Burkina Faso Analyst visit Bissa Gold Mine 30.10.2013 Disclaimer - - PowerPoint PPT Presentation

SLIDE 1

Burkina Faso Analyst visit – Bissa Gold Mine

30.10.2013

SLIDE 2

Disclaimer

2 Information contained in this presentation concerns Nord Gold N.V., a company organized and existing under the laws of Netherlands (the “Company”, and together with its subsidiaries, the “Group”), and is for general information purposes only. The opinions presented herein are based on general information gathered at the time of writing and are subject to change without notice. The Company relies on information obtained from sources believed to be reliable but does not guarantee its accuracy or completeness. These materials may contain forward-looking statements regarding future events or the future financial performance of the Group. One can identify forward looking statements by terms such as “expect”, “believe”, “estimate”, “anticipate”, “intend”, “will”, “could”, “may”, or “might”, the negative of such terms or other similar expressions. These forward-looking statements include matters that are not historical facts and statements regarding the Group’s intentions, beliefs or current expectations concerning, among other things, the Company’s results of operations, financial condition, liquidity, prospects, growth, strategies, and the industry in which the Group operates. By their nature, forward-looking statements involve risks and uncertainties, because they relate to events and depend on circumstances that may

• r may not occur in the future. The Company cautions you that forward-looking statements are not guarantees of future performance and

that the Groups’ actual results of operations, financial condition, liquidity, prospects, growth, strategies and the development of the industry in which the Group operates may differ materially from those described in or suggested by the forward-looking statements contained in these materials. In addition, even if the Group’s results of operations, financial condition, liquidity, prospects, growth, strategies and the development of the industry in which the Group operates are consistent with the forward-looking statements contained in these materials, those results or developments may not be indicative of results or developments in future periods. The Company does not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in forward-looking statements

• f the Company, including, among others, general economic conditions, the competitive environment, risks associated with operating in

the states where the Group operates, changes in the world [gold] market, as well as many other risks specifically related to the Group and its operations. No reliance may be placed for any purposes whatsoever on the information contained in this presentation or on its completeness, accuracy or fairness. The information in this presentation is subject to verification, completion and change. Accordingly, no representation or warranty, express

• r implied, is made or given by or on behalf of the Company or any of its shareholders, directors, officers or employees or any other

person as to the accuracy, completeness or fairness of the information or opinions contained in these materials. None of the Company nor any of its shareholders, directors, officers or any other person accepts any liability whatsoever for any loss howsoever arising from any use of the contents of this presentation or otherwise arising in connection therewith. The presentation and the information contained herein does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. The securities of the Company have not been, and will not be, registered under the US Securities Act of 1933, as amended (the “Securities Act”). Accordingly, the securities of the Company may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. The Company does not intend to conduct a public offering of any securities in the United States

SLIDE 3

Bissa Gold Mine Key Messages

3

A.

• 2013 gold production expected to exceed 200koz.

D.

• Positive reconciliation between resource models and dore gold production.

E.

• Successfully developing new pits in line with the Life of Mine plan to maximize NPV.

F.

• Life of Mine mill throughput and recovery improvement projects identified.

G.

• Implementing a site-wide efficiency programme.

H.

• Established a training programme for the national staff.

J.

• Utilizing extensional and infill drilling to grow open pit Reserves.

L.

• Regional exploration and development programme focused on Bouly and other early

stage targets.

B.

• Seamless launch - mine reached industrial capacity in Q1 2013 and full capacity in Q2

2013.

I.

• SSD programs in place, including medical, educational and agricultural. Amicable

relations with local community.

K.

• LOM potential is well beyond 10 years.

C.

• Ramped up mill throughput to 3.5Mtpa.

SLIDE 4

• Overview
• Safety and community
• Mine layout and infrastructure
• Mine geology
• Mineral resources and reserves
• Mining
• Processing
• Key financials indicators
• Exploration and growth
• Key messages

Contents

4

SLIDE 5

History

5

A.

• Bissa is situated in the rural commune of Sabce, 100 km north of the capital of Burkina

Faso, Ouagadougou.

D.

• Nordgold was award mining permit in June 2011.

E.

• Nordgold purchases Mining Fleet, first arrivals December 2011. Mining begins June 2012.

F.

• The Bissa treatment plant was completed ahead of schedule and on budget. Total

investment in the project was US$ 250 mln, with first gold pour in January 2013

G.

• The mine was officially opened by His Excellency the Prime Minister of Burkina Faso Luc

Adolphe Tiao and CEO of Nordgold Nikolai Zelensky on the 17th of January 2013.

H.

• The mine is comprised of five open pits spread over 5.5 km of the northeast-trending

mineralized zone, near a national highway and 2 additional pits located further to the west.

J.

• Commissioning to full operation steep ramp up, all targets exceeded and production and

gold above 2013 budget predictions.

B.

• Project acquired by Nordgold at PFS stage in 2008.

I.

• The treatment plant comprises contemporary crushing, semi-autogenous grinding and

ball milling and conventional carbon-in-leach equipment to process 3.0 Mt or ore per year.

K.

• Bissa on target to produce more than 200,000oz in 2013.

C.

• Lycopodium was awarded the $250 mln EPCM contract to construct Bissa Treatment

Plant in March 2011.

SLIDE 6

6

Bissa construction timeline

• Project acquired by Nordgold at PFS stage in 2008 and developed into producing mine.
• Mine construction completed on budget ($250mln) and ahead of time, while ramp-up to full capacity only took a

few weeks exceeding the expectations

SLIDE 7

Location

7

SLIDE 8

Clinton Bennett General Manager Halidou Bocoum Regional director Andre Deveau HSE director JB Reinle Security director John C. Timan Human resources director Franck Toe Finance director Glenn Smith Process director Barend Coetzee Mining Director Allen Pereira Logistic director John Learn Exploration director Directors operating both for Bissa and Taparko Directors operating only for Bissa

Management Structure

• Nordgold is focusing on development of local employees
• 2 directors are Burkina Faso citizens

SLIDE 9

Employees

9

Headcount October 2013

National Employees ( Bissa) National Employees (Exterhum) Expatriate Employees Casuals ACTUAL TOTALS Expat + National + Casuals Administration General Management

3 3

Safety

7 1 8

Environment

4 4 14 22

Training

1 1

Community Relations

5 10 15

Purchasing / Logistics

7 15 2 2 26

Accounting

7 1 8

Financial control

1 1

Security

10 47 2 19 78

Medical

2 1 3

Administration

3 8 1 12

Human Resources

4 1 5

Camp

1 3 5 9

Information Technology

3 1 4 55 88 12 40 195

Plant / Process Management

6 3 2 11

Crushing

49 7 1 57

Laboratory

6 24 3 33

Maintenance Planning

1 1

Maintenance

4 39 5 48

Electrical Maintenance

2 17 2 21 19 132 19 1 171

Mining Management

10 12 1 23

Grade Control / Geology

16 21 2 33 72

Transport / Heavy equipment

124 10 30 164

Loading

49 49

Drill / Blast

3 53 3 59

Mobile Maintenance planning

3 3

Maintenance Administration

1 2 3

Maintenance workshop

15 105 6 126

Engineering

2 15 2 19 50 381 22 65 518

Consolidated totals

124 601 53 106 884

SLIDE 10

• Overview
• Safety and community
• Mine layout and infrastructure
• Mine geology
• Mineral resources and reserves
• Mining
• Processing
• Key financials indicators
• Exploration and growth
• Key messages

Contents

10

SLIDE 11

HSE overview

1. Formal delivery of ICAM (Scheduled by Training Department) 2. Continued retraining of all LDV drivers onsite including license 3. Installation of Electronic Bulletin Boards 4. Continued development of Safety First Culture through:Take 5 / Near Miss Reporting JHAs and SOPs 5. “Safety Employee of the Month” award system along existing Idea of the Month program (from Operational Excellence)

1 1 0,4 0,0 1,0 0,8 0,6 0,2 0,0 0,5 1,0 1,5

Jul-12 Jun-12 May-12 Apr-12 Mar-12 Feb-12 Jan-12 Feb-13 Jan-13 Nov-12 Dec-12 Oct-12

0,77 0,74 0,70 0,68 0,65 0,62 0,60

Sep-12

1,29

Aug-12 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13

1,12 0,98 0,86 0,84 0,81 Lost time incidents Rolling LTIFR for 12m HSE performance HSE strategy

SLIDE 12

Population relocation (about 300 families impacted) and compensation for lost agricultural lands at a cost of over 2 Billion CFA

• Creation of a Bissa relocation committee including 17 representatives
• f civil societies, residents and 1 company representative
• Construction of 2 new villages for relocated populations

Education

• Donation of solar panels and renovation of the Bissa school
• Donation of school supplies to over 1000 children in 4 schools in the

project area and implementation of motivational programs to encourage children to attend school

• Donation of more than 400 school tables and chairs for Mané and

Sabcé

• Construction of a canteen to feed the school children

Health & food

• Repaired and improved the main drinking water well in the village of

Bissa

• Donation of a motorcycle ambulance to the population
• Construction of a vaccination area and a modern slaughterhouse for

the population of Sabcé

• Donation of 25 sheep to women’s committee of Bissa

12

Community development

SLIDE 13

13

13

• Soap manufacturing was highlighted as a potential

income generating activity for womens groups in the region.

• This opportunity utilizes resources from the surrounding

ecology and imparts knowledge to the communities.

• 135 Women from the Sabce region were trained in the

soap manufacturing process

• The soap is marketed in the local villlages and in
• Ouagadougou. Demand exceed production

Community projects – soap manufacturing

SLIDE 14

14

14

• Burkina Faso is a very arid country. Subsistence farming is

typical with farmers at the mercy of the weather. The construction of the Tiben water dam has provided villagers in the region to have year round water.

• Bissa Gold is working with local farmers groups to identify

favourable sites for creation of market gardens. Two hectares have been created to date in the Sanhoui, Foursa, Kogkoundi and Tiben areas.

• Our community relations team has help to provide tools,

quality seeds, fertilizer, pesticides, fuel and training to increase production and profits to the farming communities.

Community projects – Market Gardening

SLIDE 15

15

15

• Chicken has an enormous socio-economical importance in Burkina
• Faso. Current farming methods and not efficient. Through improved

breeding programs and by introducing a different style of bird. Profits can be increased.

• This pilot project was trialed in three villages of the Sabce region,

involving 60 prodcuers with 9 800 000 CFA invested. Through training programs, construction of chicken coops and food supplies, improvements in production and sales have been seen

• Farmers are also utilizing the manure to fertilize their fields and as a

secondary income sources

Community projects – Poultry Production

SLIDE 16

34

• BISSA is aware that literacy and professional training are extremely important to providing the young

and unemployed with opportunities to improved their skills and equipment them with an advantage to find gainful employment

• We have a number of educational and training programs underway conducted solely or in partnership

with communities and government organizations. Training programs provide the young men and women of the surrounding region with skills in carpentry, welding, building, car and cycles mechanics, electronic rural mechanics, electricity, plumbing, mechanical engineering, general mechanics, office machine repairs, air conditioning repair , fashion design, sewing, weaving embroider

• Bissa is supporting the Government in building new schools, improving conditions of old schools,

furnishing class rooms. Providing school supplies and materials to pupils to help support their learning needs. Fitting solar panels and lighting to classrooms to allow night school.

• Bissa supports the education of women and young girls and is targeting improving the primary

schooling rate of girls by offering support to aid attendance

Community projects – Education/ Literacy / Training

SLIDE 17

17

Another business opportunity supported by Bissa is the local fashion design and clothing manufacturing. Training and equipment are supplied and the products are sold locally and in Ouagadougou

Community projects – Fashion design

SLIDE 18

• Overview
• Safety and community
• Mine layout and infrastructure
• Mine geology
• Mineral resources and reserves
• Mining
• Processing
• Key financials indicators
• Exploration and growth
• Key messages

Contents

18

SLIDE 19

Mine and Infra-structure Layout

19 Plant area

SLIDE 20

• Overview
• Safety and community
• Mine layout and infrastructure
• Mine geology
• Mineral resources and reserves
• Mining
• Processing
• Key financials indicators
• Exploration and growth
• Key messages

Contents

20

SLIDE 21

21

A.

• Ounces Milled and to Stockpiles 11% higher than equivalent Depleted Reserves (WAI

2012).

D.

• Geotechnical management plan 90% implemented.

E.

• Exploration 2014 focus:
• Upgrading 30% resources Indicated to Measured
• Upgrading Inferred (inside optimized shells) to Indicated.
• RAB drilling unexplored geochemical anomalies.

B.

• Grade milled and to Stockpiles 8% higher than equivalent Depleted Reserve Grade (WAI

2012). C.

• Resources will be reviewed with outside consultant 4th Quarter 2013.

Mine geology overview

SLIDE 22

Mine Geology

22

SLIDE 23

• Overview
• Safety and community
• Mine layout and infrastructure
• Mine geology
• Mineral resources and reserves
• Mining
• Processing
• Key financials indicators
• Exploration and growth
• Key messages

Contents

23

SLIDE 24

24

Mineral Resources and reserves

SLIDE 25

Mill-mine-reserve reconciliation from start production

25

SLIDE 26

• Overview
• Safety and community
• Mine layout and infrastructure
• Mine geology
• Mineral resources and reserves
• Mining
• Processing
• Key financials indicators
• Exploration and growth
• Key messages

Contents

26

SLIDE 27

2013 Mining Performance (1/2)

27

• Bissa mining operations started in June 2012 with 17 dump trucks, 6 loading units and 5 ancillary equipment which have

produced a total of 14,062,235 cubic meters of material project to date from total four pits with three currently active, a fifth pit Bissa Hill 2 will commence production in the final quarter of 2013.

• 2014 will see a further 12,340,501 cubic meters produced, as part of the mining strategy this operational year would see an

introduction of a sixth pit Zone 52. This pit will contribute 18% of the total ore to be mined in 2014.

• The mine production plan for 2014 is to mine 26,185 ktons of material from 4 pits of which 2 is currently active.
• To archive the set production target Bissa runs a two 12 hour shift, each shift take half an hour break and 1 hour for shift

changes.

• Mobile mining maintenance runs their daily maintenance program during these shift changes and lunch breaks.

12 908 9 971 1 039 1 045 1 048 1 121 1 143 1 236 1 153 1 029 1 157 988 961 988 2000 4000 6000 8000 10000 12000 14000 200 400 600 800 1 000 1 200 1 400

TOTAL BCM

Outlook Actual

SLIDE 28

2013 Mining Performance (2/2)

28

4 809 2 498 384 533 430 395 326 430 545 357 381 335 385 307 1000 2000 3000 4000 5000 6000 100 200 300 400 500 600

ORE THS. TONNES

Outlook Actual 2,04 2,96 1,47 1,61 1,51 1,84 2.7 2,36 2,42 2,26 1,87 2,51 2,44 2,05 1 2 3 0,00 0,50 1,00 1,50 2,00 2,50 3,00

ORE GRADE (g/t)

Outlook Actual

SLIDE 29

29 4

Drill rigs

Quantity of machines in use

Excavators Loaders Dump trucks Availability 2013, % Average hours per machine Total Hours

• perated

Q-ty of the equipment

17,641 Total machine hours by equipment group up to October, 21 2013

Bissa mining fleet

4,423 Average quantity of machine hours per unit 76 Cumulative availability in 2013 for 9 months 4 31,286 7,822

89

3 24,875 8,291

91

17 141,975 8,351 95

SLIDE 30

BH2

ORE TONNAGE 98,866 GRADE 2.12 ORE TONNAGE 412,559 GRADE 2.51

2013 and 2014 Mining Locations

BH1 BH2 SW-PB1 Z 52 – PB1

BH1

• Depth = 250m rl
• Length = 530m
• Width = 255m

BH2

• Depth = 270m rl
• Length = 460m
• Width = 195m

Z52-PB1

• Depth = 230m rl
• Length = 787m
• Width = 375m

SW-PB1

• Depth = 260m rl
• Length = 740m
• Width = 418m

ORE TONNAGE 98,866 GRADE 2.12 ORE TONNAGE 412,559 GRADE 2.51 ORE TONNAGE 1,998,672 GRADE 2.04 ORE TONNAGE 839,123 GRADE 1.57

30

2013 2014

SLIDE 31

Project Description

• Reduce consumption of

drilling bits

• Sharpening of drilling bits with new purchased equipment
• 20% increase of bits life is budgeted

1

• Mining fleet

management efficiency improvement

• Installation of mining fleet management system
• Dispatching of mining fleet based on software data

2

Efficiency program - Mining

• Reduce technological

and operational down time of mining fleet

• Time studies of the mining fleet
• Amendments to shift change, greasing, fueling, lunch procedures to reduce

time lost

3

• Mine to mill
• Analysis and optimization of production cost with the mine to mill approach
• Optimize drill and blast to reduce cost of crushing

5

31

• Mining fleet optimization
• Optimizing fleet size over life of mine
• Optimizing dumping methods to reduce usage of dozers
• Increase loading efficiency
• Reduction of ancillary equipment usage

6

• Tire management
• Implementation of tire management software
• Tire maintenance
• Preventive maintenance, pressure measurement to improve life of tires

4

SLIDE 32

• Overview
• Safety and community
• Mine layout and infrastructure
• Mine geology
• Mineral resources and reserves
• Mining
• Processing
• Key financials indicators
• Exploration and growth
• Key messages

Contents

32

SLIDE 33

33

A.

Lycopodium Minerals Pty Ltd was engaged to construct a 3Mtpa treatement plant which was completed Dec 2012.

B.

The plant utilizes traditional methodologies with contemporary equipment and is comprised of:

• ROM pad.
• Single-stage jaw crusher and vibrating grizzly.
• Crushed ore stockpile and reclaim to mill feed conveyor complete with lime addition system.
• 2-Stage SAB closed-circuit grinding plant.
• Carbon-in leach cyanidation and adsorption.
• Carbon elution.
• Electrowinning gold recovery including goldroom.
• Carbon regeneration.
• Tailings and return water transfer to / from the Tailings Storage Facility (TSF)
• SCADA control system to control and record information

C.

Commissioning of the plant was comparatively seemless with rapid ramp up to full design within 3 months.

D.

Minor plant improvements and optimization of maintenance strategies have allowed improved availabilities allowing the plant to process higher that designed tonnes.

E.

Additional improvement projects and equipment will see 2014 throughputs increase to 3.5Mtpa.

Processing summary

SLIDE 34

Process Plant Flowsheet

34

SLIDE 35

35

2013 Processing Performance (1/2)

285,143 298,353 292,114 293,651 284,464 274,571 261,902 246,214 237,534 100,000 200,000 300,000 Apr Mar Feb Jan Jun Aug Sep May Jul

Tones milled in 2013

93.7 95.7 94.3 96.0 92.8 96.6 88.5 90.5 81.3 50 100 Sep Aug Jul Jun May Apr Mar Feb Jan

% mill operating hours 2013

423 419 417 425 412 395 398 496 393 200 400 600 Apr Mar Feb Jan Sep Aug Jul Jun May

Mill throughput 2013 [dt/hr]

SLIDE 36

36 36

2013 Processing Performance (2/2)

2,93 2,74 2,44 2,98 2,92 2,78 2,84 2,02 1,96 1 2 3 Sep Aug Jul Jun May Apr Mar Feb Jan

Gold head grade 2013 [Au g/t]

90,05 89,17 87,92 89,17 90,13 87,78 88,62 84,73 90,01 50 100 May Apr Mar Feb Jan Sep Aug Jul Jun

Gold recovery 2013 [%]

22 944 21 529 21 407 25 780 22 190 19 179 22 733 13 125 9 219 10 000 20 000 30 000 Sep Jul Jun May Apr Mar Feb Jan Aug

Gold production 2013 [oz]

SLIDE 37

Project Description

• Optimization of cyclone

spigots costs

• Replace the rubber cyclone spigot liners with ceramic ones that have longer

lifetime

• Upside of economic effect is possible due to improvement of the grind size

1

• Reduce consumption of

cyanide and caustic soda in elution process

• Return barren eluate to elution column again instead of sending it to CIL tank 1
• It can be done this way up to 2-4 additional circulations before sending to CIL

tank 1

2

• Optimization of milling

costs

• Pebble crusher will increase overall throughput and allow cost reduction in

milling circuit

• Additional benefits will be better particle size and slower equipment wear

3

• Increase HFO share in

power generation

• Finalize heating system for HFO
• Start using of HFO for power generation

4

• Recovery increase
• Installation of oxygen plant
• Increase recovery from SW pit

5

• Other projects
• Installation of auto sampler
• Reduce scaling rate by defining optimal antiscaling reagents
• Optimization of cell phone bills

6

Efficiency program – Processing

37

SLIDE 38

• Overview
• Safety and community
• Mine layout and infrastructure
• Mine geology
• Mineral resources and reserves
• Mining
• Processing
• Key financials indicators
• Exploration and growth
• Key messages

Contents

38

SLIDE 39

39

Bissa Gold Mine: Financial KPIs

Operating results Q3 2013 Q3 2012 Change, YoY Q2 2013 Change, QoQ 9m 2013 9m 2012 Change, YoY LTIFR 0.00

• n.a.

0.00 0% 0.00

• n.a.

Run of mine, kt 7,096

• n.a.

7,588

• 6%

21,262

• n.a.

Waste mined, kt 5,849

• n.a.

5,942

• 2%

17,532

• n.a.

Ore mined, kt 1,247

• n.a.

1,647

• 24%

3,730

• n.a.

Stripping ratio, tn/tn 4.69

• n.a.

3.61 30% 4.70

• n.a.

Ore milled, kt 876

• n.a.

853 3% 2,475

• n.a.

Grade, g/t 2.70

• n.a.

2.84

• 5%

2.62

• n.a.

Recovery, % 89.1%

• n.a.

89.1 -8820.9% 88.8%

• n.a.

Gold production, Koz 66.0

• n.a.

72.2

• 9%

178.5

• n.a.

Gold sold, Koz 66.0

• n.a.

72.2

• 9%

178.5

• n.a.

Average realised gold price per ounce sold, US$/oz 1,333

• n.a.

1,404

• 5%

1,420

• n.a.

Revenue, US$m 88.0

• n.a.

101.3

• 13%

253.4

• n.a.

EBITDA, US$/m 67.6 EBITDA margin, % 67% TCC, US$/oz 470.9

SLIDE 40

• Overview
• Safety and community
• Mine layout and infrastructure
• Mine geology
• Mineral resources and reserves
• Mining
• Processing
• Key financials indicators
• Exploration and growth
• Key messages

Contents

40

SLIDE 41

41

A.

RC infill drilling of Zone 51, 53 and Gougre, which include diamond core drilling for test work.

B.

RAB drilling to sterilize planned waste dump locations.

C.

RAB and RC drilling of geochemical anomaly east of Bissa Hill.

D.

RC drilling and evaluation of the IO pit mineralization extensions between the 385mRL and 340mRL.

E.

2 diamond core drill holes to probe the continuation of high-grade ore shoots below IO Pit, (South East and North West Regions).

F.

Purchase a Terraspec mineral analyzer for exploration and grade control sample spot analysis.

Exploration program 2014

SLIDE 42

Mine Extensional Exploration: Resource Conversion and Extensional Drilling

SLIDE 43

43

Bouly Resources

• Bouly (Namtenga permit) is located close to our new operating mine Bissa in Burkina Faso. It appears

to represent a large, low grade gold mineralization.

• While Bouly ore is low grade, the preliminary metallurgical test work indicates very good potential for

heap leach operations.

• In view of a significant footprint at the Bouly deposit, an intensive exploration programme is aimed at

assessing the resource potential of deep-level and further flanks to further expand resources.

• Further metallurgical testing is planned to be performed by end of January 2014 in order to continue

development of the Bouly permit area with a view to upgrading it to commercially minable deposit.

• These tests will be part of an in-house scoping study on the project, which we will complete before

deciding on a further pre-feasibility study in 2014.

SLIDE 44

44

Bouly Exploration Project

SLIDE 45

Exploration and growth areas

45

SLIDE 46

• Overview
• Safety and community
• Mine layout and infrastructure
• Mine geology
• Mineral resources and reserves
• Mining
• Processing
• Key financials indicators
• Exploration and growth
• Key messages

Contents

46

SLIDE 47

Bissa Gold Mine Key Messages

47

A.

• 2013 gold production expected to exceed 200koz.

D.

• Positive reconciliation between resource models and dore gold production.

E.

• Successfully developing new pits in line with the Life of Mine plan to maximize NPV.

F.

• Life of Mine mill throughput and recovery improvement projects identified.

G.

• Implementing a site-wide efficiency programme.

H.

• Established a training programme for the national staff.

J.

• Utilizing extensional and infill drilling to grow open pit Reserves.

L.

• Regional exploration and development programme focused on Bouly and other early

stage targets.

B.

• Seamless launch - mine reached industrial capacity in Q1 2013 and full capacity in Q2

2013.

I.

• SSD programs in place, including medical, educational and agricultural. Amicable

relations with local community.

K.

• LOM potential is well beyond 10 years.

C.

• Ramped up mill throughput to 3.5Mtpa.