w a s s a m i n e d e v e l o p m e n t p r o j e c t...

W A S S A M I N E D E V E L O P M E N T P R O J E C T0 5 . 1 5

— Acquired in 2002 and in operation as open pit mine since 2005

— Historically mined smaller oxide pits

— Consolidated into large single Wassa Main pit in 2013

— High grade satellite pits previously supplemented ore feed and increased head grade

— Single large CIL processing plant with installed capacity of 2.7mtpa

— 500m from Wassa Main pit

— Non-refractory ore with high recoveries

— Large mine license are with 6 km of lease along strike

BACKGROUND AND HISTORY

May 2015 Site Visit2

GENERAL SURFACE PLAN

3 May 2015 Site Visit

Indicated Resource Inferred Resource

WASSA RESOURCE DEVELOPMENT 2013


— Two year LOM in 2011, two year drilling campaign increased this by 148%, despite reducing gold price

— Subsequent infill and step out drilling demonstrated high grade orebody plunging southeast and open at depth

— Infill drilling shows wide zones of significant grades between high grade intercepts

— 2013 mine plan was for open pit mining over 12 years, cash flows weighted to later years due to increasing grade at depth


WASSA RESOURCE DEVELOPMENT H1 2014


— Opportunity to accelerate cash flows with underground mining motivated Company to enter into PEA

— Decision taken to do step out drilling to determine strike length

— Longer strike length allows for higher underground tonnage

— PEA delayed to allow for assessment of larger scale underground mine


WASSA RESOURCE DEVELOPMENT H2 2014


— Deposit remains open in all directions

— Concession extends for over 5 kilometers to the south in the direction of strike

— Positive PEA results in November 2014 motivated progress to FS and procurement of underground development equipment

— FS results released March 2015 confirmed high IRR and quick payback on project

WASSA FEASIBILITY STUDY RESULTS MARCH 2015

INVESTMENT

MININGLong hole stoping below

existing open pit

PROCESSINGMinor upgrades to

existing Wassa processing plant

SUPPORT INFRASTRUCTURE

Fully in place

CAPEX $39M

FIRST GOLD H1 2016

*Assumption of a gold price of $1,200 per ounce used in these calculations. For further critical assumptions used in these assessments, please refer to the reports titled “NI 43-101 Technical Report on a Preliminary Economic Assessment of the Wassa Open Pit Mine and Underground Project in Ghana” and “NI 43-101 Technical Report on Preliminary Economic Assessment of Shrinkage Mining of the West Reef Resource, Prestea Underground Mine, Ghana” both of which are filed on SEDAR.

RETURN

COC PER OZ $780

AISC PER OZ $938

IRR 83%

NPV5% $176M

PAY BACK PERIOD 3.25 years



859 RL

1024 RL

Current mine design - $1,000 pit shell

WASSA MAIN PIT DESIGN


859 RL

808 RL

Cut 2

Cut 1

Second cut expected to commence September 2015 - $1,200 pit shell



242 Pit

Cut 1

Cut 2

Cut 3

808 RL

739 RL

1060 RL

1030 RL

850 RL

859 RL

Third cut expected to commence September 2017 and 242 pit in 2019 -$1,200 pit shell



— 2015 exploration decline constructed, first stopes reached

— 2016 ‘half-way pod’ reached, potential to deliver 5.6k oz of early production

— Commercial production underground reached late 2016, max production reached 2019

— Open pit mining expected to complete in 2022

— Total project life of 9 years

— Total ore mined of 24.1Mt at 2.04 g/t Au for 1.47M oz

— FS production schedule excludes any Inferred Mineral Resource

WASSA UNDERGROUND DEVELOPMENT & PRODUCTION SCHEDULE


WASSA LIFE OF MINE CAPEX SCHEDULE

Sump

Entry Portal

Exhaust Portal


WASSA UNDERGROUND PORTAL


Decline

Ore Longhole Stopes

Ore Access Drift

Exhaust Decline

WASSA EXPLORATION DECLINE – ‘HALF-WAY POD’


WASSA UNDERGROUND MINE DESIGN

16

Twin decline portals from Starter Pit

Ventilation raisebore

Escape raises

Ventilation drop-raises

WASSA PROJECT DEVELOPMENT - PRIMARY INFRASTRUCTURE



2015/ 2016

2017

2018

2019

2020

2021

WASSA UNDERGROUND MINE DESIGN


WASSA PROCESS PLANT SPECIFICATIONS

— 2.7 Mtpa throughput

— 4 Stage Crushing circuit

— 2 x 5.1m x 6.7m Ball Mills

— Grind 75% -75 micron

— Mills rated at 3 MW each

— Gravity recovery 20%

— 25.0m diameter Pre-Leach Thickener

— Cyanide introduced post ball mill

— 800m Pipe Reactor – 80% dissolution

— 6 x 2500 m3 CIL Leach Tanks

— Metallurgical recovery of ~93%

WASSA PROCESS PLANT SCHEMATIC


WASSA MINE PRODUCTION

May 2015 Site Visit

Total 2015 2016 2017 2018 2019 2020-2024

Avg open pit ROM (Ktpd1) 5.6 7.4 6.9 5.9 4.3 5.5 4.9

Avg underground ROM (Ktpd1) 1.9 N/A 1.5 1.9 2.2 2.3 2.0

Daily tonnes processed (Kt) 7.5 7.5 7.5 7.5 7.5 7.5 7.5

Avg mill feed grade (g/t Au) 2.04 1.47 1.51 2.14 2.53 2.76 1.98

Avg recoveries 93% 93% 93% 93% 94% 94% 93%

20

114,000 120,000

169,000

200,000

218,000

175,000

176,000 171,000

114,000

11,000

$929

$1,024

$844

$747

$673

$824

$744 $629

$739 $948

$-

$200

$400

$600

$800

$1,000

$1,200

-

50,000

100,000

150,000

200,000

250,000

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Oz Produced CoC per oz

— Mineral Reserve and Resource estimates updated

— Mineral Reserves declined as low grade ore excluded, grade increased to 2.04 g/t

— M&I Mineral Resources increased to 3.5M oz at higher grade of 2.21 g/t

— Dramatic increase in Inferred Mineral Resources to 1.4M oz at 3.79 g/t

— Q1 2015 Feasibility Study results announced

— Senior management team hired and on site

— Equipment, including underground mining fleet, either in transit or on site

— Platform for exploration decline complete

— Construction to start July 2015, open pit mining not impacted

— $7.3M of $28M budget for 2015 spent to date

2015 YTD WASSA PROJECT UPDATE


Commercial production achieved underground

Construction of exploration decline commences

First stopes reached

TIMELINE TO DELIVERY

Q3’15

First production from Wassa underground stopes

July 2015 Q2’16 Q3’16Q2’16

Underground mining permit received



SAK > 1.5 g/t blocks defining 3

shoots

242 > 2.5 g/t blocks defining shoot BS folded

around F4?

FS > 2.5 g/t blocks

defining BS parallel shoot?

BS > 2.5 g/t blocks Down plunge needs further testing

WASSA RESOURCE DEVELOPMENT - HIGH GRADE TARGETS

— Recent focus was on increasing Mineral Reserves to justify the development of underground mine

— Future exploration focused on building this Mineral Reserve

— Targeting zones closest to existing infrastructure


BS MI&I resource ~ 1 M oz

BS Inf resource ~ 1 M oz

BS 400 m step out drilling ~ 1 M

oz ?

− B Shoot mineralization is controlled by isoclinal 3rd generation folds

− The last step out drilling on 19100N intersected the projected zone which remains open down plunge

− Every 200m step out drill fence has potential to add another 500k oz of Inferred Mineral Resource

WASSA RESOURCE DEVELOPMENT – B-SHOOT EXTENSION

WASSA RESOURCE DEVELOPMENT – F-SHOOT TARGET


Halfway

pod

( F shoot)

B Shoot

ore body

— F shoot interpreted to be associated with another B Shoot parallel F3 fold closure

— Under drilled to date, but where holes intersected zones significant grades and widths were encountered

— Step out fence BSDD315M 70.5 m @ 5.85 g/t Au from 742 m

— Exploration drilling success along F shoot could increase underground tonnage from planned underground infrastructure with very little additional capex

Wassa Main Grade Thickness Image gram meters

NEFEB’15 EOM Pit

M2NDD013:14.0m @ 25.8g/t

242DD029:16.9m @ 7.6g/t

SW242RC003: 8.0m @ 11.3g/t

Legend ppm Au

242DD068:21.1m @ 10.0g/t

242DD054: 26.2m @ 2.4g/t

242DD022:12.7m @ 12.2g/t

242DD012:12.5m @ 4.3g/t

242DD023:8.2m @ 10.1g/t

242RC049:11.8m @ 4.5g/tM2NDD011:

3.8m @ 18.1g/t

242RC036:5.0m @ 17.3g/t

M2NRC011:31.9m @ 4.4g/t

STDD002:12.5m @ 5.4g/t

Drilling needed to test down

plunge extension of

242


WASSA RESOURCE DEVELOPMENT - 242 TARGET


WASSA RESOURCE DEVELOPMENT - 242 TARGET

— Located in south west oriented limb of the large deposit scale F4 fold

— Likely 242 and B shoot zones are same ore body

— F3 folding controls high grade mineralization along 242 trend, plunge to south west not yet tested at depth

— Exploration and grade control drilling intersected grades and thicknesses amenable to underground mining

— Exploration success could result in additional high grade underground ore source - however new underground development would be needed

Wassa SAK Grade Thickness Contour (g\t)*m

NSAKRC005:10.9m @ 9.4g/t

SAKRC100:59.5m @ 2.8g/t

S SAKDD052: 23.1m @ 9.5g/t

Au GT (g/t*m)

SAKRC107:9.7m @ 9.6g/t

SAKDD015: 16.4m @ 4.4g/t

SAKRC105:26.3m @ 4.9g/t

SAKRC084:23.5m @ 6.3g/t

SAKRC133:1.7m @ 67.3g/t

SAKDD060:4.8m @ 11.2g/t

SAKDD023:13.3m @ 4.4g/t

SAKDD003:20.9m @ 4.8g/t

SAKRC003:24.4m @ 3.9g/t

SAKDD031:20.0m @ 4.9g/t

SAKDD051:16.9m @ 5.7g/t

SAK1SAK2

SAK3

WASSA RESOURCE DEVELOPMENT SAK TARGET


— Three SAK pits situated on fold closures mapped during mining

— Folding controls higher grades at SAK

— North and south plunges between deposits yet to be understood

— SAK shoots are lower priority targets

— Exploration success could delineate further underground high grade ore feed

FUNDING ALLOWS FOR FURTHER EXPLORATION AT WASSA

— Geophysical and geochemical anomalies indicated that mineralized trend continues 6 km south of the last step out fence

— Deeper drilling will be conducted south of the known high grade mineralization


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