Projects

Summary of Mineral Reserve & Mineral Resource Estimates

Mineral Reserves are reported from pit designs and underground stope designs based on Indicated Mineral Resources. Mineral Resources are reported inclusive of those Mineral Resources that have been converted to Mineral Reserves.

Economic parameters such as mining costs, processing costs, metallurgical recoveries and geotechnical considerations have been applied to determine economic viability of the Mineral Reserves based on a gold price of US$1,500 per ounce (“/oz”). Mineral Reserves contained in stockpiles that meet the project-specific Mineral Reserve cut-off grades are also included for the Fekola Mine, the Masbate Gold Project and the Otjikoto Mine. Mineral Resources amenable to open pit mining are constrained with conceptual pit shells defined by economic parameters and using a gold price of US$1,800/oz, except where otherwise noted.

Mineral Resources amenable to underground mining methods are reported above cut-off grades defined by site operating costs and using a gold price of US$1,800/oz. Mineral Resources contained in stockpiles that meet the project-specific cut-off grades are also included for the Fekola Mine, the Masbate Gold Project and the Otjikoto Mine. Gold grades are expressed in grams per tonne of gold (“g/t Au”). 

Except where stated otherwise, Mineral Reserve and Mineral Resource estimates for our operating mines have been updated to account for mining depletion, using topographic surfaces as of December 31, 2020. These Mineral Reserve and Mineral Resource estimates are reported by project/mine on both a 100% project basis reflecting the total Mineral Resources and Mineral Reserves and the applicable project specific attributable basis reflecting our ownership interest (details in table footnotes below).

Probable Mineral Reserves Statement

Country Mine or Project 100% Project Basis Attributable Ownership Basis
Tonnes
(x 1,000)
Gold Grade
(g/t Au)
Contained Gold
Ounces
(x 1,000)
Ownership
Percentage
(%)
Tonnes
(x 1,000)
Gold Grade
(g/t Au)
Contained Gold
Ounces
(x 1,000)
Mali Fekola 69,500 1.89 4,220 80 55,600 1.89 3,380
Philippines Masbate 84,000 0.80 2,170 100 84,000 0.80 2,170
Namibia Otjikoto 13,800 1.77 790 90 12,400 1.77 710
Total Probable Mineral Reserves
(includes stockpiles)
7,180   6,260
Notes: (Click to expand)
1. Mineral Reserves have been classified using the CIM Standards. 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 Reserves are reported on a 100% project and an 80% attributable basis, the remaining 20% interest is held by the State of Mali. The Mineral Reserves have an effective date of December 31, 2020 and have been prepared by Peter D. Montano, P.E., our Project Director, and a Qualified Person under NI 43-101. Mineral Reserves are based on a conventional open pit mining method, gold price of US$1,500/oz, metallurgical recovery of 94%, selling costs of $126.38 per ounce of gold (“/oz Au”) including royalties, average mining cost of US$2.04 per tonne (“/t”) mined, average processing cost of US$14.84/t processed, and site general costs of US$6.62/t processed. Reserve model dilution and ore loss was applied through whole block averaging such that at a 0.65 g/t Au cut-off there is a 0.3% increase in tonnes, a 1.3% reduction in grade, and 1.0% reduction in ounces when compared to the Mineral Resource model. Mineral Reserves are reported above a cut-off grade of 0.65 g/t Au.
3. Masbate Gold Project: Mineral Reserves are reported on a 100% project basis. Pursuant to the ore sales and purchase agreement between Filminera Resources Corporation (“Filminera”) and Philippine Gold Processing & Refining Corporation (“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. Please see “Material Properties – Masbate Gold Project” below for a further discussion of the foregoing. The Mineral Reserves have an effective date of December 31, 2020. The Qualified Person for the estimate is Kevin Pemberton, P.E., our Chief Mine Planning Engineer. Mineral Reserves are based on a conventional open pit mining method, gold price of US$1,500/oz, modeled metallurgical recovery (resulting in average LoM metallurgical recoveries by pit that range from 62–86%), and average base operating cost estimates of US$1.42–$1.68/t mined (mining), US$11.33/t processed (processing) and US$2.22–$3.70/t processed (general and administrative). Dilution and ore loss were applied through whole block averaging such that at a cut-off of 0.45 g/t Au, there is a 5.8% increase in tonnes, a 5.5% reduction in grade and 0.1% increase in ounces when compared to the Mineral Resource model. Mineral Reserves are reported at cut-offs that range from 0.36–0.51 g/t Au.
4. Otjikoto Mine: Otjikoto Mineral Reserves are reported on a 100% project and a 90% attributable basis; the remaining 10% interest is held by EVI Mining (Proprietary) Ltd. (“EVI”), a Namibian empowerment company. The Otjikoto Mineral Reserves within the open pits and stockpiles have an effective date of December 31, 2020 and have been prepared by Peter D. Montano, P.E., our Project Director, and a Qualified Person under NI 43-101. Mineral Reserves to be mined using open pit methods or in stockpiles are based on a conventional open pit mining method, gold price of US$1,500/oz, metallurgical recovery of 98%, selling costs of US$63.49/oz Au including royalties and levies, average mining cost of US$2.27/t mined, average processing cost of US$12.06/t processed, and site general costs of US$3.07/t processed. Reserve model dilution and ore loss was applied through whole block averaging such that at a 0.45 g/t Au cut-off there is a 2.3% decrease in tonnes, a 2.2% reduction in grade, and a 4.4% reduction in ounces when compared to the Mineral Resource model. Mineral Reserves to be mined using open pit methods or in stockpiles are reported above a cut-off grade of 0.45 g/t Au. Mineral Reserves to be mined using underground methods at Wolfshag have an effective date of December 31, 2020, and have been prepared Randy Reichert, P. Eng, our Vice President, Operations, and a Qualified Person under NI 43-101. Mineral Reserves to be mined using underground methods are based on a modified transverse longhole stoping mining method, gold price of US$1,350/oz, metallurgical recovery of 98%, selling costs of US$63.49/oz Au including royalties and levies, average mining cost of US$84.83/t mined, average processing cost of US$12.06/t processed, general costs of US$3.07/t processed, 10% dilution, and 90% mining recovery. Mineral Reserves to be mined using underground methods are reported above a cut-off grade of 2.68 g/t Au.
5. Stockpiles: Mineral Reserves 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 grade control (“GC”) methods. Stockpile cut-offs vary by deposit, from 0.4–0.65 g/t Au.

Indicated Mineral Resource Statement 

Country Mine or Project 100% Project Basis Attributable Ownership Basis
Tonnes
(x 1,000)
Gold Grade
(g/t Au)
Contained Gold
Ounces
(x 1,000)
Ownership
Percentage
(%)
Tonnes
(x 1,000)
Gold Grade
(g/t Au)
Contained Gold
Ounces
(x 1,000)
Mali Fekola

117,100

1.51 5,700 80 93,700 1.51 

4,560

Philippines Masbate 136,400 0.81 3,540 100 136,400 0.81

3,540

Namibia Otjikoto 43,800 1.00 1,400 90 39,400 1.00

1,260

Burkina Faso Kiaka 200,400  0.84 5,380 81 162,300 0.84

4,360

Colombia Gramalote 173,400 0.73 4,060 50 86,700 0.73

2,030

Total Indicated Mineral Resources
(includes Stockpiles)
20,900  

15,760

Inferred Mineral Resource Statement

Country Mine or Project 100% Project Basis Attributable Ownership Basis
Tonnes
(x 1,000)
Gold Grade
(g/t Au)
Contained Gold
Ounces
(x 1,000)
Ownership
Percentage
(%)
Tonnes
(x 1,000)
Gold Grade
(g/t Au)
Contained Gold
Ounces
(x 1,000)
Mali Fekola 13,900 1.15 510 80 11,100 1.15 410
Anaconda Area 21,600 1.11 770 85 18,300 1.11 650
Cardinal  13,000 1.54 640 80 10,400 1.54 510
Philippines Masbate 31,600 0.79 800 100 31,600 0.79 800
Namibia Otjikoto 12,300 1.36 540 90 11,000 1.36 480
Burkina Faso Kiaka 57,100 0.69 1,260 81 46,300 0.69 1,020
Colombia Gramalote 58,200 0.59 1,100 50 29,100 0.59 550
Total Inferred Mineral Resources 5,620   4,440
Notes: (Click to expand)
 
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. The Mineral Resources have an effective date of December 31, 2020. The Qualified Person for the resource estimate is Tom Garagan, P.Geo., our Senior Vice President, Exploration. The Qualified Person for the stockpile estimate is Peter Montano, P.E., our Project Director. Mineral Resource estimates assume an open pit mining method, gold price of US$1,800/oz, metallurgical recovery of 94%, selling costs of US$151.13/oz including royalties and average operating cost estimates of US$2.04/t mined (mining), US$14.84/t processed (processing) and US$6.62/t processed (general and administrative). Mineral Resources are reported at a cut-off of 0.4 g/t Au.
3. Anaconda Area: Mineral Resources are reported on a 100% project and an 85% attributable basis; under the 2012 Mining Code, the State of Mali has a 10% free carried interest with an option to acquire an additional 10% participating interest, and 5% is held by a third party. The Mineral Resources were prepared in March 2017 and have an effective date of December 31, 2019. The Qualified Person for the resource estimate is Tom Garagan, P.Geo., our Senior Vice President, Exploration. Mineral Resource estimates assume an open pit mining method, gold price of US$1,400/oz, metallurgical recovery of 95%, and average operating cost estimates of US$1.75/t mined (mining), US$8.10/t processed (processing) and US$2.75/t processed (general and administrative). Mineral Resources are reported at a cut-off of 0.35 g/t Au. For a discussion regarding the current status of the Menankoto Sud (as defined below) exploration permit, see “Material Properties – Fekola Mine – Property Description, Location, and Access” in the 2021 AIF. 
4. Cardinal: 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 License). The Mineral Resources have an effective date of March 12, 2021. The Qualified Person for the resource estimate is Tom Garagan, P.Geo., our Senior Vice President, Exploration. Mineral Resource estimates assume an open pit mining method, gold price of US$1,800/oz, metallurgical recovery of 94%, and operating cost estimates of US$2.00–US$2.25/t mined (mining) for oxide and US$2.50/t mined (mining) for sulphide, US$7.54–US$9.42/t processed (processing) for oxide and US$12.50/t processed (processing) for sulphide, US$0.48/t processed (haulage), and US$0.52/t processed (general and administrative). Mineral Resources are reported at a cut-off of 0.25 g/t Au for oxide and 0.50 g/t Au for sulphide.
5. Masbate Gold Project: Mineral Resources are reported on a 100% project basis. Pursuant to the ore sales and purchase agreemen t 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. Please see “Material Properties - Masbate Gold Project” below for a further discussion of the foregoing. The Mineral Resources have an effective date of December 31, 2020. The Qualified Person for the resource estimate is Tom Garagan, P.Geo., our Senior Vice President, Exploration. The Qualified Person for the stockpile estimate is Kevin Pemberton, P.E., our Chief Mine Planning Engineer. Mineral Resource estimates assume an open pit mining method, gold price of US$1,800/oz, modeled metallurgical recovery (resulting in average metallurgical recoveries by resource area that range from 57–85%), and operating cost estimates of US$1.41–US$1.67/t mined (mining), US$11.33/t processed (processing) and US$2.20–US$3.70/t processed (general and administrative). Mineral Resources are reported at an average cut-off of 0.37 g/t Au.
6. Otjikoto Mine: Mineral Resources are reported on a 100% project and a 90% attributable basis; the remaining 10% interest is held by EVI. The Mineral Resources have an effective date of December 31, 2020. The Qualified Person for the resource estimate is Tom Garagan, P.Geo., our Senior Vice President, Exploration. The Qualified Person for the stockpile estimate is Peter Montano, P.E., our Project Director. Mineral Resource estimates that are amenable to open pit mining methods assume a gold price of US$1,800/oz, metallurgical recovery of 98%, and operating cost estimates of US$2.27/t mined (mining), US$12.06/t processed (processing) and US$3.07/t processed (general and administrative). Mineral Resources that are amenable to open pit mining are reported at a cut-off of 0.26 g/t Au. Mineral Resources that are amenable to underground mining are reported at cut-offs of 1.7 or 2.7 g/t Au.
7. Kiaka Project: Mineral Resources are reported on a 100% project and an 81% attributable basis; the remaining interest is held by GAMS (9%) a Cypriot company, and the Government of Burkina Faso (10%). The Mineral Resource estimate has an effective date of December 31, 2020. The Qualified Person for the estimate is Tom Garagan, P. Geo., our Senior Vice President, Exploration. Mineral Resources assume an open pit mining method, gold price of US$1,800/oz, metallurgical recovery of 89.6%, and average operating cost estimates of US$2.08/t mined (mining), US$10.84/t processed (processing), and US$2.50/t processed (general and administrative). Mineral Resources are reported at a cut-off of 0.35 g/t Au.
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, 2020. The Qualified Person for the estimate is Tom Garagan, P.Geo., our Senior Vice President, Exploration. Mineral Resources assume an open pit mining method, gold price of US$1,800/oz., metallurgical recovery of 81.7–84% for oxide and 90.9–97.6% for sulphide, and operating cost estimates of US$1.99–US$2.36/t mined (average mining cost), US$4.79–US$4.89 for oxide and US$7.45–US$7.55/t for sulphide processed (processing) and US$2.10/t processed (general and administrative). Mineral Resources are reported at cut-offs of 0.15 g/t Au for oxide and 0.18 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.
 

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