Notes:
1. Mineral Resources have been classified using the CIM Standards. Mineral Resources are reported inclusive of those Mineral Resources that have been modified to Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. All tonnage, grade and contained metal content estimates have been rounded; rounding may result in apparent summation differences between tonnes, grade, and contained metal content.
2. Fekola Mine: Mineral Resources are reported on a 100% project and an 80% attributable basis, the remaining 20% interest is held by the State of Mali. Mineral Resources have an effective date of December 31, 2022. The Qualified Person for the resource estimate is Brian Scott, P.Geo., our Vice President, Geology & Technical Services. The Qualified Person for the stockpile estimate is Peter Montano, P.E., Vice President, Projects. Mineral Resource estimates are reported within a conceptual open pit based on a gold price of US$1,800/oz, metallurgical recovery of 94%, selling costs of US$151.13/oz including royalties, average mining cost of US$2.57/t mined ) plus US$0.21/t mined (general and administrative), US$8.61–US$15.02/t processed (processing), average processing cost of US$13.91/t processed, and site general costs of US$5.41/t processed. Mineral Resources are reported at a cut-off grade of 0.40 g/t Au.
3. Cardinal Zone: Mineral Resources are reported on a 100% project and an 80% attributable basis, the remaining 20% interest is held by the State of Mali (as part of the Médinandi Exploitation Licence). Mineral Resources have an effective date of December 31, 2022. The Qualified Person for the resource estimate is Brian Scott, P.Geo., our Vice President, Geology & Technical Services. Mineral Resource estimates are reported within a conceptual open pit based on a gold price of US$1,800/oz, metallurgical recovery of 94%, selling costs of US$151.00/oz including royalties, and operating cost estimates of US$2.06–US$2.57/t mined (mining) plus a sinking rate of US$0.03 per 10 metres (“m”) depth, and US$0.21/t mined (general and administrative), US$9.60–US$13.91/t processed (processing), US$0.50/t processed (haulage), and US$5.41/t processed (general and administrative). Mineral Resources are reported at a cut-off grade of 0.25 g/t Au for oxide and 0.40 g/t Au for sulphide.
4. Anaconda Area (as defined below): Mineral Resources are reported on a 100% project and an 90% attributable basis for the Menankoto Permit. Under the applicable Malian mining legislation, the State of Mali has a 10% free-carried interest with an option to acquire an additional 10% participating interest (which option has not been exercised to date). Mineral Resources are reported on an 90% attributable basis for the Bantako Nord Permit. Under the applicable Malian mining legislation, the State of Mali has a 10% free-carried interest with an option to acquire an additional 10% participating interest (which option has not been exercised to date). Mineral Resources have an effective date of January 11, 2022. The Qualified Person for the resource estimate is Brian Scott, P.Geo., our Vice President, Geology & Technical Services. Mineral Resource estimates are reported within a conceptual open pit based on a gold price of US$1,800/oz, metallurgical recovery of 94%, selling costs of US$151.00/oz including royalties, and operating costs of US$0.97–US$2.00/t mined (mining at surface) plus a sinking rate of US$0.035 per 10 m depth, US$8.37–US$13.11/t processed (processing), US$3.50/t processed (haulage), and US$2.33/t processed (general and administrative). Mineral Resources are reported at a cut-off grade of 0.30 g/t Au for oxide and a cut-off grade of 0.40 g/t Au for sulphide.
5. Dandoko Permit: Mineral Resources are reported on a 100% project and an 90% attributable basis for the Dandoko Permit. Under the applicable Malian mining legislation, the State of Mali has a 10% free-carried interest with an option to acquire an additional 10% participating interest (which option has not been exercised to date). Mineral Resources have an effective date of February 17, 2023. The Qualified Person for the resource estimate is Brian Scott, P.Geo., our Vice President, Geology & Technical Services. Mineral Resource estimates are reported within a conceptual open pit based on a gold price of US$1,800/oz, metallurgical recovery of 94%, selling costs of US$151.00/oz including royalties, and operating costs of US$1.25–US$2.00/t mined (mining at surface) plus a sinking rate of US$0.035 per 10 m depth and US$0.45/t mined (general and administrative), US$8.61–US$15.02/t processed (processing), US$5.00/t processed (haulage), and US$1.67/t processed (general and administrative). Mineral Resources are reported at a cut-off grade of 0.30–0.35 g/t Au for oxide and a cut-off grade of 0.45 g/t Au for sulphide.
6. Masbate Gold Project: Mineral Resources are reported on a 100% project and attributable basis. Pursuant to the ore sales and purchase agreement between Filminera and PGPRC, our wholly-owned subsidiary, PGPRC has the right to purchase all ore from the Masbate Gold Project. We have a 40% interest in Filminera, which owns the majority of the Masbate Gold Project tenements, and the remaining 60% is owned by Zoom, a Philippine shareholder company. Please see “Material Properties - Masbate Gold Project” below for a further discussion of the foregoing. Mineral Resources have an effective date of December 31, 2022. The Qualified Person for the resource estimate is Brian Scott, P.Geo., our Vice President, Geology & Technical Services. The Qualified Person for the stockpile estimate is Peter Montano, P.E., our Vice President, Projects. Mineral Resource estimates are reported within a conceptual open pit based on a gold price of US$1,800/oz, modeled metallurgical recovery (resulting in average metallurgical recoveries by resource area that range from 60% to 88%), and operating cost estimates of US$1.58–US$2.03/t mined (mining), US$14.45/t processed (processing) and US$2.26–US$3.77/t processed (general and administrative). Mineral Resources are reported at an average cut-off grade of 0.41 g/t Au.
7. Otjikoto Mine: Mineral Resources are reported on a 100% project and a 90% attributable basis, the remaining 10% interest is held by EVI, a Namibian empowerment company. Mineral Resources have an effective date of December 31, 2022. The Qualified Person for the resource estimate is Brian Scott, P.Geo., our Vice President, Geology & Technical Services. The Qualified Person for the stockpile estimate is Peter Montano, P.E., our Vice President, Projects. Mineral Resource estimates that are amenable to open pit mining methods are reported within a conceptual open pit based on a gold price of US$1,800/oz, metallurgical recovery of 98%, selling costs of US$75.49/oz including royalties and levies, and operating cost estimates of US$2.78/t mined (mining), US$12.73/t processed (processing) and US$3.75/t processed (general and administrative). Mineral Resources that are amenable to open pit mining are reported at a cut-off grade of 0.28 g/t Au. Mineral Resources that are amenable to underground mining are reported at cut-off grades of 1.5, 2.25 or 3.25 g/t Au and a minimum thickness of 1.5 m.
8. Gramalote Project: Mineral Resources are reported on a 100% project and a 50% attributable basis, the remaining 50% interest is held by a subsidiary of AngloGold. The Mineral Resource estimate has an effective date of December 31, 2022. The Qualified Person for the estimate is Brian Scott, P.Geo., our Vice President, Geology & Technical Services. Mineral Resources assume an open pit mining method and are reported within a conceptual pit based on a gold price of US$1,800/oz, metallurgical recovery of 81.7–84% for oxide and 90.9– 97.6% for sulphide, selling costs of US$60.12/oz including royalties and levies, and operating cost estimates of US$2.23–US$2.55/t mined (average mining cost), US$5.03–US$5.13 for oxide, US$7.69–US$7.79/t for sulphide processed (processing) and US$2.10/t processed (general and administrative). Mineral Resources are reported at cut-off grades of 0.15 g/t Au for oxide and 0.19 g/t Au for sulphide.
9. Stockpiles: Mineral Resources in stockpiled material are reported in the totals for the Fekola Mine, the Masbate Gold Project and the Otjikoto Mine and were prepared by mine site personnel at each operation. Ore stockpile balances are derived from mining truck movements to individual stockpiles or detailed surveys, with grade estimated from routine GC methods.