The Séguéla Property is situated within the Paleoproterozoic (“Birimian”) Baoule-Mossi Domain of the West African Craton. Two cycles of volcanism/sedimentation are recognised within the Birimian rocks of the Baoule-Mossi Domain; each followed by a period of orogenesis, and together described as the Eburnian Orogeny which is dated c. 2.19–2.08Ga. Rocks of the Baoule-Mossi Domain are primarily polyphase granitoids, and volcano-sedimentary sequences forming granite-greenstone terranes. The first cycle of sedimentation and orogenesis (“Eburnian 1”) is described by the accumulation of volcanic and volcanic lastic rocks; then subsequently intruded by early stage granitoids. Following a period of uplift and erosion, the Eburnian 2 cycle is described by the filling of intra-montaine basins with predominantly arenaceous sediments of the Tarkwaian Series.

The Antenna deposit occurs within a greenstone package deposited during Eburnian 1, that comprises (west to east) an ultramafic hangingwall, which is in presumed fault contact with an interlayered package of felsic volcaniclastic rocks and flow banded rhyolitic units, which are then in contact with a mafic (basaltic) footwall unit. The faulted contacts between the mafic/ultramafic units and the felsic assemblage converge to the south of the deposit forming a wedge shape to the felsic package.

The Antenna gold deposit is considered to be an orogenic lode-stylegold system, hosted by a brittle-ductile quartz-albite vein stockwork predominantly contained within flow banded rhyolite units. The stockwork lode varies in width roughly in proportion with the widths of the rhyolitic units which host it (approximately 3–40m) and extendsover a strike length of approximately 1,350m. Stockwork veins which host mineralisation show two principal orientations; steep east- dipping andsteep west-dipping. Veins in the steep west-dipping orientation range from being ptygmatically folded to undeformed, while veins in the east-dipping direction may be variably boudinaged to undeformed. This evidence suggests syn-deformational emplacement of the vein sets during west and east movement along the main fault structures within the region. Mineralisation occurs as free gold, associated with pyrite and pyrrhotite. Alteration assemblages associated with this mineralisation assemblage vary from proximal intense silica –albite ± biotite ± chlorite alteration, through medial silica-albite-sericite ± chlorite assemblages, to more distal sericite-carbonate (ankerite/calcite) and carbonate-magnetite assemblages. Pyrite is the dominant sulphide associated with higher-grade mineralisation within proximal alteration zones, while sulphide mineralogy is pyrrhotite dominated in medial and distal assemblages andis associated with lower grade gold mineralisation.

The Ancien deposit is associated with an interpreted D2sinistral shear zone, informally labelled the Ancien Shear, within the East Domain and comprises (from west to east) a chloritic pillow basalt footwall overlain by a foliated/sheared tholeiitic basalt unit, which is in turn (conformably?) overlain by a second chloritic pillow basalt hangingwall unitwhich is gradational into a coaser grained porphyritic basalt unit. Generally narrow quartz-feldspar-biotite porphyries crosscut and intrude all other lithologies and are interpreted as late intrusives.

At the Ancien deposit significant mineralization is restricted to the more reactive and competent tholeiitic basalt unit and is best developed in zones of strong brittle-ductile brecciation and shearing, with selective sericite+/-silica alteration and intense quartz and quartz-carbonate veining. Mineralization occurs as free gold, predominantly as small grains within microfractured milky-white quartz veins and associated with pyrite and lesser pyrrhotite. Generally lower grade mineralization is also developed at the margins of felsic porphyries that intrude the tholeiitic basalt, and in zones of increased brecciation and veining within these porphyries.

The Boulder and Agouti prospects are both located within a distinct northerly-trending litho-structural corridor that extends from Boulder in the south to Gabbro in the north. Regional mapping has defined a broad package of pillow basalts and intercalated basaltic sediments, flanked to the west by a discontinuous gabbro unit and regionally extensive doleritic sequence. The basaltic units are extensively intruded by quartz-feldspar-biotite porphyritic felsic intrusives.

Gold mineralization at the Boulder and Agouti prospects is associated with strongly foliated or mylonitized, quartz/quartz-carbonate veined basalt and the margins of the felsic intrusives. Generally lower grade mineralization occurs internal to the felsic intrusives where they are brecciated or extensively veined. The highest gold grades generally correlate with the intersection of NNE and NW-trending structures. Mineralization occurs as free gold within a network of milky white quartz veins, and associated with foliation or quartz/quartz-carbonate vein controlled pyrite and minor pyrrhotite.

The Séguéla Project will consist of the simultaneous exploitation of the Antenna deposit and its satellite deposits: Ancien, Agouti, and Boulder. The overall strategy is to have production from these satellite deposits complement the production from Antenna to achieve a total production rate of 1.25 million tonnes per annum (“Mtpa”). The project mine life for the Séguéla Project contemplated in the PEA is eight years.

Mining activities at Séguéla will utilize conventional open-pit mining methods considering:
• Near surface location of the deposits
• Multiple vein lodes within each deposit

Drill and blasting are planned for oxide and fresh mineralized material, followed by conventional truck and shovel operations within the pits for the movement of mineralized material and waste. Two 125 tonne (“t”) excavators, complimented with two 65 tonne excavators in the latter stages of the satellite pits, with an estimated total material productive capacity of approximately 8.0 Mtpa, will have sufficient capacity to allow for maintenance, transport between the pits, and make-up capacity to account for low productivity periods such as high rainfall events. A fleet of up to nine Caterpillar 777 trucks (payload of 100 t) will be used in conjunction with several smaller articulated trucks for the latter stages of the satellite pits to truck and haul all mineralized and waste material. Roxgold will engage a mining contractor for the mining of all the deposits over the mine life, several of which provided quotes that were incorporated in the mining cost assumptions in the PEA. A common pool of equipment will be used and scheduled across all active pits so that movement between the pits is minimised.

Run of Mine (“ROM”) mineralized material will be trucked from the pits to the ROM pad and dumped either onto the ROM pad to be reclaimed and loaded to the ROM bin or by direct tipping. The PEA contemplates a single stage primary crush/SAG milling comminution circuit where the mineralized material will be drawn from the ROM bin via an apron feeder, scalped via a vibrating grizzly with the undersize reporting directly to the discharge conveyor and the oversize reporting to a primary jaw crusher for further size reduction. All crushed and scalped material will by conveyed to a surge bin. Crushed mineralized material and water will be fed to the mill.

ROM mineralized material will be trucked from the pit to the ROM pad and dumped either on the ROM pad to be reclaimed by FEL and loaded to the ROM Bin or direct tip via a Cat 777. A mobile rock breaker will be utilized to break oversize rocks at the top of the feed bin.

The mineralized material will be drawn from the ROM bin via an apron feeder, scalped via a vibrating grizzly with the undersize reporting directly to the discharge conveyor and the oversize reporting to a primary jaw crusher for further size reduction. All crushed and scalped material will by conveyed to a surge bin, which provides approximately 60 minutes of surge capacity.

The crushing circuit is designed for 75% availability, whereas the milling operation is designed for 91.3% availability, resulting in excess crushed material production while the crusher is operational. The excess crushed material produced will allow for routine crusher maintenance without interrupting feed to the mill.

The crushed mineralized material bin will be equipped with an apron feeder to regulate feed at into the SAG mill. Crushed material drawn from the surge bin will feed the SAG mill circuit via the mill feed conveyor. Lime will be added for pH control as required.

The material handling and crushing circuit will include the following key equipment:
• ROM hopper
• Apron feeder
• Vibrating grizzly
• Mobile rock breaker
• Primary jaw crusher
• Crushed ore bin
• Mill feed apron feeder.

The primary grinding circuit consists of a SAG mill that will operate in closed circuit with a classifying cyclone pack. At the targeted grind size P80 of 75 µm, generation of pebbles is not expected. Oversize from the SAG mill trommel will be directed to a scats bunker, while the undersize will gravitate to the cyclone feed pumpbox from where it will be pumped to the classifying cyclones. The cyclone overflow will gravitate to a trash screen prior to the pre-leach thickener, while the underflow will gravitate to the SAG mill feed chute for further grinding. A portion of the cyclone underflow will also feed the gravity concentration circuit.

The grinding circuit will include the following key pieces of equipment:
• SAG mill
• Classification cyclones.

The key project design criteria for the plant are:
• Nominal throughput of 1.25 Mtpa mineralized material
• Crushing plant availability of 75%
• Plant availability of 91.3% for grinding, gravity concentration, leach plant and gold recovery
operations.

The proposed process design is comprised of the following circuits:
• Primary crushing of ROM material
• A surge bin with overflow stockpile to provide buffer capacity ahead of the grinding circuit
• Grinding circuit: semi-autogenous grinding (SAG) mill with cyclones
• Gravity recovery of cyclone underflow by a semi-batch centrifugal gravity concentrator, followed by intensive cyanidation of the gravity concentrate and electrowinning of the pregnant leach solution in a dedicated cell located in the gold room.
• Trash screening and thickening of cyclone overflow prior to leaching.
• Gold leaching in a CIL circuit.
• Acid washing of loaded carbon and pressure ZADRA type elut ........