JORC Code explanation Commentary
recovery and ensure representative
nature of the samples.
Whether a relationship exists
between sample recovery and grade
and whether sample bias may have
occurred due to preferential
loss/gain of fine/coarse material.
weighed regularly, to monitor sample
size consistency and ensure the
representativeness of samples. Analysis
of sample weights of 47,562 RC samples
from Kona South and 47,464 RC
samples showed a consistent recovery
trend stabilizing between 30–40 kg per
metre after clearing the uppermost
weathered horizons. Minor variations in
sample weight were observed at shallow
depths and in softer materials; however,
statistical checks confirmed no
significant bias in gold grade associated
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 81% core recovery in oxide, 91%
recovery in transitional and 99% in fresh.
Core recovery measurements were
recorded in the database for each run.
The use of triple-tube drilling in broken
ground contributed to maintaining high
recovery standards. The overall
conclusion, supported by quality control
reviews, was that there is no significant
sampling bias attributable to differential
recovery.
Logging Whether core and chip samples
have been geologically and
geotechnically logged to a level of
detail to support appropriate Mineral
Resource estimation, mining studies
and metallurgical studies.
Whether logging is qualitative or
quantitative in nature. Core (or
costean, channel, etc) photography.
The total length and percentage of
the relevant intersections logged.
•Comprehensive geological and
geotechnical logging was undertaken for
all drillholes including RC and DD.
Drillholes were logged systematically for
a range of key geological attributes:
lithology, alteration, mineralisation,
texture, structure, weathering, and rock
quality designation (RQD). RC samples
were logged visually on site, with
geological observations recorded both
digitally and on physical log sheets
where applicable. Diamond core was
logged in greater detail, particularly for
structural geology, alteration styles,
mineral assemblages, and vein
relationships, providing critical inputs for
3Dgeological modelling.

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Criteria JORC Code explanation Commentary
•Photographic records were maintained
for all diamond drill core - photographed
both wet and dry - before sampling.
Logging captured sufficient detail to
support resource estimation, mining
studies, and metallurgical investigations.
Logging procedures included the use of
a standardised lithological and alteration
coding scheme to ensure consistency
across the drilling campaigns. Digital
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 appropriateness of the
sample preparation technique.
Quality control procedures adopted
for all sub-sampling stages to
maximise representivity of samples.
Measures taken to ensure that the
sampling is representative of the in
situ material collected, including for
instance results for field
duplicate/second-half sampling.
Whether sample sizes are
appropriate to the grain size of the
material being sampled.
•Systematic sub-sampling and sample
preparation protocols were employed to
ensure that samples remained
representative of in situ mineralisation.
For RC drilling, 1 m samples were split
on site using a three-tier riffle splitter to
achieve a target sample size of
approximately 2 to 3 kg for laboratory
submission. Wet samples encountered
in shallow zones were left to dry
naturally prior to splitting where possible.
For diamond drilling, core was cut
lengthwise using diamond-bladed core
saws; half-core samples were collected
for routine assay, while the other half
was preserved for reference and
potential future re-assay.
•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 pulverised material was milled to
achieve at least 85% passing 75
microns, producing a pulp of
approximately 150 to 250 g for fire assay
analysis. Quality assurance measures
were built into preparation workflows,
including the regular inclusion of
duplicate splits and check samples.
Laboratory facilities used (primarily
Bureau Veritas Abidjan, SGS
Ouagadougou)operated to ISO 17025

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Criteria JORC Code explanation Commentary
standards, and internal laboratory QAQC
reviews were conducted regularly.
Quality of
assay data
and
laboratory
tests
The nature, quality and
appropriateness of the assaying and
laboratory procedures used and
whether the technique is considered
partial or total.
For geophysical tools,
spectrometers, handheld XRF
instruments, etc, the parameters
used in determining the analysis
including instrument make and
model, reading times, calibrations
factors applied and their derivation,
etc.
Nature of quality control procedures
adopted (eg standards, blanks,
duplicates, external laboratory
checks) and whether acceptable
levels of accuracy (ie lack of bias)
and precision have been
established.
•Assay methodologies were based on
internationally recognised standards and
utilised reputable laboratories. All drill
samples were primarily analysed for gold
using 50 g fire assay with atomic
absorption spectroscopy (AAS) or
inductively coupled plasma atomic
emission spectroscopy (ICP-AES) finish.
In cases where assays exceeded 10 g/t
Au, samples were re-analysed using a
gravimetric finish to improve accuracy.
For some RC and trench samples,
particularly those with coarse gold.
•Quality control procedures were
rigorous. Certified reference materials
(standards), field blanks, and field
duplicates were inserted into the sample
stream at regular intervals -
approximately one QAQC sample every
20 to 30 samples. Laboratory duplicates,
internal standards, and blanks were also
monitored. QAQC data were routinely
reviewed to ensure analytical accuracy
and precision. Failures (e.g., a standard
outside 3 standard deviations) triggered
immediate re-assay of sample batches.
No significant long-term bias or drift was
observed across the assay dataset.
Laboratories involved (Bureau Veritas,
Abidjan and SGS, Ouagadougou) are
ISO/IEC 17025 accredited, ensuring
laboratory practices are consistent with
industry best practice.
Verification of
sampling and
assaying
The verification of significant
intersections by either independent
or alternative company personnel.
The use of twinned holes.
Documentation of primary data, data
entry procedures, data verification,
data storage (physical and
electronic) protocols.
Discuss any adjustment to assay
data.
•Verification of sampling and assaying
was undertaken through a combination
of internal reviews, duplicate analyses,
and independent data validation
exercises. Field duplicates were
collected regularly from RC drilling to
monitor sampling precision, with results
demonstrating satisfactory repeatability
of gold grades. CRMs and blanks were
inserted at regular intervals to monitor

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Criteria JORC Code explanation Commentary
assay accuracy and contamination.
QAQC charts were reviewed
continuously by project geologists and
external consultants during key drilling
campaigns.
•The primary assay laboratories (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
continuity, grade reproducibility, and
geological interpretation; results
confirmed good spatial reproducibility.
While external umpire (secondary lab)
assay programs were not routinely
undertaken, the performance of primary
laboratories and internal QAQC
programs were considered satisfactory
for the reporting of Mineral Resources.
Assay data and logging data were
entered digitally 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 locations used in
Mineral Resource 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 surveys were
conducted by trained field surveyors to
ensure location accuracy suitable for
Mineral Resource estimation, with
horizontal and vertical accuracy
generally within ±0.2 m. In areas of
rugged topography or logistical difficulty,
survey-grade handheld GPS units were
temporarily used during initial exploration
stages (rock sampling, auger drilling),
but were later replaced with DGPS
surveys for all critical drill collars.
•Elevation data were tied into the
Nivellement Général de Côte d’Ivoire
(NGCI) vertical datum. A topographic
digital terrain model (DTM) was
produced usinghigh-resolution satellite

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Criteria JORC Code explanation Commentary
imagery and ground-truthing, which was
used for resource modelling. Grid
systems used were WGS84, Zone 29N
for initial exploration and UTM Zone 29N
(WGS84 projection) for final resource
definition.
Data spacing
and
distribution
Data spacing for reporting of
Exploration Results.
Whether the data spacing and
distribution is sufficient to establish
the degree of geological and grade
continuity appropriate for the Mineral
Resource and Ore Reserve
estimation procedure(s) and
classifications applied.
Whether sample compositing has
been applied.
•Drilling was conducted on nominal grid
spacings appropriate for the level of
confidence required for resource
estimation. In the main mineralised
zones at Kona South and Kona Central
RC and diamond drilling was performed
on approximately 50 m x 50 m grids with
some areas of wider spacing of 50m x
100m.
•Outside the main resource areas,
reconnaissance and exploration drilling
was more broadly spaced at 50 m x 200
m intervals, appropriate for early-stage
resource targeting. Data spacing was
assessed during Mineral Resource
Estimation and was found sufficient to
establish geological and grade continuity
for inferred classification. No sample
compositing was applied prior to
resource estimation; raw assay intervals
were used directly in estimation
procedures.
Orientation of
data in
relation to
geological
structure
Whether the orientation of sampling
achieves unbiased sampling of
possible structures and the extent to
which this is known, considering the
deposit type.
If the relationship between the
drilling orientation and the
orientation of key mineralised
structures is considered to have
introduced a sampling bias, this
should be assessed and reported if
material.
•Drilling programs were designed to
target mineralised structures as close to
perpendicular as possible to the
interpreted dip of mineralisation at each
deposit. All drillholes were oriented
towards the east with an inclination of -
50° to -60°, depending on the local
structural orientation of gold-bearing
zones. The mineralisation is generally
hosted in north trending structures
dipping moderately to steeply to the
west, making these drill orientations
appropriate to intersect mineralised
zones at reasonable angles and to
minimise bias in the intercept lengths.
•Geological interpretations and cross
sections confirm that drillingachieved

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Criteria JORC Code explanation Commentary
reasonably representative intersections
of mineralisation. No significant sampling
bias related to drilling orientation was
observed during resource modelling and
estimation.
Sample
security
The measures taken to ensure
sample security.
•Sample security protocols were
implemented to ensure the integrity of all
collected 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 and protection
during transport. Samples were stored in
a secure, supervised facility at the
exploration camp before transportation.
•Transport to the assay laboratories
(Bureau Veritas in Abidjan and SGS in
Ouagadougou) was carried out either by
company personnel or trusted,
contracted couriers. Chain-of-custody
forms were maintained throughout the
transfer process, and receipt of samples
was acknowledged in writing by
laboratory staff. While rigorous internal
controls were observed, there is no
specific mention of external audits or
independent oversight of sample security
protocols. However, no incidents of
sample loss, tampering, or
contamination have been reported, and
laboratory reconciliation of received
samples consistently matched dispatch
records.
Audits or
reviews
The results of any audits or reviews
of sampling techniques and data.
•Audits and reviews of sampling
techniques, assay data, and database
integrity have been carried out
periodically. Internal technical reviews
were performed by Centamin’s in-house
geology and resource teams throughout
the exploration and resource evaluation
phases. These reviews covered
sampling practices, QAQC data
performance, loggingstandards, and

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Criteria JORC Code explanation Commentary
database quality, ensuring consistent
application of protocols and identifying
areas for procedural improvement where
necessary.
•Independent reviews of the Resource
models and supporting exploration data
were conducted as part of the NI 43-101
technical report 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
agreements or material issues with
third parties such as joint ventures,
partnerships, overriding royalties,
native title interests, historical sites,
wilderness or national park and
environmental settings.
The security of the tenure held at the
time of reporting along with any
known impediments to obtaining a
licence to operate in the area.
•The Kona South and Kona Central
deposits are the most advanced
prospects in Centamin’s ABC Kona
Project, which is located in the
Kabadougou Region of the Denguélé
District, in the northwest of Cote
D’Ivoire. The Kona permit occurs
approximately 600 km west of
Centamin’s Doropo Project and 540
km north-west of the capital city of
Abidjan. The Kona permit is 100%
owned by Centamin Cote d’Ivoire
SARL, which is a 100% owned Ivoirian
subsidiary of Centamin and covers an
area of 382.9 km2.
•All permits (Kona PR658, Windou
PR877 and Farako Nafana) are held in
good standing with the Côte d’Ivoire
Ministry of Mines and have been
maintained in accordance with local
legal requirements. There are no
known outstanding disputes affecting
the licences and no known risks or
environmental liabilities that could
adversely affect or result in the loss of
ownership of the Resource or permits.

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Criteria JORC Code explanation Commentary
Exploration
done by other
parties
Acknowledgment and appraisal of
exploration by other parties.
•Newmont are believed to be the first
exploration company to explore the
area in 2010. They conducted regional
drainage sampling, mapping and
prospecting across the entire district.
This work highlighted the Kona area as
one of their highest ranked targets.
Local exploration companies, including
Golden Oriole and Sani Resources,
applied for exploration permits on the
back of the Newmont reconnaissance
licences but never raised the finance to
conduct any significant work and
subsequently had their permits
revoked.
•Centamin acquired the exploration
permits from the government in 2015
to 2016. The 2018 Kona South Mineral
Resource is the first defined in the
area. There is no evidence of any
illegal artisanal mining in the permit
area.
Geology Deposit type, geological setting and
style of mineralisation.
•The ABC Kona project is situated
along the main Archean-Birimian
Cratonic suture zone in western Côte
d'Ivoire, specifically associated with
the Sassandra Fault Zone.
•The principal mineralised feature
identified through mapping and
sampling is the Lolosso structure, a
north-south striking mineralised zone
interpreted as a western splay off the
major transcurrent Sassandra Fault.
The geological setting includes a
narrow keel of later Birimian volcano-
sediments entrapped within earlier
Archean thrusted granite and gneissic
sheets, providing a complex structural
and lithological host for mineralisation.
•At Kona South, gold is predominantly
hosted in psammitic units (north-south
striking) dipping approximately 70°
west. This unit is sandwiched between
a calc-silicate hanging wall to the west
and a paragneiss footwall to the east.
An additional mafic volcanic unit lies

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Criteria JORC Code explanation Commentary
west of the calc-silicate layer,
completing the local stratigraphy.
•The style of mineralisation is
structurally controlled and shows a
strong spatial association with
arsenopyrite. Arsenopyrite occurs as
disseminations and aggregates
aligned with the foliation of the
psammitic host. Strong silicification is
evident within mineralised zones,
though quartz veining is rare and does
not appear to play a significant role in
gold control.
Drill hole
Information
A summary of all information material
to the understanding of the
exploration results including a
tabulation of the following information
for all Material drill holes:
o easting and northing of the drill
hole collar
o elevation or RL (Reduced Level –
elevation above sea level in
metres) of the drill hole collar
o dip and azimuth of the hole
o down hole length and interception
depth
o hole length.
If the exclusion of this information is
justified on the basis that the
information is not Material and this
exclusion does not detract from the
understanding of the report, the
Competent Person should clearly
explain why this is the case.
•The NI 43-101 Technical Report
provides comprehensive drillhole
information, covering collar locations,
drill hole depths, azimuths, dips, and
key intersections. Drillhole collars were
initially surveyed using a handheld
GPS, then independently surveyed
using differential GPS (DGPS) or total
station equipment. The collars are in
the UTM Zone 29 North, WGS84
datum. The QP considered a drill plan
and representative examples of drill
sections through Kona South and
Kona Central would be more
informative than a tabulation of
mineralised intercepts. Sections are
provided in the report.
•The database includes 388 drillholes
for a total of 57,344 m of drilling.
Data
aggregation
methods
In reporting Exploration Results,
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 intercepts
incorporate short lengths of high
grade results and longer lengths of
low grade results, the procedure used
for such aggregation should be stated
and some typical examples of such
aggregations should be shown in
detail.
The assumptions used for any
•Exploration results and Mineral
Resource drill intercepts are reported
based on compositing of contiguous
mineralised intervals. Assay results
were composited to 1m to ensure that
sample length variability did not
introduce bias. The average sample
interval is 0.998m.
•No metal equivalent values have been
reported.
•No top-cutting (grade capping) was
applied when presenting raw
exploration results; however, top-

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Criteria JORC Code explanation Commentary
reporting of metal equivalent values
should be clearly stated.
cutting was considered and applied
during Mineral Resource estimation to
control the influence of extreme outlier
grades. Composites used downhole
lengths of 1 m, reflecting the RC and
DD sampling intervals.
Relationship
between
mineralisation
widths and
intercept
lengths
These relationships are particularly
important in the reporting of
Exploration Results.
If the geometry of the mineralisation
with respect to the drill hole angle is
known, its nature should be reported.
If it is not known and only the down
hole lengths are reported, there
should be a clear statement to this
effect (eg ‘down hole length, true
width not known’).
•The Kona Project drilling program was
designed to optimise intersection
angles relative to the interpreted
orientation of gold mineralisation.
Mineralisation typically occurs within
steeply dipping shear zones striking
north – south, dipping steeply ~70⁰ to
the west. To account for this geometry,
most drillholes were inclined at
approximately -55° to -60° and drilled
toward the east. This does result in
intersections of the mineralisation at a
high angle, and in general, true
thickness is 80% of the sample length.
Diagrams Appropriate maps and sections (with
scales) and tabulations of intercepts
should be included for any significant
discovery being reported These
should include, but not be limited to a
plan view of drill hole collar locations
and appropriate sectional views.
•The NI 43-101 Technical Report
provides a variety of diagrams that
illustrate the distribution of
mineralisation, drill coverage and
geological interpretation. These
include:
•Plan view maps showing drill hole
collar locations and surface projections
of the mineralised zones.
•Cross sections and long sections
through the deposits depicting
lithological units, interpreted
mineralisation wireframes, and drill
intercepts.
•Regional geological maps.
Balanced
reporting
Where comprehensive reporting of all
Exploration Results is not practicable,
representative reporting of both low
and high grades and/or widths should
be practiced to avoid misleading
reporting of Exploration Results.
•Exploration results are presented in a
manner that is consistent with
balanced reporting principles. Both
positive results (significant gold
intersections) and lower-grade or
barren drilling outcomes are discussed
in the report narrative.
•Resource estimation was based on all
available drillingdata, notjust high-

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Criteria JORC Code explanation Commentary
grade intervals.
Other
substantive
exploration
data
Other exploration data, if meaningful
and material, should be reported
including (but not limited to):
geological observations; geophysical
survey results; geochemical survey
results; bulk samples – size and
method of treatment; metallurgical test
results; bulk density, groundwater,
geotechnical and rock characteristics;
potential deleterious or contaminating
substances.
•The ABC Kona project has benefited
from a broad range of exploration
activities in addition to drilling.
Centamin’s exploration campaign
included reconnaissance mapping and
systematic rock chip sampling, auger
sampling, ground geophysical survey,
an airborne Magnetic and Radiometric
survey as well as reverse circulation
(RC) and diamond drilling. All the
exploration work was conducted by
Centamin personnel, or under their
direct management, when carried out
by contractors.
•Preliminary, metallurgical test work has
been carried out by Centamin,
summarised in the report.
•Bulk densities have been measured
from drill core.
•There are no known deleterious
elements.
Further work The nature and scale of planned
further work (eg tests for lateral
extensions or depth extensions or
large-scale step-out drilling).
Diagrams clearly highlighting the
areas of possible extensions,
including the main geological
interpretations and future drilling
areas, provided this information is not
commercially sensitive.
•Further work has been identified to
support future exploration, evaluation,
and potential development.
Recommended activities include
additional infill and extensional drilling
aimed at converting Inferred
Resources to Indicated and Measured
categories, as well as to test
mineralised structures beyond the
current limits of resource models.
Trenching to test new soil anomalies to
identify additional targets.
•More density testwork is required,
specifically for the weathered portions
of the Kona deposit to generate
reliable density data.

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 corrupted by, for
example, transcription or keying errors,
•The drillhole database supporting the
ABC Kona Resource estimate

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Criteria JORC Code explanation Commentary
between its initial collection and its use
for Mineral Resource estimation
purposes.
Data validation procedures used.
underwent a comprehensive validation
process. Detailed checks were
performed on collar coordinates,
downhole survey measurements,
lithology logs, and assay entries to
ensure consistency and accuracy.
QA/QC protocols were applied
throughout the data collection and
entry stages.
•Only RC and DD were used for the
Mineral Resource estimate.
•The QP reviewed the validation and
found no significant issues or errors
that would materially affect the
confidence in the database or the
subsequent resource estimate.
Site visits Comment on any site visits undertaken
by the Competent Person and the
outcome of those visits.
If no site visits have been undertaken
indicate why this is the case.
•A formal site visit was conducted by
the QP who undertook the MRE, on
29-30 August 2021, as part of the data
verification program. The QP observed
selected drill core, discussed
geological framework and
mineralsiation controls, toured the
camp facility, visited outcrops and
checked several drill collar positions.
He discussed data capture, storage
and management. Particular attention
was given to verifying geological
logging, collar locations, sampling
methods, and database integrity
through comparison with field
observations and logs.
Geological
interpretation
Confidence in (or conversely, the
uncertainty of ) the geological
interpretation of the mineral deposit.
Nature of the data used and of any
assumptions made.
The effect, if any, of alternative
interpretations on Mineral Resource
estimation.
The use of geology in guiding and
controlling Mineral Resource
estimation.
The factors affecting continuity both of
grade and geology.
•The geological interpretation is based
on geological mapping, drilling data
(both RC and diamond core), assay
results, and geophysical data.
•The project area is located along the
main Archean-Birimian Cratonic suture
zone, the Sassandra Fault zone and
hosts structurally controlled gold
mineralisation. The geological model
interprets mineralised zones as steeply
dipping shear-hosted lodes, which are
consistent with regional structural
trends observed in comparable

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Criteria JORC Code explanation Commentary
deposits throughout the belt.
•At Kona South the gold is hosted
almost entirely in the north-south
striking psammite unit, dipping
approximately 70° to the west. This
unit is sandwiched between a calc-
silicate unit to the west (hanging wall)
and a paragneiss unit to the east
(footwall). A further mafic volcanic unit
abuts the hanging wall calc-silicate to
the west, completing the Birimian inlier
stratigraphy.
•The interpretation of geology and
mineralisation has been used to
control the definition of wireframe
solids for the mineralised wireframes,
with mineralisation generally limited to
the psammite units.
•Mineralisation wireframes were
modelled in Leapfrog using the
Economic compositing function with
the grade threshold of 0.2 to 0.3 g/t
Au. 5 mineralised lodes were modelled
in Kona South.
•For Kona Central, numerous lodes
were initially modelled and multiple
interpretations considered. Ultimately a
single bulk domain was modelled
which captured all possible domain
interpretations. An indicator kriging
approach was undertaken to define the
mineralised and unmineralised lodes,
with a threshold applied at 0.25 g/t
gold.
Dimensions The extent and variability of the
Mineral Resource expressed as length
(along strike or otherwise), plan width,
and depth below surface to the upper
and lower limits of the Mineral
Resource.
•For Kona South, 5 lodes were
modelled over a strike length of 3km
trending towards NNW with a steep dip
of 70⁰ towards the west. The major
domains have a maximum extension
down dip of 400 m to 0 mRL.
•For Kona Central, the mineralised
domain has a strike length of 2.4 km,
with a maximum extension down dip of
400 m, to 0 mRL.
•The plan width of the mineralisation
ranges between 5 m and 40 m,

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Criteria JORC Code explanation Commentary
depending on the domain and the
density of drilling data.
Estimation
and modelling
techniques
The nature and appropriateness of the
estimation technique(s) applied and
key assumptions, including treatment
of extreme grade values, domaining,
interpolation parameters and maximum
distance of extrapolation from data
points. If a computer assisted
estimation method was chosen include
a description of computer software and
parameters used.
The availability of check estimates,
previous estimates and/or mine
production records and whether the
Mineral Resource estimate takes
appropriate account of such data.
The assumptions made regarding
recovery of by-products.
Estimation of deleterious elements or
other non-grade variables of economic
significance (eg sulphur 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 mining units.
Any assumptions about correlation
between variables.
Description of how the geological
interpretation was used to control the
resource estimates.
Discussion of basis for using or not
using grade cutting or capping.
The process of validation, the checking
process used, the comparison of
model data to drill hole data, and use
of reconciliation data if available.
•Software used for the Mineral
Resource estimate included Leapfrog
Geo, Surpac, Supervisor and Isatis.
•The Mineral Resource estimation for
Kona South used Ordinary Kriging
(OK) followed by Uniform Conditioning
(UC) and Localisation on SMU support
(LUC). For Kona Central, Indicator
kriging was performed to separate
mineralisation from unmineralised
material. Once domained, the
estimation methods of OK into large
panels (20 m x 20 m x 5 m), followed
by UC and LUC into assumed SMU
sized (5 m x 5 x 2.5 m) blocks.
•Estimation domains were defined
based on geological interpretations,
including lithological and structural
controls. Drillhole data was composited
to 1 m intervals prior to estimation.
Top-cuts were assessed and applied
to 2 domains to mitigate the influence
of high-grade outliers. In some areas
a distance limiting constraint was
applied. Variogram analysis was
undertaken on normal scores
transformed gold composites for each
individual domain in both deposits.
•The block models were constructed for
each deposit with a parent block size
of 5 m x 5 m x 2.5 m - the assumed
SMU block size. The OK interpolation
was undertaken into relatively large
panel blocks - predominantly 20 m x
20 m x 5 m.
•A two pass search strategy was
employed, with increasing search radii
and decreasing data requirements.
•Grade control drill spacing and SMU
block size were assumed for the
process.
•No production data exists to validate
the estimate due to the project’s
exploration stage.

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Criteria JORC Code explanation Commentary
•No by-products or deleterious
elements were modelled.
•Validation steps included visual
comparison of block and composite
grades, swath plots, and global
statistical comparisons.
Moisture Whether the tonnages are estimated
on a dry basis or with natural moisture,
and the method of determination of the
moisture content.
•Tonnages have been estimated on a
dry basis.
Cut-off
parameters
The basis of the adopted cut-off
grade(s) or quality parameters applied.
•The Mineral Resource estimates for
the ABC Kona Project were reported
using a 0.5 g/t Au cut-off grade. This
cut-off was selected based on
assumptions that reflect open pit
mining methods, anticipated
processing costs, metallurgical
recoveries, and a long-term gold price
assumption.
Mining factors
or
assumptions
Assumptions made regarding possible
mining methods, minimum mining
dimensions and internal (or, if
applicable, external) mining dilution. It
is always necessary as part of the
process of determining reasonable
prospects for eventual economic
extraction to consider potential mining
methods, but the assumptions made
regarding mining methods and
parameters when estimating Mineral
Resources may not always be
rigorous. Where this is the case, this
should be reported with an explanation
of the basis of the mining assumptions
made.
•Mining factors and assumptions are
based on the expectation of open pit
mining methods using conventional
truck and shovel operations.
•The Mineral Resource has been
reported to a maximum depth of 250 m
below surface.
Metallurgical
factors or
assumptions
The basis for assumptions or
predictions regarding metallurgical
amenability. It is always necessary as
part of the process of determining
reasonable prospects for eventual
economic extraction to consider
potential metallurgical methods, but
the assumptions regarding
metallurgical treatment processes and
parameters made when reporting
Mineral Resources may not always be
rigorous. Where this is the case, this
should be reported with an explanation
of the basis of the metallurgical
assumptions made.
•Only limited metallurgical testwork has
been conducted for the ABC Kona
Project. A fresh sample composite of
the Kona South was analysed by ALS
Metallurgy Services in Augus 2018.
The results indicate the Kona South
material is hard, abrasive and non-
refractory with an 88.9% overall
Gravity-CIL gold recovery at P80
passing 75µm.
•The mineralisation of Kona Central is
analogous to Kona South and the
metallurgical response is anticipated to

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Criteria JORC Code explanation Commentary
be similar. Further test work is
required.
Environmen-
tal factors or
assumptions
Assumptions made regarding possible
waste and process residue disposal
options. It is always necessary as part
of the process of determining
reasonable prospects for eventual
economic extraction to consider the
potential environmental impacts of the
mining and processing operation.
While at this stage the determination of
potential environmental impacts,
particularly for a greenfields project,
may not always be well advanced, the
status of early consideration of these
potential environmental impacts should
be reported. Where these aspects
have not been considered this should
be reported with an explanation of the
environmental assumptions made.
•No significant environmental issues
are currently known.
Bulk density Whether assumed or determined. If
assumed, the basis for the
assumptions. If determined, the
method used, whether wet or dry, the
frequency of the measurements, the
nature, size and representativeness of
the samples.
The bulk density for bulk material must
have been measured by methods that
adequately account for void spaces
(vugs, porosity, etc), moisture and
differences between rock and
alteration zones within the deposit.
Discuss assumptions for bulk density
estimates used in the evaluation
process of the different materials.
•Bulk density measurements were
taken on drill core samples using water
displacement methods to ensure
accurate volume and mass
measurements, accounting for any
voids and porosity. Samples were
taken from diamond drill core across
lithologies and weathering profiles,
although these were predominantly
from fresh rock. Very little to no
measured density values were
available from transported, saprolite
and partially oxidised zones.
•2,028 bulk density measurements
were collected and statistically
analysed. Density values were
assigned to different oxidation domains
based on the average density value.
•The bulk density values assigned in
the model are 2.01 g/cm³ for
transported, 2.05 g/cm³ for oxide,
2.73 g/cm³ for saprolite, and 2.8 g/cm³
for fresh rock.
Classification The basis for the classification of the
Mineral Resources into varying
confidence categories.
Whether appropriate account has been
taken of all relevant factors (ie relative
•The Mineral Resource has been
classified and reported in accordance
with the CIM Definition Standards.
Resources were classified as the
Inferred categorybased on a

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Criteria JORC Code explanation Commentary
confidence in tonnage/grade
estimations, reliability of input data,
confidence in continuity of geology and
metal values, quality, quantity and
distribution of the data).
Whether the result appropriately
reflects the Competent Person’s view
of the deposit.
combination of drilling density,
geological confidence, continuity of
mineralisation, and data quality.
•The drill spacing across the deposit is
40 m to 50 m. The QP states that the
quality and veracity of the supporting
data are of industry standard and the
geological controls and continuity are
reasonably well understood. However,
the QP does not consider the current
sample spacing sufficient to support
confidence in the mineralised volume
or grade continuity to classify with any
greater confidence than Inferred.
•The classification reflects the Qualified
Person’s view of the deposit.
Audits or
reviews
The results of any audits or reviews of
Mineral Resource estimates.
•No independent audit has been
completed on the ABC Korona Mineral
Resource Estimate.
•Cube undertook regular internal peer
reviews during the course of the MRE
work.
Discussion of
relative
accuracy/
confidence
Where appropriate a statement of the
relative accuracy and confidence level
in the Mineral Resource estimate using
an approach or procedure deemed
appropriate by the Competent Person.
For example, the application of
statistical or geostatistical procedures
to quantify the relative accuracy of the
resource within stated confidence
limits, or, if such an approach is not
deemed appropriate, a qualitative
discussion of the factors that could
affect the relative accuracy and
confidence of the estimate.
The statement should specify whether
it relates to global or local estimates,
and, if local, state the relevant
tonnages, which should be relevant to
technical and economic evaluation.
Documentation should include
assumptions made and the procedures
used.
These statements of relative accuracy
and confidence of the estimate should
be compared with production data,
where available.
•The relative accuracy and confidence
of the ABC Kona Mineral Resource
estimates are considered appropriate
for the classification level assigned.
•No production data is available for
direct reconciliation, as the project is
still in the exploration and development
phase.
•At the global scale, the Mineral
Resource estimate is considered to
have an accuracy commensurate with
industry expectations for a project at
the advanced exploration stage.

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