Kiniero
Gold Project

Kiniero was acquired by Robex in April 2022 as part of the business combination with Sycamore Mining Limited (please refer to the press release dated November 9^th 2022).

The Kiniero Gold Project is a 470km² legal exploitation and exploration land package in the prolific Siguiri Basin, Guinea; and consists in the adjoining Kiniero License Area (exploitation) and the Mansounia License Area (exploration) hosting numerous deposits.

The 2022 Pre-Feasibility Study contemplates a 6.5 year LoM with average annual production of 110koz at an AISC of US$ 1,033/oz. The project displays good economics including an NPV5% of US$ 199m and an IRR of 49% (please refer to the Pre-Feasibility Studio press release dated August 29^th 2022).

The Kiniero Gold Mine has been in operation from 2002 to 2014 and produced a total of 418,000oz of gold in that period. The mine was placed on care-and-maintenance in early 2014 and was awarded to Sycamore in 2019. Sycamore invested USD25m in the project to drill the property and bringing it to a Definitive Feasibility Level for the restart of the operation. Robex is now considering restarting the mine with a new 3 million tonnes per annum process plant. Existing mining infrastructure will be refurbished and expanded with minimal additional infrastructure required.

Robex has also commenced an extensive drilling programme on the numerous identified deposits to increase the resource base and extend the life of mine at Kiniero predominately through extending the drilling density at depth and along known strike extensions.

KINIERO GOLD PROJECT

OPERATION TYPE
Mine Type : Open Pit
Mill Type : 3.0Mtpa Gravity/CIL Plant

MINERAL RESERVES & MINERAL RESOURCES
Proven & Probable Reserves, koz : 803
Measured & Indicated Resources (inclusive of Reserves), koz : 1.280
Inferred Resources, koz : 1.400

LIFE OF MINE PRODUCTION
Mine Life, years : 6.5 years
Strip Ratio, W:O : 4.4
Tonnes Processed,, Mt : 18.6
Grade processed, Au g/t : 1.34 g/t

Average recovery rate, % :
Oxides 93.4%
Trans 81.0%
Fresh 85.9%

Gold production, koz : 712
Average annual production, kozpa : 110
Cash costs, $/oz : 985
AISC, $/oz : 1,033

CAPITAL COST
Upfront capital cost, $m : 144.4
LoM Capital, $m : 161