Building a mid-tier gold producer

Organic Growth & Expansion Projects

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The expansion of the Asanko Gold Mine consists of two discrete phases: an expansion of mining operations to integrate Esaase, including the construction of a 27km overland conveyor, and an upgrade of the existing processing facilities from 3.6 million tonnes per annum (“Mtpa”) to 5Mtpa (“Project 5M”). The second phase is the construction of an additional carbon-in-leach (“CIL”) plant to double throughput from 5Mtpa to 10Mtpa (“Project 10M”). Once completed, the Asanko Gold Mine is targeting production in excess of 450,000 ounces of gold per annum from 2020 onwards. A DFS on the expansion projects will be published in Q2 2017.

Following Board approval in Q4 2016, Front End Engineering and Design ("FEED") for the conveyor and Project 5M is underway and will be completed in Q2 2017. The plant upgrades are expected to be completed by Q4 2017. Construction of the conveyor is expected to begin in Q2 2017 and be completed during Q4 2018. Pre-stripping and mine infrastructure development at Esaase is expected to start in H2 2018.

The permitting process for the first phase of the expansion has now been completed. The Ghanaian Environmental Protection Agency (“EPA”) has issued its environmental permit for mining operations at Esaase and the overland conveyor to the AGM processing facility. This critical step was achieved following the EPA’s approval of the Environmental Impact Statement. The Minerals Commission has also issued the mine operating permit for the Esaase pits.

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