Senala
Located in south-eastern Senegal, the 354.5 sq km Senala licence is positioned in the centre of the Birimian-age Kédougou-Kéniéba gold belt that extends from eastern Senegal into western Mali and has already seen multiple major gold discoveries including Terranga’s Massawa (3.4 million oz Au) and Sabodala deposits (3 million oz Au) in Senegal, and Barrick’s Loulo (12 million oz Au) and Gounkoto projects (5.8 million oz Au) in Mali.
The Company holds a c.35% interest in Senala (formerly known as Dalafin) through 85% ownership of Senegal-registered joint-venture company Stratex EMC S.A., formed in partnership with private local company Energy & Mining Corporation S.A. (EMC). AEGM Senegal Exploration Suarl. The remaining 60% is owned by AEGM Senegal Exploration Suarl, a wholly owned subsidiary of Managem Group.
To date, four main geochemical targets, Faré, Baytilaye, Konkonou, and Madina Bafé, have been confirmed by drilling within the 354.5km2 licence area.
At Faré South a maiden Resource of 155,000 oz Au grading 1.26 g/t Au has been published in the JORC Inferred category, based on a 0.3 g/t Au cut off and within a US$1,800/oz pit shell. In addition, a JORC Exploration Target has been defined at Faré for between 17 and 24 Mt, grading between 0.69g/t Au and 0.84g/t Au for total contained gold ranging between 380,000oz and 650,000 oz.
Faré
Faré is the most advanced prospect within the Senala licence and the Company believes it has potential to host a standalone deposit. The prospect comprises three main gold anomalies, Faré North, Faré South and Faré Far South, that extend over a c.6km strike length. The footprint is comparable to Barrick’s Loulo-Gounkoto mining complex further to the east in western Mali.
JORC MRE and Exploration Target
In 2021, the Company engaged Forge International Limited to complete a Mineral Resource Estimate for Faré South (independent of IAMGOLD), that has delivered a maiden JORC-compliant Resource of 155,000 oz Au grading 1.26 g/t Au in the Inferred category, based on a 0.30 g/t Au cut off and within a US$1,800/oz pit shell. In addition to this Resource, an Exploration Target was published in June 2025, comprising all drilling complete outside of the current MRE, for between 17 and 24Mt, grading between 0.69 and 0.84g/t Au for contained gold ranging between 380,000oz and 650,000oz.
Drilling and Exploration at Faré
Diamond and reverse circulation (RC) drilling at the Faré South anomaly has, to date, returned best intersections of 20.00m grading 31.13 g/t Au including 10.00m grading 60.98 g/t Au (FARC-00007), 59.60m grading 2.20 g/t Au and 49.50m grading 1.75 g/t Au (FADD-00004) and 70.00m grading 1.46 g/t Au including 31.00m grading 2.72 g/t Au (FADD21-031C).
Phase 1 drilling focused on Faré and included 689.50m diamond drilling in two holes, planned to test the depth extension of the main mineralised zone at Faré South, where historic drilling delivered best intersections of 20.00m grading 31.13 g/t Au including 10.00m grading 60.98 g/t Au from RC drilling and 59.60m grading 2.20 g/t Au and 49.50m grading 1.75 g/t Au from diamond drilling. Results confirmed that the orogenic gold system at Faré South continues to at least 350m below surface and remains open at depth. The widest zones of mineralisation, associated with quartz-tourmaline veining and albite alteration within intercalated diorite, granodiorite and metasedimentary units, were returned from the near-surface oxide zone, with a best intersection of 70.00m grading 1.46 g/t Au including 31.00m grading 2.72 g/t Au.
The 2021 Phase 1 programme also comprised 4,854 m RC drilling in 42 holes, focused on testing the system along strike at Faré North (three fence lines) and Faré Far South (two fence lines). Results have returned best intersections of up to 11.00m grading 1.22 g/t Au from Faré North and 35.00m grading 3.61 g/t Au including 18.00m grading 6.46 g/t Au from Faré Far South. The results are particularly encouraging for the Faré Far South anomaly, located c.1 km to the southwest of Faré South, where the system has been drill-tested at depth for the first time
In November 2021, a follow-up programme of 2,148m of RC drilling was completed in 18 holes over three fence lines planned to test the northeast extension of the three main anomalies. Results have confirmed that mineralisation is open to the northeast at all three of the main anomalies, with best intersections of up to 5.00m grading 12.45 g/t Au including 2.00m grading 26.61 g/t Au (using a 0.30 g/t Au cut off) being returned from the Faré Far South anomaly. The anomalism at Faré Far South is now confirmed to extend over a strike length of at least 500m and the system remains open along strike and at depth. The results to date a high probability for further resource definition on the property, being located just 800m from the Faré South Mineral Resource Estimate.
The Year 5 programme at Faré comprised 10,695m auger-drilling, with two samples being collected per hole (holes drilled to an average depth of 8m) to assess the sub-surface geology and to identify potential extensions to the existing mineralisation. Drilling focused on testing the strike extension (southwest and northeast) of the main c.6 km-long structure at Faré and a grid to test a gold-in-soil-sampling anomaly (previously identified by the Company) c. 3 km to the east of Faré.
Gold assays for 2,551 samples identified multiple structurally controlled gold anomalies outside of the previously identified footprint at Faré, with the majority of these newly identified anomalies follow the same north-easterly trend as the existing Faré North, Faré South and Faré Far South mineralisation. The longest of these, a c.1.3 km anomaly to the north-east of Faré North, is associated with a significant, >2km-long, arsenic anomaly.
Most recent fieldwork included a reconnaissance visit in Q4-2024 to investigate artisanal workings and collect pit samples at the project. Of the 50 samples collected from Faré, two returned Au grades over 10g/t Au with a best result of 43.6g/t Au.
