Abujar is now fully funded to production. Could you comment on this achievement?

We are absolutely thrilled to have successfully completed an A$130 million two-tranche placement with no debt, securing the necessary CAPEX financing for Abujar. This achievement demonstrates the market’s appetite and interest in being part of Abujar becoming the next gold mine in Ivory Coast. With this funding, Abujar is now fully funded to commence production in late CY2022, and it marks a significant milestone in the accelerated development of our 3.45Moz Abujar gold project.

Could you summarize the most recent developments at Tietto Minerals?

In April this year, we delivered a maiden Measured gold resource of 7.7 Mt @1.4 g/t Au for 350,000oz. Combined with the Indicated gold resources, we now have a total of 26.2Mt @ 1.4 g/t Au for 1.15Moz at AG Core, and an updated MRE of 98.7Mt @ 1.1 g/t Au for 3.45Moz. This updated Mineral Resource Estimate (MRE) allows us to plan for an increased mill throughput and higher gold prices, and we intend to update the life of mine (LOM) production plan in 2022. Additionally, we have published scoping study results that show the potential for heap leaching to be used for lower-grade ore at APG, in addition to the carbon-in-leach operation. This could deliver additional value for shareholders.

What are the highlights of your DFS (Definitive Feasibility Study)?

Our highly anticipated DFS was delivered last October 2021. Abujar presents a compelling 1.45Moz reserve project, with a forecasted production of 260,000 oz/year in the first year and 200,000 oz/year over the first six years. The pre-tax IRR is 155%, and the post-tax IRR is 95%. We revised the CAPEX down from the PFS (Preliminary Feasibility Study) to US$200 million, and the project has a very short payback period of under one year from first gold production. The open pit probable reserves have been updated to 34.4Mt at 1.3g/t Au. Abujar is expected to generate a revenue of US$2.87 billion over the entire 11 years of initial LOM, with plenty of opportunities for further growth.

How is the construction of the CIL mine and site facilities progressing?

Abujar is fully permitted, and we are on schedule to pour first gold by Q4 2022. We are pleased to have Matt Wilcox leading the construction team, as he and his team were behind the successful delivery of West African Resources’ Sanbrado Gold Mine in Burkina Faso ahead of schedule and under budget. Construction began in November 2021, and the CIL plant is well on track for the first gold pour in late 2022. The local community has been supportive and looks forward to the benefits of local procurement and employment opportunities that large-scale open pit operations can bring.

What are the main challenges of transitioning from a junior to a producer?

The main challenge Tietto faces in transitioning from a junior explorer to a mining operator is the need for many changes. It involves moving from exploration to operating a reasonably large open pit mine and processing system. However, there are many successful examples of companies making this transition, and strong leadership is crucial. We are currently appointing a team with a strong track record of mining operations in West Africa to ensure a smooth transition.

Tietto holds a large land package in Ivory Coast. What is your exploration strategy from here on?

We have only explored 10% of our 1,114km2 land area, including a 70km strike length gold corridor across our three Abujar tenements. The potential for further discoveries is immense. Within 10km of Abujar, we have identified at least 20 other prospects. Our exploration strategy involves defining targets in both the northern and southern tenements, with over 30 targets ready for drilling. As we move into production, we will continue to explore and expand our resources to increase output and maximize the potential of our land package.

Do you have a final message for our audience?

Our commitment to delivering the Abujar project has been unwavering since we received the exploration license in late 2014. From the exploration phase to the construction phase and securing financing, we have steadily grown Abujar from a pure grassroots exploration license into a standalone gold mine set to begin production in late 2022. We believe in the immense potential of the Ivory Coast and the opportunities it offers for mining projects. We invite investors to join us on this exciting journey as we continue to unlock the value of our assets and contribute to the growth of the mining industry in Ivory Coast.