Abujar, Cote d’Ivoire

Abujar Gold Project, Côte d’Ivoire

The Abujar Gold Project is located approximately 30km from the major regional city of Daloa in central western Côte D’Ivoire. It is close to excellent regional and local infrastructure to facilitate exploration and development being only 15km from nearest tarred road and grid power. The Abujar Gold Project is comprised of three contiguous tenements with a total land area of 1,114km2, of which less than 10% has been explored. It features an NNE‐orientated gold corridor over 70km striking across three tenements.

In October 2021, Tietto completed the Abujar Gold Project Definitive Feasibility Study (DFS) for an open-pit 4Mtpa operation. Highlights included:

  • 260,000oz gold forecast in first year of production (30% increase over the PFS) at an AISC of US$651/oz;
  • 2Moz of gold production forecast over first six years for 200,000oz per annum (20% increase over the PFS) at an average AISC of US$804/oz;
  • Updated Open Pit Probable Ore Reserves have grown to 34.4Mt at 1.3 g/t Au for 1.45Moz using US$1,407/oz (68% increase over the PFS and 78% of Indicated Mineral Resources); and
  • Life of Mine (LOM) mining inventory inclusive of Ore Reserves of 44.9Mt at 1.2 g/t Au for 1.7Moz gold recovered (54% increase over the PFS) for a strip ratio of 6:1 w:o;
  • Payback period post-tax of less than 1 year from first production.

In July 2021, Tietto increased its Mineral Resource Estimate for the Abujar Gold Project following a 54,000m diamond drilling campaign. As a result of the campaign, gold resources grew to 87.5Mt @ 1.2g/t Au for 3.35Moz:

  • AG mineral resources total 50.3Mt @ 1.5 g/t Au for 2.45Moz (+7% oz Au)
  • APG mineral resources total 36.7Mt @ 0.7 g/t Au for 0.87Moz (+24% oz Au)

These results are an increase in indicated resources by 49% to 43.4Mt @ 1.3g/t Au for 1.85Moz of contained gold, representing more than 55% of the project ounces.

Plans for 2021

A 50,000m diamond drilling campaign is underway targeting de-risk and resource growth using Tietto’s fleet of six diamond drill rigs. The campaign includes:

  • Infill drilling at AG targeting first two years of production.
  • Resource growth from drill testing of targets located within 10km radius of proposed AG mill.
  • Drill testing high priority regional targets.

Tietto is rapidly advancing Abujar development with early work program including front end engineering and design (FEED), and site and camp construction underway.

Tietto is on track to deliver first gold at Abujar in Q4 2022.

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