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Block 14 Gold Project

Location & Access

Block 14 Gold Project Map

The Block 14 Gold Project (the “Project”) is located close to Sudan’s border with Egypt, 900km north of the capital Khartoum. The exploration license covers 1,000km2. Access to the project is by sealed road along the eastern bank of the River Nile to the town of Abu Hamad and then via a well-used desert road to the project area.

Reserves & Resource

Block 14 has a Mineral Reserves of 79.9 Mt at 1.11 g/t Au for 2.854 Moz. The Project comprises of two primary deposits, Galat Sufar South (“GSS”) and Wadi Doum, which has a Mineral Resource Estimate consisting of an Indicated resource of 79.9Mt grading 1.30g/t Au for 3.342 Moz of gold and an Inferred resource of 18.5Mt grading 1.2g/t Au for 0.711 Moz of gold (at a cut-off grade of 0.6g/t). Multiple high-grade targets have been identified throughout the Block 14 license that have yet to be explored.

Block 14 Gold Project Map 2

Water Resource

The Project also boasts a 980km2 permitted freshwater resource 90km from the Company’s concession, sufficient to support a mill throughput of 6.0Mtpa. The current Measured Water Resource of 80-100Mm3 will support the required 12,500m3/day for the life of mine.

Feasibility Study

The Project demonstrates strong economics and a robust production profile. The latest NI 43-101 Feasibility Study on Block 14, released in September 2020, indicates the Project will have a mine life of over 13 years and produce at over 228,000 oz per annum over the first seven years. At US$1,900/oz gold price, Block 14’s NPV exceeds U$1 billion.

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