Significant Resource Upgrade to 6.4 Million Ounces of Gold

The Pani Gold Project located in Gorantalo Province, Sulawesi, Indonesia, has undergone a significant resource upgrade, resulting in a combined Mineral Resource Estimate (MRE) of 6.4 million ounces of gold. The objective of this study was to determine the mineralization characteristics and resource potential of the project following an extensive drilling program. Methodologically, the MRE was established based on comprehensive geological data obtained from 860 drill holes comprising 155,215 meters of diamond drilling. The findings indicate a total of 263.6 million tonnes at an average grade of 0.75 grams per tonne Au, confirming the high resource potential of the project. Notably, 70% of the resource is classified as Indicated, setting the stage for an impending maiden ore reserve upon the completion of the feasibility study. Continued drilling with thirteen rigs is anticipated to expand the resource further, especially in the largely untested areas. This upgrade signifies a crucial advancement in Pani's development, evidencing the potential for substantial economic returns and highlights the viability for future mining operations. The ongoing exploration efforts aim to delineate additional resources and optimize the project's overall feasibility.