The Dugbe Gold Project (the “Project”) is in southern Liberia within one of the last remaining genuinely
under-explored parts of the Birimian geological province which is host to the majority of West African gold
deposits. This part of the Birimian is has a growing gold endowment and Pasofino is a first mover with very
large ground holding: 2,559 km2. The Project area is located 70 km by road from the Greenville
deep-water port.
Following the completion of a Feasibility Study (FS) in June 2022, the Dugbe Gold Project is subject to a
joint venture agreement between Pasofino's wholly-owned subsidiary ARX and Hummingbird Resources Plc
(“Hummingbird”) (AIM:HUM) under which ARX holds a 49% economic interest*. On October 31, 2022 Pasofino
provided notice to Hummingbird that Pasofino is exercising its right to cause Hummingbird to sell to
Pasofino, Hummingbirds 51% interest in the shares of Hummingbird Resources (Liberia) Inc. and all
shareholder loans made by Hummingbird to Hummingbird Resources (Liberia) Inc. in order for Pasofino to
become owner of 100% of the Dugbe Gold Project (prior to giving effect to the 10% carried interest of the
Government of Liberia).
A mineral development agreement issued by the Government of Liberia for the project secures mining
rights and terms for 25 years.
The Tuzon and Dugbe F gold deposits are 4 km apart and were discovered by Hummingbird in 2009 and 2011
respectively. 82,000m of core drilling has been completed and fieldwork to support the Feasibility Study
completed by DRA Global (South Africa) in June 2022.
The Feasibility Study defines an open pit Mineral Reserve Estimate of 2.76 Moz of gold, planned to be mined
over 14 years, with an output of 200koz per annum for the first 5 years.
In addition, there are many gold prospects, two of which are within 10 km of the existing deposits and
drill-ready with gold in bedrock in outcrop and pits - Pasofino sampling returned up to 31 g/t Au.
* Pasofino has the right to acquire 100% of the Dugbe Gold Project by
converting Hummingbird's 51% ownership interest in Hummingbird Liberia for a 51% shareholding in
Pasofino, such that Pasofino would own 100% of Hummingbird Liberia and the Project (prior to the
government of Liberia's 10% carried interest), subject to the receipt of all required approvals
including the approval of the TSX Venture Exchange.