Name and Location
Yaoure gold project, Côte d’Ivoire.

Client
Amara Mining.

Project Description
An optimised prefeasibility study (PFS) has confirmed a compelling gold development project in the current capital-constrained market.

Based on the updated mineral reserve estimate announced in January, the study delivers an increased head grade, a reduced upfront capital cost
and robust economics at a conservative gold price.

The optimised PFS is based on a smaller 4.5-million-tonne-a-year processing plant, with production for years one to five estimated at 248 000 oz/y and average production at 203 000 oz/y over a 15-year life-of-mine from a single openpit containing 3.2-million ounces.

Net Present Value/Internal Rate of Return
The optimised PFS estimates a post-tax net present value (NPV), at an 8% discount rate, of $555-million and an internal rate of return (IRR) of 38% at
a gold price of $1 200/oz.

A post-tax NPV, at an 8% discount rate, of $281-million and an IRR of 25% are estimated, at a gold price of $1 000/oz.

Value
The optimised PFS estimates an upfront capital cost of $334-million, including a $44-million contingency and $60-million for an owner-operated mining fleet.

Duration
Not stated.

Latest Developments
Additional work is being completed, including the review of other smaller plant sizes, to confirm and refine the parameters of the project to progress it
to the bankable feasibility study stage.

Key Contracts and Suppliers
None stated.

On Budget and on Time?
Too early to state.

Contact Details for Project Information
Amara Mining head of investor relations Katharine Sutton, tel +44 20 7398 1420, fax +44 20 7398 1421 or email ir@amaramining.com.