MINING ANG GEOLOGY WEEKLY REPORT

May 31TH – JUNE 06TH 2024

2.1 GEOLOGY

Shadrack mine.
During the week, the working areas were level three west and East, sublevel three east two –
drive from raise, main shaft, crosscut development for drill cuddy and diamond drilling.

Sublevel three east two (drive from the raise); The area hosts the quartz reef of 0.7m wide
with disseminated sulfides, shear was 1.9m wide and 1.2m dominated with diorite.

Level three west (3W); The quartz reef was pinched on the face, the development work
proceeded, the face dominated with sheared granite and diorite with small quartz vein. The drive
has been advanced 26m. Our plan is to proceed with development work.

Level three East (3E); Developing and opening the drive in the shear zone. The working hosts
the quartz vein of 1m wide with moderate mineralization of sulphides. The drive has been
advanced 1m. Drilling and blasting will proceed in the next week.

S/L 3W2 Crosscut development for drill cuddy; It has reached 20m from the main drive-in
sublevel 3W2. Our plan is to proceed with the development work for preparing the area for the
diamond rig at the next week.

Diamond Drilling; The drill hole RS 009 reached the end at a depth of 73m followed by
geological logging where the good quartz vein was intersected at 71.4m up to 71.96m and a fair
mineralization mixed with granite and diorite appeared up to72.5m. Our plan is to start a new
drill hole in the next week.

Figure 1. Sample of Diamond Drilling Core at a depth of 69 to 73m

Heneriko mine
During the week in Heneriko mine the working areas were sublevel 6E6, Emmanuel (Winze,
Sublevel 7W and 7E Emmanuel, sublevel six west raise).

Sublevel 6E6-west face; The working hosts the quartz vein of 20cm to 60cm west face with good
mineralization of sulphides. Drilling and blasting will proceed next week while minimizing ore
dilution. Our plan is to proceed with more development in east face so as to increase the working
faces.

Sublevel 6E1 – Emmanuel raise; The working hosts the quartz vein of 40cm with good
mineralization of sulphides.

Sublevel 7E1 – Emmanuel; The working area hosts the quartz vein of 35cm wide with good
mineralization of sulfides. The drive has been advanced to 25.5m. Drilling and blasting will
proceed next week while minimizing ore dilution.

Babolio side: The working hosts the quartz vein of 15cm wide with good mineralization of
sulphides. The drive has been advanced to 14m. Drilling and blasting will proceed next week while
minimizing ore dilution.
Figure 2. Underground working faces in Shadrack and Heneriko mines.
Figure 3. Underground section at Heneriko mine
2.2 PRODUCTION
The overall powder factor was 1.09 which was above the budget of 1.05 by 3.9%, 529 tonnes were
hoisted which was below the budget of 914 tonnes by 42.1%, 250 tonnes of ores were hauled to
the Processing Plant which was below the budget of 456 tonnes by 45.2%, Shared ore was 49
tonnes which was below the budget of 100 tonnes by 50.7%.
Week to Date
MINING Actual Budget Var (%)
Hoisted material tonnes 529 914 -42.1%
Hoisted Waste tonnes 99 104 -5.4%
Hoisted Ore tonnes 430 809 -46.8%
Mined Ore grade g/t 23.66 5.34 343.3%
Hauled to Plant tonnes 250 456 -45.2%
Shared tonnes 49 100 -50.7%
Hauled to Plant grade g/t 12.22 8.47 44.2%
Contained gold Hauled to plant grams 3,055 3,863 -20.9%
Powder Factor kg/t 1.09 1.05 -3.9%

Table 1. Summarizes the above.

The reason for the Variances above
The hoisted material was below the budget due to the following reasons.
 Shaft and drill cuddy development work at Shadrack’s mine.
 Challenge of Emmanuel Winch for 120 hrs at Heneriko’s Mine
 Delay of explosive (Nonel) from supplier
Hauled ore to the processing plant was below the budget due to pinching of the ore body at
Shadrack Mine.
 Graph1. Representing daily Total Hoisted Tonnes from 31th May 2024 to 06th June 2024.

Graph2. Representing 12 weeks rolling Total Hoisted Tonnes from 15th March 2024 to date.
Graph3. Representing 12 weeks rolling Total Hauled to plant Tonnes from 15th March 2024 to
date.
Heneriko Mine:
Powder factor was 1.55 which was above the budget of 1.05 by 47.6%, 191 tonnes were hoisted
which was below the budget of 392 tonnes by 51.2%, 144 tonnes of Ore were hauled to the Plant
which was below the budget of 169 tonnes by 14.9%, 25 tonnes were given to Heneriko as share
which was above the budget of 30 tonnes by 14.9%.
Week to Date
HENERIKO MINE Actual Budget Var (%)
Hoisted material tonnes 191 392 -51.2%
Hoisted Waste tonnes 11 60 -82.5%
Hoisted Ore tonnes 181 332 -45.5%
Mined Ore grade g/t 51.36 7.20 613.4%
Hauled to Plant tonnes 144 169 -14.9%
Heneriko's tonnes 25 30 -14.9%
Hauled to Plant grade g/t 16.47 12.00 37.3%
Contained gold Hauled to plant grams 2,372 2,031 16.8%
Powder Factor kg/t 1.55 1.05 -47.6%

Table2. Summarizes the above

The reason for the Variances of Hoisted materials

 Breakdown of Emmanuel Winch for 120 hrs.

 Breakdown of L4E Mine cart for 6 hrs
Hauled ore to plant was below the budget due to the low material hoisted.

Graph4. Representing daily Heneriko Mine hoisted Tonnes from 31th May to 06th June, 2024.

Graph5. Representing 12 weeks Heneriko Mine hoisted Tonnes from 15TH March 2024 to date.
Graph6. Representing 12 weeks rolling Heneriko Mine hauled to plant Tonnes from 15TH March
2024 to date.

Babolio mine:

Powder factor 0.69 which was below the budget of 1.05 by 34.3%, 46 tonnes were hoisted which
was below the budget of 74 tonnes by 37.9%, 34 tonnes of Ore were hauled to the Plant which
was above the budget of 19 tonnes by 81.4%, 6 tonnes were given to Babolio as share which was
above the budget of 3.31 tonnes by 81.4%.
Week to Date
BABOLIO MINE Actual Budget Var (%)
Hoisted material tonnes 46 74 -37.9%
Hoisted Waste tonnes - 15 -100.0%
Hoisted Ore tonnes 46 59 -22.4%
Mined Ore grade g/t 18 7.20 156.4%
Hauled to Plant tonnes 34 19 81.4%
Babolio's tonnes 6 3.31 81.4%
Hauled to Plant grade g/t 18 12 51.2%
Contained gold Hauled to plant grams 617 225 174.3%
Powder Factor kg/t 0.69 1.05 34.3%

Shadrack mine:

Powder factor 0.79 which was below the budget of 1.05 by 24.3%, 292 tonnes were hoisted which
was below the budget of 384 tonnes by 34.8%, 72 tonnes of Ore were hauled to the Plant which
was below the budget of 268 tonnes by 73.1%, 18 tonnes were given to Shadrack as share which
was below the budget of 67 tonnes by 73.1%.
Week to Date
SHADRAK MINE Actual Budget Var (%)
Hoisted material tonnes 292 448 -34.8%
Hoisted Waste tonnes 88 29 200.4%
Hoisted Ore tonnes 204 419 -51.3%
Mined Ore grade g/t 0.28 3.60 -92.1%
Hauled to Plant tonnes 72 268 -73.1%
Shadrak's tonnes 18 67 -73.1%
Hauled to Plant grade g/t 0.91 6.00 -84.8%
Contained gold Hauled to plant grams 66 1,608 -95.9%
Powder Factor kg/t 0.79 1.05 24.3%
Table 4. Summarizes the above.

Reasons for variances above

The hoisted material was below the budget due to the following reasons.
 Shaft development works.
 Delay of explosive (Nonel) from supplier on 06th June, 2024
Hauled ore to the processing plant was below the budget due to focus more on development works,
also pinching of ore at the L3W drive.

Graph7. Representing daily Shadrack Mine Hoisted Tonnes from 31th to 06TH June 2024
Graph8. Representing 12 weeks rolling Shadrack Mine Hoisted Tonnes from 15TH March 2024 to
date.

Graph9. Representing 12 weeks rolling Shadrack Mine hauled to plant Tonnes from 15TH March
2024 to date.
Heneriko mine layout

Shadrack mine layout

 HENERIKO MINE Babolio SHADRACK MINE
Date NO OF TRUKS
A B C NO OF TRUKS
A B C NO OF TRUKS
A B C
31-May 0.0 0.0 0.0
1-Jun 1.0 18 0.0 0.0
2-Jun 0.0 0.9 16 0.0
3-Jun 3.0 36 18 0.0 2.0 36
4-Jun 0.0 0.0 0.0
5-Jun 3.0 36 18 0.0 0.0
6-Jun 1.0 18 1.0 18 2.0 36
Sub total 8 0 108 36 2 0 34 4 0 72
Total 144 34 72
OVERALL 250
Production area L6E1, L6E6 WEST DRIVE L3E

LAST WEEK PLANNED DEVELOPMENT

TARGETED ADVANCED ACTUAL ADVANCED
MINE LOCATION DEPTH/LENGTH (M) DEPTH/LENGTH (M) TONNES (t)

L5W Engineering site works for head frame

HENERIKO Emmanuel 1 0.5

SHADRACK S/Level 3E 4 2 26

Drill Cuddy 4 3.0 52

SHAFT 1 1 32
MINE NEXT WEEK FOCUS PRODUCTION AREA Tonnes(t)

Ore Grades A B C

Number of
1 7 2 180
HENERIKO trucks

6E1, S/L7E1& 6E1, L7E1

Production area 6E1, S/L7E1& 6E6
6E6 &6E6

Ore Grades A B C

Babolio Number of trucks 1 18

Production L2E
Ore Grades A B C

Number of trucks 6 126

SHADRACK
S/L3E-Raise,
Production
S/L3W2-Winze 2
 NEXT WEEK PLANNED DEVELOPMENT

MINE LOCATION ADVANCE DEPTH/LENGTH (M) TONNES (t)

BABOLIO Winze (E) 2 72
L5W Engineering construction of Headframe
Emmanuel 1.5 18
HENERIKO L6E6 WINZE 1.5 18
Drill cuddy 4 64
S/Level 3E2 3 48
Level 3W 3 48
SHADRACK Main Shaft 2 48

LIST OF ABBREVIATIONS
Mined grade The mine grade is determined by collecting samples from each
working face and promptly sending them to the laboratory once a
week. Daily tonnage data is recorded, allowing for the calculation
of the daily average grade. This systematic process ensures accurate
monitoring of the mine's grade for operational planning and
efficiency. it SI unit g/ton
Power Factor The powder factor is how much explosive we use per ton of material
we blast. We've set our spacing at 0.4 and burden at 0.34, and we're
careful with how much explosive we use. This helps us break up
rocks efficiently without wasting resources or harming the
environment. It SI unit Kg/ton
Hauled grade Hauled grade refers to the quality or quantity of valuable material
obtained after sampling gold ore sorted materials. These samples
are sent to the laboratory once a week. Materials are hauled to the
plant daily, and samples are categorized into grades A, B, and C.
The average grade of all materials sent to the plant is then
calculated, providing insight into the daily material quality
processed at the plant. Its SI unit g/ton
Contained gold Hauled to The gold contained in hauled ore to the plant is determined by
plant multiplying the hauled grade of each material class either Grade A,
B or C sent to the plant by the respective quantity. This calculation
provides insight into the total gold content of the hauled ore being
processed at the plant. It SI unit gram