# Desert Gold Delivers PEA Update for SMSZ Project with USD $61 Million After-Tax NPV \(10%\) and 57% IRR at USD $2,850/oz Gold for Barani and Gourbassi Deposits in West Mali

Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/desert-gold-delivers-pea-update-for-smsz-project-with-usd-61-million-after-tax-n--804618f0-2d1d-4f20-885a-1f887e4b9bbb

Original source: https://money.tmx.com/en/quote/DAU/news/8652145118788408/desert-gold-delivers-pea-update-for-smsz-project-with-usd-61-million-after-tax-n

Publisher: tmx

Original announcement: 2025-11-25T10:30:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: Unknown date

Atlas analysis updated: Unknown date

- Company: Desert Gold Ventures Inc.

- Ticker: DAU

- Exchange: TSX

- Region: Mali

- Primary commodity: Gold

- Secondary commodities: None reported

- Document categories: Resource update, Metallurgy

- Extracted: 2026-09-15 19:11:16 UTC

Narrative sentiment: 0.80 · Bullish

## Minestarters Atlas summary

Desert Gold Ventures Inc. announced an updated Preliminary Economic Assessment \(PEA\) for its SMSZ Gold Project in western Mali, highlighting a post-tax NPV\(10%\) of USD $61 million and an IRR of 57% at a base case gold price of USD $2,850/oz. The updated PEA projects a doubling of gold production to 36 ktpm over a 10-year mine life, with an average gold process recovery of 87% from free-milling oxide and transitional material. The project benefits from a modular plant design and significant gold resources remaining outside the current mine plan, though the study is preliminary and includes Inferred resources.

Reasoning: The updated Preliminary Economic Assessment demonstrates robust economics for the SMSZ Project with increased production and good metallurgical recoveries, supported by a significant resource base. While the study is preliminary and excludes a portion of the total resource, the positive financial metrics and operational flexibility are strong indicators of project potential.

- Positive factor: Strong project economics with a 57% IRR and $61M NPV\(10%\) at base case gold price, and significantly higher at current spot prices.

- Positive factor: Projected doubling of gold production to 36 ktpm over a 10-year mine life.

- Positive factor: High average gold process recovery of 87% using a conventional gravity and CIL flowsheet.

- Positive factor: Modular plant design allows for staged development, reducing upfront capital costs and providing operational flexibility.

- Positive factor: Free-milling ore with no significant refractory or preg-robbing behavior identified, indicating straightforward processing.

- Positive factor: Significant gold resources \(over 1 million ounces\) remain outside the current PEA pit shells, offering future expansion potential.

- Positive factor: The PEA and MRE were prepared in accordance with NI 43-101 guidelines and signed off by Qualified Persons.

- Negative factor: The PEA is an early-stage study and includes Inferred Mineral Resources, which are considered geologically uncertain and cannot support economic evaluations for reserves.

- Negative factor: The current PEA mine plan only incorporates oxide and transitional mineralization, excluding deeper sulfide mineralization which constitutes a significant portion of the total MRE.

- Negative factor: Funding for construction still needs to be secured, although the company is in advanced discussions.

Low confidence — this extraction should be reviewed alongside the original source.

Facts used in scoring: 27

## Classification and evidence

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: The document announces an 'updated Preliminary Economic Assessment' which includes an updated Mineral Resource Estimate for the SMSZ Project.

Evidence · text

> results of its newly updated Preliminary Economic Assessment \("PEA"\)

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: The PEA and MRE were prepared in accordance with NI 43-101 standards.

Evidence · text

> prepared in accordance with the definitions and guidelines set out by the Canadian Institute of Mining, Metallurgy and Petroleum \(CIM\), as adopted by reference under National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: The technical content was prepared and reviewed under the supervision of Mr. Daniel \(Daan\) van Heerden, a Qualified Person \(QP\) as defined by NI 43-101, and also reviewed and approved by Ty Magee, a Qualified Person.

Evidence · text

> Mr. Daniel \(Daan\) van Heerden \(B Eng \(Min.\), MCom \(Bus. Admin.\), MMC, Pr.Eng. \(Reg. No. 20050318\), FSAIMM \(Reg. No. 37309\), AMMSA\), a Director with Minxcon who is a Qualified Person \(QP\) as defined by NI 43-101 and independent of Desert Gold Ventures Inc. The full NI 43-101 Technical Report for the SMSZ Project will be filed and available on SEDAR+ \( www.sedarplus.ca \) within 45 days of this news release. The scientific and technical information contained in this news release has been also reviewed and approved by Ty Magee \(M.Sc., P. Geo\), a Qualified person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: The cutoff grade for reporting the Mineral Resource Estimate is explicitly stated as 0.2 g/t Au.

Evidence · text

> The current cutoff grade for reporting the Mineral Resource Estimate \(MRE\) is 0.2 g/t Au.

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: The PEA includes Inferred Mineral Resources, which are considered too geologically uncertain to support economic evaluations for reserves.

Evidence · text

> This Preliminary Economic Assessment \(PEA\) is an early-stage study that includes Inferred Mineral Resources. These resources are considered too geologically uncertain to support economic evaluations that would allow them to be classified as Mineral Reserves.

**High Recovery**

Polarity: positive

Definition: Recovery at or above the exceptional band for the commodity and processing route.

Why it applies: The average gold process recovery is 87%, which is strong for a CIL processing flowsheet.

Evidence · text

> average metallurgical recovery of 87%

**Bench Scale Only**

Polarity: negative

Definition: Only preliminary bench tests completed — no locked-cycle or pilot work.

Why it applies: The test work conducted to date includes 'Preliminary bottle roll and gravity recovery tests', which are bench-scale tests.

Evidence · text

> Preliminary bottle roll and gravity recovery tests, combined with regional analogues, indicate an average gold recovery of 87%

**Free Milling**

Polarity: positive

Definition: Simple, clean ore amenable to standard processing without oxidation.

Why it applies: The ore demonstrates 'free-milling gold mineralization' and 'no significant refractory or preg-robbing behavior have been identified'.

Evidence · text

> all of which demonstrate free-milling gold mineralization suitable for gravity recovery followed by carbon-in-leach \(CIL\) processing. Importantly, no significant refractory or preg-robbing behavior have been identified

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: The processing flowsheet involves 'gravity and CIL processing'.

Evidence · text

> gravity and CIL processing flowsheet

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: The document is a Preliminary Economic Assessment \(PEA\) update.

Evidence · text

> updated Preliminary Economic Assessment \("PEA"\)

**Gravity Route**

Polarity: neutral

Definition: Gravity separation forms a material part of the flowsheet.

Why it applies: the document describes a gravity route \("gravity"\)

## Extracted facts

Stored fact records: 27. Some facts used in scoring do not have a stored record.

## Resource Estimates (26)

### measured

[Link to this fact](https://atlas-extractions.minestarters.com/news/desert-gold-delivers-pea-update-for-smsz-project-with-usd-61-million-after-tax-n--804618f0-2d1d-4f20-885a-1f887e4b9bbb#fact-resource-facts-0)

SMSZ Gold Project · gold

#### Identity

- Project: SMSZ Gold Project
- Commodity: gold
- Region: mali
- Reported Region: Mali
- Ticker: DAU

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Daniel \(Daan\) van Heerden, Ty Magee
- Resource group id: resource:98541d04b32a1c48b827
- Deposit or zone: Gourbassi West
- Mining method: combined
- Ownership percent: 100 %

#### Resource Data

- Category: measured
- Tonnes: 2460000
- Grade: 0.78
- Grade Unit: g/t
- Contained Metal: 61600
- Contained Unit: oz
- Cutoff Grade: 0.2
- Cutoff Unit: g/t Au

#### Prior Estimate

- Resource Date: 2025-11-25

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-11-25T00:00:00.000Z

Reasoning: This Measured resource at Gourbassi West contributes significantly to the project's high-confidence gold inventory, supporting the economic assessment.

- Positive factor: Measured category indicates high geological confidence.

- Positive factor: Good grade for an open pit gold project.

Evidence · table

> 0.78

Context: 2.46

#### Tags used in scoring

**Measured Resource**

Polarity: positive

Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### measured

[Link to this fact](https://atlas-extractions.minestarters.com/news/desert-gold-delivers-pea-update-for-smsz-project-with-usd-61-million-after-tax-n--804618f0-2d1d-4f20-885a-1f887e4b9bbb#fact-resource-facts-1)

SMSZ Gold Project · gold

#### Identity

- Project: SMSZ Gold Project
- Commodity: gold
- Region: mali
- Reported Region: Mali
- Ticker: DAU

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Daniel \(Daan\) van Heerden, Ty Magee
- Resource group id: resource:223172fd31e02ecc4a9e
- Deposit or zone: Barani East
- Mining method: combined
- Ownership percent: 100 %

#### Resource Data

- Category: measured
- Tonnes: 680000
- Grade: 2
- Grade Unit: g/t
- Contained Metal: 43900
- Contained Unit: oz
- Cutoff Grade: 0.2
- Cutoff Unit: g/t Au

#### Prior Estimate

- Resource Date: 2025-11-25

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-11-25T00:00:00.000Z

Reasoning: This Measured resource at Barani East provides a high-grade component to the project's resource base, enhancing overall project economics.

- Positive factor: Measured category indicates high geological confidence.

- Positive factor: Strong gold grade for an open pit project.

Evidence · table

> 2

Context: 0.68

#### Tags used in scoring

**Measured Resource**

Polarity: positive

Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### measured

[Link to this fact](https://atlas-extractions.minestarters.com/news/desert-gold-delivers-pea-update-for-smsz-project-with-usd-61-million-after-tax-n--804618f0-2d1d-4f20-885a-1f887e4b9bbb#fact-resource-facts-2)

SMSZ Gold Project · gold

#### Identity

- Project: SMSZ Gold Project
- Commodity: gold
- Region: mali
- Reported Region: Mali
- Ticker: DAU

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Daniel \(Daan\) van Heerden, Ty Magee
- Resource group id: resource:ae0333be3d952d9a0bb1
- Deposit or zone: Total Measured
- Mining method: combined
- Ownership percent: 100 %

#### Resource Data

- Category: measured
- Tonnes: 3140000
- Grade: 1.05
- Grade Unit: g/t
- Contained Metal: 105500
- Contained Unit: oz
- Cutoff Grade: 0.2
- Cutoff Unit: g/t Au

#### Prior Estimate

- Resource Date: 2025-11-25

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-11-25T00:00:00.000Z

Reasoning: The total Measured resource demonstrates a solid, high-confidence portion of the project's gold inventory, underpinning the PEA.

- Positive factor: Significant Measured resource tonnage and contained gold, providing a high-confidence foundation for the project.

Evidence · table

> 1.05

Context: 3.14

#### Tags used in scoring

**Measured Resource**

Polarity: positive

Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/desert-gold-delivers-pea-update-for-smsz-project-with-usd-61-million-after-tax-n--804618f0-2d1d-4f20-885a-1f887e4b9bbb#fact-resource-facts-3)

SMSZ Gold Project · gold

#### Identity

- Project: SMSZ Gold Project
- Commodity: gold
- Region: mali
- Reported Region: Mali
- Ticker: DAU

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Daniel \(Daan\) van Heerden, Ty Magee
- Resource group id: resource:ad3df3dc3b00b4112b39
- Deposit or zone: Gourbassi East
- Mining method: combined
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 2720000
- Grade: 1.06
- Grade Unit: g/t
- Contained Metal: 92600
- Contained Unit: oz
- Cutoff Grade: 0.2
- Cutoff Unit: g/t Au

#### Prior Estimate

- Resource Date: 2025-11-25

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-11-25T00:00:00.000Z

Reasoning: This Indicated resource at Gourbassi East adds a substantial, reasonably confident gold inventory to the project, contributing to the PEA.

- Positive factor: Indicated category provides reasonable geological confidence.

- Positive factor: Good grade for an open pit gold project.

Evidence · table

> 1.06

Context: 2.72

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/desert-gold-delivers-pea-update-for-smsz-project-with-usd-61-million-after-tax-n--804618f0-2d1d-4f20-885a-1f887e4b9bbb#fact-resource-facts-4)

SMSZ Gold Project · gold

#### Identity

- Project: SMSZ Gold Project
- Commodity: gold
- Region: mali
- Reported Region: Mali
- Ticker: DAU

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Daniel \(Daan\) van Heerden, Ty Magee
- Resource group id: resource:86b2d1b4064740e6a02a
- Deposit or zone: Gourbassi West
- Mining method: combined
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 4280000
- Grade: 0.65
- Grade Unit: g/t
- Contained Metal: 89700
- Contained Unit: oz
- Cutoff Grade: 0.2
- Cutoff Unit: g/t Au

#### Prior Estimate

- Resource Date: 2025-11-25

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-11-25T00:00:00.000Z

Reasoning: This Indicated resource at Gourbassi West adds substantial tonnage to the project's gold inventory, supporting the PEA with reasonable confidence.

- Positive factor: Indicated category provides reasonable geological confidence.

- Positive factor: Significant tonnage contribution.

Evidence · table

> 0.65

Context: 4.28

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/desert-gold-delivers-pea-update-for-smsz-project-with-usd-61-million-after-tax-n--804618f0-2d1d-4f20-885a-1f887e4b9bbb#fact-resource-facts-5)

SMSZ Gold Project · gold

#### Identity

- Project: SMSZ Gold Project
- Commodity: gold
- Region: mali
- Reported Region: Mali
- Ticker: DAU

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Daniel \(Daan\) van Heerden, Ty Magee
- Resource group id: resource:772d9f20a00693cb3c89
- Deposit or zone: Barani East
- Mining method: combined
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 980000
- Grade: 1.56
- Grade Unit: g/t
- Contained Metal: 49000
- Contained Unit: oz
- Cutoff Grade: 0.2
- Cutoff Unit: g/t Au

#### Prior Estimate

- Resource Date: 2025-11-25

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-11-25T00:00:00.000Z

Reasoning: This Indicated resource at Barani East contributes a high-grade component to the project's gold inventory, enhancing the overall economic assessment.

- Positive factor: Indicated category provides reasonable geological confidence.

- Positive factor: Strong gold grade for an open pit project.

Evidence · table

> 1.56

Context: 0.98

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/desert-gold-delivers-pea-update-for-smsz-project-with-usd-61-million-after-tax-n--804618f0-2d1d-4f20-885a-1f887e4b9bbb#fact-resource-facts-6)

SMSZ Gold Project · gold

#### Identity

- Project: SMSZ Gold Project
- Commodity: gold
- Region: mali
- Reported Region: Mali
- Ticker: DAU

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Daniel \(Daan\) van Heerden, Ty Magee
- Resource group id: resource:00b5f07d41a388b6aa66
- Deposit or zone: Total Indicated
- Mining method: combined
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 7980000
- Grade: 0.9
- Grade Unit: g/t
- Contained Metal: 231300
- Contained Unit: oz
- Cutoff Grade: 0.2
- Cutoff Unit: g/t Au

#### Prior Estimate

- Resource Date: 2025-11-25

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-11-25T00:00:00.000Z

Reasoning: The total Indicated resource represents a substantial and reasonably confident portion of the project's gold inventory, crucial for the PEA.

- Positive factor: Significant Indicated resource tonnage and contained gold, providing a strong base for economic studies.

Evidence · table

> 0.9

Context: 7.98

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/desert-gold-delivers-pea-update-for-smsz-project-with-usd-61-million-after-tax-n--804618f0-2d1d-4f20-885a-1f887e4b9bbb#fact-resource-facts-7)

SMSZ Gold Project · gold

#### Identity

- Project: SMSZ Gold Project
- Commodity: gold
- Region: mali
- Reported Region: Mali
- Ticker: DAU

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Daniel \(Daan\) van Heerden, Ty Magee
- Resource group id: resource:b85272a7b0d6e4fd2d31
- Deposit or zone: Total M&I
- Mining method: combined
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 11120000
- Grade: 0.94
- Grade Unit: g/t
- Contained Metal: 336800
- Contained Unit: oz
- Cutoff Grade: 0.2
- Cutoff Unit: g/t Au

#### Prior Estimate

- Resource Date: 2025-11-25

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-11-25T00:00:00.000Z

Reasoning: The combined M&I resource represents a significant and confident gold inventory, forming the foundation for the project's economic assessment.

- Positive factor: Substantial Measured and Indicated resource base, providing a high level of confidence for the project's economic viability.

Evidence · table

> 0.94

Context: 11.12

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/desert-gold-delivers-pea-update-for-smsz-project-with-usd-61-million-after-tax-n--804618f0-2d1d-4f20-885a-1f887e4b9bbb#fact-resource-facts-8)

SMSZ Gold Project · gold

#### Identity

- Project: SMSZ Gold Project
- Commodity: gold
- Region: mali
- Reported Region: Mali
- Ticker: DAU

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Daniel \(Daan\) van Heerden, Ty Magee
- Resource group id: resource:b08fbd34c15043895084
- Deposit or zone: Mogoyafara South
- Mining method: combined
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 14330000
- Grade: 0.97
- Grade Unit: g/t
- Contained Metal: 447500
- Contained Unit: oz
- Cutoff Grade: 0.2
- Cutoff Unit: g/t Au

#### Prior Estimate

- Resource Date: 2025-11-25

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-11-25T00:00:00.000Z

Reasoning: This large Inferred resource at Mogoyafara South highlights substantial exploration upside, though it requires further work to upgrade confidence.

- Positive factor: Large Inferred resource tonnage, indicating significant exploration potential.

- Negative factor: Inferred category has a low level of confidence and cannot be used for economic studies without further drilling.

Evidence · table

> 0.97

Context: 14.33

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/desert-gold-delivers-pea-update-for-smsz-project-with-usd-61-million-after-tax-n--804618f0-2d1d-4f20-885a-1f887e4b9bbb#fact-resource-facts-9)

SMSZ Gold Project · gold

#### Identity

- Project: SMSZ Gold Project
- Commodity: gold
- Region: mali
- Reported Region: Mali
- Ticker: DAU

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Daniel \(Daan\) van Heerden, Ty Magee
- Resource group id: resource:97da9594025d84eafbcb
- Deposit or zone: Linnguekoto West
- Mining method: combined
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 1470000
- Grade: 1.42
- Grade Unit: g/t
- Contained Metal: 67000
- Contained Unit: oz
- Cutoff Grade: 0.2
- Cutoff Unit: g/t Au

#### Prior Estimate

- Resource Date: 2025-11-25

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-11-25T00:00:00.000Z

Reasoning: This Inferred resource at Linnguekoto West shows promising grades, suggesting potential for future resource upgrades with additional exploration.

- Positive factor: Good grade for an Inferred resource, indicating potential for higher-grade zones.

- Negative factor: Inferred category has a low level of confidence and cannot be used for economic studies without further drilling.

Evidence · table

> 1.42

Context: 1.47

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/desert-gold-delivers-pea-update-for-smsz-project-with-usd-61-million-after-tax-n--804618f0-2d1d-4f20-885a-1f887e4b9bbb#fact-resource-facts-10)

SMSZ Gold Project · gold

#### Identity

- Project: SMSZ Gold Project
- Commodity: gold
- Region: mali
- Reported Region: Mali
- Ticker: DAU

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Daniel \(Daan\) van Heerden, Ty Magee
- Resource group id: resource:4c49a4cd73438a7bdba6
- Deposit or zone: Gourbassi East
- Mining method: combined
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 2220000
- Grade: 1.21
- Grade Unit: g/t
- Contained Metal: 86000
- Contained Unit: oz
- Cutoff Grade: 0.2
- Cutoff Unit: g/t Au

#### Prior Estimate

- Resource Date: 2025-11-25

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-11-25T00:00:00.000Z

Reasoning: This Inferred resource at Gourbassi East adds to the project's exploration potential with promising grades.

- Positive factor: Good grade for an Inferred resource, indicating potential for higher-grade zones.

- Negative factor: Inferred category has a low level of confidence and cannot be used for economic studies without further drilling.

Evidence · table

> 1.21

Context: 2.22

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/desert-gold-delivers-pea-update-for-smsz-project-with-usd-61-million-after-tax-n--804618f0-2d1d-4f20-885a-1f887e4b9bbb#fact-resource-facts-11)

SMSZ Gold Project · gold

#### Identity

- Project: SMSZ Gold Project
- Commodity: gold
- Region: mali
- Reported Region: Mali
- Ticker: DAU

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Daniel \(Daan\) van Heerden, Ty Magee
- Resource group id: resource:5fe7588c8f6aadb72917
- Deposit or zone: Gourbassi West
- Mining method: combined
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 3460000
- Grade: 0.75
- Grade Unit: g/t
- Contained Metal: 83800
- Contained Unit: oz
- Cutoff Grade: 0.2
- Cutoff Unit: g/t Au

#### Prior Estimate

- Resource Date: 2025-11-25

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-11-25T00:00:00.000Z

Reasoning: This Inferred resource at Gourbassi West adds substantial tonnage to the project's exploration potential, requiring further definition.

- Positive factor: Significant tonnage for an Inferred resource, contributing to overall project scale.

- Negative factor: Inferred category has a low level of confidence and cannot be used for economic studies without further drilling.

Evidence · table

> 0.75

Context: 3.46

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/desert-gold-delivers-pea-update-for-smsz-project-with-usd-61-million-after-tax-n--804618f0-2d1d-4f20-885a-1f887e4b9bbb#fact-resource-facts-12)

SMSZ Gold Project · gold

#### Identity

- Project: SMSZ Gold Project
- Commodity: gold
- Region: mali
- Reported Region: Mali
- Ticker: DAU

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Daniel \(Daan\) van Heerden, Ty Magee
- Resource group id: resource:346badd3e282b4aeb119
- Deposit or zone: Gourbassi West North
- Mining method: combined
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 2450000
- Grade: 0.72
- Grade Unit: g/t
- Contained Metal: 56500
- Contained Unit: oz
- Cutoff Grade: 0.2
- Cutoff Unit: g/t Au

#### Prior Estimate

- Resource Date: 2025-11-25

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-11-25T00:00:00.000Z

Reasoning: This Inferred resource at Gourbassi West North contributes to the project's overall exploration potential, requiring further definition.

- Positive factor: Adds to the overall Inferred resource base, indicating further exploration potential.

- Negative factor: Inferred category has a low level of confidence and cannot be used for economic studies without further drilling.

Evidence · table

> 0.72

Context: 2.45

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/desert-gold-delivers-pea-update-for-smsz-project-with-usd-61-million-after-tax-n--804618f0-2d1d-4f20-885a-1f887e4b9bbb#fact-resource-facts-13)

SMSZ Gold Project · gold

#### Identity

- Project: SMSZ Gold Project
- Commodity: gold
- Region: mali
- Reported Region: Mali
- Ticker: DAU

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Daniel \(Daan\) van Heerden, Ty Magee
- Resource group id: resource:3592253095dc566326aa
- Deposit or zone: Barani East
- Mining method: combined
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 1240000
- Grade: 1.38
- Grade Unit: g/t
- Contained Metal: 55100
- Contained Unit: oz
- Cutoff Grade: 0.2
- Cutoff Unit: g/t Au

#### Prior Estimate

- Resource Date: 2025-11-25

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-11-25T00:00:00.000Z

Reasoning: This Inferred resource at Barani East shows promising grades, suggesting potential for future resource upgrades with additional exploration.

- Positive factor: Good grade for an Inferred resource, indicating potential for higher-grade zones.

- Negative factor: Inferred category has a low level of confidence and cannot be used for economic studies without further drilling.

Evidence · table

> 1.38

Context: 1.24

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/desert-gold-delivers-pea-update-for-smsz-project-with-usd-61-million-after-tax-n--804618f0-2d1d-4f20-885a-1f887e4b9bbb#fact-resource-facts-14)

SMSZ Gold Project · gold

#### Identity

- Project: SMSZ Gold Project
- Commodity: gold
- Region: mali
- Reported Region: Mali
- Ticker: DAU

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Daniel \(Daan\) van Heerden, Ty Magee
- Resource group id: resource:553dfb1f9db5a2a2e208
- Deposit or zone: Barani Gap
- Mining method: combined
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 1070000
- Grade: 0.88
- Grade Unit: g/t
- Contained Metal: 30200
- Contained Unit: oz
- Cutoff Grade: 0.2
- Cutoff Unit: g/t Au

#### Prior Estimate

- Resource Date: 2025-11-25

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-11-25T00:00:00.000Z

Reasoning: This Inferred resource at Barani Gap contributes to the project's overall exploration potential, requiring further definition.

- Positive factor: Adds to the overall Inferred resource base, indicating further exploration potential.

- Negative factor: Inferred category has a low level of confidence and cannot be used for economic studies without further drilling.

Evidence · table

> 0.88

Context: 1.07

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/desert-gold-delivers-pea-update-for-smsz-project-with-usd-61-million-after-tax-n--804618f0-2d1d-4f20-885a-1f887e4b9bbb#fact-resource-facts-15)

SMSZ Gold Project · gold

#### Identity

- Project: SMSZ Gold Project
- Commodity: gold
- Region: mali
- Reported Region: Mali
- Ticker: DAU

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Daniel \(Daan\) van Heerden, Ty Magee
- Resource group id: resource:2d67af800a9ffe4f24a4
- Deposit or zone: Kenieglou
- Mining method: combined
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 460000
- Grade: 2.4
- Grade Unit: g/t
- Contained Metal: 35200
- Contained Unit: oz
- Cutoff Grade: 0.2
- Cutoff Unit: g/t Au

#### Prior Estimate

- Resource Date: 2025-11-25

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-11-25T00:00:00.000Z

Reasoning: This high-grade Inferred resource at Keniegoulou highlights significant potential for future high-grade additions to the resource base.

- Positive factor: Very high grade for an Inferred resource, indicating strong potential for high-grade zones.

- Negative factor: Inferred category has a low level of confidence and cannot be used for economic studies without further drilling.

Evidence · table

> 2.4

Context: 0.46

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/desert-gold-delivers-pea-update-for-smsz-project-with-usd-61-million-after-tax-n--804618f0-2d1d-4f20-885a-1f887e4b9bbb#fact-resource-facts-16)

SMSZ Gold Project · gold

#### Identity

- Project: SMSZ Gold Project
- Commodity: gold
- Region: mali
- Reported Region: Mali
- Ticker: DAU

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Daniel \(Daan\) van Heerden, Ty Magee
- Resource group id: resource:f7ae99152a0d9e7859c2
- Deposit or zone: KE
- Mining method: combined
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 470000
- Grade: 1.23
- Grade Unit: g/t
- Contained Metal: 18600
- Contained Unit: oz
- Cutoff Grade: 0.2
- Cutoff Unit: g/t Au

#### Prior Estimate

- Resource Date: 2025-11-25

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-11-25T00:00:00.000Z

Reasoning: This Inferred resource at KE contributes to the project's overall exploration potential with promising grades.

- Positive factor: Adds to the overall Inferred resource base with a good grade.

- Negative factor: Inferred category has a low level of confidence and cannot be used for economic studies without further drilling.

Evidence · table

> 1.23

Context: 0.47

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/desert-gold-delivers-pea-update-for-smsz-project-with-usd-61-million-after-tax-n--804618f0-2d1d-4f20-885a-1f887e4b9bbb#fact-resource-facts-17)

SMSZ Gold Project · gold

#### Identity

- Project: SMSZ Gold Project
- Commodity: gold
- Region: mali
- Reported Region: Mali
- Ticker: DAU

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Daniel \(Daan\) van Heerden, Ty Magee
- Resource group id: resource:595ae692cb5f5de85d07
- Deposit or zone: Total Inferred
- Mining method: combined
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 27160000
- Grade: 1.01
- Grade Unit: g/t
- Contained Metal: 879900
- Contained Unit: oz
- Cutoff Grade: 0.2
- Cutoff Unit: g/t Au

#### Prior Estimate

- Resource Date: 2025-11-25

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-11-25T00:00:00.000Z

Reasoning: The total Inferred resource represents a significant exploration target, providing substantial upside potential for the project's future growth.

- Positive factor: Very large Inferred resource tonnage and contained gold, indicating substantial long-term exploration potential.

- Negative factor: Inferred category has a low level of confidence and cannot be used for economic studies without further drilling.

Evidence · table

> 1.01

Context: 27.16

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### measured

[Link to this fact](https://atlas-extractions.minestarters.com/news/desert-gold-delivers-pea-update-for-smsz-project-with-usd-61-million-after-tax-n--804618f0-2d1d-4f20-885a-1f887e4b9bbb#fact-resource-facts-18)

SMSZ Gold Project · gold

#### Identity

- Project: SMSZ Gold Project
- Commodity: gold
- Region: mali
- Reported Region: Mali
- Ticker: DAU

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Daniel \(Daan\) van Heerden, Ty Magee
- Resource group id: resource:daa9c91de243eb2606f6
- Deposit or zone: Barani
- Mining method: combined
- Ownership percent: 100 %

#### Resource Data

- Category: measured
- Tonnes: 148000
- Grade: 2.42
- Grade Unit: g/t
- Contained Metal: 11.5
- Contained Unit: koz
- Cutoff Grade: 0.2
- Cutoff Unit: g/t Au

#### Prior Estimate

- Resource Date: 2025-11-25

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-11-25T00:00:00.000Z

Reasoning: This Measured resource within the Barani pit is a high-confidence, high-grade component directly contributing to the PEA mine plan.

- Positive factor: High-grade Measured resource within the PEA pit, providing high confidence for early production.

Evidence · table

> 2.42

Context: 148

#### Tags used in scoring

**Measured Resource**

Polarity: positive

Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/desert-gold-delivers-pea-update-for-smsz-project-with-usd-61-million-after-tax-n--804618f0-2d1d-4f20-885a-1f887e4b9bbb#fact-resource-facts-19)

SMSZ Gold Project · gold

#### Identity

- Project: SMSZ Gold Project
- Commodity: gold
- Region: mali
- Reported Region: Mali
- Ticker: DAU

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Daniel \(Daan\) van Heerden, Ty Magee
- Resource group id: resource:49d48d12ad2915ca8f2b
- Deposit or zone: Barani
- Mining method: combined
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 43000
- Grade: 1.91
- Grade Unit: g/t
- Contained Metal: 2.7
- Contained Unit: koz
- Cutoff Grade: 0.2
- Cutoff Unit: g/t Au

#### Prior Estimate

- Resource Date: 2025-11-25

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-11-25T00:00:00.000Z

Reasoning: This Indicated resource within the Barani pit provides a high-grade, reasonably confident component for the PEA mine plan.

- Positive factor: High-grade Indicated resource within the PEA pit, adding confidence to the mine plan.

Evidence · table

> 1.91

Context: 43

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/desert-gold-delivers-pea-update-for-smsz-project-with-usd-61-million-after-tax-n--804618f0-2d1d-4f20-885a-1f887e4b9bbb#fact-resource-facts-20)

SMSZ Gold Project · gold

#### Identity

- Project: SMSZ Gold Project
- Commodity: gold
- Region: mali
- Reported Region: Mali
- Ticker: DAU

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Daniel \(Daan\) van Heerden, Ty Magee
- Resource group id: resource:3986e91e7a69798f4e3f
- Deposit or zone: Barani
- Mining method: combined
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 339000
- Grade: 1.58
- Grade Unit: g/t
- Contained Metal: 17.3
- Contained Unit: koz
- Cutoff Grade: 0.2
- Cutoff Unit: g/t Au

#### Prior Estimate

- Resource Date: 2025-11-25

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-11-25T00:00:00.000Z

Reasoning: This Inferred resource within the Barani pit contributes to the PEA mine plan, but its lower confidence requires further definition.

- Positive factor: Good grade for an Inferred resource within the PEA pit, indicating potential for future upgrades.

- Negative factor: Inferred category has a low level of confidence and cannot be used for economic studies without further drilling.

Evidence · table

> 1.58

Context: 339

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### measured

[Link to this fact](https://atlas-extractions.minestarters.com/news/desert-gold-delivers-pea-update-for-smsz-project-with-usd-61-million-after-tax-n--804618f0-2d1d-4f20-885a-1f887e4b9bbb#fact-resource-facts-21)

SMSZ Gold Project · gold

#### Identity

- Project: SMSZ Gold Project
- Commodity: gold
- Region: mali
- Reported Region: Mali
- Ticker: DAU

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Daniel \(Daan\) van Heerden, Ty Magee
- Resource group id: resource:f4494024e08643d970d2
- Deposit or zone: Gourbassi West &West North
- Mining method: combined
- Ownership percent: 100 %

#### Resource Data

- Category: measured
- Tonnes: 1289000
- Grade: 0.92
- Grade Unit: g/t
- Contained Metal: 38.1
- Contained Unit: koz
- Cutoff Grade: 0.2
- Cutoff Unit: g/t Au

#### Prior Estimate

- Resource Date: 2025-11-25

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-11-25T00:00:00.000Z

Reasoning: This Measured resource within the Gourbassi West & West North pit is a high-confidence component directly contributing to the PEA mine plan.

- Positive factor: Measured resource within the PEA pit, providing high confidence for the mine plan.

Evidence · table

> 0.92

Context: 1,289

#### Tags used in scoring

**Measured Resource**

Polarity: positive

Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/desert-gold-delivers-pea-update-for-smsz-project-with-usd-61-million-after-tax-n--804618f0-2d1d-4f20-885a-1f887e4b9bbb#fact-resource-facts-22)

SMSZ Gold Project · gold

#### Identity

- Project: SMSZ Gold Project
- Commodity: gold
- Region: mali
- Reported Region: Mali
- Ticker: DAU

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Daniel \(Daan\) van Heerden, Ty Magee
- Resource group id: resource:366a3b2bde27164202ea
- Deposit or zone: Gourbassi West &West North
- Mining method: combined
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 377000
- Grade: 0.86
- Grade Unit: g/t
- Contained Metal: 10.4
- Contained Unit: koz
- Cutoff Grade: 0.2
- Cutoff Unit: g/t Au

#### Prior Estimate

- Resource Date: 2025-11-25

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-11-25T00:00:00.000Z

Reasoning: This Indicated resource within the Gourbassi West & West North pit provides a reasonably confident component for the PEA mine plan.

- Positive factor: Indicated resource within the PEA pit, adding confidence to the mine plan.

Evidence · table

> 0.86

Context: 377

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/desert-gold-delivers-pea-update-for-smsz-project-with-usd-61-million-after-tax-n--804618f0-2d1d-4f20-885a-1f887e4b9bbb#fact-resource-facts-23)

SMSZ Gold Project · gold

#### Identity

- Project: SMSZ Gold Project
- Commodity: gold
- Region: mali
- Reported Region: Mali
- Ticker: DAU

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Daniel \(Daan\) van Heerden, Ty Magee
- Resource group id: resource:b8a6cfaa7634dc99ab8e
- Deposit or zone: Gourbassi West &West North
- Mining method: combined
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 1452000
- Grade: 0.93
- Grade Unit: g/t
- Contained Metal: 43.2
- Contained Unit: koz
- Cutoff Grade: 0.2
- Cutoff Unit: g/t Au

#### Prior Estimate

- Resource Date: 2025-11-25

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-11-25T00:00:00.000Z

Reasoning: This Inferred resource within the Gourbassi West & West North pit contributes to the PEA mine plan, but its lower confidence requires further definition.

- Positive factor: Adds to the overall Inferred resource within the PEA pit, indicating further potential.

- Negative factor: Inferred category has a low level of confidence and cannot be used for economic studies without further drilling.

Evidence · table

> 0.93

Context: 1,452

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/desert-gold-delivers-pea-update-for-smsz-project-with-usd-61-million-after-tax-n--804618f0-2d1d-4f20-885a-1f887e4b9bbb#fact-resource-facts-24)

SMSZ Gold Project · gold

#### Identity

- Project: SMSZ Gold Project
- Commodity: gold
- Region: mali
- Reported Region: Mali
- Ticker: DAU

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Daniel \(Daan\) van Heerden, Ty Magee
- Resource group id: resource:606fae5c72f1e6953b72
- Deposit or zone: Gourbassi East
- Mining method: combined
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 291000
- Grade: 1.13
- Grade Unit: g/t
- Contained Metal: 10.6
- Contained Unit: koz
- Cutoff Grade: 0.2
- Cutoff Unit: g/t Au

#### Prior Estimate

- Resource Date: 2025-11-25

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-11-25T00:00:00.000Z

Reasoning: This Indicated resource within the Gourbassi East pit provides a reasonably confident component for the PEA mine plan.

- Positive factor: Indicated resource within the PEA pit, adding confidence to the mine plan.

Evidence · table

> 1.13

Context: 291

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/desert-gold-delivers-pea-update-for-smsz-project-with-usd-61-million-after-tax-n--804618f0-2d1d-4f20-885a-1f887e4b9bbb#fact-resource-facts-25)

SMSZ Gold Project · gold

#### Identity

- Project: SMSZ Gold Project
- Commodity: gold
- Region: mali
- Reported Region: Mali
- Ticker: DAU

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Daniel \(Daan\) van Heerden, Ty Magee
- Resource group id: resource:ff00b55014c5b7b0d18c
- Deposit or zone: Gourbassi East
- Mining method: combined
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 223000
- Grade: 1.11
- Grade Unit: g/t
- Contained Metal: 8
- Contained Unit: koz
- Cutoff Grade: 0.2
- Cutoff Unit: g/t Au

#### Prior Estimate

- Resource Date: 2025-11-25

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-11-25T00:00:00.000Z

Reasoning: This Inferred resource within the Gourbassi East pit contributes to the PEA mine plan, but its lower confidence requires further definition.

- Positive factor: Adds to the overall Inferred resource within the PEA pit, indicating further potential.

- Negative factor: Inferred category has a low level of confidence and cannot be used for economic studies without further drilling.

Evidence · table

> 1.11

Context: 223

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

## Metallurgical Results (1)

### bottle roll

[Link to this fact](https://atlas-extractions.minestarters.com/news/desert-gold-delivers-pea-update-for-smsz-project-with-usd-61-million-after-tax-n--804618f0-2d1d-4f20-885a-1f887e4b9bbb#fact-metallurgical-facts-26)

SMSZ Gold Project · gold

#### Identity

- Project: SMSZ Gold Project
- Commodity: gold
- Region: mali
- Reported Region: Mali
- Ticker: DAU

#### Test Work

- Program Status: preliminary
- Test Type: bottle roll
- Processing Route: gravity, CIL

#### Recovery

- Recovery: 87 %
- Recovery Basis: actual\_test
- Head Grade: 0.96
- Head Grade Unit: g/t

#### Lab

- Consultant: Minxcon

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-11-25T00:00:00.000Z

Reasoning: The metallurgical test work indicates high gold recoveries from free-milling ore using a conventional CIL process, which is a strong positive for project economics, despite the preliminary nature of the tests.

- Positive factor: High gold recovery of 87% for a CIL process, indicating efficient extraction.

- Positive factor: Free-milling gold mineralization with no significant refractory or preg-robbing behavior, simplifying processing.

- Positive factor: Low abrasiveness and soft saprolitic textures reduce grinding costs.

- Negative factor: Test work is preliminary \(bottle roll and gravity tests\), suggesting further, more advanced test work may be needed to confirm recoveries at scale.

Evidence · text

> average metallurgical recovery of 87%

#### Tags used in scoring

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: processing\_route matches the mill\_cil signal

**Gravity Route**

Polarity: neutral

Definition: Gravity separation forms a material part of the flowsheet.

Why it applies: processing\_route matches the gravity signal

## How Atlas produces this analysis

Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.