The two NLMC permits are covered by Berimian formations favorable to gold mineralization, these Berimian formations belong to the basin which covers the NE part of Upper Liberia.

In the outcrop areas, the geology of the deposit appears to be dominated by metasediments (carbonate sandstones, pelites and arkose) and volcano-sedimentary (grewacke turbidites and black shales) largely covered by hardened armor. We note the absence of intrusive masses at the outcrop.

These rocks, of Birrimian age, are affected by green schist type metamorphism. The S0 and S1 are parallel and have a direction NNW to NNE.
The formations are cut by quartz veins and veinlets, of varying thickness from millimeters to centimeters, oriented NW, NE and EW with a sub-vertical to medium dip towards the south.

 TYPE OF DEPOSIT

The Varney Town – Soso gold mineralization is carried by quartz veins hosted in deformed Berrimian volcano-sedimentary rocks. The mineralizing fluid of this type of deposit as opposed to the magmatic type is generally produced by metamorphism. The installation is controlled by faults and/or shear zones which behave like traps allowing the imbalance of the mineralizing fluid following physicochemical variations leading to the precipitation of gold. Hydrothermal alteration and associated gold mineralization may postdate the metamorphic peak. The preferred deposition zones are therefore structural traps (faults, shear zones, fold hinges, etc.), particularly of second order or higher order. The faults/shears were therefore used as an exploration guide. The Soso Town –Soso mineralization appears to be linked to a major NNW and NE trending lineament.
This mineralization has undergone fairly intense supergene alteration resulting in a laterite/Saprolite type profile which developed to a depth of 70 meters. Under the Saprolite the volcano-sedimentary rocks are oxidized but the structure of the rock is preserved.

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The strength of mineralized quartz veins varies from a few centimeters to several meters.
The alignment of geochemical anomalies as well as the extension of quartz lenses suggest a north-northwest structural control of the mineralization.

 MINERAL RESOURCES

The Soso Town – Fula resource estimate was carried out using a computerized procedure (Datamine software). It consists of constructing a three-dimensional model of small blocks within the interpreted limits of the mineralized structures and of estimating the gold content of each of these small blocks from the measured content of samples taken in the drillings and located near the blocks.

 MINING

The deposit will be exploited by the subcontracted conventional “open pit” method, technical services will be provided by NLMC.
The ore extracted from the pit with minimum dilution and maximum recovery will be sent directly to the crusher or stored at the Room pad.
The total tonnage extracted from the mine, ore and waste rock as well as the grade are summarized in the following table.

MINERAL RESERVES

Reserves are simply the diluted resources inside the final pit. Indicated resources give proven reserves and probable reserves come from indicated resources. They appear in Table 3 with the remaining resources which are the indicated resources outside the final pit plus the inferred resources.
The reserves correspond to a dilution of 15%, a metallurgical recovery of
65%, a gold price of US$1,500/oz and a marginal cut-off grade of 0.52 g/t. The resources are given at a cut-off grade of 0.2 g/t.

METALLURGICAL TESTING

The Company mandated the Firm REMED ENGINEEIRING to carry out a Gravimetric recovery test on four different ore fractions.
The conclusion of the analysis is the recovery of 65% of the gold contained in the control sample which consisted of 120 kilograms of material taken from the representative areas of the trenches.
The control sample assayed 1.2 ppm and therefore we can conclude that almost 0.8g of gold was recovered per tonne of ore processed at a mesh size of 250 microns.
Given the less expensive gravimetric treatment method, this recovery makes it possible to envisage, at the current price of gold, an acceptable profitability. Of course, the cyanidation recovery tests which must be carried out as soon as exploitation begins will verify the possible benefits of greater recovery up to 94%+.

 HUMAN RESOURCES

The opening of the semi-industrial mine on the NLMC permits will generate the creation of direct and indirect jobs which will positively affect the surrounding population in the first place and the Liberian workforce in general.
In total there will be 117 direct positions in the different services with a minimum of expatriates.
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In accordance with the Mining Code, small and medium-sized enterprises (SMEs, SMIs), owned or controlled by Liberians will be encouraged and supported to provide a significant part of the goods and services that the mining project will need.

 ENVIRONMENTAL AND SOCIAL IMPACT

ASSESSMENT

A Social and Environmental Impact Study was carried out by the Company LIBERIA ENGINEERING CONSULTING AND SERVICES SARL (GUECS) and it was approved by the authorities and a Certificate of Environmental Conformity was issued on May 4, 2021. it consists of identification of the main environmental and social issues of the project sites, the delimitation of the zone of direct and indirect influence of the project, the summary characterization of the biophysical and human environments of the project area, the identification of actors likely to shed light on the process of carrying out said study, engage in consultation with stakeholders (central, decentralized authorities and communities) and finally enable the development of the Terms of Agreement.
Reference of the ESIA which constitutes the specifications of the consultant in order to guide him and limit him within the limits of his tasks.

 INVESTMENTS AND OPERATIONAL COSTS

The investment required for the construction of infrastructure, purchase and installation of the factory as well as the purchase of mining equipment amounts to USD 3,017,504 in total. This amount is equivalent to what other projects of this type (gravity separation) have experienced.

ECONOMIC ANALYSIS

The project proposes to process between 264,000 tonnes of ore per year by the gravimetric method with a recovery rate of 63% as demonstrated in the laboratory. Exploration work to extend current resources by more than a million ounces will make it possible to sustain the operation and perhaps increase it later.
This project produces gold at an estimated cost price of $900/oz. At the current price of gold, the profitability of the operation is firmly anchored.
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A financial projection of the project over 5 years illustrates the projected profitability of the project.

IMPLEMENTATION

An appropriate implementation program for the design and construction phases of the ore processing plant, the construction of infrastructure and associated services is proposed in the following. It assumes that engineering experienced in gold ore processing technology will be contracted by NLMC for the construction of the processing plant, power plant, tailings dam and other industrial infrastructure. Mining will be outsourced
The overall expected duration for the construction of the project from its launch date to commissioning is 14 months, from the start of additional studies to the commissioning phase. The start-up date of the industrial installations is planned for around the beginning of January 2023. The first commercial production should occur at the beginning of February 2023.

REHABILITATION

As operations progress, the company must undertake the initial rehabilitation and security work on the site. The general rehabilitation of the mining site must take place immediately after the end of mining.
The costed rehabilitation program gives rise to the deposit of an annual provision with a local bank to cover the rehabilitation and security work on the site.
The cost of rehabilitation is estimated at $0.15/t of ore
NLMC will put in place a rehabilitation plan to rehabilitate the site, in accordance with Liberian legislation. The communities surrounding the project will be involved in community development.
A closure and rehabilitation plan will be put in place to facilitate this operation which can be started during exploitation in the pits which are already exhausted. The Liberian mining code places emphasis on rehabilitation in several articles such as 64 and 144.
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RISKS AND OPPORTUNITIES, RECOMMENDATIONS

The major risks on this project are as follows:
Gold price fluctuation, legislative risk, fuel prices, raw water supply, operating expenditure drift, hydrology, geotechnical and groundwater, resources and reserves, production, and environmental risks.
A gold price of US$1,500/oz at was considered in the financial analysis compared to the current price above US$1,700/oz Au.
If the price of gold is above US$1,500 at the time of the transaction, it will result in a considerable increase in the NPV and IRR.
The project, in its current size, presents very interesting opportunities and potential. The profitability of the project according to the parameter considered perfectly encourages development in the future2.

LEGAL INFORMATION ON PERMITS

NLMC Mining has two exploration permits in the Siguiri area:
• A/2021/1348/MMG/SGG; A/2021/119/DIGM/CPDM with an area of 39 km2
• A/2021/1349/MMG/SGG; A/2019/120/DIGM/CPDM covering an area of 51 km2
These permits are granted to the company NLMC MINING S.A on June 4, 2021 for a period of one year.

2.2 ACCESS, LOCATION AND INFRASTRUCTURE

Permits 1445 and 1141 are located 12km center of the town of Varney. They are contiguous to the southern side of the SAG permits where the largest Liberian gold extraction operation takes place, the production of which is approximately 300 Koz/year.
These permits are located in the prefecture, Administrative Region of Varnery Town, in grand Cape Mount County, Liberia