Perseus Mining Updates Mineral Resources and Ore Reserves Executive Summary
21 AUGUST 2024
NEWS RELEASE
PERSEUS MINING UPDATES MINERAL RESOURCES AND ORE RESERVES
EXECUTIVE SUMMARY
Perth, Western Australia/ August 21, 2024/Perseus Mining Limited (ASX/TSX: PRU) wishes to update the estimates of the Mineral Resources and Ore Reserves at each of its African operations as summarised in Table 1 and Table 2 below, and detailed in this report. Foreign/Historical Estimates are stated for each of the Meyas Sand Gold Project (MSGP, formerly Block 14) and the Nyanzaga Gold Project Mineral Resources and Mineral Reserves in the ‘Foreign Estimate’ subsection.
HIGHLIGHTS
- Perseus Mining has delivered another year of organic growth from resource definition drilling and studies, leading to new Measured and Indicated (M&I) Mineral Resources and Proved and Probable Ore Reserves, adding to the long-term sustainability of the Group’s production profile.
- The Group’s total M&I Mineral Resources at 30 June 2024 are estimated to be 115.9 Mt grading 1.31 g/t gold, containing 4.9 Moz of gold, compared with the estimate of 30 June 2023 of 122.8 Mt grading at 1.31 g/t Au for 5.2 Moz of gold.
- Group Proved and Probable Ore Reserves are now estimated at 64.9 Mt at 1.39 g/t gold for 2.9 Moz, compared to the estimate of 30 June 2023 of 73.8 Mt at 1.45 g/t gold for 3.4 Moz of gold.
- Inorganic growth during FY24 included the acquisition of OreCorp Limited including its primary asset, the Nyanzaga Gold Project. In compliance with Canadian Instrument NI 43-101 these Mineral Resources and Ore Reserves remain treated as Foreign Estimates, not current Perseus estimates, until further work can be completed.
Table 1: Perseus Mining Mineral Resources1,2,4,5
| MEASURED & INDICATED | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MEASURED RESOURCES | INDICATED RESOURCES | INFERRED RESOURCES | ||||||||||
| RESOURCES | ||||||||||||
| PROJECT | QUANTITY | GRADE | GOLD | QUANTITY | GRADE | GOLD | QUANTITY | GRADE | GOLD | QUANTITY | GRADE | GOLD |
| ‘000 | ||||||||||||
| Mt | g/t gold | ‘000 oz | Mt | g/t gold | ‘000 oz | Mt | g/t gold | Mt | g/t gold | ‘000 oz | ||
| oz | ||||||||||||
| Edikan | 13.8 | 1.03 | 457 | 37.7 | 1.05 | 1,273 | 51.5 | 1.04 | 1,731 | 6.4 | 1.5 | 317 |
| Sissingué3 | 3.1 | 1.48 | 147 | 5.7 | 1.62 | 294 | 8.7 | 1.57 | 441 | 0.2 | 1.4 | 11 |
| Yaouré | 5.9 | 0.78 | 146 | 49.8 | 1.60 | 2,565 | 55.6 | 1.52 | 2,711 | 17.4 | 1.7 | 926 |
| Total | 22.8 | 1.03 | 751 | 93.2 | 1.38 | 4,132 | 115.9 | 1.31 | 4,883 | 24.1 | 1.6 | 1,254 |
Table 2: Perseus Mining Ore Reserve1,4,5
| PROJECT | PROVED | PROBABLE | PROVED AND PROBABLE | ||||||
|---|---|---|---|---|---|---|---|---|---|
| QUANTITY | GRADE | GOLD | QUANTITY | GRADE | GOLD | QUANTITY | GRADE | GOLD | |
| Mt | g/t gold | ‘000 oz | Mt | g/t gold | ‘000 oz | Mt | g/t gold | ‘000 oz | |
| Edikan | 5.8 | 1.03 | 193 | 19.6 | 1.13 | 716 | 25.4 | 1.11 | 909 |
| Sissingué 3 | 2.2 | 1.67 | 116 | 2.2 | 1.98 | 139 | 4.3 | 1.82 | 254 |
| Yaouré | 5.9 | 0.78 | 146 | 29.3 | 1.68 | 1,584 | 35.2 | 1.53 | 1,730 |
| Total | 13.8 | 1.02 | 455 | 51.1 | 1.48 | 2,438 | 64.9 | 1.39 | 2,893 |
Notes for Table 1 and Table 2:
1 Refer to Notes to individual tables of Mineral Resources and Ore Reserves in respect of each project presented below.
2 Mineral Resources are inclusive of Ore Reserves.
3 Sissingué Mineral Resources and Ore Reserves include the Fimbiasso and Bagoé Projects in addition to the Sissingué Gold Mine.
4 The Company holds 90% of Edikan Gold Mine (EGM), 86% of Sissingué Gold Mine (SGM) except Bagoé at 90%, and 90% of Yaouré Gold Mine (YGM).
5 Excludes Foreign/Historical Estimates
| PERSEUS MINING LIMITED | |
|---|---|
| Level 2, 437 Roberts Road, Subiaco WA 6008 | |
| ABN: 27 106 808 986 | 1 |
The change in Group Ore Reserve estimate from June 2023 to June 2024 is shown below in Figure 1. Perseus Group Ore Reserves have been estimated at a gold price of $1,500/oz for existing pits and $1,700/oz for some new or updated designs. Please refer to individual tables below for details of which price applies to individual Ore Reserves.
Figure 1: Change in Group Ore Reserves by Project – June 2023 to June 2024
MINERAL RESOURCE ESTIMATES
The Group’s total M&I Mineral Resources reported as at 30 June 2024 are estimated to be 115.9 Mt grading 1.31 g/t gold, containing 4.9 Moz of gold, compared with the estimate of 30 June 2023 of 122.8 Mt grading at 1.31 g/t Au for 5.2 Moz of gold. The Mineral Resource Statement accounts for mining depletion of in-situ Mineral Resources and is reported inclusive of Ore Reserves. Inferred Resources are 24.1 Mt grading at 1.6 g/t Au for 1.3 Moz of gold, compared with the estimate of 30 June 2023 of 17.8 Mt grading at 1.8 g/t Au for 1.0 Moz of gold. Tonnes are reported as dry metric tonnes. All tabulated tonnes, grade and metal have been rounded to reflect appropriate precision in the estimate and may cause some discrepancies in totals.
Foreign/Historical Estimates for the MSGP Mineral Resource in Northern Sudan, announced on 28 February 2022 (see news release titled “Perseus enters into agreement to acquire Orca Gold Inc.”), and for the Nyanzaga Gold Project (see news release on 31 May 2024 titled “Perseus progresses Nyanzaga Gold Project”) are stated in the ‘Foreign/Historical Estimate’ subsection of this report and are reported separately from the Group’s Mineral Resources detailed below.
The Group Mineral Resource estimates are reported in accordance with the 2012 Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code 2012). The classification categories of Measured, Indicated and Inferred under the JORC Code (2012) are equivalent to the CIM categories of the same names (CIM, 2014).
For the purpose of satisfying “reasonable prospects for eventual extraction” (JORC Code 2012), open pit Mineral Resources are reported above optimised open pit shells developed with actual and estimated operating costs and a long-term gold price assumption of US$2,000 per ounce. Underground Mineral Resources at CMA are constrained to below the CMA Stage 3 pit design and reported at a 1.5 g/t Au cut-off. Underground Mineral Resources at Edikan are constrained to a depth of 600 mRL at Esuajah South and are all exclusive of open pit Mineral Resources.
Technical Reports associated with these Mineral Resources, have been prepared in accordance with NI 43-101 for the following operations:
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- Yaouré Operations, Côte d’Ivoire, NI 43-101 Technical Report, dated 18 December 2023
- Sissingué Operations, Côte d’Ivoire, NI 43-101 Technical Report, dated 29 May 2015
- Edikan Operations, Ghana, NI 43-101 Technical Report, dated 6 April 2022
These reports can be found on Perseus’s website at www.perseusmining.com and on the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) website www.sedarplus.ca.
YAOURÉ GOLD MINE, CÔTE D’IVOIRE
The combined M&I Mineral Resource for the Yaouré Gold Mine (“YGM” or “Yaouré”) is estimated at 55.6 Mt grading 1.52 g/t Au, containing 2.7 Moz of gold (Table 3). A further 17.4 Mt of material grading 1.7 g/t gold, containing 926 koz of gold are classified as Inferred Mineral Resources (Table 4).
Updated Mineral Resource estimates were prepared for the Yaouré open pit, the CMA underground, and the CMA Southwest satellite deposit. A maiden Mineral Resource estimate was also prepared for the Zain 1 deposit. An overview showing the relative locations of the various Mineral Resource areas is presented in Figure 2. All Yaouré Gold Mine Mineral Resources are depleted to 30 June 2024 surveyed mining surfaces.
The Govisou project, forming part of the Yaouré satellite deposits, was removed from reporting of Mineral Resources in this reporting period. Review of the operational constraints associated with mitigation of community and social impacts of mining of fresh material showed further extraction of the Govisou mineralisation was not Perseus’ preferred option. This decision has been approved by the Côte d’Ivoire government.
Table 3: Yaouré Measured and Indicated Mineral Resources9,10,11
| MEASURED & INDICATED | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| MEASURED RESOURCES | INDICATED RESOURCES | |||||||||
| RESOURCES | ||||||||||
| DEPOSIT | DEPOSIT TYPE | |||||||||
| QUANTITY | GRADE | GOLD | QUANTITY | GRADE | GOLD | QUANTITY | GRADE | GOLD | ||
| Mt | g/t gold | ‘000 oz | Mt | g/t gold | ‘000 oz | Mt | g/t gold | ‘000 oz | ||
| CMA 1,3,4 | Open Pit | - | - | - | 15.8 | 0.90 | 458 | 15.8 | 0.90 | 458 |
| Yaouré2,3,4 | Open Pit | - | - | - | 19.2 | 1.35 | 838 | 19.2 | 1.35 | 838 |
| Zain 12,4 | Open Pit | - | - | - | 2.4 | 1.57 | 123 | 2.4 | 1.57 | 123 |
| Satellite deposits5,6 | Open Pit | 0.1 | 1.28 | 5 | 4.5 | 0.98 | 142 | 4.6 | 0.99 | 147 |
| Sub Total | 0.1 | 1.28 | 5 | 41.9 | 1.16 | 1,561 | 42.1 | 1.16 | 1,566 | |
| CMA8 | Underground | - | - | - | 7.4 | 4.16 | 996 | 7.4 | 4.16 | 996 |
| Heap Leach3,7 | Stockpile | - | - | - | 0.4 | 0.61 | 8 | 0.4 | 0.61 | 8 |
| Stockpiles | Stockpile | 5.7 | 0.77 | 141 | - | - | - | 5.7 | 0.77 | 141 |
| TOTAL | 5.9 | 0.78 | 146 | 49.8 | 1.60 | 2,565 | 55.6 | 1.52 | 2,711 |
Table 4: Yaouré Inferred Mineral Resource9,10,11
| INFERRED RESOURCES | ||||
|---|---|---|---|---|
| DEPOSIT | DEPOSIT TYPE | QUANTITY | GRADE | GOLD |
| Mt | g/t gold | ‘000 oz | ||
| CMA 1,3,4 | Open Pit | 7.5 | 0.8 | 200 |
| Yaouré2,3,4 | Open Pit | 0.6 | 1.5 | 27 |
| Zain 12,4 | Open Pit | 3.7 | 1.4 | 159 |
| Satellite deposits5,6 | Open Pit | 1.0 | 0.8 | 26 |
| CMA8 | Underground | 4.7 | 3.4 | 514 |
| Total | 17.4 | 1.7 | 926 |
Notes for Table 3 and Table 4:
1. Based on June 2022 Mineral Resource estimate.
2. Based on June 2024 Mineral Resource estimate.
3. Depleted for previous mining and to 30 June 2024 mining surface.
4. 0.3 g/t gold cut-off applied to in situ open pit material constrained to US$2,000/oz pit shells.
5. Based on Angovia 2 April 2021 and CMA SW May 2024 Mineral Resource models.
6. Angovia 2 has a 0.4 g/t gold cut-off applied to in situ open pit material constrained to US$1,800/oz pit shell. CMA SW has a 0.3 g/t gold cut-off applied to in situ open pit material constrained to US$2,000/oz pit shell.
7. Heap leach resources are stated at 0 g/t gold cut-off; only heap leach components with average grade above 0.4 g/t included.
8. May 2024 Mineral Resource estimate, below Stage 3 pit and above 1.5 g/t block grade cut-off.
9. Mineral Resources current as of 30 June 2024.
10. Rounding of numbers to appropriate precision may result in summary inconsistencies.
11. Mineral Resources are reported inclusive of Ore Reserves.
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Figure 2: Yaouré Gold Mine Project Areas
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SISSINGUÉ GOLD MINE, CÔTE D’IVOIRE
The combined M&I Mineral Resource for the Sissingué Gold Mine (“SGM” or “Sissingué”) is estimated as 8.7 Mt grading 1.57 g/t gold, containing 441 koz of gold. A further 0.2 Mt of material grading 1.4 g/t gold, containing 11 koz of gold are classified as Inferred Mineral Resources. Details of these estimates are shown below in Table 5 and Table 6.
Sissingué Mineral Resources comprise the remaining in situ mineralisation at the Sissingué mine (including a maiden Mineral Resource estimate at Airport West), the Fimbiasso West deposit, and mineralisation at the Antoinette, Juliette, and Veronique deposits at the Bagoé Project. These Mineral Resources also include material on stockpiles at the Sissingué and Fimbiasso mines as at 30 June 2024. The Fimbiasso East remnant Ore Reserve is also included as Mineral Resources. This reflects the current expectation that further development of the Fimbiasso East open pit outside of the current pit design will not be possible due to conditions relating to the project area, and therefore no Mineral Resources can be reported in addition to the existing Ore Reserve.
In addition to Airport West, an updated geological model was developed for the Fimbiasso West deposit in June 2024. All remaining geological models are unchanged from the previous year’s Mineral Resource Statement.
The Sissingué and Fimbiasso West Mineral Resource have been depleted to the 30 June 2024 using the surveyed mining surface. The Fimbiasso East Mineral Resource has been completely exhausted to June 2024. Mining has not commenced at the Bagoé Project.
Table 5: Sissingué Measured and Indicated Mineral Resources 1, 2, 3
| MEASURED RESOURCES | INDICATED RESOURCES | MEASURED & INDICATED RESOURCES | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| DEPOSIT | DEPOSIT TYPE | QUANTITY | GRADE | GOLD | QUANTITY | GRADE | GOLD | QUANTITY | GRADE | GOLD |
| Mt | g/t gold | ‘000 oz | Mt | g/t gold | ‘000 oz | Mt | g/t gold | ‘000 oz | ||
| Sissingué 4, 5, 6 | Open Pit | 0.9 | 1.20 | 36 | 3.7 | 1.41 | 166 | 4.6 | 1.37 | 202 |
| Fimbiasso 5, 6, 7, 9 | Open Pit | 0.5 | 2.02 | 35 | 0.7 | 2.21 | 48 | 1.2 | 2.13 | 82 |
| Bagoé 6, 8 | Open Pit | 1.0 | 1.88 | 59 | 1.3 | 1.89 | 81 | 2.3 | 1.89 | 139 |
| Stockpiles | Open Pit | 0.7 | 0.85 | 18 | - | - | - | 0.7 | 0.85 | 18 |
| Total | 3.1 | 1.48 | 147 | 5.7 | 1.62 | 294 | 8.7 | 1.57 | 441 |
Table 6: Sissingué Inferred Mineral Resources 1, 3
| INFERRED RESOURCES | ||||
|---|---|---|---|---|
| DEPOSIT | DEPOSIT TYPE | QUANTITY | GRADE | GOLD |
| Mt | g/t gold | ‘000 oz | ||
| Sissingué 4, 5, 6 | Open Pit | 0.1 | 1.1 | 3 |
| Fimbiasso 5, 6, 7 | Open Pit | 0.0 | 1.1 | 1 |
| Bagoé 6, 8 | Open Pit | 0.1 | 1.7 | 7 |
| Total | 0.2 | 1.4 | 11 |
Notes for Table 5 and Table 6:
1 Mineral Resources current at 30 June 2024.
2 Measured and Indicated Mineral Resources are inclusive of Ore Reserves.
3 Rounding of numbers to appropriate precision may have resulted in apparent inconsistencies.
4 Based on February 2022 Mineral Resource model constrained to US$2,000/oz pit shell.
5 Depleted to 30 June 2024 mining surface.
6 0.4 g/t gold cut-off applied to in situ material.
7 Based on June 2024 Mineral Resource model constrained to US$2,000/oz pit shell.
8 Based on May 2021 Mineral Resource models constrained to US$2,000/oz pit shells.
9 Fimbiasso East based on March 2020 Mineral Resource model constrained to US$1,500/oz reserve pit design.
EDIKAN GOLD MINE, GHANA
The updated M&I Mineral Resource for the Edikan Gold Mine (“EGM” or “Edikan”) in Ghana is now estimated as 51.5 Mt grading 1.04 g/t gold, containing 1.7 Moz of gold, as at 30 June 2024 (Table 7). A further 6.4 Mt of material grading 1.5 g/t Au and containing 317 koz of gold are classified as an Inferred Mineral Resource (Table 8). The previous Mineral Resource as at 30 June 2023 was estimated at M&I of 62.2 Mt grading at 1.03 g/t gold, containing 2.1 Moz of gold and an additional 6.2 Mt grading 1.6 g/t for 311 koz of gold of Inferred Mineral Resources.
Mineral Resources at AF Gap and Fetish have been depleted to the 30 June 2024 mining survey surfaces. The Mineral Resource estimate for the Esuajah North and South, and Nkosuo deposits remains unchanged.
The Heap Leach Mineral Resource has been excluded from reporting reflecting the depletion of this material due to artisanal mining activities.
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Table 7: Edikan Measured and Indicated Mineral Resources 1, 2, 3
| MEASURED & INDICATED | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| MEASURED RESOURCES | INDICATED RESOURCES | |||||||||
| RESOURCES | ||||||||||
| DEPOSIT | DEPOSIT TYPE | |||||||||
| QUANTITY | GRADE | GOLD | QUANTITY | GRADE | GOLD | QUANTITY | GRADE | GOLD | ||
| Mt | g/t gold | ‘000 oz | Mt | g/t gold | ‘000 oz | Mt | g/t gold | ‘000 oz | ||
| AF Gap 4, 5, 6 | Open Pit | 3.7 | 0.83 | 101 | 11.7 | 0.83 | 311 | 15.4 | 0.83 | 412 |
| Esuajah North 5, 7, 10 | Open Pit | 2.1 | 0.74 | 51 | 2.3 | 0.70 | 52 | 4.4 | 0.72 | 103 |
| Fetish 5, 6, 8 | Open Pit | 2.7 | 0.97 | 84 | 3.2 | 0.89 | 92 | 5.9 | 0.93 | 176 |
| Nkosuo 9, 10 | Open Pit | - | - | - | 14.7 | 0.90 | 425 | 14.7 | 0.90 | 425 |
| Sub-Total | 8.6 | 0.85 | 235 | 31.8 | 0.86 | 880 | 40.4 | 0.86 | 1,115 | |
| Esuajah South 11 | Underground | 3.1 | 1.70 | 168 | 5.9 | 2.09 | 393 | 8.9 | 1.95 | 561 |
| Stockpiles | Stockpile | 2.2 | 0.77 | 54 | - | - | - | 2.2 | 0.77 | 54 |
| Total | 13.8 | 1.03 | 457 | 37.7 | 1.05 | 1,273 | 51.5 | 1.04 | 1,731 |
Table 8: Edikan Inferred Mineral Resources 1, 3
| INFERRED RESOURCES | ||||
|---|---|---|---|---|
| DEPOSIT | DEPOSIT TYPE | QUANTITY | GRADE | GOLD |
| Mt | g/t gold | ‘000 oz | ||
| AF Gap 4, 5, 6 | Open Pit | 0.2 | 0.9 | 5 |
| Esuajah North 5, 7, 10 | Open Pit | 0.0 | 1.1 | 1 |
| Fetish 5, 6, 8 | Open Pit | 0.1 | 0.6 | 2 |
| Nkosuo 9, 10 | Open Pit | 1.4 | 0.9 | 37 |
| Esuajah South 11 | Underground | 4.8 | 1.8 | 272 |
| Total | 6.4 | 1.5 | 317 |
Notes for Table 7 and Table 8:
1 All Mineral Resources are current as at 30 June 2024.
2 Measured and Indicated Mineral Resources are inclusive of Ore Reserves.
3 Rounding of numbers to appropriate precision may have resulted in apparent inconsistencies.
4 Based on March 2020 Mineral Resource model constrained to US$2,000/oz pit shell.
5 Depleted to 30 June 2024 mining surfaces.
6 0.35 g/t gold cut-off applied for AF Gap with 0.4 g/t gold cut-off applied for Fetish.
7 Based on June 2019 Mineral Resource model constrained to US$2,000/oz pit shell.
8 Based on May 2021 Mineral Resource model constrained to US$2,000 pit shell, includes Bokitsi North lode.
9 Based on June 2022 Mineral Resource model constrained to US$2,000/oz pit shell.
10 0.3 g/t gold cut-off applied.
11 Based on November 2020 Mineral Resource model, 1.0 g/t gold cut-off applied.
ORE RESERVE ESTIMATE
CRITERIA FOR ORE RESERVE CLASSIFICATION
The Ore Reserve is classified as Proved and Probable in accordance with the JORC Code (2012), corresponding to the Mineral Resource classifications of M&I and considering other factors where relevant. The deposits’ geological models are well constrained. The Ore Reserve classification is considered appropriate given the nature of the deposits, the moderate grade variability, drilling density, structural complexity, confidence in input parameters based on operational experience and mining history. It was therefore considered appropriate to use Measured Mineral Resources as a basis for Proved Ore Reserves and Indicated Mineral Resources as a basis for Probable Ore Reserves.
No Inferred Mineral Resources were included in Ore Reserve estimate with the exception of 2.8 koz of incidental Inferred which is included in the CMA underground development and is not considered material to the Ore Reserve.
Group Ore Reserve changes by activity type are shown in Figure 3.
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Figure 3: Change in Group Ore Reserves by Activity – June 2023 to June 2024
YAOURÉ GOLD MINE, CÔTE D’IVOIRE
The Ore Reserve estimate for Yaouré Gold Mine includes drilling and design changes at the Yaouré open pit (Figure 4) and CMA underground deposits during FY24. Also new to Yaouré Ore Reserves is the Zain 1 Open Pit, which is located between the CMA pit and the process plant (see Figure 5 and Figure 6), and which was discovered near to surface during drilling of the CMA underground plunge extensions during FY24.
The Proved and Probable Ore Reserves for Yaouré Gold Mine are estimated as 35.2 Mt, grading 1.53 g/t gold and containing 1.7 Moz of gold. Details of the estimate are shown in Table 9.
Table 9: Yaouré Proved and Probable Ore Reserves5,6
| PROVED | PROBABLE | PROVED + PROBABLE | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| DEPOSIT | DEPOSIT TYPE | QUANTITY | GRADE | GOLD | QUANTITY | GRADE | GOLD | QUANTITY | GRADE | GOLD |
| Mt | g/t gold | ‘000 oz | Mt | g/t gold | ‘000 oz | Mt | g/t gold | ‘000 oz | ||
| CMA1,2 | Open Pit | - | - | - | 6.8 | 1.81 | 394 | 6.8 | 1.81 | 394 |
| Yaouré2,3, | Open Pit | - | - | - | 13.1 | 1.25 | 524 | 13.1 | 1.25 | 524 |
| Zain 12,3 | Open Pit | - | - | - | 1.5 | 1.12 | 52 | 1.5 | 1.12 | 52 |
| Satellite deposits 2,3 | Open Pit | 0.1 | 1.14 | 5 | 3.5 | 0.95 | 107 | 3.6 | 0.96 | 112 |
| Sub Total | 0.1 | 1.14 | 5 | 24.8 | 1.35 | 1,077 | 25.0 | 1.35 | 1,082 | |
| CMA4 | Underground | - | - | - | 4.5 | 3.52 | 507 | 4.5 | 3.52 | 507 |
| Stockpiles | Stockpile | 5.7 | 0.77 | 141 | - | - | - | 5.7 | 0.77 | 141 |
| TOTAL | 5.9 | 0.78 | 146 | 29.3 | 1.68 | 1,584 | 35.2 | 1.53 | 1,730 |
Notes:
2. Variable gold grade cut-offs for each material type, ranging from 0.30 g/t to 0.75 g/t.
3. Pit designs are based on US$1,500/oz gold metal price for existing designs and satellites and US$1,700/oz for Zain 1, Yaouré and CMA Southwest (listed in Satellite deposits) open pits.
4. Based upon cut-off for development and stoping of 0.5 g/t and 2.5 g/t respectively.
5. Inferred Mineral Resource is considered as waste for optimisation purposes.
6. Rounding of numbers to appropriate precision may have resulted in apparent inconsistencies.
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Figure 4: Yaouré Ore Reserve Pit Design with Drilling
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Figure 5: Zain 1 Ore Reserve Pit Design with Drilling
Figure 6: Zain 1 Cross Section at 777,975 mN looking North
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The changes in the Yaouré Gold Mine Ore Reserve from that last quoted in June 2023 are associated with:
- Depletion of the CMA open pit via mining and processing during FY24;
- Addition of the Zain 1 deposit Ore Reserve due to new resource definition drilling during FY24;
- Completion of new design and schedule for a more productive, higher value CMA underground project which resulted in a reduction to Ore Reserves;
- Write-down of the un-mined portion of the satellite Govisou deposit for operational reasons, including community and social impacts of mining of fresh material (blasting) in proximity to the village of Angovia;
- Update in Yaouré deposit open pit Mineral Resource based on the recent resource definition and grade control drilling activities, resulting in an increase in estimate reliability, albeit with a net reduction in overall contained ounces;
- Increase to CMA Southwest (one of the Near-Mine Satellite pits) Ore Reserves due to grade control drilling, and increased gold price ($1,700/oz);
- Stockpile addition as result of mining activities.
The waterfall graph (Figure 7) below, summarises the changes in the Yaouré Gold Mine Ore Reserves.
Figure 7: Change in Yaouré Ore Reserves – June 2023 to June 2024
ECONOMIC ASSUMPTIONS
- Gold metal price of US$1,500/oz for CMA Open Pit, CMA Underground and Angovia Open Pit. Yaouré Open Pit, CMA Southwest Open Pit and Zain 1 Open Pit are updated to $1,700/oz. Ore cut-off grades, based on metallurgical recoveries, ore costs and gold price, are as shown in Table 10.
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Table 10: Ore Reserve Cut-Off Grades
| CUT-OFF GRADE BY ORE TYPE (g/t GOLD) | ||||
|---|---|---|---|---|
| DEPOSIT | ||||
| Oxide | Transition | Fresh Basalt | Fresh Granodiorite | |
| CMA | 0.30 | 0.40 | 0.45 | - |
| CMA Underground- Development | - | - | 0.50 | - |
| CMA Underground- Production | - | - | 2.20 | - |
| Yaouré | 0.42 | 0.44 | 0.58 | 0.54 |
| Zain 1 | 0.43 | 0.46 | 0.49 | - |
| Near-Mine Satellites | ||||
| Angovia 2 | 0.40 | 0.45 | 0.65 | - |
| CMA Southwest | 0.40 | 0.45 | 0.55 | - |
PROCESSING PARAMETERS
- The process metallurgical recovery for gold is fixed by material type in each deposit. Gold recovery rates range from 91.0% – 93.4% for oxide ore, 91.9% – 94.5% for transition ore and 89.5% – 93.8% for fresh ore. Recovery is a function of the differing metallurgical properties of different material type of ores in each deposit and is determined from metallurgical test work for each deposit and material type. Recoveries are as shown in Table 11.
- No deleterious material has been identified.
Table 11: Metallurgical Recoveries by Material Type for Ore Reserves
| RECOVERY BY ORE TYPE (%) | ||||
|---|---|---|---|---|
| DEPOSIT | ||||
| Oxide | Transition | Fresh Basalt | Fresh Granodiorite | |
| CMA | 92.5 | 92.0 | 91.5 | - |
| CMA Underground | - | - | 87.2 | - |
| Yaouré | 93.0 | 93.3 | 92.6 | 93.8 |
| Zain 1 | 93.0 | 93.0 | 92.9 | - |
| Near-Mine Satellites | ||||
| Angovia 2 | 92.9 | 92.0 | 91.1 | - |
| CMA Southwest | 93.4 | 94.5 | 89.5 | - |
SISSINGUÉ GOLD MINE, CÔTE D’IVOIRE
The updated Ore Reserve estimate for the Sissingué Gold Mine is based on depletion of the previous Sissingué Ore Reserve, update of the Fimbiasso Ore Reserve, and the inclusion of a maiden Ore Reserve for Airport West.
The Proved and Probable Ore Reserves for the Sissingué Gold Mine are estimated as 4.3 Mt grading 1.82 g/t gold and containing 254 koz of gold. Details of the estimate are shown in Table 12.
Table 12: Sissingué Gold Mine Proved and Probable Ore Reserves 5,7
| PROVED | PROBABLE | PROVED + PROBABLE | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| DEPOSIT | DEPOSIT TYPE | QUANTITY | GRADE | GOLD | QUANTITY | GRADE | GOLD | QUANTITY | GRADE | GOLD |
| Mt | g/t gold | ‘000 oz | Mt | g/t gold | ‘000 oz | Mt | g/t gold | ‘000 oz | ||
| Sissingué1,2,3,4 | Open Pit | 0.4 | 1.61 | 23 | 1.0 | 1.60 | 51 | 1.4 | 1.61 | 74 |
| Fimbiasso1,2,3,4 | Open Pit | 0.4 | 2.06 | 28 | 0.4 | 2.26 | 27 | 0.8 | 2.15 | 55 |
| Bagoé2,3,4 | Open Pit | 0.6 | 2.28 | 47 | 0.8 | 2.32 | 60 | 1.4 | 2.30 | 107 |
| Sub-total | Open Pit | 1.5 | 2.02 | 98 | 2.2 | 1.98 | 139 | 3.7 | 2.00 | 236 |
| Stockpiles6 | Stockpile | 0.7 | 0.85 | 18 | - | - | - | 0.7 | 0.85 | 18 |
| TOTAL | 2.2 | 1.67 | 116 | 2.2 | 1.98 | 139 | 4.3 | 1.82 | 254 |
Notes:
2 Based on the Mineral Resource Estimate which was current at 30 June 2024.
3 Based on July 2024 Ore Reserve estimation.
4 Variable gold grade cut-offs for each material type, ranging from 0.45 g/t to 1.1 g/t at the Sissingué and Fimbiasso deposits, and from 0.80 g/t to 5.00 g/t at Bagoé deposits.
5 Inferred Mineral Resource is considered as waste.
6 Based on EOM June 2024 stockpile balance report.
7 Rounding of numbers to appropriate precision may have resulted in apparent inconsistencies.
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The changes in the Ore Reserve from that last quoted in June 2023 are associated with:
- Ore depletion from open pit mining activities in Sissingué and Fimbiasso pits up to 30 June 2024;
- Addition to Fimbiasso West Ore Reserve based on FY24 resource definition drilling and gold price increase to $1,700/oz;
- Addition of the Airport West Ore Reserve at Sissingué based upon FY24 resource definition drilling;
- Revised Bagoé pit designs based on higher gold price assumption;
- Update to cut-offs due to higher gold price assumption;
- Stockpile depletion and addition.
The waterfall graph (Figure 8) below summarises the changes in the Sissingué Gold Mine Ore Reserves.
Figure 8: Change in Sissingué Ore Reserves – June 2023 to June 2024
ECONOMIC ASSUMPTIONS
- Gold metal price US$1,700/oz for the overall Sissingué Project. The higher gold price reflects the short mine life remaining for the deposit.
- Ore cut-off grades, based on the gold price, cost and mining parameters, are as shown in Table 13.
Table 13: Ore Reserve Cut-Off Grades
| CUT-OFF GRADE BY ORE TYPE (G/T GOLD) | ||||
|---|---|---|---|---|
| DEPOSIT | ||||
| Oxide | Transition | Fresh Granite | Fresh Sediment/Mafic | |
| Sissingué | 0.50 | 0.70 | 0.90 | 1.10 |
| Fimbiasso | 0.50 | 0.80 | 1.00 | 1.10 |
| Bagoé | ||||
| Antoinette | 0.80 | 1.10 | 5.00 | - |
| Juliette | 0.90 | 1.20 | 3.50 | - |
| Veronique | 0.80 | 1.00 | 1.20 | - |
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