What are Roscan Gold’s latest updates? 

Our exploration efforts have been ongoing at the Kandiolé project, with a notable discovery at Mankouke, yielding impressive hits of 3.4 g/t over 30 m. This discovery, with a 450 m strike to a depth of 125 m and a width of 50 m, is part of a broader anomaly spanning approximately 2 km by 500 m, and remains open. The total declared resource stands at 1.2 million oz with immediate potential exploration upside of up to 0.8 million oz within the mineral resource estimate (“MRE”) area. Additional drilling is underway and should contribute to the growing resource base. Our goal is to integrate this exploration upside plus the new discoveries information into the upcoming resource update scheduled for the first half of 2024.

It is crucial to note that our focus has been on limited-depth resources, reaching a maximum vertical depth of about 150 m. However, our geophysics studies indicate that the structures we have identified extend to significant depths. This underscores the substantial untapped potential on the ground. Presently, our emphasis is on securing mining permits and exploiting the low-hanging fruit to generate cash flow. This strategy will enable us to finance the more expensive, deeper exploration without causing significant shareholder dilution in the future.

How do you plan to navigate obtaining mining permits, considering the recent moratorium on new exploration permits in Mali?

The recent implementation of a moratorium in late 2022 has effectively paused the permitting processes in Mali. Our project is expected to be reclassified as an exploitation project, prioritizing it due to its potential to generate substantial taxes for the government. The mining code once in effect  aims to ensure that exploitation companies contribute their fair share of taxes, reducing tax exemptions. Exploration companies will retain their exemptions. The proposed increase in mining interest up to 35% includes a participatory component, making it a partnership with the government after a fair share is paid. Although there has been a temporary stalemate, the imminent lifting of sanctions and the clarification of the new code will signal that Mali is open for business.

How do you assess the investment attractiveness of Mali?

Mali stands out as an exceptionally prospective location for mining projects in Africa and home of world-class and sizable mining operations. It is crucial to recognize the potential for additional projects, such as Roscan’s, to positively impact the societies it engages with. As you traverse the communities affected by mining activities, the lack of tangible benefits is evident. The government is actively working to change this paradigm, ensuring a more equitable distribution of returns.

With the recent surge in gold prices, do you anticipate increased interest from retail and institutional investors in gold explorers?

The current bear market has strained junior companies, but as gold gains traction and economic uncertainties persist, there is likely to be renewed interest and funding in the gold exploration space in 2024.

Central bank purchases are at record levels, signaling increased demand. The industry is gearing up for a vibrant M&A scene in 2024, driven by producers facing reserve depletion, which should drive investors’ demand and investment funds’ participation. Due to our strategic geographic location and prospectivity of our land package, we are in a favorable position to attract attention in a camp that has generated over 50 million oz and counting.

What makes the Roscan story compelling for investors?

The key lies in navigating the crowded junior mining space, where distinguishing potential mines is challenging. The upcoming market updates, particularly on permitting and resource, will confirm Roscan's mining viability. With high-grade oxide ounces promising substantial margins, our economic models indicate strong paybacks, attracting crucial investor interest. The first half of the year will clarify these aspects, driving our re-rating. Being steps ahead showcases our prolific potential, reminiscent of tier one assets that began small and grew significantly over time. Barrick’s Loulo, starting with 1.4 million oz, eventually produced close to 20 million oz over three decades. Our geological footprints align with successful neighboring mines like Barrick's and B2, emphasizing the promising trajectory ahead for Roscan Gold. We are positioned similarly geologically, urging investors to keep a close watch, especially in a district that has witnesses intense M&A activity and consolidation. Recent transactions over the past 18 months, such as Fortuna-Chesser, Managem-IAMGold and B2Gold-Oklo, add to the intriguing and promising outlook for Roscan.