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Passendro Gold Project
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Senegal


As of February 28, 2012, AXMIN elected to take a 1.5% NSR Royalty Interest in the Gora Deposit, located on the Sounkounkou permit.

On June 18, 2015, in addition to its royalty interest of 1.5% NSR in the Gora Target Area, AXMIN has elected to convert its 20% interests in another 15 Target Areas into a 1.5% NSR from each Target Area. On January 12, 2016, AXMIN elected to convert its 20% interest in one new Target area into a 1.5% NSR. After this Royalty Election, AXMIN holds a 1.5% NSR on 17 Royalty Target Areas (being Target Areas have been made Royalty Election on) in total and maintains 20% interests of Remainder Areas within the Senegal permits. The free carried interest of US$2.5 million granted to AXMIN under the Agreement has been depleted on account of its 20% Participation Interest in respect of all Participation Target Areas (being areas subject to exploration and both parties remain their respective interests (Teranga – 80% and AXMIN – 20%)). No further participation contribution needs to be made by AXMIN beyond this $2.5 million free carried interest with respect to the Participation Target Areas where a Royalty Election has been made.

On April 10, 2018, Teranga released its year ended December 31, 2017 Financial Statements and MD&A which contain additional information including information on Gora’s reserve and resources as noted below:

 

 

 

Twelve Months Ended

 

 

12/31/2017

12/31/2016

 

Ore mined

('000t)

698

747

Waste mined - operating

('000t)

11,778

14,000

Waste mined - capitalized

('000t)

2,387

6,326

 

Total mined

('000t)

14,863

21,073

Grade mined

(g/t)

5.14

2.83

Ounces mined

(oz)

115,398

67,948

 

 

Mining activities in the fourth quarter of 2017 were focused on Gora Phase 3. Mining activities in Gora continued to the concentration of mining at higher grade and strip ratio deposits in the current year period.

During the year ended December 31, 2017, the Company reported royalty income of $1,585,578 from Gora Projects, compared with $980,380 for the same time period of 2016. 

Readers are advised that the information about the Gora project is based on information publicly disclosed by Teranga and has not been independently verified by the Company. Specifically, as a royalty holder, the Company has limited, if any, access to the Gora project and is dependent on the operator of the property and its qualified persons to provide information to the Company regarding the project or on publicly available information and the Company generally has limited or no ability to independently verify such information.

 

The terms of the joint venture with MDL include: