Doropo Gold Project

Development-stage gold project comprising the Souwa hub region, Kilosegui and multiple satellite pits. Located in the Bounkani region of northeastern Cote d'Ivoire, approximately 480 km north of Abidjan and 50 km north of Bouna. Acquired from AngloGold Ashanti on 1 May 2025. Updated Definitive Feasibility Study released 15 December 2025 outlines a 13-year life of mine producing an average of 170 koz Au per year over LOM and 204 koz Au per year in the first five years, at LOM AISC US$1,406/oz with average gold recovery of 88%. Upfront capital cost US$516 million. Base-case post-tax NPV5% (100% basis) of US$1.5 billion and IRR of 49% at US$3,000/oz gold; payback period 1.7 years. At US$4,500/oz post-tax NPV5% rises to approximately US$3.1 billion. Mining permit granted February 2026; construction targeted for H1 2026 with first gold in H1 2028. 2026 capex US$170-190 million. Reserves quoted at 0.3-0.5 g/t cut-off depending on ore zone; resources reported inside a US$3,000/oz pit at 0.3 g/t cut-off.