Desert Gold Delivers Positive PEA for SMSZ Project with USD $24M After-Tax NPV (10%) and 34% IRR at USD $2,500/oz Gold for Barani and Gourbassi Deposits in Mali
Original announcement by tmx on
- Company
- Desert Gold Ventures Inc.
- Ticker
- DAU
- Exchange
- TSX
- Region
- Mali
- Primary commodity
- Gold
- Secondary commodities
- None reported
- Document categories
- Resource update, Production, Metallurgy
- Extracted
- 2026-09-15 19:14:37 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Desert Gold Ventures Inc. announced a positive maiden Preliminary Economic Assessment (PEA) for its SMSZ Gold Project in Mali, outlining a low-capex, open-pit oxide mining operation. The PEA projects an after-tax NPV (10%) of $24 million and an IRR of 34% at a $2,500/oz gold price, with an initial capital cost of $15 million and all-in sustaining costs of $1,352/oz. The study highlights a modular plant design and potential for future expansion, but notes its early-stage nature and reliance on Inferred Mineral Resources.
Reasoning: Desert Gold's maiden PEA for the SMSZ Project in Mali outlines positive economics with a low initial capex and strong returns, supported by a conventional processing route. However, the study is early-stage and relies heavily on Inferred Mineral Resources, which carry higher geological uncertainty.
Positive factors
- Positive after-tax NPV and IRR at base case gold price
- Low initial capital expenditure for project development
- Low all-in sustaining costs per ounce
- Modular plant design allows for staged development and flexibility
- Free-milling gold mineralization with conventional processing route
Negative factors
- Preliminary Economic Assessment (PEA) is an early-stage study with inherent uncertainties
- Significant portion of the resource is in the Inferred category, which has lower geological confidence
- Economic assessment is sensitive to gold price fluctuations
- Metallurgical test work is preliminary (bottle roll and gravity tests)
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 29
Classification and evidence
Maiden Resourceneutral
First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. No prior estimate exists, so every change band is not applicable.
Why it applies: The document announces the results of its maiden Preliminary Economic Assessment ('PEA') for the Barani and Gourbassi deposits.
Evidence · text
“maiden Preliminary Economic Assessment”
Inferred Resourcenegative
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.
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.”
NI 43-101 Compliantpositive
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 Signedpositive
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: Mr. Daniel (Daan) van Heerden and Ty Magee are named as Qualified Persons responsible for the technical content.
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.”
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: The document is a Preliminary Economic Assessment (PEA) for the project.
Evidence · text
“maiden Preliminary Economic Assessment ('PEA')”
Low Capexpositive · Story-specific tag
No canonical definition is currently available.
Why it applies: The PEA outlines a low-capex operation with an initial capital cost of $15 million.
Evidence · text
“low-capex, open-pit oxide mining operation”
Low AISCpositive · Story-specific tag
No canonical definition is currently available.
Why it applies: The all-in sustaining cost (AISC) is estimated at $1,352/oz, which is a competitive cost.
Evidence · text
“Mine site all in sustaining cost (per ounce sold) $1,352”
Free Millingpositive
Simple, clean ore amenable to standard processing without oxidation.
Why it applies: Metallurgical test work indicates free-milling gold mineralization suitable for conventional processing.
Evidence · text
“demonstrate free-milling gold mineralization suitable for gravity recovery followed by carbon-in-leach (CIL) processing.”
Bench Scale Onlynegative
Only preliminary bench tests completed — no locked-cycle or pilot work.
Why it applies: Metallurgical test work consists of preliminary bottle roll and gravity recovery tests, which are bench-scale.
Evidence · text
“Preliminary bottle roll and gravity recovery tests”
Cut-off Disclosedpositive
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 (MRE) 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.”
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: the document describes a mill_cil route ("CIL")
Gravity Routeneutral
Gravity separation forms a material part of the flowsheet.
Why it applies: the document describes a gravity route ("gravity")
Extracted facts
Stored fact records: 29. Some facts used in scoring do not have a stored record.
Resource Estimates (28)
measuredSMSZ Project · goldTonnes: 2460000Grade: 0.78Grade Unit: g/tContained Metal: 61600Contained Unit: ozView all detailsHide details
Identity
- Project
- SMSZ 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:ce290dbeee7af04783bd
- 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
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-08-07T00:00:00.000Z
Reasoning: Measured resource at Gourbassi West provides a high-confidence base for the project, though the grade is moderate for gold.
Positive factors
- Measured category indicates high geological confidence
- Contributes to the overall project resource
Evidence · table
“2.46”
Context: Measured
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
measuredSMSZ Project · goldTonnes: 680000Grade: 2Grade Unit: g/tContained Metal: 43900Contained Unit: ozView all detailsHide details
Identity
- Project
- SMSZ 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:96e3c75ddb8849300e83
- 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
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-08-07T00:00:00.000Z
Reasoning: Measured resource at Barani East provides a high-confidence base for the project with a good gold grade.
Positive factors
- Measured category indicates high geological confidence
- Higher grade for gold
Evidence · table
“0.68”
Context: Measured
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
measuredSMSZ Project · goldTonnes: 3140000Grade: 1.05Grade Unit: g/tContained Metal: 105500Contained Unit: ozView all detailsHide details
Identity
- Project
- SMSZ 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:bde4429c513b647b88dc
- 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
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-08-07T00:00:00.000Z
Reasoning: The total Measured resource provides a strong, high-confidence foundation for the project's economic assessment.
Positive factors
- Total Measured resource provides a solid high-confidence base for the project
Evidence · table
“3.14”
Context: Total Measured
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
indicatedSMSZ Project · goldTonnes: 2720000Grade: 1.06Grade Unit: g/tContained Metal: 92600Contained Unit: ozView all detailsHide details
Identity
- Project
- SMSZ 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:08e02e8b7e98ec2c38f5
- 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
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-08-07T00:00:00.000Z
Reasoning: Indicated resource at Gourbassi East adds to the project's confidence with a good gold grade.
Positive factors
- Indicated category provides reasonable geological confidence
- Good gold grade
Evidence · table
“2.72”
Context: Indicated
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
indicatedSMSZ Project · goldTonnes: 4280000Grade: 0.65Grade Unit: g/tContained Metal: 89700Contained Unit: ozView all detailsHide details
Identity
- Project
- SMSZ 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:c5c18de00af4aff13e2a
- 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
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-08-07T00:00:00.000Z
Reasoning: Indicated resource at Gourbassi West adds significant tonnage to the project, though with a lower gold grade.
Positive factors
- Indicated category provides reasonable geological confidence
- Significant tonnage
Evidence · table
“4.28”
Context: Indicated
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
indicatedSMSZ Project · goldTonnes: 980000Grade: 1.56Grade Unit: g/tContained Metal: 49000Contained Unit: ozView all detailsHide details
Identity
- Project
- SMSZ 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:9536a6e11cb7544bedc3
- 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
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-08-07T00:00:00.000Z
Reasoning: Indicated resource at Barani East contributes to the project's confidence with a good gold grade.
Positive factors
- Indicated category provides reasonable geological confidence
- Good gold grade
Evidence · table
“0.98”
Context: Indicated
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
indicatedSMSZ Project · goldTonnes: 7980000Grade: 0.9Grade Unit: g/tContained Metal: 231300Contained Unit: ozView all detailsHide details
Identity
- Project
- SMSZ 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:b5acaf52eacfddf662c0
- 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
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-08-07T00:00:00.000Z
Reasoning: The total Indicated resource provides a significant base for the project with reasonable geological confidence.
Positive factors
- Total Indicated resource provides a substantial base with reasonable geological confidence
Evidence · table
“7.98”
Context: Total Indicated
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
indicatedSMSZ Project · goldTonnes: 11120000Grade: 0.94Grade Unit: g/tContained Metal: 336800Contained Unit: ozView all detailsHide details
Identity
- Project
- SMSZ 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:6a462b66c3e1b4e78093
- 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
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-08-07T00:00:00.000Z
Reasoning: The total Measured and Indicated resource forms a substantial and reasonably confident foundation for the project's economic assessment.
Positive factors
- Combined Measured and Indicated resource provides a strong, confident base for the project
Evidence · table
“11.12”
Context: Total M&I
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
inferredSMSZ Project · goldTonnes: 14330000Grade: 0.97Grade Unit: g/tContained Metal: 447500Contained Unit: ozView all detailsHide details
Identity
- Project
- SMSZ 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:bb3da8ab275b4f851034
- 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
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-08-07T00:00:00.000Z
Reasoning: Large Inferred resource at Mogoyafara South offers substantial future potential but requires further drilling to upgrade confidence.
Positive factors
- Significant tonnage and contained gold in the Inferred category provides future upside potential
Negative factors
- Inferred resource has a low level of confidence and cannot support economic studies alone
Evidence · table
“14.33”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
inferredSMSZ Project · goldTonnes: 1470000Grade: 1.42Grade Unit: g/tContained Metal: 67000Contained Unit: ozView all detailsHide details
Identity
- Project
- SMSZ 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:18122fa31a4cd23fd71e
- 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
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-08-07T00:00:00.000Z
Reasoning: Inferred resource at Linnguekoto West shows good grade potential but requires further work to increase confidence.
Positive factors
- Good gold grade in the Inferred category provides future upside potential
Negative factors
- Inferred resource has a low level of confidence and cannot support economic studies alone
Evidence · table
“1.47”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
inferredSMSZ Project · goldTonnes: 2220000Grade: 1.21Grade Unit: g/tContained Metal: 86000Contained Unit: ozView all detailsHide details
Identity
- Project
- SMSZ 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:50d9bd8b543bae8c9f40
- 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
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-08-07T00:00:00.000Z
Reasoning: Inferred resource at Gourbassi East shows good grade potential but requires further work to increase confidence.
Positive factors
- Good gold grade in the Inferred category provides future upside potential
Negative factors
- Inferred resource has a low level of confidence and cannot support economic studies alone
Evidence · table
“2.22”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
inferredSMSZ Project · goldTonnes: 3460000Grade: 0.75Grade Unit: g/tContained Metal: 83800Contained Unit: ozView all detailsHide details
Identity
- Project
- SMSZ 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:20936f83cd418e73331f
- 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
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-08-07T00:00:00.000Z
Reasoning: Inferred resource at Gourbassi West adds tonnage but with a lower grade, requiring further work to increase confidence.
Positive factors
- Significant tonnage in the Inferred category provides future upside potential
Negative factors
- Inferred resource has a low level of confidence and cannot support economic studies alone
- Lower gold grade
Evidence · table
“3.46”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
inferredSMSZ Project · goldTonnes: 2450000Grade: 0.72Grade Unit: g/tContained Metal: 56500Contained Unit: ozView all detailsHide details
Identity
- Project
- SMSZ 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:1eeab505deebadea16bb
- 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
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-08-07T00:00:00.000Z
Reasoning: Inferred resource at Gourbassi West North adds to the resource base but with lower confidence and grade.
Positive factors
- Contributes to the overall Inferred resource base
Negative factors
- Inferred resource has a low level of confidence and cannot support economic studies alone
- Lower gold grade
Evidence · table
“2.45”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
inferredSMSZ Project · goldTonnes: 1240000Grade: 1.38Grade Unit: g/tContained Metal: 55100Contained Unit: ozView all detailsHide details
Identity
- Project
- SMSZ 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:c286c3b14f6fc03cc6c4
- 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
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-08-07T00:00:00.000Z
Reasoning: Inferred resource at Barani East shows good grade potential but requires further work to increase confidence.
Positive factors
- Good gold grade in the Inferred category provides future upside potential
Negative factors
- Inferred resource has a low level of confidence and cannot support economic studies alone
Evidence · table
“1.24”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
inferredSMSZ Project · goldTonnes: 1070000Grade: 0.88Grade Unit: g/tContained Metal: 30200Contained Unit: ozView all detailsHide details
Identity
- Project
- SMSZ 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:1867f2bed7c3e528a7a4
- 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
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-08-07T00:00:00.000Z
Reasoning: Inferred resource at Barani Gap adds to the resource base but with lower confidence and moderate grade.
Positive factors
- Contributes to the overall Inferred resource base
Negative factors
- Inferred resource has a low level of confidence and cannot support economic studies alone
- Moderate gold grade
Evidence · table
“1.07”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
inferredSMSZ Project · goldTonnes: 460000Grade: 2.4Grade Unit: g/tContained Metal: 35200Contained Unit: ozView all detailsHide details
Identity
- Project
- SMSZ 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:d6e44a83cc2fc1c0658c
- Deposit or zone
- KenieGoulou
- 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
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-08-07T00:00:00.000Z
Reasoning: Inferred resource at Keniegoulou shows high grade potential but is smaller in tonnage and requires further work to increase confidence.
Positive factors
- High gold grade in the Inferred category provides future upside potential
Negative factors
- Inferred resource has a low level of confidence and cannot support economic studies alone
- Smaller tonnage
Evidence · table
“0.46”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
inferredSMSZ Project · goldTonnes: 470000Grade: 1.23Grade Unit: g/tContained Metal: 18600Contained Unit: ozView all detailsHide details
Identity
- Project
- SMSZ 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:274a6c0c1656eaee2b2b
- 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
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-08-07T00:00:00.000Z
Reasoning: Inferred resource at KE adds to the resource base but with lower confidence and smaller tonnage.
Positive factors
- Contributes to the overall Inferred resource base
Negative factors
- Inferred resource has a low level of confidence and cannot support economic studies alone
- Smaller tonnage
Evidence · table
“0.47”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
inferredSMSZ Project · goldTonnes: 27160000Grade: 1.01Grade Unit: g/tContained Metal: 879900Contained Unit: ozView all detailsHide details
Identity
- Project
- SMSZ 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:5a20450c6a155c94bf74
- 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
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-08-07T00:00:00.000Z
Reasoning: The large total Inferred resource represents significant future potential but requires substantial work to upgrade confidence.
Positive factors
- Large total Inferred resource provides significant future growth potential
Negative factors
- Inferred resource has a low level of confidence and cannot support economic studies alone
Evidence · table
“27.16”
Context: Total Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
measuredSMSZ Project · goldTonnes: 148000Grade: 2.42Grade Unit: g/tContained Metal: 11500Contained Unit: ozView all detailsHide details
Identity
- Project
- SMSZ 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:10e8527ce2d35e6a5b43
- 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
- 11500
- Contained Unit
- oz
- Cutoff Grade
- 0.2
- Cutoff Unit
- g/t Au
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-08-07T00:00:00.000Z
Reasoning: High-grade Measured resource within the Barani PEA pit provides confident, high-quality feed for initial operations.
Positive factors
- High-grade Measured resource within the PEA pit
- Provides high confidence material for initial mining
Evidence · table
“148”
Context: Barani
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
indicatedSMSZ Project · goldTonnes: 43000Grade: 1.91Grade Unit: g/tContained Metal: 2700Contained Unit: ozView all detailsHide details
Identity
- Project
- SMSZ 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:2196dee3c20fc2c91b00
- 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
- 2700
- Contained Unit
- oz
- Cutoff Grade
- 0.2
- Cutoff Unit
- g/t Au
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-08-07T00:00:00.000Z
Reasoning: Good grade Indicated resource within the Barani PEA pit contributes to the confident material for initial operations.
Positive factors
- Good grade Indicated resource within the PEA pit
- Adds to confident material for initial mining
Evidence · table
“43”
Context: Barani
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
inferredSMSZ Project · goldTonnes: 339000Grade: 1.58Grade Unit: g/tContained Metal: 17300Contained Unit: ozView all detailsHide details
Identity
- Project
- SMSZ 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:72249ea906a8ce8bf81f
- 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
- 17300
- Contained Unit
- oz
- Cutoff Grade
- 0.2
- Cutoff Unit
- g/t Au
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-08-07T00:00:00.000Z
Reasoning: Inferred resource within the Barani PEA pit adds material to the mine plan but with lower confidence.
Positive factors
- Contributes to the PEA mine plan with good grade potential
Negative factors
- Inferred resource has a low level of confidence and cannot support economic studies alone
Evidence · table
“339”
Context: Barani
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
indicatedSMSZ Project · goldTonnes: 530000Grade: 1.84Grade Unit: g/tContained Metal: 31400Contained Unit: ozView all detailsHide details
Identity
- Project
- SMSZ 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:747501b10d6ae52c4111
- Deposit or zone
- Barani
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 530000
- Grade
- 1.84
- Grade Unit
- g/t
- Contained Metal
- 31400
- Contained Unit
- oz
- Cutoff Grade
- 0.2
- Cutoff Unit
- g/t Au
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-08-07T00:00:00.000Z
Reasoning: The total resource within the Barani PEA pit provides a good grade material for the mine plan, though it includes lower confidence Inferred resources.
Positive factors
- Total resource within the Barani PEA pit provides a good grade material for the mine plan
Negative factors
- Includes Inferred resources which have lower confidence
Evidence · table
“530”
Context: Grand Total
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
measuredSMSZ Project · goldTonnes: 1289000Grade: 0.92Grade Unit: g/tContained Metal: 38100Contained Unit: ozView all detailsHide details
Identity
- Project
- SMSZ 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:72fcdc5f5b060d79a75c
- Deposit or zone
- Gourbassi
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- measured
- Tonnes
- 1289000
- Grade
- 0.92
- Grade Unit
- g/t
- Contained Metal
- 38100
- Contained Unit
- oz
- Cutoff Grade
- 0.2
- Cutoff Unit
- g/t Au
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-08-07T00:00:00.000Z
Reasoning: Measured resource within the Gourbassi PEA pit provides confident material for the mine plan.
Positive factors
- Measured resource within the PEA pit provides high confidence material for mining
Evidence · table
“1,289”
Context: Gourbassi
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
indicatedSMSZ Project · goldTonnes: 377000Grade: 0.86Grade Unit: g/tContained Metal: 10400Contained Unit: ozView all detailsHide details
Identity
- Project
- SMSZ 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:232d35b20bc70f19b286
- Deposit or zone
- Gourbassi
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 377000
- Grade
- 0.86
- Grade Unit
- g/t
- Contained Metal
- 10400
- Contained Unit
- oz
- Cutoff Grade
- 0.2
- Cutoff Unit
- g/t Au
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-08-07T00:00:00.000Z
Reasoning: Indicated resource within the Gourbassi PEA pit contributes to the confident material for the mine plan.
Positive factors
- Indicated resource within the PEA pit adds to confident material for mining
Evidence · table
“377”
Context: Gourbassi
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
inferredSMSZ Project · goldTonnes: 1452000Grade: 0.93Grade Unit: g/tContained Metal: 43200Contained Unit: ozView all detailsHide details
Identity
- Project
- SMSZ 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:09b53b69c10bb0742dd4
- Deposit or zone
- Gourbassi
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 1452000
- Grade
- 0.93
- Grade Unit
- g/t
- Contained Metal
- 43200
- Contained Unit
- oz
- Cutoff Grade
- 0.2
- Cutoff Unit
- g/t Au
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-08-07T00:00:00.000Z
Reasoning: Inferred resource within the Gourbassi PEA pit adds significant tonnage to the mine plan but with lower confidence.
Positive factors
- Contributes significant tonnage to the PEA mine plan
Negative factors
- Inferred resource has a low level of confidence and cannot support economic studies alone
Evidence · table
“1,452”
Context: Gourbassi
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
indicatedSMSZ Project · goldTonnes: 3117000Grade: 0.92Grade Unit: g/tContained Metal: 91800Contained Unit: ozView all detailsHide details
Identity
- Project
- SMSZ 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:9bf5eaed62fca196967b
- Deposit or zone
- Gourbassi
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 3117000
- Grade
- 0.92
- Grade Unit
- g/t
- Contained Metal
- 91800
- Contained Unit
- oz
- Cutoff Grade
- 0.2
- Cutoff Unit
- g/t Au
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-08-07T00:00:00.000Z
Reasoning: The total resource within the Gourbassi PEA pit provides substantial material for the mine plan, though it includes lower confidence Inferred resources.
Positive factors
- Total resource within the Gourbassi PEA pit provides substantial material for the mine plan
Negative factors
- Includes Inferred resources which have lower confidence
Evidence · table
“3,117”
Context: Grand Total
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
Fact 27SMSZ Project · goldView all detailsHide details
Identity
- Project
- SMSZ Project
- Commodity
- gold
- Region
- mali
- Reported Region
- Mali
- Ticker
- DAU
Resource scope
- Reporting standards
- ni_43_101
- Resource group id
- resource:aebaf2a2d29bf3218bf7
- Mining method
- combined
- Ownership percent
- 100 %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-08-07T00:00:00.000Z
Reasoning: The PEA outlines strong economic metrics for the project at the base case gold price, with a low initial capex and long mine life, but is subject to the uncertainties of an early-stage study.
Positive factors
- Positive after-tax NPV and IRR at base case gold price
- Low initial capital expenditure
- Low all-in sustaining costs
- Long mine life
Negative factors
- PEA is an early-stage study with inherent uncertainties
- Reliance on Inferred Mineral Resources
Evidence · table
“$24 M”
Context: NPV @10% Discount Rate (millions, after tax)
Tags used in scoring
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
Fact 28SMSZ Project · goldView all detailsHide details
Identity
- Project
- SMSZ Project
- Commodity
- gold
- Region
- mali
- Reported Region
- Mali
- Ticker
- DAU
Resource scope
- Reporting standards
- ni_43_101
- Resource group id
- resource:aebaf2a2d29bf3218bf7
- Mining method
- combined
- Ownership percent
- 100 %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-08-07T00:00:00.000Z
Reasoning: The project demonstrates significantly improved economics at the current spot gold price, indicating strong leverage to gold price, though still an early-stage assessment.
Positive factors
- Significantly enhanced economics at current spot gold price
- Very high IRR and NPV
Negative factors
- PEA is an early-stage study with inherent uncertainties
- Reliance on Inferred Mineral Resources
Evidence · table
“54 M”
Context: NPV @10% Discount Rate (millions, after tax)
Tags used in scoring
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
PEA-Supportingneutral
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 rollSMSZ Project · goldRecovery: 86 %Head Grade: 0.95Head Grade Unit: g/tView all detailsHide details
Identity
- Project
- SMSZ Project
- Commodity
- gold
- Region
- mali
- Reported Region
- Mali
- Ticker
- DAU
Test Work
- Program Status
- scoping
- Test Type
- bottle roll
- Processing Route
- gravity and CIL
Recovery
- Recovery
- 86 %
- Recovery Basis
- actual_test
- Head Grade
- 0.95
- Head Grade Unit
- g/t
Lab
- Laboratory
- Minxcon
- Consultant
- Minxcon
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-08-07T00:00:00.000Z
Reasoning: The 86% gold recovery is positive for a CIL process, indicating free-milling ore, but the preliminary nature of the test work introduces some uncertainty.
Positive factors
- Good gold recovery for a CIL process
- Free-milling mineralization supports conventional processing
Negative factors
- Test work is preliminary (bottle roll and gravity tests)
Evidence · table
“86”
Context: Gold process recovery (%)
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the mill_cil signal
Gravity Routeneutral
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.