Exhibit 99.1

 

Technical Report on the Loulo-

Gounkoto Gold Mine Complex, Mali

 

		1st Floor, 2 Savoy Court, Strand London WC2R 0EZ United Kingdom

17 March 2023

Effective Date: 31 December 2022

Mr. Simon Bottoms, CGeol, MGeol, FGS, MAusIMM

Mr. Richard Peattie, M.Phil, FAusIMM

Mr. Graham E. Trusler, MSc, Pr. Eng, MIChE, MSAIChE

Dr. Thamsanqa Mahlangu, Pr. Eng, PhD

Mr. Derek Holm, FSAIMM

Mr. Ismail Traore, MSc, FAusIMM(CP), M.B. Law, DES

		Loulo-Gounkoto Gold Mine Complex Technical Report

 

FORWARD-LOOKING INFORMATION

This report contains forward-looking statements. All statements, other than statements of historical fact regarding Société des Mines de Loulo SA, Société des Mines de Gounkoto SA, Barrick Gold Corporation, or the Loulo-Gounkoto Gold Mine Complex, are forward-looking statements. The words “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “intend”, “project”, “continue”, “budget”, “estimate”, “potential”, “may”, “will”, “can”, “could” and similar expressions identify forward-looking statements. In particular, this report contains forward looking statements with respect to cash flow forecasts, projected capital, operating and exploration expenditure, targeted cost reductions, mine life and production rates, potential mineralisation and metal or mineral recoveries and information pertaining to potential improvements to financial and operating performance and mine life at the Loulo-Gounkoto Gold Mine Complex. All forward-looking statements in this report are necessarily based on opinions and estimates made as of the date such statements are made and are subject to important risk factors and uncertainties, many of which cannot be controlled or predicted. Material assumptions regarding forward-looking statements are discussed in this report, where applicable. In addition to such assumptions, the forward-looking statements are inherently subject to significant business, economic and competitive uncertainties, and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to: fluctuations in the spot and forward price of commodities (including gold, diesel fuel, natural gas and electricity); the speculative nature of mineral exploration and development; changes in mineral production performance, exploitation and exploration successes; diminishing quantities or grades of reserves; increased costs, delays, suspensions, and technical challenges associated with the construction of capital projects; operating or technical difficulties in connection with mining or development activities, including disruptions in the maintenance or provision of required infrastructure and information technology systems; damage to Société des Mines de Loulo SA, Société des Mines de Gounkoto SA, Barrick Gold Corporation, or the Loulo-Gounkoto Gold Mine Complex’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the handling of environmental matters or dealings with community groups, whether true or not; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; fluctuations in the currency markets; changes in interest rates; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices including the rules applicable to the repatriation of Loulo-Gounkoto Gold Mine Complex’s cash held in Mali, expropriation or nationalisation of property and political or economic developments in Mali; uncertainty whether the Loulo-Gounkoto Gold Mine Complex will meet Barrick Gold Corporation’s capital allocation objectives; the impact of inflation; failure to comply with environmental and health and safety laws and regulations; timing of receipt of, or failure to comply with, necessary permits and approvals; non-renewal of key licences by governmental authorities; litigation; contests over title to properties or over access to water, power and other required infrastructure; risks associated with artisanal and small-scale mining; increased costs and physical risks including extreme weather events and resource shortages, related to climate change; availability and increased costs associated with mining inputs and labour, and risks associated with diseases, epidemics and pandemics, including the effects and potential effects of the global COVID-19 pandemic. In addition, there are risks and hazards associated with the business of mineral exploration, development, and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding, and gold ore losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).

Many of these uncertainties and contingencies can affect Société des Mines de Loulo SA’s or Société des Mines de Gounkoto SA’s actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Société des Mines de Loulo SA, Société des Mines de Gounkoto SA, Barrick Gold Corporation. All of the forward-looking statements made in this report are qualified by these cautionary statements. Société des Mines de Loulo SA, Société des Mines de Gounkoto SA, Barrick Gold Corporation, and the Qualified Persons who authored this report undertake no obligation to update publicly or otherwise revise any forward-looking statements whether as a result of new information or future events or otherwise, except as may be required by law.

 

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Table of Contents

 

1   Executive Summary			1
1.1  Location			1
1.2  Ownership			2
1.3  History			2
1.4  Geology and Mineralisation			3
1.5  Status of Exploration			5
1.6  Mineral Resource Estimate			6
1.7  Mineral Reserve Estimate			8
1.8  Mining Method			10
1.9  Mineral Processing			13
1.10 Project Infrastructure			15
1.11 Market Studies			16
1.12 Environmental, Permitting and Social Considerations			17
1.13 Capital and Operating Costs			18
1.14 Economic Analysis			20
1.15 Interpretation and Conclusions			20
1.16 Recommendations			28
2   Introduction			29
2.1  Effective Date			30
2.2  Qualified Persons			30
2.3  Site Visit of Qualified Persons			31
2.4  List of Abbreviations			32
2.5  List of Acronyms			33
3   Reliance on Other Experts			37
4   Property Description and Location			38
4.1  Complex Location			38
4.2  Mineral Rights and Land Ownership			39
4.3  Surface Rights			42
4.4  Ownership, Royalties and Lease Obligations			42
5   Accessibility, Climate, Local Resources, Infrastructure and Physiography			43
5.1  Accessibility			43
5.2  Climate and Physiography			45
5.3  Infrastructure			46
5.4  Local Resources			46
6   History			47
6.1  Ownership			47

 

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6.2  Exploration and Development History			47
6.3  Previous Resource and Reserve Estimates			49
6.4  Past Production			49
7   Geological Setting and Mineralisation			50
7.1  Regional Geology			50
7.2  Structural Geology			53
7.3  Property Geology			54
7.4  Mineralisation			55
8   Deposit Types			71
9   Exploration			72
9.1  Exploration Concept			72
9.2  Geology and Geochronology			73
9.3  Geophysics and Remote Sensing			75
9.4  Geochemical Sampling			76
9.5  Discussion			77
10  Drilling			78
10.1 Drilling Definitions			78
10.2 Drill Planning and Site Preparation			80
10.3 Downhole Surveying			80
10.4 Collar Surveys			81
10.5 Diamond Drilling			81
10.6 Reverse Circulation Drilling			82
10.7 Twin Drilling Studies			83
10.8 Drill Spacing Optimisation			83
10.9 Independent Audits			84
10.10        Discussion			84
11  Sample Preparation, Analyses, and Security			85
11.1 Sample Preparation			85
11.2 Sample Analysis			89
11.3 Quality Assurance and Quality Control			90
11.4 Sample Security			139
11.5 Independent Audit			139
11.6 Discussion			140
12  Data Verification			141
12.1 Independent Audit			141
12.2 Discussion			142
13  Mineral Processing and Metallurgical Testing			143

 

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13.1 Refractory Gold			144
13.2 Sampling and Sample Representativity			145
13.3 Metallurgical Test Work on Gounkoto samples			146
13.4 Mineralogical Assessment			152
13.5 Comminution Characterisation Tests			152
13.6 Metallurgical Recoveries			153
13.7 Deleterious Elements			155
13.8 Conclusion			156
14  Mineral Resource Estimate			157
14.1 Summary			157
14.2 Resource Database			159
14.3 Geological Modelling			164
14.4 Bulk Density			173
14.5 Compositing			177
14.6 Treatment of High-Grade Outliers (Top Cutting)			187
14.7 Variography			193
14.8 Block Model Estimation			201
14.9 Resource Classification			217
14.10        Block Model Depletion			219
14.11        Block Model Validation			220
14.12        Loulo 3 Resource Cut-Off Grades			226
14.13        Mineral Resource Statement			235
14.14        2022 Versus 2021 EOY Mineral Resource Comparison			238
14.15        Discussion			242
15  Mineral Reserve Estimate			244
15.1 Summary			244
15.2 Introduction			245
15.3 Mineral Reserve Estimation			246
15.4 Economic Parameters			254
15.5 Geomechanics			254
15.6 Dilution and Losses			257
15.7 Optimisation			259
15.8 Mine Design			263
15.9 Stockpiles			279
15.10        Reconciliation			279
15.11        Mineral Reserve Statement			284
16  Mining Methods			293

 

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16.1 Summary			293
16.2 Open Pit Mining			293
16.3 Underground Mining			296
16.4 Life of Mine Production Schedule			309
16.5 Services and Infrastructure			316
17  Recovery Methods			331
17.1 Processing Plant			331
17.2 Sampling and Analyses for Metal Accounting and Process Control			341
17.3 Tonnage Balance			343
17.4 Loulo Processing Plant Laboratory			344
18  Project Infrastructure			346
18.1 Mine Roads			347
18.2 Supply Chain			347
18.3 Surface Water Management			348
18.4 Water Supply			349
18.5 Tailings Facilities			349
18.6 Power Supply			353
18.7 Site Infrastructure			354
18.8 Communication and Information Technology			356
18.9 Security			356
19  Market Studies and Contracts			358
19.1 Revenue, Tax and Royalty			358
19.2 Markets			358
19.3 Contracts			358
20  Environmental Studies, Permitting, and Social or Community Impact			360
20.1 Environmental and Social Management			360
20.2 Environmental Considerations			366
20.3 Social or Community Impact Assessment			381
21  Capital and Operating Costs			385
21.1 Capital Costs			385
21.2 Operating Costs			387
22  Economic Analysis			389
23  Adjacent Properties			390
24  Other Relevant Data and Information			391
25  Interpretation and Conclusions			392
25.1 Geology and Mineral Resources			392
25.2 Mining and Mineral Reserves			392

 

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25.3 Mineral Processing			393
25.4 Infrastructure			394
25.5 Environment and Social Aspects			394
25.6 Risks			395
26  Recommendations			399
26.1 Geology and Mineral Resources			399
26.2 Mining and Mineral Reserves			399
26.3 Processing			399
26.4 Infrastructure			399
26.5 Environment and Social Aspects			399
27  References			400
28  Date and Signature Page			404
29  Certificate of Qualified Person			406
29.1 Simon P. Bottoms			406
29.2 Richard Peattie			408
29.3 Graham E. Trusler			409
29.4 Thamsanqa Mahlangu			410
29.5 Derek Holm			411
29.6 Ismail Traore			412

 

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List of Tables

 

Table 1-1 Loulo-Gounkoto Mineral Resource Estimate Summary – 31 December 2022			7
Table 1-2 Loulo-Gounkoto Mineral Reserves as of 31 December 2022			10
Table 1-3 LOM Production Schedule Based on Current Mineral Reserves (on a 100% basis)			12
Table 1-4 LOM Capital Expenditure			19
Table 1-5 LOM Operating Costs for Loulo and Gounkoto			20
Table 1-6 Loulo-Gounkoto Risk Analysis			26
Table 2-1 QP Responsibilities			30
Table 4-1 Loulo and Gounkoto Permit Coordinates			40
Table 5-1 Monthly Records of Precipitation and Potential Evaporation			45
Table 6-1 Past Production Records for Loulo-Gounkoto			49
Table 9-1 Geophysical Surveys			75
Table 9-2 Annual Loulo–Gounkoto Trenches, Auger, and Pit Samples Collected Since 2010			77
Table 10-1 Loulo Drilling Summary			79
Table 10-2 Gounkoto Drilling Summary			79
Table 11-1 Submitted Samples for Loulo			89
Table 11-2 Submitted Samples for Gounkoto			89
Table 11-3 Summary of CRMs Used at Gara, Yalea, and Gara West – 2021 and 2022			93
Table 11-4 Summary Statistics of Gara CRMs (Certified Value vs Assayed)			94
Table 11-5 Summary Statistics of Yalea CRMs (Certified Value vs Assayed)			94
Table 11-6 Summary Statistics of Gara West CRMs (Certified Value vs Assayed)			94
Table 11-7 Summary of Gounkoto and Faraba CRMs Assayed by SGS Loulo – 2021 and 2022			102
Table 11-8 Summary Statistics of Gounkoto CRMs (Certified Value vs Assayed)			103
Table 11-9 Summary Statistics of Faraba CRMs (Certified Value vs Assayed)			103
Table 11-10 Gara Coarse Blank Results Returned During Reporting Period			108
Table 11-11 Yalea Coarse Blank Results Returned During Reporting Period			109
Table 11-12 Gara West Coarse Blank Results Returned During Reporting Period			110
Table 11-13 Gounkoto Coarse Blank Results Returned During Reporting Period			111
Table 11-14 Faraba Coarse Blank Results Returned During Reporting Period			112
Table 11-15 Statistics for Loulo Coarse Crushed Reject Duplicates Assayed by SGS Loulo			115
Table 11-16 Precision Pairs Plot of Loulo Original Samples vs Coarse Crushed Duplicates Assayed by SGS Loulo			117
Table 11-17 Statistics for Loulo Pulp Duplicates Assayed by SGS Loulo			118
Table 11-18 Recap Precision Pairs for Loulo Original vs Pulp Duplicates Assayed by SGS Loulo			119
Table 11-20 Recap Precision Pairs for Gara West field Duplicates Assayed by SGS Loulo			122
Table 11-21 Statistics for Gounkoto/Faraba Field Duplicates Assayed by SGS Loulo			123
Table 11-22 Recap Precision Pairs for Gounkoto Field Duplicates Assayed by SGS Loulo			125
Table 11-23 Loulo Umpire Sample Summary			125
Table 11-24 Statistics for Loulo Umpire: SGS Loulo vs AMTEL/ALS Vancouver Assayed			126
Table 11-25 Recap Precision Pairs for Loulo Umpire: SGS Loulo Au_ppm vs AMTEL/ALS Van Au_ppm			127
Table 11-26 Statistics for Loulo Umpire: SGS Loulo vs ALS Ouaga Assayed			128

 

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Table 11-27 Recap Precision Pairs for Loulo Umpire: SGS Loulo vs ALS Ouaga			129
Table 11-28 Statistics for Loulo Umpire: SGS Loulo vs Bureau Veritas Assayed			130
Table 11-29 Recap Precision Pairs for Loulo Umpire: SGS Loulo vs Bureau Veritas ABJ			131
Table 11-30 Gounkoto/Faraba Umpire Sample Summary			132
Table 11-31 Statistics for Gounkoto/Faraba Umpire: SGS Loulo vs AMTEL/ALS Vancouver Assayed			132
Table 11-32 Recap Precision Pairs for Gounkoto/Faraba Umpire: SGS Loulo vs AMTEL/ALS_VAN			133
Table 11-33 Statistics for Gounkoto/Faraba Umpire: SGS Loulo and Bamako vs ALS Ouaga Assayed			134
Table 11-34 Recap Precision Pairs for Gounkoto/Faraba Umpire: SGS Loulo vs ALS Ouaga			136
Table 11-35 Statistics for Gounkoto/Faraba Umpire: SGS Loulo vs Bureau Veritas Assayed			137
Table 11-36 Precision Pairs for Gounkoto/Faraba Umpire: SGS Loulo vs Bureau Veritas Abidjan			138
Table 13-1 Summary of Test Work			143
Table 13-2 Summary of Yearly Production and Gold Recovery			144
Table 13-3 Gounkoto Metallurgical Test Work			147
Table 13-4 Summary of Average Recovery for All Samples			154
Table 14-1 Loulo-Gounkoto Mineral Resource Estimate Summary – 31 December 2022			157
Table 14-2 Summary of Deposits and Model Date			158
Table 14-3 Yalea Drill Summary Used in the 2022 Mineral Resource Estimate			159
Table 14-4 Drill Summary of Gara Holes Used in the 2022 Mineral Resource Estimate			160
Table 14-5 Gounkoto Drill Summary Used in the 2022 Mineral Resource Estimate			161
Table 14-6 Faraba Drill Summary Used in the 2022 Mineral Resource Estimate			163
Table 14-7 Gara West Drill Summary Used in the 2022 Mineral Resource Estimate			164
Table 14-8 Yalea Density Data			174
Table 14-9 Gara Density Data			175
Table 14-10 Loulo 3 Density Data			175
Table 14-11 Baboto Density Data			176
Table 14-12 Gounkoto Lodes Assigned Density Summary			176
Table 14-13 Gounkoto High Density Domain Assigned Density Summary			177
Table 14-14 Faraba Assigned Density Summary			177
Table 14-15 Gara West Assigned Density Summary			177
Table 14-16 Yalea Composite Data – 2022 Mineral Resource Estimate			178
Table 14-17 Gara Composite Data – 2022 Mineral Resource Estimate			179
Table 14-18 Gounkoto Lodes Composite Data – 2022 Mineral Resource Estimate			181
Table 14-19 Faraba Lodes Composite Data – 2022 Mineral Resource Estimate			184
Table 14-20 Gara West Total Model 2 m Composite Dataset			186
Table 14-21 Yalea Top Cutting Analysis			188
Table 14-22 Gara Underground Top Cutting Analysis			188
Table 14-23 Gounkoto MZ1 Lodes Top Cutting Analysis			189
Table 14-24 Gounkoto MZ2 Lodes Top Cutting Analysis			190
Table 14-25 Gounkoto MZ3 Lodes Top Cutting Analysis			190
Table 14-26 Gounkoto HW1 Lodes Top Cutting Analysis			190
Table 14-27 Faraba Lodes Top Cutting Analysis			191

 

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Table 14-28 Gara West Top Cutting Values Applied to Composites			193
Table 14-29 Yalea Global Block Model Extent (With Rotation)			201
Table 14-30 GARA Global Block Model Extent (With Rotation)			202
Table 14-31 Global Block Model Extent (With Rotation)			202
Table 14-32 Faraba Global Block Model Extent (With Rotation)			202
Table 14-33 Gara West Block Model Extents			203
Table 14-34 QKNA Parameters for Yalea South 9001 Domain			207
Table 14-35 QKNA Parameters for Gara, All Ore Domain			209
Table 14-36 QKNA Parameters for Gounkoto 1100 and 1201 Domains			212
Table 14-37 QKNA Parameters for Faraba Domain 3100			214
Table 14-38 QKNA Parameters from Gara West			216
Table 14-39 Yalea and Gara UG Mineral Resource Classification Parameters			217
Table 14-40 Gounkoto Mineral Resource Classification Parameters			218
Table 14-41 Faraba Mineral Resource Classification Parameters			218
Table 14-42 Gara West Mineral Resource Classification Parameters			219
Table 14-43 2022 Block Model Volume Comparison			220
Table 14-44 Gounkoto Block Model Volume Comparison			224
Table 14-45 Resource Cut-Off Grades			227
Table 14-46 Yalea Underground 2022 Optimisation Parameters			228
Table 14-47 Yalea South 2022 Optimisation Parameters			229
Table 14-48 Gara Underground 2022 Optimisation Parameters			230
Table 14-49 Gounkoto 2022 Optimisation Parameters			231
Table 14-50 Gounkoto Underground 2022 Optimisation Parameters			232
Table 14-51 Faraba 2022 Optimisation Parameters			233
Table 14-52 Gara West 2022 Optimisation Parameters			234
Table 14-53 Loulo/Gounkoto Mineral Resources as of 31 December 2022			236
Table 14-54 Yalea Underground 2022 vs 2021 Comparison (100% Basis)			239
Table 14-55 Gara Underground 2022 vs 2021 Comparison (100% Basis)			239
Table 14-56 Yalea South Open Pit 2022 vs 2021 Comparison (100% Basis)			240
Table 14-57 Gounkoto Open Pit 2022 vs 2021 Comparison within Super Pit (100% Basis)			240
Table 14-58 Gounkoto Underground 2022 vs 2021 Comparison below Super Pit (100% Basis)			241
Table 14-59 Faraba Open Pit 2022 vs 2021 Comparison (100% Basis)			241
Table 14-60 Gara West 2022 vs 2021 Comparison Within $1,700/oz Au Pit Shell (100% Basis)			242
Table 14-61 Action Plan in Response to 2022 RSC Audit			243
Table 15-1 Loulo-Gounkoto Mineral Reserve Estimate Summary – 31 December 2022			245
Table 15-2 Summary of Cut-Off Grade Calculations for the Loulo and Gounkoto Open Pits			248
Table 15-3 Check Calculation of Cut-Off Grades at the Mineral Reserve Gold Price			249
Table 15-4 Yalea Underground Mine – Cut-Off Grade Calculations			250
Table 15-5 Gara Underground Mine Cut-Off Grade Calculations			251
Table 15-6 Gounkoto Underground Mine Cut-Off Grade Calculation			252
Table 15-7 Open Pit Inter-Ramp Slope Angles			255
Table 15-8 Tonnage Tracking Between GC Call Tonnes and Tails Tonnes			257
Table 15-9 Grade Tracking Between GC Call Grade and Check Out Grade			257

 

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Table 15-10 Yalea Underground Summary of Historical Stope Performance and Dilution Parameters			258
Table 15-11 Gara Underground Summary of Historical Stope Performance and Dilution Parameters			259
Table 15-12 MSO Parameters			260
Table 15-13 Open Pit Design Parameters			264
Table 15-14 Gounkoto and Faraba Geotechnical Slope Requirements			265
Table 15-15 Summary of Pit Design Parameters			270
Table 15-16 Loulo 3 Slope Parameters			270
Table 15-17 Gara West Slope Parameters			273
Table 15-18 Baboto Slope Parameters			275
Table 15-19 Loulo Gounkoto EOY 2022 Reconciliation			280
Table 15-20 Loulo Gounkoto EOY 2022 Resource Call Factor Reconciliation			284
Table 15-21 Loulo-Gounkoto Mineral Reserves as of 31 December 2022			286
Table 15-22 Loulo Mineral Reserves as of 31 December 2022			288
Table 15-23 Gounkoto Mineral Reserves as of 31 December 2022			289
Table 15-24 Loulo-Gounkoto Surface Stockpile Breakdown as of 31 December 2022			289
Table 15-25 Loulo-Gounkoto Open Pit Mineral Reserve Changes (100% attributable)			291
Table 15-26 Underground Mineral Reserve Comparison to Previous Estimate (100% attributable)			292
Table 16-1 Current Primary Open Pit Mine Equipment Fleet			294
Table 16-2 Loulo-Gounkoto Open Pits Estimated Ore and Waste			295
Table 16-3 Waste Dump Capacities			296
Table 16-4 Loulo/Gounkoto Ground Support Regime			298
Table 16-5 Loulo Underground Mining Equipment			308
Table 16-6 Gounkoto Underground Mining Equipment			308
Table 16-7 Loulo-Gounkoto Open Pit LOM Mining Schedule Based on Mineral Reserves (100% Basis)			310
Table 16-8 Loulo-Gounkoto Underground LOM Mining Schedule Based on Mineral Reserves (100% Basis)			311
Table 16-9 Integrated 10-year Plan and LOM Based on Mineral Reserves for the Loulo-Gounkoto Complex from 2023 to 2037 (excluding stockpile contributions)			313
Table 16-10 Underground Infrastructure Near Term Schedule			316
Table 16-11 Average UCS Yalea and Gara Achievement			317
Table 16-12 Ventilation Requirement per Equipment			325
Table 17-1 Plant Availability and Utilisation			332
Table 17-2 Plant Production Statistics 2015 -2022			335
Table 17-3 Samples and Measurements List on the Process Stream			341
Table 17-4 Loulo-Gounkoto 2022 Mine Call Factors			344
Table 20-1 Mine Wastes Separation and Management (Digby Wells, 2011)			373
Table 20-2 Vegetation Units and their Sizes			376
Table 20-3 Protected Flora Identified Onsite			376
Table 20-4 Permits in Place for Gounkoto			378
Table 20-5 Permits in Place for Loulo			379
Table 21-1 LOM Capital Expenditure Based on Mineral Reserves			385

 

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Table 21-2 LOM Operating Unit Costs Based on Mineral Reserves			388
Table 25-1 Loulo-Gounkoto Risk Analysis			397

List of Figures

 

Figure 1-1 Simplified Flow Sheet			14
Figure 1-2 Loulo-Gounkoto Processing Milled Tonnes by Ore Source			15
Figure 4-1 Loulo-Gounkoto Locations			38
Figure 4-2 Loulo and Gounkoto Permit Areas			41
Figure 5-1 Loulo and Gounkoto Location with Main Roads			44
Figure 7-1 Regional Geology Map of the Kedougou-Kenieba Inlier (scale- 1:250,000)			51
Figure 7-2 Loulo-Gounkoto Complex Geology Map Showing Major Deposits and Key Lithological Units			55
Figure 7-3 Geological Map of the Gara Deposit Prior to Mining			56
Figure 7-4 North-Facing Cross Section Showing the Geological Setting of the Altered and Mineralised Sandstone Unit at Gara			57
Figure 7-5 Gara Deposit Longitudinal Section Looking East			58
Figure 7-6 Gara Deposit Typical Mineralised Specimens: A. LOCP39, (276 - 26.13 m), B. LOCP39, (278.5 - 278.64 m), C. LPCP61, (626 - 626.18 m)			59
Figure 7-7 Summary Geological Map Showing the Extent of Mineralisation, Shearing, and Alteration in the Yalea Open Pit			60
Figure 7-8 North Facing Cross Section 1440980N through the Southern part of the Yalea Deposit			61
Figure 7-9 Yalea Deposit Longitudinal Section, Looking East			62
Figure 7-10 Typical Mineralised Specimens from the Yalea Deposit: A. YaDH84, (814.8 - 814.91 m), B. YaDH92, (787.8 - 787.91 m), C. YDH279, (1277.5 - 1277.65 m)			63
Figure 7-11 Geological Map of the Gounkoto Deposit (Fitch RL65 m) Showing Key Stratigraphic Units and Mineralised Lodes			65
Figure 7-12 North Facing Cross Section (1424220N) Through the Southern Part of the Gounkoto Deposit			67
Figure 7-13 Gounkoto Deposit Longitudinal Section Looking East			68
Figure 7-14 Typical Mineralised Specimens from the Gounkoto Deposit: A. GKDH281, (218.7 - 218.94 m), B. GKDH281, (209.5 - 209.72 m), C. GKDH2354, (526.5 - 526.64 m)			69
Figure 9-1 Geological Map of the Loulo-Gounkoto District			74
Figure 11-1 Diamond Drill Core Sample Flow Chart			86
Figure 11-2 Summary of RC, Channel, and Trench Sample Preparation Flow Chart - Exploration and Grade Control			87
Figure 11-3 SGS Loulo – Summary of Sample Preparation Procedure			88
Figure 11-4 SGS Loulo – Summary of Fire Assay (FAA505) Procedure			90
Figure 11-5 Performance Graph of Gara CRMs Assayed by SGS Loulo (11 June 2021 to 06 June 2022) – Plot 1			96
Figure 11-6 Performance Graph of Gara CRMs Assayed by SGS Loulo (11 June 2021 to 06 June 2022) – Plot 2			97
Figure 11-7 Performance Graph of Yalea CRMs Assayed by SGS Loulo (15 July 2021 to 06 July 2022) – Plot 1			98

 

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Figure 11-8 Performance Graph of Yalea CRMs Assayed by SGS Loulo (15 July 2021 to 06 July 2022) – Plot 2			99
Figure 11-9 Performance Graph of Gara West CRMs Assayed by SGS Loulo SGS Loulo (20 December 2021 to 27 July 2022) – Plot 1			100
Figure 11-10 Performance Graph of Gara West CRMs Assayed by SGS Loulo (20 December 2021 to 27 July 2022) – Plot 2			101
Figure 11-11 Performance Graph of Gounkoto CRMs Assayed by SGS Loulo (01 July 2021 to 27 June 22) – Plot 1			104
Figure 11-12 Performance Graph of Gounkoto CRMs Assayed by SGS Loulo (01 July 2021 to 27 June 2022) – Plot 2			105
Figure 11-13 Performance Graph of Faraba CRMs Assayed by SGS Loulo (15 July 2021 to 01 August 2022) – Plot 1			106
Figure 11-14 Performance Graph of Faraba CRMs Assayed by SGS Loulo (15 July 2021 to 01 August 2022) – Plot 2			107
Figure 11-15 Performance Graph of Gara Coarse Blank Samples Assayed (FA) by SGS Laboratory (11 June 2021 to 06 June 2022)			109
Figure 11-16 Performance Graph of Yalea Coarse Blank Samples Assayed (FA) by SGS Laboratory (15 July 2021 to 06 July 22)			110
Figure 11-17 Performance Graph of Gara West Coarse Blank Samples Assayed (FA) by SGS Laboratory (20 December 2021 to 27 July 2022)			111
Figure 11-18 Performance Graph of Gounkoto Coarse Blank Samples assayed (FA) by SGS Laboratory (01 July 2021 to 27 June 2022)			112
Figure 11-19 Performance Graph of Faraba Coarse Blank Samples Assayed (FA) by SGS Laboratory (15 July 2021 to 01 August 2022)			112
Figure 11-20 Performance Graph of Loulo Spiked Blank Samples Assayed (FA) by SGS Laboratory (11 June 2021 to 27 July 2022)			113
Figure 11-21 Performance Graph of Gounkoto and Faraba Spiked Blank Samples assayed (FA) by SGS Labs (01 July 2021 to 01 August 2022).			114
Figure 11-22 QQ Plot of Loulo Coarse Crushed Reject Duplicates Assayed by SGS (11 June 2021 to 27 July 2022)			115
Figure 11-23 Log Scatter Plot of Loulo Original Samples vs Coarse Crushed Duplicates (11 June 2021 to 27 July 2022).			116
Figure 11-24 Precision Pairs Plot of Loulo Original Samples vs Coarse Crushed Duplicates Assayed by SGS Loulo (11 June 2021 to 27 July 2022).			116
Figure 11-25 HARD Plot of Loulo Course Crush Rejects Duplicate Assayed by SGS Loulo (11 June 2021 to 27 July 2022)			117
Figure 11-26 QQ Plot of Loulo Original vs Pulp Duplicate Assayed by SGS Loulo (11 June 2021 to 27 July 2022)			118
Figure 11-27 Log Scatter Plot of Loulo Original Samples vs Pulp Duplicates (11 June 2021 to 27 July 2022)			119
Figure 11-28 Precision Pairs Plot of Loulo Original Samples vs Pulp Duplicates Assayed by SGS Loulo (11 June 2021 to 27 July 2022)			119
Figure 11-29 HARD Plot of Loulo Pulp Duplicate Assayed by SGS Loulo (11 June 2021 to 27 July 2022)			120
Table 11-19 Statistics for Gara West Fields Duplicates Assayed by SGS Loulo			120

 

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Figure 11-30 QQ Plot of Gara West Fields Duplicate Assayed by SGS Loulo (20 December 2021 to 27 July 2022)			121
Figure 11-31 Scatter Plot of Gara West Original Samples vs Field Duplicates Assayed by SGS Loulo (20 December 2021 to 27 July 2022)			121
Figure 11-32 Precision Pairs Plot of Gara West Original Samples vs Field Duplicates Assayed by SGS Loulo (20 December 2021 to 27 July 2022)			122
Figure 11-33 HARD Plot of Gara West fields duplicate Assayed by SGS Loulo (20 December 2021 to 27 July 2022)			122
Figure 11-34 Log QQ Plot of Gounkoto/Faraba Field Duplicate Assayed by SGS Loulo (01 July 2021 to 01 August 2022)			123
Figure 11-35 Scatter Plot of Gounkoto/Faraba Original samples vs Field Duplicates Assayed by SGS Loulo (01 July 2021 to 01 August 2022)			124
Figure 11-36 Precision Pairs Plot of Gounkoto/Faraba Original Samples vs Field Duplicates Assayed by SGS Loulo (01 July 2021 to 01 August 2022)			124
Figure 11-37 QQ Plot of Loulo Umpire: SGS Loulo vs AMTEL/ALS Vancouver (11 June 2021 to 27 July 2022)			126
Figure 11-38 Precision Pairs Plot of Loulo Umpire: SGS Loulo vs AMTEL/ALS Vancouver (11 June 2021 to 27 July 2022)			127
Figure 11-39 HARD Plot of Loulo Umpire Assay: SGS Loulo vs AMTEL/ALS Vancouver (11 June 2021 to 27 July 2022)			127
Figure 11-40 QQ Plot of Loulo Umpire: SGS Loulo vs ALS Ouaga (11 June 2021 to 27 July 2022)			128
Figure 11-41 Precision Pairs Plot of Loulo Umpire: SGS Loulo vs ALS Ouaga (11 June 2021 to 27 July 2022)			129
Figure 11-42 HARD Plot of Loulo Umpire Assay: SGS Loulo vs ALS Ouaga (11 June 2021 to 27 July 2022)			129
Figure 11-43 QQ Plot of Loulo Umpire: SGS Loulo vs Bureau Veritas Abidjan (11 June 2021 to 27-07-22)			130
Figure 11-44 Precision Pairs Plot of Loulo Umpire: SGS Loulo vs Bureau Veritas ABJ (11 June 2021 to 27 July 2022).			131
Figure 11-45 HARD Plot of Loulo Umpire Assay: SGS Loulo vs Bureau Veritas Abidjan (11 June 2021 to 27 July 2022)			131
Figure 11-46 QQ Plot of Gounkoto/Faraba Umpire: SGS Loulo vs AMTEL/ALS Vancouver (01 July 2021 to 01 August 2022)			133
Figure 11-47 Precision Pairs Plot of Gounkoto/Faraba Umpire: SGS Loulo vs AMTEL/ALS_VAN (01 July 2021 to 01 August 2022)			133
Figure 11-48 HARD Plot of Gounkoto/Faraba Umpire: SGS Loulo vs AMTEL/ALS_VAN (01 July 2021 to 01 August 2022)			134
Figure 11-49 QQ Plot of Gounkoto/Faraba Umpire: SGS Loulo vs ALS Ouaga (01 July 2021 to 01 August 2022)			135
Figure 11-50 Precision Pairs Plot of Gounkoto/Faraba Umpire: SGS Loulo vs ALS Ouaga (01 July 2021 to 01 August 2022)			136
Figure 11-51 HARD Plot of Gounkoto/Faraba Umpire Assay: SGS Loulo vs ALS Ouaga (01 July 2021 to 01 August 2022)			136

 

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Figure 11-52 QQ Plot of Gounkoto/Faraba Umpire: SGS Loulo vs Bureau Veritas Abidjan (01 July 2021 to 01 August 2022)			137
Figure 11-53 Precision Pairs Plot of Gounkoto/Faraba Umpire: SGS Loulo vs Bureau Veritas Abidjan (01 July 2021 to 01 August 2022)			138
Figure 11-54 HARD Plot of Gounkoto/Faraba Umpire Assay: SGS Loulo vs Bureau Veritas (01 July 2021 to 01 August 2022)			138
Figure 13-1 Gold Deportment on Yalea South Upper, AMTEL vs On-site Test Work Recovery Results			145
Figure 13-2 Gounkoto Cyanidation Sample Locations			146
Figure 13-3 2013 to 2022 Mineralogical Comparison			152
Figure 13-4 Weekly Bond Work Index and Abrasion Index for the First 31 Weeks of 2022			153
Figure 13-5 2014 to 2022 Yearly Processing Power Efficiency			153
Figure 13-6 2022 Loulo Processing Plant Process Recovery			154
Figure 14-1 Yalea Model Geological Domains (Looking East), Cropped Against a Basal Surface			166
Figure 14-2 Yalea Model Estimation Sub-Domains (Looking East), Cropped Against Basal Surface			167
Figure 14-3 Gara Model and Geological Domains (Looking East)			168
Figure 14-4 Gara Model and Drill Spacing Domains (Looking East)			168
Figure 14-5 Boundary Analysis between Gounkoto High-Grade (2114) and Low-Grade (2115) Domains			169
Figure 14-6 3D View of Gounkoto Mineralisation			170
Figure 14-7 Faraba Complex Geological Domains			171
Figure 14-8 3D View of Faraba Mineralisation			172
Figure 14-9 Gara West Model Geological Domains			172
Figure 14-10 Yalea 2022 Mineral Resource Block Model Densities			175
Figure 14-11 Yalea Log Histogram, Log Probability Plot, Length Histogram, and Cumulative Length Distribution of 2.0 m Uncapped Composites			179
Figure 14-12 Gara UG Log Histogram, Log Probability Plot, Length Histogram, and Cumulative Length Distribution of 2.0 m Uncapped Composites			180
Figure 14-13 Gounkoto Lodes Log Histogram, Log Probability Plot, Length Histogram, and Cumulative Length Distribution of 2.0 m Uncapped Composites			183
Figure 14-14 Faraba Log Histogram, Log Probability Plot, Length Histogram, and Cumulative Length Distribution of 1.0 m Uncapped Composites			185
Figure 14-15 Gara West Log Histogram, Log Probability Plot, Length Histogram, and Cumulative Length Distribution of 2.0 m Uncapped Composites			187
Figure 14-16 Yalea Normal Score Variogram Models and Nested Back Transformed Variogram Model			194
Figure 14-17 Gara UG Normal Score Variogram Models and Nested Back Transformed Variogram Model			195
Figure 14-18 Gounkoto Domain 1100 Normal Score Variogram Models and Nested Back Transformed Variogram Model			196
Figure 14-19 Gounkoto Domain 2114 Normal Score Variogram Models and Nested Back Transformed Variogram Model			197

 

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Figure 14-20 Faraba Domains 1101, 1102, and 1103 Grouped Normal Score Variogram Models and Nested Back Transformed Variogram Model			198
Figure 14-21 Faraba Main Domain 3100 Normal Score Variogram Models and Nested Back Transformed Variogram Model			199
Figure 14-22 Gara West Domain 2000 Individual Structure Normal Score Variogram Models and Nested Back Transformed Variogram Model			200
Figure 14-23 3D View of Yalea Guiding DA Surface			203
Figure 14-24 3D View of Gounkoto MZ1 and Guiding DA Surface			204
Figure 14-25 3D View of Faraba Domain 3100 and Guiding DA Surface			204
Figure 14-26 QKNA for Yalea Domains 9001 and 9002 UG			206
Figure 14-27 QKNA for Gara Domain 100			208
Figure 14-28 QKNA for Gounkoto Domain 1317 GC Zone Barrick 20220627			210
Figure 14-29 QKNA for Faraba Domain 3100			213
Figure 14-30 QKNA for Gara West Domains 2000 and 3000			215
Figure 14-31 Gara Swath Plot of Au (g/t) in Domain 100 Along Strike			221
Figure 14-32 Gara Swath Plot of Au (g/t) in Domain 100 Across Strike			221
Figure 14-33 Gara Swath Plot of Au (g/t) in Domain 100 Along Height			222
Figure 14-34 Example of the Gara Visual Checks on Section for Folding Area (Section 315)			222
Figure 14-35 COS Plot for Gara GC Area			223
Figure 14-36 Decluster Plots for Gara All Domains			223
Figure 14-37 Gounkoto Swath Plot of MZ1			224
Figure 14-38 Gounkoto Swath Plot of MZ3			224
Figure 14-39 Example of the Gounkoto Visual Checks on Longitudinal Section Looking West for HW1			225
Figure 14-40 COS Plot for Gounkoto High-Grade Domains			226
Figure 14-41 Decluster Plot for Gounkoto High-Grade Domains			226
Figure 14-42 Yalea 3D View of MSO Shapes			229
Figure 14-43 Gara 3D View of MSO Shapes			231
Figure 14-44 Gounkoto 3D View of MSO Shapes Longitudinal Section Looking East			233
Figure 14-45 Loulo-Gounkoto Complex Resources 2021 vs 2022 Resources			238
Figure 15-1 Yalea Underground Mineral Reserves			251
Figure 15-2 Gara Underground Mineral Reserves			252
Figure 15-3 Gounkoto Underground Mineral Reserves			253
Figure 15-4 Yalea Underground Mineral Reserve by Reserve Category			262
Figure 15-5 Gara Underground Mineral Reserve by Reserve Category			262
Figure 15-6 Gounkoto Underground Mineral Reserve by Reserve Category			263
Figure 15-7 Gounkoto Pit Design			266
Figure 15-8 Faraba North and Faraba Main Pit Design			267
Figure 15-9 Yalea South Pit Design			269
Figure 15-10 Loulo 3 Pit Design			272
Figure 15-11 Gara West Pit Design			274
Figure 15-12 Baboto South Pit Design			276
Figure 15-13 Baboto Centre Pit Design			277
Figure 15-14 Long End Access Mining Open Stoping with Backfill Sequence			278

 

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Figure 15-15 2022 GC Estimated Plant Feed Ratio of Different Ore Sources Versus Plant CIL Recovery			281
Figure 15-16 2022 Weekly Grades Comparison (Mine Call Grade vs Plant Check Out Grade vs Carbon Loading)			282
Figure 15-17 2022 Weekly Tonnage Comparison (Mine Call Tonnes vs Plant Check Out Tonnes)			283
Figure 16-1 Loulo Major Infrastructure Locations			293
Figure 16-2 Historical Mining Tonnage of Yalea Underground Mine			300
Figure 16-3 Yalea Underground Existing Mine (as built, end of 2022), Infrastructure, and Planned LOM Development			301
Figure 16-4 Gara Underground Mining Tonnes (Mineral and Waste) History			303
Figure 16-5 Gara Underground Existing Mine (as built end of 2022), Infrastructure, and Planned LOM Development			304
Figure 16-6 Gounkoto Underground Mining Tonnes (Mineral and Waste) History			305
Figure 16-7 Gounkoto Underground Existing Mine (as built, end of 2022) and LOM Development			306
Figure 16-8 Gara Underground Catchment Map			319
Figure 16-9 Conceptual Hydrogeological Model			320
Figure 16-10 Yalea Underground LOM Pump Stations			321
Figure 16-11 Gara Underground LOM Pumping Reticulation			322
Figure 16-12 Gounkoto Mine Dewatering System			324
Figure 16-13 Gounkoto Underground Pumping Stations			324
Figure 16-14 Yalea Underground LOM Ventilation Network (Looking East)			326
Figure 16-15 Gara Underground LOM Ventilation Network (Looking West)			327
Figure 16-16 Gounkoto Underground LOM Ventilation Network (Looking East)			328
Figure 16-17 Yalea Underground Electrical Substation			329
Figure 16-18 Gara Underground Electrical Substations			330
Figure 16-19 Gounkoto Underground Electrical Substations			330
Figure 17-1 Simplified Metallurgical Flow Sheet			332
Figure 17-2 Loulo-Gounkoto Processing Plant Specific Energy Consumption 2014 to 2022			333
Figure 17-3 Loulo-Gounkoto Processing Plant Water Demand 2014 to 2022			333
Figure 17-4 Loulo Gounkoto Processing Plant Specific Water Consumption 2014 to 2022			334
Figure 17-5 Loulo Processing Plant Historical Recovery			340
Figure 17-6 2022 Tonnes Calibration Determinations			343
Figure 17-7 Loulo-Gounkoto Processing Plant Monthly Predicted Recoveries versus Actual Recoveries			345
Figure 18-1 Loulo Major Infrastructure Locations			346
Figure 18-2 Complete Loulo-Gounkoto TSF			351
Figure 20-1 Local Setting of Loulo-Gounkoto			360
Figure 20-2 Mine Organogram			363
Figure 20-3 Loulo Mine Water Flow Diagram			368
Figure 20-4 Gounkoto Mine Water Flow Diagram			369
Figure 20-5 Waste Streams			372

 

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1 Executive Summary

This Technical Report on the Loulo-Gounkoto Gold Mine Complex (Loulo-Gounkoto or the Complex), located in the Republic of Mali (Mali), has been prepared by Barrick Gold Corporation (Barrick).

The purpose of this Technical Report is to support the public disclosure of the Mineral Resource and Mineral Reserve estimates at the Complex, consisting of the Loulo Gold Mine (Loulo or Loulo Mine) and the Gounkoto Gold Mine (Gounkoto or Gounkoto Mine) located in western Mali, as of 31 December 2022. This Technical Report conforms to National Instrument 43-101 - Standards of Disclosure for Mineral Projects (NI 43-101). All currency in this report is US dollars ($) unless otherwise noted.

Société des Mines de Loulo SA (SOMILO) is an exploration and mining company and the owner of the Loulo Mine. SOMILO is held 80% by Barrick and 20% by the state of Mali.

Société des Mines de Gounkoto SA (Gounkoto SA) is an exploration and mining company and the owner of the Gounkoto Mine. Gounkoto SA is held 80% by Barrick and 20% by the state of Mali.

Barrick is the operator of both Loulo and Gounkoto.

The Complex is an operating mine site comprising two underground mines (Yalea and Gara) and a processing plant (5 million tonnes per annum (Mtpa) capacity) producing gold doré bars at Loulo, with a third underground mine and open pit operation at Gounkoto, in addition to a number of satellite deposits, together with other associated mine operation and regional exploration infrastructure.

On a 100% basis, total mine production from underground and open pits in 2022 was 5.1 Mt at a head grade of 4.59 g/t Au for a total of 684 koz of gold (91.2% recovery).

 

1.1

Location

Loulo-Gounkoto is situated in western Mali adjacent to the Falémé River which forms the international boundary with Senegal. Mali is a landlocked country and is bordered by Guinea, Senegal, Mauritania, Algeria, Niger, Burkina Faso, and the Côte d’Ivoire.

The Complex area is located 350 km west of the capital city of Bamako, 220 km south of Kayes and to the NW of the nearest town Kenieba. It falls within the Central Arrondissement of the Kenieba District which is one of the 10 districts of the Kayes Region.

The Dakar to Bamako Millennium Highway crosses the Loulo-Gounkoto haul road, approximately 6 km north of the Gounkoto pit. This highway serves as the primary access point for the mine

 

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and provides excellent road transport links with the rest of the country as well as Senegal, of which the border is within 3 km of the Complex.

A 1.5 km laterite airstrip is present within the Loulo Exploitation Permit (Loulo Permit) which can accommodate small to medium sized aircraft and has been awarded full certification by the transport authorities in Mali. Charter flights are arranged from the site to the capital Bamako, which is served daily by commercial flights from European cities.

 

1.2

Ownership

The Loulo Mine is located within the Loulo Exploitation Permit (Loulo Permit). The original Loulo Permit was granted by Decree No. 96-048/PM-RM 9 on 14 February 1996 and covered an area of 48 km². This Loulo Permit was amended by Decree No. 99-193/PM-RM, dated 15 July 1999, which extended the size of the permit to 372 km². The Loulo Permit was further amended by Decree No. 2012-311 /P-RM on 21 June 2012, reducing the size of the Loulo Permit as the portion surrounding the Gounkoto Mine was transferred to a new Exploitation Permit. The Loulo Permit remains in force for a period of 30 years after which is renewable if production is still taking place.

In 2010, Randgold Resources Limited (Randgold) applied and was granted the formation of the new Gounkoto Exploitation Permit (Gounkoto Permit), which was split from the Loulo Permit, to form a separate entity, Société des Mines de Gounkoto SA (Gounkoto) under Decree No.2012-431/PM-RM DU dated 3 August 2012. The Gounkoto Permit incorporates the Gounkoto and Faraba Reserves and is valid for 30 years.

In 2017, the Baboto North deposit was purchased by Endeavour Mining Corporation (Endeavour). This resulted in a minor change to the Loulo Permit. An updated Decree number, Decree No. 2018-0895/PM-RM DU dated 14 December 2018, has been generated by the Malian government.

On 22 January 2019, Randgold changed its name to Barrick Gold (Holdings) Limited, following the merger with Barrick Gold Corporation (Barrick) on 1 January 2019 (the Merger).

The Establishment Convention for each of Loulo and Gounkoto regulate the fiscal conditions under which the Complex operates and is based on the 1991 Mining Code. A 6% royalty is payable to the Malian government based upon production together with a corporate tax rate on profits at 30% and a minimum of 0.75% on gross revenues if a loss is made. The conventions include exoneration on fuel duties for their respective duration.

 

1.3

History

Gold potential was first recognised by the Syndicat Or joint venture between the Malian Direction Nationale de la Géologie et des Mines (DNGM) and the French Bureau de Recherches Géologiques et Minières (BRGM). The Gara gold deposit was discovered in 1981 by Syndicat

 

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Or. In 1992, BHP Minerals Mali entered into an agreement with SOMILO for a joint venture that developed the Gara deposit into a Mineral Resource that was deemed sub-economic at the time.

During 1996, Randgold acquired BHP Minerals Mali and undertook additional regional exploration which resulted in the discovery of Yalea, the second of the two deposits that make up the Loulo Mine, in 1997. In 2003, a feasibility study was completed, which led to the construction of an open pit mine in 2004 and first gold being produced in 2005. The Loulo underground mine passed through the feasibility study stage in 2005, with development beginning in 2006. The first gold from Gara Underground was produced in 2011.

Gounkoto was discovered through regional exploration in 2009, with first gold being produced from the Gounkoto open pit in 2011. As a result of the discovery of Gounkoto, Randgold applied for and was granted a new exploitation licence in 2010 that covered the southern half of the former Loulo Permit and included the Gounkoto and Faraba deposits. During 2016, an independent underground pre-feasibility study was completed as well as a new open pit design for the Gounkoto Super Pit which incorporated significant pushbacks and deepening that converted some underground resources and reserves into open pit resources and reserves.

The Gounkoto underground mine passed through the feasibility study stage in December 2019, with development beginning in October 2020 and first gold being produced in May 2021.

 

1.4	Geology and Mineralisation

Loulo-Gounkoto is located within the Kedougou-Kenieba erosional inlier (KKI). The inlier is unconformably overlain by Upper Proterozoic sandstones towards the east and further south. The KKI contains several significant gold deposits including the Sadiola, Yalea, Segala, Tabakoto, and Gounkoto deposits in Mali, and Sabodala in Senegal. The Senegal-Mali shear marks a major break in the geology from shelf carbonates with the Falémé ironstone unit in the west to the sedimentary sequences of the Kofi Formation in the east. Loulo-Gounkoto is predominately underlain by the Kofi Formation consisting of greywacke, sandstone, argillaceous sandstone, calcareous sandstone, tourmalinised sandstone, and sheared greenstone units. This geological setting is the primary host of mines in Burkina Faso, Ghana, Mali, Niger, and Senegal. These deposits tend to have significant strike and depth potential, with exploration concentrating on delineating strike and depth extent, followed by infill drilling within the zones of better continuity and grade.

At Yalea, the main mineralised body is hosted by the Yalea Shear, where it is intercepted by the Yalea Structure. The Yalea Shear is a brittle-ductile, north-south striking, mineralised fault that transects the Yalea Structure, which is a complex, north to NNE striking shear zone. The Yalea mineralisation is predominantly hosted in hydrothermally brecciated argillaceous pink quartzites. A higher-grade ‘Purple Patch’ zone is observed in a dilatational strain transfer zone formed as the western dip of the upper mineralised system steepens, forming hydraulic breccias. Economic levels of gold mineralisation are almost exclusively associated with paragenetically late sulphide veins, breccias, and zones of massive sulphides. Higher-grade material commonly contains

 

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sulphide veins which cut the various generations of albite and carbonate alteration. There is a strong correlation between sulphide intensity and gold mineralisation with the dominant sulphide phases consisting of pyrite (abundant), arsenopyrite, and minor chalcopyrite. The sulphides can be disseminated or massive along fabric.

Yalea mineralisation remains open at depth and to the south with potential for significant high-grade extensions. To the south of the ‘Purple Patch’ zone, the Yalea Shear forms a sub-horizontally plunging transfer zone where the competency contrast of the footwall argillaceous quartzites (SQR) contact causes a transfer of strain associated with normal movement. Consequently, this transfer creates dilatational hydraulic breccias with the potential to host significant high-grade extensions.

Gara (previously known as Loulo 0) is hosted within an intensely tourmaline altered greywacke unit which outcrops on surface due to its high resistance to weathering. The geometry of the mineralisation is subjugated by the strike slip shearing on the Senegal-Mali Shear. This shearing has resulted in folding, fracturing, brecciation, and subsequent development of a quartz-carbonate vein stockworks within the brittle-ductile tourmaline altered greywacke forming what has been termed a quartz-tourmaline (QT) unit. On a regional scale, the Gara deposit spans the hinge of a broad open fold with a gently plunging north-south trending axis. On the deposit scale the upper limb of this fold dips has a westerly dip, whereas the lower limb dips east.

The distribution of gold grade in longitudinal section reflects the varying degrees of fracturing, brecciation, and subsequent development of a quartz-carbonate vein stockworks from multiple generations of folding. Gold mineralisation is stratabound and hosted predominantly within the QT stockwork veins, which are enveloped within footwall greywackes and hanging wall sandstone. Higher-gold grades values typically occur where the intensity of tourmalinisation and stockwork veining are strongest. The sulphide assemblages predominantly consist of disseminated auriferous pyrite with minor chalcopyrite, scheelite, and nickeliferous sulphides.

In the open pit area, the high-grade mineralisation is concentrated along the sub-horizontal fold hinge axes, whereas within the underground area, high-grade mineralisation plunges shallowly southward, parallel to the large-scale open warp fold axis. These differential orientations of mineralisation are a result of the earlier, deposit scale warping locally influencing the geometry of the superimposed “S folds” during their formation.

Baboto is a shear hosted deposit situated along a north-south striking shear structure located approximately 14 km NNE from the Yalea deposit. Baboto is dominated by a thick sequence of metasediments and structural breccias. The main shear zones are vertical to steeply west dipping at Baboto South and sub vertical in Baboto Centre. Gold mineralisation is mainly associated with the finely disseminated pyrite occurring in the brittle-ductile shear breccias, which generally have a lensoidal shape defined by a series of sub-parallel north-south shears that follow key lithological contacts.

Loulo 3 is located 4 km NNE of the Yalea mine. Loulo 3 consists of three mineralised zones: an NNW trending main zone (MZ1), which is situated on the Loulo 3 Structure and is transected by

 

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the NNE striking main zone (MZ2), which is situated on the Yalea Structure, and the third small sub-parallel NW striking footwall zone. Mineralisation consists of a mixture of quartz and hematite veinlets hosted in a zone of silica-carbonate alteration within local tourmaline alteration in the south. The distribution of high-grade zones is controlled by the narrowing of the host stratigraphy package, which focusses strain and fluid flow, causing the hematite rich Yalea Structure to interact with the silica-carbonate Loulo 3 Structure particularly within MZ2. Gold bearing sulphides predominantly consist of pyrite and arsenopyrite, with chalcopyrite occurring as a late non-gold bearing phase. Gara West is located 200 m west of the pit at Gara and is characterised by predominantly shear and breccia hosted mineralisation within a medium to coarse grained sandstone unit that is variably altered with tourmaline, chlorite, and silica-carbonate. The sandstone hosts four mineralised lodes striking NNE and dipping moderately westward. The gold mineralisation is stratabound as it has been preferentially altered with tourmaline (and silica-albite), due to the increased porosity of the protolith, relative to the bounding limestone in both the hanging wall and footwall.

Other minor satellite deposits are present within the Loulo Permit; these exhibit similar geological characteristics to the other major deposits outlined above.

Gounkoto is a large NNW trending shear zone, with a complex assemblage of ductile shear breccias, shears, and faults characterised by a stepped geometry, with wider zones of mineralisation generally seen on the NW trending structures and narrower zones on the north-south trending structures. This is believed to be related to dilation across these structures in a strong sinistral strain environment. The mineralisation is generally hosted in a siliceous ‘Rose Quartzite’ (QR) unit. The mineralisation is sub-divided based on the structural and lithological characteristics.

The Faraba deposit strikes NNW and is comprised of several zones of gold mineralisation hosted within and along the contacts of north-south striking, coarse grained, gritty sandstone units (lithic wackes) in a package of sheared argillaceous sediments. Lithologic layering (transposed bedding) dips steeply westward; however, the mineralised zones dip steeply to the east. The mineralisation terminates where the Faraba Structure meets the argillite units on either side of the sandstones. The resulting mineralisation occurs as numerous silica-carbonate and secondary iron oxide altered sub-vertical panels with narrow east-west dimension, each containing sub-horizontal to shallow plunging zones of higher grade. Gold mineralisation is dominantly hosted by pyrite, with local magnetite, chalcopyrite, arsenopyrite, and pyrrhotite.

 

1.5	Status of Exploration

The Complex was initially explored by Syndicat Or and the BRGM and subsequently by BHP Minerals Mali. Since Randgold’s acquisition of the Loulo Permit in 1996, significant exploration has been undertaken by Randgold and Barrick to develop both brownfield and greenfield targets. Sampling has primarily been undertaken through reverse circulation (RC) drilling, diamond drilling, and trenching. Rotary air blast (RAB) drilling has also been undertaken on some early-stage exploration targets, although RAB drilling is not included in the Mineral Resource estimate.

 

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Since 1993, the following sampling has been undertaken:

Loulo

 

●

Diamond Drilling – 6,249 drill holes for 1,321,993 m

 

●

RC – 12,381 drill holes for 551,449 m

 

●

RAB/Auger/Air core – 11,032 drill holes for 192,289 m

 

●

Trenches – 939 cuts for 50,124 m

 

●

Underground Channels – 10,425 channels for 70,488 m

 

●

Total Drilling Metres – 2,186,344 m

Gounkoto

 

●

Diamond Drilling – 1,067 drill holes for 325,536 m

 

●

RC – 9,723 drill holes for 741,619 m

 

●

RAB/Auger/Air core – 2,880 drill holes for 46,285 m

 

●

Trenches – 367 cuts for 26,934 m

 

●

Underground Channels – 550 channels for 3,002.20 m

 

●

Total Drilling Metres – 1,143,375 m

Exploration at Loulo-Gounkoto is structured to simultaneously advance brownfields targets to rapidly feed into the mine plan, and to develop greenfield targets to replenish the target pipeline and sustain the long term growth of the mine. Brownfields exploration efforts at Loulo-Gounkoto test for extensions of open pit and underground deposits, testing lode extensions using aggressive step out exploration, and for gap opportunities within the mine area.

Satellite deposits and gaps between existing Mineral Resources are periodically re-evaluated to define Mineral Resource extensions based on conceptual targets.

The current exploration concept has been proven to be effective, with both the discovery of Gounkoto and the successful and consistent replenishment of depleted Mineral Resources and Mineral Reserves within the Complex.

 

1.6	Mineral Resource Estimate

The Mineral Resource estimates have been prepared according to Canadian Institute of Mining, Metallurgy and Petroleum (CIM) 2014 Definition Standards for Mineral Resources and Mineral Reserves dated 10 May 2014 (CIM (2014) Standards) as incorporated into NI 43-101. Mineral Resource estimates were also prepared using the guidance outlined in CIM Estimation of Mineral Resources and Mineral Reserves (MRMR) Best Practice Guidelines 2019 (CIM (2019) MRMR Best Practice Guidelines).

 

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Quality assurance and quality control (QA/QC) has been undertaken across the life of exploration to ensure that the data supporting the Mineral Resources and Mineral Reserves is free of any material error or bias. The results from the 2022 QA/QC programme show that the performance of the SGS Loulo laboratory is meeting industry standards and the resulting data is suitable for use within a Mineral Resource estimate.

The cut-off grade selected for constraining each of the Mineral Resource estimates corresponds to the in-situ marginal cut-off grade using a gold price of $1,700/oz.

For the open pit Mineral Resources, the pit shell selected for limiting of each of the Mineral Resource estimates corresponds to a gold price of $1,700/oz. As a result of the optimisation process, this pit shell selection will result in the highest undiscounted Net Present Value (NPV) of the deposit, at $1,700/oz.

Underground mineable stope shapes were reviewed and those that were deemed as having a reasonable prospect for eventual economic extraction were included in the reported Mineral Resource.

Table 1-1 summarises Mineral Resources at the Complex with an effective date of 31 December 2022.

Table 1-1 Loulo-Gounkoto Mineral Resource Estimate Summary – 31 December 2022

 

Type		Category		Tonnes (Mt)		Grade (g/t Au)		Contained Gold1 (Moz Au)		Attributable Gold1 (Moz Au)
Stockpiles		Measured		8.1		1.77		0.46		0.37
Open Pit		Measured		7.1		3.30		0.76		0.61
		Indicated		20		2.90		1.8		1.5
		Inferred		8.1		1.9		0.48		0.38
Underground		Measured		22		4.39		3.1		2.5
		Indicated		35		4.63		5.3		4.2
		Inferred		20		2.9		1.8		1.5
Total Mineral Resources		Measured		37		3.61		4.3		3.4
		Indicated		55		4.02		7.1		5.7
		Measured and Indicated		92		3.85		11.4		9.1
		Inferred		28		2.6		2.3		1.9

Notes:

1.

Mineral Resources are reported on a 100% and attributable basis. Attributable refers to the quantity attributable to Barrick based on Barrick’s 80% interest in each of SOMILO and Gounkoto SA.

2.

The Mineral Resource estimate has been prepared according to CIM (2014) Standards and using CIM (2019) MRMR Best Practice Guidelines.

3.

All Mineral Resource tabulations are reported inclusive of that material which is then modified to form Mineral Reserves.

4.

Open pit Mineral Resources are reported at a $1,700/oz gold price at an average cut-off grade of 0.79 g/t Au (minimum 0.5 g/t Au and maximum 0.87 g/t Au).

5.

Underground resources are reported in situ within a minimum mineable stope shape at an average cut-off grade of 1.43 g/t Au (minimum 1.33 g/t Au and maximum 1.8 g/t) at a $1,700/oz gold price.

6.

Mineral Resources for Loulo were estimated under the supervision of Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, an officer of Barrick and Qualified Person.

7.

Numbers may not add due to rounding. Tonnes and contained gold are rounded to 2 significant figures. All Measured and Indicated grades are reported to 2 decimal places whilst Inferred Mineral Resource grades are reported to 1 decimal place.

 

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The Qualified Person (QP) is not aware of any environmental, permitting, legal, title, socioeconomic, marketing, fiscal, metallurgical, or other relevant factors that could materially affect the Mineral Resource estimate.

 

1.7	Mineral Reserve Estimate

The Mineral Reserve estimates have been prepared according to CIM (2014) Standards as incorporated into NI 43-101 and using the guidance outlined in CIM (2019) MRMR Best Practice Guidelines).

The Complex consists of several operations across the two locations. The Loulo Mine comprises two main deposits, Gara and Yalea, and multiple satellites deposits. The remaining satellite deposits are all planned open pits. The Gounkoto Mine comprises three primary sources of ore, namely the Gounkoto open pit, underground, and the Faraba open pit. All the ore from these operations is processed through the same processing plant. The Gounkoto operation is 30 km from the processing plant that is based at Loulo.

All three underground operations are similar in nature and share equipment, as with the open pit mining operations. Underground mining represents approximately 70% of the Complex’s annual gold production.

Economic and technical parameters were applied through various optimisation software, followed by a design phase, and a scheduling phase, to prepare the Mineral Reserve estimate. The parameters applied were largely based on historical data, with small adjustments for any expected future changes.

Block models for the operations have been progressively updated throughout the year, while the mined out volumes have been updated with a year-end survey.

Operating costs for the optimisation work are based on the 2022 actuals, with some adjustments for the increasing cost of depth and other factors. A 6% royalty is paid to the government of Mali.

Geotechnical parameters were based on various geotechnical studies and ongoing geotechnical work. There is an extensive geotechnical drilling and data evaluation programme across both mines. Current and future geotechnical scenarios are continuously evaluated, and future mining is adjusted to take this into account. Various geotechnical domains have been outlined and are used to inform geotechnical parameters. A large body of historical data is available, increasing the confidence in the slope angles of the larger pits and the stope dimensions underground. Similarly, the Gounkoto underground mine has not entered full production so historical data is not available, but study work, development work, and the pit directly above increase the confidence in its geotechnical evaluation. Pit slope angles are generally in the low 40s for weathered material and low 50s for competent rock. Stopes are generally planned with a strike length of 20 m to 30 m, and the mining sequence is more strongly dictated by geotechnical requirements as the operations deepen.

 

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Groundwater is not an issue in any of the operations.

Dilution and mining losses were estimated based on historical values. For the underground, historical dilution ranged from 2% to 9%, and planned dilution ranges from 4% to 13%. For the open pits, historical dilution has been 2% to 10%, and the planned amount is 10%. Mining losses underground have been in the order of 4% to 13% and the planned amount is 4% to 13%, while for the open pits these are 2% and 3% respectively. Dilution underground is checked through a cavity monitoring system, and the paste backfill that is used is constantly adjusted depending on the stope and its requirement, with the purpose of reducing paste dilution, which is a notable portion of the total dilution.

Open pit optimisation was performed in Whittle. The gold price used for the optimisation work was not always that of the Mineral Reserve declaration. While the Mineral Reserve is declared at $1,300/oz, pit optimisation prices were varied depending on how soon the Mineral Reserves were to be mined. A higher gold price of up to $1,500/oz was used for pits with short mine lives or in current production. However, the economic viability of the material contained within these pits was still evaluated at a $1,300/oz gold price, with any material below the cut-off grade at that price reported as waste. In all instances, the Loulo-Gounkoto pit optimisations resulted in a positive NPV at the $1,300/oz Mineral Reserve gold price and as such, all 2022 Mineral Reserves are declared using $1,300/oz gold price. Marginal cut-off grades range from 0.75 g/t Au to 0.98 g/t Au.

No optimisation was carried out on the Gounkoto open pit as the pit design is constrained by both waste dump and underground infrastructure, making it insensitive to changes in the gold price. Other open pit shells were selected that produce the most value. These shells were used for more detailed designs that were the basis of the production schedule.

Underground optimisation used Datamine Mineable Shape Optimiser (MSO). This was initially done using a full cut-off grade, followed by a marginal cut-off grade iteration to identify viable marginal stopes. The full cut-off grade is 2.39 g/t Au to 2.78 g/t Au, while the marginal cut-off grades range from 1.12 g/t Au to 1.70 g/t Au, depending on the underground mine.

Optimisation shapes were then manually adjusted with dilution and losses included in the scheduling process, using geotechnical zones to allocate the appropriate amounts of each. Unpayable stopes were removed, and a schedule was developed using current mining rates.

Designs based on the optimisation results were completed for all the open pits and underground areas in the Mineral Reserve production schedule. These were completed using suitable mining software packages. Design elements were largely determined by geotechnical parameters, existing equipment, and practical elements of production.

While Loulo and Gounkoto are separate properties, as their ore is processed in the same plant, and the combined Mineral Reserves are summarised in Table 1-2.

 

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Table 1-2 Loulo-Gounkoto Mineral Reserves as of 31 December 2022

 

Type		Category		Tonnes (Mt)		Grade (g/t Au)		Contained Gold1 (Moz Au)		Attributable Gold1 (Moz Au)
Stockpiles		Proven		8.1		1.77		0.46		0.37
Open Pits		Proven		5.9		3.46		0.65		0.52
		Probable		18		2.78		1.6		1.3
Underground		Proven		11		4.86		1.7		1.4
		Probable		24		5.04		3.9		3.1
Total Mineral Reserves		Proven		25		3.54		2.8		2.3
		Probable		42		4.08		5.5		4.4
		Proven and Probable		67		3.87		8.3		6.7

Notes

 

1.

Mineral Reserves are reported on a 100% and attributable basis. Attributable refers to the quantity attributable to Barrick based on Barrick’s 80% interest in each of SOMILO and Gounkoto SA.

2.

The Mineral Reserve estimate has been prepared according to CIM (2014) Standards and using CIM (2019) MRMR Best Practice Guidelines.

3.

All Mineral Reserves are reported at a gold price of $1,300/oz Au.

4.

Open pit Mineral Reserves are reported at a weighted average cut-off grade of 0.96 g/t Au, including dilution and ore loss factors. Underground Mineral Reserves are reported at an average cut-off grade of 2.60 g/t Au for Yalea Underground, 2.39 g/t Au for Gara Underground, and 2.78 g/t Au for Gounkoto Underground.

5.

Open pit Mineral Reserves were estimated by Derek Holm, FSAIMM, an officer of Barrick and QP, and reviewed by Richard Peattie, M.Phil, FAusIMM, an officer of Barrick and QP. Underground Mineral Reserves were estimated by Ismail Traore, MSc, FAusIMM, M.B. Law, DES, an officer of Barrick and QP, and reviewed by Richard Peattie, M.Phil, FAusIMM, an officer of Barrick and QP.

6.

Numbers may not add due to rounding. Tonnes and contained gold are rounded to 2 significant figures. All Proven and Probable grades are reported to 2 decimal places.

The QPs are not aware of any environmental, legal, title, socioeconomic, marketing, mining, metallurgical, infrastructure, permitting, fiscal, or other relevant factors that could materially affect the Mineral Reserve estimate.

 

1.8	Mining Method

The Complex comprises both open pit and underground mining operations.

Open pit mining is carried out using conventional drill, blast, load, and haul surface mining methods. Mining of the main pits is carried out by a mining contractor, Gounkoto Mining Services (GMS). Mining operations are carried out seven days per week, three shifts per day, utilising four shift crews.

From 2022 onwards, open pit production will be from Gounkoto, Yalea South, Gara West, Loulo 3, Faraba, and Baboto. The Gara main pit and northern portion of the Yalea pit are completely mined out. A pushback on the southern portion of Yalea is planned for 2023 in the life of mine (LOM) and is reported as Yalea South. The average LOM strip ratio is 15.0. Approximately 23.7 Mt of ore and 356.6 Mt of waste will be mined over the LOM from the combined open pit operations. Enough capacity is available for planned waste, and some in-pit dumping is planned where possible.

 

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The upper levels of the open pits are weathered material that can be free dug. The bulk of the material is fresh rock requiring drilling and blasting using emulsion. Ten-metre benches are used, with ore excavated in three flitches. Benches are drilled in a 6 m by 6 m pattern and charged and blasted with an electronic system.

Mining is done with Liebherr 9350 excavators equipped with 14 m³ buckets loading 90 t capacity Caterpillar 777 or Komatsu 785HD trucks. Mining operations are monitored and controlled using an office-based modular dispatch system.

The Loulo operation consists of two established underground mines, namely Yalea and Gara. A third underground mine, Gounkoto, recently commenced production and is currently in a ramp up phase. All three mines employ long hole open stoping with paste fill at a similar scale and all feed the same processing plant. The underground mines are accessed with twin declines at each site, after which stopes are accessed by multiple ramps developed at approximately 500 m intervals along strike. The sub-level spacing varies between 25 m and 20 m. Generally, newer areas are 25 m apart while older areas, crown pillar areas, and geotechnically complex areas are 20 m apart.

On a 100% basis, Yalea produces approximately 1.4 Mtpa of ore for six years before dropping to approximately 1 Mtpa and production from Gara is 1.3 Mtpa of ore for six years before dropping to just below 1 Mtpa. In both mines, ore is produced from long hole stopes and sent to an underground crusher, from where it is conveyed to a surface stockpile. Gounkoto has just begun stope production and is in the process of ramping up. Longitudinal long hole mining method with paste fill will be used, except in the wider zone where a primary-secondary method with fill will be used. A 60 m thick crown pillar below the base of the pit will be mined first and then backfilled.

At all the sites, production follows the same routine. Development is undertaken using two twin boom jumbos. The stoping cycle consists of cable bolting (where required), drilling, charging, firing, and mucking of the stope to the stockpile or to the truck. Holes are charged up with emulsion, using a dedicated crew and loader. All production areas are routinely meshed and bolted with split sets.

Broken rock is loaded by load haul dumpers (LHD). Rock is loaded into trucks that haul it either to a crusher tip or to the portal. From the crusher, material is conveyed to the surface or to the run of mine (ROM) pad. At Gounkoto, material is hauled and dumped just beyond the portal, from where it is hauled by a separate fleet to a surface crusher and then transported to the Loulo processing plant by a contractor truck.

Backfilling with a cemented paste fill is planned to support a top down, retreat mining sequence. Paste is mixed at a plant located on the surface and delivered underground through a series of cased boreholes and steel pipes to the stope voids requiring filling. For a particular stope, a required unconfined compressive strength (UCS) and curing time is determined, which then determines the percentage binder.

Over the Loulo-Gounkoto LOM, a total of 58.9 Mt of ore at 4.16 g/t Au is planned to be mined over 15 years up to 2037. Ore supplied to the plant during this period, including stockpiles, is

 

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estimated to be 66.9 Mt at an average grade of 3.87 g/t Au resulting in 7.5 Moz recovered gold at an average processing recovery of 89.5% on a 100% basis. From 2030 onwards, the higher-grade Gounkoto Underground will be exhausted based on current Mineral Reserves and the operation intends to increase the ore mined and delivered to the plant from ~5 Mtpa to ~6.2 Mtpa to compensate, retaining the target profile of +500 koz per year up to 2032 on a 100% basis.

Based only on current Mineral Reserves and on a 100% basis, Yalea, Gara, and Gounkoto Underground are planned to sustain a production rate of 2.6 Mtpa to 3.3 Mtpa of ore for 10 years, tapering off to 2.2 Mtpa in year 11 and 0.6 Mtpa for the last two years. The open pit production is more flexible and is modified to take the expected underground production into account.

The production schedule based on current Mineral Reserves is summarized in Table 1-3.

In the QPs’ opinion, the parameters used in the Mineral Resource to Mineral Reserve conversion process are reasonable and well supported by historical production.

Table 1-3 LOM Production Schedule Based on Current Mineral Reserves (on a 100% basis)

 

				LOM		2023		2024		2025		2026		2027		2028		2029		2030		2031		2032		2033		2034		2035		2036		2037
Waste Mined		Mt		372.5		25.2		30.6		37.2		38.9		51.8		36.4		36.3		53.7		20.8		17.8		12.3		9.1		1.4		1.0		0.0
Ore Mined		Mt		58.9		4.6		5.2		4.6		4.9		5.3		7.8		2.8		6.1		4.4		4.5		2.4		3.1		1.6		1.1		0.4
Total Mined		Mt		431.4		29.8		35.7		41.8		43.8		57.2		44.2		39.1		59.8		25.2		22.3		14.8		12.2		3.0		2.2		0.4
Head Grade		g/t		4.2		5.0		4.9		5.2		4.2		4.2		4.4		4.4		3.5		3.3		3.9		3.9		2.5		4.1		4.3		4.0
Tonnes from Stockpile		Mt		8.1		0.4		-		0.4		0.1		-		-		3.5		0.1		1.9		1.7		0.0		-		-		-		-
Grade from Stockpile		g/t		1.8		1.2		-		1.7		1.8		-		-		1.9		1.8		1.8		1.7		1.7		-		-		-		-
Processed Tonnes		Mt		67.0		5.0		5.0		5.0		5.0		5.0		5.0		4.5		4.5		4.5		4.5		4.5		4.5		4.5		4.5		1.0
Processed Grade		g/t		3.9		4.7		4.7		4.7		3.9		3.9		3.9		4.1		4.0		3.9		3.9		2.5		2.5		3.5		3.7		4.0
Gold to Plant		koz		8,343		755		761		752		634		634		625		589		574		565		561		356		363		504		540		132
Gold Recovered		koz		7,463		680		680		666		570		559		551		518		515		510		508		323		330		453		482		118

Most of the infrastructure required for mining and processing is already in place. The LOM plan includes provision of additional infrastructure for mine ventilation, refrigeration, backfill, and dewatering.

A groundwater monitoring programme has been implemented at Loulo and Gounkoto. The primary risk is due to flooding should the pits above the underground workings capture a lot of water during a flood event. A section of Yalea is more weathered than usual so this requires a

 

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