Reports

The Asante Gold Corporation has filed its Technical Report on their recently acquired Chirano Gold Mine, as required by the Standards of Disclosure for Mineral Projects.
Highlights of the report are:

• Measured and Indicated Mineral Resources of 28.1Mt at 1.26 g/t AU (1.13Moz) and inferred Mineral Resources of 6.05Mt at 1.91 g/t (0.37 Moz)
• Proven and Probable Mineral Reserves of 15.76Mt at 1.95 g/t AU (0.989 Moz)
• Life of Mine of five years (Open Pit and Underground)
• Post-Tax NPV (5%) of US$258 million at US1,712/oz AU
• AISC of US$1,122/oz AU
• Gold Recovery of 88.5% yielding 873Koz Au from run of mine grade of 1.9 g/t
• Main driver of increase in Indicated Resources is a result of exploration drilling (additions from Suraw and Obra underground and Mamnao open pit mines)
• Significant exploration upside along the developed 11 km of the Chirano Shear Zone and extensive growth potential
• Strong community and traditional authority support

…………. Bearish Gold, Bullish Lithium, Equity interest in Salt and Integration of ESG in Fund’s business

This is the quarterly outlook from the investment arm of the Minerals Income Investment Fund. It details the performance of three high priority minerals for Ghana and the fund -gold, lithium and salt. This report also highlights the importance of Environmental, Social and Governance (ESG) policy influencing mining today and the investment policy of the Fund.

According to the Chief Executive Officer of the Fund, Edward Nana Yaw Koranteng, the MIIF quarterly investment outlook is a well-researched paper that seeks to inform market players of the priority areas that should attract their investment and interest.

• Rate hikes by the US Fed continue to limit the upside for gold. MIIF projects a bearish outlook in the gold market if the US Fed continues to battle inflation with a tight monetary policy. Although the Ghanaian economy has been doubly affected by a stronger dollar and falling gold prices, MIIF sees this as an opportunity for the Central Bank’s domestic gold purchase program. The current bearish outlook also presents an opportunity to take further equity stake in good but undervalued gold assets.

• The global lithium market has witnessed prices rising to new record highs sparked by limited supply and strong demand. The lithium industry requires close to $42 billion in the next decade to meet demand. Although mining in commercial quantities of the mineral has not commenced yet, MIIF is optimistic that the planned focus on the mineral will generate at least a $1billion in export revenue and value chain development.

• With the planned resuscitation of the Ada Songhor Salt project, salt is likely to become one of Ghana’s top industrial earners by 2030 and one of the country’s significant foreign exchange earners by 2026. MIIF intends to invest in and support the restoration of the Ada Salt project to its full capacity. MIIF predicts that with the projected investment, Ghana would become the continent’s top producer of salt by 2027.

• Mining companies are aligning ESG obligations to their portfolio as they assess the social footprint of their investments. Even though mining companies develop ESG policies with good intents, without ingraining ESG in business operations and structures, progress will be hindered. At MIIF, we are committed to ensuring that ESG and sustainability are integrated in all aspects of our operations.