Reserves & Resources
New Luika Gold Mine
NLGM Reserves
The total reserves position for NLGM as of 31 December 20221 is summarized below:
| Deposit and classification | Ore tonnes (kt) |
Ore grade (g/t Au) |
Contained Ounces (koz) |
| Ore Reserves – Underground | 1,888 | 3.89 | 236 |
| Ore Reserves – Open Pit | 2,420 | 2.03 | 158 |
| Total Ore Reserve | 4,308 | 2.85 | 394 |
Note: 1. Reserves are reported in accordance with the JORC Code 2012.
NLGM Underground Reserves1,2,3
The underground proved and probable reserve statement is shown below:
| Deposit | Cut-off grade (“COG”) (g/t) |
Ore tonnes (kt) |
Ore grade (g/t Au) |
Contained ounces (koz) |
| Luika | 1.6 | 1,529 | 3.84 | 189 |
| Ilunga | 2.0 | 150 | 5.09 | 25 |
| Bauhinia Creek ("BC") North | 1.9 | 87 | 3.28 | 9 |
| BC | 1.9 | 123 | 3.65 | 14 |
| Total Ore Reserve - Underground | 1,889 | 3.89 | 236 |
Note: 1. Proved Reserve is 40.0kt @ 3.27g/t equivalent to 4.0koz.
Note: 2. Reserves are reported in accordance with the JORC Code 2012
Note: 3. Reserve estimates assume application of long-hole open-stoping. Economic evaluations are at a gold price of US$1,550 /oz. A gold recovery of 90% has been applied.
NLGM Open Pit Ore Reserves1,2,3
The open pit proved and probable reserve statement is shown below:
| Deposit | COG (g/t) |
Ore tonnes (kt) |
Ore grade (g/t Au) |
Contained Ounces (koz) |
| Black Tree Hill | 0.6 | 798 | 2.09 | 54 |
| Elizabeth Hill | 0.6 | 1,084 | 2.02 | 70 |
| BC North | 0.6 | 73 | 1.96 | 5 |
| Porcupine Sout | 0.6 | 465 | 1.92 | 29 |
| Total Ore Reserve - Open Pit | 2,420 | 2.03 | 158 |
Note: 1. Proved Reserve is 226.0 kt @ 2.14 g/t equivalent to 16.0 koz.
Note: 2. Reserves are reported in accordance with the JORC Code 2012.
Note: 3. Economic evaluations are at a gold price of US$1,350 /oz. A gold recovery of 90% has been applied.
NLGM Mineral Resource Estimate – COG 1.0 g/t (December 2022)
| Deposit | Measured | Indicated | Inferred | Total Resource | ||||||||
| Tonnes (kt) | Grade (Au_g/t) |
Ounces (koz) | Tonnes (kt) | Grade (Au_g/t) |
Ounces (koz) | Tonnes (kt) | Grade (Au_g/t) |
Ounces (koz) | Tonnes (kt) | Grade (Au_g/t) |
Ounces (koz) | |
| Jamhuri | - | - | - | 613 | 1.82 | 36 | 760 | 1.62 | 40 | 1,373 | 1.71 | 75 |
| Shamba | - | - | - | 17 | 1.84 | 1 | 99 | 1.62 | 5 | 116 | 1.66 | 6 |
| Elizabeth Hill | - | - | - | 1,910 | 2.16 | 133 | 1,844 | 1.51 | 90 | 3,755 | 1.84 | 222 |
| Black Tree Hill | 186 | 2.61 | 16 | 1,129 | 2.05 | 74 | 350 | 1.27 | 14 | 1,665 | 1.94 | 104 |
| Ilunga | - | - | - | 568 | 3.91 | 72 | 105 | 3.66 | 12 | 674 | 3.87 | 84 |
| Luika | 384 | 3.20 | 40 | 1,799 | 3.71 | 215 | 89 | 2.28 | 6 | 2,272 | 3.57 | 261 |
| BC | - | - | - | 384 | 4.16 | 51 | 356 | 2.34 | 27 | 740 | 3.28 | 78 |
| BC East Area 1 | - | - | - | 146 | 4.21 | 20 | 47 | 3.31 | 5 | 193 | 3.99 | 25 |
| BC North | - | - | - | 194 | 3.01 | 19 | 36 | 4.38 | 5 | 230 | 3.23 | 24 |
| BC East | - | - | - | - | 3.19 | - | 1 | 3.12 | - | 1 | 3.13 | - |
| Luika South | - | - | - | 118 | 3.67 | 14 | 178 | 3.15 | 18 | 296 | 3.35 | 32 |
| Black Tree Hill North | - | - | - | 114 | 1.78 | 7 | 37 | 1.40 | 2 | 151 | 1.69 | 8 |
| Porcupine South | - | - | - | 986 | 2.15 | 68 | 852 | 1.68 | 46 | 1,838 | 1.94 | 114 |
| Grand Total | 569 | 3.01 | 55 | 7,979 | 2.76 | 709 | 4,754 | 1.77 | 279 | 13,302 | 2.42 | 1,034 |
The Singida Project
JORC 2012 Reserve1,2 (31 December 2022)
| Deposit | COG (g/t) |
PROBABLE RESERVES | ||
| Ore tonnes (kt) | Ore grade (g/t Au) | Contained Ounces (koz) |
||
| Cornpatch | 0.79 | 134 | 1.88 | 8 |
| Cornpatch West | 0.78 | 294 | 3.46 | 33 |
| Gold Tree | 0.74 | 1,243 | 3.39 | 136 |
| Gustav | 0.78 | 129 | 1.70 | 7 |
| Jem | 0.74 | 324 | 2.86 | 30 |
| Kaizer Chief | 0.78 | 142 | 1.65 | 8 |
| Vivian | 0.74 | 118 | 2.61 | 10 |
| Grand Total | 2,385 | 3.01 | 231 | |
Note: 1. Proved Reserve is 1,287 kt @ 3.34 g/t equivalent to 137koz.
Note: 2. Reserves are reported in accordance with the JORC Code 2012.
Mineral Resource Estimate (31 December 2022)
| Deposit | MEASURED | INDICATED | INFERRED | TOTAL RESOURCES | ||||||||
| TONNES | GRADE | OUNCES | TONNES | GRADE | OUNCES | TONNES | GRADE | OUNCES | TONNES | GRADE | OUNCES | |
| (kt) | g/t | (koz) | (kt) | g/t | (koz) | (kt) | g/t | (koz) | (kt) | g/t | (koz) | |
| CORNPATCH | 117 | 2 | 8 | 336 | 1.98 | 22 | 517 | 2.36 | 39 | 970 | 2.18 | 69 |
| CORNPATCH WEST | - | - | - | 824 | 2.52 | 67 | 565 | 1.87 | 34 | 1,389 | 2.26 | 101 |
| GOLD TREE | 1,030 | 3.54 | 117 | 1,289 | 2.4 | 99 | 3,274 | 2.02 | 213 | 5,593 | 2.39 | 430 |
| GUSTAV | - | - | - | 148 | 1.49 | 7 | 783 | 1.85 | 47 | 932 | 1.79 | 54 |
| JEM | 376 | 2.99 | 36 | 542 | 2.67 | 46 | 532 | 2.92 | 50 | 1,451 | 2.84 | 133 |
| KAIZER CHIEF | - | - | - | 475 | 1.67 | 25 | 354 | 1.98 | 22 | 828 | 1.80 | 48 |
| VIVIAN | - | - | - | 376 | 3.03 | 37 | 125 | 3.40 | 14 | 501 | 3.12 | 50 |
| TOTAL | 1,523 | 3.29 | 161 | 3,990 | 2.36 | 303 | 6,149 | 2.12 | 418 | 11,663 | 2.23 | 885 |
The West Kenya Project
West Kenya Mineral Resource Estimate
NI43-101 compliant Consolidated West Kenya Mineral Resource Estimate1 (22 February 2023)
Note: 1. The Ramula Camp, located 35 km from the Isulu and Bushiangala deposits. Table excludes the Bumbo polymetalic JORC compliant resource within the Liranda (Kakamega) Camp.
| Summary | Indicated | Inferred | Total | ||||||
| Deposit | Tonnes | Grade | Ounces | Tonnes | Grade | Ounces | Tonnes | Grade | Ounces |
| (kt) | g/t | (koz) | (kt) | g/t | (koz) | (kt) | g/t | (koz) | |
| Bushiangala | 470 | 8.12 | 123 | 531 | 5.88 | 100 | 1,000 | 6.93 | 223 |
| Isulu | 1,492 | 12.49 | 599 | 1,280 | 11.25 | 463 | 2,772 | 11.92 | 1,062 |
| Kakamega Camp | 1,962 | 11.45 | 722 | 1,811 | 9.68 | 564 | 3,772 | 10.60 | 1,285 |
| Ramula1 | 5,331 | 2.43 | 417 | 727 | 2.27 | 53 | 6,058 | 2.41 | 470 |
| West Kenya Project | 7,923 | 4.86 | 1,139 | 2,538 | 7.56 | 617 | 9,831 | 5.55 | 1,755 |