The deposits at the Séguéla Project are considered orogenic lode style systems. The Antenna, Agouti and Boulder deposits are hosted by brittle-ductile quartz albite vein stockworks, often associated with flow banded rhyolite units or porphyritic intrusives. The Ancien and Koula deposits are hosted by rittle-ductile quartz and quartz carbonate vein networks associated with strongly to intensely sheared tholeiitic basalt.

Antenna Deposit
The Antenna deposit occurs within a greenstone package that comprises (west to east) an ultramafic hangingwall, which isin 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 Antenna gold deposit is a brittle-ductile quartz-albite vein stockwork predominantly contained within the flow banded rhyolite units. The stockwork lode varies in width roughly in proportion with the widths of the rhyolitic units which host it (approximately 3–40 m) and extends over a strike length of approximately 1,350 m. Stockwork veins which host mineralisation show two principal orientations; steep east-dipping and steep 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 over 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 isthe dominantsulphide associated with higher-grade mineralisation within proximal alteration zones, while sulphide mineralogy is pyrrhotite dominated in medial and distal assemblages and is associated with lower-grade gold mineralisation.

Agouti and Boulder Deposits
The Boulder and Agouti prospects are both located within a distinct northerly-trending litho- structural corridor that extendsfrom 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 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.

Ancien Deposit
The high-grade Ancien deposit is located within a thick package of magnetically quiet pillow basalts, tholeiitic basalts and minor mafic sediments that form the westernmost part of the East Domain. The deposit is associated with an interpreted D2 sinistral shear zone, informally labelled the Ancien Shear and comprises (from west to east) a chloritic pillow basalt footwall overlain by a foliated/sheared tholeiitic basalt unit, which is in turn overlain by a second chloritic pillow basalt hangingwall unit. Coarser grained sequences within the pillow basalts are geochemically equivalent to the pillow basalts and are interpreted to be part of the volcanic stratigraphy, rather than later intrusives. Generally narrow quartz-feldspar-biotite rhyolite to dacite porphyry intrusives and calc alkaline lamprophyric dykes are altered and foliated and therefore interpreted to have been emplaced prior to the deformation and mineralizing events.

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. Significant mineralization has been intersected over a strike length of greater than 350m and to a vertical depth of greater than 300m and has a moderately to steeply south-plunging core of high-grade mineralization. This high-grade core of the deposit is associated with the most intense deformation and veining and is interpreted to be associated with the hinge zone of the postulated anticline. The deposit remains open down-dip and down-plunge.

Koula Deposit
The high-grade Koula deposit is situated within the same package of mafic rocks as the Ancien deposit located 7km to the south,which is informally labelled the Ancien-Koula corridor. The Koula deposit is hosted within a strongly foliated/sheared tholeiitic basalt unit with a chloritic pillow basalt hangingwall and footwall (Figure 19). Coarser grained sequences within the pillow basalts are geochemically equivalent to the pillow basalts which are interpreted to be part of the volcanic stratigraphy, rather than later intrusives. Felsic intrusives are rare, but geochemically distinct late mafic intrusives of dolerite to gabbro are relatively common in the broader stratigraphic sequence.

Significant mineralization at Koula is restricted to the tholeiitic basalt unit and is best developed in discrete zones of strong shearing, biotite-sericite-(silica) alteration and intense recrystallized quartz and quartz-carbonate veining. Mineralization occurs as free gold, predominantly as small grains within recrystallized and microfractured milky-white quartz veins, and associated with disseminated to blebby, foliation controlled pyrrhotite and lesser pyrite (Figure 20). The predominance of biotite and pyrrhotite at Koula is indicative of higher temperature hydrothermal fluids compared to Ancien, where sericite and pyrite are the more dominant species. This change in mineral species suggests a temperature gradient (increasing) from south to north; which isimportant for ongoing exploration of the Ancien-Koula corridor.

Drilling to date has defined the Koula deposit over a 650m strike length and to a depth of greater than 350m vertically. The deposit remains open at depth and down plunge to the south, presenting a priority target for ongoing exploration.

The Séguéla Gold Project will consist of the simultaneous exploitation of the Antenna deposit and the satellite deposits at Koula, Ancien, Agouti, and Boulder. The overallstrategy isto have production from these satellite deposits complement the production from Antenna.

A conventional open pit mining method will be utilized for the Séguéla Gold Project with no free digging assumed for any of the weathering zones. All material will be mined via drilling and blasting activities, followed by conventional truck and shovel operations within the pits for movements of ore and waste material. Mining of benches is proposed using 5.0 m benches done in two 2.5 m flitches.

Mining operations will occur year-round with Roxgold engaging a mining contractor for initial operations, before switching to an owner mining arrangement after 3.5 years. A common pool of equipment will be used and scheduled across all active pits so that movement between the pits is minimized and consumables and spare parts are shared within the fleet.

A total of fourteen mining stages were designed and scheduled for the Séguéla Gold Project, consisting of individual pits or pit stages within a final pit design. Consideration for pit stages was for planning and scheduling practicality purposes. The schedule utilizes the pit and phase designs and stockpiling strategy to fill the mill at 1.25 million tonnes per annum (“Mtpa”) initially and then increasing to 1.57 Mtpa in year 3.

The mine schedule delivers 12.1 Mt of ore grading 2.8g/t gold to the mill over a nine-year mine life, including three months of pre-production.

Materials Handling and Crushing Circuit
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.

Ore 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 30 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.

Reclaim, Grinding and Classification Circuit
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 Split AARL type elution follo ........