Mineral Resources and Ore Reserves Update
ANNOUNCEMENT
28 September 2026
MINERAL RESOURCES AND ORE RESERVES UPDATE
PDI Gold Limited (ASX:PDI, TSX:PDI) (“PDI Gold” or the “Company”) is pleased to announce its updated estimates of Mineral Resources and Ore Reserves as at 30 June 2026. References in this announcement to Ore Reserves are references to Mineral Reserves for the purposes of the CIM Definition Standards and NI 43-101.
SUMMARY
PDI Gold’s total Indicated Mineral Resources are estimated at 176.0 Mt at 1.22 g/t Au, containing 6.9 Moz of gold. An additional 87.8 Mt at 1.14 g/t Au, containing 3.2 Moz of gold, is classified as Inferred Mineral Resources as shown in Table 1.
Probable Ore Reserves are now estimated at 110.9 Mt at 1.34 g/t Au, containing 4.8 Moz of gold as shown in Table 2.
Table 1: PDI Gold Mineral Resources as at 30 June 20261,2
| Project | Indicated | Inferred | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Quantity | Gold Grade | Gold | Quantity | Gold Grade | Gold | ||||||||
| (Mt) | (g/t) | (Moz) | (Mt) | (g/t) | (Moz) | ||||||||
| Bankan | 83.7 | 1.54 | 4.1 | 19.9 | 2.16 | 1.4 | |||||||
| Kiniéro | 80.3 | 0.96 | 2.5 | 66.0 | 0.85 | 1.8 | |||||||
| Nampala | 12.0 | 0.67 | 0.3 | 1.9 | 0.64 | 0.0 | |||||||
| Total | 176.0 | 1.22 | 6.9 | 87.8 | 1.14 | 3.2 |
Table 2: PDI Gold Ore Reserves as at 30 June 20261,2
| Project | Proved | Probable | Proved & Probable | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Quantity | Gold Grade | Gold | Quantity | Gold Grade | Gold | Quantity | Gold Grade | Gold | |||||||||||
| (Mt) | (g/t) | (Moz) | (Mt) | (g/t) | (Moz) | (Mt) | (g/t) | (Moz) | |||||||||||
| Bankan | - | - | - | 51.6 | 1.78 | 3.0 | 51.6 | 1.78 | 3.0 | ||||||||||
| Kiniéro | - | - | - | 55.6 | 0.99 | 1.8 | 55.6 | 0.99 | 1.8 | ||||||||||
| Nampala | - | - | - | 3.7 | 0.54 | 0.1 | 3.7 | 0.54 | 0.1 | ||||||||||
| Total | - | - | - | 110.9 | 1.34 | 4.8 | 110.9 | 1.34 | 4.8 |
Notes for Table 1 and Table 2:
Refer to the accompanying notes for each project’s Mineral Resource and Ore Reserve tables.
1.
2. Mineral Resources are inclusive of Ore Reserves.
Figure 1 and Figure 2 show changes in Mineral Resources and Ore Reserves respectively, since the estimates were last reported by PDI Gold on 25 June 2025. The previous estimates were reported prior to the merger with Robex Resources Inc. (“Robex”) and therefore related solely to the Bankan Gold Project (Bankan’s estimates are unchanged in this update).
PDI Gold Limited
ASX: PDI | TSX: PDI ABN 11 127 171 877 | T +61 8 9216 1000 4 Charles Street, South Perth WA 6151 pdigold.com Figure 1: Changes from Mineral Resources as at 25 June 2025 to Mineral Resources as at 30 June 2026
12,000
527 25 10,106 10,000 3,991 293 -260 8,000
6,000 5,528
4,000
2,000
25-Jun-25 Acquisition Depletion Model Economic Stockpile 30-Jun-26 Mineral Updates Factors Changes Mineral Resources Resources
The changes between the Mineral Resource estimate previously reported and the estimates as at 30 June 2026 were:
- Acquisition: the merger with Robex added 3,991 koz of Mineral Resources;
- Depletion: Mining and processing activities at Kiniéro and Nampala since the respective previous estimates resulted in a reduction of 260 koz;
- Model updates: updated models for Kiniéro (SGA, SGD and Jean) and Nampala, incorporating results from resource definition drilling, increased Mineral Resources by 293 koz;
- Economic factors: favourable economic factors – particularly an increase in the gold price assumption from US$2,200/oz to US$2,600/oz for Kiniéro, and from US$2,200/oz to US$3,400/oz for Nampala – contributed an additional 527 koz;
- Stockpile changes: changes in stockpiles accounted for a 25 koz increase.
Figure 2: Changes from Ore Reserves as at 25 June 2025 to Ore Reserves as at 30 June 2026
6,000
5,000 278 25 4,792 1,536 199 -199 4,000
2,953 3,000
2,000
1,000
25-Jun-25 Acquisition Depletion Model Economic Stockpile 30-Jun-26 Ore Reserves Updates Factors Changes Ore Reserves The changes between the Ore Reserve estimate previously reported and the estimates as at 30 June 2026 were:
- Acquisition: the merger with Robex added 1,536 koz of Ore Reserves;
- Depletion: mining and processing activities at Kiniéro and Nampala since the respective previous estimates resulted in a reduction of 199 koz;
- Model updates: updated models for Kiniéro (SGA, SGD and Jean) and Nampala, incorporating results from resource definition drilling, added 199 koz to Ore Reserves;
- Economic factors: favourable economic factors – particularly an increase in the gold price assumption from US$1,800/oz to US$2,200/oz for Kiniéro, and from US$1,800/oz to US$3,000/oz for Nampala – contributed an additional 278 koz;
- Stockpile changes: changes in stockpiles accounted for a 25 koz increase.
PDI Gold Managing Director & Chief Executive Officer Matthew Wilcox said:
“This is a solid update to Mineral Resources and Ore Reserves for PDI Gold, with increases achieved from the merger with Robex and updates to the Kiniéro estimates, which have more than replaced depletion.
“Our total Mineral Resources now sit at 10.1Moz, inclusive of Ore Reserves of 4.8Moz. We see significant potential for further growth in both the short and long-term, particularly at Kiniéro and Bankan. We intend to pursue an aggressive drilling program across these projects with the aim of replacing depletion and further expanding our Mineral Resource and Ore Reserve base.”
MINERAL RESOURCES
PDI Gold’s total Indicated Mineral Resource is estimated at 176.0 Mt at 1.22g/t Au, containing 6.9 Moz of gold. An additional 87.8 Mt at 1.14 g/t Au, containing 3.2 Moz of gold, is classified as Inferred Mineral Resources. The Mineral Resource statement accounts for mining depletion of insitu Mineral Resources and is reported inclusive of Ore Reserves. All tonnes are reported as dry metric tonnes. All tabulated tonnes, grade and metal have been rounded in the estimate and may cause some discrepancies in totals.
To demonstrate Reasonable Prospects for Eventual Economic Extraction (“RPEEE”), open pit Mineral Resources were constrained by an optimised pit shell. All blocks above the cut-off and within the pit shell were included in Mineral Resources. Open pit Mineral Resources are reported above optimised open pit shells developed with actual and estimated operating costs and a long-term gold price assumption of US$2,600/oz for Kiniéro, US$1,800/oz for Bankan’s NEB and BC deposits, US$2,300/oz for Bankan’s Fouwagbe and Sounsoun deposits and US$3,400/oz for Nampala. The Bankan NEB underground Mineral Resource is constrained by the high-grade domain below the NEB optimised pit shell.
Gold price assumptions vary by project. The higher gold price applied at Nampala is considered a reasonable and justifiable input for pit optimisation, having regard to current market trends and the short remaining mine life at that operation. Bankan’s Mineral Resource is unchanged in this update and therefore the gold price assumption remains as per the previous estimate.
The Mineral Resource and Ore Reserve estimates in this announcement have been prepared and reported in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the “JORC Code”). For Canadian reporting purposes, the JORC Code is an acceptable foreign code under National Instrument 43- 101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) of the Canadian Securities Administrators. The JORC Code classifications of Mineral Resources and Ore Reserves are equivalent to the corresponding classifications under the CIM Definition Standards for Mineral Resources and Mineral Reserves adopted by the Canadian Institute of Mining, Metallurgy and Petroleum.
The following NI 43-101 technical reports support the Mineral Resource and Ore Reserve information for the relevant projects:
- Bankan Gold Project: Bankan Project, Siguiri Basin, Guinea, Technical Report, dated 31 July 2025.
- Kiniéro Gold Mine: Kiniéro NI 43-101 Technical Report, PDI Gold Limited, Effective Date 30 June 2026.
- Nampala Gold Mine: Independent Technical Report on the Nampala, Mininko, Gladie and Kamasso Permits and a Mineral Resource and Reserve Estimate of the Nampala Gold Mine, Mali, West Africa, dated 19 December 2024.
The technical reports are, or following filing will be, available under the Company’s profile on SEDAR+ at www.sedarplus.ca.
Bankan Gold Project
The total open pit Indicated Mineral Resource for the Bankan Gold Project is estimated at 83.7 Mt at 1.54 g/t Au, containing 4.14 Moz of gold. An additional 13.1 Mt at 1.15 g/t Au, containing 0.49 Moz of gold, is classified as open pit Inferred Mineral Resources. The NEB underground Inferred Mineral Resource is estimated at 6.8 Mt at 4.07 g/t Au, containing 0.90 Moz of gold.
The Bankan Mineral Resource estimate has not changed since it was last reported in the Company’s ASX announcement titled “Bankan DFS Confirms Outstanding Project Economics” dated 25 June 2025. The estimate has not been adjusted for mining depletion because mining has not commenced at Bankan.
Table 3: Bankan Mineral Resource
| Deposit | Indicated | Inferred | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Quantity | Gold Grade | Gold | Quantity | Gold Grade | Gold | ||||||||
| (Mt) | (g/t) | (Moz) | (Mt) | (g/t) | (Moz) | ||||||||
| Open Pit | |||||||||||||
| NEB | 78.4 | 1.55 | 3.90 | 3.1 | 0.91 | 0.09 | |||||||
| BC | 5.3 | 1.42 | 0.24 | 6.9 | 1.09 | 0.24 | |||||||
| Fouwagbe | - | - | - | 2.2 | 1.68 | 0.12 | |||||||
| Sounsoun | - | - | - | 0.9 | 1.19 | 0.03 | |||||||
| Open Pit Total | 83.7 | 1.54 | 4.14 | 13.1 | 1.15 | 0.49 | |||||||
| Underground | |||||||||||||
| NEB | - | - | - | 6.8 | 4.07 | 0.90 | |||||||
| Underground Total | - | - | - | 6.8 | 4.07 | 0.90 | |||||||
| Total | 83.7 | 1.54 | 4.14 | 19.9 | 2.16 | 1.38 |
Notes:
1. Based on April 2025 Mineral Resource estimate
2. The Mineral Resource is reported in accordance with the JORC Code 2012 Edition and CIM 2014 Definition Standards and has an effective date of 23 April 2025.
3. The Qualified Person is Phil Jankowski FAusIMM of ERM.
The open pit Mineral Resources are constrained by optimised pit shells using a gold price of US$1,800/oz (NEB and BC) or 4.
US$2,300/oz (Fouwagbe and Sounsoun) and process recovery of 94%. The NEB underground Mineral Resource is constrained by the high-grade domain below the NEB optimised pit shell.
5. The NEB open pit Mineral Resource is reported using a notional maximal open pit option. Current reserve planning is for a smaller open pit and an accelerated underground operation, where a higher grade (>2g/t) part of the open pit Mineral Resource is mined from underground. If this option is chosen, some of the lower grade open pit Mineral Resource may be effectively sterilised.
6. Rounding may lead to minor apparent discrepancies.
While included in the Bankan Project Mineral Resource estimate, the Mineral Resources reported at Fouwagbe and 7.
Sounsoun were not considered further in the DFS.
PDI Gold was made aware that, on 26 May 2025, Guinea's Ministry of Mines and Geology ("MMG") announced the 8.
revocation of over 100 exploration permits, including the Argo (which hosts the Fouwagbe and Sounsoun deposits) and Bokoro exploration permits held by PDI Gold group companies. The applications for extension of these permits were submitted to the MMG in 2021 and 2023, respectively. PDI Gold has not received any formal communication from the Guinean government on the matter and intends to work diligently with the MMG to achieve the granting of the renewals.
Geology
The Bankan Gold Project is hosted by greenstones in the southwest margin of the Siguiri Basin, in upper Guinea. The Siguiri Basin contains metasediments and related volcanic and plutonic rocks of the early Proterozoic Birimian supergroup, which hosts most of West Africa's gold deposits. The gold deposits within the region are principally orogenic lode deposits. Prolonged weathering has led to extensive lateritic duricrusts and deep saprolite profiles.
The area is deeply weathered, with extensive lateritic cover and thick saprolite profiles. Outcrops are sparse, and the underlying bedrock geology is known largely from regional scale geophysics and drilling.
Gold mineralisation at the Project is principally structurally controlled and associated with shear zones and intrusive contacts. At the NEB deposit, mineralisation is focused along the hanging-wall contact of a small tonalitic intrusion and is largely controlled by a north-northwest-striking shear within a network of NNW- to NNE-striking structures. Higher-grade mineralisation occurs within and immediately adjacent to the shear zone and is associated with chlorite, silica and sericite alteration, quartz veining and pyrite.
The BC deposit is hosted within the carapace of a small tonalitic intrusion emplaced into a structurally complex sequence of greenstones, including sediments, volcanics and marbles. Mineralisation is associated with interpreted shear structures and quartz veining, although the structural controls are less well understood than at NEB.
The weathering profile comprises laterite and ferricrete, mottled clay, saprolite and locally saprock overlying fresh rock. Gold has been locally remobilised within the weathering profile, resulting in near-surface lateritic and supergene mineralisation in addition to the underlying primary mineralisation. The Fouwagbe and Sounsoun deposits are also structurally controlled and occur within the broader Siguiri Basin geological setting.
Background to the Mineral Resource Estimate
The Bankan Mineral Resource estimate incorporates drilling and assay data available to 29 July 2023 for NEB and BC and to 25 February 2025 for Fouwagbe and Sounsoun. The Mineral Resource estimate has not been updated since August 2023 for NEB and BC, and since April 2025 for Fouwagbe and Sounsoun. The Mineral Resource database includes reverse circulation (“RC”) and diamond drilling (“DDH”), with aircore (“AC”) drilling used to supplement geological interpretation but not for resource estimation because of the non-representative sampling.
Geological modelling incorporated the principal lithological units, weathering profile and structural controls on gold mineralisation. At NEB, the geological model comprises anastomosing shear structures in a greenstone sequence focused at the hanging wall contact of a felsic intrusion into an older mafic/metasedimentary sequence. Leapfrog Geo was used to model the lithologies, weathering surfaces and mineralised domains. Grade domains were defined using nested grade shells, with separate domains developed for the higher- and lower-grade mineralisation. A similar approach was applied at BC.
Drillhole assay data were composited and reviewed statistically to identify high-grade outliers and establish appropriate top-cuts. Variograms were developed for the mineralised domains, with normal-score transformations applied to assist in modelling the underlying spatial variability. Gold grades were estimated using Ordinary Kriging, with estimation parameters informed by kriging neighbourhood analysis.
The Mineral Resource was classified as Indicated and Inferred based on geological understanding, sample quality, mineralisation continuity and drillhole spacing. To constrain the resource models for reporting, open pit optimisations were completed using a gold price of US$1,800/oz and otherwise largely generic optimisation inputs. The entire high-grade domain interpreted below the optimal pit shell for the NEB underground resource is reported. These Mineral Resource estimates for the Fouwagbe and Sounsoun deposits are reported at a 0.5 g/t Au cut-off, within a preliminary open pit optimisation assuming a gold price of US$2,300/oz and otherwise generic optimisation inputs.
Kiniéro Gold Mine
The total Indicated Mineral Resource for the Kiniéro Gold Mine is estimated at 80.3 Mt at 0.96 g/t Au, containing 2.47 Moz of gold. An additional 66.0 Mt at 0.85 g/t Au, containing 1.81 Moz of gold, is classified as Inferred Mineral Resources. This represents an increase of approximately 550 koz of contained gold compared with the previous Mineral Resource estimate, which had an effective date of 30 November 2024.
Table 4: Kiniéro Mineral Resource
| Deposit | Indicated | Inferred | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Quantity | Gold Grade | Gold | Quantity | Gold Grade | Gold | ||||||||
| (Mt) | (g/t) | (Moz) | (Mt) | (g/t) | (Moz) | ||||||||
| SGA & SGD | 17.3 | 1.38 | 0.77 | 9.5 | 1.06 | 0.32 | |||||||
| Jean | 4.1 | 2.01 | 0.26 | 3.8 | 1.14 | 0.14 | |||||||
| Sabali North & Central | 3.7 | 1.18 | 0.14 | 0.9 | 1.41 | 0.04 | |||||||
| Sabali South | 7.9 | 0.98 | 0.25 | 4.1 | 1.05 | 0.14 | |||||||
| West Balan | 3.7 | 1.36 | 0.16 | 2.9 | 1.28 | 0.12 | |||||||
| Banfara | 1.1 | 0.94 | 0.03 | 1.0 | 1.32 | 0.04 | |||||||
| Mansounia Central | 29.3 | 0.72 | 0.68 | 43.6 | 0.71 | 1.00 | |||||||
| Total in situ | 67.2 | 1.07 | 2.30 | 65.8 | 0.85 | 1.80 | |||||||
| Stockpiles | 13.1 | 0.39 | 0.16 | 0.2 | 1.31 | 0.01 | |||||||
| Total | 80.3 | 0.96 | 2.47 | 66.0 | 0.85 | 1.81 |
Notes:
1. The Mineral Resource has been prepared in accordance with the JORC Code and the CIM Definition Standards and has an effective date of 30 June 2026
2. The date of closure for the sample database for Sabali North and Central, Sabali South, West Balan, and Banfara is 17 August 2022. The date of database closure for Mansounia is 16 October 2024. The date of database closure for SGA, SGD, and Jean is 26 August 2025.
3. Cut-off grades for Mineral Resource reporting are:
a. Banfara, SGA & SGD, Jean, and West Balan: laterite 0.3 g/t Au, saprolite (oxide) 0.3 g/t Au, saprock (transition) 0.3 g/t Au, fresh 0.3 g/t Au.
b. Sabali North & Central: laterite 0.3 g/t Au, saprolite (oxide) 0.3 g/t Au, saprock (transition) 0.5 g/t Au, fresh 0.4 g/t Au.
c. Sabali South: laterite 0.3 g/t Au, saprolite (oxide) 0.3 g/t Au, saprock (transition) 0.5 g/t Au, fresh 0.5 g/t Au.
d. Mansounia: laterite 0.3 g/t Au, saprolite (oxide) 0.3 g/t Au, saprock (transition) 0.4g/t Au, fresh 0.4 g/t Au.
e. Stockpiles reported as Mineral Resources have been limited to those dumps which exhibit an average grade >0.3 g/t Au for the entire stockpile assuming no selectivity.
4. The Mineral Resources are based on a gold price of US$2,600/oz with costs and recoveries appropriate to each pit and type of feed.
5. Mineral Resources are reported inclusive of Ore Reserves.
6. Totals presented in this table are reported from the Mineral Resource models, are subject to rounding, and may not sum exactly.
Material changes to the Kiniéro Mineral Resource since the last estimate (at 30 November 2024) include:
- Depletion: Mining and processing activities during FY26 across the Sabali South, Sabali North, and SGA open pits resulted in a reduction of 166 koz;
- Model updates: updated models for SGA, SGD and Jean, incorporating results from resource definition drilling, increased the Mineral Resource by 272 koz;
- Economic factors: favourable economic factors – particularly an increase in the gold price assumption from US$2,200/oz to US$2,600/oz, contributed an additional 417 koz;
- Stockpile changes: changes in stockpiles accounted for a 25 koz increase.
Figure 3: Change in Kiniéro Mineral Resources by Activity – 30 November 2024 to 30 June 2026 5,000
4,500 417 25 4,279 4,000 272 3,730 3,500 -166 3,000
2,500
2,000
1,500
1,000
30-Nov-24 Depletion Model Economic Stockpile 30-Jun-26
The property is located within the Kiniéro Gold District of the Siguiri Basin, which is situated in northeastern Guinea, extending into central Mali. Geologically, the Siguiri Basin comprises a portion of the West Africa Birimian Greenstone Belt, including intrusive volcanics (ultramafics to intermediate) and sediments largely deposited through the period 2.13 Ga to 2.07 Ga.
The volcanic and sedimentary lithologies comprise fine-grained sedimentary rocks (shales and siltstones), with some intercalated volcanic rocks. Sandstone-greywacke tectonic corridors have been preferentially altered and locally silicified, supporting extensive brittle fracture networks. These in turn have provided host environments for ascending mineralised hydrothermal fluids. The deposits located on the property are associated with the Proterozoic Birimian orogeny of West Africa. Most gold mineralisation in the West African Craton is shear-zone-hosted and structurally controlled, with lithology having a minor, local influence. The mineralisation developed in the Kiniéro Gold District conforms to this general style of mineralisation.
A total of 47 gold anomalies have been identified on the property, of which five clusters of deposits (Sabali, Mansounia, Gobele including SGA and SGD, Jean, and Balan) have been explored sufficiently to enable the estimation of Mineral Resources.
Background to the Mineral Resource Estimate
Geological interpretations of the Kiniéro deposits are carried out using a systematic approach to ensure that the resultant Mineral Resource Estimates are both sufficiently constrained, and representative of the expected sub-surface conditions. In all aspects of Mineral Resource estimation, the factual and interpreted geology is used to guide the development of interpretation.
The data used in Mineral Resource estimations has been gathered from reverse circulation (“RC”) and diamond core drilling (“DD”).
All RC drillholes were drilled using a standard 121 mm pneumatic hammer bit for the drilling. PVC casing was inserted into each drillhole once competent ground had been intersected to prevent drillhole collapse during drilling. PVC piping remained in place for the duration of the drilling. All drilling was managed in the field by the Geology Manager and supervised by the SMG exploration geology team. The Exploration Geologists were responsible for stopping each drillhole. Since sampling was carried out on-site in conjunction with the lithological logging procedure, drilling rates were in turn dictated by the geological logging and sampling procedures.
All diamond drillholes were planned by the Exploration Manager (or the Geotechnical Engineer, in respect of geotechnical drilling) and collared on-site by the Geology Manager using a handheld GPS. A core orientation tool was used on every run. Various tools were used throughout the programmes, including an orientation spear (generally in the upper weathered horizons), a Reflex EZ-Mark tool, and a Reflex ACT3 tool.
DD was completed using triple tube to improve core recovery. A HQ3 core size was used;
however, drilling was reduced to NQ when downhole complications were encountered, and the drillhole diameter had to be reduced to achieve the planned end-of-hole depth. Drillholes were cased using PVC casing to stabilise the near-surface unconsolidated weathered material to ensure that the drillhole did not collapse.
Once the core was extracted, it was carefully removed from the inner tube and neatly packed into core boxes for safe storage and further processing. Any driller breaks to fit the core into the boxes were marked with an “X” to indicate an unnatural break in the core. Depth measurement blocks were inserted after every core run indicating the depth, run length, and any core loss or gain. Core recovery measurements were undertaken by the drilling contractor in conjunction with the on-site SMG Geologist. Any core loss or gain per run was recorded and accurate depth measurements generated and marked. Any discrepancies were addressed with the drilling contractor. Core recoveries were recorded on the log sheet.
Core was fitted together, and an orientation line drawn. The core was metre-marked using the recovery measurements. The lithological log was completed recording the lithology, weathering, alteration, mineralisation, and structural data. Finally, sample intervals were marked and recorded, and the cut line drawn below the orientation line to prepare for splitting using a core saw.
Drillhole spacing for all deposits range from approximately 12 m by 12 m (grade control) up to 100 m to 200 m by 50 m in areas which are less well drilled. Drillholes have been predominantly drilled inclined with the aim of intercepting mineralisation perpendicular to a variety of interpreted trends. Density measurements were obtained from drill core using the Archimedes water immersion method. For weathered drill core (laterite, saprolite, and saprock) the core was wrapped in cellophane of a known weight and weighed first dry and then wet to calculate the bulk density. For fresh drill core the same approach was applied with the exception of using the cellophane wrap, unless vughs were present in the sample. The density testwork undertaken by SMG has been conducted in a separate room adjacent to the core store with a dedicated set of scales.
All geology input is logged and validated by the site geologists. No defined relationship exists between sample recovery and grade. Nor has sample bias due to preferential loss or gain of fine or coarse material been noted at Kiniéro.
Sample preparation and analyses have comprised crushing and pulverisation of samples to 75 μm with the resultant subsamples assayed via fire assay with an atomic absorption finish.
Quality assurance and quality control (“QA/QC”) procedures have been implemented by both SMG and the previous Project operators. SMG has submitted field and pulp duplicates, as well as CRMs sourced from Ore Research and Exploration (“OREAS”) and Rocklabs. A cement material has been used as a blank.
Limited structural data are available across Kiniéro, however, recent drilling is collecting structural measurements on diamond core, which will assist future estimates. Where available, the structural measurements have been used to define key faults as a guide to controls and limits on the mineralisation interpretations.
The geological logging completed across Kiniéro is heavily dominated by the laterite, saprolite, and saprock (transitional) weathering profile. The remaining lithologies are typically volcaniclastic rock types comprising felsic, mafic and intermediate volcanics and tuffs. Other more limited lithologies include igneous units such as andesite and basalt, metasediments such as schist and marble, and quaternary sediments. The dominance of the deep weathering profile in the logging precluded the development of a lithology model for Kiniéro.
Sample data was reviewed statistically and visually to assess for any observable controls on the spatial distribution and extents of the mineralisation. Filtering of the samples within the deposits to grades >1 g/t Au indicated the presence of structural controls on the mineralisation. The presence of structural controls was also observed during the site visit with mineralisation trends observed within the existing open pits. Whilst such trends exist at a larger scale, the small-scale distribution of mineralisation is more complex. Mineralisation is hosted in veinlets and stockworks, with veinlet widths in the order of millimetres to tens-of-centimetres. The complexity of the stockworks and the lack of orientated core and structural logging prevent definitive interpretation of all individual mineralised zones, although the corridors of mineralisation are evident.
At SGA, SGD and Jean, mineralised domains are based on indicator kriging (“IK”) domains at a 0.2 g/t Au cutoff grade. The estimation was completed within discrete areas defined by interpreted mineralisation trends, digitised in plan-view after reviewing previous estimation wireframes and Leapfrog interpolant trends. Indicator kriging was applied to model mineralised and non-mineralised zones within each domain. Grade data were converted into binary indicators—assigned a value of 1 for samples greater than or equal to the 0.2 g/t cutoff grade and 0 for samples below the 0.2 g/t cutoff grade.
Indicator variograms were developed for each area to model the spatial continuity of the grades. The domains were interpolated using soft boundaries, allowing grades to transition smoothly between neighbouring areas rather than being sharply constrained.
Raw sample lengths are commonly 1 m throughout all deposits. Intervals with absent Au grades have been left as absent (selective sampling of the drillholes is not prevalent in the mineralised zones). A 2 m composite interval was adopted for all deposits with the exception of Sabali South which was composited to 1 m.
The grade distributions of the composites were reviewed for high grades that required capping to reduce the impact of locally elevated grades. Variography was reviewed for capped gold composites at all deposits to:
- Determine the presence of anisotropy within the deposits.
- Determine spatial continuity of mineralisation along the principal main anisotropic orientations.
- Produce suitable variogram model parameters for use in ordinary kriging gold grade interpolation.
An empty block model is then created for the area of interest. This model contains attributes set at background values for the various elements of interest as well as density, and various estimation parameters that are subsequently used to assist in resource categorisation. The block sizes used in the model will vary depending on orebody geometry, minimum mining units, estimation parameters and levels of informing data available.
Grade estimation is then undertaken. Ordinary Kriging estimation method is considered as standard, although Categorical Indicator Kriging is used in some instances. Estimation results are validated against primary input data, previous estimates and mining output.
Areas of the deposits classified as Indicated correspond to individual mineralised zones which have more than three drillholes informing them and a drillhole spacing of less than 30 m. Block models were reviewed in section and in plan, considering the distance between the blocks being estimated and the samples informing them. Consideration was also given for the geological complexity and suitability of the grade estimates. The use of wireframes to define the Indicated Mineral Resources helped to ensure continuity in the application of classifications.
The Mineral Resource is then depleted for historical and actively mined pits.
Mineral Resources are reported at a range of cut-off grades reflecting the different deposits and weathering units and the associated processing recoveries. Likely mining approaches have been considered at the domaining, estimation and classification steps. However, no mining dilution or ore loss has been modelled in the resource model or applied to the reported Mineral Resource estimate. Nor has metallurgical recovery been applied to the reported Mineral Resource estimate.
Nampala Gold Mine
The total Indicated Mineral Resource for the Nampala Gold Mine is estimated at 12.0 Mt at 0.67 g/t Au, containing 0.26 Moz of gold. An additional 1.9 Mt at 0.64 g/t Au, containing 0.04 Moz of gold, is classified as Inferred Mineral Resources. The Mineral Resources have been depleted to the surveyed mining topography as at 30 June 2026. Details of the estimate are shown in Table 5.
Table 5: Nampala Mineral Resource
| Deposit | Indicated | Inferred | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Quantity | Gold Grade | Gold | Quantity | Gold Grade | Gold | ||||||||
| (Mt) | (g/t) | (Moz) | (Mt) | (g/t) | (Moz) | ||||||||
| Nampala Complex | 11.5 | 0.68 | 0.25 | 1.9 | 0.64 | 0.04 | |||||||
| Stockpiles | 0.6 | 0.50 | 0.01 | - | - | - | |||||||
| Total | 12.0 | 0.67 | 0.26 | 1.9 | 0.64 | 0.04 |
Notes:
1. The Mineral Resource estimate has been prepared in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012 Edition) and CIM 2014 Definition Standards with an effective date of 30 June 2026.
2. Emma Brosnan of Micon International Limited is the QP responsible for the Mineral Resource Estimate.
3. The database was closed on 15 April 2026, and the Mineral Resources were constrained to a topographic survey dated 30 June 2026.
4. To demonstrate Reasonable Prospects for Eventual Economic Extraction ("RPEEE"), open pit Mineral Resources were constrained by an optimised pit shell. All blocks above the cut-off and within the pit shell were included in the Mineral Resources. PDI Gold created the optimised pit shell.
5. Cut-off grades for Mineral Resource reporting were calculated using a gold price of US$3,400/oz and are: oxide (laterite, mottled zone, saprolite) 0.22 g/t Au; transition (upper saprock, lower saprock) 0.26 g/t Au; and fresh (fresh rock) 1.21 g/t Au.
6. Densities were calculated by Ordinary Kriging of density values per regolith domain. A correction equation was applied based on the linear regression formula y = 0.192 + 0.966 x, derived from a comparison of on site versus SGS density values.
7. Grade interpolation by ordinary kriging using a block model with a block size of 10 m (X) by 20 m (Y) by 5 m (Z). Outlier management used grade capping for extreme outliers and a restricted search neighbourhood for outliers on a domain-bydomain basis.
8. Mineral Resources in volumes with a drill grid spacing of 40 m by 40 m were classified as Indicated Mineral Resources. All other volumes were classified as Inferred Mineral Resources. To limit extrapolation, a wireframe was used to constrain the interpolated blocks to approximately 10 m below the base of the drilling.
9. Totals presented in this table reported from the Mineral Resource models, are subject to rounding, and may not total exactly.
Material changes to the Nampala Mineral Resource since the last estimate (at 30 September 2024) include:
- Depletion: mining and processing activities during FY25 and FY26 across the Nampala complex open pits resulted in a reduction of 94 koz;
- Model updates: The updated model for the Nampala cluster open pits, incorporating results from the resource definition drilling program, added 21 koz;
- Economic factors: favourable economic factors, particularly an increase in the gold price assumption from US$2,200/oz to US$3,400/oz, contributed an additional 110 koz.
Figure 4: Change in Nampala Mineral Resources by Activity – 30 September 2024 to 30 June 2026
110 0 298
200 21
-94
30-Sep-24 Depletion Model Economic Stockpile 30-Jun-26
The Nampala Property is located within the Birimian Supergroup of the Baoulé-Mossi Domain, part of the Paleoproterozoic Leo-Man Shield of the West African Craton. The Birimian greenstone belts are widely recognised for their significant gold endowment and have undergone extensive folding, faulting and metamorphism associated with the Eburnean Orogeny, creating favourable structural settings for gold mineralisation.
More locally, the Nampala Property lies within the Bagoe Belt of southern Mali, in the Kadiana- Madinani Terrane west of the regional-scale Syama-Bananso Shear Zone. The Property is predominantly underlain by turbiditic sedimentary rocks, including greywackes, siltstones, shales and sandstones, which have been intruded by tonalite and lamprophyre bodies. Gold mineralisation at the Nampala Mine occurs within the Main and East zones and is primarily hosted by competent, coarse-grained turbiditic units, particularly greywackes and siliceous sandstones. Mineralisation is principally associated with structurally controlled quartz veins and stockwork systems accompanied by silicification, carbonatisation, pyrite and arsenopyrite. Within the Main Zone, mineralised structures can be divided into Northern, Central and Southern domains, with the Central Domain hosting the highest-grade mineralisation where quartz stockworks overprint earlier vein systems. Mineralised quartz veins also occur within the tonalite intrusion, while the distribution of gold in the surrounding metasediments appears to be influenced by proximity to lamprophyre contacts. Extensive weathering across the Property has produced saprolite locally exceeding 100 m in depth, overlain by lateritic soils and duricrust.
Background to the Mineral Resource Estimate
The Nampala Mineral Resource estimate has an effective date of 30 June 2026, and incorporates exploration drilling and assay data available as of 15 April 2026. The Mineral Resource has been depleted to reflect mining activities through to 30 June 2026.
The Mineral Resource database comprises 3,043 holes totalling 293,385 m of drilling completed using diamond, reverse circulation (“RC”) and air core (“AC”) methods. Drilling at Nampala has been completed over multiple exploration campaigns, with the majority undertaken by Robex since acquiring an interest in the Property in 2005. Diamond drill core was generally sampled at approximately 1 m intervals while respecting geological boundaries, with half-core submitted for analysis. RC and AC samples were generally collected at 1 m intervals and split to obtain representative samples for analysis. Samples were prepared by crushing and pulverising prior to gold analysis, principally by fire assay with an Atomic Absorption Spectroscopy finish, with highergrade samples reassayed using a gravimetric finish. QA/QC procedures included the regular insertion of certified reference materials, blanks and field duplicates. The available drilling, sampling, analytical and QA/QC data were reviewed and considered suitable for Mineral Resource Estimation.
Geological modelling incorporated the principal lithological units, regolith profile and structural controls on gold mineralisation. The principal lithologies include lamprophyre, tonalite, greywacke and graphitic-bearing units, which influence the distribution and continuity of mineralisation. Gold mineralisation commonly occurs within greywacke proximal to the margins of lamprophyre intrusions and within the tonalite. Extensive weathering across the Nampala deposit has produced a well-developed regolith profile, locally extending to depths of approximately 100 m. The geological model differentiates laterite, mottled zone, saprolite, upper and lower saprock, and fresh rock to reflect geological and metallurgical characteristics.
Structural measurements of mineralised veins were incorporated into the geological interpretation and used to establish trends for grade-domain modelling. Three principal vein orientations have been identified, broadly trending north-south to north-northeast–south-southwest with varying dips. Given the multiple generations of overlapping mineralised veins and variability in gold grade, grade domains were used to constrain the grade estimate. Three nested mineralised grade shells were modelled at 0.3 g/t Au, 0.9 g/t Au and 1.7 g/t Au to separate the principal grade populations and reduce the potential for smearing of higher-grade mineralisation into surrounding lower-grade material.
Drill hole assay data were composited to 4 m lengths and statistical analysis was undertaken to identify and appropriately constrain high-grade outliers. Gold grades were estimated using Ordinary Kriging within an unrotated block model with parent blocks measuring 10 m by 20 m by 5 m and sub-blocks measuring 5 m by 5 m by 2.5 m. Four estimation domains with hard boundaries were used, comprising the three mineralised grade domains and a waste domain outside the 0.3 g/t Au shell. An estimation boundary was applied to limit extrapolation beyond the available drilling. Estimation was completed using progressively expanded search parameters, with search orientations informed by geostatistical analysis and interpreted structural trends. The resulting block model was validated through visual inspection, statistical comparisons and swath plots.
Bulk density was estimated into the block model using Ordinary Kriging based on 2,256 density measurements collected from drill core samples across the deposit. The density dataset provides coverage of the principal lithologies and regolith horizons, and density measurements were determined using the Archimedes water immersion method. In 2025, check analyses undertaken by SGS identified a consistent low bias in the on-site bulk-density measurements across all lithologies and regolith units. A regression-based correction of y = 0.192 + 0.966x, where x is the onsite measurement and y is the corrected SGS-equivalent value, was therefore applied. The corrected values were interpolated into the block model using Ordinary Kriging, based on a single variogram model, soft domain boundaries and dynamic anisotropy aligned with the base of each regolith domain.
Mineral Resources were classified as Indicated and Inferred based on the quality, quantity and spatial distribution of the underlying exploration data and the resulting confidence in geological and grade continuity. Indicated Mineral Resources generally comprise blocks with average data spacing of less than 42 m, broadly corresponding to areas drilled at approximately 40 m by 40 m spacing. Classification also considered confidence in the geological and mineralisation interpretations, grade continuity and geostatistical characteristics of the deposit. Remaining interpolated blocks within the estimation boundary constraint were classified as Inferred Mineral Resources.
The Mineral Resource Statement includes only material considered to have Reasonable Prospects for Eventual Economic Extraction (“RPEEE”). RPEEE was assessed by constraining the Mineral Resource within an optimised open-pit shell and applying cut-off grades appropriate to the relevant material types. Pit optimisation incorporated a gold price of US$3,400/oz, together with appropriate mining, processing, selling, royalty and other operating cost assumptions based on the Nampala operation. Mineral Resources are reported at cut-off grades of 0.22 g/t Au for oxide (laterite, mottled zone and saprolite), 0.26 g/t Au for transition (upper saprock and lower saprock) and 1.21 g/t Au for fresh material. Only blocks above the applicable cut-off grade and within the optimised Mineral Resource pit shell are included in the Mineral Resource Statement.