Robex Resources : Technical Report

Bankan Gold Project Siguiri Basin, Guinea Technical Report

Effective Date: 31 July 2025

Authors

Philip Jankowski, MSc, FAusIMM Ross Cheyne, BEng (Mining), FAusIMM Julian Broomfield, BEng (Mining), FAusIMM

Peter O'Bryan, BEng (Mining), MEngSc (RockEng),

MAusIMM(CP)

Pieter Labuschagne, MSc (Hydrogeology), MIAH,

Pr.Sci.Nat 400386/11 Stewart Watkins, BEng (Chem), FAusIMM

Predictive Discovery Limited

ABN 11 127 171 877

Suite 8, 110 Hay Street, Subiaco WA 6008

T [phone]

https://www.predictivediscovery.com

CONTENTS SUMMARY 25

1. Introduction, Location and Ownership 25

2. History 26

3. Geological Setting and Mineralisation 27

4. Exploration 28

5. Drilling 29

6. Sample Preparation, Analysis and Security 29

7. Data Verification 30

8. Mineral Processing and Metallurgical Testing 31

   1. Comminution 32

   2. Leach Testwork 32

   3. Bulk Leach for Carbon Loading and Tailings Detoxification 33

   4. Thickening and Filtration 33

   5. Other Testwork 33

9. Mineral Resource Estimate 34

10. Mineral Reserve Estimate 37

11. Mining Methods 39

    1. Open Pit Mining 39

    2. Underground Mining 40

    3. Mine and Production Schedules 41

12. Recovery Methods 43

13. Project Infrastructure 44

14. Market Studies and Contracts 47

15. Environmental Studies, Permitting and Social or Community Impact 47

16. Capital and Operating Costs 49

    1. Capital Costs 49

    2. Operating Costs 51

17. Economic Analysis 51

18. Interpretation and Conclusions 53

    1. Mineral Resources 53

    2. Mineral Reserves 53

    3. Mineral Processing and Recovery 53

    4. Infrastructure 54

    5. Environmental and Social 54

19. Recommendations 54

INTRODUCTION 55

1. Terms of Reference 55

2. Qualified Persons and Site Visits 55

3. Qualified Persons Areas of Responsibility 58

4. Units and Currency 60

5. Data Sources 60

6. Units, Currency and Abbreviations 60

RELIANCE ON OTHER EXPERTS 66

PROPERTY DESCRIPTION AND LOCATION 67

1. Location 67

2. Ownership 68

3. Legal Obligations 70

4. Environmental Risks, Liabilities and Permitting 71

   1. Environmental Liabilities 72

   2. Permitting 72

   3. Land Access 73

5. Other Factors 74

ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY 75

1. Access 75

2. Physiography 75

3. Climate 78

4. Infrastructure 81

5. Site Layout 82

HISTORY 84

GEOLOGICAL SETTING AND MINERALISATION 85

1. Project Geology 85

2. Lithology and Weathering 86

   1. Alteration and Mineralisation 91

   2. Gold Deportment 94

   3. Structure 95

DEPOSIT TYPES 101

EXPLORATION 103

1. Geophysics 103

2. Regional Exploration Targets 104

3. Conclusion 107

DRILLING 108

1. Drilling Summary 108

2. Auger Drilling 111

3. Surveying 113

4. Logging 113

5. Conclusion 114

SAMPLE PREPARATION, ANALYSES AND SECURITY 115

1. Sample Dispatch 115

2. Sample Preparation and Assaying 115

3. Data Management 116

4. QAQC Protocol 116

5. Certified Reference Materials 116

6. Field Duplicates 118

7. Blanks 122

8. Laboratory QAQC 122

9. Umpire Laboratory Assaying 123

10. Sampling Precision Comparison 125

11. Drillhole Direction Analysis 125

12. Sample Security 126

DATA VERIFICATION 128

MINERAL PROCESSING AND METALLURGICAL TESTING 130

1. Introduction 130

2. Sample Selection 131

3. Head Assays 137

4. Comminution Testwork 140

5. Leach Testwork 144

   1. Grind Size Optimisation 144

   2. Gravity Gold Recovery 145

   3. Cyanide Concentration 147

   4. Oxygen Versus Air Addition 148

   5. Tailings Diagnostic Leach Tests 148

   6. Gravity and Leach Extraction Variability 150

6. Geometallurgical Relationships 154

   1. Power Demand 154

   2. Reagent Consumption 155

   3. Gold Extraction 158

7. Materials Handling Testwork 160

8. Rheology 161

9. Thickening Testwork 163

10. Filtration Testwork 164

11. Bulk Leach Tests 167

12. Carbon Loading Testwork 168

13. Cyanide Destruction Testwork 170

14. Paste Testwork 173

15. Summary of Metallurgical Interpretation for Design 175

16. Conclusion 176

MINERAL RESOUCE ESTIMATE 177

1. Lithological Modelling 177

2. Domain Modelling 177

3. Mineralised Domain Statistics 182

4. Variography 185

5. Block Models 185

6. Quantitative Kriging Neighbourhood Analysis 186

7. Estimation 186

8. Density 189

9. Validation 189

10. Prospect of Eventual Economic Extraction 190

11. Classification 191

12. Reasonable Prospects 192

13. Mineral Resource Estimate 192

MINERAL RESERVE ESTIMATE 195

1. Introduction 195

2. Mineral Reserve Statement 195

3. Mineral Resources 196

   1. Resource Block Model Conversion 197

   2. Resource Classifications 198

4. Geotechnical 198

   1. Investigations 198

   2. Open Pit Geotechnical Design 199

   3. Underground Geotechnical Design 206

5. Hydrogeology 208

   1. Geographical Setting 208

   2. Groundwater Regime 209

   3. Predictive Numerical Groundwater Modelling 210

   4. Geochemical Assessment 211

   5. Groundwater Management 212

6. Open Pit Optimisation 212

   1. Overview 212

   2. Diluted Mining Block Model 214

   3. Optimisation Parameters 218

   4. Cut-Off Grade 223

   5. Open Pit Underground Transition 224

   6. Optimisation Results 224

7. Underground Optimisation 229

   1. Introduction 229

   2. Cut-Off Grade 230

   3. Optimisation Parameters 233

   4. Optimisation Results 239

MINING METHODS 240

1. Overall Mining Strategy 240

2. Mining Method Selection 241

   1. Open Pit Mining 241

   2. Underground Mining 242

3. Mine Design Basis and Optimisation 244

4. Open Pit Mine Design 244

   1. Design Criteria 244

   2. Open Pit Mine Designs 248

   3. Waste Rock Dump Design 255

   4. ROM Pad and Stockpile Design 258

   5. Topsoil Stockpiles 261

5. Underground Mine Design 262

   1. Portal 264

   2. Development Design 266

6. Mine Schedules 280

   1. Pre-DFS Schedule Evaluation 280

   2. Underground Methodology and Parameters 282

   3. Underground Schedule 283

   4. Open Pit Methodology and Parameters 291

   5. Integrated Open Pit and Underground Schedule 292

7. Open Pit Mining Operations 302

   1. Open Pit Mining Approach 302

   2. Clearing & Topsoil Removal and Storage 302

   3. Grade Control 303

   4. Drilling and Blasting 303

   5. Load and Haul 304

   6. Open Pit Mine Production Fleet 304

   7. Dewatering and Surface Water Management 305

   8. ROM Management 306

   9. Ore Stockpiling 306

   10. Waste Rock Dump Management 307

   11. Mine Infrastructure 307

   12. Explosives Storage and Management 307

   13. Open Pit Management and Supervision 308

8. Underground Mining Operations 308

   1. Underground Mining Philosophy 308

   2. Grade Control 309

   3. Drill and Blast 309

   4. Material Transport System 312

   5. Underground Mine Production Fleet 314

   6. Ventilation 315

   7. Paste Fill 338

   8. Ground Stabilisation 343

   9. Dewatering 344

   10. Power Supply 346

   11. Air and Water Supply 349

   12. Communications 350

   13. Escapeways 350

   14. Refuge Chambers 351

RECOVERY METHODS 352

1. Introduction 352

2. Site Location and Layout 352

3. Design Criteria Development 354

4. Process Flowsheet 358

5. Process Plant Description 360

   1. ROM Pad 360

   2. Crushing Circuit 360

   3. Coarse Ore Stockpile and Reclaim 361

   4. Grinding and Classification Circuit 361

   5. Pebble Crushing 362

   6. Gravity Circuit 362

   7. Pre-Leach Thickening 362

   8. Leach and Adsorption Circuit 363

   9. Desorption 365

   10. Electrowinning and Gold Room 367

   11. Tailings Detoxification 368

   12. Tailings Filtration 368

   13. Paste Feed Production 369

   14. Paste Plant 369

   15. Sampling and Process Monitoring 369

   16. Reagents and Consumables 370

   17. Services 372

   18. Control System 375

6. Predicted Metallurgical Performance 376

7. Power Requirements 377

8. Water Requirements 378

9. Conclusions 379

PROJECT INFRASTRUCTURE 380

1. Introduction 380

2. Earthworks 382

3. Site Access 383

4. Offices, Warehouses, Workshops and Other Buildings 383

5. Accommodation Village 384

6. Power Supply and Distribution 385

   1. Grid Connection 386

7. Tailings Disposal 387

   1. Tailings Storage Facility Selection and Operation 387

   2. Tailings Storage Facility Design and Construction 388

   3. Tailings Storage Facility Water Balance 390

8. Surface Water Management 391

   1. Climate 392

   2. Regulatory Framework 393

   3. Flooding Assessment 393

   4. Surface Water Management 394

   5. Site Water Balance 395

9. Water Supply and Site Water Management 396

10. Mining Infrastructure 396

11. Fuel Storage and Supply 397

12. Paste Plant 398

13. Other 398

14. Conclusions 399

MARKET STUDIES AND CONTRACTS 400

1. Markets 400

2. Gold Price 400

3. Contracts 402

ENVIRONMENTAL STUDIES, PERMITTING AND COMMUNITY IMPACT 404

1. Introduction 404

2. Policies and Regulations 404

   1. Corporate Values - Policy and Governance Commitments 404

   2. Environmental and Social Management System 405

   3. Statutory Regulations and Approvals 406

   4. International Guidelines 408

3. Environmental and Social Risks 409

   1. Environmental and Social Baseline Studies 409

   2. Risk Assessment Framework 418

   3. Key Identified Risks 419

4. Health, Safety, Environmental and Social Management Plans 421

   1. Community Health and Safety Management Plan 421

   2. Occupational Health and Safety Management Plan 422

   3. Environmental Management Plan 423

   4. Socio-Economic Management 443

   5. Cultural Heritage Management Plan 448

   6. Closure and Rehabilitation Management Plan 450

5. Land Acquisition and Resettlement 458

   1. Land Ownership Access Requirements 458

   2. Resettlement Action Plan and Livelihood Restoration 459

CAPITAL AND OPERATING COSTS 461

1. Capital Cost Estimate 461

   1. Basis of Estimate 461

   2. Estimate Methodology 462

   3. Estimate Currency and Base Date 471

   4. Contingency Estimate 471

   5. Capital Cost Estimate 471

   6. Execution Readiness Costs 473

   7. Sustaining and Deferred Capital 473

   8. Closure Costs 474

2. Operating Costs 474

   1. Basis of Estimate and Methodology 475

   2. Estimate Breakdown 479

   3. Mining Costs 479

   4. Labour Costs 485

   5. Power 486

   6. Reagents 487

   7. Consumables 489

   8. Mobile Equipment 489

   9. Maintenance 489

   10. Transport and Logistics 490

   11. General and Administration 490

   12. Tailings Handling 491

ECONOMIC ANALYSIS 493

1. Key Assumptions 493

2. Key Financial Outcomes 494

3. Sensitivity Analysis 499

4. Funding Requirement and Strategy 499

ADJACENT PROPERTIES 501

1. Gold Mining in Guinea 501

2. Regional Gold Mining 501

   1. Artisanal Gold Mining 501

   2. Kouroussa Gold Project 501

   3. Kiniéro Gold Project 502

3. Reliance on Information from Adjacent Properties 502

OTHER RELEVANT DATA AND INFORMATION 503

1. Project Implementation 503

   1. Project Phases 503

   2. Project Management Approach 503

   3. Engineering Approach 506

   4. Construction Contracting Strategy 506

   5. Execution Readiness Works 507

   6. Operational Readiness 509

   7. Completions and Commissioning 510

   8. Implementation Schedule 510

2. Operations 513

   1. Operations Strategy 513

   2. Logistics 513

   3. Ramp-up 513

   4. Human Resources 514

   5. Security 516

INTERPRETATION AND CONCLUSIONS 517

1. Mineral Resources 517

2. Mineral Reserves 517

3. Mining Methods 518

4. Mineral Processing and Metallurgical Testing 518

5. Recovery Methods 519

6. Project Infrastructure 519

7. Environment, Social Impact and Permitting 519

8. Economic Analysis 520

9. Risks and Opportunities 520

   1. Risks 520

   2. Opportunities 521

RECOMMENDATIONS 523

1. Mine Geotechnical 523

2. Mining 523

3. Metallurgical Test Work 523

4. Site Geotechnical Investigation 523

5. Hydrogeology 524

6. Hydrology 524

7. Environmental and Social 524

8. Project Implementation 524

REFERENCES 526

QUALIFIED PERSON CERTIFICATES 530

LIST OF TABLES

Table 1.1: Comminution Testwork Summary 32

Table 1.2: Mineral Resource Estimate (NEB and BC) 36

Table 1.3: Mineral Resource Estimate (Fouwagbe and Sounsoun) 37

Table 1.4: Bankan Gold Project Mineral Reserve 38

Table 1.5: Proposed Open Pit Mining Fleet 40

Table 1.6: Capital Cost Estimate 50

Table 1.7: Life of Mine Sustaining and Deferred Capital Estimate 51

Table 1.8: Life of Mine Operating Costs 51

Table 1.9: Key Project Metrics 52

Table 1.10: Key Financial Metrics 53

Table 2.1: Qualified Persons Areas of Responsibility 58

Table 2.2: Units and Symbols 61

Table 2.3: Abbreviations 62

Table 3.1: Information Relied Upon from the Company 66

Table 5.1: Annual Rainfall and Evaporation Data 78

Table 7.1: NEB Saprolite versus Fresh Mineralised Composites, Au g/t Statistic 89

Table 7.2: Field Rock Strength Codes, Empirical Tests and UCS Strengths (Barton, 1978) 90

Table 7.3: NEB Sulphide Species Distribution by Grade 93

Table 7.4: BC Sulphide Species Distribution by Grade 93

Table 10.1: Bankan Project Total Drillhole Summary by Year to 31 July 2025 108

Table 10.2: Bankan Project Diamond Drillhole Summary, Resource Areas Only 109

Table 10.3: Bankan Project RC Drillhole Summary, Resource Areas Only 110

Table 11.1: Analytical method summary 115

Table 11.2: Bankan Project QAQC Sample Numbering Plan 116

Table 11.3: Bankan Project QAQC Sample Numbering Plan 117

Table 11.4: BNERC Holes Field Duplicate Statistics 118

Table 11.5:KKORC Holes Field Duplicate Statistics 119

Table 11.6:BNEDD Holes Field Duplicate Statistics 119

Table 11.7:BCKDD Holes Field Duplicate Statistics 119

Table 11.8: Laboratory Original and Duplicate Au g/t Statistics 122

Table 11.9: Laboratory Assay Repeat Au g/t Statistics 123

Table 11.10: Original and umpire Au g/t statistics 123

Table 11.11: Saprolite Composites Au g/t Statistics by Hole Direction 126

Table 11.12: Fresh Composites Au g/t Statistics by Hole Direction 126

Table 13.1: Program 1 Samples (Mintrex) 131

Table 13.2: Program 2 Samples (IMO) 132

Table 13.3: Program 3 Samples (ALS) 134

Table 13.4: Program 3 Variability Sample Head Assays - Part 1 138

Table 13.5: Program 3 Variability Sample Head Assays - Part 2 139

Table 13.6: SmC, BWi, RWi and Ai Results - Full Test 141

Table 13.7: Geopyora Test Results 142

Table 13.8: Program 1 (Mintrex) Grind Size Optimisation Leach Test Results 144

Table 13.9: Program 2 (IMO) Grind Size Optimisation Leach Test Results 145

Table 13.10: Program 1 (Mintrex) Gravity Gold Recovery 145

Table 13.11: Comparison of Leach Extraction with and without Gravity Recovery 146

Table 13.12: NaCN Consumption (kg/t) at Various NaCN Concentration Targets 147

Table 13.13:Air vs Oxygen Sparging Residual Gold (g/t) Comparison 148

Table 13.14: Program 1 Diagnostic Leach Results 149

Table 13.15: Program 2 Diagnostic Leach Results Summary 149

Table 13.16: Summary of Variability Test Results 151

Table 13.17: Lithology Median (P50) Specific Comminution Power Draw 154

Table 13.18: Lithology Blend Operating Grinding Power Estimates 155

Table 13.19: Program 2 Triple Carbon Contact Testwork Results 168

Table 13.20: Program 3 Triple Carbon Contact Test Results 169

Table 13.21: Cyanide Speciation for Detox Feed and Products (Optimised) 171

Table 13.22: Composite Sample for Paste Testwork 173

Table 13.23: Particle Size Distribution of Full Stream and Deslimed Tailings 173

Table 13.24: Paste UCS Test Matrix and Results after 28 Days 174

Table 13.25: Paste Fill Binder Contents GP Cement 175

Table 14.1: Topcut Summary 182

Table 14.2: NEB Mineralisation Domain, Uncut Au g/t Statistics 183

Table 14.3: NEB Mineralisation Domain, Topcut Au g/t Statistics 183

Table 14.4:BC Mineralisation Domain, Uncut Au g/t Statistics 184

Table 14.5:BC Mineralisation Domain, Topcut Au g/t Statistics 184

Table 14.6:Argo Mineralisation Domains Au g/t Statistics 184

Table 14.7: Block Model bankan_ne_202307.mdl Dimensions 185

Table 14.8: Block Model bankan_creek_202307.mdl Dimensions 185

Table 14.9: Block Model fouwagbe_resource202502.mdl Dimensions 186

Table 14.10: Block Model sounsoun202502.mdl Dimensions 186

Table 14.11: NEB Kriging Estimation Parameters 186

Table 14.12: BC Kriging Estimation Parameters 187

Table 14.13: Argo Kriging Estimation Parameters 188

Table 14.14: NEB Au g/t Validation Statistics 189

Table 14.15: BC Au g/t Validation Statistics 190

Table 14.16: Preliminary Pit Optimisation Parameters 190

Table 14.17: Mineral Resource Estimate (NEB and BC) 193

Table 14.18: Mineral Resource Estimate (Fouwagbe and Sounsoun) 194

Table 15.1: Bankan Gold Project Mineral Reserves 196

Table 15.2: Resource Model Parameters 197

Table 15.3: Bankan Resource Model Parameters 197

Table 15.4: NEB Pit Geotechnical Design Parameters 200

Table 15.5: BC Pit Geotechnical Design Parameters 203

Table 15.6: GBE Pit Geotechnical Design Parameters 206

Table 15.7: NEB Underground Geotechnical Stope Design Parameters 207

Table 15.8: NEB Underground Geotechnical Ground Support and Reinforcement Requirements 208

Table 15.9: Mixing Width Calculation by Deposit 217

Table 15.10: Global Resource Ore Loss and Dilution (Weighted Average) 218

Table 15.11: Overall Slope Angle Calculation 219

Table 15.12: Fixed Costs ($/t mined) 220

Table 15.13: Drill and Blast Costs ($/t mined) 220

Table 15.14: Load and Haul (incl. Ancillary) by Bench by Pit ($/t mined) 221

Table 15.15: Ore Related Costs ($/t ore) 222

Table 15.16: Revenue Parameters 223

Table 15.17: Mineral Reserve Cut of Grade - Open Pit Mining 224

Table 15.18: Open Pit/Underground Transition Optimisation Results - Physicals 225

Table 15.19: Open Pit/Underground Transition Optimisation Results - Financials 225

Table 15.20: Open Pit/Underground Transition Optimisation Results - Sensitivity to Mining Cost 225

Table 15.21: Open Pit Only Optimisation Results - Physicals 226

Table 15.22: Open Pit Only Optimisation Results - Financials 227

Table 15.23: Mining Costs Calculations 231

Table 15.24: Cut-Off Grade Inputs 231

Table 15.25: Underground Cut-off Grade Sensitivity 232

Table 15.26: Stope Optimisation Input Parameters 233

Table 16.1: Pit Wall Design Criteria 244

Table 16.2: Design Ramp and Roads Widths 245

Table 16.3: Waste Rock Dump Design Criteria 248

Table 16.4: Optimisation Shell and Pit Design Comparison 255

Table 16.5: Dilution and Ore Loss Within Pit Designs 255

Table 16.6: Waste Dump Capacities 258

Table 16.7: Overview of Bankan Development Design 269

Table 16.8: Stope Parameters for Different Level Spacings 273

Table 16.9: Stope Shape Calculated Hydraulic Radius 277

Table 16.10: Stopes Shapes Tonnes and Grade by Mining Method 280

Table 16.11: Bankan Mining Recovery Factors 283

Table 16.12: Scheduling Parameters - Resource Rates 286

Table 16.13: Scheduling Parameters - Task Rates 286

Table 16.14: Underground Development Schedule 288

Table 16.15: Vertical Development Metres 289

Table 16.16: Service Holes Schedule 289

Table 16.17: Paste Fill Requirements 290

Table 16.18: Underground Ore Production 290

Table 16.19: Project LOM Schedule - Total Mined Tonnes 297

Table 16.20: Project LOM Schedule - Material Movement by Mining Stage 297

Table 16.21: Life of Mine Schedule - Mill Feed by Lithology and Production 300

Table 16.22: Drill and Blast Design Parameters 304

Table 16.23: Proposed Open Pit Mining Fleet 305

Table 16.24: Drill Density per Mining Method 310

Table 16.25: Underground Mine Production Fleet 315

Table 16.26: Summary of Ventilation Design Criteria 316

Table 16.27: Machine DEE Dilution Airflow Requirements 318

Table 16.28: Primary Fan Specification 326

Table 16.29: Heat Design Criteria 331

Table 16.30: Monthly Ambient Temperatures 332

Table 16.31: Paste Strengths by Dimension (Minefill Services, 2025) 341

Table 17.1: Key Process Design Criteria and Equipment Sizing 355

Table 17.2: Project Electrical Power Demand 378

Table 18.1: Estimated Site Load 385

Table 18.2: Paste Plant Design Criteria 398

Table 20.1: Summary of the Environmental and Social Baseline of the Project Area 410

Table 20.2: Key Management Measures for Air Quality and GHG 425

Table 20.3: Key Management Measures for Water Management 428

Table 20.4: Key Management Measures for Impacts to Biodiversity 432

Table 20.5: Key Management Measures for Traffic and Transport 435

Table 20.6: Key Management Measures for Waste Management 439

Table 20.7: Key Management Measures for Socio-Economic Impacts 444

Table 20.8: Key Management Measures for Cultural Heritage 449

Table 20.9: Closure and Rehabilitation Plan for the Project Infrastructure 452

Table 21.1: Capital Cost Estimate Methodology 463

Table 21.2: Basis of Deliverables and General Project Data Requirements 466

Table 21.3: Foreign Exchange Rates 471

Table 21.4: Capital Cost Estimate 472

Table 21.5: Execution Readiness Costs 473

Table 21.6: Life of Mine Sustaining and Deferred Capital Estimate 474

Table 21.7: Life of Mine Operating Costs 475

Table 21.8: Operating Cost Methodolgy 476

Table 21.9: Open Pit Mining Unit Rates 480

Table 21.10: Open Pit Owner Supplied Rates 481

Table 21.11: Underground Mining Unit Rates 483

Table 21.12: Underground Owner Supplied Rates 484

Table 21.13: Labour Costs 486

Table 21.14: Power Station Power Costs 487

Table 21.15: Reagent Cost and Consumption 488

Table 21.16: Consumables 489

Table 21.17: General and Administration 491

Table 21.18: Tailings Rehandle Fleet and Costs to TSF 492

Table 21.19: Tailings Rehandle Unit Rates 492

Table 22.1: Key Financial Model Assumptions 493

Table 22.2: Key Project Outcomes 495

Table 22.3: Detailed LOM Production and Cashflow 498

Table 24.1: Schedule Float 511

Table 24.2: Bankan Project Production Ramp-up 514

Table 24.3: Bankan Operations Staff 515

Table 25.1: Key Risks and Mitigating Strategies 521

Table 26.1: Recommended Execution Readiness and FEED Program Costs 525

LIST OF FIGURES

Figure 1.1: Project LOM Schedule - Total Material Mined 42

Figure 1.2: Project LOM Schedule - Mill Feed by Lithology and Grade 42

Figure 1.3: Project LOM Schedule - Mill Feed Contained Gold by Source 43

Figure 1.4: Project LOM Schedule - Mill Feed Recovered Gold 44

Figure 1.5: Overall Site Layout 46

Figure 4.1: Project Location (PDI 2025) 67

Figure 4.2: Project Region (PDI 2025) 68

Figure 4.3: Project Permits (PDI 2025) 70

Figure 5.1: View Towards the Niger River from the Project Area (PDI 2024) 76

Figure 5.2: Terrain and Drainage Plan 77

Figure 5.3: Average Rainfall and Temperature (MetoBlue 2025) 79

Figure 5.4: Wind Rose for Kouroussa (MetoBlue 2025) 79

Figure 5.5: Overall Site Layout 83

Figure 7.1: Bankan Project Interpreted Geology, Resources and Targets (PDI 2024) 86

Figure 7.2: Typical Lateritic Weathering Profile (Chardon, Grimauld, Beauvaise, & Bamba, 2018) 87

Figure 7.3: BNED0087 Laterite Zone 88

Figure 7.4: BNEDD0087 Mottled Zone 88

Figure 7.5: BNEDD0087 Saprolite Zone 88

Figure 7.6: BNEDD0087 Contact Between Saprolite Zone (upper) and Saprock Zone (Lower) 88

Figure 7.7: BNEDD0087 Fresh Zone 89

Figure 7.8: Proportions of Rock Strength Codes by Logged Weathering 91

Figure 7.9: Gold Grain Size Distribution from 174 Individual Grains 94

Figure 7.10: Left: BNEDD0088 325.6m; Right: BNERD0073 30m 95

Figure 7.11: Left: BNEDD0106B 637.02m; Right: BNERD0107 553.42m 95

Figure 7.12: Left: BNERD0098 386.72m, Rotated Augen; Right: BNERD074 318.65, Pressure Shadows around Pyrite 96

Figure 7.13: BNEDD0086 Main Shear 320.0-340.1m, 20.1m @ 0.48g/t 98

Figure 7.14: 10350mRL Geology Interpretation 99

Figure 7.15: 10250mRL Geology Interpretation 99

Figure 7.16: 10150mRL Geology Interpretation 100

Figure 7.17: 10050mRL Geology Interpretation 100

Figure 8.1: Location and Geology of the Siguiri Basin (Lebrun, Thébaud, Miller, Roberts, & Evans, 2017)

. 102

Figure 9.1: IP Gradient Array Images for NEB (resistivity left, chargeability right) Overlain with the NEV Optimised Resource Pit Shell and the >0.2 g/t Auger Anomaly Contours (PDI 2021) 104

Figure 9.2: Near Bankan Targets and Drilling Results (PDI 2024) 105

Figure 9.3: Argo Targets and Drilling Results (PDI 2024) 106

Figure 9.4: Bokoro Targets and Drilling Results (PDI 2024) 107

Figure 10.1: Bankan Project Drillhole Resource Plan; Resource and Non-Resource (L) and by Type (R)

. 109

Figure 10.2: Auger Drill Rig (PDI 2024) 112

Figure 10.3: Auger Drill Result Contours around NEB and BC Deposits (PDI 2021) 113

Figure 11.1: BNERC Holes Field Duplicates Scatterplot 120

Figure 11.2: KKORC Holes Field Duplicates Scatterplot 120

Figure 11.3: BNEDD Holes Field Duplicates Scatterplot 121

Figure 11.4: BCKDD Holes Field Duplicates Scatterplot 121

Figure 11.5: Original and Umpire Laboratory QQ' Plot 124

Figure 11.6: Original and Umpire Laboratory QQ' Plot <10 g/t 124

Figure 11.7: Ranked ARD Plot of Duplicate Sample Pairs 125

Figure 13.1: Shear and Tonalite Lithology Transition, BNEDD0147 136

Figure 13.2: Saprolite Lithology, BNEDD0147 136

Figure 13.3: Mafic Lithology, BNEDD0204 137

Figure 13.4: Head Grade Analysis, Au vs Cu 140

Figure 13.5: Head Grade Analysis, S vs Cu 140

Figure 13.6: Deleterious Element, by Sample 140

Figure 13.7: Axb Comparison - SMC vs. Geopyora 143

Figure 13.8: Program 2 Bulk Leach Gold Extraction with Decreasing NaCN Concentration 148

Figure 13.9: Copper in Solution Histogram 153

Figure 13.10: Iron in Solution Histogram 154

Figure 13.11: Cyanide Consumption by Lithology 156

Figure 13.12: Cyanide Consumption versus Copper in Solution 156

Figure 13.13: Lime Consumption by Lithology 157

Figure 13.14: 24-Hour Gold Extraction versus Head Grade by Deposit 158

Figure 13.15: 24-Hour Gold Extraction versus Head Grade by Lithology 158

Figure 13.16: 24-Hour Extraction versus Head Grade 159

Figure 13.17: Modelled vs Measured Au Extraction 160

Figure 13.18: Viscosity versus Shear Rate for Fresh Ore 161

Figure 13.19: Viscosity versus Shear Rate for 25% Saprolite / 75% Fresh Ore 162

Figure 13.20: Viscosity versus Shear Rate for 50% Saprolite / 50% Fresh Ore 162

Figure 13.21: Viscosity versus Shear Rate for 75% Saprolite / 25% Fresh Ore 163

Figure 13.22: Viscosity versus Shear Rate 100% Saprolite 163

Figure 13.23: 100% Saprolite Sample in (a) the Chamber and (b) the Top View of the Cake 165

Figure 13.24: 50% Saprolite Sample from 40mm Chamber @15.9% Moisture 166

Figure 13.25: Moisture versus Filtration Capacity - 50mm Chamber 167

Figure 13.26: Equilibrium Gold Loading Curves 170

Figure 13.27: Cyanide Speciation Definitions 172

Figure 14.1: 10350mRL NEB Medium-Grade and High-Grade with Shear Zones 178

Figure 14.2: 10250mRL NEB Medium-Grade and High-Grade with Shear Zones 179

Figure 14.3: 10150mRL NEB Medium-Grade and High-Grade with Shear Zones 179

Figure 14.4: 10050mRL NEB Medium-Grade and High-Grade with Shear Zones 180

Figure 14.5: BC Lithological and Domain Model with Red, Main Shear; White, Second Order Shear, Purple, Tonalite and Pink, Medium-Grade Domain 181

Figure 14.6: Fouwagbe Interpreted Mineralisation Zone (PDI 2025) 181

Figure 14.7: Sounsoun Interpreted Mineralisation Zones (PDI 2025) 182

Figure 15.1: NEB Pit Domains (Representative View Looking North) 200

Figure 15.2: NEB Pit Domain A Wall Design Parameters 201

Figure 15.3: NEB Pit Domain B Wall Design Parameters 202

Figure 15.4: BC Geotechnical Pit Domains (Representative View Looking North) 203

Figure 15.5: BC Pit Domain A Wall Design Parameters 204

Figure 15.6: BC Pit Domain B Wall Design Parameters 205

Figure 15.7: GBE Pit Wall Design Parameters 206

Figure 15.8: Whittle™ Mining Sequence 214

Figure 15.9: Regularisation Process to a Parcel Model (Orelogy 2025) 215

Figure 15.10: Determination of Mixing Zone (Orelogy 2025) 216

Figure 15.11: Swapping of Material within Mixing Zone (Orelogy 2025) 216

Figure 15.12: Open Pit Only Optimisation Results - Tonnes / Value Curves 228

Figure 15.13: Plan and Section Comparing "No Underground" Shell 30 to "Open Pit/Underground Transition" Shell 36 229

Figure 15.14: Vertical Slice Method Applied to a Vertical Orebody (Orelogy 2025) 230

Figure 15.15: NEB Orebody Geometry 230

Figure 15.16: Cut-off Grade Sensitivity Analysis 233

Figure 15.17: Underground Grade and Tonnage versus Cut-off Grade 235

Figure 15.18: Indicated Mineral Resources Tonnes and Grade versus Cut-off Grade 236

Figure 15.19: Inferred Mineral Resources Tonnes and Grade versus Cut-off Grade 236

Figure 15.20: Single Lift Scenario (Orelogy 2025) 237

Figure 15.21: Double Lift Scenario (Orelogy 2025) 238

Figure 15.22: Stope Shape Results Looking East 239

Figure 16.1: Open Pit Mining Cycle (Orelogy 2025) 241

Figure 16.2: Access to Underground from the GBE Open Pit Looking East 242

Figure 16.3: Dual-Lane In-Pit Ramp Layout 246

Figure 16.4: Single-Lane In-Pit Ramp Layout 246

Figure 16.5: Dual-Lane Ex-Pit Road Layout 247

Figure 16.6: Waste Rock Dump Design Criteria (Construction and Final Landform) 248

Figure 16.7: GBE Pit Design 250

Figure 16.8: Cross Section through GBE Pit Design (10370E) 250

Figure 16.9: NEB Stage 1 Pit Design 251

Figure 16.10: NEB Stage 2 Pit Design 252

Figure 16.11: NEB Stage 3 Pit Design 253

Figure 16.12: NEB Pit Cross Section 253

Figure 16.13: BC Pit Layout 254

Figure 16.14: GBE Waste Rock Dump Layout 256

Figure 16.15: NEB Waste Rock Dump Layout 257

Figure 16.16: BC Waste Rock Dump Layout 258

Figure 16.17: GBE Pit Infrastructure Layout 259

Figure 16.18: GBE Underground Stockpile Traffic Flow 260

Figure 16.19: ROM Pad Layout 260

Figure 16.20: NEB/GBE Topsoil Stockpile Layout 261

Figure 16.21: BC Topsoil Stockpile Layout 262

Figure 16.22: GBE Pit and Underground Mine Design - Looking East 263

Figure 16.23: Plan view of GBE Pit and Underground Mine Design 264

Figure 16.24: PFS BoxCut and Decline Looking North 265

Figure 16.25: DFS GBE and Decline Access Looking East 265

Figure 16.26: Haulage and Ventilation Portal Locations - Plan View GBE Pit 266

Figure 16.27: Overview of Bankan Underground Development Design - Looking South 268

Figure 16.28: Typical Level Layout (9960 mRL) - Plan View 271

Figure 16.29: Underground Mine Surface Infrastructure 272

Figure 16.30: Vertical Development Elevation - Looking Northwest 273

Figure 16.31: Level Spacing - Cross Section 274

Figure 16.32: Stope Shapes Generated using Deswik.SO - Looking West 275

Figure 16.33: Stope Shapes Generated using Deswik.SO - Plan View 276

Figure 16.34: Stope Shapes Divided into the Different Geotechnical Zones - Looking West 277

Figure 16.35: Examples of Split Stopes on Different Level Intervals - Plan View 278

Figure 16.36: TLHOS vs LLHOS Decision Making - Plan View 278

Figure 16.37: Stope Shapes Grouped Based on Mining Method After Splitting - Plan View 279

Figure 16.38: Stope Shapes Grouped by Mining Method After Splitting - Looking East 280

Figure 16.39: Stopes, Sill Pillars and Crown Pillars - Cross Section View 283

Figure 16.40: Stoping Sequence in Panels - Looking East 285

Figure 16.41: Stopes Divided by Primary and Secondary - Looking East 286

Figure 16.42: Project LOM Schedule - Total Material Mined 293

Figure 16.43: Project LOM Schedule - Mill Feed by Lithology and Grade 293

Figure 16.44: Project LOM Schedule - Mill Feed Tonnes by Source 294

Figure 16.45: Project LOM Schedule - Mill Feed Contained Gold by Source 294

Figure 16.46: Project LOM Schedule - Mill Feed Recovered Gold 295

Figure 16.47: Project LOM Schedule - Stockpile Balances by Lithology 296

Figure 16.48: Firing Sequence (Orelogy 2025) 310

Figure 16.49: Typical Production Ring Configuration for Transverse Stopes (Orelogy 2025) 311

Figure 16.50: Typical Production Ring Configuration for Longitudinal Stopes (Orelogy 2025) 311

Figure 16.51: Surface Layout 312

Figure 16.52: Level Layout Showing Loading Points - 9980 mRL 314

Figure 16.53: Project Airflow Demand 319

Figure 16.54: Primary Ventilation System - Section View Looking East 321

Figure 16.55: Primary Ventilation System - Plan View 322

Figure 16.56: Photo of an Auxiliary Fan mounted on a Support Structure (Mintek Australia Pty Ltd) 323

Figure 16.57: Secondary Ventilation Layout - Development Phase (Orelogy 2025) 324

Figure 16.58: Secondary Ventilation Layout - Production Phase (Orelogy 2025) 324

Figure 16.59: Ventilation Duct Clearance (Orelogy 2025) 325

Figure 16.60: Airflow Simulation using Ventsim® Software 326

Figure 16.61: Temporary Primary Fan Installation - Example Fan Curve (ClemCorp Australia Pty Ltd) 327 Figure 16.62: Permanent Primary Fan Installation - Example Fan Curve (Mintek Australia Pty Ltd) 328

Figure 16.63: Operational Auxiliary Fan Requirements 330

Figure 16.64: Bankan Gold Project Monthly Air-Cooling Requirements 333

Figure 16.65: Bankan Gold Project Heat Load Distribution 334

Figure 16.66: Bankan Gold Project Heat Load Balance 335

Figure 16.67: General Arrangement Drawing of a Typical Bulk Air Cooler (BAC) (IWC 2025) 336

Figure 16.68: General Arrangement Drawing of a Typical Refrigeration Plant (IWC) 337

Figure 16.69: Location of 4.5 MW BAC Refrigeration Plant - Plan View 338

Figure 16.70: Undercut Stopes in Red - Looking East 339

Figure 16.71: Paste fill Strengths and Mine Sequence (Orelogy 2025) 340

Figure 16.72: Paste Fill (Line in Pink) 341

Figure 16.73: Paste Fill Plant Location 342

Figure 16.74: Flow Model 10140 mRL Level 343

Figure 16.75: Primary Pump Stations and Dewatering Route 345

Figure 16.76: Photo of a Typical Underground Pump Station with Capacity of 60 L/s (Challenge Pumps Pty Ltd) 346

Figure 16.77: Underground Power Reticulation Backbone - Cross Section View 347

Figure 16.78: Surface Power Required Areas 348

Figure 16.79: Annual Connected Load Bankan Underground 349

Figure 16.80: Annual Power Usage Bankan Underground in GWh 349

Figure 16.81: Escapeway Route (Shown in Green) 350

Figure 17.1: Overall Site Layout 353

Figure 17.2: Process Flowsheet 359

Figure 17.3: Life of Mine Schedule - Mill Feed by Lithology and Grade 376

Figure 17.4: Gold Production and Grade 377

Figure 18.1: Overall Site Layout 381

Figure 18.2: TSF and Tailing Water Storage Dam 388

Figure 18.3: TSF Water Balance Probabilistic Analysis Results 391

Figure 18.4: Flood Modelling Outcomes 1:100 RI plus Climate Change Event 394

Figure 19.1: Four Year Historical Gold Price 401

Figure 19.2: Consensus Gold Price Forecast 402

Figure 20.1: Integrated Management System (PDI 2024) 406

Figure 20.2: ESIA Process (PDI 2024) 419

Figure 21.1: Fixed Open Pit Contractor Costs over LOM 481

Figure 21.2: Open Pit Diesel and Explosives Usage over LOM 482

Figure 21.3: Fixed Underground Contractor Costs over LOM 484

Figure 21.4: Underground Owner Supplied Diesel and Explosives Costs over LOM 485

Figure 22.1: Gold Production and Grade 496

Figure 22.2: All-in Sustaining Cost per Oz 496

Figure 22.3: Project Cash Flow 497

Figure 22.4: Post Tax NPV5% Sensitivities 499

Figure 24.1: Owners Team Organisation Structure 505

Figure 24.2: Pre-Production Workforce Ramp-up 509

Figure 24.3: Summary Project Implementation Schedule 512

Figure 24.4: High Level Organisation Chart 514

‌

SUMMARY

1. ‌Introduction, Location and Ownership

   This Report was prepared for Predictive Discovery Limited (PDI or the Company) on the Bankan Gold Project, Guinea (the Project). This Report was prepared for the purposes of reporting on the definitive feasibility study (DFS) released to the Australian Stock Exchange on 25 June 2025 in accordance with the Joint Ore Reserves Committee (JORC) "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" and CIM 2014 Definition Standards to align with the continuous disclosure of Exploration Results, Mineral Resources and Mineral Reserves in accordance NI 43-101.

   The effective date of this Report is July 31, 2025.

   The Project is located in the northeast part of Guinea, approximately 450 km east-northeast of Guinea's capital city, Conakry, in the Kouroussa Prefecture. The Project is located 75 km northwest of the regional city of Kankan and 7 km southwest of Kouroussa town.

   The main Project area lies within the Peripheral Zone of the Upper Niger National Park with the NEB and BC deposits approximately 21 km and 18 km, respectively, away from the closest point of the Core Conservation Area.

   The Project comprises four contiguous Permis de Recherce Industrielle (Or) (exploration permits), which cover a combined area of 356 km2 and are located between 9 51'00"W and 10 03'24"W and between 10 32'26"N and 10 52'00"N.

   PDI's four exploration permits relating to the Project and its wider exploration potential, comprise:

   • Kaninko gold exploration permit, issued by order no. A/2019/5784/MMG in favour of PDI's wholly owned local subsidiary Mamou Resources SARLU (Mamou) on 3 October 2019, covering a 98.22 km² area.

   • Saman gold exploration permit, issued by order no. A/2020/1835/MMG in favour of Mamou on 11 June 2020, covering a 99.78 km² area.

   • Bokoro gold exploration permit, issued by order no. A/2020/2561/MMG in favour of PDI's wholly owned local subsidiary Kindia Resources SARLU on 9 September 2020, covering a

     99.98 km² area.

   • Argo gold exploration permit, issued by order no. A/2018/7628/MMG in favour of Argo Mining SARLU on 24 October 2018 (in which PDI is a shareholder and has the right to progressively earn 90% by payment of US$100,000 and acquire the remaining 10% at a decision to mine in exchange for a 2% net smelter royalty), covering a 57.54 km² area.

   The main Project area, and all the Mineral Resources on which this DFS is based, are situated on parts of the Kaninko and Saman exploration permits.

   On 31 January 2025, PDI and Mamou submitted exploitation permit applications for 50% of the Kaninko and Saman permit areas to the Ministry of Mines and Geology (MMG) and Centre for the Promotion of the Development of Mining (CPDM) in accordance with Guinean mining law. PDI has indicated that the applications are at an advanced stage and are still being processed. PDI is not aware of any immediate obstacles to the granting of the exploitation permits.

   PDI submitted renewal applications for the Argo and Bokoro exploration permits in 2021 and 2023 respectively, and has relied on Article 78 of the Guinean Mining Code that allows for permits to be extended automatically until the date of renewal. PDI has been made aware that, on 26 May 2025, the MMG announced the revocation of over 100 exploration permits, including the Argo exploration permit (which hosts the Fouwagbe and Sounsoun Deposits) and the Bokoro exploration permit. PDI has not received any formal communication from the Guinean government on the matter and intends to work diligently with the MMG to achieve the granting of the renewals.

2. ‌History

   In late 2018 PDI commenced work in the Kaninko area in the Siguiri Basin. Field visits identified widespread artisanal workings consisting of extensive pitting into weathered bedrock with shallow surficial workings in lateritic cover material extending for hundreds of metres away from the pitted areas, in what were later to be identified as the NEB and BC deposits.

   PDI's initial field work included BLEG stream sediment geochemistry, rock chip sampling and geological mapping followed by twelve vertical channel samples. This initial program was followed up by a second program of systematic channel sampling of saprolite exposures.

   In early 2020, a program of 3,178 m of shallow power auger drilling and 490 lineal metres of trenching was completed at NEB and BC, with mineralisation identified across a broad zone This program was followed up by an aircore and reverse circulation drilling program, with further auger drilling extending the strike length of NEB.

   A maiden mineral resource estimate was completed for the Project in September 2021 comprising an Inferred Mineral Resource of 72.8 Mt at 1.56 g/t Au for 3.65 Moz of contained gold. On the 1st of August 2022 additional drilling was used to update the Inferred Mineral Resource estimate to 79.5 Mt at 1.63 g/t Au for 4.2 Moz of contained gold.

   Based on an infill drilling program through the second half of 2022 the mineral resource estimate confidence was improved and an updated mineral resource estimate was announced on 6 February 2023 including an Open Pit Indicated Mineral Resource of 42.7 Mt at 1.27 g/t Au for 1.75 Moz contained gold at NEB along with a further Open Pit Inferred Mineral Resource of 24.7 Mt at 2.23 g/t Au for 1.77 Moz contained gold and an Underground Inferred Mineral Resource at NEB of 2.2 Mt at

   4.75 g/t for 335 koz contained gold. An Inferred Mineral Resource of 7.2 Mt at 1.42 g/t for 331 koz of contained gold was announced for the BC deposit.

   Continued drilling at the Project led to an announcement on 7 August 2023 an increase to these mineral resources to an estimated 100.5 Mt at 1.66 g/t Au for 5.4 Moz of contained gold with approximately 77% being in the Indicated Mineral Resource category. Based on this mineral resource estimate, PDI completed a pre-feasibility study (PFS) which included the announcement of a maiden Mineral Reserve for the Project, consisting of open pit and underground ore from NEB and open pit ore from BC, of 57.7 Mt at 1.64 g/t for 3.05 Moz of contained gold. All Mineral Reserves were in the Probable Mineral Reserves category.

   Other than artisanal scale gold mining, which is not material to the Mineral Resources or Mineral Reserves, there has been no production from the Property.

3. ‌Geological Setting and Mineralisation

   The Project is hosted by greenstones in the southwest margin of the Siguiri Basin, in upper Guinea. The Siguiri Basin contains metasediments and related volcanic and plutonic rocks of the early Proterozoic Birimian supergroup, which hosts most of West Africa's gold deposits. The gold deposits within the region are principally orogenic lode deposits. Prolonged weathering has led to extensive lateritic duricrusts and deep saprolite profiles. Vertical remobilisation of gold during lateritic weathering is common, and primary gold deposits are often overlain by lateritic or supergene gold deposits.

   The Project area is deeply weathered, with a thick saprolite and a pisolitic and nodular lateritic cover which hosts remobilised gold, generally above the primary deposits or dispersed a few tens of metres laterally. Outcrops are sparse, and the underlying bedrock geology is known largely from regional scale geophysics and drilling completed by PDI.

   Regionally, mineralisation has been focussed on the intersection of north-northwest striking and northwest striking structures on the margin of a regional granitic batholith. Numerous anastomosing north-northeast striking structures have been interpreted from the aeromagnetic data. Smaller granitic intrusions in the greenstones are structurally controlled and provide evidence for significant heat and fluid flow late in the orogenic history, likely to be part of the gold mineralisation process.

   These granitic intrusions partially host the two Project main deposits. NEB has been developed at the hanging wall contact of a small tonalitic intrusion, structurally controlled by a north-northwest striking shear (main shear zone or STMZ), which is part of a network of anastomosing north-northwest to north-northeast striking structures. The NEB deposit includes a small satellite deposit, GBE, located approximately 250 m north of the main NEB deposit.

   In the footwall, a very well developed second order shear, 3 m to 5 m thick, (STSZ01) has very similar structure and alteration characteristics to the STMZ and forms a step over, or jog, from the STMZ to a more weakly developed structure and hence it is a locus for dilation and fluid flow associated with mineralisation. The STSZ01 nearly outcrops, whereas the STMZ terminates below the surface above its intersection with STSZ01. This fault duplex is interpreted to represent a soft-linked overlapping shear system, where a component of strain is accommodated by rotation or folding between the main bounding shear segments, as well as at the termination of the segments.

   Below the STSZ01 shear, four other parallel structures have been interpreted with similar relationships to the STMZ, however, these are less well constrained by drilling and, hence, have a greater degree of uncertainty in their location and extent.

   Higher grades are found in and on the immediate footwall of the STMZ, with lower grade mineralisation in both the tonalitic footwall and the greenstone hanging wall. Mineralisation comprises wide zones of structurally controlled chlorite, silica and sericite alteration with associated pyrite and quartz veining.

   Sulphide mineralisation largely comprises pyrite with minor chalcopyrite. In the altered felsic igneous rocks, the sulphide mineralisation is generally associated with the later stage veining, with minor amounts disseminated through the rock texture. In NEB, higher grade mineralisation is characterised by higher pyrite and covellite, and arsenopyrite and sphalerite contents. Low-grade mineralisation

   lacks covellite, galena, sphalerite, and bismuth species. Other sulphides that have been noted include tennantite-tetrahedrite, hessite, gersdorfitte, bornite and cobaltite. Generally sulphide content is low.

   BC is hosted in the carapace of a small tonalitic intrusion, which has intruded a structurally complex greenstone sequence of clastic and carbonate metasediments, volcanics and marbles. The structural controls for BC are much less well understood. From the drillhole logging, two shears have been interpreted. A major one dipping moderately to the southwest and a second order structure dipping moderately to the northeast. These appear to constrain both the small tonalite intrusion and the mineralisation that is localised in the carapace of the intrusion. Foliations generally dip parallel to the major shear, whereas the veins have several preferred orientations and a greater scatter than the veins at NEB. Bedding planes and contacts broadly dip parallel to the foliations and shears.

   The weathered profile in the Project area comprises:

   • Cemented ferricrete layer, composed of in-situ or transported ferruginous concretions in a ferruginous matrix.

   • Mottled clay layer, composed of variably ferruginous residual clays formed by intense weathering and consequent profile collapse.

   • Saprolite zone, composed of highly weathered bedrock, where there has not been sufficient leaching to initiate the collapse of the profile, and original rock textures are recognisable even though most original rock forming minerals have been weathered to clays. There may be a transition or saprock zone at the base of the saprolite zone into the fresh zone, where weathering is either patchy or restricted to favourable structures. Levels greater than 40% fresh rock defines this saprock zone.

   • Underlying essentially un-weathered fresh zone.

   The complete laterite profile is preserved at NEB under a ridge capped with resistant ferricrete. At BC, recent erosion has incised the currently active river valley and the mottled zone and saprolite are largely exposed at the surface in the artisanal workings with a thin veneer of transported soil and alluvium elsewhere. A few small patches of remnant ferricrete have also been identified.

4. ‌Exploration

   Due to the deep weathering, transported cover and lack of outcropping rock, the most effective exploration methods have proved to be geophysical and geochemical vectoring, followed up by drill sampling.

   Following the NEB discovery, PDI completed a series of early-stage exploration programs, including broad spaced auger drilling and a helicopter-borne magnetic and radiometric survey. The aeromagnetics identified a major 35km-long north-northwest structural corridor with the potential to host multiple orogenic gold discoveries. Structural targets identified using the aeromagnetics have been progressively followed up with power auger and aircore (AC) drilling. The strategy to date has been to undertake wide-spaced auger drilling covering the structural targets, typically 320 m by 80 m spacing, followed by closer spaced infill where encouraging gold results have been obtained (generally plus 0.25g/t composite values in saprolite to depths of around 20 m). AC drilling has then followed up the encouraging auger results, typically with pairs of scissor holes to help assess the orientation of the gold mineralisation.

   These samples are useful for producing geochemical anomalies, however due to the open hole and non-representative sampling, are not used for resource estimation.

   PDI has also completed a comprehensive petrophysics and ground geophysics program at NEB. The petrophysics study of the NEB drill core was designed to calibrate the detailed ground geophysical orientation program.

   The ground geophysical techniques selected were gradient array induced polarisation ("GAIP") and pole dipole induced polarisation ("P-DIP"), magnetics and gravity with P-DIP methods proving the most effective in geophysically finger-printing the NEB deposit, with elevated chargeability (attributed to sulphide mineralisation) and elevated resistivity (attributed to silica alteration).

5. ‌Drilling

   Drilling completed at the Project comprises aircore (AC), reverse circulation (RC), reverse circulation grade control (RCGC) and diamond core (DDH) holes, with some deeper diamond holes having a RC pre-collar in expected waste and core thereafter. For the Mineral Resource Estimate for the NEB and BC deposits, announced in August 2023, only the DDH and RC holes were used as AC samples are not considered representative. Drillhole spacing is variable, typically 40 m spacing on 40 m sections in the upper parts of the deposits and spacings as much as 100 m at the lower fringes.

   The total drilling incorporated into the Mineral Resource estimates for the NEB and BC deposits comprises:

   • NEB Deposit:

     • 26,341 m RC across 209 holes.

     • 84,162 m DDH or RC pre-collar with DDH across 202 holes.

   • BC Deposit:

     • 2,321 m RC across 20 holes.

     • 11,536 m DDH or RC pre-collar with DDH across 59 holes.

       An additional 394 AC holes for 18,684 m which were used to supplement the RC and DDH holes for geological interpretation.

       Drilling results after the cutoff dates for the mineral resource estimates have been reviewed but not yet modelled. This includes infill drilling at both NEB and BC. The results of the additional data are in line with the resource models and are not expected to significantly change the mineral resource estimates or classification.

6. ‌Sample Preparation, Analysis and Security

   Samples have been assayed by fire assay at a range of commercial laboratories in West Africa with most of the recent samples having been assayed at SGS in Bamako, Mali. PDI has implemented a quality assurance/quality control (QAQC) program for exploration and resource evaluation drilling and sampling at the Project, comprising monitoring of:

   • Analytical data accuracy using certified reference materials (CRMs) and umpire laboratory assaying.

   • Analytical data precision using field and laboratory duplicate and repeat samples.

   • Potential for contamination during sample preparation using blanks.

     No significant issues were noted with the CRMs, blanks, laboratory duplicates or umpire assaying. From the field duplicates, the precision of the sampling is reasonable, with the poorest precision in the core duplicate pairs, suggesting that there is a moderate to high fundamental nugget factor in the mineralisation.

     Based on the data assessment, the Qualified Person considers the entire dataset acceptable for resource estimation subject to the preceding comments regarding the analytical accuracy and precision.

7. ‌Data Verification

   PDI has been developing the resources since 2019. The Qualified Person has visited the site on four occasions, from the 10th to the 15th June 2022, from the 10th to the 21st November 2022, from the 11th to the 27th January 2023 and from 28th August 2024 to the 5th September 2024. During these visits, the following were inspected:

   • General site layouts.

   • DDH, RC, AC and auger drilling.

   • Drillhole setup.

   • DDH core orientation and markup.

   • DDH core logging and sampling.

   • Density measurement procedure.

   • Point Load Test measurement procedure.

   • X-Ray Fluorescence measurement procedure.

   • RC, RC and auger logging and sampling.

   • Sample dispatch.

   • DDH core and RC retention bag storage.

   • Pulp storage.

   • Review of selected core intervals and comparison with assaying results. Detailed technical discussions with PDI staff were also conducted.

The Qualified Person has checked a selection of the original assay certificates against the database and not identified any errors.

The drilling, sampling, assaying, quality assurance, sample security and data handling procedures at the Project are well designed and are well implemented; they are capable of producing a reliable dataset that is fit for purpose for Mineral Resource estimation.