Name of the Project
Abujar gold project.

Location
Côte d’Ivoire.

Project Owner/s
Exploration and mining company Tietto Minerals.

Project Description
The project has probable mineral reserves if 15.7-million tonnes run-of-mine at 1.7 g/t gold for 860 000 oz of gold.

A prefeasibility study (PFS) on the proposed 3.02-million-ounce project has shown it to be a robust, long-life operation, based on the openpit mine development.

The Abujar AG openpit PFS forecasts production of 182 000 oz of gold in years 1 to 3, and more than 168 000 oz/y over the first six years of the project.

The project has a life-of-mine (LoM) of ten years. LoM recoveries are estimated at 1.08-million ounces of gold.

The expanded project, comprising the Abujar AG openpit PFS, APG openpit scoping study and AG underground study, envisages average production of 182 000 oz/y of gold in years 1 to 3, and 168 000 oz/y in years 1 to 6.

The project has an LoM of 12 years. LoM recoveries are estimated at 1.44-million ounces of gold.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The Abujar AG openpit PFS has a net present value (NPV), at a 5% discount rate, of $363-million and an internal rate of return (IRR) of 53%, with a payback of 2.4 years on initial capital.

The Abujar AG openpit PFS, APG openpit scoping study and AG underground study forecast a pretax NPV, at a 5% discount rate, of $432-million and an IRR of 54%, with a payback of 2.4 years on initial capital.

Capital Expenditure
Capital expenditure (capex) of $230-million, including preproduction mining and contingency, is forecast for the Abujar AG openpit.

Capex of $230-million, including preproduction mining and contingency, is forecast for the Abujar AG and APG openpits. Underground development capital of $48.4-million is forecast from the beginning of Year 6.

Planned Start/End Date
Tietto is targeting first gold at Abujar in the fourth quarter of 2022.

Latest Developments
Tietto is rapidly advancing Abujar development with early work programmes, including front-end engineering design, with site and camp construction under way.

Tietto expects to deliver a definitive feasibility study for Abujar in the third quarter of 2021.

Meanwhile, Tietto announced an increase in the Abujar project’s mineral resource estimate, following a 54 000 m diamond drilling campaign, in July 2021.

As a result of the campaign, gold resources have increased to 87.5-million tonnes grading 1.2 g/t gold for 3.35-million ounces.

AG mineral resources total 50.3-million tonnes grading 1.5 g/t gold for 2.45-million ounces.

APG mineral resources total 36.7-million tonnes grading 0.7 g/t gold for 870 000 oz.

Indicated resources have increased by 49% to 43.4-million tonnes grading 1.3 g/t gold for 1.85-million ounces of contained gold, representing more than 55% of the project ounces.

Key Contracts, Suppliers and Consultants
Primero Group (process  and  engineering  design,  procurement  oversight,  field  engineering  and  commissioning  services).

Contact Details for Project Information
Tietto Minerals, tel +61 8 9331 6710 or email admin@tietto.com.