\nRoxgold Inc. (\u201cRoxgold\u201d or the \u201cCompany\u201d) (TSX: ROXG) (OTCQX: ROGFF) is pleased to announce the results of the Feasibility Study (the \u201cFeasibility Study\u201d) and Mineral Reserve estimate for the high-grade S\u00e9gu\u00e9la Gold Project (\u201cS\u00e9gu\u00e9la\u201d or the \u201cS\u00e9gu\u00e9la Gold Project\u201d) in C\u00f4te d\u2019Ivoire. The Feasibility Study was prepared in accordance with Canadian Securities Administrators\u2019 National Instrument 43-101 Standards of Disclosure for Mineral Projects <\/i>(\u201cNI 43-101\u201d).\n<\/p>\n
This press release features multimedia. View the full release here: https:\/\/www.businesswire.com\/news\/home\/20210419005239\/en\/<\/a><\/p>\n Figure 1. S\u00e9gu\u00e9la Gold Project (Graphic: Business Wire)<\/p>\n<\/div>\n \nThe Feasibility Study confirms robust economics for the development of an open-pit mining operation at S\u00e9gu\u00e9la, targeting a series of open-pit mines at Antenna, Koula, Ancien, Agouti and Boulder deposits that will feed a central gold processing facility. Roxgold intends to make a formal construction decision upon completion of a debt financing package and signed mining convention with the Government of C\u00f4te d\u2019Ivoire.\n<\/p>\n \nA webcast and conference call to discuss the Feasibility Study results will be held on Monday, April 19th<\/sup>, 2021 at 4:30PM Eastern time \u2013 details with respect to participation on the call are outlined in the \u201cS\u00e9gu\u00e9la Gold Project Feasibility Study Conference Call\u201d section below.\n<\/p>\n Key Highlights<\/b> (all financial results are in U.S. dollars unless otherwise noted)<\/i>:\n<\/p>\n 1. Feasibility Study<\/b><\/p>\n Robust Economics<\/span><\/p>\n Metric<\/b><\/p>\n<\/td>\n Base Case @ Spot Price @ \nNPV5%<\/sub> after-tax \u2013 attr. to Roxgold\u2019s 90% interest\n<\/p>\n<\/td>\n $380 million<\/b><\/p>\n<\/td>\n $451 million<\/b><\/p>\n<\/td>\n<\/tr>\n \nAfter tax IRR\n<\/p>\n<\/td>\n 49%<\/b><\/p>\n<\/td>\n 56%<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n High-Grade Mineral Resource and Initial Mineral Reserve Estimate<\/span><\/p>\n Enhanced and Extended Production Profile<\/span><\/p>\n Low Quartile Costs<\/span><\/p>\n Development Capital<\/span><\/p>\n 2. Further Optimisation Opportunities<\/b><\/p>\n 3. Future Growth<\/b><\/p>\n \nJohn Dorward, President and Chief Executive Officer commented: \u201cWe are pleased to share with the market the results of our Feasibility Study on S\u00e9gu\u00e9la which underscores the substantial value accretion that this project will bring to Roxgold and its shareholders. S\u00e9gu\u00e9la has rapidly become a cornerstone asset for Roxgold, with the potential to more than double the company\u2019s production profile within a short time frame. We expect to be able to deliver this without the need for equity dilution.\n<\/p>\n \n\u201cThe value creation at S\u00e9gu\u00e9la has been remarkable and we still believe there is significant upside through further optimisation opportunities and the exploration potential at the project. We acquired S\u00e9gu\u00e9la in 2019 for $20 million in cash, and through the hard work of our exploration and project teams, we have been able to generate exceptional prospective project economics with an after-tax NPV attributable to Roxgold of $380 million and an IRR of 49% at a gold price of $1,600\/oz.\n<\/p>\n \n\u201cIn the first six years of operation, the project will produce an average of 133,000 ounces of gold per year at an AISC of $797 per ounce generating an average annual EBITDA1<\/sup> of $130 million per year.\n<\/p>\n \n\u201cImportantly, the S\u00e9gu\u00e9la project as outlined today is just a snapshot in time of the potential value of the project. Our drill programs continue to have success delineating mineralization down plunge at Ancien and Koula, building confidence in the potential of high-grade underground scenarios from these deposits. Further, we continue to see the significant exploration prospectivity of S\u00e9gu\u00e9la with the recent announcement of the discovery of Sunbird, which has the potential to be another high grade prospect within close proximity to our planned operations and infrastructure. As we continue to drill and define additional targets on our property package, our understanding of the drivers of the mineralization throughout the property continues to improve, increasing the likelihood of additional successes to come from the twenty plus targets on the property yet to be tested. It is our belief that, with continued drilling success, there is the potential to continue to add significant production ounces and value to S\u00e9gu\u00e9la.\u201d\n<\/p>\n S\u00e9gu\u00e9la Gold Project Overview<\/b><\/p>\n \nThe S\u00e9gu\u00e9la Gold Project is located approximately 240 kilometres north-west of Yamoussoukro, the political capital of C\u00f4te d’Ivoire, and approximately 480 kilometres north-west of Abidjan, the commercial capital of the country. The S\u00e9gu\u00e9la property covers an area of 35,360 hectares, defined by two exploration permits. The property is generally accessible year-round by road. Bituminised national highways facilitate transport between Abidjan, Yamoussoukro, and the town of S\u00e9gu\u00e9la (population 65,000) which is the nearest major town to the property. The project is accessible from the town of S\u00e9gu\u00e9la via approximately 40 km of unsealed road. The S\u00e9gu\u00e9la Gold Project and the township of S\u00e9gu\u00e9la occur in a region of low forested hills, with elevations averaging 347m above sea level.\n<\/p>\n Figure 1: S\u00e9gu\u00e9la Gold Project<\/b><\/p>\n \nTable 1 \u2013 Feasibility Summary\n<\/p>\n Metrics<\/b><\/p>\n<\/td>\n Units<\/b><\/p>\n<\/td>\n Results<\/b><\/p>\n<\/td>\n<\/tr>\n \nGold Price\n<\/p>\n<\/td>\n \n$\/oz\n<\/p>\n<\/td>\n \n1,600\n<\/p>\n<\/td>\n<\/tr>\n \nLife of Mine\n<\/p>\n<\/td>\n \nyears\n<\/p>\n<\/td>\n \n8.6\n<\/p>\n<\/td>\n<\/tr>\n \nTotal Mineralized Material Mined\n<\/p>\n<\/td>\n \ntonnes\n<\/p>\n<\/td>\n \n12,064,000\n<\/p>\n<\/td>\n<\/tr>\n \nContained Gold In Mined Resource\n<\/p>\n<\/td>\n \noz\n<\/p>\n<\/td>\n \n1,088,000\n<\/p>\n<\/td>\n<\/tr>\n \nStrip Ratio\n<\/p>\n<\/td>\n \nw:o\n<\/p>\n<\/td>\n \n13.9:1\n<\/p>\n<\/td>\n<\/tr>\n \nThroughput @ Start-up\n<\/p>\n<\/td>\n \nMtpa\n<\/p>\n<\/td>\n \n1.25\n<\/p>\n<\/td>\n<\/tr>\n \nThroughput @ Peak\n<\/p>\n<\/td>\n \nMtpa\n<\/p>\n<\/td>\n \n1.57\n<\/p>\n<\/td>\n<\/tr>\n \nHead Grade\n<\/p>\n<\/td>\n \ng\/t Au\n<\/p>\n<\/td>\n \n2.8\n<\/p>\n<\/td>\n<\/tr>\n \nRecoveries\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n94.5%\n<\/p>\n<\/td>\n<\/tr>\n Gold production<\/b><\/p>\n<\/td>\n \nTotal Production over LOM\n<\/p>\n<\/td>\n \noz\n<\/p>\n<\/td>\n 1,028,000<\/b><\/p>\n<\/td>\n<\/tr>\n \nAnnual Production, LOM\n<\/p>\n<\/td>\n \noz\n<\/p>\n<\/td>\n 120,000<\/b><\/p>\n<\/td>\n<\/tr>\n \nAnnual Production, first 6 years\n<\/p>\n<\/td>\n \noz\n<\/p>\n<\/td>\n 133,000<\/b><\/p>\n<\/td>\n<\/tr>\n Per Unit Costs over LOM<\/b><\/p>\n<\/td>\n \nTotal Mining Costs\n<\/p>\n<\/td>\n \n$\/t, mined\n<\/p>\n<\/td>\n \n$2.79\n<\/p>\n<\/td>\n<\/tr>\n \nMining Costs, Sustaining Capital\n<\/p>\n<\/td>\n \n$\/t, mined\n<\/p>\n<\/td>\n \n$0.78\n<\/p>\n<\/td>\n<\/tr>\n \nMining Costs, Operating Costs\n<\/p>\n<\/td>\n \n$\/t, mined\n<\/p>\n<\/td>\n \n$2.01\n<\/p>\n<\/td>\n<\/tr>\n \nProcessing\n<\/p>\n<\/td>\n \n$\/t, processed\n<\/p>\n<\/td>\n \n$12.57\n<\/p>\n<\/td>\n<\/tr>\n \nG&A\n<\/p>\n<\/td>\n \n$\/t, processed\n<\/p>\n<\/td>\n \n$5.30\n<\/p>\n<\/td>\n<\/tr>\n \nTotal Operating Costs (excl. Sustaining Capital)\n<\/p>\n<\/td>\n \n$\/t, processed\n<\/p>\n<\/td>\n \n$47.83\n<\/p>\n<\/td>\n<\/tr>\n Cash costs<\/b><\/p>\n<\/td>\n \nAverage Operating Cash Costs, LOM\n<\/p>\n<\/td>\n \n$\/oz\n<\/p>\n<\/td>\n \n$567\n<\/p>\n<\/td>\n<\/tr>\n \nAverage Operating Cash Costs, first 6 years\n<\/p>\n<\/td>\n \n$\/oz\n<\/p>\n<\/td>\n \n$528\n<\/p>\n<\/td>\n<\/tr>\n AISC<\/b><\/p>\n<\/td>\n \nAverage AISC, LOM\n<\/p>\n<\/td>\n \n$\/oz\n<\/p>\n<\/td>\n \n$832\n<\/p>\n<\/td>\n<\/tr>\n \nAverage AISC, first 6 years\n<\/p>\n<\/td>\n \n$\/oz\n<\/p>\n<\/td>\n \n$797\n<\/p>\n<\/td>\n<\/tr>\n Capital costs<\/b><\/p>\n<\/td>\n \nInitial Capital Expenditure\n<\/p>\n<\/td>\n \n$M\n<\/p>\n<\/td>\n \n$142\n<\/p>\n<\/td>\n<\/tr>\n \nSustaining Capital, Operations + Infrastructure (ex-closure costs)<\/i><\/p>\n<\/td>\n \n$M\n<\/p>\n<\/td>\n \n$32\n<\/p>\n<\/td>\n<\/tr>\n \nSustaining Capital, Mining\n<\/p>\n<\/td>\n \n$M\n<\/p>\n<\/td>\n \n$141\n<\/p>\n<\/td>\n<\/tr>\n NPV5%<\/sub>, pre-tax <\/b>(100%)<\/i><\/p>\n<\/td>\n $M<\/b><\/p>\n<\/td>\n $455<\/b><\/p>\n<\/td>\n<\/tr>\n Pre-tax IRR<\/i><\/p>\n<\/td>\n %<\/i><\/p>\n<\/td>\n 53%<\/i><\/p>\n<\/td>\n<\/tr>\n NPV5%<\/sub>, after-tax <\/b>(attr. to ROXG 90% interest)<\/i><\/p>\n<\/td>\n $M<\/b><\/p>\n<\/td>\n $380<\/b><\/p>\n<\/td>\n<\/tr>\n After-tax IRR<\/i><\/p>\n<\/td>\n %<\/i><\/p>\n<\/td>\n 49%<\/i><\/p>\n<\/td>\n<\/tr>\n Payback Period<\/i><\/p>\n<\/td>\n years<\/i><\/p>\n<\/td>\n 1.7<\/i><\/p>\n<\/td>\n<\/tr>\n Annual EBITDA<\/b><\/p>\n<\/td>\n \nAverage EBITDA over LOM\n<\/p>\n<\/td>\n \n$M\n<\/p>\n<\/td>\n \n$107\n<\/p>\n<\/td>\n<\/tr>\n \nAverage EBITDA over first 6 years\n<\/p>\n<\/td>\n \n$M\n<\/p>\n<\/td>\n \n$130\n<\/p>\n<\/td>\n<\/tr>\n Environmental Data<\/b><\/p>\n<\/td>\n \nGHG Emissions Intensity (Scope 1 + 2)<\/i><\/p>\n<\/td>\n \ntCO2<\/sub>e\/oz\n<\/p>\n<\/td>\n \n0.58\n<\/p>\n<\/td>\n<\/tr>\n \nEnergy Intensity\n<\/p>\n<\/td>\n \nGJ\/oz\n<\/p>\n<\/td>\n \n4.39\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Mineral Resource and Reserves Estimate<\/b><\/p>\n \nThe S\u00e9gu\u00e9la Mineral Resource Estimate provided in Table 2 includes the Antenna, Koula, Ancien, Agouti and Boulder deposits and was prepared by Hans Andersen from Roxgold. Roxgold completed an updated Mineral Resource estimate for the Koula deposit, based on the drillhole data cut-off of March 31st<\/sup>, 2021. The Antenna, Ancien, Agouti and Boulder Mineral Resource estimates are unchanged since the previous reported Mineral Resource in the technical report entitled \u201cNI 43-101 Technical Report, S\u00e9gu\u00e9la Project, Worodougou Region, Cote d\u2019Ivoire\u201d with an effective report date of November 30th<\/sup>, 2020 which is available on SEDAR at www.sedar.com<\/a>.\n<\/p>\n \nThe S\u00e9gu\u00e9la Mineral Resource estimate incorporates data from all Reverse Circulation (\u201cRC\u201d) and Diamond Drilling (\u201cDD\u201d) drilling prior to the cut-off, comprising 125,510 metres in 910 drillholes targeting Antenna, Koula, Ancien, Agouti, and Boulder since the acquisition of the S\u00e9gu\u00e9la Project in April 2019.\n<\/p>\n \nTable 2 \u2013 Mineral Resource Estimate\n<\/p>\n Measured<\/b><\/p>\n<\/td>\n Indicated<\/b><\/p>\n<\/td>\n Measured & Indicated<\/b><\/p>\n<\/td>\n Inferred<\/b><\/p>\n<\/td>\n<\/tr>\n \nTonnes\n<\/p>\n<\/td>\n \nGrade\n<\/p>\n<\/td>\n \nMetal\n<\/p>\n<\/td>\n \nTonnes\n<\/p>\n<\/td>\n \nGrade\n<\/p>\n<\/td>\n \nMetal\n<\/p>\n<\/td>\n \nTonnes\n<\/p>\n<\/td>\n \nGrade\n<\/p>\n<\/td>\n \nMetal\n<\/p>\n<\/td>\n \nTonnes\n<\/p>\n<\/td>\n \nGrade\n<\/p>\n<\/td>\n \nMetal\n<\/p>\n<\/td>\n<\/tr>\n \n(Mt)\n<\/p>\n<\/td>\n \n(g\/t Au)\n<\/p>\n<\/td>\n \n(000 oz)\n<\/p>\n<\/td>\n \n(Mt)\n<\/p>\n<\/td>\n \n(g\/t Au)\n<\/p>\n<\/td>\n \n(000 oz)\n<\/p>\n<\/td>\n \n(Mt)\n<\/p>\n<\/td>\n \n(g\/t Au)\n<\/p>\n<\/td>\n \n(000 oz)\n<\/p>\n<\/td>\n \n(Mt)\n<\/p>\n<\/td>\n \n(g\/t Au)\n<\/p>\n<\/td>\n \n(000 oz)\n<\/p>\n<\/td>\n<\/tr>\n \nAntenna\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n8.2\n<\/p>\n<\/td>\n \n2.2\n<\/p>\n<\/td>\n \n586\n<\/p>\n<\/td>\n \n8.2\n<\/p>\n<\/td>\n \n2.2\n<\/p>\n<\/td>\n \n586\n<\/p>\n<\/td>\n \n1.1\n<\/p>\n<\/td>\n \n1.9\n<\/p>\n<\/td>\n \n69\n<\/p>\n<\/td>\n<\/tr>\n \nKoula\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n1.2\n<\/p>\n<\/td>\n \n7.4\n<\/p>\n<\/td>\n \n285\n<\/p>\n<\/td>\n \n1.2\n<\/p>\n<\/td>\n \n7.4\n<\/p>\n<\/td>\n \n285\n<\/p>\n<\/td>\n \n0.2\n<\/p>\n<\/td>\n \n3.0\n<\/p>\n<\/td>\n \n14\n<\/p>\n<\/td>\n<\/tr>\n \nAncien\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n1.4\n<\/p>\n<\/td>\n \n5.4\n<\/p>\n<\/td>\n \n250\n<\/p>\n<\/td>\n \n1.4\n<\/p>\n<\/td>\n \n5.4\n<\/p>\n<\/td>\n \n250\n<\/p>\n<\/td>\n \n0.0\n<\/p>\n<\/td>\n \n10.6\n<\/p>\n<\/td>\n \n11\n<\/p>\n<\/td>\n<\/tr>\n \nAgouti\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n1.4\n<\/p>\n<\/td>\n \n2.4\n<\/p>\n<\/td>\n \n111\n<\/p>\n<\/td>\n \n1.4\n<\/p>\n<\/td>\n \n2.4\n<\/p>\n<\/td>\n \n111\n<\/p>\n<\/td>\n \n0.1\n<\/p>\n<\/td>\n \n1.8\n<\/p>\n<\/td>\n \n6\n<\/p>\n<\/td>\n<\/tr>\n \nBoulder\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n1.7\n<\/p>\n<\/td>\n \n1.7\n<\/p>\n<\/td>\n \n97\n<\/p>\n<\/td>\n \n1.7\n<\/p>\n<\/td>\n \n1.7\n<\/p>\n<\/td>\n \n97\n<\/p>\n<\/td>\n \n0.1\n<\/p>\n<\/td>\n \n1.2\n<\/p>\n<\/td>\n \n3\n<\/p>\n<\/td>\n<\/tr>\n Total<\/b><\/p>\n<\/td>\n –<\/b><\/p>\n<\/td>\n –<\/b><\/p>\n<\/td>\n –<\/b><\/p>\n<\/td>\n 14.0<\/b><\/p>\n<\/td>\n 3.0<\/b><\/p>\n<\/td>\n 1,328<\/b><\/p>\n<\/td>\n 14.0<\/b><\/p>\n<\/td>\n 3.0<\/b><\/p>\n<\/td>\n 1,328<\/b><\/p>\n<\/td>\n 1.5<\/b><\/p>\n<\/td>\n 2.2<\/b><\/p>\n<\/td>\n 104<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nNotes:\n<\/p>\n<\/td>\n<\/tr>\n \n(1)\n<\/p>\n<\/td>\n \nMineral Resources are reported in accordance with NI 43-101 with an effective date of March 31st<\/sup>, 2021, for S\u00e9gu\u00e9la.\n<\/p>\n<\/td>\n<\/tr>\n \n(2)\n<\/p>\n<\/td>\n \nThe S\u00e9gu\u00e9la Mineral Resources are reported on a 100% basis at a gold grade cut-off of 0.3 g\/t Au for Antenna and 0.5 g\/t Au for the satellite deposits, based on a gold price of US$1,700\/ounce and constrained to MII preliminary pit shells.\n<\/p>\n<\/td>\n<\/tr>\n \n(3)\n<\/p>\n<\/td>\n \nThe identified Mineral Resources in the block model are classified according to the \u201cCIM\u201d definitions for the Measured, Indicated, and Inferred categories. The Mineral Resources are reported in situ without modifying factors applied.\n<\/p>\n<\/td>\n<\/tr>\n \n(4)\n<\/p>\n<\/td>\n \nThe S\u00e9gu\u00e9la Mineral Resource Statement was prepared under the supervision of Mr. Hans Andersen, Senior Resource Geologist at Roxgold Inc. Mr. Andersen is a Qualified Person as defined in NI 43-101.\n<\/p>\n<\/td>\n<\/tr>\n \n(5)\n<\/p>\n<\/td>\n \nAll figures have been rounded to reflect the relative accuracy of the estimates and totals may not add due to rounding.\n<\/p>\n<\/td>\n<\/tr>\n \n(6)\n<\/p>\n<\/td>\n \nMineral Resources that are not Mineral Reserves do not necessarily demonstrate economic viability.\n<\/p>\n<\/td>\n<\/tr>\n \n(7)\n<\/p>\n<\/td>\n \nMineral Resources are reported inclusive of Mineral Reserves\n<\/p>\n<\/td>\n<\/tr>\n \n(8)\n<\/p>\n<\/td>\n \nThe S\u00e9gu\u00e9la Gold Project is subject to a 10% carried interest held by the government of Cote d\u2019Ivoire\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nThe initial S\u00e9gu\u00e9la Mineral Reserve estimate was prepared by Entech Pty Ltd, dated of March 31, 2021. Only Mineral Reserves have been incorporated into the mine plan and economic analysis.\n<\/p>\n \nTable 3 \u2013 Open Pit Mineral Reserve Estimate\n<\/p>\n Proven<\/b><\/p>\n<\/td>\n Probable<\/b><\/p>\n<\/td>\n Proven + Probable<\/b><\/p>\n<\/td>\n<\/tr>\n \nTonnes\n<\/p>\n<\/td>\n \nGrade\n<\/p>\n<\/td>\n \nMetal\n<\/p>\n<\/td>\n \nTonnes\n<\/p>\n<\/td>\n \nGrade\n<\/p>\n<\/td>\n \nMetal\n<\/p>\n<\/td>\n \nTonnes\n<\/p>\n<\/td>\n \nGrade\n<\/p>\n<\/td>\n \nMetal\n<\/p>\n<\/td>\n<\/tr>\n \n(Mt)\n<\/p>\n<\/td>\n \n(g\/t Au)\n<\/p>\n<\/td>\n \n(000 oz)\n<\/p>\n<\/td>\n \n(Mt)\n<\/p>\n<\/td>\n \n(g\/t Au)\n<\/p>\n<\/td>\n \n(000 oz)\n<\/p>\n<\/td>\n \n(Mt)\n<\/p>\n<\/td>\n \n(g\/t Au)\n<\/p>\n<\/td>\n \n(000 oz)\n<\/p>\n<\/td>\n<\/tr>\n \nAntenna\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n7.2\n<\/p>\n<\/td>\n \n2.1\n<\/p>\n<\/td>\n \n482\n<\/p>\n<\/td>\n \n7.2\n<\/p>\n<\/td>\n \n2.1\n<\/p>\n<\/td>\n \n482\n<\/p>\n<\/td>\n<\/tr>\n \nKoula\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n1.2\n<\/p>\n<\/td>\n \n6.5\n<\/p>\n<\/td>\n \n243\n<\/p>\n<\/td>\n \n1.2\n<\/p>\n<\/td>\n \n6.5\n<\/p>\n<\/td>\n \n243\n<\/p>\n<\/td>\n<\/tr>\n \nAncien\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n1.3\n<\/p>\n<\/td>\n \n4.9\n<\/p>\n<\/td>\n \n211\n<\/p>\n<\/td>\n \n1.3\n<\/p>\n<\/td>\n \n4.9\n<\/p>\n<\/td>\n \n211\n<\/p>\n<\/td>\n<\/tr>\n \nAgouti\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n1.2\n<\/p>\n<\/td>\n \n2.2\n<\/p>\n<\/td>\n \n88\n<\/p>\n<\/td>\n \n1.2\n<\/p>\n<\/td>\n \n2.2\n<\/p>\n<\/td>\n \n88\n<\/p>\n<\/td>\n<\/tr>\n \nBoulder\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n1.1\n<\/p>\n<\/td>\n \n1.8\n<\/p>\n<\/td>\n \n64\n<\/p>\n<\/td>\n \n1.1\n<\/p>\n<\/td>\n \n1.8\n<\/p>\n<\/td>\n \n64\n<\/p>\n<\/td>\n<\/tr>\n Total<\/b><\/p>\n<\/td>\n –<\/b><\/p>\n<\/td>\n –<\/b><\/p>\n<\/td>\n –<\/b><\/p>\n<\/td>\n 12.1<\/b><\/p>\n<\/td>\n 2.8<\/b><\/p>\n<\/td>\n 1,088<\/b><\/p>\n<\/td>\n 12.1<\/b><\/p>\n<\/td>\n 2.8<\/b><\/p>\n<\/td>\n 1,088<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nNotes:\n<\/p>\n<\/td>\n<\/tr>\n \n(1)\n<\/p>\n<\/td>\n \nMineral Reserves are reported in accordance with NI 43-101 with an effective date of March 31st<\/sup>, 2021, for S\u00e9gu\u00e9la.\n<\/p>\n<\/td>\n<\/tr>\n \n(2)\n<\/p>\n<\/td>\n \nThe S\u00e9gu\u00e9la Mineral Reserves are reported on a 100% basis at a gold grade cut-off of 0.5 g\/t Au for Antenna, Agouti and Boulder deposits and 0.6 g\/t Au for Koula and Ancien deposits based on a gold price of US$1,500\/ounce, constrained to optimization pit shells and only Proven and Probable categories reported within the final pit designs.\n<\/p>\n<\/td>\n<\/tr>\n \n(3)\n<\/p>\n<\/td>\n \nThe Mineral Reserves pit design were completed based on overall slope angle recommendations of between 37\u00ba and 57\u00ba for Antenna, Koula and Agouti deposits from oxide to fresh weathering profiles, between 34\u00ba and 56\u00ba for Ancien deposit from oxide to fresh weathering profiles and 37\u00ba and 60\u00ba for Boulder deposit from oxide to fresh weathering profiles.\n<\/p>\n<\/td>\n<\/tr>\n \n(4)\n<\/p>\n<\/td>\n \nThe Mineral Reserves are reported with modifying factors of 15% Mining Dilution and 90% Mining recovery applied.\n<\/p>\n<\/td>\n<\/tr>\n \n(5)\n<\/p>\n<\/td>\n \nMineral Reserves reported based on each open pit deposit demonstrating economic viability\n<\/p>\n<\/td>\n<\/tr>\n \n(6)\n<\/p>\n<\/td>\n \nThe identified Mineral Reserves in the block model are classified according to the “CIM” definitions for the Proven and Probable categories.\n<\/p>\n<\/td>\n<\/tr>\n \n(7)\n<\/p>\n<\/td>\n \nThe S\u00e9gu\u00e9la Mineral Reserves Statement was prepared under the supervision of Mr. Shane McLeay, Principal Mining Engineer at Entech Pty Ltd. Mr. McLeay is a Qualified Person as defined in NI 43-101.\n<\/p>\n<\/td>\n<\/tr>\n \n(8)\n<\/p>\n<\/td>\n \nAll figures have been rounded to reflect the relative accuracy of the estimates and totals may not add due to rounding.\n<\/p>\n<\/td>\n<\/tr>\n \n(9)\n<\/p>\n<\/td>\n \nThe S\u00e9gu\u00e9la Gold Project is subject to a 10% carried interest held by the government of Cote d’Ivoire\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Feasibility Study Overview<\/b><\/p>\n \nThe Feasibility Study is based on an updated mine plan and initial Mineral Reserve estimate outlining the design of an open-pit gold mining project targeting a series of open-pit mines at Antenna, Koula, Ancien, Agouti and Boulder deposits feeding a central gold processing facility. The operation will produce an average of approximately 120,000 ounces of gold per year with an initial nine year mine life and significant exploration upside as demonstrated by recent drill results down plunge at Ancien and Koula, as well as at the new Sunbird discovery located 1 km to the southeast of Antenna. Initial capital to fund construction and commissioning is estimated at $142 million with total non-mining sustaining capital estimated at $43 million over the LOM including closure costs. All-in sustaining costs are estimated at $832 per ounce over the life of the Project, positioning the project among the lowest quartile of the industry.\n<\/p>\n \nThe financial analysis performed from the results of this Feasibility Study demonstrates the robust economic viability of the S\u00e9gu\u00e9la Gold Project using the base case gold price assumption of $1,600 per ounce. This results in an after-tax net present value cashflow at a 5% discount rate (NPV5%<\/sub>) of $380 million (attributable to Roxgold) and an after-tax IRR of 49%. There are additional opportunities to further strengthen and enhance the project\u2019s economic foundation through the continued drilling and extension testing of the existing resource base and definition of new targets as well as optimisation of the existing deposits.\n<\/p>\n \nThe Feasibility Study was prepared by Roxgold in collaboration with various globally recognized engineering firms: Entech Pty Ltd, Lycopodium Minerals Canada, Knight Pi\u00e9sold and ECG Engineering. An NI 43-101 technical report prepared by Roxgold will be filed on SEDAR within 45 days of this news release providing further detail including exploration, geological modelling, Mineral Resource estimation, mine design, process design, infrastructure design, environmental management, capital and operating costs and economic analysis. Readers are encouraged to read the technical report in its entirety, including all qualifications, assumptions and exclusions that relate to the details summarized in this news release. The technical report is intended to be read as a whole, and sections should not be read or relied upon out of context.\n<\/p>\n Figure 2: S\u00e9gu\u00e9la Site Layout<\/b><\/p>\n Mining and Recovery Methods<\/b><\/p>\n Mining<\/span><\/p>\n \nThe S\u00e9gu\u00e9la Gold Project will consist of the simultaneous exploitation of the Antenna deposit and the satellite deposits: Koula, Ancien, Agouti, and Boulder. The overall strategy is to have production from these satellite deposits complement the production from Antenna to achieve a baseline production rate sufficient to feed the processing plant at 1.25 Mtpa initially and increasing to 1.57 Mtpa in year 3. The project mine life contemplated in the Feasibility Study is nine years.\n<\/p>\n \nMining activities at S\u00e9gu\u00e9la will utilize conventional open-pit mining methods. Drill and blasting are planned for oxide and fresh mineralized material, followed by conventional truck and shovel operations within the pits for the movement of mineralized material and waste.\n<\/p>\n \nTwo 200 tonne (\u201ct\u201d) excavators, complimented with one 120 tonne and one 80 tonne excavators in the latter stages of the satellite pits, with an estimated total material productive capacity of approximately 25.0 Mtpa, will have sufficient capacity to allow for maintenance, transport between the pits, and make-up capacity to account for low productivity periods such as high rainfall events. A fleet of up to twenty Caterpillar 777 trucks (payload of 100t) will be used in conjunction with several smaller articulated trucks for the latter stages of the satellite pits to truck and haul all mineralized and waste material. Roxgold will engage a mining contractor for initial operations, before switching to an owner mining arrangement after 3.5 years. A common pool of equipment will be used and scheduled across all active pits so that movement between the pits is minimised.\n<\/p>\n Figure 3: S\u00e9gu\u00e9la Feasibility Study production profile<\/b><\/p>\n \nRun of Mine (\u201cROM\u201d) mineralized material will be trucked from the pit to the ROM pad and dumped either onto the ROM pad to be reclaimed and loaded to the ROM bin or by direct tipping. The Feasibility Study contemplates a single stage primary crush\/SAG milling comminution circuit where the mineralized material will be drawn from the ROM bin via an apron feeder, scalped via a vibrating grizzly with the undersize reporting directly to the discharge conveyor and the oversize reporting to a primary jaw crusher for further size reduction. All crushed and scalped material will be conveyed to a surge bin. Crushed mineralized material and water will be fed to the mill.\n<\/p>\n Metallurgy<\/span><\/p>\n \nMetallurgical testing was performed at the ALS Metallurgy laboratory in Perth, Western Australia, Australia under the supervision of Roxgold. The feasibility study testwork program expanded upon earlier work completed as part of the PEA to include additional comminution, cyanidation, rheology and cyanide detoxification testing on samples from all five deposits, weighted in accordance with the anticipated portion of mill feed each deposit contributes over the LOM. A testwork program was also conducted to further investigate the effect of oxygen injection on leaching.\n<\/p>\n \nThe key results are summarized in Table 4.\n<\/p>\n \nTable 4 \u2013 Key results from the S\u00e9gu\u00e9la metallurgical testwork program\n<\/p>\n Criterion<\/b><\/p>\n<\/td>\n Units<\/b><\/p>\n<\/td>\n Average<\/b><\/p>\n<\/td>\n Range<\/b><\/p>\n<\/td>\n Plant Design \nHead Grade\n<\/p>\n<\/td>\n \ng\/t Au\n<\/p>\n<\/td>\n \n2.72\n<\/p>\n<\/td>\n \n1.06 \u2013 58.8\n<\/p>\n<\/td>\n \n4.50\n<\/p>\n<\/td>\n<\/tr>\n \nBond Ball Mill Work Index\n<\/p>\n<\/td>\n \nkWh\/t\n<\/p>\n<\/td>\n \n19.7\n<\/p>\n<\/td>\n \n16.3 \u2013 21.1\n<\/p>\n<\/td>\n \n20.7\n<\/p>\n<\/td>\n<\/tr>\n \nBond Rod Mill Work Index\n<\/p>\n<\/td>\n \nkWh\/t\n<\/p>\n<\/td>\n \n21.8\n<\/p>\n<\/td>\n \n19.5 \u2013 22.7\n<\/p>\n<\/td>\n \n22.7\n<\/p>\n<\/td>\n<\/tr>\n \nGravity Gold Recovery\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n29.0\n<\/p>\n<\/td>\n \n11.0 \u2013 66.8\n<\/p>\n<\/td>\n \n40\n<\/p>\n<\/td>\n<\/tr>\n \nOverall Gold Recovery\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n94.5\n<\/p>\n<\/td>\n \n86.6 \u2013 99.2\n<\/p>\n<\/td>\n \n94.5\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nThe testwork showed that leaching is substantially complete within 24 hours and there is no apparent preg-robbing or refractory characteristics in the ores tested. Furthermore, it showed a fast-initial leaching rate with more than 80% of the stage extraction completed within the first 2 hours of cyanidation. The highest gold recovery was achieved for tests incorporating gravity recovery and elevated dissolved oxygen levels for the duration of the leach.\n<\/p>\n \nThe mineralized material tested across all deposits exhibited a degree of grind sensitivity with an optimal grind size of 75 micron being confirmed for all extraction test work. The results of that program, were very encouraging, indicating free milling of the mineralized material with good leach kinetics and overall recoveries averaging 94.5%.\n<\/p>\n \nComminution testwork including Bond Impact Crushability tests, Abrasion tests, Bond Ball and Rod Mill Work Index tests and unconfined compressive strength (UCS) tests were conducted and confirmed the PEA findings of Antenna being a hard\/strong ore. The tests also confirmed that Boulder, Agouti, Ancien and Koula returned results indicating that these ores are all less competent than those at Antenna.\n<\/p>\n Processing<\/span><\/p>\n \nThe S\u00e9gu\u00e9la process plant design is based on a metallurgical flowsheet envisioned for the production of gold dor\u00e9 at optimum recovery while minimizing initial capital expenditure and operating costs. The flowsheet comprises of conventional crushing, milling, gravity recovery, a carbon-in-leach (\u201cCIL\u201d) circuit, carbon elution and a gold recovery circuit.\n<\/p>\n \nThe key project design criteria for the plant are:\n<\/p>\n \nThe proposed process design is comprised of the following circuits. An overall process flow diagram depicting the unit operations incorporated in the selected process flowsheet is presented in Figure 3:\n<\/p>\n \nThe processing plant is planned to be expanded in year 3 to meet the realised productivity of the mine schedule. It is planned to increase the plants capacity from the initial 1.25 Mtpa to 1.57 Mtpa. This is expected to be achieved through an optimisation and debottlenecking process, whereby the installed capacity of the key plant bottlenecks is fully utilised. Another aspect of the design that contributes to this gain, is the plant comminution design criteria is based on Antenna ores, which are the most competent of the project. Therefore, as the other less competent ores make up more of the mill feed it is expected that the realised unit throughput rate will increase.\n<\/p>\n Figure 4: S\u00e9gu\u00e9la Project Process Flow Sheet<\/b><\/p>\n \nSelected operating and production statistics from the Feasibility Study are presented in Table 5.\n<\/p>\n \nTable 5 \u2013 S\u00e9gu\u00e9la Project Life-of-Mine Mining and Processing Plan Metrics\n<\/p>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n Year<\/b><\/p>\n<\/td>\n Year<\/b><\/p>\n<\/td>\n Year<\/b><\/p>\n<\/td>\n Year<\/b><\/p>\n<\/td>\n Year<\/b><\/p>\n<\/td>\n Year<\/b><\/p>\n<\/td>\n Year<\/b><\/p>\n<\/td>\n Year<\/b><\/p>\n<\/td>\n Year<\/b><\/p>\n<\/td>\n Year<\/b><\/p>\n<\/td>\n Year<\/b><\/p>\n<\/td>\n Year<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nUnit\n<\/p>\n<\/td>\n -1<\/b><\/p>\n<\/td>\n 0<\/b><\/p>\n<\/td>\n 1<\/b><\/p>\n<\/td>\n 2<\/b><\/p>\n<\/td>\n 3<\/b><\/p>\n<\/td>\n 4<\/b><\/p>\n<\/td>\n 5<\/b><\/p>\n<\/td>\n 6<\/b><\/p>\n<\/td>\n 7<\/b><\/p>\n<\/td>\n 8<\/b><\/p>\n<\/td>\n 9<\/b><\/p>\n<\/td>\n 10<\/b><\/p>\n<\/td>\n LOM<\/b><\/p>\n<\/td>\n<\/tr>\n Antenna<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \nOre mined\n<\/p>\n<\/td>\n \nK t\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n315\n<\/p>\n<\/td>\n \n1,259\n<\/p>\n<\/td>\n \n681\n<\/p>\n<\/td>\n \n962\n<\/p>\n<\/td>\n \n744\n<\/p>\n<\/td>\n \n603\n<\/p>\n<\/td>\n \n816\n<\/p>\n<\/td>\n \n1,234\n<\/p>\n<\/td>\n \n558\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n7,173\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \nAu grade\n<\/p>\n<\/td>\n \ng\/t\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n2.69\n<\/p>\n<\/td>\n \n2.77\n<\/p>\n<\/td>\n \n2.04\n<\/p>\n<\/td>\n \n1.86\n<\/p>\n<\/td>\n \n2.12\n<\/p>\n<\/td>\n \n2.12\n<\/p>\n<\/td>\n \n1.52\n<\/p>\n<\/td>\n \n1.86\n<\/p>\n<\/td>\n \n1.92\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n2.09\n<\/p>\n<\/td>\n<\/tr>\n Koula<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \nOre mined\n<\/p>\n<\/td>\n \nK t\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n42\n<\/p>\n<\/td>\n \n155\n<\/p>\n<\/td>\n \n264\n<\/p>\n<\/td>\n \n260\n<\/p>\n<\/td>\n \n9\n<\/p>\n<\/td>\n \n431\n<\/p>\n<\/td>\n \n7\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n1,168\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \nAu grade\n<\/p>\n<\/td>\n \ng\/t\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n4.58\n<\/p>\n<\/td>\n \n6.52\n<\/p>\n<\/td>\n \n6.14\n<\/p>\n<\/td>\n \n6.43\n<\/p>\n<\/td>\n \n3.58\n<\/p>\n<\/td>\n \n6.86\n<\/p>\n<\/td>\n \n9.34\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n6.46\n<\/p>\n<\/td>\n<\/tr>\n Ancien<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \nOre mined\n<\/p>\n<\/td>\n \nK t\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n386\n<\/p>\n<\/td>\n \n102\n<\/p>\n<\/td>\n \n258\n<\/p>\n<\/td>\n \n547\n<\/p>\n<\/td>\n \n56\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n1,348\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \nAu grade\n<\/p>\n<\/td>\n \ng\/t\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n6.34\n<\/p>\n<\/td>\n \n2.73\n<\/p>\n<\/td>\n \n3.35\n<\/p>\n<\/td>\n \n4.58\n<\/p>\n<\/td>\n \n8.64\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n4.88\n<\/p>\n<\/td>\n<\/tr>\n Agouti<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \nOre mined\n<\/p>\n<\/td>\n \nK t\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n214\n<\/p>\n<\/td>\n \n75\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n454\n<\/p>\n<\/td>\n \n500\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n1,243\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \nAu grade\n<\/p>\n<\/td>\n \ng\/t\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n2.10\n<\/p>\n<\/td>\n \n2.00\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n1.98\n<\/p>\n<\/td>\n \n2.47\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n2.20\n<\/p>\n<\/td>\n<\/tr>\n Boulder<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \nOre mined\n<\/p>\n<\/td>\n \nK t\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n236\n<\/p>\n<\/td>\n \n897\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n1,133\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \nAu grade\n<\/p>\n<\/td>\n \ng\/t\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n1.19\n<\/p>\n<\/td>\n \n1.92\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n1.77\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Total<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \nOre mined\n<\/p>\n<\/td>\n \nK t\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n315\n<\/p>\n<\/td>\n \n1,515\n<\/p>\n<\/td>\n \n1,297\n<\/p>\n<\/td>\n \n1,329\n<\/p>\n<\/td>\n \n1,262\n<\/p>\n<\/td>\n \n1,159\n<\/p>\n<\/td>\n \n1,302\n<\/p>\n<\/td>\n \n1,695\n<\/p>\n<\/td>\n \n1,294\n<\/p>\n<\/td>\n \n897\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n12,064\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \nAu grade\n<\/p>\n<\/td>\n \ng\/t\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n2.69\n<\/p>\n<\/td>\n \n2.73\n<\/p>\n<\/td>\n \n3.85\n<\/p>\n<\/td>\n \n2.77\n<\/p>\n<\/td>\n \n3.26\n<\/p>\n<\/td>\n \n3.30\n<\/p>\n<\/td>\n \n3.59\n<\/p>\n<\/td>\n \n1.93\n<\/p>\n<\/td>\n \n2.00\n<\/p>\n<\/td>\n \n1.92\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n2.80\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \nContained gold\n<\/p>\n<\/td>\n \nK oz\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n27.2\n<\/p>\n<\/td>\n \n132.8\n<\/p>\n<\/td>\n \n160.6\n<\/p>\n<\/td>\n \n118.5\n<\/p>\n<\/td>\n \n132.2\n<\/p>\n<\/td>\n \n122.7\n<\/p>\n<\/td>\n \n150.3\n<\/p>\n<\/td>\n \n104.9\n<\/p>\n<\/td>\n \n83.1\n<\/p>\n<\/td>\n \n55.4\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n1,088\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \nWaste mined\n<\/p>\n<\/td>\n \nK t\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n625\n<\/p>\n<\/td>\n \n12,964\n<\/p>\n<\/td>\n \n21,485\n<\/p>\n<\/td>\n \n23,000\n<\/p>\n<\/td>\n \n23,597\n<\/p>\n<\/td>\n \n24,943\n<\/p>\n<\/td>\n \n25,507\n<\/p>\n<\/td>\n \n13,764\n<\/p>\n<\/td>\n \n13,056\n<\/p>\n<\/td>\n \n9,110\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n168,050\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \nTotal mined\n<\/p>\n<\/td>\n \nK t\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n940\n<\/p>\n<\/td>\n \n14,479\n<\/p>\n<\/td>\n \n22,782\n<\/p>\n<\/td>\n \n24,329\n<\/p>\n<\/td>\n \n24,859\n<\/p>\n<\/td>\n \n26,101\n<\/p>\n<\/td>\n \n26,809\n<\/p>\n<\/td>\n \n15,459\n<\/p>\n<\/td>\n \n14,350\n<\/p>\n<\/td>\n \n10,007\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n180,115\n<\/p>\n<\/td>\n<\/tr>\n Stockpile<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \nStart of period\n<\/p>\n<\/td>\n \nK t\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n315\n<\/p>\n<\/td>\n \n580\n<\/p>\n<\/td>\n \n627\n<\/p>\n<\/td>\n \n385\n<\/p>\n<\/td>\n \n77\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n125\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \nn\/a\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \nGrade\n<\/p>\n<\/td>\n \ng\/t\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n2.69\n<\/p>\n<\/td>\n \n2.71\n<\/p>\n<\/td>\n \n2.79\n<\/p>\n<\/td>\n \n2.77\n<\/p>\n<\/td>\n \n2.77\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n1.93\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \nn\/a\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Processing<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \nOre milled\n<\/p>\n<\/td>\n \nK t\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n1,250\n<\/p>\n<\/td>\n \n1,250\n<\/p>\n<\/td>\n \n1,570\n<\/p>\n<\/td>\n \n1,570\n<\/p>\n<\/td>\n \n1,236\n<\/p>\n<\/td>\n \n1,302\n<\/p>\n<\/td>\n \n1,570\n<\/p>\n<\/td>\n \n1,419\n<\/p>\n<\/td>\n \n897\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n12,064\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \nHead grade\n<\/p>\n<\/td>\n \ng\/t\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n2.73\n<\/p>\n<\/td>\n \n3.85\n<\/p>\n<\/td>\n \n2.78\n<\/p>\n<\/td>\n \n3.16\n<\/p>\n<\/td>\n \n3.26\n<\/p>\n<\/td>\n \n3.59\n<\/p>\n<\/td>\n \n1.93\n<\/p>\n<\/td>\n \n1.99\n<\/p>\n<\/td>\n \n1.92\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n2.80\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \nContained gold\n<\/p>\n<\/td>\n \nK oz\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n109.6\n<\/p>\n<\/td>\n \n154.8\n<\/p>\n<\/td>\n \n140.4\n<\/p>\n<\/td>\n \n159.7\n<\/p>\n<\/td>\n \n129.6\n<\/p>\n<\/td>\n \n150.3\n<\/p>\n<\/td>\n \n97.2\n<\/p>\n<\/td>\n \n90.9\n<\/p>\n<\/td>\n \n55.4\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n1,088\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \nRecovery\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n94.5\n<\/p>\n<\/td>\n \n94.5\n<\/p>\n<\/td>\n \n94.5\n<\/p>\n<\/td>\n \n94.5\n<\/p>\n<\/td>\n \n94.5\n<\/p>\n<\/td>\n \n94.5\n<\/p>\n<\/td>\n \n94.5\n<\/p>\n<\/td>\n \n94.5\n<\/p>\n<\/td>\n \n94.5\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n94.5\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n Gold production<\/b><\/p>\n<\/td>\n K oz<\/b><\/p>\n<\/td>\n –<\/b><\/p>\n<\/td>\n –<\/b><\/p>\n<\/td>\n 103.6<\/b><\/p>\n<\/td>\n 146.3<\/b><\/p>\n<\/td>\n 132.7<\/b><\/p>\n<\/td>\n 150.9<\/b><\/p>\n<\/td>\n 122.5<\/b><\/p>\n<\/td>\n 142.1<\/b><\/p>\n<\/td>\n 91.8<\/b><\/p>\n<\/td>\n 85.9<\/b><\/p>\n<\/td>\n 52.3<\/b><\/p>\n<\/td>\n –<\/b><\/p>\n<\/td>\n 1,028<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Capital Expenditures<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \nDevelopment\n<\/p>\n<\/td>\n \n$M\n<\/p>\n<\/td>\n \n60.7\n<\/p>\n<\/td>\n \n73.5\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n134.2\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Tailings & Power<\/b><\/p>\n \nThe tailings system will comprise of a tailings line and associated tailings pumps. The tailings storage facility (\u201cTSF\u201d) will comprise a side-valley storage formed by two multi-zoned earth-fill embankments, designed to accommodate 13.0 Mt of tailings and built utilising the downstream construction methodology \u2013 in accordance with industry best practices and standards on tailings management.\n<\/p>\n \nA water storage dam will be the main collection and storage pond for clean raw and process water.\n<\/p>\n \nThe envisioned power supply is through a connection to the C\u00f4te d\u2019Ivoire electricity grid by a 4 km tee into the 90kV powerline from the Laboa to S\u00e9gu\u00e9la substation. The S\u00e9gu\u00e9la substation is fed via an existing 90kV transmission line from the 225\/90kV Laboa substation. The Laboa substation is part of a 225kV ring main system around the country where various sources of generation are connected and, being a large ring main, offers a great deal of redundancy at 225kV. The grid supply from C\u00f4te d\u2019Ivoire is, by world standards, economically priced and reliable benefitting from a large portion of hydro-sourced power.\n<\/p>\n Environmental and Permitting<\/b><\/p>\n \nRoxgold has all permits required to conduct mining for current operations and is permitted to operate within the approved Mine Permit Boundary. The exploitation permit was approved by the Council of Ministers and signed as a mining decree by the President of C\u00f4te d\u2019Ivoire, and other governmental authorities, in December 2020. The decree grants Roxgold an industrial mining permit for development and operation of the S\u00e9gu\u00e9la Gold Project and is valid for 10 years with opportunities to renew as further growth and expansion is proven. The Environmental and Social Impact Assessment (\u201cESIA\u201d) was approved in September 2020 by the C\u00f4te d\u2019Ivoire Ministry of Environment and Sustainable Development. The ESIA represented the culmination of extensive consultations and stakeholder engagement in the communities surrounding the S\u00e9gu\u00e9la Gold Project.\n<\/p>\n \nThe conceptual closure plan considered in the Feasibility Study assumes the mine areas will be reclaimed to a safe and environmentally sound condition consistent with closure commitments developed during the life of the project in compliance with the national regulations, IFC standards and other industry best practices.\n<\/p>\n Capital Costs Summary<\/b><\/p>\n \nThe capital required to develop S\u00e9gu\u00e9la is estimated to be $142 million (including $8 million contingency) with sustaining capital representing an additional $141 million directly related to mining operations, $32 million of processing and infrastructure sustaining capital, and $11 million of closure costs over the nine year mine life. The mining pre-production capital relates to mining activities prior to commissioning of the processing facility, where 315,000 tonnes of ore and 625,000 tonnes of waste are mined in order to establish a reasonable stockpile ahead of processing operations commencing. All contractor mobilization and setup costs are included in the pre-production capital allowance.\n<\/p>\n \nThe processing plant capital relates to a facility with a nameplate throughout of 1.25 Mtpa. The capital cost estimate is based on an engineering, procurement and construction management (\u201cEPC\u201d) implementation approach and horizontal (discipline based) construction contract packaging. The capital cost for the processing plant considered in this study, was based on actual submissions for a competitive tender process between several experienced EPCM contractors, with project experience in West Africa. Within that process, equipment and materials pricing was based on actual costs from other recent similar scale Lycopodium projects and considered representative for S\u00e9gu\u00e9la.\n<\/p>\n \nThe surface infrastructure includes site electrical distribution, tailings management facility, water dams and accommodation camp. A summary of estimated capital costs is presented in Table 6 and annual estimated sustaining capital costs are shown in Table 7. Capital cost estimates in the Feasibility Study reflect the joint efforts of Knight Pi\u00e9sold Consulting, Lycopodium Limited, Entech Pty Ltd, ECG and Roxgold. Roxgold compiled the capital cost data into the overall cost estimate.\n<\/p>\n \nTable 6 \u2013 Summary of initial development capital costs\n<\/p>\n Capital Costs<\/b><\/p>\n<\/td>\n Value ($M)<\/b><\/p>\n<\/td>\n<\/tr>\n \nMining Pre-stripping\n<\/p>\n<\/td>\n \n$4.6\n<\/p>\n<\/td>\n<\/tr>\n \nProcess Plant\n<\/p>\n<\/td>\n \n$81.3\n<\/p>\n<\/td>\n<\/tr>\n \nInfrastructure and Environment\n<\/p>\n<\/td>\n \n$16.6\n<\/p>\n<\/td>\n<\/tr>\n \nTailings and Water Storage\n<\/p>\n<\/td>\n \n$12.8\n<\/p>\n<\/td>\n<\/tr>\n \nGrid Connection\n<\/p>\n<\/td>\n \n$9.9\n<\/p>\n<\/td>\n<\/tr>\n \nG&A\n<\/p>\n<\/td>\n \n$9.0\n<\/p>\n<\/td>\n<\/tr>\n \nContingency\n<\/p>\n<\/td>\n \n$8.0\n<\/p>\n<\/td>\n<\/tr>\n Total<\/b><\/p>\n<\/td>\n $142.2<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nTable 7 \u2013 Estimated annual sustaining capital costs\n<\/p>\n Year<\/b><\/p>\n<\/td>\n Units<\/b><\/p>\n<\/td>\n Year<\/b><\/p>\n<\/td>\n Year<\/b><\/p>\n<\/td>\n Year<\/b><\/p>\n<\/td>\n Year<\/b><\/p>\n<\/td>\n Year<\/b><\/p>\n<\/td>\n Year<\/b><\/p>\n<\/td>\n Year<\/b><\/p>\n<\/td>\n Year<\/b><\/p>\n<\/td>\n Year<\/b><\/p>\n<\/td>\n Year<\/b><\/p>\n<\/td>\n Total<\/b><\/p>\n<\/td>\n<\/tr>\n 1<\/b><\/p>\n<\/td>\n 2<\/b><\/p>\n<\/td>\n 3<\/b><\/p>\n<\/td>\n 4<\/b><\/p>\n<\/td>\n 5<\/b><\/p>\n<\/td>\n 6<\/b><\/p>\n<\/td>\n 7<\/b><\/p>\n<\/td>\n 8<\/b><\/p>\n<\/td>\n 9<\/b><\/p>\n<\/td>\n 10<\/b><\/p>\n<\/td>\n<\/tr>\n \nMining\n<\/p>\n<\/td>\n \n$M\n<\/p>\n<\/td>\n \n17.1\n<\/p>\n<\/td>\n \n23.5\n<\/p>\n<\/td>\n \n19.3\n<\/p>\n<\/td>\n \n22.4\n<\/p>\n<\/td>\n \n28.1\n<\/p>\n<\/td>\n \n12.0\n<\/p>\n<\/td>\n \n4.3\n<\/p>\n<\/td>\n \n9.0\n<\/p>\n<\/td>\n \n2.4\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n137.9\n<\/p>\n<\/td>\n<\/tr>\n \nMining, Other\n<\/p>\n<\/td>\n \n$M\n<\/p>\n<\/td>\n \n0.3\n<\/p>\n<\/td>\n \n0.3\n<\/p>\n<\/td>\n \n0.3\n<\/p>\n<\/td>\n \n0.3\n<\/p>\n<\/td>\n \n0.3\n<\/p>\n<\/td>\n \n0.3\n<\/p>\n<\/td>\n \n0.3\n<\/p>\n<\/td>\n \n0.3\n<\/p>\n<\/td>\n \n0.3\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n3.1\n<\/p>\n<\/td>\n<\/tr>\n \nProcessing\n<\/p>\n<\/td>\n \n$M\n<\/p>\n<\/td>\n \n0.2\n<\/p>\n<\/td>\n \n0.2\n<\/p>\n<\/td>\n \n0.6\n<\/p>\n<\/td>\n \n0.2\n<\/p>\n<\/td>\n \n0.2\n<\/p>\n<\/td>\n \n0.2\n<\/p>\n<\/td>\n \n0.2\n<\/p>\n<\/td>\n \n0.2\n<\/p>\n<\/td>\n \n0.2\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n2.0\n<\/p>\n<\/td>\n<\/tr>\n \nInfrastructure & Env.\n<\/p>\n<\/td>\n \n$M\n<\/p>\n<\/td>\n \n4.7\n<\/p>\n<\/td>\n \n4.0\n<\/p>\n<\/td>\n \n2.8\n<\/p>\n<\/td>\n \n2.8\n<\/p>\n<\/td>\n \n2.9\n<\/p>\n<\/td>\n \n2.9\n<\/p>\n<\/td>\n \n3.5\n<\/p>\n<\/td>\n \n5.4\n<\/p>\n<\/td>\n \n0.6\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n29.7\n<\/p>\n<\/td>\n<\/tr>\n \nClosure\n<\/p>\n<\/td>\n \n$M\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n3.2\n<\/p>\n<\/td>\n \n8.0\n<\/p>\n<\/td>\n \n11.2\n<\/p>\n<\/td>\n<\/tr>\n Total<\/b><\/p>\n<\/td>\n $M<\/b><\/p>\n<\/td>\n $22.3<\/b><\/p>\n<\/td>\n $28.0<\/b><\/p>\n<\/td>\n $23.0<\/b><\/p>\n<\/td>\n $25.7<\/b><\/p>\n<\/td>\n $31.6<\/b><\/p>\n<\/td>\n $15.4<\/b><\/p>\n<\/td>\n $8.3<\/b><\/p>\n<\/td>\n $14.9<\/b><\/p>\n<\/td>\n $6.6<\/b><\/p>\n<\/td>\n $8.0<\/b><\/p>\n<\/td>\n $184.0<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n Operating Costs Summary<\/b><\/p>\n \nCash costs and AISC per payable ounce of gold sold are non-GAAP financial measures. Please see \u201cCautionary Note Regarding Non-GAAP Measures\u201d.\n<\/p>\n \nTotal estimated cash costs in the Feasibility Study are presented in Table 8. The mining operating costs were developed based on firm quotes from reputable mining contractors, all with experience in West Africa, including current operating experience in C\u00f4te d\u2019Ivoire, and based on the Feasibility Study mine plan for the S\u00e9gu\u00e9la project. The study contemplates the project commencing with a contractor performing the mining activities at S\u00e9gu\u00e9la with a switch to owner mining and equipment lease arrangement after 3.5 years. The processing operating costs were developed from testwork, first principles and Lycopodium\u2019s database according to typical industry standards applicable to gold processing plants in West Africa. General and administration costs were factored from historical operating cost data from the development and operation of Roxgold\u2019s Yaramoko Gold Mine in Burkina Faso as well as quoted services in C\u00f4te d\u2019\u00cdvoire.\n<\/p>\n \nTable 8 \u2013 Operating Cash Costs\n<\/p>\n Cash Costs<\/b><\/p>\n<\/td>\n Value ($\/t milled)<\/b><\/p>\n<\/td>\n<\/tr>\n \nMining\n<\/p>\n<\/td>\n \n$29.96\n<\/p>\n<\/td>\n<\/tr>\n \nProcessing\n<\/p>\n<\/td>\n \n$12.57\n<\/p>\n<\/td>\n<\/tr>\n \nGeneral and Administrative\n<\/p>\n<\/td>\n $5.30<\/span><\/p>\n<\/td>\n<\/tr>\n Total<\/b><\/p>\n<\/td>\n $47.83<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nAs summarized in Table 9, operating costs, which includes mining, processing and general and administrative costs totals $567 per payable ounce of gold sold over the nine-year operating plan in the Feasibility Study. AISC, which includes sustaining capital, reclamation, royalties, and refining costs totals $832 per payable ounce of gold sold over the nine-year operating plan in the Feasibility Study.\n<\/p>\n \nTable 9 \u2013 Life of Mine All-In Sustaining Cost and All-In Cost\n<\/p>\n \n\u00a0\n<\/p>\n<\/td>\n $M <\/b><\/p>\n<\/td>\n $\/t milled<\/b><\/p>\n<\/td>\n $\/payable Operating Cost<\/b><\/p>\n<\/td>\n \nMining\n<\/p>\n<\/td>\n \n$361\n<\/p>\n<\/td>\n \n$29.96\n<\/p>\n<\/td>\n \n$355\n<\/p>\n<\/td>\n<\/tr>\n \nProcessing\n<\/p>\n<\/td>\n \n152\n<\/p>\n<\/td>\n \n12.57\n<\/p>\n<\/td>\n \n149\n<\/p>\n<\/td>\n<\/tr>\n \nG&A\n<\/p>\n<\/td>\n 64<\/span><\/p>\n<\/td>\n 5.30<\/span><\/p>\n<\/td>\n 63<\/span><\/p>\n<\/td>\n<\/tr>\n Subtotal, Direct Operating Costs<\/b><\/p>\n<\/td>\n $577<\/b><\/p>\n<\/td>\n $47.83<\/b><\/p>\n<\/td>\n $567<\/b><\/p>\n<\/td>\n<\/tr>\n \nRefining\n<\/p>\n<\/td>\n \n$3\n<\/p>\n<\/td>\n \n$0.22\n<\/p>\n<\/td>\n \n$3\n<\/p>\n<\/td>\n<\/tr>\n \nRoyalties\n<\/p>\n<\/td>\n \n75\n<\/p>\n<\/td>\n \n6.24\n<\/p>\n<\/td>\n \n74\n<\/p>\n<\/td>\n<\/tr>\n \nSocial Fund\n<\/p>\n<\/td>\n 8<\/span><\/p>\n<\/td>\n 0.67<\/span><\/p>\n<\/td>\n 8<\/span><\/p>\n<\/td>\n<\/tr>\n Total Operating Costs1<\/sup><\/b><\/p>\n<\/td>\n $663<\/b><\/p>\n<\/td>\n $54.97<\/b><\/p>\n<\/td>\n $652<\/b><\/p>\n<\/td>\n<\/tr>\n Sustaining Capital, and Reclamation<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nMining, Sustaining\n<\/p>\n<\/td>\n \n$141\n<\/p>\n<\/td>\n \n$11.69\n<\/p>\n<\/td>\n \n$139\n<\/p>\n<\/td>\n<\/tr>\n \nProcessing + Infrastructure\n<\/p>\n<\/td>\n \n32\n<\/p>\n<\/td>\n \n2.63\n<\/p>\n<\/td>\n \n31\n<\/p>\n<\/td>\n<\/tr>\n \nClosure\n<\/p>\n<\/td>\n 11<\/span><\/p>\n<\/td>\n 0.93<\/span><\/p>\n<\/td>\n 11<\/span><\/p>\n<\/td>\n<\/tr>\n All-in Sustaining Cost1<\/sup><\/b><\/p>\n<\/td>\n $847<\/b><\/p>\n<\/td>\n $70.22<\/b><\/p>\n<\/td>\n $832<\/b><\/p>\n<\/td>\n<\/tr>\n![\"Figure](\"https:\/\/mms.businesswire.com\/media\/20210419005239\/en\/872174\/4\/Figure_1_Seguela_Gold_Project.jpg\")
<\/p>\n\n
\n
\n \n \n
\n
$1,600\/oz Au<\/b><\/p>\n<\/td>\n\n
\n
$1,750\/oz Au<\/b><\/p>\n<\/td>\n<\/tr>\n\n \n \n \n \n \n \n \n \n
\n
\n
\n
\n
\n
\n
\n
\n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n
\n
Criteria<\/b><\/p>\n<\/td>\n<\/tr>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n
\n
oz<\/b><\/p>\n<\/td>\n<\/tr>\n\n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n