Project Portfolio

Sanankoro Gold Project

Sanankoro Gold Project
Location Yanfolila Gold Belt, Southern Mali
Project Area Five contiguous permits encompassing c.342 sq km​
Gold Mineralisation Oxides up to 207m depth and high-grade sulphides identified at depth​
DFS & Optimised Project Economics
  • 52.3% IRR
  • 1.2 year payback period
  • US$71.8m first full year FCF
  • US$234m FCF over life of mine
  • US$997/oz AISC
  • 6.8 years Reserve mine life
  • 56,000 oz pa average production
  • US$90m pre-production capital

(based on a gold price of US$1,750/oz, announcement 21 November 2022)
Maiden Probable Reserve 10.1 Mt at 1.30 g/t Au for 422 koz
(based on a gold price of US$1,650/oz, announcement 21 November 2022)​
Mineral Resource Estimate 24.9 Mt at 1.15 g/t Au for 920 koz, comprising

  • Indicated 16.1 Mt at 1.27 g/t Au for 657 koz plus
  • Inferred 8.7 Mt at 0.94 g/t Au for 263 koz

(cut-off grade 0.4 g/t Au, announcement 19 July 2022)
Additional Exploration Targets 26.0-35.2 Mt at 0.58-1.21 g/t Au for 490-1,370 koz
(announcement 07 November 2022)

Sanankoro Timeline

Sanankoro Financing

Lionhead Capital Advisors Proprietary Limited, acting as lead investor and arranger on behalf of a consortium of investors, has confirmed continued support for Sanankoro and is in discussions around a term sheet for up to US$30m (announcement 21 November 2022).

More about the consortium
The consortium comprises highly experienced and successful natural resources investors, including:
  • the founders of LionOre Mining International (bought by Norilsk Nickel for US$6.3bn in 2007)
  • the initial investors in Mantra Resources (bought by ROSATOM for AUD$1.2bn in 2010)