• Séguéla Gold Project, Côte d’Ivoire

    Construction underway – first gold pour projected by mid-2023

Séguéla Project feasibility study economic highlights⁽¹⁾

All dollar amounts are expressed in US dollars unless otherwise indicated

Operating Metrics

Life of mineyears8.6
Total mineralized material minedtonnes12,064,000
Contained gold in mined resourceoz1,088,000
Strip ratiowaste to ore13.9:1
Throughput @ start-upmillion tonnes per annum (Mtpa)1.25
Throughput @ peakMtpa1.57
Head gradeg/t Au2.8
Gold Production
Total production over life of mine (LOM)oz1,028,000
Annual production over LOMoz120,000
Annual production over first 6 yearsoz133,000
Operating Costs over LOM
Total mining costs$/t (mined)$2.79
Mining costs (sustaining capital)$/t (mined)$0.78
Mining costs (operating costs)$/t (mined)$2.01
Processing$/t (processed)$12.57
G&A$/t (processed)$5.30
Total operating costs
(excluding sustaining capital)
$/t (processed)$47.83

Financial Metrics
Cash costs2
   Average cash costs over LOM$/oz$567
   Average cash costs over first 6 years$/oz$528
   Average AISC2 over LOM$/oz$832
   Average AISC2 over first 6 years$/oz$797
Gold price$/oz$1,600$1,800
NPV @ 5% discount rate (after-tax)(3)$M$380478
After-tax IRR%49%58%
Payback periodyears1.71.4
Average EBITDA2 over LOM$M$107$127
Average EBITDA2 over first 6 years$M$130$153

Environmental Data
Greenhouse gas emissions intensity
(scope 1+2)
Energy intensityGJ/oz4.39
  • Notes
    • Please refer to the technical report entitled “NI 43‐101 Technical Report, Séguéla Project, Feasibility Study, Worodougou Region, Côte d’Ivoire” dated May 26, 2021 co-authored by Paul Criddle, FAusIMM, Hans Andersen, MAIG, Paul Weedon, MAI, Dave Morgan, AIMM, CPEng, Geoff Bailey, FIEAust, CPEng, NPER-3, REPQ, Shane McLeay FAUSIMM and Niel Morrison Peng filed on SEDAR under the Roxgold Inc. issuer profile
    • Cash costs, all-in sustaining cash costs and EBITDA are non-IFRS financial measures. Refer to Non-IFRS Financial Measures at the end of this news release
    • Attributable to Fortuna’s 90% interest; the Government of Côte d’Ivoire holds a 10% carried interest
    • The Project economics are subject to the assumptions as detailed in the Feasibility Study


The Séguéla Gold Project is situated within the Paleoproterozoic (“Birimian”) Baoule-Mossi Domain of the West African Craton. Two cycles of volcanism/sedimentation are recognised within the Birimian rocks of the Baoule-Mossi Domain; each followed by a period of orogenesis, and together described as the Eburnian Orogeny which is dated c. 2.19–2.08 Ga. Rocks of the Baoule-Mossi Domain are primarily polyphase granitoids, and volcano-sedimentary sequences forming granite-greenstone terranes. The first cycle of sedimentation and orogenesis (“Eburnian 1”) is described by the accumulation of volcanic and volcaniclastic rocks; then subsequently intruded by early stage granitoids. Following a period of uplift and erosion, the Eburnian 2 cycle is described by the filling of intra-montaine basins with predominantly arenaceous sediments of the Tarkwaian Series.

  • The Antenna deposit occurs within a greenstone package deposited during Eburnian 1, is an orogenic lode-style gold system, hosted by a brittle-ductile quartz-albite vein stockwork predominantly contained within flow banded rhyolite units.
  • The Koula deposit is located approximately one kilometer to the east of Antenna and was discovered through field reconnaissance and coincident recent artisanal workings in an area previously considered to be a lower exploration priority. Results from the first of four drill holes testing the projected depth extensions approximately 120 meters down-plunge from the previously deepest intersection of 14 meters at 4.3 g/t Au included an intersection of six meters at 10.8 g/t Au from 355 meters downhole.
  • The Ancien deposit is associated with an interpreted D2 sinistral shear zone. Significant mineralization is restricted to the more reactive and competent tholeiitic basalt unit and is best developed in zones of strong brittle-ductile brecciation and shearing, with selective sericite+/-silica alteration and intense quartz and quartz-carbonate veining.
  • The Boulder and Agouti prospects are both located within a distinct northerly-trending litho-structural corridor that extends from Boulder in the south to Gabbro in the north. Gold mineralization at the Boulder and Agouti prospects is associated with strongly foliated or mylonitized, quartz/quartz-carbonate veined basalt and the margins of the felsic intrusives.

Mineral Reserves and Resources

 Contained Metal
Mineral Reserves - Proven and Probable
Séguéla, Côte d'Ivoire
CombinedProven + Probable12,1002.8
Mineral Resources - Measured and Indicated
Séguéla, Côte d'Ivoire
CombinedMeasured + Indicated3,8112.0
Mineral Resources - Inferred
Séguéla, Côte d'Ivoire
  • Notes
    • Mineral Reserves and Mineral Resources are as defined by the 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves
    • Mineral Resources are exclusive of Mineral Reserves
    • Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability
    • Factors that could materially affect the reported Mineral Resources or Mineral Reserves include; changes in metal price and exchange rate assumptions; changes in local interpretations of mineralization; changes to assumed metallurgical recoveries, mining dilution and recovery; and assumptions as to the continued ability to access the site, retain mineral and surface rights titles, maintain environmental and other regulatory permits, and maintain the social license to operate
    • Mineral Resources and Reserves for the Séguéla Project are estimated and reported as of March 31, 2021
    • Mineral Reserves for Séguéla are reported constrained within optimized pit shells at an incremental cut-off grade of 0.54 g/t Au for Antenna, 0.55 g/t Au for Agouti, 0.55 g/t Au for Boulder, 0.56 g/t Au for Koula, and 0.56 g/t Au for Ancien deposits based on an assumed gold price of US$1,500/oz, metallurgical recovery rate of 94.5%, mining cost of US$2.87/t for Antenna, US$2.74/t for Agouti, US$2.81/t for Boulder, US$2.85/t for Koula, and US$2.93/t for Ancien, processing and G&A costs of US$14.51/t and US$7.13/t respectively, mining owner cost of US$1.30/t, refining cost of US$2.60/oz and Royalty rate of 6%. The Mineral Reserves pit design were completed based on overall slope angle recommendations of between 37° and 57° for Antenna, Koula, and Agouti deposits from oxide to fresh weathering profiles, between 34° and 56° for Ancien deposit from oxide to fresh weathering profiles and 37° and 60° for Boulder deposit from oxide to fresh weathering profiles. The Mineral Reserves are reported in situ with modifying factors of 15% mining dilution and 90% mining recovery applied. Mineral Resources for Séguéla are reported in situ at a cut-off grade of 0.3 g/t Au for Antenna and 0.5 g/t Au for the satellite deposits, based on an assumed gold price of US$1,700/oz and constrained within preliminary pit shells. The Séguéla Gold Project is subject to a 10% carried interest held by the government of Côte d'Ivoire.
    • Hans Andersen is the Qualified Person responsible for Mineral Resources, being an employee of Roxgold Inc. (a wholly-owned subsidiary of Fortuna). Shane McLeay is the Qualified Person responsible for Mineral Reserves, being an employee of Entech Pty Ltd.
    • Totals may not add due to rounding procedures


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