THE DUGBE

GOLD PROJECT

OVERVIEW
MINERAL RESOURCE ESTIMATE
MINING JURISDICTION LIBERIA
FEASIBILITY STUDY (NI 43-101 )
DEFINED GOLD DEPOSITS
ESIA APPROACH

PROJECT STATUS

PRE-PRODUCTION SEEKING PROJECT FINANCING

LOCATION

SOUTH-WEST LIBERIA, BIRIMIAN GEOLOGICAL REGION

OWNERSHIP

100% OWNED BY PASOFINO GOLD

Dugbe Project Location

STRONG MINING JURISDICTION -
TENURE SECURED

under the Mineral Development
Agreement with a
25-year mining right

LEARN MORE ➥

LARGE PRODUCTION PROFILE/ LONG MINE LIFE

2.3M oz Au production over 14 years,
open pit, low strip, strong grade and average annual production of over 171,000 oz pat

CORPORATE PRESENTATION ➥

ADVANCED-STAGE FEASIBILITY STUDY

completed June 2022 by
DRA Global, demonstrating
very strong project economics

2022 FEASIBILITY STUDY ➥

NEWS FROM

DUGBE

MINERAL
RESOURCE ESTIMATE

0.5 g/t Au cut-off- Grade Tonnes (million) Au Grade (g/t) Contained Gold (000 oz)
TUZON DEPOSIT
Measured & Indicated 53.2 1.40 2,396
Inferred 7.5 1.13 270
DUGBE F DEPOSIT
Measured & Indicated 22.1 1.29 916
Inferred 7.4 1.34 317
TOTAL Measured & Indicated 75.2 1.37 3,312
Total Inferred 14.9 1.23 588

NOTES:
(1)The effective date of the Mineral Resource Estimate is November 17, 2021, completed by SRK (UK)
(2) Rounding errors may be evident when combining totals in the table but are immaterial.
(3) The Qualified Person is Mr. Martin Pittuck (CEng, MIMMM) of SRK (UK) Limited.
(4) The Mineral Resource has been classified under the guidelines of the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council (2014), and procedures for classifying the reported Mineral Resources were undertaken within the context of the Canadian Securities Administrators National Instrument 43-101 (NI 43-101).
(5) Mineral Resources are not Mineral Reserves and have no demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, marketing, or other relevant issues. 6. Mineral Resource estimates are stated within conceptual pit shells that have been used to define Reasonable Prospects for Eventual Economic Extraction (RPEEE). The pit shells used the following main parameters: (i) Au price of US$1700/ounce; (ii) plant recovery of 90%; and (iii) mean specific gravity of 2.78 t/m3 for fresh rock and 2.1 t/m3 for oxide material.

FEASIBILITY HIGHLIGHTS (2022)

FINANCIAL METRICS

  • Pre-tax NPV5% of USD690M (USD524M post-tax),

  • 26.4% IRR (23.6% post-tax) using a base gold price of 1,700 USD/oz.

  • Life of Mine (LOM) AISC 1,005 USD/oz

INITIAL CAPITAL

  • 29 USD/t of ore cash cost

  • Pre-production capital of USD397M excluding USD37M owners’ costs

  • 3.3-year capital pay-back

LARGE MINERAL RESERVE

  • 200koz per year Au production from open pit

  • 2.76Moz gold in Mineral Reserves with an average grade of 1.30 g/t Au.

  • Reserves support 2.27Moz produced over a 14-year LOM

  • LOM metallurgical recovery of 83% from the FS test work

  • Average annual production of 200koz for the first 5 years

  • LOM strip ratio is low at 4.2:1 and lower for first 5 years

  • 5Mtpa processing plant process plant midway between the two deposits

TUZON

  • Outcrops at surface over most of its strike length

  • Deepest part of the current Mineral Resource Estimate (MRE) is approx. 390m below surface

  • Gold mineralized layer varies in thickness from < 10m to approx. 100m and is comprised of:

    • Inner zone with higher grade >= 0.8-1.0g/t Au

    • Outer zone with grades between 0.4 and 0.8g/t Au

Dugbe Project Gold Deposits

DUGBE F

  • Mineralized layer has a thickness ranging from <1m up to 20m

  • Sequence of rocks is the same as Tuzon

  • Grade is generally higher at the centre of the mineralized layer

LIBERIA

- AN INVESTMENT CASE

Stable democracy since 2013 – US presence and history

Established gold and iron ore mining industry

One of the last West African gold exploration frontiers

Mining laws based on Austrialian mining regulations

One of the highest FDI:GDP levels in West Africa

Pro-mining government and favourable terms

EITI-compliant since 2011

Mining contributes approximately 10% to economic growth

ESIA APPROACH

A sustainable forestry project is part of Pasofino’s ESG initiative that will aid in offsetting carbon and biodiversity impacts and involve collaboration with the Government and local communities.

    • Resettlement policy framework to guide eventual RAP process and ASM action plan developed

    • Alternative livelihoods developed through a sustainable forestry project

    • Carbon credits will be generated through a sustainable forestry project

    • Project layout adjusted to avoid these areas as far as possible; biodiversity and soil management plans developed; biodiversity off-set planned

    • TSF lined and designed to conform with GISTM, with treatment of excess water discharged the Dugbe River to meet at least effluent standards