Can you provide an update on the latest developments at Roxgold’s Yaramoko mine in Burkina Faso?

Despite the challenges posed by the pandemic, our team at Yaramoko has delivered excellent performance, and we remain on track to produce up to 130,000 ounces of gold this year. We achieved significant milestones last year, including bringing our satellite deposit, Bagassi South, online and completing the expansion of our processing plant. This expansion has not only reduced our operating costs but also maximized our margins, positioning Yaramoko as a robust cash flow engine for our company. Additionally, the recent rise in gold prices has further strengthened our position.

What progress has been made at the Séguéla asset in Ivory Coast?

After a temporary pause during the pandemic, we resumed drilling activities in July at Séguéla. In April, we completed the Séguéla Preliminary Economic Assessment (PEA), which outlined a robust project with exceptional economics. The assessment indicated a project capable of producing over 100,000 ounces per year over an eight-year mine life, with an estimated NPV of nearly US$500 million at the current gold price. Our next step involved completing the infill drilling campaign to support the Feasibility Report and continuing to explore the extensions of the deposits at Séguéla. The Feasibility Report is on track to be completed early next year, and we anticipate the conversion of inferred resources into measured and indicated resources. Furthermore, we have successfully expanded the mineralized footprint of our main deposits, particularly Ancien, which boasts an impressive average grade of 6.1 g/mt. With all the drilling conducted this year, we expect the Feasibility Study to compare favorably to the PEA, highlighting a project that will significantly increase Roxgold’s production profile while maintaining disciplined capital spending through available cash and debt capacity. Additionally, we continue to identify potential prospects on our Séguéla land package, underscoring its potential to become a prominent multi-million ounce project in the African mining industry.

Considering the exploration activities at Yaramoko, Séguéla, and the Boussoura gold project, how crucial is exploration for Roxgold?

Exploration is a fundamental aspect of Roxgold’s operations, and we consider it one of our core strengths. Over the past two years, we have invested significantly in expanding and strengthening our exploration team, and we are now reaping the rewards of this investment. Just like Yaramoko, our Boussoura project is a home-grown discovery, and it exhibits characteristics similar to the large systems found on the Houndé belt. Meanwhile, our exploration team at Séguéla has done an outstanding job in prioritizing and defining a portfolio of targets that we believe will be incorporated into the project’s life of mine. At Yaramoko, we are planning to complete our first comprehensive underground drill program later this year, further demonstrating our commitment to exploration.

What operational measures enable Roxgold to maintain low costs?

Being one of the highest-grade gold producers gives us a significant advantage, but we have also placed a strong focus on cost management, leading to a continuous reduction in our cost base over the years. Increasing our mining activities and maintaining positive relationships with contractors have contributed to cost efficiencies. Additionally, our commitment to localizing our workforce has been instrumental in managing costs. Currently, over 90% of our employees at Yaramoko are Burkinabe, which not only reduces costs but also establishes a positive legacy and strengthens our social license to operate.

Roxgold recently released its second Annual Sustainability Report, titled “Strengthening Communities.” Can you provide insights into community relations in the countries where Roxgold operates?

Roxgold has fostered positive relationships with our host communities, from local individuals to regional authorities and national governments. We recognize our role as an important contributor to the formal economy, making significant contributions to GDP and acting as a vital source of foreign direct investment in Burkina Faso and soon in Côte d’Ivoire. Mining plays a crucial role in building resilience in these economies by generating tax revenues and empowering local employees. While we are mindful of the impact of our activities, we firmly believe that by adhering to industry best practices and actively engaging and partnering with communities, the benefits far outweigh any negatives.

What are your impressions of operating in Burkina Faso and Côte d’Ivoire?

Roxgold operates in two of the most mining-friendly jurisdictions. We understand that there may be hesitance from investors due to country and political risks. However, there are few countries in the world where a company can progress from the first drilled hole to producing the first gold bar in just five years, as we did with the Yaramoko discovery. This accelerated timeline is not achieved through shortcuts; rather, it is made possible by the commitment and enthusiasm of both politicians and communities who actively seek investment and participation. When combined with the significant mineral potential of the region, we firmly believe that West Africa offers one of the most favorable operating environments globally.

Do you have a final message you would like to share?

Roxgold has undergone significant transformation over the past 12-18 months, expanding from a single-asset miner to a multi-jurisdictional company. We are well on our way to becoming a multi-asset producer, with expectations to more than double our production and cash flow within the next two years, all without the need for share dilution. Our growth will be funded through our strong balance sheet, ensuring that our existing shareholders benefit from this expansion. It is an exciting time to be a Roxgold shareholder, and we look forward to advancing our projects steadily throughout this year and beyond.