AIM: SHG.L
Last: 13.25P (0)

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. Proven 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 South 0.6 465 1.92 29
Total Ore Reserve - Open Pit   2,420 2.03 158

Note: 1. Proven 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 1.77 270 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. Proven 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

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