Obuasi

Obuasi is an underground gold operation in Ghana. 2025 production rose to 266koz (2024: 221koz) in line with ramp-up. A hybrid mining approach (underhand drift-and-fill for high-grade plus conventional sub-level open stoping) was successfully embedded with higher milled grades due to lower dilution. Stoping performance improved following addition of a second Epiroc Easer-L. Recoveries improved 3% YoY to 89% (second flash cell installed). Average mill head grade +13% vs 2024. TCC rose 9% to $1,325/oz. The Kwesi Mensa Shaft refurbishment material handling infrastructure commissioning expected H2 2026. Production was suspended for part of 2025 due to a major unauthorised incursion incident.