Douta Project

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Douta Project

In 2025 At the Douta Gold
Project (“Douta”), the Group
announced the first set of drilling
results from its 2025 regional
exploration drilling program at
the Baraka 3 Prospect on the
Douta-West Licence

In 2025 At the Douta Gold
Project (“Douta”), the Group
announced the first set of drilling
results from its 2025 regional
exploration drilling program at
the Baraka 3 Prospect on the
Douta-West Licence

Birimian-hosted gold

Global resource
1,700,000ozAu

During the Q1 2026, the Company released the results of Pre‑Feasibility Study (PFS) and an updated Mineral Resource Estimate (MRE).

The highlights include:

Long-life production profile delivering 1.0Moz of gold from 37Mt of mill feed grading 1.03g/t Au (containing 1.2Moz) over a 12.6‑yeas of operations.
Pre-tax project NPV5% of US$908 million and IRR of 73% (100% equity basis) at a long-term gold price assumption of US$3,500/oz.
Strong early cashflow, with gold production of 413koz in the first four years of oxide and transitional ore feed at an all-in sustaining cost (“AISC”) of US$1,555/oz, generating a pre-tax cashflow of USD798m and a payback period of 1.0 years from the start of processing.
Low initial project capital of USD254m
An updated Douta MRE constrained within optimised pit shells and comprised of:

- an Indicated Mineral Resource of 50.6 million tonnes (“Mt”) grading 1.04 grammes per tonne (“g/t”) Au for 1.7Moz Au; and
- Inferred Mineral Resource of 9.3 Mt grading 0.92g/t Au for 273,000oz Au
- The MRE encompasses Makosa, Makosa Tail and the initial results from the recently discovered Baraka 3 prospects, all of which remain open along strike and down dip

The below table shows a summary of the Douta Project Mineral Reserves as of 26th January 2026, which have been reported in accordance with CIM standards.

Area	Classification	Oxide			Transitional			Fresh			Total
Area	Classification	Tonnes (MT)	Grade (g/tAu)	Au oz (x1000)	Tonnes (MT)	Grade (g/tAu)	Au oz (x1000)	Tonnes (MT)	Grade (g/tAu)	Au oz (x1000)	Tonnes (MT)	Grade (g/tAu)	Au oz (x1000)
Makosa Main	Probable	8.7	0.88	246	5.6	0.91	164	14.1	1.13	512	28.4	1.01	922
Makosa Tail	Probable	1.7	0.82	45	1.2	0.89	34	4.4	1.25	177	7.3	1.09	256
Total Makosa	Probable	10.4	0.87	291	6.8	0.91	199	18.5	1.16	690	35.6	1.03	1,179
Baraka 3	Probable	0.8	1.13	29	0.2	0.98	6	0.001	1.46	0.47	1	1.11	36
Douta Total	Probable	11.1	0.89	318	7	0.91	205	18.5	1.16	690	36.6	1.03	1,212

CIM Definition Standards for Mineral Resources and Mineral Reserves (CIM, 2014) were used for reporting of Mineral Reserves.
Mineral Reserves are estimated using a long-term gold price of US$3,000 per troy ounce for all mining areas.
Mineral Reserves are stated in terms of delivered tonnes and grade before process recovery.
Mineral Reserves are defined by pit optimisation and engineered pit design.
Mineral Reserves are based on variable break-even cut-offs as generated by metallurgical recoveries and costs Baraka 3 also incurs an ore haulage cost due to its distance from the proposed processing plant.
Cut-off grades range from 0.28 g/t to 0.51 g/t for Makosa and 0.35 g/t to 0.43 g/t for Baraka 3.
Metal recoveries are variable dependent on material type and mining area.
Open-pit dilution and geological ore loss is applied through the regularisation of the Mineral Resource model to predetermined Selective Mining Unit (SMU) blocks.
The Mineral Reserve estimate was undertaken using the Deswik mine planning software (Version 2025.2) and demonstrated that mining of the Makosa, Makosa Tail and Baraka 3 deposits at the Douta project is practical and economically viable.
The effective date of Mineral Reserves is January 2026.
Tonnage and grade measurements are in metric units. Contained Au is reported as troy ounces.
The Mineral Reserve estimate was prepared by Mr. Dominic Claridge of AMC Consultants, who is a qualified person (“QP”) under NI 43-101 and is independent of the Company.

A drilling program commenced on the remaining strike length along a geological trend extending for approximately 3 km. The assay results from the two discovery drill holes include:

Results were also received from a series of diamond drillholes that have been completed along the strike length from Makosa North to Makosa Tail deposits to test for depth extensions and to upgrade the classification towards the lower parts of the resource.

The Group is completing a 12,000 metre drilling program on the Baraka 3 prospect in Q2 2025, from which it will incorporate the drilling results into the Douta Pre-Feasibility Study.

2023 Mineral Resource Estimate

The 2023 MRE encompasses the Makosa, Makosa Tail and Sambara zones, which are collectively named the Douta Resource.

The MRE has been estimated by an independent consultant and is reported at a cut-off grade of 0.5g/t Au within optimised shells using a gold price of US$2,000.

Classification	Tonnes (Mt)	Grade (g/tAu)	Contained Gold (k ounces)	Thor Interest
Indicated	21.2	1.3	875	70%
Inferred	24.1	1.2	909	70%

Douta Gold Project Total Classified Mineral Resource Estimate Summary, March 2023 (reported at cut-off grade of 0.5g/t Au)

Open Pit Mineral Resources are reported in situ at a cut-off grade of 0.50 g/t Au. An optimised Whittle shell (US$2,000) was used to constrain the resources.
The Mineral Resource is considered to have reasonable prospects for economic extraction by open pit mining methods above a 0.50 g/t Au and within an
optimised pit shell.
Cut-off grade varied from 0.45 g/t to 0.48 g/t in a pit shell based on mining costs, metallurgical recovery, milling costs and G&A costs.
Resource is reported as in-situ and no metallurgical or mining recovery factors have been applied.
Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
Totals may not add exactly due to rounding

The statement used the terminology, definitions and guidelines given in the CIM Standards on Mineral resources and Mineral Reserves (May 2014) as required by NI 43-101.

Bulk density is assigned according to weathering profile with a weighted average of 2.78.

The resource estimate was prepared by Mr. Kevin Selingue, Principal Geologist of MineralMind, Australia in accordance with NI 43-101. Mr. Selingue is an independent qualified person (“QP”) as defined by NI 43-101.