Name of the Project
Kandiolé gold project.

Location
Mali.

Project Owner/s
Canadian gold exploration company Roscan Gold Corporation.

Project Description
A preliminary economic assessment (PEA), published in March 2026, has proposed a conventional openpit mining operation supplying an estimated 2.5-million-tonnes a year to a centralised carbon-in-leach processing facility over an estimated 13-year life-of-mine (LoM).

The current mine plan incorporates four deposits: Mankouke South, Mankouke Central, Kabaya and KN1.

Mining is planned as a conventional openpit truck-and-shovel operation under a contractor-mining model.

Ore will be processed through a conventional crushing, grinding and carbon-in-leach circuit incorporating gravity recovery. 

LoM production metrics include total ore mined of 31.1-million tonnes, total waste mined of 118.1-million tonnes at a strip ration of 3.8:1. Recovered gold is estimated at 835 693 oz at an average processed grade of 0.89 g/t gold.

The project will require the development of supporting infrastructure, including hybrid diesel/solar power generation, site access roads, processing plant facilities, tailings storage facilities and water supply infrastructure.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
In the base case, the project has an after-tax net present value (NPV), at a 5% discount rate, of $498-million and an internal rate of return (IRR) of 43%, with a payback of 2.8 years.

Capital Expenditure
Initial capital is estimated at $218.7-million.

Planned Start/End Date
Not stated.

Latest Developments
Analytics platform Stormlands Mining has found in its latest case study that the NPV of the project can increase from $462-million to $1.1-billion using current commodity prices for economic modelling.

Using Roscan Gold Corporation’s mine plan and economic data contained in the 2026 PEA, Stormlands rebuilt a base case financial model using a more conservative gold price of $3 100/oz, which finds an NPV of $461-million and IRR of 48.9%, with a payback period of one year and nine months.

The analytics company then updated the model using the average March gold price of $4 877/oz while keeping all other core assumptions on mine life, grade, production profile, operating cost and capital cost intact, and found that the NPV increases to $1.1-billion.

This represents an uplift of about $648-million, or 140%, compared with the base case scenario.

In the updated commodity price scenario, the Kandiolé life-of-mine revenue increases by 57%, to an estimated $4-billion, compared with $2.5-billion in the base case scenario, while life-of-mine earnings increase to $2.6-billion, from $1.3-billion, in the base case.

Stormlands CEO Róisín O’Connell has said Kandiolé is another prime example of why mining project valuations need to be dynamic: “The technical report provides the foundation, but commodity prices can move quickly and materially change the economic interpretation of a project”.

He has further noted that higher gold prices do not simply increase valuation – once the technical report data has been structured into a dynamic model, users can immediately see how the project behaves under different market conditions.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Roscan Gold Corporation, tel +416 900 1412 or email info@Roscan.ca.