Investor Presentaiton
Africa an Active Region for Mine Builds and M&A
Corporate actions validate large value potential for West African gold projects
Recently completed West African gold mine builds
TOUBANI
RESOURCES
Selected West African transaction comparables since 2020
Company
Project
Country
Date
Type
Reserve
Target
Acquirer
Moz
Resource Value
Moz
US$m
EV/
EV/
Reserve Resource
US$/oz US$/oz
Orezone Gold
Bombore
Burkina Faso
2020
Project
acquisition
Bogoso-
Prestea
Future Global
Resources
1.8
95
52
Perseus Mining
Yaoure
Cote d'Ivoire
2021
Corporate Cardinal
Shandong Gold
5.1
7.0
426
84
61
takeover
Resources
Tietto Minerals
Abujar
Cote d'Ivoire
Project
West African
2021
Kiaka
6.8
110
16
acquisition
Resources
West African Resources
Sanbrado
Burkina Faso
Project
Boto/Diakha-
Managem
2022
1.4
4.1
282
201
69
Fortuna Silver
Seguela
Cote d'Ivoire
acquisition
Siribaya/Karita Group
Corporate
2022
Orca Gold
Perseus
2.9
4.0
142
50
36
takeover
2022
In Mali:
Project
acquisition
Chirano mine
Asante Gold
0.9
1.3
225
250
173
Leo Lithium constructing the US$318m Goulamina
mine
2022
Corporate
takeover
Golden Star
Resources
Chifeng Jilong
1.0
10.6
470
470
44
44
2022
0
B2Gold in study phase to build a standalone oxide mill
at Fekola
Project
acquisition
Mankono
Montage Gold
0.4
22
22
56
2022
Allied Gold undertaking US$300m IPO with the Sadiola
mine the key asset
Corporate
takeover
Corporate
2023
Resolute development plans at Syama North
2023
takeover
Corporate
takeover
Oklo
Resources
Chesser
Resources
B2 Gold
0.7
56
56
81
Fortuna Silver
0.9
60
60
651
OreCorp
Silvercorp
Metals
2.6
3.3
159
19
Mean (Developer)
Mean (Producer)
Source: FactSet, Company Reports. Notes: 1 Chesser Resources as per ASX announcement dated 8 May 2023 and is not yet completed. 2OreCorp as per ASX announcement dated 7 August 2023 and is not yet completed
61
482
99
54
360
90
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