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)