Endeavour Reports Strong FY-2025 Results
Original announcement by tmx on
- Company
- Endeavour Mining plc
- Ticker
- EDV
- Exchange
- TSX
- Region
- West Africa
- Primary commodity
- Gold
- Secondary commodities
- None reported
- Document categories
- Resource update, Production, Economic study
- Extracted
- 2026-09-19 20:00:52 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Endeavour Mining reported strong FY-2025 results, achieving record free cash flow of $1,156 million and shareholder returns of $435 million, while reducing net debt to $158 million. The company met its production guidance of 1,209 koz gold at an AISC of $1,433/oz. For FY-2026, guidance is set at 1,090-1,265 koz gold production at an AISC of $1,600-$1,800/oz. The Assafou project's DFS is nearing completion with environmental and exploitation permits approved, and exploration efforts added 1.5 Moz of M&I discoveries, despite an overall decrease in group P&P reserves and M&I resources due to depletion and model optimization.
Reasoning: Endeavour Mining reported strong financial and operational results for FY-2025, including record free cash flow and shareholder returns, and achieved its production and cost guidance. The company significantly reduced its net debt. While overall group reserves and resources saw a slight decrease due to depletion and optimization, exploration success led to significant discoveries at Assafou, Sabodala-Massawa, and Ity, and the Assafou DFS is nearing completion with key permits approved. The company also provided positive FY-2026 guidance and an enhanced shareholder returns program. Negative factors include higher AISC and impairment charges on some exploration assets.
Positive factors
- Record free cash flow and shareholder returns for FY-2025
- Achieved production and cost guidance for FY-2025
- Significant reduction in net debt and low leverage ratio
- Assafou project DFS nearing completion with permits approved, de-risking timeline
- Successful exploration adding 1.5Moz of M&I discoveries
- Updated 2026-2028 shareholder returns program targeting $1.0bn minimum dividend
- Increase in P&P Reserves and M&I Resources at Assafou project
- Overall increase in Inferred Resources for the Group
Negative factors
- Overall decrease in Group P&P Reserves and M&I Resources due to depletion and model optimization
- Increase in AISC for FY-2025 compared to FY-2024, and higher guidance for FY-2026
- Impairment charges on several exploration properties and Kalana project
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 54
Classification and evidence
DFS Bankablepositive
AACE Class 2-1 study complete and within the staleness window.
Why it applies: The Assafou Definitive Feasibility Study (DFS) is nearing completion in Q1-2026, and both the environmental and exploitation permits have been approved, significantly de-risking the project timeline.
Evidence · text
“Assafou's environmental and exploitation permits are approved and exploration success increased reserves +6% (+0.3Moz) and M&I resources +13% (+0.6Moz); DFS in Q1-2026, targeting first gold for H2-2028.”
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: Group P&P reserves decreased by 1.8 Moz or 10% compared to the previous year.
Evidence · text
“P&P reserves of 16.6Moz, down 1.8 Moz or 10% due to depletion and model optimisation.”
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: Group M&I resources decreased by 1.1 Moz or 4% compared to the previous year.
Evidence · text
“Year-end M&I resources of 25.0Moz (increased 0.4Moz before depletion), down 1.1 Moz or 4% due to depletion, model optimisation and cost model alignment, offset by +1.5Moz of discoveries at Assafou, Sabodala-Massawa and Ity.”
Category Upgradepositive
Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal.
Why it applies: Inferred Resources increased by 0.6 Moz or 11% compared to the previous year.
Evidence · table
“6.3”
Context: Inferred Resources
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: The mineral resources and mineral reserves have been estimated and reported in accordance with Canadian National Instrument 43-101, 'Standards of Disclosure for Mineral Projects' and the CIM Definition Standards adopted by CIM Council on 10 May 2014, as well as the CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines as also adopted on 29 November 2019. The Qualified Persons responsible for the mineral Reserve and Resource estimated are detailed in the following tables.
Evidence · text
“The mineral resources and mineral reserves have been estimated and reported in accordance with Canadian National Instrument 43-101, 'Standards of Disclosure for Mineral Projects' and the CIM Definition Standards adopted by CIM Council on 10 May 2014, as well as the CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines as also adopted on 29 November 2019. The Qualified Persons responsible for the mineral Reserve and Resource estimated are detailed in the following tables.”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The mineral resources and mineral reserves have been estimated and reported in accordance with Canadian National Instrument 43-101.
Evidence · text
“The mineral resources and mineral reserves have been estimated and reported in accordance with Canadian National Instrument 43-101, 'Standards of Disclosure for Mineral Projects'”
Extracted facts
Stored fact records: 39. Some facts used in scoring do not have a stored record.
Resource Estimates (39)
probablegoldTonnes: 322200000Grade: 1.6Grade Unit: g/tContained Metal: 16577Contained Unit: kozView all detailsHide details
Identity
- Commodity
- gold
- Ticker
- EDV
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl
- Resource group id
- resource:1821657bdf9b01e0461e
Resource Data
- Category
- probable
- Tonnes
- 322200000
- Grade
- 1.6
- Grade Unit
- g/t
- Contained Metal
- 16577
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 348100000
- Prior Grade
- 1.65
- Prior Contained Metal
- 18434
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-05T00:00:00.000Z
Reasoning: Total P&P Reserves for Endeavour Mining decreased in tonnage, grade, and contained metal compared to the prior year, primarily due to depletion and model optimization, which is a negative signal for the overall reserve base.
Positive factors
- QP/CP signed off on the estimate
- NI 43-101 compliant reporting standards
Negative factors
- Decrease in P&P Reserves tonnage
- Decrease in P&P Reserves grade
- Decrease in P&P Reserves contained metal
Evidence · table
“322.2”
Context: P&P Reserves
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 322200000 against 348100000 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 16577 against 18434 previously
indicatedgoldTonnes: 454900000Grade: 1.71Grade Unit: g/tContained Metal: 25013Contained Unit: kozView all detailsHide details
Identity
- Commodity
- gold
- Ticker
- EDV
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl
- Resource group id
- resource:b0895ddea2387bfd1679
Resource Data
- Category
- indicated
- Tonnes
- 454900000
- Grade
- 1.71
- Grade Unit
- g/t
- Contained Metal
- 25013
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 456800000
- Prior Grade
- 1.78
- Prior Contained Metal
- 26136
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-05T00:00:00.000Z
Reasoning: Total M&I Resources for Endeavour Mining decreased in tonnage, grade, and contained metal compared to the prior year, primarily due to depletion and model optimization, which is a negative signal for the overall resource base.
Positive factors
- QP/CP signed off on the estimate
- NI 43-101 compliant reporting standards
Negative factors
- Decrease in M&I Resources tonnage
- Decrease in M&I Resources grade
- Decrease in M&I Resources contained metal
Evidence · table
“454.9”
Context: M&I Resources
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 454900000 against 456800000 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 25013 against 26136 previously
inferredgoldTonnes: 86200000Grade: 2.27Grade Unit: g/tContained Metal: 6295Contained Unit: kozView all detailsHide details
Identity
- Commodity
- gold
- Ticker
- EDV
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl
- Resource group id
- resource:39c6c34497b86d393c1c
Resource Data
- Category
- inferred
- Tonnes
- 86200000
- Grade
- 2.27
- Grade Unit
- g/t
- Contained Metal
- 6295
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 76800000
- Prior Grade
- 2.33
- Prior Contained Metal
- 5740
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-05T00:00:00.000Z
Reasoning: Total Inferred Resources for Endeavour Mining increased in tonnage and contained metal compared to the prior year, indicating successful exploration and potential for future resource conversion.
Positive factors
- Increase in Inferred Resources tonnage
- Increase in Inferred Resources contained metal
- QP/CP signed off on the estimate
- NI 43-101 compliant reporting standards
Evidence · table
“86.2”
Context: Inferred Resources
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 6295 against 5740 previously
provenHoundé · goldTonnes: 2400000Grade: 1.1Grade Unit: g/tContained Metal: 85Contained Unit: kozView all detailsHide details
Identity
- Project
- Houndé
- Commodity
- gold
- Ticker
- EDV
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl
- Resource group id
- resource:8980df74d274ee46e0f2
- Ownership percent
- 85 %
- Resource basis
- gross
Resource Data
- Category
- proven
- Tonnes
- 2400000
- Grade
- 1.1
- Grade Unit
- g/t
- Contained Metal
- 85
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 2600000
- Prior Grade
- 1.06
- Prior Contained Metal
- 90
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-05T00:00:00.000Z
Reasoning: Houndé's Proven Reserves decreased in tonnage and contained metal, though the grade slightly improved. This indicates a minor reduction in the highest confidence reserve category.
Positive factors
- QP/CP signed off on the estimate
- NI 43-101 compliant reporting standards
Negative factors
- Decrease in Proven Reserves tonnage
- Decrease in Proven Reserves contained metal
Evidence · table
“2.4”
Context: Proven Reserves
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 2400000 against 2600000 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 85 against 90 previously
probableHoundé · goldTonnes: 39500000Grade: 1.43Grade Unit: g/tContained Metal: 1811Contained Unit: kozView all detailsHide details
Identity
- Project
- Houndé
- Commodity
- gold
- Ticker
- EDV
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl
- Resource group id
- resource:8f9961276660b4e65a26
- Ownership percent
- 85 %
- Resource basis
- gross
Resource Data
- Category
- probable
- Tonnes
- 39500000
- Grade
- 1.43
- Grade Unit
- g/t
- Contained Metal
- 1811
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 55900000
- Prior Grade
- 1.42
- Prior Contained Metal
- 2554
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-05T00:00:00.000Z
Reasoning: Houndé's Probable Reserves saw a substantial decrease in tonnage and contained metal, indicating a reduction in the economically viable portion of the resource, which is a negative development.
Positive factors
- QP/CP signed off on the estimate
- NI 43-101 compliant reporting standards
Negative factors
- Significant decrease in Probable Reserves tonnage
- Significant decrease in Probable Reserves contained metal
Evidence · table
“39.5”
Context: Probable Reserves
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 39500000 against 55900000 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 1811 against 2554 previously
measuredHoundé · goldTonnes: 2400000Grade: 1.11Grade Unit: g/tContained Metal: 85Contained Unit: kozView all detailsHide details
Identity
- Project
- Houndé
- Commodity
- gold
- Ticker
- EDV
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl
- Resource group id
- resource:986655084ddc4768aee8
- Ownership percent
- 85 %
- Resource basis
- gross
Resource Data
- Category
- measured
- Tonnes
- 2400000
- Grade
- 1.11
- Grade Unit
- g/t
- Contained Metal
- 85
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 2600000
- Prior Grade
- 1.07
- Prior Contained Metal
- 91
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-05T00:00:00.000Z
Reasoning: Houndé's Measured Resources decreased in tonnage and contained metal, though the grade slightly improved. This indicates a minor reduction in the highest confidence resource category.
Positive factors
- QP/CP signed off on the estimate
- NI 43-101 compliant reporting standards
Negative factors
- Decrease in Measured Resources tonnage
- Decrease in Measured Resources contained metal
Evidence · table
“2.4”
Context: Measured Resources
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 2400000 against 2600000 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 85 against 91 previously
indicatedHoundé · goldTonnes: 54600000Grade: 1.45Grade Unit: g/tContained Metal: 2553Contained Unit: kozView all detailsHide details
Identity
- Project
- Houndé
- Commodity
- gold
- Ticker
- EDV
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl
- Resource group id
- resource:29733a44c233c8795851
- Ownership percent
- 85 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 54600000
- Grade
- 1.45
- Grade Unit
- g/t
- Contained Metal
- 2553
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 64800000
- Prior Grade
- 1.53
- Prior Contained Metal
- 3182
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-05T00:00:00.000Z
Reasoning: Houndé's Indicated Resources saw a substantial decrease in tonnage, grade, and contained metal, indicating a reduction in the confidence level of the resource base.
Positive factors
- QP/CP signed off on the estimate
- NI 43-101 compliant reporting standards
Negative factors
- Significant decrease in Indicated Resources tonnage
- Decrease in Indicated Resources grade
- Significant decrease in Indicated Resources contained metal
Evidence · table
“54.6”
Context: Indicated Resources
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 54600000 against 64800000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 1.45 against 1.53 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 2553 against 3182 previously
inferredHoundé · goldTonnes: 9200000Grade: 1.54Grade Unit: g/tContained Metal: 453Contained Unit: kozView all detailsHide details
Identity
- Project
- Houndé
- Commodity
- gold
- Ticker
- EDV
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl
- Resource group id
- resource:8b241762b159f5826818
- Ownership percent
- 85 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 9200000
- Grade
- 1.54
- Grade Unit
- g/t
- Contained Metal
- 453
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 6800000
- Prior Grade
- 1.5
- Prior Contained Metal
- 327
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-05T00:00:00.000Z
Reasoning: Houndé's Inferred Resources increased in tonnage, grade, and contained metal, indicating successful exploration and potential for future resource conversion.
Positive factors
- Increase in Inferred Resources tonnage
- Increase in Inferred Resources grade
- Increase in Inferred Resources contained metal
- QP/CP signed off on the estimate
- NI 43-101 compliant reporting standards
Evidence · table
“9.2”
Context: Inferred Resources
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: 9200000 against 6800000 previously
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 453 against 327 previously
provenIty · goldTonnes: 12300000Grade: 0.95Grade Unit: g/tContained Metal: 374Contained Unit: kozView all detailsHide details
Identity
- Project
- Ity
- Commodity
- gold
- Ticker
- EDV
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl
- Resource group id
- resource:0e191c77939fe4ff021e
- Ownership percent
- 85 %
- Resource basis
- gross
Resource Data
- Category
- proven
- Tonnes
- 12300000
- Grade
- 0.95
- Grade Unit
- g/t
- Contained Metal
- 374
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 11300000
- Prior Grade
- 0.91
- Prior Contained Metal
- 331
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-05T00:00:00.000Z
Reasoning: Ity's Proven Reserves increased in tonnage, grade, and contained metal, indicating a positive development in the highest confidence reserve category.
Positive factors
- Increase in Proven Reserves tonnage
- Increase in Proven Reserves grade
- Increase in Proven Reserves contained metal
- QP/CP signed off on the estimate
- NI 43-101 compliant reporting standards
Evidence · table
“12.3”
Context: Proven Reserves
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 374 against 331 previously
probableIty · goldTonnes: 64600000Grade: 1.35Grade Unit: g/tContained Metal: 2803Contained Unit: kozView all detailsHide details
Identity
- Project
- Ity
- Commodity
- gold
- Ticker
- EDV
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl
- Resource group id
- resource:63fa99a063b11569725f
- Ownership percent
- 85 %
- Resource basis
- gross
Resource Data
- Category
- probable
- Tonnes
- 64600000
- Grade
- 1.35
- Grade Unit
- g/t
- Contained Metal
- 2803
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 67300000
- Prior Grade
- 1.49
- Prior Contained Metal
- 3222
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-05T00:00:00.000Z
Reasoning: Ity's Probable Reserves decreased in tonnage, grade, and contained metal, indicating a reduction in the economically viable portion of the resource, which is a negative development.
Positive factors
- QP/CP signed off on the estimate
- NI 43-101 compliant reporting standards
Negative factors
- Decrease in Probable Reserves tonnage
- Decrease in Probable Reserves grade
- Decrease in Probable Reserves contained metal
Evidence · table
“64.6”
Context: Probable Reserves
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 64600000 against 67300000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 1.35 against 1.49 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 2803 against 3222 previously
measuredIty · goldTonnes: 12200000Grade: 0.94Grade Unit: g/tContained Metal: 369Contained Unit: kozView all detailsHide details
Identity
- Project
- Ity
- Commodity
- gold
- Ticker
- EDV
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl
- Resource group id
- resource:3c244eaf6434471dbf86
- Ownership percent
- 85 %
- Resource basis
- gross
Resource Data
- Category
- measured
- Tonnes
- 12200000
- Grade
- 0.94
- Grade Unit
- g/t
- Contained Metal
- 369
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 11400000
- Prior Grade
- 0.91
- Prior Contained Metal
- 331
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-05T00:00:00.000Z
Reasoning: Ity's Measured Resources increased in tonnage, grade, and contained metal, indicating a positive development in the highest confidence resource category.
Positive factors
- Increase in Measured Resources tonnage
- Increase in Measured Resources grade
- Increase in Measured Resources contained metal
- QP/CP signed off on the estimate
- NI 43-101 compliant reporting standards
Evidence · table
“12.2”
Context: Measured Resources
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 369 against 331 previously
indicatedIty · goldTonnes: 107200000Grade: 1.48Grade Unit: g/tContained Metal: 5114Contained Unit: kozView all detailsHide details
Identity
- Project
- Ity
- Commodity
- gold
- Ticker
- EDV
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl
- Resource group id
- resource:860627bd9307596f3a0a
- Ownership percent
- 85 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 107200000
- Grade
- 1.48
- Grade Unit
- g/t
- Contained Metal
- 5114
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 97800000
- Prior Grade
- 1.62
- Prior Contained Metal
- 5093
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-05T00:00:00.000Z
Reasoning: Ity's Indicated Resources increased in tonnage and contained metal, indicating growth in the resource base, though the grade slightly decreased.
Positive factors
- Increase in Indicated Resources tonnage
- Increase in Indicated Resources contained metal
- QP/CP signed off on the estimate
- NI 43-101 compliant reporting standards
Negative factors
- Decrease in Indicated Resources grade
Evidence · table
“107.2”
Context: Indicated Resources
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 1.48 against 1.62 previously
Dilutive Growthnegative
Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion.
Why it applies: tonnage rose while contained metal went 5114 from 5093
inferredIty · goldTonnes: 11200000Grade: 1.56Grade Unit: g/tContained Metal: 560Contained Unit: kozView all detailsHide details
Identity
- Project
- Ity
- Commodity
- gold
- Ticker
- EDV
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl
- Resource group id
- resource:71be9f7b7d0728e4553e
- Ownership percent
- 85 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 11200000
- Grade
- 1.56
- Grade Unit
- g/t
- Contained Metal
- 560
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 9100000
- Prior Grade
- 1.59
- Prior Contained Metal
- 467
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-05T00:00:00.000Z
Reasoning: Ity's Inferred Resources increased in tonnage and contained metal, indicating successful exploration and potential for future resource conversion.
Positive factors
- Increase in Inferred Resources tonnage
- Increase in Inferred Resources contained metal
- QP/CP signed off on the estimate
- NI 43-101 compliant reporting standards
Evidence · table
“11.2”
Context: Inferred Resources
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: 11200000 against 9100000 previously
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 560 against 467 previously
provenSabodala-Massawa Complex · goldTonnes: 14800000Grade: 1.12Grade Unit: g/tContained Metal: 531Contained Unit: kozView all detailsHide details
Identity
- Project
- Sabodala-Massawa Complex
- Commodity
- gold
- Ticker
- EDV
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl
- Resource group id
- resource:b1bbec8c6f7c5781155a
- Ownership percent
- 90 %
- Resource basis
- gross
Resource Data
- Category
- proven
- Tonnes
- 14800000
- Grade
- 1.12
- Grade Unit
- g/t
- Contained Metal
- 531
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 16700000
- Prior Grade
- 1.02
- Prior Contained Metal
- 549
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-05T00:00:00.000Z
Reasoning: Sabodala-Massawa's Proven Reserves decreased in tonnage and contained metal, though the grade slightly improved. This indicates a minor reduction in the highest confidence reserve category.
Positive factors
- Increase in Proven Reserves grade
- QP/CP signed off on the estimate
- NI 43-101 compliant reporting standards
Negative factors
- Decrease in Proven Reserves tonnage
- Decrease in Proven Reserves contained metal
Evidence · table
“14.8”
Context: Proven Reserves
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 14800000 against 16700000 previously
Grade Improvementpositive
Average resource grade improved vs prior estimate — better deposit economics.
Why it applies: 1.12 against 1.02 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 531 against 549 previously
probableSabodala-Massawa Complex · goldTonnes: 28000000Grade: 2.48Grade Unit: g/tContained Metal: 2237Contained Unit: kozView all detailsHide details
Identity
- Project
- Sabodala-Massawa Complex
- Commodity
- gold
- Ticker
- EDV
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl
- Resource group id
- resource:1b5c4cc9db445b960609
- Ownership percent
- 90 %
- Resource basis
- gross
Resource Data
- Category
- probable
- Tonnes
- 28000000
- Grade
- 2.48
- Grade Unit
- g/t
- Contained Metal
- 2237
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 33900000
- Prior Grade
- 2.49
- Prior Contained Metal
- 2711
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-05T00:00:00.000Z
Reasoning: Sabodala-Massawa's Probable Reserves saw a substantial decrease in tonnage, grade, and contained metal, indicating a reduction in the economically viable portion of the resource, which is a negative development.
Positive factors
- QP/CP signed off on the estimate
- NI 43-101 compliant reporting standards
Negative factors
- Significant decrease in Probable Reserves tonnage
- Decrease in Probable Reserves grade
- Significant decrease in Probable Reserves contained metal
Evidence · table
“28.0”
Context: Probable Reserves
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 28000000 against 33900000 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 2237 against 2711 previously
measuredSabodala-Massawa Complex · goldTonnes: 16900000Grade: 1.21Grade Unit: g/tContained Metal: 661Contained Unit: kozView all detailsHide details
Identity
- Project
- Sabodala-Massawa Complex
- Commodity
- gold
- Ticker
- EDV
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl
- Resource group id
- resource:deac3655f8a6b21358da
- Ownership percent
- 90 %
- Resource basis
- gross
Resource Data
- Category
- measured
- Tonnes
- 16900000
- Grade
- 1.21
- Grade Unit
- g/t
- Contained Metal
- 661
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 19900000
- Prior Grade
- 1.13
- Prior Contained Metal
- 724
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-05T00:00:00.000Z
Reasoning: Sabodala-Massawa's Measured Resources decreased in tonnage and contained metal, though the grade slightly improved. This indicates a minor reduction in the highest confidence resource category.
Positive factors
- Increase in Measured Resources grade
- QP/CP signed off on the estimate
- NI 43-101 compliant reporting standards
Negative factors
- Decrease in Measured Resources tonnage
- Decrease in Measured Resources contained metal
Evidence · table
“16.9”
Context: Measured Resources
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 16900000 against 19900000 previously
Grade Improvementpositive
Average resource grade improved vs prior estimate — better deposit economics.
Why it applies: 1.21 against 1.13 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 661 against 724 previously
indicatedSabodala-Massawa Complex · goldTonnes: 63100000Grade: 2.23Grade Unit: g/tContained Metal: 4529Contained Unit: kozView all detailsHide details
Identity
- Project
- Sabodala-Massawa Complex
- Commodity
- gold
- Ticker
- EDV
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl
- Resource group id
- resource:6d835116b4af349f29a9
- Ownership percent
- 90 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 63100000
- Grade
- 2.23
- Grade Unit
- g/t
- Contained Metal
- 4529
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 60500000
- Prior Grade
- 2.29
- Prior Contained Metal
- 4463
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-05T00:00:00.000Z
Reasoning: Sabodala-Massawa's Indicated Resources increased in tonnage and contained metal, indicating growth in the resource base, though the grade slightly decreased.
Positive factors
- Increase in Indicated Resources tonnage
- Increase in Indicated Resources contained metal
- QP/CP signed off on the estimate
- NI 43-101 compliant reporting standards
Negative factors
- Decrease in Indicated Resources grade
Evidence · table
“63.1”
Context: Indicated Resources
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
Dilutive Growthnegative
Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion.
Why it applies: tonnage rose while contained metal went 4529 from 4463
inferredSabodala-Massawa Complex · goldTonnes: 27200000Grade: 2.02Grade Unit: g/tContained Metal: 1766Contained Unit: kozView all detailsHide details
Identity
- Project
- Sabodala-Massawa Complex
- Commodity
- gold
- Ticker
- EDV
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl
- Resource group id
- resource:b8c0354d024ee136ff24
- Ownership percent
- 90 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 27200000
- Grade
- 2.02
- Grade Unit
- g/t
- Contained Metal
- 1766
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 20400000
- Prior Grade
- 2.01
- Prior Contained Metal
- 1322
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-05T00:00:00.000Z
Reasoning: Sabodala-Massawa's Inferred Resources increased in tonnage, grade, and contained metal, indicating successful exploration and potential for future resource conversion.
Positive factors
- Increase in Inferred Resources tonnage
- Increase in Inferred Resources grade
- Increase in Inferred Resources contained metal
- QP/CP signed off on the estimate
- NI 43-101 compliant reporting standards
Evidence · table
“27.2”
Context: Inferred Resources
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: 27200000 against 20400000 previously
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 1766 against 1322 previously
provenMana Mine · goldTonnes: 2600000Grade: 2.73Grade Unit: g/tContained Metal: 224Contained Unit: kozView all detailsHide details
Identity
- Project
- Mana Mine
- Commodity
- gold
- Ticker
- EDV
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl
- Resource group id
- resource:75b3abe1b62c9bd3a3bf
- Ownership percent
- 85 %
- Resource basis
- gross
Resource Data
- Category
- proven
- Tonnes
- 2600000
- Grade
- 2.73
- Grade Unit
- g/t
- Contained Metal
- 224
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 1100000
- Prior Grade
- 2.88
- Prior Contained Metal
- 100
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-05T00:00:00.000Z
Reasoning: Mana's Proven Reserves increased significantly in tonnage and contained metal, indicating a positive development in the highest confidence reserve category.
Positive factors
- Increase in Proven Reserves tonnage
- Increase in Proven Reserves contained metal
- QP/CP signed off on the estimate
- NI 43-101 compliant reporting standards
Evidence · table
“2.6”
Context: Proven Reserves
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: 2600000 against 1100000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 2.73 against 2.88 previously
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 224 against 100 previously
probableMana Mine · goldTonnes: 5000000Grade: 2.36Grade Unit: g/tContained Metal: 378Contained Unit: kozView all detailsHide details
Identity
- Project
- Mana Mine
- Commodity
- gold
- Ticker
- EDV
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl
- Resource group id
- resource:0c4a196513141ea1e424
- Ownership percent
- 85 %
- Resource basis
- gross
Resource Data
- Category
- probable
- Tonnes
- 5000000
- Grade
- 2.36
- Grade Unit
- g/t
- Contained Metal
- 378
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 6500000
- Prior Grade
- 2.77
- Prior Contained Metal
- 577
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-05T00:00:00.000Z
Reasoning: Mana's Probable Reserves saw a substantial decrease in tonnage, grade, and contained metal, indicating a reduction in the economically viable portion of the resource, which is a negative development.
Positive factors
- QP/CP signed off on the estimate
- NI 43-101 compliant reporting standards
Negative factors
- Significant decrease in Probable Reserves tonnage
- Significant decrease in Probable Reserves grade
- Significant decrease in Probable Reserves contained metal
Evidence · table
“5.0”
Context: Probable Reserves
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 5000000 against 6500000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 2.36 against 2.77 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 378 against 577 previously
measuredMana Mine · goldTonnes: 4500000Grade: 3.45Grade Unit: g/tContained Metal: 502Contained Unit: kozView all detailsHide details
Identity
- Project
- Mana Mine
- Commodity
- gold
- Ticker
- EDV
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl
- Resource group id
- resource:af3652759252ca7856c8
- Ownership percent
- 85 %
- Resource basis
- gross
Resource Data
- Category
- measured
- Tonnes
- 4500000
- Grade
- 3.45
- Grade Unit
- g/t
- Contained Metal
- 502
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 3000000
- Prior Grade
- 3.51
- Prior Contained Metal
- 334
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-05T00:00:00.000Z
Reasoning: Mana's Measured Resources increased significantly in tonnage and contained metal, indicating a positive development in the highest confidence resource category.
Positive factors
- Increase in Measured Resources tonnage
- Increase in Measured Resources contained metal
- QP/CP signed off on the estimate
- NI 43-101 compliant reporting standards
Evidence · table
“4.5”
Context: Measured Resources
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: 4500000 against 3000000 previously
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 502 against 334 previously
indicatedMana Mine · goldTonnes: 7000000Grade: 3.11Grade Unit: g/tContained Metal: 695Contained Unit: kozView all detailsHide details
Identity
- Project
- Mana Mine
- Commodity
- gold
- Ticker
- EDV
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl
- Resource group id
- resource:07776413ef09a8b6fd59
- Ownership percent
- 85 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 7000000
- Grade
- 3.11
- Grade Unit
- g/t
- Contained Metal
- 695
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 13000000
- Prior Grade
- 3.32
- Prior Contained Metal
- 1388
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-05T00:00:00.000Z
Reasoning: Mana's Indicated Resources saw a substantial decrease in tonnage, grade, and contained metal, indicating a reduction in the confidence level of the resource base.
Positive factors
- QP/CP signed off on the estimate
- NI 43-101 compliant reporting standards
Negative factors
- Significant decrease in Indicated Resources tonnage
- Decrease in Indicated Resources grade
- Significant decrease in Indicated Resources contained metal
Evidence · table
“7.0”
Context: Indicated Resources
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 7000000 against 13000000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 3.11 against 3.32 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 695 against 1388 previously
inferredMana Mine · goldTonnes: 8700000Grade: 3.16Grade Unit: g/tContained Metal: 884Contained Unit: kozView all detailsHide details
Identity
- Project
- Mana Mine
- Commodity
- gold
- Ticker
- EDV
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl
- Resource group id
- resource:12bde9123ecfb76d20c1
- Ownership percent
- 85 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 8700000
- Grade
- 3.16
- Grade Unit
- g/t
- Contained Metal
- 884
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 8500000
- Prior Grade
- 3.51
- Prior Contained Metal
- 959
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-05T00:00:00.000Z
Reasoning: Mana's Inferred Resources saw a slight increase in tonnage but a decrease in grade and contained metal, indicating a mixed outcome for exploration.
Positive factors
- Increase in Inferred Resources tonnage
- QP/CP signed off on the estimate
- NI 43-101 compliant reporting standards
Negative factors
- Decrease in Inferred Resources grade
- Decrease in Inferred Resources contained metal
Evidence · table
“8.7”
Context: Inferred Resources
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 3.16 against 3.51 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 884 against 959 previously
Dilutive Growthnegative
Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion.
Why it applies: tonnage rose while contained metal went 884 from 959
provenLafigué · goldTonnes: 12600000Grade: 1.19Grade Unit: g/tContained Metal: 479Contained Unit: kozView all detailsHide details
Identity
- Project
- Lafigué
- Commodity
- gold
- Ticker
- EDV
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl
- Resource group id
- resource:127db0be0e3f7e5a5cce
- Ownership percent
- 80 %
- Resource basis
- gross
Resource Data
- Category
- proven
- Tonnes
- 12600000
- Grade
- 1.19
- Grade Unit
- g/t
- Contained Metal
- 479
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 3000000
- Prior Grade
- 0.94
- Prior Contained Metal
- 90
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-05T00:00:00.000Z
Reasoning: Lafigué's Proven Reserves saw a substantial increase in tonnage, grade, and contained metal, indicating a very positive development in the highest confidence reserve category.
Positive factors
- Significant increase in Proven Reserves tonnage
- Significant increase in Proven Reserves grade
- Significant increase in Proven Reserves contained metal
- QP/CP signed off on the estimate
- NI 43-101 compliant reporting standards
Evidence · table
“12.6”
Context: Proven Reserves
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: 12600000 against 3000000 previously
Grade Improvementpositive
Average resource grade improved vs prior estimate — better deposit economics.
Why it applies: 1.19 against 0.94 previously
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 479 against 90 previously
probableLafigué · goldTonnes: 27500000Grade: 1.63Grade Unit: g/tContained Metal: 1446Contained Unit: kozView all detailsHide details
Identity
- Project
- Lafigué
- Commodity
- gold
- Ticker
- EDV
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl
- Resource group id
- resource:75df8c2b29c8b6ad997d
- Ownership percent
- 80 %
- Resource basis
- gross
Resource Data
- Category
- probable
- Tonnes
- 27500000
- Grade
- 1.63
- Grade Unit
- g/t
- Contained Metal
- 1446
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 41400000
- Prior Grade
- 1.7
- Prior Contained Metal
- 2267
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-05T00:00:00.000Z
Reasoning: Lafigué's Probable Reserves saw a substantial decrease in tonnage, grade, and contained metal, indicating a reduction in the economically viable portion of the resource, which is a negative development.
Positive factors
- QP/CP signed off on the estimate
- NI 43-101 compliant reporting standards
Negative factors
- Significant decrease in Probable Reserves tonnage
- Decrease in Probable Reserves grade
- Significant decrease in Probable Reserves contained metal
Evidence · table
“27.5”
Context: Probable Reserves
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 27500000 against 41400000 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 1446 against 2267 previously
measuredLafigué · goldTonnes: 12200000Grade: 1.4Grade Unit: g/tContained Metal: 546Contained Unit: kozView all detailsHide details
Identity
- Project
- Lafigué
- Commodity
- gold
- Ticker
- EDV
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl
- Resource group id
- resource:020c47dbe7bbda5867ef
- Ownership percent
- 80 %
- Resource basis
- gross
Resource Data
- Category
- measured
- Tonnes
- 12200000
- Grade
- 1.4
- Grade Unit
- g/t
- Contained Metal
- 546
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 3000000
- Prior Grade
- 0.94
- Prior Contained Metal
- 90
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-05T00:00:00.000Z
Reasoning: Lafigué's Measured Resources saw a substantial increase in tonnage, grade, and contained metal, indicating a very positive development in the highest confidence resource category.
Positive factors
- Significant increase in Measured Resources tonnage
- Significant increase in Measured Resources grade
- Significant increase in Measured Resources contained metal
- QP/CP signed off on the estimate
- NI 43-101 compliant reporting standards
Evidence · table
“12.2”
Context: Measured Resources
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: 12200000 against 3000000 previously
Grade Improvementpositive
Average resource grade improved vs prior estimate — better deposit economics.
Why it applies: 1.4 against 0.94 previously
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 546 against 90 previously
indicatedLafigué · goldTonnes: 26000000Grade: 2.07Grade Unit: g/tContained Metal: 1731Contained Unit: kozView all detailsHide details
Identity
- Project
- Lafigué
- Commodity
- gold
- Ticker
- EDV
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl
- Resource group id
- resource:322046676af7f2b848a4
- Ownership percent
- 80 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 26000000
- Grade
- 2.07
- Grade Unit
- g/t
- Contained Metal
- 1731
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 43200000
- Prior Grade
- 2.03
- Prior Contained Metal
- 2813
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-05T00:00:00.000Z
Reasoning: Lafigué's Indicated Resources saw a substantial decrease in tonnage and contained metal, indicating a reduction in the confidence level of the resource base.
Positive factors
- QP/CP signed off on the estimate
- NI 43-101 compliant reporting standards
Negative factors
- Significant decrease in Indicated Resources tonnage
- Significant decrease in Indicated Resources contained metal
Evidence · table
“26.0”
Context: Indicated Resources
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 26000000 against 43200000 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 1731 against 2813 previously
inferredLafigué · goldTonnes: 3400000Grade: 2.12Grade Unit: g/tContained Metal: 230Contained Unit: kozView all detailsHide details
Identity
- Project
- Lafigué
- Commodity
- gold
- Ticker
- EDV
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl
- Resource group id
- resource:582e9875ffb02a9e33f7
- Ownership percent
- 80 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 3400000
- Grade
- 2.12
- Grade Unit
- g/t
- Contained Metal
- 230
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 4000000
- Prior Grade
- 1.38
- Prior Contained Metal
- 177
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-05T00:00:00.000Z
Reasoning: Lafigué's Inferred Resources saw an increase in grade and contained metal, despite a slight decrease in tonnage, indicating positive exploration results.
Positive factors
- Increase in Inferred Resources grade
- Increase in Inferred Resources contained metal
- QP/CP signed off on the estimate
- NI 43-101 compliant reporting standards
Negative factors
- Decrease in Inferred Resources tonnage
Evidence · table
“3.4”
Context: Inferred Resources
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 3400000 against 4000000 previously
Grade Improvementpositive
Average resource grade improved vs prior estimate — better deposit economics.
Why it applies: 2.12 against 1.38 previously
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 230 against 177 previously
probableKalana Project · goldTonnes: 35600000Grade: 1.6Grade Unit: g/tContained Metal: 1829Contained Unit: kozView all detailsHide details
Identity
- Project
- Kalana Project
- Commodity
- gold
- Ticker
- EDV
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl
- Resource group id
- resource:e11c2ec763ccccfcafc6
- Ownership percent
- 80 %
- Resource basis
- gross
Resource Data
- Category
- probable
- Tonnes
- 35600000
- Grade
- 1.6
- Grade Unit
- g/t
- Contained Metal
- 1829
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 35600000
- Prior Grade
- 1.6
- Prior Contained Metal
- 1829
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-05T00:00:00.000Z
Reasoning: Kalana Project's Probable Reserves remained stable in tonnage, grade, and contained metal, indicating no significant change in the economically viable portion of the resource.
Positive factors
- QP/CP signed off on the estimate
- NI 43-101 compliant reporting standards
Evidence · table
“35.6”
Context: Probable Reserves
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
indicatedKalana Project · goldTonnes: 46000000Grade: 1.57Grade Unit: g/tContained Metal: 2318Contained Unit: kozView all detailsHide details
Identity
- Project
- Kalana Project
- Commodity
- gold
- Ticker
- EDV
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl
- Resource group id
- resource:e685d13a793bfcabe05f
- Ownership percent
- 80 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 46000000
- Grade
- 1.57
- Grade Unit
- g/t
- Contained Metal
- 2318
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 46000000
- Prior Grade
- 1.57
- Prior Contained Metal
- 2318
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-05T00:00:00.000Z
Reasoning: Kalana Project's Indicated Resources remained stable in tonnage, grade, and contained metal, indicating no significant change in the resource base.
Positive factors
- QP/CP signed off on the estimate
- NI 43-101 compliant reporting standards
Evidence · table
“46.0”
Context: Indicated Resources
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
inferredKalana Project · goldTonnes: 4600000Grade: 1.67Grade Unit: g/tContained Metal: 244Contained Unit: kozView all detailsHide details
Identity
- Project
- Kalana Project
- Commodity
- gold
- Ticker
- EDV
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl
- Resource group id
- resource:2f6d3e2d46c8bf576a59
- Ownership percent
- 80 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 4600000
- Grade
- 1.67
- Grade Unit
- g/t
- Contained Metal
- 244
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 4600000
- Prior Grade
- 1.67
- Prior Contained Metal
- 245
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-05T00:00:00.000Z
Reasoning: Kalana Project's Inferred Resources remained stable in tonnage, grade, and contained metal, indicating no significant change in the resource base.
Positive factors
- QP/CP signed off on the estimate
- NI 43-101 compliant reporting standards
Evidence · table
“4.6”
Context: Inferred Resources
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 244 against 245 previously
inferredNabanga · goldTonnes: 3900000Grade: 6.91Grade Unit: g/tContained Metal: 868Contained Unit: kozView all detailsHide details
Identity
- Project
- Nabanga
- Commodity
- gold
- Ticker
- EDV
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl
- Resource group id
- resource:c436901dd8049cd95807
- Ownership percent
- 90 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 3900000
- Grade
- 6.91
- Grade Unit
- g/t
- Contained Metal
- 868
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 3900000
- Prior Grade
- 6.91
- Prior Contained Metal
- 868
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-05T00:00:00.000Z
Reasoning: Nabanga's Inferred Resources remained stable in tonnage, grade, and contained metal, indicating no significant change in the resource base.
Positive factors
- QP/CP signed off on the estimate
- NI 43-101 compliant reporting standards
Evidence · table
“3.9”
Context: Inferred Resources
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
provenAssafou · goldTonnes: 21500000Grade: 1.87Grade Unit: g/tContained Metal: 1295Contained Unit: kozView all detailsHide details
Identity
- Project
- Assafou
- Commodity
- gold
- Ticker
- EDV
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl
- Resource group id
- resource:0ca8352f9a23727003b1
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- proven
- Tonnes
- 21500000
- Grade
- 1.87
- Grade Unit
- g/t
- Contained Metal
- 1295
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-05T00:00:00.000Z
Reasoning: Assafou established new Proven Reserves, indicating a significant positive development for the project's highest confidence reserve category.
Positive factors
- New Proven Reserves established
- QP/CP signed off on the estimate
- NI 43-101 compliant reporting standards
Evidence · table
“21.5”
Context: Proven Reserves
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
probableAssafou · goldTonnes: 55900000Grade: 1.72Grade Unit: g/tContained Metal: 3085Contained Unit: kozView all detailsHide details
Identity
- Project
- Assafou
- Commodity
- gold
- Ticker
- EDV
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl
- Resource group id
- resource:ce7feee9fe389c5461a6
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- probable
- Tonnes
- 55900000
- Grade
- 1.72
- Grade Unit
- g/t
- Contained Metal
- 3085
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 72800000
- Prior Grade
- 1.76
- Prior Contained Metal
- 4115
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-05T00:00:00.000Z
Reasoning: Assafou's Probable Reserves saw a substantial decrease in tonnage, grade, and contained metal, indicating a reduction in the economically viable portion of the resource, which is a negative development.
Positive factors
- QP/CP signed off on the estimate
- NI 43-101 compliant reporting standards
Negative factors
- Significant decrease in Probable Reserves tonnage
- Decrease in Probable Reserves grade
- Significant decrease in Probable Reserves contained metal
Evidence · table
“55.9”
Context: Probable Reserves
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 55900000 against 72800000 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 3085 against 4115 previously
measuredAssafou · goldTonnes: 20800000Grade: 2.05Grade Unit: g/tContained Metal: 1367Contained Unit: kozView all detailsHide details
Identity
- Project
- Assafou
- Commodity
- gold
- Ticker
- EDV
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl
- Resource group id
- resource:af90a04124d118b53d3f
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- measured
- Tonnes
- 20800000
- Grade
- 2.05
- Grade Unit
- g/t
- Contained Metal
- 1367
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-05T00:00:00.000Z
Reasoning: Assafou established new Measured Resources, indicating a significant positive development for the project's highest confidence resource category.
Positive factors
- New Measured Resources established
- QP/CP signed off on the estimate
- NI 43-101 compliant reporting standards
Evidence · table
“20.8”
Context: Measured Resources
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
indicatedAssafou · goldTonnes: 64000000Grade: 1.86Grade Unit: g/tContained Metal: 3837Contained Unit: kozView all detailsHide details
Identity
- Project
- Assafou
- Commodity
- gold
- Ticker
- EDV
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl
- Resource group id
- resource:2603c419ef702ff57740
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 64000000
- Grade
- 1.86
- Grade Unit
- g/t
- Contained Metal
- 3837
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 73600000
- Prior Grade
- 1.95
- Prior Contained Metal
- 4604
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-05T00:00:00.000Z
Reasoning: Assafou's Indicated Resources saw a substantial decrease in tonnage, grade, and contained metal, indicating a reduction in the confidence level of the resource base.
Positive factors
- QP/CP signed off on the estimate
- NI 43-101 compliant reporting standards
Negative factors
- Significant decrease in Indicated Resources tonnage
- Decrease in Indicated Resources grade
- Significant decrease in Indicated Resources contained metal
Evidence · table
“64.0”
Context: Indicated Resources
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 64000000 against 73600000 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 3837 against 4604 previously
inferredAssafou · goldTonnes: 1900000Grade: 2Grade Unit: g/tContained Metal: 122Contained Unit: kozView all detailsHide details
Identity
- Project
- Assafou
- Commodity
- gold
- Ticker
- EDV
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl
- Resource group id
- resource:98e9eb99eafc168de027
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 1900000
- Grade
- 2
- Grade Unit
- g/t
- Contained Metal
- 122
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 3300000
- Prior Grade
- 1.97
- Prior Contained Metal
- 208
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-05T00:00:00.000Z
Reasoning: Assafou's Inferred Resources saw a substantial decrease in tonnage and contained metal, indicating a reduction in the speculative portion of the resource.
Positive factors
- QP/CP signed off on the estimate
- NI 43-101 compliant reporting standards
Negative factors
- Significant decrease in Inferred Resources tonnage
- Significant decrease in Inferred Resources contained metal
Evidence · table
“1.9”
Context: Inferred Resources
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 1900000 against 3300000 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 122 against 208 previously
indicatedBantou · goldTonnes: 18100000Grade: 1.22Grade Unit: g/tContained Metal: 707Contained Unit: kozView all detailsHide details
Identity
- Project
- Bantou
- Commodity
- gold
- Ticker
- EDV
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl
- Resource group id
- resource:214b625e2bb5bc8f4f6e
- Ownership percent
- 90 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 18100000
- Grade
- 1.22
- Grade Unit
- g/t
- Contained Metal
- 707
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 18100000
- Prior Grade
- 1.22
- Prior Contained Metal
- 707
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-05T00:00:00.000Z
Reasoning: Bantou's Indicated Resources remained stable in tonnage, grade, and contained metal, indicating no significant change in the resource base.
Positive factors
- QP/CP signed off on the estimate
- NI 43-101 compliant reporting standards
Evidence · table
“18.1”
Context: Indicated Resources
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
inferredBantou · goldTonnes: 16200000Grade: 2.24Grade Unit: g/tContained Metal: 1167Contained Unit: kozView all detailsHide details
Identity
- Project
- Bantou
- Commodity
- gold
- Ticker
- EDV
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl
- Resource group id
- resource:466ed51b66a1db3a1f91
- Ownership percent
- 90 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 16200000
- Grade
- 2.24
- Grade Unit
- g/t
- Contained Metal
- 1167
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 16200000
- Prior Grade
- 2.24
- Prior Contained Metal
- 1167
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-05T00:00:00.000Z
Reasoning: Bantou's Inferred Resources remained stable in tonnage, grade, and contained metal, indicating no significant change in the resource base.
Positive factors
- QP/CP signed off on the estimate
- NI 43-101 compliant reporting standards
Evidence · table
“16.2”
Context: Inferred Resources
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
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.