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Fortuna Expands Southern Arc Mineralization with Drill Intercept of 1.7 g/t Au over 29.6 meters and a further 2.0 g/t Au over 20.0 meters from DSDD574 at the Diamba Sud Gold Project, Senegal
Paul Weedon, Senior Vice President of Exploration, commented "Southern Arc continues to deliver strong results with high grade intersections from both infill and extension drilling. Infill highlights include drillhole DSDD555, which returned 6.8 g/t gold over an estimated true width of 35.5 meters." Mr. Weedon continued, "Importantly, drilling to the southwest of the current optimized pit shell is expanding mineralization, returning broad and consistent gold intervals. This includes drill hole DSDD574, which intersected 1.7 g/t gold over an estimated true width of 29.6 meters, and a further 2.0 g/t over an estimated true width of 20.0 meters." Mr. Weedon concluded, "These results will feed into an updated resource estimate expected in the first quarter of 2026."
The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves; as such, there is no certainty that the PEA results will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability1
Southern Arc Prospect Drilling Highlights
A further 63 reverse-circulation and diamond drill hole, totalling 9,619 meters, have been completed at Southern Arc (see Figure 1) since the Company's previous exploration update (refer to Fortuna news release dated May 27, 2025). Drilling is continuing with five drill rigs, with key objectives including:
- ongoing infill drilling to support increased resource confidence, and
- continued step-out drilling to the southwest, east, and south, where mineralization remains open
DSDD555: 6.8 g/t Au over an estimated true width of 35.5 meters from 48.6 meters, including
24.0 g/t Au over an estimated true width of 0.8 meters from 65 meters, and
13.1 g/t Au over an estimated true width of 0.8 meters from 68.5 meters, and
18.5 g/t Au over an estimated true width of 0.8 meters from 74 meters, and
18.7 g/t Au over an estimated true width of 5.6 meters from 80 meters
DSDD558: 1.8 g/t Au over an estimated true width of 12.8 meters from 25 meters
8.8 g/t Au over an estimated true width of 14.4 meters from 96 meters, including
22.1 g/t Au over an estimated true width of 0.8 meters from 101 meters, and
18.0 g/t Au over an estimated true width of 0.8 meters from 103 meters, and
11.5 g/t Au over an estimated true width of 0.8 meters from 110 meters
DSDD562: 4.5 g/t Au over an estimated true width of 5.6 meters from 146 meters
8.0 g/t Au over an estimated true width of 11.2 meters from 174 meters, including
46.3 g/t Au over an estimated true width of 1.6 meters from 183 meters
DSDD563: 5.8 g/t Au over an estimated true width of 20.8 meters from 50 meters, including
23.3 g/t Au over an estimated true width of 1.6 meters from 53 meters, and
21.8 g/t Au over an estimated true width of 1.6 meters from 71 meters
12.2 g/t Au over an estimated true width of 5.8 meters from 86 meters, including
14.7 g/t Au over an estimated true width of 0.8 meters from 87 meters, and
22.1 g/t Au over an estimated true width of 2.2 meters from 90 meters
2.7 g/t Au over an estimated true width of 6.4 meters from 106 meters
7.0 g/t Au over an estimated true width of 4.8 meters from 118 meters, including
15.3 g/t Au over an estimated true width of 1.6 meters from 120 meters
DSDD567: 4.6 g/t Au over an estimated true width of 26.6 meters from 96.8 meters, including
15.6 g/t Au over an estimated true width of 0.8 meters from 103 meters, and
13.6 g/t Au over an estimated true width of 1.6 meters from 105 meters, and
18.3 g/t Au over an estimated true width of 1.6 meters from 114 meters
DSDD574: 1.7 g/t Au over an estimated true width of 29.6 meters from 93 meters
2.0 g/t Au over an estimated true width of 20.0 meters from 135 meters, including
18.4 g/t Au over an estimated true width of 0.8 meters from 158 meters
DSDD577: 4.2 g/t Au over an estimated true width of 21.6 meters from 116.2 meters, including
30.0 g/t Au over an estimated true width of 1.6 meters from 125 meters, and
18.9 g/t Au over an estimated true width of 1.1 meters from 134.3 meters
DSDD578: 4.9 g/t Au over an estimated true width of 16.8 meters from 15 meters, including
29.5 g/t Au over an estimated true width of 1.6 meters from 15 meters
DSDD584: 5.5 g/t Au over an estimated true width of 17.0 meters from 32.7 meters, including
20.3 g/t Au over an estimated true width of 0.8 meters from 38 meters, and
14.3 g/t Au over an estimated true width of 0.8 meters from 50 meters, and
17.8 g/t Au over an estimated true width of 0.8 meters from 53 meters
7.8 g/t Au over an estimated true width of 1.4 meters from 95.7 meters
DSDD589: 3.5 g/t Au over an estimated true width of 26.8 meters from 16 meters, including
15.8 g/t Au over and estimated true width of 0.8 meters from 34 meters
Mineralization at Southern Arc occurs as variably developed fine stockwork vein arrays to diffuse pyrite-silica flooding, showing strong correlation with several tectonic breccia and carbonate units (see Figures 2 and 3). Alteration commonly includes extensive hematite development, consistent with mineralized systems elsewhere at Diamba Sud.
Overall, the latest drilling reinforces the strong potential for continued resource growth at Diamba Sud. Southern Arc remains open to the south, east, and at depth, with drilling to date testing to only approximately 150 meters below surface.
Figure 1: Location plan showing Diamba Sud drilling and Mineral Resource Deposits
Figure 2: Diamba Sud Gold Project: Southern Arc Prospect, cross section 550NE
Figure 3: Diamba Sud Gold Project: Southern Arc Prospect, cross section 450NE
Refer to Appendix 1 for complete drill hole collars, significant intercepts, and assay results for this drill program.
Quality Assurance & Quality Control (QA - QC)
All drilling data completed by the Company utilized the following procedures and methodologies. All drilling was carried out under the supervision of the Company's personnel.
All reverse circulation (RC) drilling used a 5.25-inch face sampling pneumatic hammer with samples collected into 60-liter plastic bags. Samples were kept dry by maintaining enough air pressure to exclude groundwater inflow. If water ingress exceeded the air pressure, RC drilling was stopped, and drilling converted to diamond core tails. Once collected, RC samples were riffle split through a three-tier splitter to yield a 12.5 percent representative sample for submission to the analytical laboratory. The residual 87.5 percent samples were stored at the drill site until assay results were received and validated. Coarse reject samples for all mineralized samples corresponding to significant intervals are retained and stored on-site at the Company-controlled core yard.
All diamond drilling (DD) drill holes started with HQ sized diameter, before reducing to NQ diameter diamond drill bits on intersecting fresh rock. The core was logged, marked up for sampling using standard lengths of one meter or to a geological boundary. Samples were then cut into equal halves using a diamond saw. One half of the core was left in the original core box and stored in a secure location at the Company core yard at the project site. The other half was sampled, catalogued, and placed into sealed bags and securely stored at the site until shipment.
All RC and DD samples were transported by Company vehicle or commercial courier to ALS Global's preparation laboratories in Kedougou, Senegal or Bamako, Mali, with prepared sample pulps then transported via commercial courier to ALS Global's analytical facility in Ouagadougou, Burkina Faso. Routine gold analysis using a 50-gram charge and fire assay with an atomic absorption finish was completed for all samples. Samples returning assays >10 parts per million Au were reanalyzed using a 50-gram charge and fire assay with a gravimetric finish. Quality control procedures included the systematic insertion of blanks, duplicates and sample standards into the sample stream. In addition, the ALS Global laboratory inserted its own quality control samples.
Qualified Person
Paul Weedon, Senior Vice President, Exploration for Fortuna Mining Corp., is a Qualified Person as defined by National Instrument 43-101 being a member of the Australian Institute of Geoscientists (Membership #6001). Mr. Weedon has reviewed and approved the scientific and technical information contained in this news release. Mr. Weedon has verified the data disclosed, including the sampling, analytical and test data underlying the information or opinions contained herein by reviewing geochemical and geological databases and reviewing diamond drill core. There were no limitations to the verification process.
About Fortuna Mining Corp.
Fortuna Mining Corp. is a Canadian precious metals mining company with three operating mines and a portfolio of exploration projects in Argentina, Cote d'Ivoire, Mexico, and Peru, as well as the Diamba Sud Gold Project in Senegal. Sustainability is at the core of our operations and stakeholder relationships. We produce gold and silver while creating long-term shared value through efficient production, environmental stewardship, and social responsibility. For more information, please visit our website at www.fortunamining.com
ON BEHALF OF THE BOARD
Jorge A. Ganoza
President, CEO, and Director
Fortuna Mining Corp.
Investor Relations:
Carlos Baca | info@fmcmail.com | fortunamining.com | X | LinkedIn | YouTube
Forward looking Statements
This news release contains forward-looking statements which constitute "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 (collectively, "Forward-looking Statements"). All statements included herein, other than statements of historical fact, are Forward-looking Statements and are subject to a variety of known and unknown risks and uncertainties which could cause actual events or results to differ materially from those reflected in the Forward-looking Statements. The Forward-looking Statements in this news release may include, without limitation, the projected economics of the Diamba Sud Project, including the net present value of the Diamba Sud Project and the internal rate of return of the Diamba Sud Project; the Company's expectation that a construction decision will be targeted for the second quarter of 2026; statements regarding continued resource growth at the Diamba Sud Project and the expected timing of an updated resource estimate; the Company's proposed exploration plans at Diamba Sud statements about the Company's business strategies, plans and outlook; the Company's plans for its mines and mineral properties; changes in general economic conditions and financial markets; the impact of inflationary pressures on the Company's business and operations; the future results of exploration activities; expectations with respect to metal grade estimates and the impact of any variations relative to metals grades experienced; assumed and future metal prices; the merit of the Company's mines and mineral properties; and the future financial or operating performance of the Company. Often, but not always, these Forward-looking Statements can be identified by the use of words such as "estimated", "potential", "open", "future", "assumed", "projected", "proposed", "used", "detailed", "has been", "gain", "planned", "reflecting", "will", "anticipated", "estimated" "containing", "remaining", "to be", or statements that events, "could" or "should" occur or be achieved and similar expressions, including negative variations.
Forward-looking Statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by the Forward-looking Statements. Such uncertainties and factors include, among others, operational risks associated with mining and mineral processing; uncertainty relating to Mineral Resource and Mineral Reserve estimates; uncertainty relating to capital and operating costs, production schedules and economic returns; risks relating to the Company's ability to replace its Mineral Reserves; risks related to the conversion of Mineral Resources to Mineral Reserves; risks associated with mineral exploration and project development; uncertainty relating to the repatriation of funds as a result of currency controls; environmental matters including obtaining or renewing environmental permits and potential liability claims; uncertainty relating to nature and climate conditions; laws and regulations regarding the protection of the environment (including greenhouse gas emission reduction and other decarbonization requirements and the uncertainty surrounding the interpretation of omnibus Bill C-59 and the related amendments to the Competition Act (Canada); risks associated with political instability and changes to the regulations governing the Company's business operations; changes in national and local government legislation, taxation, controls, regulations and political or economic developments in countries in which the Company does or may carry on business; risks associated with war, hostilities or other conflicts, such as the Ukrainian - Russian, and Israeli - Hamas conflicts, and the impacts they may have on global economic activity; risks relating to the termination of the Company's mining concessions in certain circumstances; developing and maintaining relationships with local communities and stakeholders; risks associated with losing control of public perception as a result of social media and other web-based applications; potential opposition to the Company's exploration, development and operational activities; risks related to the Company's ability to obtain adequate financing for planned exploration and development activities; property title matters; risks related to the ability to retain or extend title to the Company's mineral properties; risks relating to the integration of businesses and assets acquired by the Company; impairments; risks associated with climate change legislation; reliance on key personnel; adequacy of insurance coverage; operational safety and security risks; legal proceedings and potential legal proceedings; uncertainties relating to general economic conditions; risks relating to a global pandemic, which could impact the Company's business, operations, financial condition and share price; competition; fluctuations in metal prices; risks associated with entering into commodity forward and option contracts for base metals production; fluctuations in currency exchange rates and interest rates; tax audits and reassessments; risks related to hedging; uncertainty relating to concentrate treatment charges and transportation costs; sufficiency of monies allotted by the Company for land reclamation; risks associated with dependence upon information technology systems, which are subject to disruption, damage, failure and risks with implementation and integration; labor relations issues; as well as those factors discussed under "Risk Factors" in the Company's Annual Information Form for the fiscal year ended December 31, 2024. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in Forward-looking Statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.
Forward-looking Statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including, but not limited to, the accuracy of the Company's current Mineral Resource and Mineral Reserve estimates; that the Company's activities will be conducted in accordance with the Company's public statements and stated goals; that there will be no material adverse change affecting the Company, its properties or its production estimates (which assume accuracy of projected ore grade, mining rates, recovery timing, and recovery rate estimates and may be impacted by unscheduled maintenance, labor and contractor availability and other operating or technical difficulties); the duration and effect of global and local inflation; the duration and impacts of geo-political uncertainties on the Company's production, workforce, business, operations and financial condition; the expected trends in mineral prices, inflation and currency exchange rates; that all required approvals and permits will be obtained for the Company's business and operations on acceptable terms; that there will be no significant disruptions affecting the Company's operations and such other assumptions as set out herein. Forward-looking Statements are made as of the date hereof and the Company disclaims any obligation to update any Forward-looking Statements, whether as a result of new information, future events, or results or otherwise, except as required by law. There can be no assurance that these Forward-looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on Forward-looking Statements.
Cautionary Note to United States Investors Concerning Estimates of Reserves and Resources
All reserve and resource estimates included in this news release have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy, and Petroleum Definition Standards on Mineral Resources and Mineral Reserves. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for public disclosure by a Canadian company of scientific and technical information concerning mineral projects. All Mineral Reserve and Mineral Resource estimates contained in the technical disclosure have been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards on Mineral Resources and Reserves. Canadian standards, including NI 43-101, differ significantly from the requirements of the Securities and Exchange Commission, and mineral reserve and resource information included in this news release may not be comparable to similar information disclosed by U.S. companies.
Appendix 1: Diamba Sud drill program details of the drill holes and assay results for Southern Arc Prospect
HoleID Easting Northing Elev. EOH1,2 UTM Dip Depth2,3 Depth2 Drilled2 ETW4 Au Hole Area
(WGS84_29N) (WGS84_29N) (m) Depth Azimuth From To Width (m) (ppm) Type5
(m) (m) (m) (m)
DSDD486 232278 1426476 148 249 150 -50 NSI DD Southern Arc
DSDD493 232347 1426501 148 207 150 -50 165.0 174.0 9.0 7.2 2.4 DD Southern Arc
including 168.0 169.0 1.0 0.8 13.2 DD Southern Arc
DSDD494 232532 1426112 142 131 150 -50 38.0 49.0 11.0 8.8 1.4 DD Southern Arc
DSDD495 232310 1426500 149 186 150 -50 NSI DD Southern Arc
DSDD496 232674 1426074 143 176 150 -50 38.3 50.0 11.7 9.4 2.2 DD Southern Arc
including 44.0 45.0 1.0 0.8 15.5 DD Southern Arc
96.0 102.3 6.3 5.0 2.3 DD Southern Arc
107.0 119.5 12.5 10.0 6.8 DD Southern Arc
including 115.0 116.0 1.0 0.8 19.2 DD Southern Arc
and 117.0 118.0 1.0 0.8 19.8 DD Southern Arc
135.0 167.0 32.0 25.6 0.8 DD Southern Arc
DSDD497 232884 1426027 143 129 150 -50 108.8 121.7 12.9 10.3 3.6 DD Southern Arc
including 117.0 118.0 1.0 0.8 17.0 DD Southern Arc
DSDD498 232714 1426155 145 132 150 -50 84.3 89.7 5.4 4.3 1.9 DD Southern Arc
DSDD555 232868 1426115 144 120 150 -50 48.6 93.0 44.4 35.5 6.8 DD Southern Arc
including 53.2 53.7 0.4 0.4 Core Loss DD Southern Arc
and 65.0 66.0 1.0 0.8 24.0 DD Southern Arc
and 67.2 67.8 0.6 0.5 Core Loss DD Southern Arc
and 68.5 69.5 1.0 0.8 13.1 DD Southern Arc
and 70.6 71.2 0.6 0.5 Core Loss DD Southern Arc
and 74.0 75.0 1.0 0.8 18.5 DD Southern Arc
and 80.0 87.0 7.0 5.6 18.7 DD Southern Arc
DSDD556 232738 1426053 144 201 150 -50 105.0 134.0 29.0 23.2 1.5 DD Southern Arc
138.0 153.0 15.0 12.0 2.8 DD Southern Arc
DSDD557 232838 1426172 143 165 150 -50 39.0 57.0 18.0 14.4 1.9 DD Southern Arc
67.0 73.0 6.0 4.8 1.2 DD Southern Arc
104.7 127.0 22.3 17.8 3.8 DD Southern Arc
including 108.0 109.0 1.0 0.8 11.8 DD Southern Arc
and 114.0 115.0 1.0 0.8 30.4 DD Southern Arc
139.0 141.0 2.0 1.6 3.7 DD Southern Arc
145.0 161.2 16.2 13.0 3.4 DD Southern Arc
DSDD558 232809 1426139 144 146 150 -50 25.0 41.0 16.0 12.8 1.8 DD Southern Arc
96.0 114.0 18.0 14.4 8.8 DD Southern Arc
including 101.0 102.0 1.0 0.8 22.1 DD Southern Arc
and 103.0 106.0 3.0 2.4 18.0 DD Southern Arc
and 110.0 111.0 1.0 0.8 11.5 DD Southern Arc
118.0 122.0 4.0 3.2 3.0 DD Southern Arc
DSDD559 232753 1426131 145 99 150 -50 NSI DD Southern Arc
DSDD560 232785 1426176 145 170 150 -50 43.0 55.0 12.0 9.6 1.9 DD Southern Arc
63.0 70.0 7.0 5.6 2.7 DD Southern Arc
DSDD561 232770 1425988 142 126 150 -50 59.0 68.0 9.0 7.2 0.7 DD Southern Arc
79.0 100.0 21.0 16.8 0.7 DD Southern Arc
DSDD562 232717 1426094 144 206 150 -50 146.0 153.0 7.0 5.6 4.5 DD Southern Arc
174.0 188.0 14.0 11.2 8.0 DD Southern Arc
including 183.0 185.0 2.0 1.6 46.3 DD Southern Arc
DSDD563 232727 1426179 145 135 150 -50 50.0 76.0 26.0 20.8 5.8 DD Southern Arc
including 53.0 55.0 2.0 1.6 23.3 DD Southern Arc
and 71.0 73.0 2.0 1.6 21.8 DD Southern Arc
86.0 93.3 7.3 5.8 12.2 DD Southern Arc
including 87.0 88.0 1.0 0.8 14.7 DD Southern Arc
and 90.0 92.8 2.8 2.2 22.1 DD Southern Arc
106.0 114.0 8.0 6.4 2.7 DD Southern Arc
118.0 124.0 6.0 4.8 7.0 DD Southern Arc
including 120.0 122.0 2.0 1.6 15.3 DD Southern Arc
DSDD564 232774 1426198 145 200 150 -50 12.0 21.0 9.0 7.2 1.2 DD Southern Arc
including 15.0 16.0 1.0 0.8 Core Loss DD Southern Arc
30.0 38.3 8.3 6.6 2.9 DD Southern Arc
including 37.5 38.3 0.8 0.6 11.7 DD Southern Arc
80.0 93.0 13.0 10.4 1.0 DD Southern Arc
160.0 163.0 3.0 2.4 3.0 DD Southern Arc
DSDD565 232761 1426008 142 147 150 -50 70.0 79.0 9.0 7.2 0.7 DD Southern Arc
86.0 106.0 20.0 16.0 1.5 DD Southern Arc
121.0 123.0 2.0 1.6 2.6 DD Southern Arc
DSDD566 232780 1426157 145 149 150 -50 5.0 11.0 6.0 4.8 1.4 DD Southern Arc
36.0 42.0 6.0 4.8 1.6 DD Southern Arc
46.0 56.0 10.0 8.0 2.5 DD Southern Arc
121.7 134.0 12.3 9.8 2.0 DD Southern Arc
including 131.0 132.0 1.0 0.8 14.3 DD Southern Arc
DSDD567 232789 1426137 145 146 150 -50 1.3 8.0 6.7 5.4 1.1 DD Southern Arc
16.0 24.0 8.0 6.4 1.2 DD Southern Arc
34.0 45.0 11.0 8.8 1.6 DD Southern Arc
96.8 130.0 33.2 26.6 4.6 DD Southern Arc
including 103.0 104.0 1.0 0.8 15.6 DD Southern Arc
and 105.0 107.0 2.0 1.6 13.6 DD Southern Arc
and 114.0 116.0 2.0 1.6 18.3 DD Southern Arc
DSDD568 232685 1426046 143 171 150 -50 80.3 89.5 9.2 7.4 1.0 DD Southern Arc
111.0 117.0 6.0 4.8 1.8 DD Southern Arc
123.0 128.0 5.0 4.0 4.0 DD Southern Arc
144.0 158.0 14.0 11.2 0.9 DD Southern Arc
DSDD569 232759 1426223 145 183 150 -50 51.0 58.0 7.0 5.6 1.2 DD Southern Arc
DSDD570 232600 1426187 145 231 150 -50 174.0 191.0 17.0 13.6 0.9 DD Southern Arc
198.0 209.0 11.0 8.8 3.6 DD Southern Arc
including 206.0 208.0 2.0 1.6 14.9 DD Southern Arc
214.0 217.0 3.0 2.4 1.8 DD Southern Arc
DSDD571 232740 1426245 145 182 150 -50 172.8 178.0 5.2 4.2 1.9 DD Southern Arc
DSDD572 232670 1426088 144 201 150 -50 56.0 65.0 9.0 7.2 1.8 DD Southern Arc
118.0 124.0 6.0 4.8 0.9 DD Southern Arc
180.0 190.0 10.0 8.0 0.5 DD Southern Arc
DSDD573 232812 1426161 144 185 150 -50 27.0 40.0 13.0 10.4 3.0 DD Southern Arc
49.0 53.0 4.0 3.2 2.8 DD Southern Arc
57.0 82.0 25.0 20.0 3.2 DD Southern Arc
Including 60.0 61.0 1.0 0.8 13.4 DD Southern Arc
158.0 161.0 3.0 2.4 1.9 DD Southern Arc
DSDD574 232702 1426060 143 183 150 -50 93.0 130.0 37.0 29.6 1.7 DD Southern Arc
135.0 160.0 25.0 20.0 2.0 DD Southern Arc
Including 158.0 159.0 1.0 0.8 18.4 DD Southern Arc
DSDD575 232319 1426368 147 129 150 -50 NSI DD Southern Arc
DSDD576 232908 1426032 143 95 150 -50 NSI DD Southern Arc
DSDD577 232317 1426415 148 222 150 -50 77.0 82.0 5.0 4.0 1.0 DD Southern Arc
116.2 143.2 27.0 21.6 4.2 DD Southern Arc
Including 125.0 127.0 2.0 1.6 30.0 DD Southern Arc
And 134.3 135.7 1.3 1.1 18.9 DD Southern Arc
147.2 154.2 7.0 5.6 1.1 DD Southern Arc
DSDD578 232358 1426340 146 101.3 150 -50 0.0 9.0 9.0 7.2 1.1 DD Southern Arc
3.0 4.0 1.0 0.8 Core Loss DD Southern Arc
15.0 36.0 21.0 16.8 4.9 DD Southern Arc
Including 15.0 17.0 2.0 1.6 29.5 DD Southern Arc
49.0 53.0 4.0 3.2 1.6 DD Southern Arc
DSDD579 232706 1426011 142 141 150 -50 57.0 66.0 9.0 7.2 1.5 DD Southern Arc
99.0 100.0 1.0 0.8 16.3 DD Southern Arc
DSDD580 232899 1426068 143 92 150 -50 22.8 27.2 4.5 3.6 2.1 DD Southern Arc
61.0 70.0 9.0 7.2 5.0 DD Southern Arc
Including 65.0 66.0 1.0 0.8 20.2 DD Southern Arc
DSDD581 232738 1426016 142 143 150 -50 72.0 87.0 15.0 12.0 1.6 DD Southern Arc
93.0 101.0 8.0 6.4 2.8 DD Southern Arc
118.2 131.1 12.9 10.3 1.7 DD Southern Arc
DSDD582 232393 1426371 147 98 150 -50 1.0 11.6 10.6 8.5 0.9 DD Southern Arc
2.0 3.0 1.0 0.8 Core Loss DD Southern Arc
25.0 31.2 6.2 5.0 0.8 DD Southern Arc
DSDD583 232909 1426094 143 98 150 -50 3.0 9.0 6.0 4.8 1.1 DD Southern Arc
14.0 33.0 19.0 15.2 1.3 DD Southern Arc
52.0 58.0 6.0 4.8 2.5 DD Southern Arc
64.0 73.0 9.0 7.2 3.0 DD Southern Arc
DSDD584 232347 1426395 147 192 150 -50 32.7 54.0 21.3 17.0 5.5 DD Southern Arc
Including 38.0 39.0 1.0 0.8 20.3 DD Southern Arc
And 50.0 51.0 1.0 0.8 14.3 DD Southern Arc
And 53.0 54.0 1.0 0.8 17.8 DD Southern Arc
95.7 97.5 1.8 1.4 7.8 DD Southern Arc
Including 96.5 97.5 1.0 0.8 10.6 DD Southern Arc
DSDD585 232419 1426371 147 80 150 -50 48.8 50.8 2.0 1.6 3.1 DD Southern Arc
DSDD586 232533 1426235 145 200 150 -50 NSI DD Southern Arc
DSDD587 232693 1426288 146 187 150 -50 NSI DD Southern Arc
DSDD588 232951 1426129 143 104 150 -50 NSI DD Southern Arc
DSDD589 232926 1426064 143 80 150 -50 5.0 8.0 3.0 2.4 2.7 DD Southern Arc
16.0 49.5 33.5 26.8 3.5 DD Southern Arc
Including 34.0 35.0 1.0 0.8 15.8 DD Southern Arc
DSDD590 232575 1426215 145 243 150 -50 177.0 198.0 21.0 16.8 0.6 DD Southern Arc
203.0 210.0 7.0 5.6 1.6 DD Southern Arc
214.2 237.0 22.8 18.2 1.4 DD Southern Arc
DSDD591 232934 1426163 143 140 150 -50 NSI DD Southern Arc
DSDD592 232943 1426082 143 80 150 -50 9 15 6 4.8 1.9 DD Southern Arc
22 30.4 8.4 6.7 1.7 DD Southern Arc
49.2 56.1 6.9 5.6 1.2 DD Southern Arc
DSDD593 232486 1426282 146 222 150 -50 NSI DD Southern Arc
DSDD594 232561 1426182 144 155 150 -50 NSI DD Southern Arc
DSDD595 232922 1426011 143 92 150 -50 NSI DD Southern Arc
DSDD596 232976 1426087 143 80 150 -50 NSI DD Southern Arc
DSDD597 232648 1426163 145 249 150 -50 148 153 5 4.0 2.1 DD Southern Arc
DSDD598 232936 1426045 143 98 150 -50 NSI DD Southern Arc
DSDD599 232957 1426058 143 81 150 -50 NSI DD Southern Arc
DSDD600 232741 1426188 145 145 150 -50 49 53.6 4.7 3.7 2.8 DD Southern Arc
128.15 130.6 2.5 2.0 9.2 DD Southern Arc
including 129.3 130.6 1.4 1.1 16.0 DD Southern Arc
DSR1002 232291 1426455 148 204 150 -50 157 158 1 0.8 8.1 RC Southern Arc
184 198 14 11.2 1.4 RC Southern Arc
DSR1003 232618 1426171 145 162 150 -50 NSI RC Southern Arc
DSR1004 232587 1426169 145 162 150 -50 129 133 4 3.2 3.5 RC Southern Arc
including 129 130 1 0.8 11.3 RC Southern Arc
149 155 6 4.8 1.3 RC Southern Arc
DSR1005 232704 1426216 146 168 150 -50 80 86 6 4.8 3.8 RC Southern Arc
including 84 85 1 0.8 14.6 RC Southern Arc
DSR1006 232777 1426087 144 144 150 -50 NSI RC Southern Arc
DSR1007 232616 1426126 144 160 150 -50 NSI RC Southern Arc
DSR1008 232740 1426153 145 132 150 -50 NSI RC Southern Arc
DSR1009 232825 1426115 144 144 150 -50 103 106 3 2.4 2.9 RC Southern Arc
DSR1010 232419 1426343 147 120 150 -50 NSI RC Southern Arc
DSR1011 232726 1426247 145 120 150 -50 NSI RC Southern Arc
Notes:
1. EOH: End of hole
2. Depths and widths reported to nearest significant decimal place
3. NSI: No significant intercepts
4. ETW: Estimated true width
5. RC: reverse circulation drilling | DD: diamond drilling tail | RCD: reverse circulation drilling with diamond tail
Appendix 2 - PEA Key Highlights
Metrics Units Results Gold price $/oz 2,750 Life of mine years 8.1 Processing Duration years 7.9 Total mineralized material mined1 kt 17.8 Contained gold in mineralized material mined1 koz 932 Strip ratio Waste: mineralized material 5.5:1 Throughput initial 3 years (primarily oxide) Mtpa 2.5 Throughput after 3 years (primarily fresh) Mtpa 2.0 LOM grade g/t 1.63 Recoveries % 90 Gold production Total Production over LOM koz 840 Average annual production over LOM koz 106 Average annual production over first 3 years koz 146 Per unit costs LOM Mining $/t, mined 4.82 Processing $/t, processed 13.9 G&A $/t, processed 6.7 Cash costs1 Average operating cash costs2over LOM $/oz 1,081 Average operating cash costs2 over first 3 years $/oz 759 AISC1 Average AISC2over LOM $/oz 1,238 Average AISC2 over first 3 years $/oz 904 Capital costs Initial capital expenditure $ M 283 Sustaining capital expenditure + Infrastructure (includes closure costs) $ M 48 Returns NPV5%, pre-tax (100% Project basis) $M 772 Pre-tax IRR % 86 NPV5%, after-tax (100% Project basis) $M 563 After-tax IRR %