Summary

Mine Type	Open Pit & Underground
Study Completed	Feasibility
Stage	Construction
Commodities	Gold
Mining Method	Truck & Shovel / Loader Longhole open stoping
Backfill type	...
Project Timeline	...
Mine Life	...
Snapshot	The Tulu Kapi Gold Project is a fully permitted, low-cost, initially operate as an open-pit gold mine, transitioning to underground mining starting from Production Year 3 to supplement the open pit ore. In January 2025, the certain Major Works have started, including construction of the new main access road from the highway to the Tulu Kapi site. Financing efforts are ongoing and are nearing completion. The need for land access to construct Tulu Kapi has necessitated the creation of the Resettlement Action Plan (RAP). This plan adheres to Ethiopian legislation regarding land acquisition, expropriation, and compensation processes and follows the IFC’s Performance Standards on Environmental and Social Sustainability. The first phase of RAP implementation started in early 2025. The project’s economics were recalculated using a gold price of US$2,400/oz, up from the original US$1,300/oz assumption, to reflect improved market conditions since 2023.

Deposit type

• Intrusion related
• Breccia pipe / Stockwork
• Vein / narrow vein

Summary:

The Tulu Kapi region has typical Precambrian type geology which is characterised by prominent hills of intrusive rocks and deeply incised valleys containing meta-sediments and meta-volcanic rocks. Gold is hosted in quartzalbite alteration zones as stacked sub-horizontal lenses in a syenite pluton into which a swarm of dolerite dykes and sills have been intruded. Gold mineralisation extends over a 1,500m by 500m zone and is open at depth. The mineralisation is characterised by a simple mineralogy comprising gold, silver, pyrite and minor sphalerite and galena. At depth beneath the main body of mineralised syenite, there is a zone adjacent to the Bedele Shear Zone that is characterised by significantly higher gold grades, with occasional coarse visible gold, more base metal sulphides and a shallower apparent dip than the main body above it. It was initially called a “feeder zone”, but it is more likely that it is just a higher-grade zone of the stacked Qtz-Ab vein system.

The main mineralisation stage at Tulu Kapi is composed of an assemblage of hydrothermal minerals that are present in highly variable abundances and include quartz, albite, carbonate, biotite, muscovite, epidote, sulphide and gold. The mineralisation commonly occurs in veins, crackle zones and minor breccia zones. The typical Tulu Kapi gold mineralisation within the pit is associated with sulphide-bearing albite alteration and quartz veins (replacement and fracture fillings). Albite occurs as overgrowths on original syenite feldspar and also as newly formed crystals in veins and cavities. It is uncertain whether the albite associated with the mineralisation is the same stage as the pervasive albitisation of the syenite. However, since the albitised syenite is cut by quartz veins that pre-date the mineralisation, it is suspected that the pervasive albitisation is an earlier event. A minor generation of late-stage pyrite veins is weakly developed. The veins are typically less than 10 microns wide and have been observed to crosscut muscovite veins. No gold has been observed in association with these veins.

The sulphide minerals identified include pyrite, sphalerite, bornite, chalcopyrite, galena and arsenopyrite. In addition, tetrahedrite-tennantite has been tentatively identified. Pyrite is by far the most abundant sulphide and occurs as coarse to fine grained infill and as alteration spots in syenite. Aggregates of small crystals are common and typically these also contain crystals of silicate and carbonate minerals to form a sieve-like texture. Lack of considerable arsenic, antimony and tellurium minerals suggest that the majority of gold could be found as a free gold.

Mining Methods

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Comminution

Crushers and Mills

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Processing

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Commodity Production

Operational metrics

Metrics
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Personnel

Job Title	Name	Profile	Ref. Date
.......................	.......................		Jul 8, 2025
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