Advanced Technical Report, Mana Property, Burkina Faso Reserve and Resource Update as at June 30, 2013

Effective Date: October 4, 2013

Prepared by: Michel Crevier, MScA, P.Geo François Thibert, MSc, P. Geo Richard Roy, P. Geo Patrick Moryoussef, P. Eng Sylvain Duchesne, P. Eng

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Table of contents

Table of contents ...... ii List of tables ...... v List of figures ...... vi 1- Executive Summary ...... 1 2- Introduction ...... 9 2.1 General ...... 9 2.2 Terms of Reference ...... 9 2.3 Source of Information...... 10 2.4 Units and Currency ...... 10 3- Reliance on Other Experts ...... 11 4- Property Description and Location ...... 13 5- Accessibility, Climate, Local Resources, Infrastructure and Physiography ...... 17 6- History ...... 18 7- Geological Setting and Mineralization ...... 19 8- Deposit Types ...... 21 8.1 Mineralization ...... 22 8.1.1 Wona ...... 22 8.1.2 Nyafé, Fofina and Fobiri ...... 24 8.1.3 Yaho ...... 24 8.1.4 Siou ...... 25 9- Exploration ...... 27 10- Drilling ...... 28 11- Sample Preparation, Analyses and Security ...... 29 12- Data Verification ...... 30 12.1 Standards ...... 30 12.2 Duplicates ...... 33 12.3 Blanks ...... 36 12.4 Laboratory Cross Check ...... 36 12.5 Conclusions ...... 38 13- Mineral Processing and Metallurgical Testing ...... 39

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13.1 Current Mines ...... 39 13.2 South Sector (Yaho, Fofina, Fobiri) ...... 39 13.3 Siou Zone ...... 41 14- Mineral Resource Estimates ...... 43 14.1 Drill Hole and Sample Database ...... 43 14.1.1 Wona-Kona Database ...... 43 14.1.2 Nyafé and Filon67 Database ...... 45 14.1.3 Fofina Database ...... 46 14.1.4 Fobiri Database ...... 47 14.1.5 Yaho Database ...... 48 14.1.6 Siou Database ...... 49 14.1.7 Maoula Database ...... 51 14.2 Geological modelling ...... 52 14.2.1 Wona-Kona Modelling ...... 52 14.2.2 Nyafé Modelling ...... 59 14.2.3 Fofina Modelling ...... 59 14.2.4 Yaho Modelling ...... 63 14.2.5 Siou Modelling ...... 65 14.2.6 Maoula Modelling ...... 68 14.2.7 Filon67 and Fobiri Modelling ...... 71 14.3 Block Model and Density Distribution ...... 71 14.4 Samples in Mineral Zones and Capping ...... 75 14.5 Compositing and geostatistical analysis ...... 80 14.6 Block grade interpolation and validation ...... 94 14.7 Resource classification...... 101 14.8 Mineral resource estimations ...... 106 15- Mineral Reserve Estimates ...... 118 16- Mining Methods ...... 127 16.1 Introduction ...... 127 16.2 Pit Design Parameters ...... 128 17- Recovery Methods ...... 131 17.1 Introduction ...... 131 17.2 Crushing ...... 131 17.3 Grinding and Classification ...... 131 17.4 Leach and Adsorption Circuit ...... 132 17.5 Elution and Gold Room Operation ...... 133 17.5.1 Carbon Acid Wash ...... 133 17.5.2 Carbon stripping - Zadra Elution Circuit ...... 133 17.5.3 Carbon Regeneration ...... 134

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17.5.4 Electrowinning and Gold Room ...... 134 17.6 Tailings Disposal and Water Management ...... 135 18- Project Infrastructure ...... 136 18.1 Power Generation ...... 136 18.2 Other Infrastructure ...... 136 19- Market Studies and Contracts ...... 138 20- Environmental Studies, Permitting and Social or Community Impact ...... 139 21- Capital and Operating Costs ...... 140 21.1 Capital ...... 140 21.2 Operating Costs ...... 140 22- Economic Analysis ...... 141 22.1 Cash Flow ...... 141 22.2 Taxes and Royalties ...... 143 23- Adjacent Properties ...... 145 24- Other Relevant Data and Information ...... 147 25- Interpretation and Conclusions ...... 148 25.1 Resources ...... 148 25.2 Reserves ...... 149 25.3 Mining and Metallurgy ...... 150 25.4 Exploration ...... 150 26- Recommendations ...... 151 27- References ...... 152

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List of tables Table 1. Heap Leach Column Testwork ...... 6 Table 2. Summary of resource and reserve estimate...... 8 Table 3. List of abbreviations...... 10 Table 4. List of exploration and mining permits for the Mana Property permits...... 14 Table 5. Summary of ore production on the Mana property up to June 30, 2013...... 18 Table 6. ALS Standards Results ...... 31 Table 7. SEMAFO BF Standards Results ...... 32 Table 8. RC drilling riffle split duplicates assayed at SEMAFO BF comparative results ...... 33 Table 9. RC drilling riffle split duplicates assayed at ALS comparative results ...... 34 Table 10.Core duplicates assayed at SEMAFO BF comparative results ...... 35 Table 11.Core duplicates assayed at ALS comparative results ...... 35 Table 12. Results of recovery tests using standard CIL process for Fobiri, Fofina and Yaho for differing levels of oxidation...... 39 Table 13. Results of recovery tests using Albion process for Fofina’s refractory sulphides ...... 40 Table 14. Gold recovery with standard CIL process for Siou ...... 42 Table 15. Mana densities by deposits and by mineralization types...... 73 Table 16. Specific gravity results for Siou deposit...... 74 Table 17. Volumetric of mineralized solids for Mana deposits...... 75 Table 18. Statistics of gold grades of assay intervals within Mana mineralized intercepts...... 76 Table 19. Statistics of gold grades of assay intervals within Siou mineralized intercepts...... 78 Table 20. Statistics of the composite grades in Mana mineralized zones...... 81 Table 21. Statistics of the composite grades in Siou mineralized zones...... 82 Table 22. Search parameters for block grade interpolation of Mana deposits...... 96 Table 23. Block grade validation in the main zones of Wona-Kona...... 97 Table 24. Parameters for resource pit optimization...... 107 Table 25. Mana estimated resources, exclusive of reserves, by the end of June 2013 ...... 109 Table 26. Siou estimated resources, exclusive of reserves, at $1,400 ...... 110 Table 27. Parameters for reserve pit optimization ...... 121 Table 28. Mana estimated reserves at the end of June 2013...... 122 Table 29. Slope design recommendations for the Wona Pit...... 130 Table 30. Summary of unit operating cost...... 140 Table 31. Mana Production Cash Flow ...... 142 Table 32. 2013 Compilation- Seven months ...... 147 Table 33. Comparison of Mana M&I Resources at the end of June 2013 with 2012...... 148 Table 34. Comparison of Mana Inferred Resources at the end of June 2013 with 2012...... 149 Table 35. Comparison of Mana Reserves at the end of June 2013 with 2012...... 149

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List of figures Figure 1. Mana site. Exploration core shack (upper left), exploration offices (upper right), Wona open pit (center; looking north), RC drill rig (lower left) and the treatment plant (lower right)...... 12 Figure 2. Map of Burkina Faso with location of the Mana property...... 15 Figure 3. Geological map of the Mana Property illustrating the various Au showings and deposits...... 16 Figure 4. Geological map of the Wona-Kona deposit. Images from Augustin (2010)...... 23 Figure 5. Geological map of the Fobiri deposit...... 24 Figure 6. Geological map of the Fofina and Yaho deposits. Note the different scales...... 25 Figure 7. Siou Zone Geological Map ...... 26 Figure 8. Z-scores plot and moving average curve for standards assayed at ALS ...... 31 Figure 9. Z-scores plot and moving average curve for standards assayed SEMAFO BF ...... 32 Figure 10. RC drilling riffle split duplicates assayed at SEMAFO BF comparison plots ...... 34 Figure 11. RC drilling riffle split duplicates assayed at ALS comparison plots ...... 34 Figure 12. Core duplicates assayed at SEMAFO BF comparison plots ...... 35 Figure 13. Core duplicates assayed at ALS comparison plots ...... 36 Figure 14. Analytical results for blank material assayed at SEMAFO BF and ALS ...... 36 Figure 15. Laboratory cross-check plot results between ALS (original) and SEMAFO BF (check) 37 Figure 16. Laboratory cross-check plot results between SEMAFO BF (original) and ALS (check) 38 Figure 17. Map of drilling and trenches over Wona-Kona at the end of June 2013 (left) and with outline of current pit design (right)...... 44 Figure 18. Map of drilling and trenches over Nyafé and Filon 67 at the end of June 2013 (left) and with outline of current pit design (right)...... 45 Figure 19. Map of drilling over Fofina at the end of June 2013 (left) and with outline of current pit design (right)...... 47 Figure 20. Map of drilling and trenches over Fobiri at the end of June 2013 (left) and with outline of current pit optimized shell (right)...... 48 Figure 21. Map of drilling and trenches over Yaho at the end of June 2013 (left) and with outline of current pit optimized shell (right)...... 49 Figure 22. Map of drilling over Siou at the end of June 2013 (left) and with trace of current pit design (right)...... 50 Figure 23. Map of drilling and trenches over Maoula at the end of June 2013 (left) and with outline of current pit optimized shell (right)...... 51 Figure 24. Wona-Kona E-W drill sections with interpreted mineralized solids. Sections show surfaces for topo as of June 2013 (grey), bottom of the iron cap (dark red), top clay ATB unit (yellow), saprolite/saprock (cyan) and saprock/bedrock (dark blue) ...... 54

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Figure 25. Wona-Kona E-W drill sections with interpreted mineralized solids. Sections show surfaces for topo as of June 2013 (grey), bottom of the iron cap (dark red), top clay ATB unit (yellow), saprolite/saprock (cyan) and saprock/bedrock (dark blue) ...... 55 Figure 26. Wona-Kona E-W drill sections with interpreted mineralized solids. Sections show surfaces for topo as of June 2013 (grey), bottom of the iron cap (dark red), top clay ATB unit (yellow), saprolite/saprock (cyan) and saprock/bedrock (dark blue ...... 56 Figure 27.Wona-Kona E-W drill sections with interpreted mineralized solids. Sections show surfaces for topo as of June 2013 (grey), bottom of the iron cap (dark red), top clay ATB unit (yellow), saprolite/saprock (cyan) and saprock/bedrock (dark blue) ...... 57 Figure 28. Extension of the principal zones of Wona-Kona on the long section...... 58 Figure 29. Nyafé E-W drill sections with interpreted mineralized solids. Sections show surfaces for topo as of June 2013 (dark yellow), saprolite/saprock (sky blue) and saprock/bedrock (dark blue) ...... 60 Figure 30. Interpreted mineralized structures of Fofina on level at Z=+325...... 61 Figure 31. Interpreted mineralized structures of Fofina on a few drill sections. Sections show surfaces for topo as of June 2013 (grey), bottom of the iron cap (brown), top clay ATB unit (red), saprolite/saprock (dark red) and saprock/bedrock (red) ...... 62 Figure 32. Interpreted mineralized structures of Yaho on level at Z=+250...... 63 Figure 33. Interpreted mineralized structures of Yaho on selected drill sections. Sections show surfaces for topo as of June 2013 (yellow), bottom of the iron cap (dark brown), top clay ATB unit (light brown), saprolite/saprock (green) and saprock/bedrock (blue) ...... 64 Figure 34. Interpreted mineralized structures of Siou on level at Z=+200...... 66 Figure 35. Interpreted mineralized structures of Siou on selected drill sections. Sections show surfaces for topo as of June 2013 (yellow), bottom of the iron cap (dark brown), top clay ATB unit (red), saprolite/saprock (light green) and saprock/bedrock (dark green) ...... 67 Figure 36.Interpreted mineralized structures of Maoula on level at Z=+325...... 69 Figure 37. Interpreted mineralized structures of Maoula on selected drill sections. Sections show surfaces for topo as of June 2013 (yellow), bottom of the iron cap (dark brown), saprolite/saprock (light green) and saprock/bedrock (blue) ...... 70 Figure 38. Specific gravity vs vertical depth for Siou deposit...... 74 Figure 39. Cumulative frequency plot of assay samples in Wona-Kona. Horizontal axis shows % sample below a grade limit on the vertical axis (with a log scale)...... 76 Figure 40. Cumulative frequency plot of assay samples in Fofina for Principal (top) and V1-V7 (bottom).Horizontal axis shows % sample below a grade limit on the vertical axis (with a log scale)...... 77 Figure 41.Cumulative frequency plot of assay samples in Yaho. Horizontal axis shows % sample below a grade limit on the vertical axis (with a log scale)...... 78 Figure 42. Cumulative frequency plot of assay samples in Siou. Horizontal axis shows % sample below a grade limit on the vertical axis (with a log scale)...... 79 Figure 43.Cumulative frequency plot of assay samples in Maoula. Horizontal axis shows % sample below a grade limit on the vertical axis (with a log scale)...... 80

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Figure 44. Histograms of 2 meters composites grades in Wona-Kona main mineralized zones. Wona Main zones 8+11 (Left). Kona Main zones 2+5 (Right) ...... 82 Figure 45. Histograms of 1 meter composites grades in Siou main mineralized zones. Zone 9 (left); Zone 25 (right) ...... 82 Figure 46. Variograms of 2 meters composites grades in Wona-Kona main mineralized zones. 83 Figure 47. Variograms of 2 meters composites grades in Yaho. South sector (top); North sector (bottom) ...... 85 Figure 48. Variograms of 2 meters composites grades in Fofina. Principal sector (top); V1-V7 sector 2 (middle); V1-V7 sector 3 (bottom) ...... 87 Figure 49. Grade*Thickness intercepts for Zones 9 (left) and 25 (right) ...... 88 Figure 50. 2-D variograms of Grade*Thickness intercepts for Zones 9 (top) and 25 (bottom) ... 89 Figure 51. Variograms of capped Au grade 1 meter composites for Zone 25 at Siou. Short range modelling (top); Long range modelling (bottom)...... 91 Figure 52. Variograms of capped Au grade 1 meter composites for Zone 9 at Siou. Short range modelling (top); Long range modelling (bottom)...... 92 Figure 53. Variograms of capped Au grade 1 meter composites for Zone 56 at Siou. Short range modelling (top); Long range modelling (bottom)...... 93 Figure 54. Block grade estimation showing the composite grades (top) and the interpolated blocks grades (bottom) in mineralized Zone 11 of Wona-Kona...... 98 Figure 55. Block grade estimation showing the composite grades (top) and the interpolated blocks grades (bottom) in mineralized Zone 25 of Siou...... 99 Figure 56. Block grade validation in the main zones of Wona-Kona. Each plot compares the grade of a composite with the estimated grade of the block of the same zone that contains the composite...... 100 Figure 57. Block grade validation in the main zones of Siou. Each plot compares the grade of a composite with the estimated grade of the block of the same zone that contains the composite...... 101 Figure 58. Block resource automatic (top) and smoothed final (bottom) classification in zone 11 of Wona-Kona (SVOL1 = red; SVOL2 = green; SVOL3 = light blue; SVOL4 = blue)...... 103 Figure 59. Block resource automatic (top) and smoothed final (bottom) classification in zone 25 of Siou (SVOL1 = red; SVOL2 = green; SVOL3 = blue)...... 105 Figure 60. Block resource automatic (top) and smoothed final (bottom) classification in Zone 9 of Siou (SVOL1 = red; SVOL2 = green; SVOL3 = blue)...... 106 Figure 61. Wona-Kona resource within pit design shell ($1,300). Left: plan view with block grade (resource model). Right: N-S vertical view with block grade (resource model) ...... 111 Figure 62. Nyafé resource optimized pit shell ($1,400). Left: plan view with block grade (resource model). Right: N-S vertical view with block grade (resource model) ...... 112 Figure 63. Fofina resource optimized pit shell ($1,400). Left: plan view with block grade (resource model). Right: N-S vertical view with block grade (resource model) ...... 113 Figure 64. Yaho resource optimized pit shell ($1,400). Left: plan view with block grade (resource model). Right: N-S vertical view with block grade (resource model) ...... 114

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Figure 65. Fobiri resource optimized pit shell ($1,400). Left: plan view with block grade (resource model). Right: N-S vertical view with block grade (resource model) ...... 115 Figure 66. Maoula resource optimized pit shell ($1,400). Left: plan view with block grade (resource model). Right: N-S vertical view with block grade (resource model) ...... 116 Figure 67. Siou resource optimized pit shell ($1,400). Left: plan view with block grade (resource model). Right: N-S vertical view with block grade (resource model) ...... 117 Figure 68. Cross section showing the depth extension of resource blocks of the measured category in Zones 9 and 25 (top). Final pit design 3D view with resource model smoothed categories for Zone 25 (SVOL1 = red; SVOL2 = green; SVOL3 = blue)...... 119 Figure 69. Siou in-situ resources within pit design at $1,100...... 122 Figure 70. Wona-Kona reserve pit design at $1,100 (June 2013). Left: plan view with block grade (resource model). Right: N-S vertical view with block grade (resource model) ...... 123 Figure 71. Nyafé reserve pit design (June 2013). Left: plan view with block grade (resource model). Right: N-S vertical view with block grade (resource model) ...... 124 Figure 72. Fofina reserve pit design at $1,100 (June 2013). Left: plan view with block grade (resource model). Right: N-S vertical view with block grade (resource model) ...... 125 Figure 73. Siou reserve pit design at $1,100 (June 2013). Left: plan view with block grade (resource model). Right: N-S vertical view with block grade (resource model) ...... 126

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1- Executive Summary

This technical report was prepared by SEMAFO to support an update of mineral resources and reserves for the Mana property following first half 2013 exploration intensive drilling campaign. This review was carried out, and this report was prepared in compliance with the standards of the Canadian Securities Administrators’ National Instrument 43-101 ("NI 43-101"). This report on the mineral resource and reserve estimation at the Mana Property was prepared by Michel Crevier P. Geo, François Thibert P. Geo., Richard Roy P. Geo., Patrick Moryoussef P. Eng., and Sylvain Duchesne P. Eng. The data presented in this report includes general field observations completed on a regular basis by the authors within the scope of their work. The Mana gold deposits and mines are located in southwest Burkina Faso, in the provinces of Balé and Mouhoun, about 200 km by road from the capital of Ouagadougou. They are located within the limits of eleven exploration permits and one mining permit, totalling 2,217.74 km² in consideration with mining permit extension, readjusting Kona Blé exploration remaining area and giving back Kona II permit to owner on July 5th. Most of the exploration permits are granted for 3-year renewable periods (up to a maximum of 9 years) to Mana Minéral S.A. or Ressources Tangayen S.A., both 100% subsidiaries of SEMAFO while the mining permit is granted for a 20- year period (currently ending March 20, 2027 and renewable for 5-year periods as needed) to SEMAFO Burkina Faso S.A., a corporation in which SEMAFO indirectly holds 90% of the shares and the Government of Burkina Faso holds the remaining 10%. The mining permit covers the current open pit operations of Wona-Kona and Nyafé. The Wona-Nyafé mining permit was extended (Decret signed July 09, 2013) by 9.6 km² to allow full Kona ore and infrastructures being covered. The solicitation for mining permitting that would cover the Fofina and Siou zones is in the process. As at July 25th EIA along with a mine plan were filed. No major delays are expected by SEMAFO for obtaining the mining permits for these deposits. The Mana deposits and mine are accessible by road from the capital city of Ouagadougou which is serviced by regular air flights to Europe and other African countries. The first 175 km of the 270 km trip is on the main paved road from Ouagadougou to Bobo Dioulasso. The remainder of the trip is via a well maintained gravel road. Since the opening of the Mana mine in March of 2008, SEMAFO has progressively upgraded the plant capacity from 4,000 tpd to the current output of 8,000 tpd for blended ores. Installations include carbon in leach (CIL) mill with crusher, SAG mill, two ball mills, reactive cells, gold room and ancillary services, and the construction of a 58 km pipeline between the Mouhoun River and Wona Dam. About half a kilometer away to the east of the processing plant, SEMAFO has established a camp site for expatriates and senior staff with mess, club etc. Power is from diesel

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generators; however an agreement has been signed with the national electricity company Sonabel in 2012 to build a power line connecting the Mana Mine to the national power grid. The total ore production at the Mana Mine to date is 940,500 ounces from 10.7 million tonnes at 2.73 g/t Au. The bulk of the ore extracted in 2013 was from the Wona-Kona open pit mine. Exploration at Mana generally follows a systematic approach depending on the available information of each specific target. For grassroots targeting, airborne geophysics (Mag-Helitem) and surface mapping is used to identify areas for sampling via auger. Auger drilling is a cost- effective geochemical sampling method that consists of drilling vertical holes down to the in- situ saprolite horizon along a predetermined grid. A sample is taken from both the laterite/saprolite interface and within the saprolite. The drilling method of choice at Mana is reverse circulation (RC) which is a destructive drilling method. According to information in the drill holes database as of June 2013, there have been 5,628 holes (631,588 meters) of drilling on the Mana property by SEMAFO. In the first 6 months of 2013 alone, there were 103,917 meters of RC drilling (940 holes) completed on the Mana Property. RC drilling in the first half of 2013 was primarily focused on general exploration (60%) and delineation drilling on the Siou deposit and associated Kokoi Trend (40%). Air core (AC) is also a destructive drilling method which is limited to the soft horizons. The Mana database contains 5,512 holes of AC totalling 205,776 meters. No AC drilling was done on the Mana Property during the first half of 2013. According to information in the drill hole database at the end of June 2013, there has been a total of 267,011 meters in 843 holes of core drilling completed on the Mana property to date. In the first half of 2013 alone, 139 holes totalling 25,711 meters were completed. Most of those holes are of NQ core diameter, ninety-seven percent of the cored boreholes were for the delineation of the Siou Deposit. A robust QAQC program has been implemented within the Mana Mineral exploration group. For each batch of 78 samples two certified standards and two blanks samples are inserted. The external laboratory ALS in Ouagadougou (ALS) is responsible for preparing the two coarse duplicates located by the exploration group. For each batch of 20 samples, one certified standard and one blank or one duplicate alternatively are inserted. Mana Mine laboratory (SEMAFO BF) is responsible for preparing the single coarse duplicate located by the exploration group. Additionally 0.5% of samples pulps processed by each laboratory were sent for duplicate analysis at the other laboratory (i.e. SEMAFO BF to ALS and ALS to SEMAFO BF). All batches of results are screened upon reception and prescribed pass-fail criteria are applied to decide whether the data is allowed to enter the database, or whether the batch is sent for reanalysis. A written protocol describing the pass-fail system as well as fail criteria assigned to the blank standards is kept updated throughout the year.

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The Mana property is mostly covered by sedimentary, volcano-sedimentary and volcanic rocks of Birrimian age (Paleoproterozoic) from the Houndé belt within the West African craton which occupies most of Burkina Faso. Throughout the country, several greenstone belts dissect the craton which host significant gold deposits. Sedimentary, volcano-sedimentary and volcanic rocks in the belts are metamorphosed in the greenschist facies and they have been subject to a least two phases of deformation (a syn- and a post-schist). Mineralized structures tend to strike North/South or North-East/South-West. These directions are subparallel to most of the lithological contacts. Four important deposit types have so far been recognized on the Mana property. The Wona- Kona deposit is hosted in relatively wide corridors of silicification with disseminated mineralization hosted in a sheared package of alternating fine grained metasediments and metavolcanics. At Yaho, the mineralization is associated with a strongly sericitized arenite, locally conglomeratic located within a wider deformation zone affecting metavolcanics and other fine grained sediments. The three southern deposits (Nyafé (including Filon 67), Fobiri and Fofina) are hosted in dominantly sheared and silicified volcanic rocks hosted within quartz rich veins. These veins tend to be richer but narrower. Finally, the newly discovered Siou Zone is composed of a series of shear zones hosting free-gold bearing quartz veins located along a contact between a sedimentary sequence and a felsic intrusive. The Wona-Kona deposit has been traced over a distance of 5 km along the N45 direction. The mineralized zones are sub-vertical with a slight dip to east at the south extremity and then a slight dip to west in the north part. The principal mineralized zones run along most of the full strike length of the deposit and is generally 15-40 meters wide. The Yaho Deposit is located 18 km southwest of the Wona-Kona Deposit and was traced over a strike length of 2 km to date. It strikes N-S, parallel to the local stratigraphy, and dips to the west. The host conglomeratic arenite is approximately 300 meters wide and is consistently strongly sericitized and locally silicified. This unit occurs between mafic metavolcanic flows to the west and finer grained sediments with local volcanoclastics to the east. Alteration rarely affects the flanking rock units. The Nyafé deposit has a general strike of about N45 with a few diversions along its length in the Nyafé South, Nyafé Center and the south of Nyafé North. The Filon67 deposit is located about 300 meters to the east. It strikes approximately NS over a length of about 500 meters. It is composed of two main zones with similar dips (60° to 70°) to the west. The Fofina deposit is characterized by two main mineralization styles. The Fofina corridor located to the west appears to follow a lithological contact between a brecciated volcanic unit and sedimentary rocks, while the N-S striking zones to the east are virtually all confined to a sequence of massive basaltic lavas and consist of a series of anastomosing shears.

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The Fobiri deposit remains poorly-known but appears to show similarities with Fofina style of mineralization. The Siou Zone is located 15 km east of the Mana Mill along the 30 km long NNE striking Kokoi Corridor which marks the eastern boundary between the volcanosedimetary belt with granitic intrusives. It consists of four main sub-parallel shear zones dipping approximately 40 to 50° to the east which occur within a 50 meters wide corridor flanking the contact. The bulk of the mineralization is found within two main shear zones namely Siou and Zone 9, over a distance of roughly two kilometers. Gold is found within quartz veins developed within the shear zones. The exploration budget remained aggressive in the first half 2013, with a total of 139 holes totalling 25,711 meters of core and 103,917 meters of reverse circulation (RC) drilling (940 holes) .No AC drilling was done on the Mana Property during the first half of 2013. Auger drilling is used to collect representative samples of the saprolite. A total of 90,813 meters from 10,517 holes of auger drilling was completed on grids over prospective areas. In parallel some area suits better to be investigate through soil sampling, 2,416 samples were token. This aggressive exploration campaign succeeded in outlining several new prospective zones and gold deposits. Drill hole data as of the end of June 2013 can be divided into the seven sectors with specific resource block models: Wona-Kona, Nyafé-F67, Fofina, Fobiri, Yaho, Maoula and Siou. Sample database has remained the same for the purpose of this report except for Maoula and Siou where additional drilling and modeling has been completed in 2013. The Wona-Kona database contains 1,740 drill holes and trenches totalling 311,870 meters, with the following distribution: 23 trenches, 519 core holes, 1,038 RC holes including 2 special holes (WSHQ3 and WSPQ2), and 160 AC exploration holes. True down-hole (deviation) measurements number 6,343. They are mostly along core holes (5,530 points). As a general rule, in core holes, there is a deviation measurement (both bearing and dip) at every 50 meters. There is a total of 238,435 assay intervals totalling 240,031 meters with a gold values; these are mostly 1 meter long. The Nyafé-F67 drill hole database has not changed since the end of 2009. Over Nyafé, we have 994 holes and trenches totalling 62,824 meters. The Fofina drill hole database lists 551 drill holes (vs. 393 at the end of 2011) totalling 77,659 meters (53,936 meters at the end of 2011) with the following details: 509 RC holes, 30 core holes and 12 trenches. AC exploration holes were excluded from the database. Those Fofina holes have an almost perfect assaying coverage with 77,481 intervals totalling 77,295 meters. The Fobiri database contains 909 holes totalling 107,004 meters with the following details: 279 AC holes, 605 RC holes, 23 core holes and 2 trenches There is a total of 108,387 assay intervals totalling 108,260 meters with a gold values with most samples being 1 meter long.

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The Yaho sector contains 698 holes totalling 77,115 meters. Details are: 179 AC holes, 499 RC holes and 20 core holes. We have a total of 77,115 assay intervals totalling 77,057 meters in the Yaho holes. The Siou database now consists of 933 holes totalling 109,312 meters including 466 RC holes and 170 core holes. Two RC holes have been excluded from the resource estimation due to possible contamination. There are a total of 110,089 assay intervals totalling 108,860 meters in the Siou database. Heap Leach testworks were carried out to seek better economics of the South Sector. Two composite samples were processed by SGS laboratories in South Africa to determine Heap Leach potential recovery for Fofina and Yaho oxides (Saprolite) and partially oxide ore (Saprock). The composite drilled core (DC) sample from Yaho weighs 485 kg with average grade of 1.35 g/t. The composite DC sample from Fofina weighs 399 kg with average grade of 2.72 g/t.

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The following table indicates individual recovery per ore types: Table 1. Heap Leach Column Testwork

Heap Leach Column Testwork

Composite samples Saprolite Saprock Sector Au Recovery Au Recovery Oxidized Transitional Yaho 79.1% 65.5% Fofina 30.2% 30.2%

An internal preliminary economic assessment and sensitivity analysis based on these results indicates that utilizing the heap leach process for Yaho is not cost-effective at current gold price. Consideration to mine this area has therefore been postponed pending a more favorable economic climate. At Siou, due to the coarse gold nature of the deposit, CIL only metallurgical testing was completed as refractory ore was not expected. Lixiviation results indicated excellent gold recovery using standard CIL processing. The recovery was consistently above 95% for all mineralization types including oxides and sulphides, which indicate a high proportion of free gold within the mineralized samplesExploration work completed on the Mana property is done according to industry standards and appropriate protocols are in place to ensure that data is of sufficient quality to meet NI 43-101 standards. The property is very large with many sectors that have known prospective geological domains that remain to be drill tested. The large investment in exploration is appropriate, because the prospect for further discoveries is considered very high. Current mineral reserves for the Mana project, net of deletion from production and the effect of now using a gold price of $1,100 per ounce Au instead of $1,300 previously, total 26.8 million tonnes at an average grade of 2.77 g/t Au for 2.4 million gold ounces, after mining 95,900 ounces in first half 2013 (Table 2). This compares to 25.1 million tonnes at an average grade of 2.31g/t Au for 1.9 million gold ounces at the end of 2012. Recent discovery of the Siou sector, high grade non refractory mineralization, changed significantly the economics of Mana by the addition of 4.8 million tonnes at an average grade of 4.94 g/t Au for 769 thousand ounces. Measured and indicated mineral resources decreased ounces with less tonnage but better grade, going to 35.9 million tonnes at an average grade of 2.12 g/t Au representing 2.4 million ounces, from 48.6 million tonnes at an average grade of 1.93 g/t Au, representing 3.0 million ounces at the end of 2012. Most of the refractory sulfide mineralization from the 2012 measured and indicated resources and inferred was removed by using much higher cut-off

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grades in the parameters simulation of at depth mineralization for the “reasonable prospect of economic” criteria. Inferred resources as of end of June 2013 stand at 14.7 million tonnes at an average grade of 3.05 g/t Au for 1.4 million ounces compared to 18.3 million tonnes at an average grade of 3.18 g/t Au for 1.9 million ounces at the end of 2012. In-pit resources exclusive of reserves at Siou are 2,073,000 tonnes at 2.34 g/t Au for 156,100 ounces of measured and indicated categories, including lower grades in the reserves pit shell (Table 26) and 5,104,600 tonnes at 3.96 g/t Au for 649,200 ounces in the inferred category. Remaining outside pit shells is 1,123,100 tonnes at 4.05 g/t Au for 146,100 ounces, in inferred category. Siou continues to demonstrate its potential with total inferred resources of 6.3 million tonnes @ 3.97 g/t Au for 795,300 ounces of gold. It is also important to note that the mineralization remains open laterally and at depth. All reserves being for open pit, mining method is in an ongoing mode. The life-of-mine production simulation tabled in section 22 includes production from Siou estimated to be 27,430 ounces in year one (as it is only scheduled to be in production during the second half of the Year 1), 163,460 ounces in Year 2 and 161,780 ounces in Year 3. Total cash cost per ounce is estimated at a very low $364 in year one, $282 in year 2 and $383 in year 3. The average strip ratio over the LOM (Years 1-10) is 1:18.8. Owing to Siou’s proximity to the Mana processing plant, capital expenditures will be minimal as there is no need for the construction of a new plant, tailings dam, camp and other significant ancillaries. Siou’s estimated capitalized expenditures of $25 million include minor infrastructure, mining and auxiliary equipment, crop compensation and road construction costs. Production simulations also take into consideration the use of local contractors for the haulage of ore from Siou and Fofina to the Mana processing plant over distances of approximately 15 and 17 kilometers, respectively.

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Table 2. Summary of resource and reserve estimate. All resources were estimated with a cut-off grade from the Ultimate Pit software, 2.0 g/t Au below the Wona-Kona open pit and at 2.0g/t to 5 g/t Au for the other deposits. Cut-off grades for reserves were determined on a case-by-case basis. For details please see the Sections 14 and 15 of the report.

PROVEN RESERVES PROBABLE RESERVES MEASURED RESOURCES INDICATED RESOURCES INFERRED RESOURCES SECTORS Tonnage Grade Au Ounces Tonnage Grade Au Ounces Tonnage Grade Au Ounces Tonnage Grade Au Ounces Tonnage Grade Au Ounces (g/t Au) (g/t Au) (g/t Au) (g/t Au) (g/t Au) WONA-KONA 9,151,800 2.25 661,600 9,680,400 2.13 662,900 939,500 2.63 79,400 16,111,300 2.90 1,499,900 4,470,800 2.79 401,200 NYAFÉ 262,600 5.85 49,400 4,100 5.02 700 300,200 5.60 54,100 229,500 5.84 43,100 150,800 5.86 28,400 FOFINA 1,742,300 2.53 141,600 1,014,800 2.94 96,100 519,400 1.92 32,000 555,700 4.04 72,200 210,500 5.36 36,300 YAHO − − − − − − 4,654,400 1.05 157,200 9,895,200 0.99 316,200 470,800 1.45 22,000 FILON67 − − − − − − 26,100 2.72 2,300 8,900 3.59 1,000 5,500 6.32 1,100 FOBIRI − − − − − − 468,900 1.80 27,100 114,200 1.52 5,600 577,600 1.39 25,800 MAOULA − − − − − − − − − − − − 2,628,200 1.62 137,100 SIOU 3,394,400 5.55 605,500 1,448,500 3.52 163,800 241,200 1.22 9,500 1,832,100 2.49 146,700 6,227,600 3.97 795,300 ROMPAD 131,000 1.82 7,700 0 0 0 − − − − − − − − − TOTAL MANA 14,682,100 3.11 1,465,800 12,147,800 2.36 923,500 7,149,700 1.57 361,600 28,746,900 2.26 2,084,700 14,741,800 3.05 1,447,200

Combined Totals Tonnage Grade Au Ounces (g/t Au) Total Probable Plus Proven Reserves 26,829,900 2.77 2,389,300 Total Measured Plus Indicated Resources 35,896,600 2.12 2,446,300 Total Inferrred Resources 14,741,800 3.05 1,447,200

Corporate objectives are: • Resume aggressively early stage exploration in general but more specifically within the Siou vicinity to bring new deposit in the mineral inventory. • Continue drilling Siou sector to optimize its reserve and resource base. • Obtaining the new Fofina and Siou mining permits as soon as possible.

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2- Introduction

2.1 General

This technical report was prepared by SEMAFO to support the mid-year disclosure of mineral resources and reserves for the Mana property. It follows the completion of a 25 x 25 meters spaced, down to approximately 150 meters, diamond and reverse circulation (RC) delineation drilling program at Siou. Drilling was also carried out at 50 x 50 meters to larger spacing on some of the known extensions of the deposit and within the deeper south area. The preparation of this report was triggered by the important addition of Siou resources into the reserves; this report contains important changes since the last Technical Report, such as Mineral Reserves, a lower gold price reflecting current market conditions and revised economics and financial analysis.

2.2 Terms of Reference This report on the mineral resource and reserve estimation at the Mana Property was prepared by the following SEMAFO Qualified Persons. Michel Crevier, P. Geo. and Vice President Exploration and Mine Geology, was responsible for the final validation of the resource estimate and overall coordination of this report. François Thibert, P. Geo. and Reserve and Resource Estimation Group Manager, was responsible for verification and validation of the data, the ore body models, the resource estimates and QA-QC of this technical report. Richard Roy, P. Geo. and Exploration Manager, was responsible for the exploration and geological models of the different deposits. Sylvain Duchesne, P. Eng. and General Manager Construction & Engineering, was responsible for deposit metallurgy. Patrick Moryoussef, P. Eng. and Vice-President Mining Operations, was responsible for the mine design, operational and economical aspects. As permanent employees of SEMAFO, the authors of this report are all actively involved with the Mana Project and are visiting the property (Figure 1) on a regular basis throughout the year. The data presented in this report includes general field observations acquired on a regular basis by the authors within the scope of their work. This technical report was prepared according to the guidelines set under “Form 43-101F1 Technical Report” of National Instrument 43-101 Standards and Disclosure for Mineral Projects. The certificates of qualifications for the Qualified Persons responsible for this technical report have been supplied as a separate document and can also be found at the very end of the report.

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2.3 Source of Information Information, conclusions, and recommendations contained herein are based on critical review of relevant and technical data as well as documents and maps available to personnel of SEMAFO including: • NI 43-101 Technical report titled “Advanced Technical Report, Mana Property, Burkina Faso. Reserve and Resource Update as of December 31, 2012” authored by SEMAFO, dated March 22, 2013. • Internal unpublished report (pending) for SEMAFO titled "SEMAFO Mana and Siou Closeout August 9, 2013", authored by Graeme Major of Golder Associates (2013). • Internal unpublished metallurgical reports for SEMAFO.

2.4 Units and Currency All measurements in this report are presented in the Système International d’Unités (SI) metric units, including metric tonnes (tonnes) or grams (g) for weight, meters (m) or kilometers (km) for distance, hectare (ha) for area, and cubic metres (m3) for volume. All currency amounts are US dollars ($) unless otherwise stated. Abbreviations used in this report are listed in Table 3.

Table 3. List of abbreviations. tonnes or t metric tonnes NSR Net Smelter Return kg kilograms NPR Net Profit Return g grams ppm parts per million km kilometers RC Reverse Circulation (destructive drilling method) m meters AC Air Core (destructive drilling method) μm micrometers BQ drill core size (3.65 cm in diameter) ha hectares NQ drill core size (4.76 cm in diameter) m³ cubic meters HQ drill core size (6.35 cm in diameter) % percentage sg specific gravity $ dollars (USD unless otherwise specified) UTM Universal Transverse Mercator ° degree tpd metric tonnes per day °C degree Celsius wtph wet tonnes per hour

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3- Reliance on Other Experts

For the mineral resource estimates, this report has benefited from the expertise of Michel Dagbert, P. Eng., senior geostatistician with SGS Geostat and Qualified Person as defined by National Instrument 43-101. SGS Geostat has conducted in the past independent audits of the methods, parameters and documentation used by SEMAFO in the preparation of its Mineral Resource and Reserve estimates for the Mana gold deposits. SEMAFO continued to consult SGS for the parameters selection and therefore remained in line with those audited methods. This report has also benefited from the expert knowledge, reporting and opinion of Golder Associates that have provided an updated geotechnical/geological hazard and terrain analysis. Golder’s report is still pending but some of the recommendations were used in the preparation of this report.

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Figure 1. Mana site. Exploration core shack (upper left), exploration offices (upper right), Wona open pit (center; looking north), RC drill rig (lower left) and the treatment plant (lower right).

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4- Property Description and Location

The Mana gold deposits and mine are located in the southwest of Burkina Faso, in the provinces of Balé and Mouhoun at about 200 km by road from the capital of Ouagadougou (Figure 2). The south part (Mana East and West and Fobiri II permits) is in the departments of Bana and Yaho (province of Balé) while the north part (Kona Blé permit) is in the department of Kona (province de Mouhoun). Burkina Faso is a land locked country of Western Africa bordered by Mali to the north and west, Ivory Coast, Ghana, Togo and Bénin to the south and Niger to east. The Mana gold deposits are located within the limits of eleven exploration permits and one mining permit that was granted in 2007 and extended in 2013 (Table 4, Figure 3). The total areal extent of the exploration permits is 1,927.2 km². Most of the exploration permits are granted for 3-year renewable periods (up to a maximum of 9 years) to Mana Minéral S.A. or Ressources Tangayen S.A., both 100% subsidiaries of SEMAFO while the mining permit is granted for a 20-year period (currently ending March 20, 2027 and renewable for 5-year periods as needed) to SEMAFO Burkina Faso S.A., a corporation in which SEMAFO indirectly holds 90% of the shares and the Government of Burkina Faso holds the remaining 10%. The exploration expenditures incurred by SEMAFO largely surpasses what is needed for renewal. A map produced by the Burkina Faso Government showing the permit outlines is coincident with what SEMAFO is reporting as their property limits. The mining permit covers the current open pit operations of Wona-Kona to the north and Nyafé to the south. The permitting processed to extend the former Wona-Nyafé mining permit to the north to completely cover the Kona mine plan was completed on July 9, 2013. The mining permit now covers 103.1 km2. The solicitation for creation of a new mining permit that would cover the Siou and Fofina zones are in progress. As at July 25th EIA along with a mine plan were filed.

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Table 4. List of exploration and mining permits for the Mana Property permits.

Property Permit Holder Km2 Emission Date Expiry Date Province Comments

Wona-Nyafé - Mining Semafo Burkina Faso S.A. 103.10 March 20, 2007 March 19, 2027 Balé and Mouhoun Mining Permit; 90% subsidiary of Semafo Mana Ouest Mana Minéral S.A. 163.53 October 10, 2005 October 10, 2014 Balé Exploration Permit Mana Est Mana Minéral S.A. 180.80 October 19,2005 October 19, 2014 Balé Exploration Permit Fobiri II Mana Minéral S.A. 220.10 January 5, 2009 January 5, 2015 Balé Exploration Permit Kona-Blé Mana Minéral S.A. 96.46 January 18, 2011 January 18, 2014 Mouhoun Exploration Permit Bombouela Mana Minéral S.A. 250.00 August 8, 2002 August 8, 2014 Mouhoun Exploration Permit, Exceptional renewal Bara Mana Minéral S.A. 172.56 October 10,2005 October 10, 2014 Mouhoun Exploration Permit Oula Mana Minéral S.A. 194.11 October 27,2003 October 27,2015 Mouhoun Exploration Permit, Exceptional renewal Bombouela Nord Mana Minéral S.A. 115.45 December 30, 2010 December 30, 2013 Mouhoun Exploration Permit Massala Mana Minéral S.A. 187.20 April 24, 2003 April 24 , 2015 Nayala Exploration Permit, Exceptional renewal Saoura Mana Minéral S.A. 247.48 April 15, 2010 April 15, 2016 Nayala Exploration Permit Bladi Ressources Tangayen S.A. 99.50 November 20, 2012 November 20, 2015 Mouhoun Exploration Permit; 100% subsidiary of Semafo

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Figure 2. Map of Burkina Faso with location of the Mana property.

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Figure 3. Geological map of the Mana Property illustrating the various Au showings and deposits.

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5- Accessibility, Climate, Local Resources, Infrastructure and Physiography

The Mana deposits and mine are accessible by road from the capital city of Ouagadougou which is serviced by regular air flights to Europe and other African countries. The first 175 km of the 270 km trip is on the main paved road from Ouagadougou to Bobo Dioulasso. The remainder of the trip is via a well maintained gravel road. The climate is divided into a rainy season, from June to September comprising most of the average annual 830 mm rainfall, and a dry season from October to May. Water for processing is collected from a network of wells, collected from the tailings and accumulated behind an earthen dam constructed to collect seasonal runoff. A 58 km pipeline between the Mana water dam and the Mouhoun River was completed in September 2012 and is operational since December 2012. It is designed to pump up to 450 m³/hour, or a maximum of 3,5 Mm³ of water per year. This, in addition to the water captured from the rainy season, should be sufficient to feed a 14,000 tonnes per day (“tpd”) operation. Dust storms from the north are frequent in February and March. Minimum and maximum temperatures are about 15°C and 40°C. The mine site operates year round. Most of the local workforce for the Mana operation lives in the nearby villages of Bana, Wona, Somona, Yona, Fofina and Bissa in the Province of Bale to the south and those of Kona and Dangouna in the Province of Mouhoun to the north. A portion of the workforce is composed of expatriates, who work on 35 days in/28 days out rotation. The Mana mine began operation in March of 2008 with a 4,000 tpd (after ramp-up from 2,000 tpd) mill which was progressively upgraded up to a current capacity of 8,000 tpd in blended ores. Installations also include carbon in leach mill with crusher, SAG mill, two ball mills, reactive cells, gold room and ancillary services. About half a kilometer away to the east, SEMAFO has established a living camp for expatriates with mess, club etc. Power is currently from diesel generators; however SEMAFO recently signed an agreement with the national electricity company to build a power line connecting the Mana Mine to the national power grid. During the second quarter of 2013, the National Electricity Company Sonabel awarded all of the contracts relating to the construction of the transmission line currently scheduled for the third quarter of 2014. Most of the area lays at elevations of about 350 meters with highs of 450 meters on several “lateritic” hills that dot the landscape. Those hills are mostly found to the southeast of the Fobiri II permit, the south of the Mana mining permit (with the Nyafé and F67 deposits) and most of the West Mana permit. The north part of the mining permit with the Wona-Kona deposit and mill compound is on relatively flat topography.

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6- History

Exploration work by Mana Mineral S.A. (subsidiary of SEMAFO) on the Mana property started in October 1997 which led to the initial discovery of the Nyafé, Filon 67 and Wona-Kona deposits during this period. A formal feasibility study and environmental impact study were initiated in 2004. Results of the feasibility study were made public in August 2005 while the environmental impact study was completed in 2006. Mine construction and a public hearing on environmental impact began in 2006. The Ministry of Environment of Burkina Faso and the mining permit was granted in February 2007. Mill start-up took place on February 15, 2008 with a 2,000 tpd ball mill and a first doré bar was poured on March 31, 2008. Few months after, the 4,000 tpd ball mill started operation on 2008. In 2010, a semi-autogenous grinding (SAG) mill had been added to increase the mill throughput to 6,000 tpd. Two other carbon in leach tanks (CIL) were added in 2010 to optimize gold recovery. In February 2011 a fourth phase of plant expansion to attain up to 7,200 tpd in bedrock and up to 8,000 tpd in blended ore was launched. The primary changes to the processing plant include: installation of a new pebble crusher into the grinding circuit, addition of 2 new GenSets at the power plant, addition of 1 extra CIL reservoir, upgrade of the elution circuit and upgrading all services (process water, raw water air) in the mill. The commissioning of the latest expansion (Phase 4) was completed in July 2012 and current plant capacity exceeds expectations. The construction of a 58 km pipeline between the Mouhoun River and Wona Dam has been completed in September 2012 and is fully operational since December 2012. During the second quarter of 2013, the National Electricity Company Sonabel awarded all of the contracts relating to the construction of a transmission line to deliver power to the Mana Mine. The total ore production at Mana to date is 940,500 ounces from 10.7 million tonnes at 2.73 g/t (Table 5). The bulk of the ore extracted in first half of 2013 was from the Wona-Kona open pit mine. Table 5. Summary of ore production on the Mana property up to June 30, 2013. Deposit Tonnes (t) Grade (g/t Au) Oz Wona-Kona 9,756,000 2.38 747,500 Nyafé-F67 960,000 6.25 193,000 TOTAL Mana 10,716,000 2.73 940,500

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7- Geological Setting and Mineralization

The Mana property is mostly covered by sedimentary, volcano-sedimentary and volcanic rocks of Birrimian age (paleo-proterozoic) from the NNE-SSW Houndé belt (or syncline) within the West African craton. Several of these greenstone belts dissect the craton within Burkina Faso, and they host several gold deposits. Sedimentary, volcano-sedimentary and volcanic rocks in the belts are metamorphosed to greenschist facies and they have been subject to a least two deformation phases (a syn- and a post-schist). Limits of belts with contiguous plutonic rocks correspond to shears of generally NE-SW direction associated to those phases. The Wona-Kona deposit is hosted in a series of highly deformed sedimentary, volcano- sedimentary and meta-volcanic rocks. The gold mineralization has developed along a major NE- SW sub-vertical fault zone of regional extension. The shear zone is about 200 meters wide in the Wona-Kona pit sector. The original stratigraphic sequence is a succession of pelitic sediments with graphitic horizons and volcanoclastics. They have been affected by a pervasive S1 schistosity associated with vertical movements along the fault (the east block rising with respect to the west one) as well as sinistral lateral movements. Those foliated rocks are cut by mafic to intermediate dykes. The mineralization appears to be associated to a later movement along the fault associated with hydrothermal fluid circulation and intense silicification. The Nyafé deposit is hosted in a purely volcanic sequence with basalt and mafictuffs. From the observed morphology of pillows, the original stratigraphic sequence is sub-horizontal and overturned; with pillow lava at the bottom, pillow breccias and finally massive lava at the top. Several sub-vertical decameter scale dikes cross-cut the volcanic sequence, in particular, an N-S dike of felsic porphyry (with quartz phenocrysts) and two mafic dikes on both sides of the pit and parallel to the mineralization. The Filon67 (F67) deposit, next to Nyafé is composed of quartz veins associated to shear zones with dextral motion within a package of greenschist rocks. Those composite veins show textures indicative of several successive fillings. The Fofina deposit is divided into two sectors. The west zones are located in a sheared sedimentary unit dipping moderately west and trending NNE. It is related to a rheological contact with a massive basalt unit to the east. The eastern zones are within the basaltic lavas and have a similar habitus to the Nyafé Deposit. The Yaho Deposit is hosted in a wide north-striking and steeply west dipping sandstone unit flanked by shales and siltstones to the west and basaltic flows to the east. The mineralization is associated with silicified and sericitized corridors within the sandstone which also contain increased amounts of sulfides (py-asp).

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Finally, the Siou Deposit is a typical shear-hosted quartz vein deposit. The two principal zones are the Siou and No 9 zones. The Siou Zone is hosted in a single quartz vein located within the granitic intrusive but near the contact with sandstones and shales to the west. The No 9 Zone is located at the contact between the sediments and the granitic intrusive and generally consists of quartz veining and veinlets affecting the granitic intrusive. Both are north-striking and moderately east dipping. Outcropping mineral deposits under a tropical climate in general, and in western Africa in particular, are subjected to intense meteoritic alteration with the development of a saprolitic zone near the surface. Saprolite is a multicolored soft material, which results from the kaolinization of original feldspars in volcanic rocks. In the saprolite, iron sulphides are also generally transformed into iron oxides or hydroxides hence the generally yellow-brown color of the mineralized saprolite. All the deposits on the Mana property are affected by this alteration zone, which in general increases its values by reducing the hardness and increasing the recovery (within this current plant design).

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8- Deposit Types

Four important deposit types have so far been recognized on the Mana property. The Wona- Kona deposit is hosted in relatively wide corridors of silicification with disseminated mineralization hosted in a sheared package of alternating fine grained metasediments and metavolcanics. At Yaho, the mineralization is associated with a strongly sericitized arenite, locally conglomeratic located within a wider deformation zone affecting metavolcanics and other fine grained sediments. The three southern deposits (Nyafé, Fobiri and Fofina) are hosted in dominantly sheared and silicified volcanic rocks hosted within quartz rich veins. These veins tend to be richer but narrower. Finally, the newly discovered Siou Zone is composed of a series of shear zones hosting free-gold bearing quartz veins located along a contact between a sedimentary sequence and a felsic intrusive. The Wona-Kona deposit has been traced over a distance of 5 km along the N45 direction. The mineralized zones are sub-vertical with a slight dip to east at the south extremity and then a slight dip to west in the north part. The principal mineralized zones run along most of the full strike length of the deposit and is generally 15-40 meters wide. Further to the south, as this main zone gets thinner, additional parallel zones appears to the east of the main zone, although some also occur to the west. Those satellite zones can be very significant and sometimes wider than the main Wona-Kona zone. On some sections, up to 4 satellite zones occur in addition to the main zone. The Yaho Deposit is located 18 km southwest of the Wona-Kona Deposit and was traced over a strike length of 2 km to date. It strikes N-S, parallel to the local stratigraphy, and dips to the west. The host conglomeratic arenite is approximately 300 meters wide and is consistently strongly sericitized and locally silicified. This unit occurs between mafic metavolcanic flows to the west and finer grained sediments with local volcanoclastics to the east. Alteration rarely affects the flanking rock units. The Nyafé deposit has a general strike of about N45 with a few diversions along its length. In the Nyafé South, Nyafé Center and the south of Nyafé North, the geometry of mineralized zones is rather simple with a single structure strongly dipping to west and locally some satellite structures with about the same orientation or much flatter. In some cases multiple zones may merge at depth. Between those two limiting structures, oblique zones of significant grade occur. Together, these structures with different orientations generate an anastomosing lozenge pattern locally. The Filon67 deposit is located about 300 meters to the east. It strikes approximately NS over a length of about 500 meters. It is composed of two main zones with similar dips (60° to 70°) to the west. In the center, those two structures are very close and they may merge at depth. Toward both extremities, there are further apart, leaving room for flatter satellites structures.

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The Fofina deposit is characterized by two main mineralization styles. The Fofina corridor located to the west appears to follow a lithological contact between a brecciated volcanic unit and sedimentary rocks, while the N-S striking zones to the east are virtually all confined to a sequence of massive basaltic lavas and consist of a series of anastomosing shears. The Fobiri deposit remains poorly-known but appears to show similarities with Fofina style of mineralization. The Siou Zone is located 15 km east of the Mana Mill along the 30 km long NNE striking Kokoi Corridor which marks the eastern boundary between the volcanosedimetary belt with granitic intrusives. It consists of a series of sub-parallel (locally anastomosing) shear zones dipping approximately 40 to 50° to the east which occur within a 50 meters wide corridor flanking the contact. The bulk of the mineralization is found within two main shear zones namely Siou and Zone 9, over a distance of roughly two kilometers. Gold is found within quartz veins developed within the shear zones.

8.1 Mineralization

8.1.1 Wona The Wona-Kona mineralization occurs as disseminated pyrite and arsenopyrite in highly deformed and silicified meta-sedimentary of meta-volcano-sedimentary rocks. Locally, silicification is so intense as to form massive quartzitic bodies, which are commonly preserved within the saprolitic horizon. In some extreme cases blasting is necessary to mine within the saprolite horizon.

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Figure 4. Geological map of the Wona-Kona deposit. Images from Augustin (2010).

The mineralization is often associated with carbonates (siderite, ferruginous-dolomite) which is brown in colour; the colour becomes progressively lighter with distance from the main structure. It appears that the pervasive carbonatization may have favored the gold mineralization by sealing the deformation corridor and thus concentrating the mineralization fluids within that corridor. In addition to quartz and carbonates, other hydrothermal alteration minerals found at Wona- Kona are ferrous chlorite and sericite. As mentioned above, sulphide minerals associated to the mineralization are pyrite (which may reach 10% in modal composition) and arsenopyrite. Magnetite commonly occurs as small millimetric prisms along schistosity planes found in the walls of mineralized zones. Transition of magnetite to pyrite is gradual. Graphite is also associated with mineralization. Its role of graphite in the mineralizing process is likely both chemical (reduction of sulphide compounds into pyrite and precipitation of gold) and physical (weak zone favoring shearing).

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8.1.2 Nyafé, Fofina and Fobiri

The mineralization at Nyafé, Fofina and Fobiri is also associated to pyrite and arsenopyrite disseminated on the edge of millimetric veinlets of microcrystalline grey quartz. Folded carbonate veinlets cross the mineralization.

Figure 5. Geological map of the Fobiri deposit.

8.1.3 Yaho

Disseminated pyrite and arsenopyrite is omnipresent throughout the sericitized arenite which hosts the Yaho Zone but higher percentages are observed within four separate zones which also hosts the better gold grades. Gold values are consistently anomalous throughout the entire host unit (above 100 ppb). The delineated subparallel gold zones within the arenite can measure more than 50 meters thick, sometimes accounting for more than 50% of the entire host unit.

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Figure 6. Geological map of the Fofina and Yaho deposits. Note the different scales.

8.1.4 Siou

The mineralization at Siou occurs at or near the contact between a sedimentary unit to the west and a granodioritic intrusive to the east where series of shear zones containing quartz veining and sericite alteration over thicknesses of 5 to 25 meters are observed (Figure 7). The Siou Zone and the Nine Zone vary from less than one meter to close to 20 meters in width, with an average of between 4 and 4.5 meters. The shear zones dip approximately 45 to 60 degrees to the east.

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SIMPLIFIED GEOLOGICAL MAP OF SIOU

FAULT

Figure 7. Siou Zone Geological Map

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9- Exploration

Exploration at Mana generally follows a systematic approach depending on the available information of each specific target. For grassroots targeting, airborne geophysics (Mag-Helitem) and surface mapping is used to identify areas for sampling via auger. Auger drilling is a cost- effective geochemical sampling method that consists of drilling vertical holes down to the in- situ saprolite horizon along a predetermined grid. A sample is taken from both the laterite/saprolite interface and within the saprolite. The sample is then sent for gold assaying using the bottle-roll method, which can detect very small gold contents from larger size samples. Considering that the geochemical anomaly associated with the Wona-Kona Deposit was below 75 ppb gold, low level gold detection limits are paramount to ensure a reliable dataset. Some areas not amenable to auger drilling (e.g. high relief or outcropping areas) are generally covered by soil sampling following a similar grid as auger drilling. AC and/or RC drilling is then used as a first pass to test the Auger drilling anomalies. Following positive results, RC drilling and core drilling is used to extend the information at depth. Oriented core drilling is used in places to gain a better understanding of the geometry of the deposits within bedrock. Several Auger drilling programs have been completed on geochemical or geophysical anomalies in the Mana permits. Several significant anomalies were identified with this method since 2010. The Siou discovery in 2012 was achieved from a follow-up RC drilling on an Auger anomaly located along an interpreted regional structure. Many other targets remain to be explored in 2013-2014, particularly neighboring the Siou granodioritic plug. A multiphase airborne geophysical survey which commenced in 2009 was completed in 2011. The resulting survey covers virtually the entire property (approximately 15,000 line-km) and consists of Magnetic, Radiometric and EM surveys. Preliminary observations reveal that the combination of Magnetic and EM data is an excellent mapping tool, particularly for sedimentary rocks containing graphitic shales, which stand out as conductive and non-magnetic; whereas massive mafic volcanic flows are typically magnetic and highly resistive. Linear structural features (faults and deformation zones) can also be observed as discontinuities in both EM and Magnetic data. Over the course of 2011 and 2012, a property-wide surface mapping program was completed in order to confirm and further refine the geology interpreted based on geophysical data. This work has helped considerably in identifying targets for the 2013 program. Following the Siou discovery, much field work efforts have been dedicated to the east half of the property, especially proximal to the Siou Intrusive. This work has considerably added to our understanding of the eastern limit of the Houndé Belt.

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10- Drilling The drilling method of choice at Mana is reverse circulation (RC) which is a destructive drilling method. According to information in the drill holes database as of June 2013, there have been 5,628 holes (631,588 meters) of drilling on the Mana property by SEMAFO. In the first 6 months of 2013 alone, there were 103,917 meters of RC drilling (940 holes) completed on the Mana Property. They are normally drilled at 50-60° dip angles to intersect the sub-vertical mineralized structures. The coverage on the property is still very limited with most of the drilling concentrated on the southern part. Recovery is generally very good, and appropriate steps are taken to ensure that no sample bias is introduced during collection and reduction of the drill cuttings (riffle splitter on site for sample reduction). RC drilling in the first half of 2013 was primarily focused on general exploration (60%) and delineation drilling on the Siou deposit and associated Kokoi Trend (40%). Air core (AC) is also a destructive drilling method which is limited to the soft horizons: drilling generally stops at the base of the saprolite layer. This method is rapid and inexpensive and is typically used to test anomalies identified by the auger drilling where the saprolite is expected to be thick. The Mana database contains 5,512 holes of AC totalling 205,776 meters. No AC drilling was done on the Mana Property during the first half of 2013. Oriented core drilling provides geological information, such as dip direction and degree of alteration; this information is not available from RC chips. It also provides material for metallurgical testing and density measurements. According to information in the drill hole database at the end of June 2013, there has been a total of 267,011meters in 843 holes of core drilling completed on the Mana property to date. In the first half of 2013 alone, 139 holes totalling 25,711 meters were completed. Most of those holes are of NQ core diameter (generally starting with HQ diameter). These drill holes are normally drilled at 50-70° dip angles to intersect the sub-vertical mineralized structures. Ninety-seven percent of the cored boreholes were for the delineation of the Siou Deposit. In the first half of 2013, the ALS Minerals Division (ALS) laboratory in Ouagadougou received 61,631 samples generated by exploration in 2013. In addition, the internal laboratory1 at the Mana Mine processed 89,144 samples from the exploration department. Finally, SGS laboratory also processed some 14,817 geochemical soil and auger samples over the course of 2013. Assay results for all holes drilled in 2013 are included in the database and have been used for the current resource estimation. Core samples, and RC are prepared and analyzed from a subsample of 50 g by fire assay and auger samples are analyzed by the BLEG method.

1 During the first half of 2012, a new sample preparation facility was built at the Mana Mine’s laboratory in order to commence processing and assaying of exploration samples. The ‘’SEMAFO BF Laboratory’’ is owned and operated by SEMAFO Burkina Faso S.A., which is also operator of the Mine.

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11- Sample Preparation, Analyses and Security

As a general rule, RC and AC holes are sampled at systematic 1 meter intervals while core holes are sampled according to intervals corresponding to intersected lithologies or structures. The RC and AC database contains 822,184 samples covering 836,615 meters of drilling (98.3% of total drilled), while the core hole database contains 192,414 samples covering 267,366 meters of drilling (72.0% of total drilled). A few historical Wona holes were commenced RC and completed in core drilling to save costs. The RC portions were not sampled. The length of the assay intervals in the entire database varies from 0.05 meter to 2.00 meter for core holes (average 0.97 meter), and 1.0 meter to 6.0 meter for RC and AC holes (average 1.01 meter). Only a few historical RC samples were taken at 6 meter length leading into the expected Wona Zone. Each 1 meter RC or AC sample of approximate 16 kg weight is reduced in a multistage riffle splitter to get a split of about 2 kg which is packed and sent to a laboratory. Another split of the same size is kept on site for reference and the rest of the RC sampled material is discarded. Trench samples are processed in the same way. Core samples are sawed in half with the first half packed and sent to the laboratory; the other half is kept in the core storage shelters. At ALS and Mana Mine (SEMAFO BF) laboratories all samples (AC, RC, trench and core) are dried, crushed to -10 mesh (1.5 mm) and quartered to get a first 500 g split of crushed material. That material is pulverized to 200 mesh and quartered to get a second 50 g split which is fire- assayed with an atomic absorption finish. The SEMAFO BF laboratory also processes the grade control pit channel samples. Chips from 1 meter intervals along channels weigh about 1-2 kg. Each sample is dried and crushed to -10 mesh. The crushed sample is processed through a riffle splitter to get a 500 g split which is pulverized to 200 mesh (in a ring mill). The sample preparation, crushing, and pulverization of exploration samples at the SEMAFO BF laboratory is completed in a completely separate set of equipment and building from the mine’s grade control samples. All samples are transported from the drilling site to the core shack and preparation area (at the Bana exploration camp, near Nyafé) in plastic bags (RC, trench and channel) or metallic core boxes. Core samples are sawed and bagged at the Bana Camp. The authors consider that the sample collection, preparation and analytical methods are appropriate for the type of mineralization.

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12- Data Verification

A robust QAQC program has been implemented within the Mana Mineral exploration group. For each batch of 78 samples two certified standards and two blanks samples are inserted. The external laboratory ALS in Ouagadougou (ALS) is responsible for preparing the two coarse duplicates located by the exploration group. For each batch of 20 samples, one certified standard and one blank or one duplicate alternatively are inserted. The SEMAFO BF laboratory is responsible for preparing the single coarse duplicate located by the exploration group. Additionally 0.5% of samples pulps processed by each laboratory were sent for duplicate analysis at the other laboratory (i.e. SEMAFO BF to ALS and ALS to SEMAFO BF). All batches of results are screened upon reception and prescribed pass-fail criteria are applied to decide whether the data is allowed to enter the database, or whether the batch is sent for reanalysis. A written protocol describing the pass-fail system as well as fail criteria assigned to the blank standards is kept updated throughout the year. All batches which has at least one standard above or equal to 3 times the standard deviation of the expected grade will be required to go through a set protocol before entering the database. The following steps describe the protocol used to determine if a failed batch requires re- assaying: 1) Review the sample tags and standard stickers to determine if a clerical error was done while entering the number of the standard sent. This step is particularly suspected if the assay result of the standard is close to the grade expected for other standard in use. If a clerical error is found, it is corrected and reported in the QAQC verification spreadsheet. The data can then enter the database 2) If no clerical error is found, and assay results do not contain a series of at least 3 samples above 0.5 g/t Au, OR at least one sample above 1.5 g/t Au, the batch was accepted and results entered the database. 3) If no clerical error is found, and assay results contain a series of at least 3 samples above 0.5 g/t Au, OR at least one sample above 1.5 g/t Au, a re-assay is requested and new standards are included.

12.1 Standards Systematic insertion of control standards is used as the primary method of controlling assay quality reported from the laboratory. They are submitted with samples for assay to identify assay problems with specific sample batches and possible long-term biases in the overall dataset. During the first six months of 2013 drilling exploration campaign, 14 separate standards were inserted in the sampling sequence. The standard material grades ranged between 0.804 and 5.931 ppm which is considered appropriate for the Mana Project.

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However, it is recommended to acquire higher grade standards considering the grades intersected at Siou. The ALS laboratory in Ouagadougou received 1,502 control samples for analysis. Of these samples, 94% of standard analyses were within the acceptable limits; 109 of the 1,502 submitted standards (7.3%) failed the initial control. Of those, 22 were reanalyzed along with the entire batch (Table 6 and Figure 8): 16 of which were re-assayed successfully and six of which failed the second re-assay, but were maintained in the database. A total of 87 samples were accepted into the database without re-assay as they passed the acceptance protocol. Although the moving average curve shows a very slight positive biais, the curve is well within the one standard deviation boundaries Table 6. ALS Standards Results

Périod(dd-mm-yyyy) Expected Observed QC Acceptable Range QC Failure Standard Count From To Mean Std. Dev. Mean Std. Dev. Minimum Maximum Count Percentage Count Percentage _OxF100 218 21-01-2013 05-06-2013 0.804 0.019 0.84 0.26 0.65 3.60 203 93.1% 15 6.9% _OxH97 17 05-06-2013 20-06-2013 1.278 0.03 1.31 0.04 1.26 1.40 16 94.1% 1 5.9% _Oxi96 40 22-05-2013 20-06-2013 1.802 0.039 1.80 0.10 1.70 2.32 39 97.5% 1 2.5% _OxJ95 109 24-01-2013 06-06-2013 2.337 0.057 2.42 0.35 1.86 5.62 89 81.7% 20 18.3% _OxK94 226 21-01-2013 11-06-2013 3.562 0.131 3.61 0.20 3.35 5.19 208 92.0% 18 8.0% _OXL93 213 10-01-2013 06-06-2013 5.841 0.164 5.81 0.22 3.55 6.22 212 99.5% 1 0.5% _SF57 215 01-02-2013 13-06-2013 0.848 0.03 0.85 0.04 0.76 1.04 207 96.3% 8 3.7% _SG56 17 05-06-2013 20-06-2013 1.027 0.033 0.98 0.05 0.83 1.03 16 94.1% 1 5.9% _Si64 203 22-01-2013 14-06-2013 1.78 0.042 1.79 0.14 0.59 2.62 197 97.0% 6 3.0% _SJ63 101 10-01-2013 03-04-2013 2.632 0.055 2.60 0.22 0.89 2.76 93 92.1% 8 7.9% _SK62 142 04-03-2013 20-06-2013 4.075 0.14 3.98 0.48 0.78 5.73 129 90.8% 13 9.2% _SL61 1 06-04-2013 06-04-2013 5.931 0.177 1.81 1.81 1.81 0 0.0% 1 100.0%

Figure 8. Z-scores plot and moving average curve for standards assayed at ALS

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The SEMAFO BF laboratory received 4,463 control samples for analysis. Of these samples, 97% of standard analyses were within the acceptable limits; 166 of the 4,463 submitted standards (3.7%) failed the initial control. Of those, 37 were reanalysed along with the entire batch (Table 7 and Figure 9): 33 of which were re-assayed successfully and only four of which failed the second re-assay but were maintained in the database. A total of 133 were accepted into the database without re-assay since they passed the acceptance protocol. The moving average curve shows a normal trend, well within the one standard deviation boundaries. Table 7. SEMAFO BF Standards Results

Period (dd-mm-yyyy) Expected Observed QC Acceptable Range QC Failure Standard Count From To Mean Std. Dev. Mean Std. Dev. Minimum Maximum Count Percentage Count Percentage _OxF100 646 01-01-2013 24-06-2013 0.804 0.019 0.82 0.13 0.46 3.56 621 96.1% 25 3.9% _OxH97 57 27-05-2013 29-06-2013 1.278 0.03 1.33 0.30 1.05 3.53 53 93.0% 4 7.0% _Oxi96 120 20-05-2013 29-06-2013 1.802 0.039 1.80 0.09 1.08 1.90 117 97.5% 3 2.5% _OxJ95 302 01-01-2013 16-06-2013 2.337 0.057 2.32 0.19 0.06 3.58 283 93.7% 19 6.3% _OxK94 636 01-01-2013 29-06-2013 3.562 0.131 3.46 0.16 2.27 3.74 623 98.0% 13 2.0% _OxL63 2 04-04-2013 18-04-2013 5.865 0.141 5.81 0.06 5.76 5.85 2 100.0% 0 0.0% _OXL93 568 01-01-2013 26-06-2013 5.841 0.164 5.74 0.28 3.47 6.22 544 95.8% 24 4.2% _SF57 653 01-01-2013 29-06-2013 0.848 0.03 0.85 0.06 0.43 1.80 645 98.8% 8 1.2% _SG56 118 31-05-2013 29-06-2013 1.027 0.033 1.03 0.05 0.81 1.27 111 94.1% 7 5.9% _Si54 5 11-02-2013 12-04-2013 1.78 0.034 1.82 0.02 1.79 1.84 5 100.0% 0 0.0% _Si64 600 01-01-2013 29-06-2013 1.78 0.042 1.82 0.12 0.78 4.24 595 99.2% 5 0.8% _SJ63 210 01-01-2013 03-05-2013 2.632 0.055 2.65 0.11 2.17 3.48 197 93.8% 13 6.2% _SK62 541 06-01-2013 29-06-2013 4.075 0.14 4.09 0.20 0.84 4.54 529 97.8% 12 2.2% _SL61 5 31-05-2013 04-06-2013 5.931 0.177 5.87 0.14 5.68 6.02 5 100.0% 0 0.0%

Figure 9. Z-scores plot and moving average curve for standards assayed SEMAFO BF

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12.2 Duplicates The purpose of analyzing the second half of the drill core or RC riffle split is to provide an understanding of variability introduced by selecting one half of the drill core or riffle split versus the other and to determine possible sampling bias. All of the RC riffle splits and drill core duplicates were sent at both labs. A total of 1,502 riffle splits and 726 core duplicates were sent to SEMAFO BF laboratory and an additional 1,479 riffle splits and 22 core duplicates were sent to the ALS laboratory. Analysis of the results shows the natural dispersion that is expected due to the combined impacts of the nugget effect and analytical variance. There is no systematic bias in the data for both labs but reproducibility is not very good. Considering only the mean of the two values that are greater than 0.05 g/t (i.e. five times the detection limit), only 42% and 46% of the samples fall within ±20% % relative difference for riffle splits assayed at SEMAFO BF and ALS respectively (Table 8 and Table 9); 14% and 29% of the samples fall within ±20% relative difference for core duplicates assayed at SEMAFO BF and ALS respectively (Table 10 and Table 11). For all combined duplicates, there were 139 cases where the differences between the duplicates were greater than ±100% and average assays were greater than 0.05 g/t Au. The low percentage of reproducibility between core duplicates and riffle splits is expected and these variations (Figure 10 to Figure 13) are typical of coarse duplicates for gold deposits. This can be partly explained by the coarse nature of the material, the presence of free gold particles in some samples (the nugget effect), and by the geological source of these samples. It is therefore assumed that there has been no bias introduced by the preferential submission of the more mineralized half of the core or riffle split for assay. Considering the high proportion of low grade material, it is recommended that the number of duplicates be reduced by sampling only the mineralized intervals. Table 8. RC drilling riffle split duplicates assayed at SEMAFO BF comparative results

Original >= Original > Relative Difference Criteria Count Duplicate Duplicate ± 10% ± 20% All samples 1502 797 683 298 573 53.1% 45.5% 19.8% 38.1% Au >= 0.05 g/t 300 142 158 73 125 47.3% 52.7% 24.3% 41.7% 0.05 g/t <= Au < 1.0 g/t 266 125 141 62 108 47.0% 53.0% 23.3% 40.6% Au >= 1.0 g/t 34 17 17 11 17 . 50.0% 50.0% 32.4% 50.0%

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Figure 10. RC drilling riffle split duplicates assayed at SEMAFO BF comparison plots

Table 9. RC drilling riffle split duplicates assayed at ALS comparative results Original >= Original > Relative Difference Criteria Count Duplicate Duplicate ± 10% ± 20% All samples 1479 1117 377 762 792 75.5% 25.5% 51.5% 53.5% Au >= 0.05 g/t 193 112 81 59 89 58.0% 42.0% 30.6% 46.1% 0.05 g/t <= Au < 1.0 g/t 186 106 80 57 87 57.0% 43.0% 30.6% 46.8% Au >= 1.0 g/t 7 6 1 2 2 85.7% 14.3% 28.6% 28.6%

Figure 11. RC drilling riffle split duplicates assayed at ALS comparison plots

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Table 10.Core duplicates assayed at SEMAFO BF comparative results Original >= Original > Relative difference Criteria Count Duplicate Duplicate ± 10% ± 20% All samples 726 402 347 90 164 55.4% 47.8% 12.4% 22.6% Au >= 0.05 g/t 165 93 72 10 23 56.4% 43.6% 6.1% 13.9% 0.05 g/t <= Au < 1.0 g/t 133 72 61 9 17 54.1% 45.9% 6.8% 12.8% Au >= 1.0 g/t 32 21 11 1 6 65.6% 34.4% 3.1% 18.8%

Figure 12. Core duplicates assayed at SEMAFO BF comparison plots

Table 11.Core duplicates assayed at ALS comparative results Original >= Original > Relative Difference Criteria Count Duplicate Duplicate ± 10% ± 20% All samples 22 12 11 3 6 54.5% 50.0% 13.6% 27.3% Au >= 0.05 g/t 17 10 7 2 5 58.8% 41.2% 11.8% 29.4% 0.05 g/t <= Au < 1.0 g/t 10 6 4 0 1 60.0% 40.0% 0.0% 10.0% Au >= 1.0 g/t 7 4 3 2 4 57.1% 42.9% 28.6% 57.1%

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Figure 13. Core duplicates assayed at ALS comparison plots

12.3 Blanks Blank material is submitted with samples to the laboratory to monitor possible contamination or sample cross-contamination caused when crushing or pulverizing equipment is not cleaned properly after mineralized samples are processed. A sandstone outcrop near the site is used to collect material to use as blank for the analyses. This material is considered appropriate. A total of 3,739 blank samples were analysed during Q1-Q2 2013 (2,237 at the SEMAFO BF and 1,502 at ALS).

None had concentrations greater than 0.08ppm (Figure 14).

Figure 14. Analytical results for blank material assayed at SEMAFO BF and ALS

12.4 Laboratory Cross Check At the end of each of the first two quarters of 2013, pulps of a selected series of samples assayed from each laboratory were sent to the other lab for analyses (i.e. samples from ALS sent to SEMAFO BF and vice-versa). These samples were selected from reverse circulation and

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core drilling assay results of the first half of the year. The objective of this umpiring is to verify the consistency of the results from one laboratory to the other. A total of 246 pulps, originally assayed at the ALS laboratory were re-analysed at SEMAFO BF (Figure 15). Assay results from ALS range from 0.1 g/t Au to 83.5 g/t Au and average 2.07 g/t Au. Results from SEMAFO BF returned an average of 2.13 g/t Au. The mean for the pulp duplicates is 2.98% higher than for the original samples with 54% of the pulp duplicates greater than the original sample value. Both the Sign test and the paired T-test analysis show that the difference of means values between the two labs is not statistically significant at the 95% level.

Figure 15. Laboratory cross-check plot results between ALS (original) and SEMAFO BF (check) A total of 532 pulps, originally assayed at the SEMAFO BF laboratory were re-assayed at ALS. The original results range from 0.1 g/t Au to 77.01 g/t Au and average 3.00 g/t Au. Results from ALS returned an average of 3.18 g/t Au (Figure 16). Mean for the pulp duplicates is 5.81% higher than for the original samples even though only 42% of the duplicates have values greater than those of the original samples. Statistical tests show opposite results. The paired T-test analysis shows that the difference of means values between the two labs is not statistically significant at the 95% level. On the other hand, the Sign test shows differences to be significant. Despite a lower average grade, 58% of the original samples assayed at SEMAFO BF show values above the ALS duplicates. The pulp duplicates show a higher average grade despite a lower proportion of samples with values greater than those of the original samples. It probably reflects the fact that 68% of the pulp duplicates within the 20 – 100 ppm range show Au grades above those of the original samples. Thus SEMAFO BF is either underestimating high tenors or ALS is overestimating. This issue is partly overcome by the fact that Au grades are capped for the purpose of resource estimations. Nevertheless, it is recommended to further investigate those differences between the two laboratories, in particular for samples within the 10 – 40 ppm Au range, through the

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use of total gold metallic sieve analysis. The type of instrumentation used by both labs should also be documented as it also may explain the differences.

Figure 16. Laboratory cross-check plot results between SEMAFO BF (original) and ALS (check)

12.5 Conclusions The authors consider that the quality control system currently used is sufficiently robust to ensure that assay data is valid and accurate. The data quality is adequate for the estimation of resources and reserves.

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13- Mineral Processing and Metallurgical Testing

13.1 Current Mines A total of 1,424,000 tonnes was processed to the mill for the six month period ended June 30, with an average head grade of 2.10 g/t Au, and an overall gold recovery of 87.0% at 93% availability. The ore processed was a blend of Wona and Kona. The process plant always treats a blend of various ore types to maximize its throughput and gold production in terms of cash flow per hour. Therefore it is difficult to relate its recovery by level of oxidation such as Saprolite, Saprock and Bedrock. However, most of the ore treated so far in 2013 was a blend of Saprock and Bedrock.

13.2 South Sector (Yaho, Fofina, Fobiri) The metallurgical testing for the South sector (Yaho, Fofina, and Fobiri) was based on 111 representative core and RC composite samples. SGS South Africa executed a variety of tests using current mill process conditions; testwork included: comminution including JK Drop weight (nine samples), Bond Abrasion (nine samples), Bond Crushability (nine samples) and Bond Ball Mill Work Index (nine samples), Gravity Recoverable Gold (three samples) test and Carbon-in- leach (CIL) (72 samples). The core/RC composite samples were carefully chosen to represent roughly 90% of ore body tonnage. Individual samples were diluted when necessary with core waste to respect averaged ore body head grades. Variability of the ore was also evaluated with specific samples. Variability in the South sector indicating higher localized zones of sulphide such as pyrite, pyrrhotite, arsenopyrite and graphitic zones were individually sampled (12 special samples) and tested by SGS to verify their response to the current Mana CIL process. Table 12 represents the recoveries obtained by using standard CIL process alone. Table 12. Results of recovery tests using standard CIL process for Fobiri, Fofina and Yaho for differing levels of oxidation.

Saprolite Saprock Bedrock Sector Au Recovery Au Recovery Au Recovery Oxidized Transitional Sulphide Fobiri 84% 71% 19% Fofina 92% 74% 26% Yaho 87% 84% 48%

Based on these results, a standard CIL process shows good response when the ore is fully oxidized (saprolite) but mitigated response in partially oxidized (saprock) and sulphide ore (bedrock). Consequently, SEMAFO decided to investigate other process routes such as sulphide flotation, sulphide concentrate regrinding and ultimately oxidation to seek better gold recoveries. This process is also known as Albion Process. A total of three Fofina RC composite

Advanced Technical Report, Mana Property, Burkina Faso, Reserve and Resource Update Page 40 samples (3 x 150 kg) were sent to HRL Testing laboratories in Queensland-Australia to investigate this process option. Final results indicated good recovery rates for Fofina samples. Table 13 below represents the recoveries obtained with Albion process. Table 13. Results of recovery tests using Albion process for Fofina’s refractory sulphides

Ore type Flotation UFC +CIL Albion Level Overall Fofina recovery Recovery Oxidation Recovery % % % Final SOx % % Volcanoclastite 94.2 22.0 85.1 59.0 80.2 V1-V7 Basalte 92.0 40.6 95.5 67.0 87.8

The selected process consisted of producing a sulphide flotation concentrate followed by ultra- fine grinding (from 74 µm to 8 µm). The results showed that ultra-fine grinding of the sulphide concentrate alone followed by CIL is not sufficient with recoveries between 22-41%. Albion sulphide oxidation of the concentrate is necessary to improve recovery further. The level of oxidation required varied from 59 to 67% SOx depending of the samples. The oxidized concentrate was then processed through standard CIL with overall recoveries between 80-88%. This is significantly better than the 26% Au recovery obtained with CIL process alone. The mineralogical study of the Fofina samples also showed that about 20% of the gold grains are encapsulated within the sulphides (pyrite, arsenopyrite ) and that gold grain sizes are very small (below 10 µm). This type of mineralogy explains well the refractoriness of the sulphide samples and the need to go with oxidative leaching technology. An additional composite sample of Yaho sulphide zone was processed by HRL Testing in Queensland Australia to determine gold recovery. The Low Grade (LG) sample averages grade around 1.22 g/t. Results from the HRL Testing laboratory showed gold recovery in the neighborhood of 50% with the process consisting of sulphide flotation followed by ultra-fine grinding (from 74 µm to 11 µm) and CIL versus 48% with CIL alone. Internal preliminary economic assessment and sensitivity analysis indicated that utilizing the Albion Process was not cost-effective at current gold price. Therefore, further lab test work of the Yaho sample was cancelled.

Another process route was investigated (Heap Leach) to seek better economics of the South zone. Two composite samples were processed by SGS laboratories in South Africa to determine Heap Leach potential recovery for Fofina and Yaho oxides (Saprolite) and partially oxide ore (Saprock). The composite drilled core (DC) sample from Yaho weighs 485 kg with average grade of 1.35 g/t. The composite DC sample from Fofina weighs 399 kg with average grade of 2.72 g/t.

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The following table indicates individual recovery per ore types:

Heap Leach Column Testwork

Composite samples Saprolite Saprock Sector Au Recovery Au Recovery Oxidized Transitional Yaho 79.1% 65.5% Fofina 30.2% 30.2%

Other tests such as agglomeration, percolation rates and compacted permeability were also performed in an effort to determine operating costs and scale-up required capital expenditures. An internal preliminary economic assessment and sensitivity analysis based on these results indicates that utilizing the heap leach process for Yaho is not cost-effective at current gold price. Consideration to mine this area has therefore been postponed pending a more favorable economic climate. As previously shown in the table, oxide and transitional material from Fofina located approximately 18 kilometers southwest of the Mana processing plant, showed excellent results including 92% gold recovery using CIL process. Therefore, plans are to haul and process Fofina oxides at the current Mana plant.

13.3 Siou Zone The metallurgical testing for the Siou zone was based on RC composite sample for a total of 233 kg. The selected samples of the mineralized zone ensure both spatial and grade representation as well as enabled the comparison of oxidized and fresh rock characteristics. From the 36 samples collected for CIL tests, 19 samples were collected from Siou zone and 17 samples from the Nine zone. The mineralized zone was divided in four quadrants and the samples were collected and send to SGS laboratories in South Africa to perform the following tests: • Bond Ball Working Index (BBWI)→ six samples • Lixiviation Cabon-in-leach (CIL) and Specific Density (SG) → 36 samples • Gravity Recoverable Gold (GRG) → two samples • Acid-Base Accounting (ABA) • Mineralogical Study

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Lixiviation results indicated excellent gold recovery using standard CIL processing. The recovery was consistently above 95% for all mineralization types including oxides and sulphides, which indicate a high proportion of free gold within the mineralized samples. Gold is almost exclusively associated with quartz veins. The following table shows the CIL recoveries for each mineralized zone. Lixiviation parameters used to conduct the tests were similar to those used in Mana’s CIL process (grind fineness, cyanide consumptions, pH, etc.) Table 14. Gold recovery with standard CIL process for Siou Mineralized zones Description Total weight Head grades Recovery kg g/t Au % MSO South zone -oxidized 10 4.77 98 MSS South zone -sulphide 8 7.54 98 MNO North zone- oxidized 8 3.16 95 MNS North zone- sulphide 10 6.70 96 TOTAL 36 97

GRG results demonstrated excellent gold recovery potential between 75% and 87% via gravity concentration alone for MNO and MSS samples respectively. These results demonstrate the high level of free gold in the samples. BBWI performed on various samples is typical of Wona results with values between 7.1-11.5 kWh/t on soft oxide mineralization and 14.0-16.8 kWh/t on medium-hard sulphide mineralization. Composite samples were also taken to perform trace metal analyses with overall results showing no refinery concerns.

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14- Mineral Resource Estimates

The resource block models for Mana deposits (i.e. Wona-Kona, Nyafé, F67, Fofina, Fobiri, Yaho, Maoula and Siou) start with drill hole data, which serves as the basis for the definition of 3D mineralized solids with resources limited to the material inside those solids. Drill hole original samples within the mineralized solids are first capped and then transformed into fixed length composites. Mineralized solids are then filled by blocks on a regular grid and block grade interpolation is performed from the grade of composites in the same solid. All the interpolated blocks below the surface topography or the mine surface survey as of June 30, 2013 make the mineral inventory at that date and they are classified according to proximity to composites and corresponding precision/confidence level. Technical and economic factors are then applied to the blocks in the form of a pit-optimization and cut-off grades to constrain the resources to those that present a reasonable prospect of economic extraction.

14.1 Drill Hole and Sample Database Drill hole data as of the end of June 2013 can be divided into the seven sectors with specific resource block models: Wona-Kona, Nyafé-F67, Fofina, Fobiri, Yaho, Maoula and Siou. Sample database has remained the same for the purpose of this report except for Maoula and Siou where additional drilling and modeling has been completed in 2013.

14.1.1 Wona-Kona Database The Wona-Kona database contains 1,740 drill holes and trenches totalling 311,870 meters, with the following distribution: 23 trenches, 519 core holes, 1,038 RC holes including 2 special holes (WSHQ3 and WSPQ2), and 160 air core exploration holes. True down-hole (deviation) measurements number 6,343. They are mostly along core holes (5,530 points). As a general rule, in core holes, there is a deviation measurement (both bearing and dip) at every 50 meters. There is a total of 238,435 assay intervals totalling 240,031 meters with a gold values; these are mostly 1 meter long. Wona-Kona holes are distributed over an area 2.85 km x 7.59 km from 11,452E/13,800N to 14,305E/21,388N in the local coordinate system with a NS axis corresponding to the SW-NE axis of the regular UTM system. They are on E-W sections with a maximum spacing of 50 meters from 14,200N to 18,900N i.e. 95 master sections. The drill-spacing is reduced to 25 meters from 15,700N to 16,700N and from 17,150N to 18,900N, and down to 12.5 meters from 14,200N to 15,700N (Figure 17).

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Figure 17. Map of drilling and trenches over Wona-Kona at the end of June 2013 (left) and with outline of current pit design (right).

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Figure 18. Map of drilling and trenches over Nyafé and Filon 67 at the end of June 2013 (left) and with outline of current pit design (right).

14.1.2 Nyafé and Filon67 Database The Nyafé-F67 drill hole database has not changed since the end of 2009. Over Nyafé, we have 994 holes and trenches totalling 62,824 meters with the following details: 74 trenches, 42 core

Advanced Technical Report, Mana Property, Burkina Faso, Reserve and Resource Update Page 46 holes, 541 RC holes, 335 in-fill RC holes and 2 shallow (3 meters) wells. True down-hole deviation measurements number 1,349. They are along core holes (155 points), RC holes (1,031 points) and trenches (105 points). 54,908 assay intervals are available, totalling 58,130 meters along the 994 holes and trenches. Nyafé holes are distributed over an area 0.885 km x 2.515 km from 14,391E/22,989N to 15,277E/25,505N in the local coordinate system with a NS axis corresponding to the SW-NE axis of the regular UTM system. They are on E-W sections with a spacing of 12.5 meters in the three mineralized sectors of Nyafé i.e. Nyafé North from 24,250N to 25,225N (a 975m span i.e. 79 sections), Nyafé Center from 23,600N to 24,075N (a 475 meters span with 39 sections) and Nyafé South from 23,100N to 23,425N (a 325 meters span with 27 sections). Between sectors, and north of Nyafé North, drilling is on sections with a maximum spacing of 50 meters (Figure 18). Over Filon67, we still have 58 RC holes (FRC01 to FRC58) totalling 3,733 meters with 58 down- hole deviation data and 3,727 1m assay intervals totalling 3,733 meters. Those RC holes are on sections at about 25 meters spacing from 23,925N to 24,425N i.e. a 500 meters N-S span (Figure 18).

14.1.3 Fofina Database An updated geological model was interpreted during the course of 2012. In order to confirm the interpreted geological model, additional drilling and trenching were completed during 2012 but were not included in the final database as it did not impact the model. Current geological and resource models was thus interpreted and interpolated from the drill hole database that did not include this additional information. The Fofina drill hole database contains 551 drill holes totalling 77,659 meters consisting of 509 RC holes, 30 core holes and 12 trenches. Air core exploration holes were excluded from the database. True down-hole deviation data amounts to 2,897 measurements with 76 in the 30 core holes (generally at every 25 meters), 2,821 in the 509 RC holes (generally at every 25 meters) and the remainder from the trenches. Those Fofina holes have an almost perfect assaying coverage with 77,481 intervals totalling 77,295 meters. Fofina holes cover a 1.71 km x 1.45 km zone from 448,446E/1,313,696N to 449,901E/1,315,405N in the UTM reference system (Figure 19). Early RC holes (MRC10-047 to MRC11-931) are on NW-SE sections spaced at 25 meters and distributed in two sectors: the NW sector over a strike length of about 500 meters (20 sections) and the SE sector over a strike length of 400 meters (16 sections). Most of holes dip at -50°. Spacing between holes on those sections is generally 25 meters. All 2012 RC holes were drilled either east or west dipping at - 50° on 25 meters sections, generally spaced 25 meters on sections, in both sectors.

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Early Fofina core holes (WDC236 to 258) dip -50° to the N170 (almost south) on NNW-SSE sections with 100-150 meters spacing. Core holes WDC271 to 469 dip to the SE and core holes WDC470 to 508 dip to the N090 (almost east) with 25 meters spacing.

NW sections at 25m

SE sections at 25m

Figure 19. Map of drilling over Fofina at the end of June 2013 (left) and with outline of current pit design (right).

14.1.4 Fobiri Database The Fobiri database contains 909 holes totalling 107,004 meters. It excludes additional trenches data done in 2013 as it did not modify the current geological and resource models. The drill hole database contains 279 AC holes, 605 RC holes, 23 core holes and 2 trenches. There is a total of 2,718 true down-hole deviation data, with 2,499 in the MRC holes (generally at every 50 meters) and the balance in the 23 core holes (at every 25 meters). There is a total of 108,387 assay intervals totalling 108,260 meters with a gold values with most samples being 1 meter long. Fobiri holes cover a 5.2 km x 6.51 km zone from 447,350E/1,308,296N to 452,552E/1,314,801N in the UTM reference system (Figure 20). Holes are generally on NW-SE sections and dipping 50° to the SE. Spacing between lines started with 200 meters (end of 2010), reduced to 100

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meters (about 20 of them along a 2 km strike length) and down to 25 meters in a core sector (about 18 of them over a strike length of 450 meters). Spacing between holes on the sections at 100 meters is generally 50 meters, reduced to 25 meters for holes on sections at 25 meters spacing. There are also 2012 RC holes on 4 E-W sections separated by 500 meters as well as AC holes on two NNW-SSE (Azimuth N170) sections.

Figure 20. Map of drilling and trenches over Fobiri at the end of June 2013 (left) and with outline of current pit optimized shell (right).

14.1.5 Yaho Database The Yaho sector contains 698 holes totalling 77,115 meters. Details are: 179 AC holes, 499 RC holes and 20 core holes. There are 3,459 true down-hole deviation data points, with 3,428 in the RC holes (generally at every 50 meters) and the remainder from the 20 core holes (at every 25 meters). We have a total of 77,115 assay intervals totalling 77,057 meters in the Yaho holes. Yaho holes cover a 4.29 km x 4.52 km zone from 441,805E/1,309,282N to 446,099E/1,313,800N in the UTM reference system (Figure 21). Most holes are on 50 meters apart E-W sections over a N-S strike length of about 1,750 meters (35 sections). On those sections, holes are generally separated by 50 meters and most dip 50° to the east. There are ten 100 meters E-W sections to the North. Additional RC holes are located on six NW-SE sections (like in Fofina and Fobiri) generally separated by 200 meters. On those oblique sections, holes are generally 60 meters apart and they dip 50° to the SE.

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Sections at 50m

Figure 21. Map of drilling and trenches over Yaho at the end of June 2013 (left) and with outline of current pit optimized shell (right).

14.1.6 Siou Database An extensive in-fill drilling program was completed on 2013 in order to complete 25 x 25 meters coverage over the previously outlined Siou mineralization, over vertical 150 meters depth. The database now consists of 933 holes totalling 109,312 meters including 466 RC holes and 170 core holes. 2 RC holes have been excluded from the resource estimation due to possible contamination. There are 6,834 true down-hole deviation data points, with 5,620 in the RC holes (generally at every 50 meters) and 1,240 from the DD holes (at every 25 meters). There are a total of 110,089 assay intervals totalling 108,860 meters in the Siou database.

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Siou holes cover a 6.95 km x 7.21 km area from 465,050E/1,319,595N to 472,000E/1,326,802N in the UTM reference system (Figure 22). Between 1,321,075N and 1,322,200N, holes are on 25 meters spaced E-W sections, drilled every 25 meters on section. This drill pattern allows a 25 x 25 meters coverage from surface to 150 meters vertical depth. E-W sections spacing increases from 50 meters, to 100 meters and 200 meters on the northern and southern extensions of the zone. Spacing along sections also increases. Most holes are drilled N270 plunging -50° to the west. The Siou zones as defined by current drilling extend over a NNE strike length of about 2,100 meters.

25 x 25m spacing

Figure 22. Map of drilling over Siou at the end of June 2013 (left) and with trace of current pit design (right).

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14.1.7 Maoula Database Additional drilling and trenching were completed in 2013 and the area has also been differently divided so that the drill hole database now consists of 501 holes and trenches totalling 27,754 meters. It is made of 6 DD holes, 358 RC holes, 133 AC holes and 4 trenches. 29 trenches were used for the geological modeling but were excluded from the resource estimation. There are 362 true down-hole deviation data points, mostly in RC holes, generally taken at every 50 meters. All four trenches were surveyed. Assay intervals number 30,554 totalling 30,532 meters. Maoula holes and trenches cover an area 2.2 x 2.7 km from 451,769 E/ 1,310,649 N to 453,937 E/ 1,313,328 N in the UTM coordinate system. Holes are mostly drilled N315 plunging - 50° to the NW and trenches are on 10 NW-SE sections. Spacing between sections is generally 50 meters extending for 800 meters. SW and NE extensions are covered by sections 100 and 200 meters spaced. Drill hole spacing along sections is variable.

Figure 23. Map of drilling and trenches over Maoula at the end of June 2013 (left) and with outline of current pit optimized shell (right).

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14.2 Geological modelling Limits of mineralized envelopes are interpreted on sections from drill hole assay information available on the sections. The cut-off used to delineate potentially mineralized material is generally 0.5 g/t Au applied to original (i.e. generally 1 meter) assay intervals, down to 0.3 g/t in some places. Also mineralized envelopes may include some internal waste material i.e. assay intervals with a grade less than 0.3 g/t Au. Interpreted sectional outlines are connected through tie-lines to create mineralized solids. Within Wona-Kona, central and northern portion of Nyafé, F67, Fofina, Fobiri, and Maoula deposits mineralized solids are mostly sub-vertical of variable thickness. In the southern extent of Nyafé, Yaho and Siou deposits, the mineralized solids tends to have less steeper dips. In all deposits, interpreted sub-horizontal alteration surfaces divide the mineralized solids into various categories. In Wona, there is a top laterite/saprolite contact with no mineralization in the few meters of laterite below the original topo surface except in the Kona sector where the lateritic horizon (dubbed ATB clay) below the hard metallic cap includes some mineralized material. About 20 to 40 meters below that top surface, there is the saprolite/saprock contact surface and about 5 to 15 meters below, the saprock/fresh rock contact surface. In Nyafé and F67, those last two surfaces are present plus an oxide/sulphide contact surface which more or less corresponds to the saprock/bedrock surface. All those five contact surfaces are present at Fofina, Fobiri, Yaho and Siou. In the north part of Fobiri, the iron cap is well developed and with no mineralization. The depth of those contacts is defined in drill holes and the corresponding control points are connected through a 3-D model. As illustrated by the cross-sections on the next figures, those contacts are rather flat at Wona, Fofina, Fobiri, Maoula and Siou; they are highly irregular at Nyafé with frequent deep pockets of saprolite and saprock into bedrock around mineralized intercepts. As previously illustrated, the modelling of contact surfaces is essentially made on individual EW sections from holes within the section corridors, modelled surfaces may change abruptly from one section to the next. Those artefacts indicate that the interpreted contact surfaces are given with a significant uncertainty. The main bearing of contact surfaces on estimated resources are on tonnage (and metal content), through density. The additional bearing on reserves is mill recovery, maximum pit slope angles as well as mining and processing costs.

14.2.1 Wona-Kona Modelling There has been no new drilling in 2013. Drilling in 2012 (1) defined parallel structures to the main mineralized structures in the central sector from 15,600N to 16,400N; and (2) extended at depth mineralized structures in the north sector between 18,200N and 19,000N. The Wona-

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Kona deposit is now made of up to 24 different mineralized solids briefly described below (Figure 24 to Figure 27): • The main zone at Wona-Kona is now referred to Zone 11 and it extends from section 14,240N to 18,100N of Wona. The previously reported use of the high grade (1.5-5 g/t) Zone 9 with its low grade (0.5-1.5 g/t) envelope called Zone 11 has been abandoned. • The parallel zones are made of Zones 5, 7, 8, 17 and 23 between sections 15,600N to 16,400N, all located on the east side of the main Zone 11. • In the Kona sector to the north between sections 18,200N and 19,000N, the geometry of interpreted mineralized structures (i.e. zones 2, 4, 8, 17, 54 and 57) have been extended at depth. The main Zone 11 envelope maintains its location in the center of the ore body, now flanked to the west by Zones 57 and 54. Then appears zone 2 as well as a resurgence of Zone 17 further to the north, this package being completed by a resurgence of Zone 8.

The extension of the principal zones on the long section is on Figure 28

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WONA-KONA WONA-KONA June 2013 June 2013 Section 14500N Section 14700N Looking Local Grid N Looking Local Grid N

WONA-KONA WONA-KONA June 2013 June 2013 Section 14900N Section 15100N Looking Local N Looking Local Grid N

Figure 24. Wona-Kona E-W drill sections with interpreted mineralized solids. Sections show surfaces for topo as of June 2013 (grey), bottom of the iron cap (dark red), top clay ATB unit (yellow), saprolite/saprock (cyan) and saprock/bedrock (dark blue)

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WONA-KONA WONA-KONA June 2013 June 2013 Section 15275N Section 15525N Looking Local Grid N Looking Local Grid N

WONA-KONA WONA-KONA June 2013 June 2013 Section 15700N Section 16200N Looking Local N Looking Local Grid N

Figure 25. Wona-Kona E-W drill sections with interpreted mineralized solids. Sections show surfaces for topo as of June 2013 (grey), bottom of the iron cap (dark red), top clay ATB unit (yellow), saprolite/saprock (cyan) and saprock/bedrock (dark blue)

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WONA-KONA WONA-KONA June 2013 June 2013 Section 16450N Section 16800N Looking Local Grid N Looking Local Grid N

WONA-KONA WONA-KONA June 2013 June 2013 Section 17100N Section 17400N Looking Local N Looking Local Grid N

Figure 26. Wona-Kona E-W drill sections with interpreted mineralized solids. Sections show surfaces for topo as of June 2013 (grey), bottom of the iron cap (dark red), top clay ATB unit (yellow), saprolite/saprock (cyan) and saprock/bedrock (dark blue

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WONA-KONA WONA-KONA June 2013 June 2013 Section 18000N Section 18300N Looking Local Grid N Looking Local Grid N

WONA-KONA WONA-KONA June 2013 June 2013 Section 18600N Section 18900N Looking Local N Looking Local Grid N

Figure 27.Wona-Kona E-W drill sections with interpreted mineralized solids. Sections show surfaces for topo as of June 2013 (grey), bottom of the iron cap (dark red), top clay ATB unit (yellow), saprolite/saprock (cyan) and saprock/bedrock (dark blue)

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Figure 28. Extension of the principal zones of Wona-Kona on the long section.

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14.2.2 Nyafé Modelling The interpretation of the mineralized zones in Nyafé Center and Nyafé North has not changed since the end of 2008. The geometry of mineralized zones is rather simple with a single structure (Zone 11 in north and center sectors) strongly dipping to the west of the local grid and locally some satellite structures with about the same orientation (Zone 10 in the center sector). Several appendices of that Zone 11 (Zones 9, 43 and 17) appears on its east flank between 23,950N and 24,050N. To the north of 24,600N and up to 25,250N, the orebody is characterized by several oblique structures within a corridor delimited by two main zones: to the west, a generally thin zone (continuation of the Zone 11 further to the south) with a N010 strike and a strong dip to west (about 80o); to the east a generally thick zone (Zone 9) with a N020 strike and a lower dip (about 60o) to the west. In the Nyafé South sector, mineralized structures Zone 9 and satellite structure Zone 10 are strongly dipping to the west. From sections 23,300N to 23,075N, the satellite structures (Zones 3, 6, 8, 11, 17 and 43) tend to get much flatter (Figure 29).

14.2.3 Fofina Modelling The area is divided into the Principal Sector to the west and the V1-V7 Sector to the east (Figure 30), separated by a more or less sterile breccia horizon strongly dipping to the west. The Principal Sector mineralized envelopes are made of 12 different vein-type structures all confined within sedimentary rocks. They are generally strongly dipping to the west along a NNE-SSW strike, exhibiting a tendency to wrap around the breccia contact (Figure 31). The V1- V7 sector is made of 21 different vein-type structures, sub-vertical to strongly dipping to the west along an N-S strike. Those structures are all confined within volcanic rocks (Figure 31).

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NYAFÉ SUD NYAFÉ SUD June 2013 June 2013 Section 23125N Section 23237.5N Looking Local Grid N Looking Local Grid N

NYAFÉ SUD NYAFÉ SUD June 2013 June 2013 Section 23325N Section 23400N Looking Local Grid N Looking Local Grid N

Figure 29. Nyafé E-W drill sections with interpreted mineralized solids. Sections show surfaces for topo as of June 2013 (dark yellow), saprolite/saprock (sky blue) and saprock/bedrock (dark blue)

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PRINCIPAL SECTOR

NE+425

V1-V7 SECTOR

NE+200

NE+050

FOFINA June 2013 Level plan z=325

Figure 30. Interpreted mineralized structures of Fofina on level at Z=+325.

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FOFINA June 2013 Section NE+425 Looking NE

FOFINA June 2013 Section NE+200 Looking NE

FOFINA June 2013 Section NE+050 Looking NE

Figure 31. Interpreted mineralized structures of Fofina on a few drill sections. Sections show surfaces for topo as of June 2013 (grey), bottom of the iron cap (brown), top clay ATB unit (red), saprolite/saprock (dark red) and saprock/bedrock (red)

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14.2.4 Yaho Modelling Mineralized structures in the Yaho deposit are interpreted as a maximum of 7 zones with an NNW-SSE strike between sections 1,310,000N and 1,311,300N, an N-S strike between sections 1,311,300N and 1,312,250N, an NNE-SSW strike between sections 1,312,250N and 1,313,000N (Figure 32) . Structures have a dip from 60° to 80° to the west (Figure 33). All structures are contained within an arenite horizon. Average zone thickness (17.14 meters for intercept length) is greater than in Fofina (5.4 meters) or Fobiri (5.9 meters).

S+1312500

S+1311700

S+1310550

YAHO June 2013 Level plan z=250

Figure 32. Interpreted mineralized structures of Yaho on level at Z=+250.

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YAHO June 2013 Section 1312500N Looking N

YAHO June 2013 Section 1311700N Looking N

YAHO June 2013 Section 1310550N Looking N

Figure 33. Interpreted mineralized structures of Yaho on selected drill sections. Sections show surfaces for topo as of June 2013 (yellow), bottom of the iron cap (dark brown), top clay ATB unit (light brown), saprolite/saprock (green) and saprock/bedrock (blue)

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14.2.5 Siou Modelling The Siou deposit is made of 9 mineralized structures (namely 9, 10, 11, 17, 25 Siou, 36, 55, 56 and 57) extending over 2 km with an average NNE-SSW strike and dipping 45° to 60° to the east (Figure 34 and Figure 35). The main structures are Zones 9, 10, 25, 55 and 56. Mineralized structure Zone 9 is located at the contact between the sediments and the intrusive, locally straddling it. The zone generally dips 40-45° to the east, increasing to 60° as it gets to the surface. True thickness varies between 0.5 and 13.6 meters, averaging 3.1 meters. The structure is mainly characterized by a network of relatively thin quartz veinlets. Mineralized structure Zone 25 is a massive, continuous quartz vein averaging 4.2 meters in true thickness. The zone is located within the intrusive and dips 40-45° to the east. Locally it gets into contact with the basalts. Mineralized structures Zones 55 and 56 are located between Zones 9 and 25, abutting to Zone 9 as its dip gets steeper toward the surface. They occur as shear veins dipping 40-45° to the east within the intrusion. Average true thickness is 1.7 meters and 1.9 meters for Zones 55 and 56 respectively. Mineralized structure 10 is confined to the northern portion of the deposit and is located on the east side of the volcanic unit. True thickness is on average 1.6 meters.

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VOLCANICS / SEDIMENT CONTACT

VOLCANIC

Zone 9 Zone 10

S+1322100

S+1321900

SEDIMENTS INTRUSIVE

Zone 56

INTRUSIVE / SEDIMENT CONTACT Zone 55

S+1321500

Zone 25

INTRUSIVE / SEDIMENT CONTACT

SIOU June 2013 Level plan z=200

Figure 34. Interpreted mineralized structures of Siou on level at Z=+200.

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SIOU June 2013 Section 1322300N Looking N

SIOU June 2013 Section 1321350N Looking N

Figure 35. Interpreted mineralized structures of Siou on selected drill sections. Sections show surfaces for topo as of June 2013 (yellow), bottom of the iron cap (dark brown), top clay ATB unit (red), saprolite/saprock (light green) and saprock/bedrock (dark green)

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14.2.6 Maoula Modelling The Maoula deposit consists of two main mineralized corridors extending for about 2.6 km along a trend oriented N030. This trend is defined by sub-vertical steeply structures dipping towards the south-east that cross-cut the two main lithologies (i.e. sediments and volcanics). These structures, located within strongly impregnated S2 schistosity zones, coincide with P2 fold axis developed during folding of mineralized structures S0-S1. The north-west corridor is made of up to 4 structures while the south-east one contains 3 structures. The S2 mineralization is mainly found where S2 structures, which tend to be wider and richer, intersect S0-S1 structures. Elsewhere, the S2 structures are barren. The S2 structures tend to better develop in the sediments whereas they are very discreet in the volcanics. The S0-S1 mineralization is developed within the sediments where it forms undulating to tightly folded structures. The S0 contacts are defined by cherts.

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VOLCANIC S2 STRUCTURES

S0-S1 STRUCTURES

VOLCANIC S2 STRUCTURES

VOLCANIC

Figure 36.Interpreted mineralized structures of Maoula on level at Z=+325.

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MAOULA June 2013 Section 21700N Looking N030

MAOULA June 2013 Section 21700 Looking N030

MAOULA June 2013 Section 21200N Looking N030

Figure 37. Interpreted mineralized structures of Maoula on selected drill sections. Sections show surfaces for topo as of June 2013 (yellow), bottom of the iron cap (dark brown), saprolite/saprock (light green) and saprock/bedrock (blue)

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14.2.7 Filon67 and Fobiri Modelling The Filon67 interpretation has not changed. It is made of two main zones (Zone 10 to the west and Zone 9 to east) with about the same dip (60o to 70o) to the west. In the center (24,100N and 24,200N), those 2 structures are very close and they may merge at depth. Toward both extremities, they are further apart, leaving room for flatter satellites (Zones 53 and 6). The modelling of the mineralized zones of Filon67 has not changed since the end of 2008. Similarly, the interpretation of mineralized structures at Fobiri has not been modified since the last technical report. The structures are made of a series of N-S sub-vertical zones oblique with respect to the NW-SE drill sections. Altogether, 24 individual zones have been identified, many of those zones having a limited N-S extension.

14.3 Block Model and Density Distribution Mineralized solids are filled with blocks on a regular grid parallel to the coordinate axes of the local or UTM reference system. For Wona, Nyafé and F67 sectors, the selected block size is 5 meters along X, 5 meters along Y and 3.33 meters along Z of the local grid. The 3.33 meters vertical size corresponds to the mining benches in the pits. In Fofina, Fobiri and Yaho the block size is set to 5 x 5 x 5 meters with the block grid parallel to the UTM reference system. In Maoula, the block size is increased to 10 x 10 x 5 meters and the block grid is parallel to the local reference system. Finally, in Siou, blocks are 2.5 x 5 x 5 meters and the block grid is parallel to the UTM reference system. Those block dimensions are considered reasonable. In most cases, blocks are split into smaller sub-blocks to account for the complexities of the solid geometry and contact surfaces. Actually, blocks can be split in four along Y and Z, which means that in Wona, Nyafé and F67, the sub-block size along Y is 1.25 meters, 2.5 meters, 2.75 meters or 5 meters and along Z it is 0.833 meters, 1.666 meters, 2.599 or 3.333 meters. Minimum sub-block thickness (along X) can be as low as a few millimetres. The bulk density of each block or sub-block is assigned based on the ore type of the block or sub-block (hence its position with respect to the interpreted contact surfaces between ore types). The density used for the resources and reserves reported herein (Table 15) are supported by extensive sets of density measurements on core samples in the mature Wona- Kona and Nyafé deposits as well as metallurgical studies for Fofina, Fobiri and Yaho. A specific gravity measurement program was completed in 2013 to collect density data for the Siou deposit. ALS technicians were contracted to perform this work that was conducted directly at the Bana camp site facilities using the water displacement method. A total of 134 measurements from 25 different diamond drill holes were taken from samples representative of the various facies present in the Siou deposit. Single pieces of core, averaging 10 centimeters

Advanced Technical Report, Mana Property, Burkina Faso, Reserve and Resource Update Page 72 in length, were selected and measured in each core box prior to splitting. Each sample was first dried in an electrical oven at 60°C for 24 hours, and then weighed in air using a conventional Ohaus SP402 Portable, Scout Pro balance. Subsequently, the sample was coated in wax and weighed in air and immersed and weighed in water. The scale has an under-hook and zero adjustment so it can be used on a stand allowing the samples to be weighted dry on the platen and then re-weighted in a cradle suspended in water underneath. After testing, each sample was carefully replaced at its original location in the core box. Specific gravity data were subsequently classified by rock and material type.

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Table 15. Mana densities by deposits and by mineralization types. Density Deposit Mineralization type (t/m3) Wona-Kona Iron cap 2.3 Laterite 1.9 Saprolite 2.3 Saprock 2.4 Bedrock 2.85 Nyafé / Filon 67 Oxide 2.4 Sulphide 2.8 Fofina Iron cap 2.3 Laterite 1.9 Saprolite 2.35 Saprock 2.6 Bedrock 2.87 Fobiri Iron cap 2.3 Laterite 1.9 Saprolite 2.35 Saprock 2.6 Bedrock 2.87 Yaho Iron cap 2.3 Laterite 1.9 Oxide 2.35 Transition 2.6 Sulphide 2.87 Siou* Iron cap 2.59 Laterite 2.59 Saprolite 2.59 Saprock 2.59 Bedrock 2.59 Maoula Iron cap 2.3 Saprolite 2.3 Saprock 2.4 Bedrock 2.85 * See text In order to cross-check those results, an additional 75 samples were collected directly at the drill site and were process in the SEMAFO BF laboratory facilities at Mana. All samples were selected within the felsic intrusive, at the saprolite and saprock alteration facies. The measurement method uses the exact same instrumentation and procedure. Among other things, the program aimed at evaluating the amount of moisture left in the samples after 24 hours of drying; also at measuring differences between SG from samples taken directly at the drill site compared to those sampled at the core shack. It was concluded that, apart from

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mislabeling some alteration facies, the ALS data was comparable and the two dataset could be merged together. Table 16. Specific gravity results for Siou deposit. Litho code Count Mean Min Max S.D. FIL-VQ 26 2.587 2.435 2.684 0.077 I1C 22 2.599 2.434 2.693 0.074 SWK 24 2.652 2.410 2.943 0.123 V3 8 2.845 2.668 2.909 0.082 SAP-I1C 52 1.789 1.576 2.209 0.141 SAP-SWK 8 2.193 2.007 2.296 0.102 SAP-V3 4 1.891 1.790 2.015 0.100 SPK-I1C 39 2.176 1.493 2.613 0.250 SPK-SWK 9 2.409 2.261 2.541 0.084

Table 16 above gives the results of the merged database for the various rock facies at different level of alteration. Figure 38 illustrates the relationship between the specific gravity with depth. The graph shows that the specific gravity increases through the weathering profile and gets fairly homogeneous within the fresh zone. The graph also highlights the constant specific gravity of the quartz veins that host all the mineralization at Siou. Therefore, a constant 2.59 value was assigned in the resource model for all alteration facies since quartz veining is only slightly affected by the weathering process.

Figure 38. Specific gravity vs vertical depth for Siou deposit.

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Table 17 below gives a detailed account of tonnages of blocks in the ore types of each deposit. It can be noted that 97.6% of the remaining mineralized material of Wona-Kona is in bedrock ore with only 0.6% in saprolite and 1.8% in saprock. In Nyafé, the proportion of bedrock ore is also high (90%). In Fofina, Fobiri and Yaho, the proportion of saprolite+saprock ore varies between 26% and 36%. It increases to more than 88% in Maoula. Most of the mineralized material at Siou (85%) is in bedrock ore but this material is not refractory. Table 17. Volumetric of mineralized solids for Mana deposits. Iron cap + Saprolite (t) Saprock (t) or Bedrock (t) or Deposit Total (t) Laterite (t) or oxide (t) transition (t) sulphide (t) Wona-Kona 10,860 439,024 1,260,853 69,929,513 71,640,250 Nyafé - 223,128 - 2,076,861 2,299,989 F67 - 10,655 49,433 72,979 133,067 Fofina 135,869 2,645,138 827,603 6,125,545 9,734,155 Fobiri 15,458 1,988,137 835,750 7,728,899 10,568,244 Yaho 117,161 11,051,236 7,046,964 52,329,386 70,544,747 Maoula 8,031 3,079,016 447,917 481,665 4,016,629 Siou 68,043 1,644,166 359,987 12,123,358 14,195,554 Mana 355,422 21,080,500 10,828,507 150,868,206 183,132,635 Tonnages shown above are an unconstrained sum of the mineral inventory (>= 0.5 g/t Au) and do not correspond to resources or reserves. The table provides the tonnage of mineralized material in each mineralization type below topographic surface or the mined out bottom surface at the end of June 2013.

14.4 Samples in Mineral Zones and Capping Once mineralized solids are defined and filled with blocks or sub-blocks of the resource model, samples that may influence the grade of those blocks are selected. Blocks or sub-blocks grade within a specific mineralized solid can only be interpolated from the grade of samples contained in that same solid, provided that they are close enough. In fairly narrow solids like those used to model some of the mineralized structures of Mana it is important to check that (1) all the valid samples within interpreted mineralized intercepts are selected (un-selected samples are excluded from the interpolation) (2) all samples within intercepts of holes with solids, even low or zero grade ones should be selected (if we have too much of them, we can always revise the interpreted mineralized limits). The selected samples are then capped in order to limit the influence of some of the extreme grade values within the selection. Finally, the original samples are transformed into fixed length composites before they are used in block grade interpolation.

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Table 18. Statistics of gold grades of assay intervals within Mana mineralized intercepts. # of Tot. Length Aver Au Au Cap limit Aver AuC % Sector % Au lost samples (m) (g/t) (g/t) (g/t) Capped Wona-Kona 28,685 28,001.4 2.40 15 2.27 0.92 5.2 Nyafé 4,229 4,239.4 6.54 30 6.29 2.6 3.5 F67 261 261.0 3.22 15 3.02 3.0 6.0 Fofina (V1-V7) 3,188 3,178.0 2.84 30 2.67 0.97 6.1 Fofina (Principal) 3,376 3,313.6 1.69 25 1.57 0.47 6.8 Fobiri 1,753 1,724.6 1.07 12 1.05 0.2 2.1 Yaho 18,733 18,700.8 0.69 10 0.68 0.14 1.3 Maoula 1,279 1,275.4 1.35 10 1.27 1.25 5.8 Siou 4,953 4,641.9 4.09 40 3.53 2.04 11.5 All 66,457 65,336.1 2.23 Var. 2.10 1.29 5.9

In the Wona-Kona deposit, there are 3,303 intercepts of drill holes within the mineralized solids totalling 28,501 meters, averaging 8.63 meters per intercept. The 28,685 original assay samples within those mineralized intercepts have gold values ranging from 0 to 129 g/t. The total length of intercepts (28,501 meters) illustrates that most of those assay intervals are 1 meter long although, in the core holes, the high grade intervals tend to be shorter. Statistics of the reported grade of those assay intervals are shown on Table 18. A 15 g/t capping limit was applied to the original data before using them in block grade interpolation as some very high grade samples were intercepted in some of the ore zones (Figure 39). This value caps the grade of 263 samples and reduces the total gold quantity by approximately 6.7%.

Figure 39. Cumulative frequency plot of assay samples in Wona-Kona. Horizontal axis shows % sample below a grade limit on the vertical axis (with a log scale).

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Figure 40. Cumulative frequency plot of assay samples in Fofina for Principal (top) and V1-V7 (bottom).Horizontal axis shows % sample below a grade limit on the vertical axis (with a log scale). In Fofina, there are 6,564 original assay samples within the 1,271 hole intercepts with mineralized solids (Table 18). Their gold values range from 0 to 148.5 g/t Au averaging 2.25 g/t Au. A 30 g/t cap limit has been applied to the Zone V1-V7 sector; it caps 31 samples (0.97%) while reducing the total gold quantity by 6.1%. A 25 g/t cap limit has been applied to the Principal Zone sector; it caps 16 samples (0.47%) while reducing the total gold quantity by 6.8%. This difference in capping was selected to account for the lower average grade of the Principal Zone sector (Figure 40).

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Figure 41.Cumulative frequency plot of assay samples in Yaho. Horizontal axis shows % sample below a grade limit on the vertical axis (with a log scale). In Yaho, we have 1,093 mineralized intercepts totalling 18,737 meters (Table 18). Within those intercepts, 18,733 samples totalling 18,701 meters have a gold grade from 0.0005 g/t to 76.4 g/t and averaging 0.689 g/t. The proposed cap limit in that deposit is 10 g/t. It limits only 26 samples and only 1.3% of the gold metal (Figure 41). In Siou, there is 4,953 original assay intervals within the 1 703 hole intercepts with mineralized solids (Table 18). Their gold values range from 0.005 to 199.3 g/t Au with an average of 4.091 g/t Au. Length of the mineralized intercepts totals 4,641.85 meters, averaging 2.73 meters.

Table 19. Statistics of gold grades of assay intervals within Siou mineralized intercepts. # of Tot. Length Aver Au Au Cap limit Aver AuC % Sector % Au lost samples (m) (g/t) (g/t) (g/t) capped Zone 9 1,567 1,458 5.06 40 4.21 2.17 12.2 Zone 10 195 186.3 1.55 40 1.37 0.00 0.0 Zone 25 (Siou) 1,968 1,830.65 4.56 40 4.13 2.79 11.0 Zone 55 93 85.6 8.74 40 6.31 6.45 29.8 Zone 56 408 370.2 4.17 40 3.66 1.47 7.3 Others 722 711.1 0.76 40 0.76 0.00 0.0

Details of the different zones at Siou are given in Table 19. In zone 9, there is 1,567 original assay intervals within the 463 hole intercepts averaging 5.06 g/t Au. Length of the mineralized intercepts totals 1,458 meters, averaging 3.14 meters. In zone 25, there is 1,968 original assay intervals within the 433 hole intercepts averaging 4.56 g/t Au. Length of the mineralized intercepts totals 1,830.65 meters, averaging 4.23 meters. In zone 10, there is 195 original assay intervals within the 112 hole intercepts averaging 1.55 g/t Au. Length of the mineralized intercepts totals 186.3 meters, averaging 1.66 meters. In zone 55, there is 93 original assay intervals within the 48 hole intercepts averaging 8.74 g/t Au. Length of the mineralized

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intercepts totals 85.6 meters, averaging 1.78 meters. In zone 56, there is 408 original assay intervals within the 188 hole intercepts averaging 4.17 g/t Au. Length of the mineralized intercepts totals 370.2 meters, averaging 1.97 meters. A 40 g/t cap limit has been applied to all zones and it caps 101 samples or 2.04% while reducing the total gold quantity by 11.5% (Figure 42).

Figure 42. Cumulative frequency plot of assay samples in Siou. Horizontal axis shows % sample below a grade limit on the vertical axis (with a log scale). At Maoula, there are 1,279 assay intervals in the 394 intercepts of holes and trenches with the mineralized solids (Table 18). Their reported gold grades range from 0.003 to 49.25 g/t Au and average 1.35 g/t Au. Length of the mineralized intercepts totals 1,311.40 meters, averaging 3.33 meters. The cumulative frequency plot suggests capping the 16 intervals above 10 g/t to that limit. It eliminates 5.8% of the gold (Figure 43).

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Figure 43.Cumulative frequency plot of assay samples in Maoula. Horizontal axis shows % sample below a grade limit on the vertical axis (with a log scale).

In Nyafé and F67, nothing has changed since 2011. There are 4,229 original assay intervals within the 1,237 intercepts of holes and trenches with mineralized solids (Table 18). Their gold values range from 0.005 to 74.84 g/t and average 6.54 g/t. The cumulative frequency curve, with a log scale, of the grade of the samples does not show any obvious gap (kick of line toward high grades) in the high end of the distribution. The 30 g/t limit previously selected on the same deposit caps 2.6% of the samples and eliminates 3.5% of the gold metal which appears reasonable. In Filon 67, the capping limit is the same 15 g/t as in Wona-Kona. In that case, we have 261 1 meter assay intervals in the mineralized solids with grades from 0.01 to 36.5 g/t and averaging 3.22 g/t and the selected 15 g/t limit caps 3% of samples and 6% of the gold metal. In Fobiri, nothing has changed since 2011. The 291 mineralized intercepts comprise 1,753 assay intervals totalling 1,725 meters and with gold values from 0.005 to 46.5 g/t (Table 18). The suggested cap limit is 12 g/t. No capping was applied in 2010; however the highest gold value at that time was just 10.85 g/t. The current cap value affects only 3 samples and 2.1% of the gold metal. All together, the Mana resources at the end of 2012 are derived from the capped grade of 61,663 assay intervals totalling 60,793 meters and averaging 2.03 g/t. The capping eliminates 4.7% of the gold (Table 18).

14.5 Compositing and geostatistical analysis Capped assay intervals within mineralized intercepts are composited according to 2 meters intervals (Wona-Kona, Nyafé, Fobiri and Yaho) or 1 meters intervals (F67, Fofina, Siou and Maoula) before they are used in the interpolation of the average gold grade of nearby sub- blocks in the same zone. That compositing is necessary in order to standardize the length of intervals (generally 1 meter but often less in core holes). The size of the selected composites is

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related to the average width (along X) of blocks being interpolated. By interpolating blocks with composites having a length similar to that of the intercept of a dipping hole with a block, we make sure that block grades include at least the dilution of drill hole intercepts with blocks. This ensures that tonnage and grade estimates above cut-off derived from applying those cut-offs to block estimates are realistic. It can be noted that Datamine adapts the actual size of composites to the length of mineralized intercepts. Hence an intercept of 5 meters is split into 3 composites of 1.66 meters instead of 2 composites of 2 meters plus a last one of just 1 meter. In Wona, the length of the 14,781composites ranges from 1 meter to 2.8 meters with a mean of 1.89 meter. In Nyafé, with 2,453 composites, it ranges from 1 meter to 2.5 meters with a mean of 1.73 meter. In Fofina Principal, we have 3,314 composites with a length from 0.53 meter to 1.05 meter, averaging 1.0 meter. In Fofina V1-V7, we have 3,176 composites with a length from 0.5 meter to 1.4 meter, averaging 1.0 meter. In Fobiri, the length of the 960 composites ranges from 1.0 to 2.5 meters with an average of 1.84 meter while in Yaho it varies from 1 to 2.6 meters with an average of 1.94 meter for 9,650 composites. In Siou, the length of the 4,677 composites ranges from 0.5 to 1.4 meter with an average of 0.99 meter. In Maoula, the length of the 1,275 composites ranges from 0.9 to 1.2 meter with an average of 1 meter. Table 20. Statistics of the composite grades in Mana mineralized zones. Min. AuC Median Auc Aver. AuC Max. AuC CV AuC Sector Composites (g/t) (g/t) (g/t) (g/t) (%) Wona-Kona 14,781 0.003 1.62 2.24 15 93 Nyafé 2,453 0.005 3.98 6.05 30.0 100 F67 261 0.01 1.33 3.02 15.0 127 Fofina (Princ) 3,314 0 0.65 1.57 25 185 Fofina (V1-V7) 3,176 0.003 0.70 2.68 30 193 Fobiri 960 0.005 0.66 1.05 9.36 115 Yaho 9,650 0.0008 0.41 0.68 10 123 Siou 4,677 0.005 0.77 3.54 40 211 Maoula 1,275 0.003 0.63 1.27 10.0 141 CV is the coefficient of variation of composite grades i.e. their standard deviation divided by their mean.

Statistics of the capped composite grades are on Table 20. In Wona-Kona and Nyafé, it can be noted that the average composite grade is slightly less than the average sample capped grade in the same zone (Table 18). This is reflecting the fact that thin intercepts with short composites (e.g. 1 meter) are generally lower grade than thicker intercepts with standard 2 meters composites.

Statistics of the final capped 1 meter composites within the different zone intercepts at Siou is given in Table 21. As previously mentioned, capping of original intervals (mostly 1 meter) is at 40 g/t, mostly affecting data in Zones 9 and 25 with an overall 11.5% gold reduction.

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Table 21. Statistics of the composite grades in Siou mineralized zones. Min. AuC Median Auc Aver. AuC Max. AuC CV AuC Zone Composites (g/t) (g/t) (g/t) (g/t) (%) Zone 9 1,468 0.005 1.27 4.22 40 179 Zone 10 189 0.018 0.58 1.47 38.1 288 Zone 25 (Siou) 1,838 0.005 0.69 4.12 40 207 Zone 55 89 0.005 0.98 6.30 40 175 Zone 56 379 0.005 1.02 3.69 40 191 All 4,677 0.005 0.77 3.54 40 211 CV is the coefficient of variation of composite grades i.e. their standard deviation divided by their mean.

Histograms of composite grades some of the main mineralized structures of Wona-Kona and Siou are shown on Figures 44 and 45.

Figure 44. Histograms of 2 meters composites grades in Wona-Kona main mineralized zones. Wona Main zones 8+11 (Left). Kona Main zones 2+5 (Right)

Figure 45. Histograms of 1 meter composites grades in Siou main mineralized zones. Zone 9 (left); Zone 25 (right)

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The spatial continuity of the cut grade of composites in their mineralized solids is assessed with variograms or correlograms. Actually, correlograms are calculated but they are presented as variograms by graphing the function: 1-correlogram. A correlogram looks at the decrease of the correlation (measured by a correlation coefficient from -1 to +1) of composite grades in any given direction as the distance between composites is increasing along that direction. First pairs of composites in the right direction +/- an “angular tolerance” are collected. Those pairs are then classified into various distance bins based on a given lag along the direction being considered (e.g., if the lag is 15 meters, the first bin is for pairs with a separation distance less than 15 meters, the second bin for pairs with a separation distance between 15 meters and 30 meters and so on). Finally, in each bin, the correlation coefficient is calculated from the pairs available in that bin. By graphing 1-correlogram, we have a curve that resembles a traditional variogram i.e. showing an increasing average grade differences between composites as the distance increases. The sill of this “pseudo-variogram” is generally around 1.0 and it corresponds to a correlation coefficient of zero i.e. no correlation between composite grades. Correlograms are generally preferred to traditional variograms since they are considered more robust with respect to outliers and non-stationary features like trends and proportional effect (i.e. variability increasing with grade).

Figure 46. Variograms of 2 meters composites grades in Wona-Kona main mineralized zones. At Wona-Kona, correlograms have been computed along several directions from composites in the two principal high grade zones of Wona (8+11) and Kona (2+5) (Figure 46). Composites in

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the same zone (2, 5, 8, or 11) are artificially separated from composites in the other zones so that pairs made of composites in different zones are never used. From the correlograms, it can be observed that the relative nugget effect is 30%, the long and intermediate ranges are within the vertical N-S plan, and the short range is along the horizontal E-W plan. It can also be observed that for distances ranging from 5-30 meters, best continuity is along a weakly dipping direction of 20-40° to the N of the N-S vertical long section. For longer distances (+30 meters), best continuity is along the horizontal of the N-S vertical long section. To account for this particular feature, a two component model is proposed with different anisotropy directions. At Yaho, correlograms of 2 meters composites (Figure 47) were divided into sectors North and South. Composites in all zones have been computed together (after separating them in space) along a main horizontal N-S strike and an average dip direction (55o and 50o to west). In the southern sector, the correlograms are characterized by a relative nugget effect of 30%, no marked anisotropy between strike and dip directions with a first structure of short ranges at 6m along the direction perpendicular to the average plane of the zones (N350) and 20m along any direction of that plane. There is a second and more regional structure with longer ranges (from 60 meters across dip + strike to 120 meters along strike + dip). In the northern sector, the correlograms are characterized by a relative nugget effect of 30%, no marked anisotropy between strike and dip directions with a first structure of short ranges at 6m along the direction perpendicular to the average plane of the zones (N020) and 20 meters along any direction of that plane. There is a second and more regional structure with longer ranges (from 30 meters across dip + strike to 80 meters along strike + dip). At Fofina, correlograms of 1 meter composites (Figure 48) have been divided in Principal sector 1 and V1-V7 sector 2-3. Composites in all zones have been computed together (after separating them in space) along a main horizontal N-S strike and an average dip direction (vertical). In the principal sector, the correlograms are characterized by a relative nugget effect of 40%; the range along strike (N030) is slightly longer than the range along dip (36 meters vs. 30 meters). The short range is 15 meters along the direction perpendicular to the average plane of the zones (N030). In the V1-V7 sector 2, the correlograms are characterized by a relative nugget effect of 40%, no marked anisotropy between strike and dip directions with a long range of 21 meters along any direction of the plane N015 dipping 60° to the west and a short range of 5 meters along the direction perpendicular to the average plane of the zones. In the V1-V7 sector 3, the correlograms are characterized by a relative nugget effect of 40%, no marked anisotropy between strike and dip directions with a long range of 21 meters along any direction of the plane N-S dipping 60° to the west and a short range of 6m along the direction perpendicular to the average plane of the zones. For Nyafé and Fobiri, corregrams have not changed since the last report.

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Figure 47. Variograms of 2 meters composites grades in Yaho. South sector (top); North sector (bottom)

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Figure 48. Variograms of 2 meters composites grades in Fofina. Principal sector (top); V1-V7 sector 2 (middle); V1-V7 sector 3 (bottom)

At Siou, spatial continuity of the composite grades within their respective mineralized solids was first assessed by computing 2-D variograms of the metal factor (i.e. grade*thickness) projected onto the average plane of the zones. For each intercept, the thickness is calculated along a perpendicular to that plane. Given the geometry of the mineralized structures (quasi planar zones of variable thickness and grade generally dipping at 45°) relative to the overall drilling pattern (holes drilled at -50° to west), the thickness keeps close to the intercept length along holes. Figure 49 shows those projected intercepts for the two main Zones 9 and 25.

All 2-D variograms along the 4 principal directions of the projection plane are presented on Figure 50 for Zones 9 and 25. (Red = dip 45° to east; blue = horizontal N-S strike; light green = dip to SE; dark green = dip to NE; black = average) For both zones, variograms show a greater continuity of GT products along the strike direction relative to the dip direction of the average plane. Also, the greatest difference between the two zones is the range which is much longer in Zone 25 (max. of about 400 meters) than in Zone 9 (max. 150 meters). That range difference reflects the pattern of variation of those GT products on the projection planes (Figure 50). In Zone 25, high GTs are concentrated in the center of the deposit with fairly smooth transition into lower GTs to the north and south while in Zone 9, the pattern for the GT values is not as well defined.

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Figure 49. Grade*Thickness intercepts for Zones 9 (left) and 25 (right)

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Figure 50. 2-D variograms of Grade*Thickness intercepts for Zones 9 (top) and 25 (bottom)

All 3-D variograms of 1 meter composites data for the high grade Zones 9, 25 and 56 have been computed separately (Figures 51, 52 and 53) along the principal horizontal N010 strike and average dip direction (dipping 40o to east). Also, variograms along the drill hole direction (short

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distance variogram) were computed separately from those computed along the average strike and dip directions (long distance variogram) to facilitate the interpretation.

In Zone 25 (Figure 51), the short distance variogram is characterized by a relative nugget effect of 15% with a short range of 3 meters, which is much lower than the short distance variogram of Zone 9. It also coincides with the different nugget effects observed in the 2-D variogram of intercept data. It is also observed that the variogram along strike is systematically below the one along dip for distances up to 200 meters. Variograms along the intermediate directions (N055 and N145) dipping at 30.7° appears in between those along strike and dip, confirming the anisotropy within the average plane. This anisotropy can only be observed at distances of 50 meters or longer where the continuity is greater along strike. Thus, the proposed model is made of a first spherical component that is isotropic up to 25 meters, and then the next two are anisotropic with ranges of 140 and 60 meters for the second component and with ranges of 400 and 300 meters for the third component.

In Zone 9 (Figure 52), the short distance variogram is characterized by a relative nugget effect of 35% with a short range of 3 meters. Along the average dip of -40°to the N100 the variogram displays a range of 25-30 meters in that direction. On the other hand, the variogram along strike (horizontal N010) displays a 50 meters range. Both variograms along the intermediate directions (N055 and N145) confirm the anisotropy within the average plane. Zone 9 has a similar anisotropy as for Zone 25, but can only be observed for distances less than 50 meters. Thus, the proposed model is made of a first anisotropic spherical component with ranges of 50 and 30 meters, and then it gets isotropic with a range of 150 meters.

In Zone 56 (Figure 53), the short distance variogram is characterized by a relative nugget effect of 45% with a short range of 3 meters. Characteristics of the long distance variogram are very similar to those of Zone 9, except that the anisotropy can be observed for distances up to 75 meters instead of 50 meters. The proposed model is made of a first anisotropic spherical component with ranges of 75 and 40 meters, and then it gets isotropic with a range of 150 meters.

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Figure 51. Variograms of capped Au grade 1 meter composites for Zone 25 at Siou. Short range modelling (top); Long range modelling (bottom)

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Figure 52. Variograms of capped Au grade 1 meter composites for Zone 9 at Siou. Short range modelling (top); Long range modelling (bottom)

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Figure 53. Variograms of capped Au grade 1 meter composites for Zone 56 at Siou. Short range modelling (top); Long range modelling (bottom)

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14.6 Block grade interpolation and validation Average block or sub-block grades are interpolated from nearby composites within their respective mineralized solids. Block grade interpolation method is either ordinary kriging for Wona, Nyafé, F67, Fofina, Fobiri, Yaho and Siou or standard inverse distance squared for Maoula. The different variogram models used for kriging have been presented in the previous section. The procedure is run in several passes with search conditions (size of search ellipsoid, minimum data in search ellipsoid) relaxed from one pass to the next until most blocks within the mineralized solid are interpolated. Interpolation conditions such as the ellipsoids orientation and size as well as the min/max number of data used in the ellipsoid may vary in between deposits. As will be seen further down, those interpolation passes are also used as a starting point to classify the resources interpolated in the blocks Table 22 lists the search parameters used in the various passes to interpolate block grades in all deposits. The basic search ellipsoid (SVOL=1) is 30 x 25 x 6 meters (Wona-Kona), 35 x 25 x 10 meters (Nyafé), 30 x 25 x 10 meters (F67), 35 x 30 x 15 meters (Fofina Principal), 30 x 30 x 10 meters (Fofina V1-V7), 25 x 25 x 10 meters (Fobiri), and 30 x 30 x 10 meters (Yaho) with the 25 meters, 30 meters or 35 meters long radius along dip and the intermediate radius (30 meters or 25 meters) along strike. This is the setting which better accommodates the composites in holes on sections at 25 meters spacing or less. If there are not enough composites in that basic ellipsoid (i.e. at least 3 composites in 2 different drill holes), the next search ellipsoid (SVOL=2) has radii equal to 1.5 to 2 times those of the basic ellipsoid (60 x 50 x 12 metrs in Wona-Kona, 52.5 x37.5 x15 meters in Nyafé, 45 x37.5 x15 meters in F67, 70 x 60 x 30 meters in Fofina Principal, 60 x 60 x 20 meters in Fofina V1-V7, 50 x 50 x 20 meters in Fobiri and 60 x 60 x 20 meters in Yaho). If there are not enough composites in that second ellipsoid (again 3 composites in 2 holes in Wona-Kona, Fofina, Fobiri and Yaho but 2 in 1 hole in Nyafé and F67), the third one (SVOL=3) has radii equal to 1.25 to 2 times those of the second ellipsoid (75 x 62.5 x 15 meters in Wona, 105 x 75 x 30 meters in Nyafé, 90 x 75 x 30 meters in F67, 140 x 120 x60 meters in Fofina Principale, 120 x 120 x 40 meters in Fofina V1-V7, 100 x 100 x 40 meters in Fobiri and 120 x 120 x 40 meters in Yaho). In Nyafé, F67, Fofina, Fobiri and Yaho, if there are no composites in that third ellipsoid, the block is not interpolated (SVOL=0). In Wona, if there are less than 2 composites in the third ellipsoid, a fourth pass (SVOL=4) is attempted with a 150 x 125 x 30 meters ellipsoid and a minimum of 1 composite. In Siou the basic search ellipsoid (SVOL=1) is 30 x 30 x 15 meters with a 30 meters long radius along strike and a 30 meters intermediate radius along dip which is considered appropriate to accommodate the composites in holes drilled on a 25 x 25 meters pattern. Actually, the projected drill hole intersection onto the average plane of mineralized Zones 9 and 25 gives a fairly homogeneous coverage of 25 x 25 meters given the geometry of the zones (average plane

Advanced Technical Report, Mana Property, Burkina Faso, Reserve and Resource Update Page 95 dipping -40° to the N110) relative to the drill hole pattern (holes drilled -50° to the west). A minimum of 5 composites in 3 different holes were given as search conditions for this first pass. The next pass search ellipsoid (SVOL=2) has radii equal to 60 x 60 x 30 meters with a minimum of 5 composites in 3 different holes. This size of the ellipsoid is considered adequate for the interpolation of blocks from composites in holes drilled on a 50 x [50-25] meters pattern.

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Table 22. Search parameters for block grade interpolation of Mana deposits. RotY RotZ Rmax Rint Rmin Block Deposit Zone MinH MinC MaxC (deg.) (deg.) (m) (m) (m) size (m) Wona- all 0 0 30 25 6 2 2 1 1 3 3 2 1 20 5*5*3.33 Kona all except below -50 15 35 25 10 2 1 1 3 2 1 50 1,4,9,17,25,53,54 -28 19 35 25 10 2 1 1 3 2 1 50 11 -8 11 35 25 10 2 1 1 3 2 1 50 3 -30 40 35 25 10 2 1 1 3 2 1 50 Nyafé 5*5*3.33 6 -35 -10 35 25 10 2 1 1 3 2 1 50 2 -15 0 35 25 10 2 1 1 3 2 1 50 1,6,8,11,17,43, 45 15 35 25 10 2 1 1 3 2 1 20 3,9,10 30 15 35 25 10 2 1 1 3 2 1 20 9 60 5 30 25 10 2 1 1 3 2 1 50 10 72.5 5 30 25 10 2 1 1 3 2 1 50 F67 5*5*3.33 6 42 5 30 25 10 2 1 1 3 2 1 50 3 50 5 30 25 10 2 1 1 3 2 1 50 (Principal) 1,3,7,14,19,20,22,29, 0 30 35 30 15 3 2 1 3 2 1 20 37,40,46,50,53 (V1-V7) Fofina -30 15 30 30 10 3 2 1 3 2 1 20 5*5*5 16,17,24,32,34,35,41,44 (V1-V7) 6,9,10,11,12,13,23, -30 0 30 30 10 3 2 1 3 2 1 20 25,28,31,55,57 Fobiri all 0 0 25 25 10 2 2 1 3 3 1 20 5*5*5 (Sector1) 50 20 30 30 10 3 2 1 3 2 1 20 2,3,5,6,8,11,17 (Sector2) Yaho 50 0 30 30 10 3 2 1 3 2 1 20 5*5*5 2,3,5,6,8,11,17 (Sector3) 55 350 30 30 10 3 2 1 3 2 1 20 2,3,5,6,8,11,17 Siou all 40 10 30 30 15 3 3 2 5 5 4 15 20 25 2.5*5*5 (S2) 30 30 110 40 25 3 3 5 5 20 2,3,4,5,6,7 Maoula (S0-S1) 10*10*5 10,11,12,13,16,17,18,19, 0 0 150 150 150 3 3 5 5 20 26,27,34,36,42,54,55 RotY = rotation counter clockwise around Y (NS of grid) i.e. RotY =-5 puts Z (Rmax) dipping 85° to west and RotY=+60 puts Z dipping 30° to east. RotZ = rotation clockwise around rotated Z i.e. RotZ=-8 puts Y(Rint) striking N352 and RotZ=15 puts Y striking N15. Rmax = max search radius (along rotated Z i.e. dip). Rint = intermediate search radius (along rotated Y i.e. strike). Rmin = minimum search radius (along rotated X i.e. across dip+strike). Min H = minimum number of holes with composites in each interpolation pass (SVOL from 1 to 3 or 4). MinC = minimum number of composites in each interpolation pass (SVOL from 1 to 3 or 4). MaxC = maximum number of composites retained in search ellipsoid (closest to block center).

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Finally, if there are not enough composites in that second ellipsoid, a third pass is run with a search ellipsoid (SVOL3) of 120 x 120 x 60 meters and a minimum of 4 composites in 2 different holes.

In Maoula, interpolation is done in only two passes but with different search ellipsoids depending on the dip of the structures. For the vertical S2 structures, the basic search ellipsoid (SVOL=1) is 110 x 40 x 25 meters with a 100 meters long radius along strike and a 40 meters intermediate radius along dip which is considered appropriate to accommodate the sheet like geometry of mineralized structures. If there are not enough composites in that basic ellipsoid (i.e. at least 5 composites in 3 different drill holes), the next search ellipsoid (SVOL=2) has radii 2 times those of the basic ellipsoid (100 x 40 x 25 meters). For the S0-S1 undulating horizontal structures, the basic search ellipsoid (SVOL=1) is isotropic with with a maximum search radius in all directions of respectively 150 meters (SVOL=1) and 300 meters (SVOL=2) and a minimum of 5 composite in 3 different drill holes in each pass. This isotropic search is considered adequate given the sheet like geometry of mineralized structures and the fact that sub-blocks in any given structure can only be interpolated by 1 meter composites in the same structure.

Interpolation of blocks in a given solid is limited to composites within the same solid. Within a given solid, a block or sub-block in any given ore type may be interpolated from samples in a different ore type which is appropriate since drill hole data tends to show that there is no abrupt change of mineralized zone geometry or grade as ore type boundaries are crossed (i.e. from saprolite to saprock or from saprock to fresh rock). Block grade interpolation results of that are illustrated on Figure 54 for Zone 11 of Wona-Kona and on Figure 55 for Zone 25. Table 23. Block grade validation in the main zones of Wona-Kona. Deposit Zone Number Average Au (g/t) Average Au (g/t) Correlation Composites BM Coefficient 11 9,222 2.374 2.375 0.714 8 2,156 2.209 2.224 0.741 Wona 2 494 1.987 2.014 0.739 5 98 1.744 1.919 0.604 9 1,468 4.222 4.157 0.641 10 189 1.469 1.428 0.833 Siou 25 1,837 4.119 4.144 0.705 55 89 6.295 6.575 0.640 56 378 3.693 4.279 0.653

As a way to validate the interpolated sub-block grade data, we have compared the grade of any given composite with the estimated grade of the block (after merging all sub-block of the zone of interest in the same block) which holds the center point of that composite. Correlation statistics are on Table 23.

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Figure 54. Block grade estimation showing the composite grades (top) and the interpolated blocks grades (bottom) in mineralized Zone 11 of Wona-Kona.

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Figure 55. Block grade estimation showing the composite grades (top) and the interpolated blocks grades (bottom) in mineralized Zone 25 of Siou.

Correlation plots are on figures 56 and 57 below. As expected, the correlation is far from perfect (R around 0.6-0.7) with a good deal of smoothing in the block grade estimates. However the average composite grade coincides pretty well with the average estimated block grade at the same location.

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Figure 56. Block grade validation in the main zones of Wona-Kona. Each plot compares the grade of a composite with the estimated grade of the block of the same zone that contains the composite.

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Figure 57. Block grade validation in the main zones of Siou. Each plot compares the grade of a composite with the estimated grade of the block of the same zone that contains the composite.

14.7 Resource classification

Like in previous Mana resource models, resources in each block are first automatically classified based on the interpolation run number (SVOL) when the block grade is interpolated. Blocks estimated in the first run (SVOL=1) are put in the measured category and would correspond to a block surrounded by composites of the same zone in intercepts on a 25 x 25 meters grid on the long section. Blocks estimated in the second run (SVOL=2) are put in the indicated category corresponding to a complete 50 x 50 meters grid of intercepts, or 25 x 50 meters grid of intercepts in the case of Siou. In Wona, blocks estimated in the third run (SVOL=3) are put in an indicated 2 category corresponding to an incomplete 50 x 50 meters grid of intercepts. Blocks estimated in the last run (SVOL=4 in Wona-Kona and SVOL=3 in other deposits) are in the inferred category (Top of Figures 58 to 60). In Maoula, the estimated blocks are all classified in the inferred category.

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The automatic classification has the limitations of any automatic classification i.e.: (1) in the same bench and section, we may have blocks in the indicated and inferred category which may pose a problem when defining reserves (2) isolated intercepts are generating “rims” of Indicated 1, then Indicated 2 and finally Inferred resources, also something not desirable in mine planning exercises.

The automatic classification should just serve as a guide for a final classification based on the density of hole intercepts in any given zone. For most of the zones of the Wona-Kona, Fofina and Yaho resource models, long section maps with those (re-grouped) intercepts and polygons of influence around each intercept were drawn to visualize this density of intercepts. If intercepts are on a complete and regular 25 meters grid, then there should not be any gap between polygons with a long radius of 17.5 meters. Hence the limit of measured resources is drawn on the long section map around contiguous polygons of that size. Similarly, the limit of the Indicated 1 resource category is drawn around contiguous polygons with a maximum radius of 35 meters (i.e. half the diagonal of a 50 x 50 meters mesh). In this scheme, the Indicated 2 category is a rather thin transition zone between Indicated 1 and Inferred categories (bottom of Figure 58).

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Figure 58. Block resource automatic (top) and smoothed final (bottom) classification in zone 11 of Wona-Kona (SVOL1 = red; SVOL2 = green; SVOL3 = light blue; SVOL4 = blue).

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For Siou, resource classification boundaries were manually reclassified for Zones 9, 25, 55 and 56. For each zones, polygons of influence around intercepts were outlined on one vertical long section map based on the density of intercepts and the original automatic classification. A set of strings was first interpreted for the area drilled on the 25 x 25 meters grid pattern, extruded 200 meters on each side of the long section, and mesh together to create a solid. Every block within this solid was categorized as measured (SVOLCM1). A second set of strings was drawn over the area drilled on a 50 x 50 meters grid pattern. Blocks comprised within that solid were categorized as indicated (SVOLCM2). All of the remaining blocks of the resource model were classified as inferred. The results of this smoothed classification are shown at the bottom of Figures 59 and 60 for Zones 9 and 25.

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Figure 59. Block resource automatic (top) and smoothed final (bottom) classification in zone 25 of Siou (SVOL1 = red; SVOL2 = green; SVOL3 = blue).

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Figure 60. Block resource automatic (top) and smoothed final (bottom) classification in Zone 9 of Siou (SVOL1 = red; SVOL2 = green; SVOL3 = blue).

The current classification of Nyafé, F67, Fobiri and Maoula resources is only automatic.

14.8 Mineral resource estimations

In order to produce the final resource estimates a compilation of all the mineralized material in the block models must be determined. The material is classified according to mineralization type and category. This compilation constitutes the mineral inventory and it is given at a cut-off of 0.5 g/t applied to grade estimates of individual sub-blocks.

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Table 24. Parameters for resource pit optimization.

FOFINA WONA- NYAFÉ- ZONE/PARAMETER PRINCIPA SIOU YAHO FOBIRI MAOULA KONA F67 L & V1-V7 Max. Slope Angle OXIDE 34° 36° 36° 34° 36° 36° 36° Max. Slope Angle TRANSITIONAL 34° 36° 34° 36° 36° 36° Max. Slope Angle SULPHIDE 52° 52° 52° 52° 52° 52° 52° Cost Resources Price: Mining Ore OX ($/t) 1.21 3.60 3.60 4.61 3.86 3.60 3.86 Cost Resources Price: Mining Ore TR ($/t) 1.66 4.05 4.05 5.02 4.31 4.05 4.31 Cost Resources Price: Mining Ore SU ($/t) 2.07 4.42 4.42 5.39 4.69 4.42 4.69 Cost Price: Mining Waste OX ($/t) 1.14 0.98 0.98 1.03 0.98 0.98 0.98 Cost Price: Mining Waste TR ($/t) 1.57 1.47 1.47 1.41 1.47 1.47 1.47 Cost Price: Mining Waste SU ($/t) 1.98 1.88 1.88 1.88 1.88 1.88 1.88 Mining Dilution (avg.) 10% 15% 15% 10% 15% 15% 15% Mining Metal Recovery 97.5% 97.5% 97.5% 97.5% 97.5% 97.5% 97.5% G&A (avg.) ($/t) 3.13 3.13 3.13 3.13 3.13 3.13 3.13 Processing Metal Recovery OX 94% 87% 92% 96% 87% 84% 87% Processing Metal Recovery TR 87% 74% 96% 84% 71% 84%

Processing Metal Recovery SU 81% 29% 26% 96% 48% 19% 48% Ore Control ($/t) 0.25 0.75 0.75 0.75 0.25 0.75 0.75 Rehabilitation ($/t) 0.10 0.10 0.10 0.10 0.10 0.10 0.10 Cost Resources Price: Milling Ore OX ($/t) 11.05 11.05 11.05 11.05 11.05 11.05 11.05 Cost Resources Price: Milling Ore TR ($/t) 12.84 12.84 12.84 12.84 12.84 12.84 12.84 Cost Resources Price: Milling Ore SU ($/t) 14.02 14.02 14.02 14.02 14.02 14.02 14.02 cog U/G >2g/t >5g/t >5g/t >2g/t >3g/t >5g/t >5g/t $ = USD

Resources are that part of the mineral inventory that reflects a “reasonable prospect of economic extraction” of such resources. For the top part of deposits, the conceptual limit of economical extraction is an optimized pit shell with reasonable technical (maximum pit slopes, gold recovery) and economical (gold price, unit mining and processing costs) parameters. Unlike the pit design shells for reserves, those for resources include the inferred blocks of the mineral inventory. Parameters used in the definition of optimized pit shells for resources are listed in Table 24 with the following comments: • Maximum pit slope angle, mining recovery, dilution, royalties and sale costs are those of the reserves (see next section); • Unit mining and processing costs used are outlined in Table 24; • Unit costs for mining ore and waste include an additional transportation cost to the mill at Wona for ore and to its nearby pad for waste. The unit cost for transporting waste used for the optimization is $0.23/t (Oxide), $0.29/t (Transitional) and $0.35/t (Sulphide) for Nyafé/F67, Fofina, Fobiri, Siou, Yaho and Maoula. It is $0.39/t (Oxide), $0.44/t

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(Transitional) and $0.50/t (Sulphide) for Wona-Kona. The unit transportation cost for ore is $4.66/t for Siou, $3.45/t for Nyafé/F67, Fofina, Fobiri, Yaho and Maoula. It is $0.42/t (Oxide), $0.48/t (Transitional) and $0.53/t (Sulphide) for Wona-Kona; • Gold recoveries are those of the reserves for the Saprolite/Oxide and the Saprock/Transition horizons for all deposits. For the Bedrock/Sulphide portion, gold recovery has been set at 81% for Wona-Kona (SGS METMIN Report dated June 2010), 96% for Siou (SGS METMIN Report dated December 2012) and 48% for Yaho (HRL Testing report, 2012). They are set to 19 to 29% for Nyafé, Fofina, F67, Fobiri and Maoula with the assumption that sulphide mineralization’s are considered refractory and cannot be recovered economically with the current CIL process; • Gold price is $1,400/oz i.e. a premium of $300/oz over the $1,100/oz of reserves (see next section).

Pit optimization using a gold price of $1,400 and using the above listed parameters have been calculated for Nyafé, Fofina, Fobiri, Yaho, Siou and Maoula (Figure 62 to Figure 67). Resources are made of blocks of the mineral inventory within the generated shells and above a fixed cut- off set by the NPV Scheduler software. For Wona-Kona, in-pit resources are made of blocks of the mineral inventory within the former reserves pit design at $1,300 (Figure 61). Below the optimized pit shell an underground mining cut-off grade of 2 g/t for Wona-Kona and Siou and 5 g/t for the other deposits is applied to individual blocks. These cut-off grades take into account the mill recovery for sulphides.

The final resource estimates listed in Table 25 are that part of the mineral inventory made of (1) resources within the optimized pit shells above the marginal cut-off grades; and (2) resources below the optimized pit shell, except for Wona-Kona ($1,300 pit design), at an underground mining cut-off grade. In the case of deposits with declared reserves by the end of June 2013 (i.e. Wona-Kona, Nyafé, Fofina and Siou), resources are comprised of the above resources but exclude the M&I resources contained within the final pit design shells of the reserves except for those blocks within the reserves pit shells that are (1) M+I blocks below the cut-off of reserves but above the above marginal cut-offs of the resources; and (2) all inferred sub-blocks above that same marginal cut-off.

All Maoula resources were kept in the inferred category.

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Table 25. Mana estimated resources, exclusive of reserves, by the end of June 2013

JUNE 30, 2013

DEPOSITS MEASURED INDICATED TOTAL RESOURCES Grade Grade Grade Tonnage Ounces Tonnage Ounces Tonnage Ounces (g/t Au) (g/t Au) (g/t Au) WONA-KONA 939,500 2.63 79,400 16,111,300 2.90 1,499,900 17,050,800 2.88 1,579,300 NYAFÉ 300,200 5.60 54,100 229,500 5.84 43,100 529,700 5.71 97,200 FOFINA 519,400 1.92 32,000 555,700 4.04 72,200 1,075,100 3.01 104,200 YAHO 4,654,400 1.05 157,200 9,895,200 0.99 316,200 14,549,600 1.01 473,400 FILON 67 26,100 2.72 2,300 8,900 3.59 1,000 35,000 2.93 3,300 FOBIRI 468,900 1.80 27,100 114,200 1.52 5,600 583,100 1.74 32,700 SIOU 241,200 1.22 9,500 1,832,100 2.49 146,700 2,073,300 2.34 156,200

TOTAL MANA 7,149,700 1.57 361,600 28,746,900 2.26 2,084,700 35,896,600 2.12 2,446,300

JUNE 30, 2013

DEPOSITS INFERRED Grade Tonnage Ounces (g/t Au) WONA-KONA 4,470,800 2.79 401,200 NYAFÉ 150,800 5.86 28,400 FOFINA 210,500 5.36 36,300 YAHO 470,800 1.45 22,000 FILON 67 5,500 6.32 1,100 FOBIRI 577,600 1.39 25,800 MAOULA 2,628,200 1.62 137,100 SIOU 6,227,600 3.97 795,300

TOTAL MANA 14,741,800 3.05 1,447,200

Note: As explained in the text, those resources are made of (1) blocks of the mineral inventory above the marginal cut-off grades and within the optimized resource pit shell but outside the final pit design shell of reserves if any (2) blocks of the mineral inventory above e g/t (Wona-Kona and Siou) and 5 g/t (other deposits) below the optimized resource pit shell. (3) M+I blocks below the cut-off of reserves but above the above marginal cut-offs of the resources (4) inferred blocks within reserve pit shell if any and with a grade above the marginal cut-off.

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The following table 26 shows the significant amounts of inferred resources in an in-pit resource shell, reflecting a situation of a deposit needing much more drilling to enable optimizing full economic potential. The bottom of the in-pit resource is in fact mostly resource model limited. Table 26. Siou estimated resources, exclusive of reserves, at $1,400

JUNE 30, 2013

DEPOSITS MEASURED INDICATED TOTAL RESOURCES Tonnage Grade Ounces Tonnage Grade Ounces Tonnage Grade Ounces (g/t Au) (g/t Au) (g/t Au) In-pit ($1,400) 241,200 1.22 9,500 1,831,800 2.49 146,600 2,073,000 2.34 156,100

JUNE 30, 2013

DEPOSITS INFERRED Tonnage Grade Ounces (g/t Au) In-pit ($1,400) 5,104,600 3.96 649,200 Below pit (2g/t cog) 1,123,100 4.05 146,100 6,227,700 3.97 795,300

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Figure 61. Wona-Kona resource within pit design shell ($1,300). Left: plan view with block grade (resource model). Right: N-S vertical view with block grade (resource model)

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Figure 62. Nyafé resource optimized pit shell ($1,400). Left: plan view with block grade (resource model). Right: N-S vertical view with block grade (resource model)

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Figure 63. Fofina resource optimized pit shell ($1,400). Left: plan view with block grade (resource model). Right: N-S vertical view with block grade (resource model)

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Figure 64. Yaho resource optimized pit shell ($1,400). Left: plan view with block grade (resource model). Right: N-S vertical view with block grade (resource model)

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Figure 65. Fobiri resource optimized pit shell ($1,400). Left: plan view with block grade (resource model). Right: N-S vertical view with block grade (resource model)

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Figure 66. Maoula resource optimized pit shell ($1,400). Left: plan view with block grade (resource model). Right: N-S vertical view with block grade (resource model)

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Figure 67. Siou resource optimized pit shell ($1,400). Left: plan view with block grade (resource model). Right: N-S vertical view with block grade (resource model)

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15- Mineral Reserve Estimates

Mana mineral reserves at the end of June 2013 are all within open pits, estimated for the Wona-Kona, Nyafé, Fofina and Siou deposits. Siou reserves were restricted to an optimized pit design extending no further than 5,150 meters level. The bottom limit was established based on the distribution of the resource blocks of the measured category within the different zones. It was established that for any given 5 meters bench, resource blocks of the measured category had to be present. This decision was taken in order to prevent the pit dimension to be too much driven by resource blocks of the indicated category. The infill drilling program was designed to balance budget, timeframe and what seems optimal first reserves. Given the geometry of the mineralized zones combined with the drilled pattern (i.e. holes drilled at -50° to the west), the deepest measured blocks were found in Zone 9 at the 5,150 meters level (Figure 68). For the purpose of this exercise, all resource blocks below that level were categorized temporarily as inferred, forcing the pit optimization software to consider only resource blocks of the measured and indicated category in the optimization process. Nyafé reserves are contained within the northern pit; reserves within the other pits have been converted to resources. Most of Fofina reserves are contained within the oxide and transitional portion of the deposit considering the low recoveries with CIL treatment in the bedrock. Yaho and Fobiri contain a substantial measured and indicated resource base mainly in oxides. In Maoula, all resources are kept in the inferred category so that reserves cannot be defined. Finally in F67, the remaining resource or mineral inventory is too small to justify specific reserves for that deposit.

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Figure 68. Cross section showing the depth extension of resource blocks of the measured category in Zones 9 and 25 (top). Final pit design 3D view with resource model smoothed categories for Zone 25 (SVOL1 = red; SVOL2 = green; SVOL3 = blue).

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Optimized pit shells considering only resources of the measured and indicated categories have been calculated for Wona-Kona, Nyafé, Fofina and Siou. The following Table 27 lists the parameters used in the definition of those optimized pit shells for reserves with the following comments: • Maximum pit slope angles (34-36° for saprolite + saprock (oxide + transitional) and 52° for bedrock (sulphide) are those recommended by Golder in 2013 (Preliminary information, final report pending); • Unit costs for mining ore and waste include an additional transportation cost to the mill at Wona. The unit cost for transporting waste used for the optimization is $0.23/t (Oxide), $0.29/t (Transitional) and $0.35/t (Sulphide) for Nyafé/F67, Fofina, and Siou. It is $0.39/t (Oxide), $0.44/t (Transitional) and $0.50/t (Sulphide) for Wona-Kona. The unit transportation cost for ore is $4.66/t for Siou, $3.45/t for Nyafé/F67 and Fofina; and $0.42/t (Oxide), $0.48/t (Transitional) and $0.53/t (Sulphide) for Wona-Kona; • Gold recoveries for Wona-Kona are taken from the 2010 study (Met-Chem 2011). Siou gold recovery is 96%, irrespective of the alteration facies (SGS METMIN Report, Dec. 2012). Gold recoveries in both Nyafé and Fofina are 29% and 26% respectively and correspond to average recoveries in metallurgical samples taken from the different types of alteration. The impact of those recoveries within the bedrock ore is noticeable. • Gold price of $1,100/oz.

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Table 27. Parameters for reserve pit optimization

WONA ZONE/PARAMETER NYAFÉ FOFINA SIOU KONA

Max. Slope Angle OXIDE 34° 36° 36° 34° Max. Slope Angle TRANSITIONAL 34° - 36° 34° Max. Slope Angle SULPHIDE 52° 52° 52° 52° Cost Resources Price: Mining Ore OX ($/t) 1.51 4.50 4.50 5.76 Cost Resources Price: Mining Ore TR ($/t) 2.08 5.06 5.06 6.27 Cost Resources Price: Mining Ore SU ($/t) 2.59 5.53 5.53 6.74 Cost Price: Mining Waste OX ($/t) 1.43 1.22 1.22 1.28 Cost Price: Mining Waste TR ($/t) 1.96 1.84 1.84 1.77 Cost Price: Mining Waste SU ($/t) 2.48 2.35 2.35 2.35 Mining Dilution OX 10% 15% 15% 10% Mining Dilution TR 10% - 20% 10% Mining Dilution SU 10% 15% 20% 10% Mining Metal Recovery 97.5% 97.5% 97.5% 97.5% G&A (avg.) ($/t) 3.92 3.92 3.92 3.92 Processing Metal Recovery OX 94% 87% 92% 96% Processing Metal Recovery TR 87% - 74% 96% Processing Metal Recovery SU 81% 29% 26% 96% Ore Control ($/t) 0.25 0.75 0.75 0.75 Rehabilitation ($/t) 0.10 0.10 0.10 0.10 Cost Resources Price: Milling Ore OX ($/t) 13.82 13.82 13.82 13.82 Cost Resources Price: Milling Ore TR ($/t) 16.05 16.05 16.05 16.05 Cost Resources Price: Milling Ore SU ($/t) 17.52 17.52 17.52 17.52 Note: $ are in USD dollars

Optimized pit shells are converted into final pit shells (pit design) with the addition of a ramp and a minimum width in the bottom bench of 9.9 meters at Wona-Kona, 7.5 meters for the others. The width of the ramp is 11 meters (single way) and 18 meters (two-way) and its maximum slope is 10%. In Nyafé, the optimized pit shell is similar enough to that at the end of 2010 to retain the final pit shell design from the end of 2010 for the 2013 reserves. Final pit design shells are shown on Figure 70 to Figure 73. Reserves in those shells are diluted and mine recovered, considering mill recovery and are summarized in Table 28 as before mill recovery. Stripping ratios are also displayed.

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Table 28. Mana estimated reserves at the end of June 2013.

JUNE 30,2013

DEPOSITS PROVEN RESERVES PROBABLE RESERVES TOTAL RESERVES Stripping Grade Grade Grade Ratio Tonnage Ounces Tonnage Ounces Tonnage Ounces (g/t Au) (g/t Au) (g/t Au) (Waste/Ore) WONA-KONA 9,151,800 2.25 661,600 9,680,400 2.13 662,900 18,832,200 2.19 1,324,500 10.77 NYAFÉ 262,600 5.85 49,400 4,100 5.02 700 266,700 5.84 50,100 12.62 FOFINA 1,742,300 2.53 141,600 1,014,800 2.94 96,100 2,757,100 2.68 237,700 8.75 SIOU 3,394,400 5.55 605,500 1,448,500 3.52 163,800 4,842,900 4.94 769,300 18.81 ROMPAD 131,000 1.83 7,700 131,000 1.83 7,700

TOTAL MANA 14,682,100 3.11 1,465,800 12,147,800 2.36 923,500 26,829,900 2.77 2,389,300 12.04 Note: Strip ratios include both operating and capitalized costs.

Siou in-situ resources contained within the pit design have been broken down into 5 meters benches to illustrate the resource classification and tonnage distributions with depth (Figure 69). The 5 meters benches correspond to the height of individual blocks in the resource model. Tonnage is on average 100,000 tonnes from surface to level 5,255 then it progressively increases to reach a maximum of over 200,000 tonnes at level 5,210. From the total tonnage contained in the pit design, 70% is within 120 meters from the surface; 70% of the total tonnes are within the measured category, this being greatly impacted by the extended coverage of the 25 x 25 meters drill pattern.

Figure 69. Siou in-situ resources within pit design at $1,100.

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Figure 70. Wona-Kona reserve pit design at $1,100 (June 2013). Left: plan view with block grade (resource model). Right: N-S vertical view with block grade (resource model)

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Figure 71. Nyafé reserve pit design (June 2013). Left: plan view with block grade (resource model). Right: N-S vertical view with block grade (resource model)

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Figure 72. Fofina reserve pit design at $1,100 (June 2013). Left: plan view with block grade (resource model). Right: N-S vertical view with block grade (resource model)

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Figure 73. Siou reserve pit design at $1,100 (June 2013). Left: plan view with block grade (resource model). Right: N-S vertical view with block grade (resource model)

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16- Mining Methods

16.1 Introduction SEMAFO initiated open-pit mining at Mana in Burkina Faso in February 2008 at a rate of 2,000 tpd. Since that time all facilities have been upgraded to process a maximum of 8,000 tpd of blended ore. Once the Siou deposit will be in full production it will represent between 30 -40% of the primary mill feed and the incremental feed will stem from the Wona-Kona open-pit which has 18.8M tonnes of reserves. The mine plan and feed to the mill will be prioritized on a cash flow per hour basis over the life of mine reserves including the Fofina deposit. The new LOM with the Siou and Wona-Kona pit now have an estimated mine life of around 11 years. Before selecting to extend the size of the Wona-Kona pit, SEMAFO assessed the possibility of an underground mine below the open pit. Following those economic studies in favor of the pit expansion Wona-Kona, the decision to go underground was postponed. Similar studies remain to be carried out for Siou Sector. The decision to proceed with the super pit and with a 180 meters deep pit at Siou and postponing any underground mining provides: • Robust overall economics and cash flow • Lower technical risks • Flexibility in mill feed • The benefit of five years of historical experience in open-pit mining at Mana (fully experienced local workforce that will gradually replace expatriates) • Actual saving in capital expenditures and operating cost as opposed to an underground operation • Total LOM at around 11 years.

The pit operations are conducted according to the best mining industry practices and that the actual mining method is well suited for the type of ore deposits. Also of interest is the ore selectivity which is realized by assaying chips channel samples taken along selected lines positioned by geologists. According to the available results the ore reconciliation assays compared to geological models are within 5% of the estimated grade and tonnage. . In the coming years it is assumed that all ore will come from open-pits. In addition to the existing Nyafé pit which still contains a small quantity of reserves, Fofina is hosting 238,000 oz to the reserve and more importantly Siou is now contributing with 769,300 oz of reserves. Exploration works are ongoing on the Siou sector to enhance and increase reserve tonnage.

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16.2 Pit Design Parameters The Wona open-pits were first designed with slope angles of 45° in saprolite or oxide ores and 55° in saprock, fresh rock or sulphide ore. Following some slope failures, a geotechnical study was commissioned to Golder Associates in 2011 and revised in 2012. The future Wona Pit design shall be in accordance with the parameters extracted from Golder’s Report. For the optimised super pit and Siou an overall slope angle of 34° was retained for saprolite and saprock and 52° for the bedrock. These recommendations were prepared based on field mapping and from existing production data and practices. A separate set of recommendations were also prepared by Golder for the Siou and Fofina pits. At Fofina, an overall slope angle of 36° was retained for the saprolite and saprock and 52° for the bedrock. Total mine production rate for the coming years is expected to be constant at 7,200 tonnes of bedrock ore per day and up to 8,000 tpd for blended ores. Based on reserves only, including Siou, this represents a mine life of around 11 years at an average mill feed grade of 2.77 g/t Au with an overall mill recovery of 86%. The Wona-Kona pit will supply 72% of the total ore forecasted. The mining dilution is estimated to be 10% at Wona-Kona, 10% for Siou and 15% for Fofina. The overall open-pit mining recovery is estimated to be 97.5%. Both mining dilutions and mining recoveries are based on existing data collected on regular basis from the two producing pits of Wona-Kona and Nyafé since 2008. The Wona-Kona open pit will generate large volumes of stripping material increasing the total waste to ore ratio to 10.77:1. The Siou pit strip ratio will average 18.8:1 and Fofina will be at 8.75:1. SEMAFO existing mining fleet has a capacity to extract approximately 40M tonnes of materiel per year. In 2013 the mining fleet averaged 115,000 tonnes of materiel moved per day. Based on an average mill capacity of 2.5M tonnes per year milled this represents a mining capacity with a strip average of 16:1 largely sufficient to meet the needs of the average reserve strip ratio of 14.7:1.

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The Mana actual mining fleet includes: • 49 mining trucks: o 33 Komatsu mining trucks - 63 metric tonnes o 6 Caterpillar mining trucks - 63 metric tonnes o 10 Komatsu mining trucks - 100 metric tonnes • 13 hydraulic excavators varying from 2.50 m3 – 10, 00 m3 o 1 Komatsu PC400 1 Komatsu PC600 o 3 o 2 Komatsu PC800 - 4.75 m 7 Komatsu PC1250 - 6.50 m3 o 3 o 2 Caterpillar 6018 - 10.00 m • 4 wheel loaders with buckets varying from 3.5 - 6.1 m3 • 10 production drills Atlas Copco ROCF9-11 • regular water truck, dozers and graders In the cash flow model, investments have been allocated in sustaining capital cost to reflect renewal of some of the mining fleet, refurbishing major components of the mining fleet and purchase of auxiliary equipment, to help in the development of the Siou deposit.

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Table 29. Slope design recommendations for the Wona Pit. Design Geotechnical Dip Azimuth Operating Bench Bench Catch Bench Inter-ramp Unit of Slope Practice Height Angle Width Angle (meters) (degrees) 5.0 (Saprolite depth 45 <30m) 6.9 (Saprolite depth 40 270 degrees No blasting. Fully 30 to 40 m) Saprolite 10 ½(H):1(V) (63 deg.) (East Sector) depressurized 7.8 (Saprolite depth 38 40 to 50 m) 8.8 (Saprolite depth 36 50 to 60 m) 9.3 (Saprolite depth 35 <30m) 90 degrees 10.4 No blasting. Fully Saprolite (West 10 ½(H):1(V) (63 deg.) (Saprolite depth 33 depressurized Sector) 30m to 40m) 11.0 (Saprolite depth 32 40m to 50m) Controlled Blasting. Saprock All Fully Depressurized 10 ½(H):1(V) (63 deg.) 5 45 Slopes Excellent pre-split Competent and and controlled All 10 75 4.5 54 Massive Bedrock blasting and bench face scaling 68 Existing Practice 10 (Average achieved 6 45 Blast Damaged bench face angle) Competent and All Double Benching 68 Massive Bedrock with Excellent 20 (Average acheived 8.5 50 Scaling and Operator bench face angle)

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17- Recovery Methods

What follows is the most up-to-date description of the Mana mineral processing plant described by Sylvain Duchesne, P.Eng. General Manager of Construction & Engineering.

17.1 Introduction Gold from the Mana deposit is recovered by a state-of-the-art metallurgical plant which has a nominal capacity of 4,000 mtpd. The process plant went through various expansion stages to reach throughput up to 7,200 tpd in Bedrock and 8,000 tpd in a blend (saprolite/bedrock). To- date, current plant capacity always exceeded expectations.

17.2 Crushing ROM ore is loaded by a WA600 front end loader onto a static grizzly screen to handle slabby material. A rock breaker reduces the oversize material that remains on the static screen (625 X 665 mm). Fine material drops into a 150 tonne capacity ROM bin. The ore is then extracted from the bin by a primary apron feeder (1,524 mm X 7,000 mm) and fed to a vibrating scalper (1,500 mm X 4,000 mm) to further separate the fines. Coarse material from the scalper feeds directly into a 36" X 48" (950 mm X 1,250 mm) single toggle jaw crusher. The crusher produces

a product with a P80=100 mm, at a rate of 400-500 wtph to allow for a 17 hour per day crushing operation. This schedule allows for regular maintenance to occur on a daily basis to the

crushing plant. The jaw crusher handles ROM ore with a maximum lump size of F100=665 mm. Fines from the scalper discharges directly onto the conveyor belt. Primary crushed material discharges onto a 48" conveyor belt and is weighted by a scale to maintain a constant throughput to the crushing plant. A magnet located at the head pulley of the conveyor removes any trash steel. Ore is then transferred onto a mobile stacker conveyor which stockpiles around 25 to 30,000 tonnes of crushed ore. Stockpiled ore is then withdrawn by 2 apron feeders in parallel (4,500 mm X 900 mm each) and drops onto the mill feed conveyor. Each apron feeder can handle about 200tph of crushed ore. Ore is weighed again to control and maintain steady throughput into the grinding circuit. Hydrated lime is added directly from a dry lime system onto the mill feed conveyor belt for CIL circuit pH control which is maintained at pH10.5.

17.3 Grinding and Classification The grinding circuit consists of a Semi Autogenous Grinding mill (SAG) in close circuit with a vibrating screen and a pebble crusher. The 7.92 meter diameter X 2.74 meter Allis Chalmers SAG is equipped with 2,387 KW variable speeds motor and operates between 10-15% ball charges depending on ore hardness. Variable speed control provides additional flexibility for processing of various ore types. The discharge from the SAG is split between fine and coarse

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material. Coarse material (˃ 15 mm) is crushed in closed circuit by a pebble crusher (HP200) and returns to the SAG for further grinding. Fine material (< 15 mm) is pumped to the vibrating screen (2.1 meter X 5.2 meter). The material is classified by the screen with 9.5/3.2 mm slotted aperture panels. Oversize material returns to the SAG mill for further grinding while undersize material reports to the secondary ball mills discharge pump box. The circulating load for the

SAG is around 50-60% (fine + coarse) and product size P80 is around 1,200-3,500 μm depending on throughput. Secondary grinding is accomplished by two open discharge ball mills: one 5.3 meter diameter by 7.0 meter Outotec mill equipped with a 3,500 KW variable speed motor. Variable speed control of that mill, accomplished through a liquid resistance starter and heat exchanger system provides great flexibility for processing various ore types. The second mill consists of a 3.96 meter diameter by 4.88 meter Allis Chalmers mill with a 1,120 KW synchronous motor. The discharge from the mills is pumped in closed circuit to a cluster of 16 X 10’’ GMAX Krebs classifying hydro cyclones. Nine to twelve cyclones are usually operating while 4 remain as spare units. Cyclones underflow reports back to the mills through a splitter box whereas the flow is split between the mills for further grinding while cyclones’ overflow at 50% w/w solids will gravitate to a trash vibrating screen ahead of the leach tanks. Circulating load for the mills is around 250-350% and final product P80 is targeted at 74 μm.

17.4 Leach and Adsorption Circuit Cyclones overflow gravitates to a trash vibrating screen (Simplicity 1524 mm X 3658 mm) ahead of the leach tanks. Trash screen oversize reports to a holding tank and then transferred to the tailings pump box. Underflow reports to a Heath & Sherwood automatic sampler for feed assays and then flows to the CIL tanks. The CIL circuit consists of 9 Carbon In Leach (CIL) tanks. The first eight tanks have a live capacity of 1,588 m³ each. The last tank has a live capacity of

3,182 m³. The tanks are sized to provide 24-28 hour residence time depending on throughput. Carbon concentration in the tanks is maintained between 12-15 g/l to maintain solution tail grades below 0.0015 mg/l. A cyanide distribution system composed of one mixing tank and one holding tank prepares a 10% cyanide solution. The solution can be pumped either to the grinding circuit or CIL tanks as required. The level of CN- into the leaching tanks is maintained around 125-180ppm depending on ore types. Oxygen is supplied by blowing air into the tanks at up to 2,000 m3/h total. Hydrogen peroxide is also available if higher dissolved oxygen (DO) level is required into the CIL tanks. Each tank is fitted with mechanically swept wedge wire screen to retain the carbon. All tanks are fitted with bypass facilities to allow any tank to be removed from service for agitator or screen maintenance. Carbon enters the circuit at CIL tank #9 and advances counter-current to the slurry flow by pumping slurry, with a recessed impeller pump, from CIL tank #9 to CIL tank #8 as so forth. The carbon is retained by a screen

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and gravitates into tank #8 while the slurry flows back to tank #9. This counter-current process is repeated until the carbon eventually reach CIL tank #1. A recessed impeller pump is then used to transfer slurry and loaded carbon to the loaded carbon screen (Simplicity 1,219 mm X 2,438 mm) mounted above the carbon elution and stripping plant. The loaded carbon, reporting as screen oversize, gravitates to the acid wash column and the screen undersize slurry returns to CIL tank #1. Discharge from the last tank is directed to the tailings pump box via a vibrating carbon safety screen (Simplicity 1,524 mm X 3,658 mm) design to recover any carbon leaking from the last CIL leaching tank. Carbon recovered on the safety screen is directed to the CIL spillage sumps and pumped back to the CIL tanks. Tailings going through the screen are directed to a Heath & Sherwood automatic sampler for tail assays and then flow to the tailings pump box.

17.5 Elution and Gold Room Operation The following operations are carried out in the elution and gold room areas. The stripping and gold room areas operate 7 days a week: • Acid Wash of Carbon; • Stripping of gold from loaded carbon using the Pressurized Zadra method; • Electro winning of gold from pregnant solution; • Smelting of electro winning sludge.

17.5.1 Carbon Acid Wash 3 Loaded carbon is received into a 4 tonne – 8 m acid wash tank. A 3-5% hydrochloric acid (HCL) solution is prepared and circulates in an up-flow manner through the carbon bed for approximately 3 hours. The acid solution is then neutralized with caustic and the carbon rise (3

bed volume) with fresh water. Acid wash is necessary to remove carbonate scale (CO3) that builds on the activated carbon during the adsorption process which fouls the carbon’s adsorption properties. Acid washed loaded carbon is then pumped from the acid tank to the two elution columns.

17.5.2 Carbon stripping - Zadra Elution Circuit Fresh strip solution is prepared prior to stripping each new batch of carbon. Sodium hydroxide and cyanide solution is pumped into the strip solution tank and mixed with raw water to the required concentrations of cyanide (0.15% w/v) and caustic soda (2.0% w/v) at pH> 12.0. The pressurized Zadra strip utilizes 30-36 bed volume of a circulated 130 °C solution at a pressure of 400 kpa to strip the carbon. The barren strip solution is indirectly heated via a diesel-fired hot glycol (33% w/v) heater and pumped in an up flow manner through the carbon inside the 2

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tonne strip column. The pregnant strip solution exiting the top of the column is routed to the electro winning cells, where the precious metals are electro-chemically precipitated into a sludge form at the cathodes. The strip solution is then routed back to the solution storage tank. The strip solution recirculates continuously for 8 -12 hours until the gold level of the strip solution reaches 2-8 g/t Au. At that stage the barren carbon level is less than 80 g Au/t carbon. Once the first column is being stripped, automatic valves are switched to start a new batch on the second 2 tonnes carbon loaded column. Approximately 4 tonnes of loaded carbon is stripped every day.

17.5.3 Carbon Regeneration After completion of the elution process, the barren carbon is transferred from the elution column to a dewatering screen prior to entering the feed hopper of the carbon regeneration kiln. The kiln can regenerate approximately 150 kg/h of barren carbon. As the carbon is contaminated with organic species, the organics foul the carbon and cause the gold and silver adsorption rate to slow and decrease the metal loading capacity of the carbon. This action is corrected by heating the carbon to 625°C in a slightly oxidizing atmosphere which burns the organics from the carbon. The carbon is held at this temperature for about 15 minutes to allow regeneration to occur. Barren carbon is then stored in a holding tank prior to being pumped to a single deck carbon sizing screen (Simplicity 1,219 mm X 2,438 mm) above CIL#9. The carbon sizing screen is fitted with a 0.8 mm square aperture polyurethane decks. Oversize carbon reports to CIL tanks and the fine carbon is stored, filtered and bagged ready to be shipped to recover residual gold left into the fines.

17.5.4 Electrowinning and Gold Room

The two 75 ft³ electro winning cells supplied by Summit Valley are designed to treat approximately 12.0 m3/h of pregnant solution each. Individual cell electrical power is supplied by a local rectifier with the range of 2.7-3.3 volts and 800 amps output. Fumes generated during electro winning are removed via a local exhaust system. Gold is recovered as sludge from the stainless steel mesh cathodes. Sludge is washed from the cathodes with high pressure washer and pumped into a holding tank prior to feed a 85 liter Siemens’ press-filter; gold is then recovered as a filtered-cake and burned off in an electrical calcine oven. The dried gold cake is then smelted with fluxes in a diesel-fired furnace to produce Doré bars. Fumes generated during the smelting is recovered and processed through a wet dust collector to recover fine particles and followed by an exhaust fan to remove heat and fumes.

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17.6 Tailings Disposal and Water Management Tailing produced by the process is pumped with variable speed pumps to the Yona tailings storage facility (YTSF). The YTSF is naturally protected by thick layers of underlay clay and no effluent percolates through its clay-core embankments. The YTSF is presently split into two equal sections to allow embankment lifts on one section while the other section is in service. Tailings are deposited into the facility using a single discharge point method, which is moved periodically to allow an even distribution of the tailings slurry. Supernatant water is directed by gravity through a central basin. Water pumps on a floating barge pump the recycled water back to the process water tank located near the process plant facility. Approximately 50-60% of the mill process water requirement is recovered from the YTSF. The remaining raw water necessary for the process plant is collected from a network of underground wells. The mine also constructed a holding dam (Wona Dam) which collects and accumulates surface run-off water.

The maximum capacity of the current Wona Dam infrastructure is about 3.8 Mm³ of water. The construction of a 58 km pipeline between the Mouhoun River and Wona Dam has been completed in September 2012 and is fully operational since December 2012. This pipeline secures water supply for Mana’s process plant.

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18- Project Infrastructure The concentrator infrastructure is described in detail in Section 17.

18.1 Power Generation Of all the existing and projected infrastructure, the energy cost is of prime importance at Mana. All electrical energy is currently supplied by fuel operated generator sets at a cost of $0.37 per kWh. In October 2011, the company signed an agreement with the National Electricity Company, Sonabel for the construction of a 60 km transmission line to Mana mine. This line should have a capacity of 26-megawatts, sufficient for the operations, and according to the agreement the commissioning should be completed in the second half of 2014. The estimated energy cost is $0.18 per kW-h, which represents a saving of more than $3.0 per tonne treated. During the second quarter of 2013, the National Electricity Company Sonabel awarded all of the contracts relating to the construction of a transmission line to deliver power to the Mana Mine. SEMAFO has agreed to advance $8.9M which represents 50 % of the estimated total cost of the project, which will be reimbursable over an eight-year period following commissioning, currently scheduled for the second half of 2014. Grid power was introduced only from Year 2 in the cash flow model tabulated in section 22.1. During the second quarter of 2013, SEMAFO made a first advance payment of $4.05 M.

18.2 Other Infrastructure The super pit mine scenario requires some surface infrastructure modifications, the most important ones being: • relocation of electrical distribution lines and modification to 33kV from site • removal and relocation of the near-by collecting and surge water ponds • relocation of the truck hauling road from existing pit to the waste dumps • removal of surface infrastructure associated during the U/G development stage

With the Siou operation located approximately 15 km from the plant and garage and with a LOM in excess of 5 years SEMAFO opted to include certain infrastructures located in the Siou sector to minimize transportation and maintenance cost and to assure the proper supervision and grade control because of the presence of high grade.

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Amongst the infrastructure included: • Container and rest area for 40 people that will host meetings with workers • An office for the shift bosses • Toilettes and washrooms • A pit stop garage for regular maintenance work on machines • 2 Cummins generators • Fuel reservoirs containing up to 150 000 liters • Fences, access route, gates, security stands • Truck balance to control and weight all materiel transported from Siou to mill • Light towers • Road construction for direct transport to the mill

To knowledge there is no other major infrastructure being considered. The site infrastructure is described in detail in previous sections.

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19- Market Studies and Contracts

The company does not have hedging program or forward sales contracts for the Mana mine. The gold production (doré bars) is shipped by truck and plane from the mine site and entirely sold at spot price. The price assumption used to establish the reserves is $1,100/oz. The price assumption used for the resources is $1,400/oz.

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20- Environmental Studies, Permitting and Social or Community Impact

There are no outstanding environmental issues or considerations at the Mana properties. An environmental impact study of the project was completed prior to opening of the mine (Socrège, 2006). It includes rehabilitation and mine closure plan. This plan is under full review by SEMAFO due to the significant increase in scale and scope that the mine has taken. For example the original impact study recommended the construction of an 11Mt tailings disposal site; however the site has now been upgraded to a capacity of 51.5Mt. To date 9.6Mt of tailings have been delivered to the site. The environmental impact study has defined the rules for compensation to local populations with lodging and revenues affected by the project. Following a governmental recommendation, a regular budget of $0.10 per tonne of material (ore and waste) is allowed in the economic analysis for rehabilitation purposes. A trust created for this purpose currently contains $1,996,000. Environmental control and monitoring of the Mana mining and milling operations is under the responsibility of the Environmental Manager for all SEMAFO operations in Africa. A team of employees under the supervision of a coordinator performs regular environmental controls. Due to the high impact of the rainy season, special care is given to the monitoring of global water management of the mine including tailing pond. All water from tailing pond is recycled to the mill for process. There is no effluent. Community development has been an important part of SEMAFO’s corporate strategy, and the company is still very active in this respect. Several initiatives and types of interactions help ensure that community support continues for the current project and any future expansions. Please see SEMAFO’s 2011 Sustainable Development Report for more details.

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21- Capital and Operating Costs

21.1 Capital The most important capital expenditures for the next ten years, which representing the life of mine based only on current reserves, are the capitalized stripping cost related to mining of all three pits (Siou, Fofina and Wona-Kona) of approximately $156M associated to approximately 89Mt. The total sustaining capital expenditures for Year 1, Year 2 and Year 3 are approximately $15,000,000 per year. The total life of mine sustaining capital expenditures for the 11 year- period amount to $139M, these amounts take into consideration renewal of mining fleet, tailings lift, major components rebuild , electrical and mechanical tools, liners and various small sustaining capital needs. As for the Siou capital growth expenditure, owing to the proximity of the Mana processing plant, capital expenditures will be minimal as there is no need for the construction of a new plant, tailings dam, camp and other significant ancillaries. Siou’s estimated capital expenditures of $25 million include mining and auxiliary equipment, minor infrastructure, crop compensation and road construction cost for haulage of ore over a 15 km distance to the Mana plant.

21.2 Operating Costs The operating costs shown in the table below are compiled from SEMAFO reports. The unit costs presented herein are representative of the historical cost incurred operationally in 2012 activities and 2013 budgets and projections. Table 30. Summary of unit operating cost.

DESCRIPTION UNITS WONA-KONA NYAFÉ FOFINA SIOU Waste Mining Oxides (saprolite) $/t 1.43 1.22 1.22 1.28 Transitional (saprock) $/t 1.96 1.84 1.84 1.77 Sulphides (bedrock) $/t 2.48 2.35 2.35 2.35 Rehabilitation $/t 0.10 0.10 0.10 0.10 Ore Mining Oxides (saprolite) $/t 1.51 4.50 4.50 5.76 Transitional (saprock) $/t 2.08 5.06 5.06 6.27 Sulphides (bedrock) $/t 2.59 5.53 5.53 6.74 Grade Control $/t 0.25 0.75 0.75 0.75 Rehabilitation $/t 0.10 0.10 0.10 0.10 Processing Oxides (saprolite) $/t 13.82 13.82 13.82 13.82 Transitional (saprock) $/t 16.05 16.05 16.05 16.05 Sulphides (bedrock) $/t 17.52 17.52 17.52 17.52 G & A Oxides (saprolite) $/t 3.35 3.35 3.35 3.35 Transitional (saprock) $/t 3.98 3.98 3.98 3.98 Sulphides (bedrock) $/t 4.42 4.42 4.42 4.42

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22- Economic Analysis

SEMAFO started open pit operations at Mana in 2008, and has been in production since that date, increasing milling treatment from 2,000 tonnes per day to the actual planned capacity of 7,200 tonnes per day in bedrock material. Since the start-up of operations up to end of the second quarter of 2013, Mana has processed 10,733,447 tonnes at an average grade of 2.80 g/t with an 89% average recovery for a total of 851,986 produced ounces. There are currently more than 18,800,000 tonnes of reserves in the Wona-Kona pit and an additional 7,000,000 tonnes of reserves in the other pits representing close to 11 years of production. Most of the equipment and components required to fulfill the mill capacity and the development of the pits are already in place: • The mining fleet has grown to 51 hauling trucks • A water pipeline is completed • An agreement has been signed with Burkina Faso authorities for the construction of a new power line expected for second half of 2014.

22.1 Cash Flow The estimated cash flow for the Mana Mining Permit, for which SEMAFO owns 90%, is shown on following pages. This cash flow was prepared based on the following data and assumptions: • Eleven years of ore reserves in open pits • Separated mining and milling production costs for each rock type • Present concentrator recoveries • A gold price of US$1,100/oz for reserves This cash flow of eleven years (11) prepared with reserves only does not represent the whole Life of Mine (LOM) of the Mana mineral reserves and resources.

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Table 31. Mana Production Cash Flow

YEAR 15 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6

Siou Waste (t) 2,766,000 11,942,000 14,250,000 14,268,000 6,686,000 7,755,000 Pre-stripping waste (t) 2,925,000 9,416,000 3,411,000 10,329,000 6,703,000 625,000 Ore processed (t) 187,000 807,000 962,000 964,000 875,000 1,048,000 Head grade (g/t) 4.75 6.56 5.45 3.71 5.46 3.96 Recovery (%) 96% 96% 96% 96% 96% 96% Gold recovered (oz) 27,429 163,457 161,774 110,415 147,550 127,891 1 Cash operating cost per tonne ($/t) 46 47 56 58 46 46 2 Total cash cost per ounce ($/oz) 364 282 383 554 320 423 Pre-stripping costs ($) 3,752,000 14,804,000 4,424,000 21,051,000 10,510,000 1,378,000 Total strip ratio Wona-Kona Waste (t) 20,524,000 11,800,000 12,054,000 8,762,000 9,956,000 16,477,000 Pre-stripping waste (t) 10,753,000 5,000,000 4,433,000 2,667,000 9,106,000 - Ore processed (t) 2,332,000 1,611,000 1,097,000 1,153,000 795,000 581,000 Head grade (g/t) 2.09 1.96 2.10 2.05 2.01 2.02 Recovery (%) 82% 81% 81% 81% 81% 83% Gold recovered (oz) 128,723 82,124 60,194 61,642 41,761 31,363 1 Cash operating cost per tonne ($/t) 45 43 42 43 48 62 2 Total cash cost per ounce ($/oz) 866 895 821 851 966 1,196 Pre-stripping costs ($) 19,758,000 9,794,000 7,780,000 5,348,000 13,093,000 - Total strip ratio Fofina Waste (t) - - 2,170,000 2,170,000 4,631,000 11,423,000 Pre-stripping waste (t) - - 597,000 597,000 557,000 1,969,000 Ore processed (t) - - 424,000 424,000 933,000 977,000 Head grade (g/t) - - 3.55 3.55 1.79 2.78 Recovery (%) - - 91% 91% 90% 83% Gold recovered (oz) - - 43,812 43,812 48,322 72,540 1 Cash operating cost per tonne ($/t) - - 29 29 29 39 2 Total cash cost per ounce ($/oz) - - 331 331 607 571 Pre-stripping costs ($) - - 731,000 731,000 682,000 2,411,000 Total strip ratio Others (Nyafé + ROM Pad) Gold recovered - 3,000 3,000 - - - Mana consolidated Waste (t) 23,290,000 23,742,000 28,474,000 25,200,000 21,273,000 35,655,000 Pre-stripping waste (t) 13,678,000 14,416,000 8,441,000 13,593,000 16,366,000 2,594,000 Ore processed (t) 2,519,000 2,485,000 2,547,000 2,541,000 2,603,000 2,606,000 Head grade (g/t) 2.29 3.45 3.60 2.93 3.09 3.08 Recovery (%) 84% 90% 91% 90% 92% 90% Total gold recovered (oz) 156,152 248,581 268,780 215,868 237,633 231,794 1 Cash operating cost per tonne ($/t) 45 44 45 46 40 47 2 Total cash cost per ounce ($/oz) 778 490 476 593 492 574 Pre-stripping costs ($) 23,510,000 24,598,000 12,935,000 27,130,000 24,285,000 3,788,000 Sustaining capital ($) 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 All-in sustaining cost3 ($/oz) 1,025 649 580 788 657 655 Gold @ $1,100/oz Sales 171,767,000 273,439,000 295,658,000 237,455,000 261,396,000 254,974,000 Total cash cost 121,477,000 121,700,000 127,964,000 128,059,000 116,919,000 133,006,000 Operating profit 50,290,000 151,739,000 167,694,000 109,396,000 144,477,000 121,968,000 1Cash operating cost per tonne is a non-IFRS financial performance measure with no standard definition under IFRS and is calculated using tonnes processed. 2Total cash cost per ounce is a non-IFRS financial performance measure with no standard definition under IFRS and represents the mining operation expenses and government royalties per ounce sold. 3All-in sustaining cost is a non-IFRS financial performance measure with no standard definition under IFRS and represents the total cash cost, plus sustainable capital expenditures and pre-stripping costs per ounce. 4LOM: Life of Mine 5Grid power is introduced from Year 2

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Mana Production Cash Flow (Continued) YEAR 7 YEAR 8 YEAR 9 YEAR 10 YEAR 11 TOTAL LOM4 Siou Waste (t) - - - - - 57,667,000 Pre-stripping waste (t) - - - - - 33,409,000 Ore processed (t) - - - - - 4,843,000 Head grade (g/t) - - - - - 4.94 Recovery (%) - - - - - 96% Gold recovered (oz) - - - - - 738,516 1 Cash operating cost per tonne ($/t) - - - - - 50 2 Total cash cost per ounce ($/oz) - - - - - 380 Pre-stripping costs ($) - - - - - 55,919,000 Total strip ratio 18.8 Wona-Kona Waste (t) 21,635,000 25,735,000 9,629,000 4,986,000 9,293,000 150,851,000 Pre-stripping waste (t) 16,206,000 3,809,000 - - - 51,974,000 Ore processed (t) 2,444,000 2,444,000 2,445,000 2,191,000 1,739,000 18,832,000 Head grade (g/t) 2.24 2.41 2.26 2.37 2.14 2.19 Recovery (%) 81% 81% 81% 81% 82% 81% Gold recovered (oz) 142,319 152,641 143,153 134,789 100,625 1,079,335 1 Cash operating cost per tonne ($/t) 50 51 36 31 43 44 2 Total cash cost per ounce ($/oz) 915 867 662 559 790 813 Pre-stripping costs ($) 34,074,000 5,676,000 - - - 95,523,000 Total strip ratio 10.8 Fofina Waste (t) - - - - - 20,394,000 Pre-stripping waste (t) - - - - - 3,720,000 Ore processed (t) - - - - - 2,758,000 Head grade (g/t) - - - - - 2.68 Recovery (%) - - - - - 88% Gold recovered (oz) - - - - - 208,486 1 Cash operating cost per tonne ($/t) - - - - - 32 2 Total cash cost per ounce ($/oz) - - - - - 478 Pre-stripping costs ($) - - - - - 4,555,000 Total strip ratio 8.7 Others (Nyafé + ROM Pad) Gold recovered - - - 24,000 - 30,000 Mana consolidated Waste (t) 21,635,000 25,735,000 9,629,000 8,348,000 9,294,000 232,275,000 Pre-stripping waste (t) 16,206,000 3,809,000 - - - 89,103,000 Ore processed (t) 2,444,000 2,444,000 2,445,000 2,457,000 1,739,000 26,830,000 Head grade (g/t) 2.24 2.41 2.26 2.75 2.14 2.77 Recovery (%) 81% 81% 81% 73% 82% 86% Total gold recovered (oz) 142,319 152,641 143,153 158,789 100,625 2,056,337 1 Cash operating cost per tonne ($/t) 50 51 36 34 43 44 2 Total cash cost per ounce ($/oz) 915 867 662 575 790 621 Pre-stripping costs ($) 34,074,000 5,677,000 - - - 155,997,000 Sustaining capital ($) 15,000,000 12,000,000 10,000,000 6,211,593 5,946,237 139,157,830 All-in sustaining cost3 ($/oz) 1,260 983 731 614 849 765 Gold @ $1,100/oz Sales 156,551,000 167,905,000 157,468,000 174,668,000 110,688,000 2,261,969,000 Total cash cost 130,258,000 132,410,000 94,696,000 91,246,000 79,514,000 1,277,249,000 Operating profit 26,293,000 35,495,000 62,772,000 83,422,000 31,174,000 984,720,000 1Cash operating cost per tonne is a non-IFRS financial performance measure with no standard definition under IFRS and is calculated using tonnes processed. 2Total cash cost per ounce is a non-IFRS financial performance measure with no standard definition under IFRS and represents the mining operation expenses and government royalties per ounce sold. 3All-in sustaining cost is a non-IFRS financial performance measure with no standard definition under IFRS and represents the total cash cost, plus sustainable capital expenditures and pre-stripping costs per ounce. 4LOM: Life of Mine 5Grid power is introduced from Year 2

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22.2 Taxes and Royalties The economic result of the cash flow is given as Earnings before Interests, Taxes, Depreciation and Amortization result, or EBITDA. The exception in this cash flow is the fixed Royalty of 4% of the gold sold that is added to the operation costs.

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23- Adjacent Properties

Roxgold Inc. has been active over the past two years on their Yaramoko property. They finalized the acquisition of the property from Riverstone Resources in October 2011 (October 2011 Roxgold Press Release). The qualified persons responsible for the present report have not been able to verify the information on the surrounding permits and the information is not necessarily indicative of the mineralization on the Mana Property. The most recent news on the Yaramoko Property is provided in the company’s August 27, 2013 press release. The release states a revised resource estimate of 1.9MT of indicated mineralization grading 13.88 g/t Au for 850,000 ounces. An additional 860,000 tonnes of inferred mineralization grading 9.88 g/t Au for 273,000 ounces is also mentioned. The cut-off grade used for this estimation is 3.0 g/t Au. This can be compared with September 19, 2012 resource estimation containing 617,000 ounces Au in the indicated category and 306,000 aunces Au in the inferred category. The company also mentions that a PEA is currently being completed. Goldrush Resources is a junior company based in Vancouver, Canada. They currently own a property called the Pompoi Project located to the southeast of the Mana group of permits and east of the Yaramoko Permit of Roxgold. Available information on the project includes some soil sampling on the western portion of the permit, and a few Rotary Air Blast (RAB) holes which are said to have inadequately tested some of the soil anomalies due to thick laterite horizons. A private company called Extracor holds a property just south of the Mana Property which they have called Yaho. Recent work appears to include airborne geophysics and RAB drilling. Exploration results are not publicly available. Middle Island Resources also holds a large group of permits to the east of the Massala-Saoura permits of SEMAFO called the Reo Project. It covers 1,166 km2 and was acquired from Newmont. The project area straddles the structurally complex junction of the Boromo and Houndé greenstone belts where thrusted against the central Burkina granitoid massif. Between 2007 and 2010, gold mineralisation was identified by Newmont at six main prospects, variously referred to as Morley, Goumi, Dassa, K4, K5 and East, and a further VMS prospect is located in the southeast portion of the Bissou permit application. A further prospect, Samba, has been identified by Middle Island’s subsequent exploration. These principal gold prospects are primarily located around the margins of the Didyr and Samba granodiorites, with the more significant K4/K5 Prospect located in a classic pressure shadow site at the southern extremity of the Didyr batholith.

Advanced Technical Report, Mana Property, Burkina Faso, Reserve and Resource Update Page 146

Additionally, several properties are located adjacent to the Mana permits to the north. These are primarily held by individuals and there is no public record on these properties.

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24- Other Relevant Data and Information

As shown in the following table, included ounces from the reserves before dilution (i.e. resources used for the reserves basis) in the volumes mined in the first 7 months of 2013 (July month being available was used for better comparison) and ounces extracted and adjusted to milling (before recovery) correlate very well. Mining enabled a gain of 3.3% more gold over block model; dilution (Extraction tonnage over Grade control tonnage) averages 13% for that period. Part of an extensive optimizing program, dilution reduction is having an action plan. Starting point is reducing from 3.3 meters height to 2.5 meters lifts, followed by using electronic detonators and precision in drilling will be improved, thanks to dedicated trainer technician.

Table 32. 2013 Compilation- Seven months 2013 Compilation - January to July

Pre-dilution Reserves Grade control reconciled to mill Mine extraction

Tonnes g/t Au Ounces Tonnes g/t Au Ounces Tonnes g/t Au Ounces 1,456,403 2.35 110,180 1,481,613 2.39 113,857 1,674,604 2.11 113,857

Mining Metal Dilution Gain 13,0% 3,3%

A mining plan will be filed with the Burkina Faso authorities as a requirement of the EIA. On site, a full time team of professionals has been assigned to work on the permitting process and are collaborating with governmental officials in this regard. It is presently anticipated to have requested permitting to initiating pre-stripping and mining in the second half of 2014. No other relevant data is necessary to make this technical report complete.

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25- Interpretation and Conclusions

25.1 Resources Resource models have not changed since the last Technical Report except for Maoula and Siou. Wona-Kona 2012 resource model was cut with the bottom pit surface survey file (DTM- Data Terrain Modelling) at the end of June 2013 to reflect on the current mining operations. However, pit optimization parameters such as a lower gold price, higher mining and milling costs and gentler pit slope design have impacted the in-pit resources compared to those of last year. Also, the remaining resources cut-off grade below the optimized pit shells have been increased to 2 g/t for Wona-Kona and Siou, 3 g/t for Yaho and 5 g/t for the other deposits to reflect the CIL mill recovery factors for sulphides. Tables 33 and 34 compare estimated Mana measured, indicated and inferred resources at the end of June 2013 with end of 2012. Total measured and indicated mineral resources at Mana decreased by almost 19% in 2013 to 35.9M tonnes at an average grade of 2.12 g/t Au, representing 2.45M ounces. This compares to 48.6M tonnes at an average grade of 1.93 g/t Au for 3.02M ounces at the end of 2012. Total inferred mineral resources decreased by 23% in 2013 to 14.7M tonnes at an average grade of 3.05 g/t Au, representing 1.45M ounces. This compares to 18.3M tonnes at an average grade of 3.18 g/t Au for 1.87M ounces at the end of 2012. Most of the ounces lost in 2013 in both the M&I (0.56M ounces) and inferred (0.42M ounces) resources is explained by a much more restrictive cut-off grade below the optimized pit shells. This is being justified by a continuous effort by SEMAFO to reflect on more effective mill recoveries for the refractory sulfide portion of the deposits. On the other hand, those losses have been greatly tampered by the successful drill results from Siou. From the originally reported 1M ounces of inferred resources, drilling has not only succeed defining 0.77M ounces as reserves, but also outlined new mineralization that totals 0.16M ounces as M&I resources and 0.80M ounces as inferred resources. Table 33. Comparison of Mana M&I Resources at the end of June 2013 with 2012.

JUNE 30, 2013 DECEMBER 31, 2012 DEPOSITS TOTAL M&I RESOURCES Variation Oz. TOTAL M&I RESOURCES Tonnage Grade Ounces (%) Tonnage Grade Ounces WONA-KONA 17,050,800 2.88 1,579,300 (20.96) 25,828,800 2.41 1,998,000 NYAFÉ 529,700 5.71 97,200 (40.67) 1,176,700 4.33 163,800 FOFINA 1,075,100 3.01 104,200 (49.26) 2,304,900 2.77 205,400 YAHO 14,549,600 1.01 473,400 (18.83) 18,377,300 0.99 583,200 FILON 67 35,000 2.93 3,300 (65.82) 82,000 3.64 9,600 FOBIRI 583,100 1.74 32,700 (43.03) 832,500 2.14 57,400 SIOU 2,073,300 2.34 156,200 TOTAL M&I 35,896,600 2.12 2,446,300 (18.93) 48,602,200 1.93 3,017,400

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Table 34. Comparison of Mana Inferred Resources at the end of June 2013 with 2012.

JUNE 30, 2013 DECEMBER 31, 2012 DEPOSITS TOTAL INFERRED RESOURCES Variation Oz. TOTAL INFERRRED RESOURCES Tonnage Grade Ounces (%) Tonnage Grade Ounces WONA-KONA 4,470,800 2.79 401,200 (23.85) 6,714,000 2.44 526,900 NYAFÉ 150,800 5.86 28,400 (43.17) 365,600 4.26 50,000 FOFINA 210,500 5.36 36,300 (56.04) 713,200 3.60 82,600 YAHO 470,800 1.45 22,000 (70.82) 1,430,100 1.64 75,500 FILON 67 5,500 6.32 1,100 (66.45) 27,400 3.79 3,300 FOBIRI 577,600 1.39 25,800 (68.51) 1,182,400 2.16 81,900 MAOULA 2,628,200 1.62 137,100 185.67 1,089,400 1.37 48,000 SIOU 6,227,600 3.97 795,300 (20.40) 6,730,700 4.62 999,200 TOTAL INFERRED 14,741,800 3.05 1,447,200 (22.50) 18,252,800 3.18 1,867,400

25.2 Reserves In a similar fashion, Table 35 compares estimated Mana reserves at the end of June 2013 with 2012. Mana’s mineral reserves total 26.8M tonnes at an average grade of 2.77 g/t Au at mid- year 2013 compared to 25.1M tonnes at an average grade of 2.31 g/t Au at end 2012. Reserves have increased by 28% due to the significant addition of 0.77M ounces from Siou. Wona-Kona reserves were updated from a new pit design cut with the DTM at the end of June 2013, ending up in a reduction of 241,000 ounces, including mined out 1,416,300 tonnes at 2.11 g/t Au for 95,900 ounces, at 1,324,500 ounces. Higher cut-off grade and more gentle pit slope are responsible the remaining reduction portion. Fofina’s tonnage has slightly increased while the grade has decreased in the new pit design as a consequence of gentler pit slope design and lower gold price. But the overall ounces have remained unchanged. Despite updated cut-off grades, Nyafé’s reserve ounces have remained unchanged. Table 35. Comparison of Mana Reserves at the end of June 2013 with 2012.

JUNE 30, 2013 DECEMBER 31, 2012 DEPOSITS TOTAL RESERVES Variation Oz. TOTAL RESERVES Tonnage Grade Ounces (%) Tonnage Grade Ounces WONA-KONA 18,832,200 2.19 1,324,500 (15.39) 22,078,300 2.21 1,565,500 NYAFÉ 266,700 5.84 50,100 (0.43) 274,900 5.69 50,300 FOFINA 2,757,100 2.68 237,700 (0.17) 2,638,200 2.81 238,000 SIOU 4,842,900 4.94 769,300 ROMPAD 131,000 1.83 7,700 11.51 81,000 2.65 6,900 TOTAL RESERVES 26,829,900 2.77 2,389,300 28.40 25,072,400 2.31 1,860,700

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25.3 Mining and Metallurgy All reserves being for open pit, mining method is in an ongoing mode. The life-of-mine (LOM) production simulation tabled in section 22 includes production from Siou estimated to be 27,430 ounces in Year 1 (as it is only scheduled to be in production during the second half of the year), 163,460 ounces in Year 2 and 161,780 ounces in Year 3. Total cash cost per ounce is estimated at a very low $364 in Year one, $282 in Year 2 and $383 in Year 3. The average strip ratio over the LOM (Years 1-11) is 1:18.8. Gold recovery as shown through various CIL tests indicates a 96% recovery rate as the gold is fine, free, disseminated in quartz veins and easy to liberate using conventional CIL processing methods. Owing to Siou’s proximity to the Mana processing plant, capital expenditures will be minimal as there is no need for the construction of a new plant, tailings dam, camp and other significant ancillaries. Siou’s estimated capitalized expenditures of $25 million include minor infrastructure, mining and auxiliary equipment, crop compensation and road construction costs. Production simulations also take into consideration the use of local contractors for the haulage of ore from Siou and Fofina to the Mana processing plant over distances of approximately 15 and 17 kilometers, respectively. Metallurgical tests obtained in 2012 suggest that the Fofina, Fobiri, Yaho deposits have low recovery within the sulphide bearing portion of the bedrock. High recoveries, 96% at Siou sector, even in bedrock mineralization, demonstrate variation of kind of mineralization at Mana. This implies that the metallurgical performance of the mineral deposits represents an important parameter that should be considered for exploration and planning.

25.4 Exploration

The exploration level at Mana property is still relatively immature and Mana Mineral continues to refine the geological models for each deposit. Funding of academic studies as well as geological mapping coupled with the use of oriented core has helped us in understanding the distribution and controls on the ore gold bearing structures. The geological potential of the Mana property is considered very high and continued exploration is expected to result in further discoveries.

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26- Recommendations

The addition of Mana exploration laboratory facilities for up to 900 samples per day was successful. Moving forward in improvement would be to implement, on site, a systematic density measurement from core in the various ore in order to firm up the fixed density values used in the resource modelling of deposits.

Continued understanding of the Siou Deposit has shed new lights on the potential of intrusive environment gold deposits within the Mana Property. In light of this knowledge, further efforts should be dedicated to reviewing those intrusives at Mana. Siou has demonstrated that vein- type deposits may offer significant tonnage at higher grade deposits which, coupled with the Wona Deposit, can provide operational flexibility at lower costs. Although gold exploration programs should remain open to all type of mineralization styles, focusing on the potential of intrusives within and at the margin of the Houndé Belt should be an important part of the 2013- 2014 exploration programs at Mana.

The environmental and social impact studies for the projects Siou and Fofina are completed and submitted to the authorities of Burkina Faso. The application process for authorization of both projects is following its normal course. These impact studies are also needed to complete the operating permits extension requests which are also submitted to the authorities. The revision of the reclamation plan is ongoing and will be completed in the fourth quarter of 2013.

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27- References

Augustin, J. 2010. Facteurs de contrôle et processus métallogénique des minéralisations aurifères du gisement de Wona, Mine Mana, Burkina Faso, Masters Thesis from l’Université du Québec à Chicoutimi.

Gaboury, D., 2011. Rapport de visites géologiques, District aurifère de Mana, Burkina Faso. Internal Report.

Robb, W., 2010. Technical Report on the Geology of the Yaramoko, Bouboulou and Solna Group of exploration Permits, Burkina Faso, West Africa, for Roxgold Inc.

SEMAFO 2012 Sustainable Development Report: http://www.SEMAFO.com/download/RDD_26_03_2013_ENG_WEB.pdf

Advanced Technical Report, Mana Property, Burkina Faso, Reserve and Resource Update Page 153

Certificate of Qualified Person for Michel Crevier, MScA, P. Geo.

I, Michel Crevier, MScA, P. Geo., Quebec, do hereby certify that:

a) I am Vice-President, Exploration and Mine Geology at SEMAFO Inc. (“SEMAFO”) with an office located at 100 Alexis-Nihon Blvd, 7th floor, Saint-Laurent, Quebec, Canada H2M 2P3; I am the Corporation’s “qualified person”.

b) This certificate regards the technical report entitled “Advanced Technical Report, Mana Property, Burkina Faso, Reserve and Resource Update as at June 30, 2013” with an effective date of October 4, 2013 (the “Technical Report”);

c) I have a Bachelor’s and Master’s degree in Applied Sciences, elective in geological exploration and development, and Diploma respectively from Université du Québec à Montréal (UQAM) in 1978 and from Université du Québec à Chicoutimi (UQAC) in 1981. I am a member in good standing (#160) of the Ordre des Géologues du Québec (Order of Geologists of Quebec). I have worked as a geologist continuously since my graduation from university. I am a “Qualified Person” for purposes of National Instrument 43-101 (the “Instrument”);

d) My last visit to the Mana site was from May 15 to May 22, 2013;

e) I am responsible for Sections 1, 6, 24, 25 and 26 of the Technical Report;

f) I am not independent of SEMAFO as described in Section 1.5 of the Instrument;

g) I currently work for SEMAFO, including on the property that is the subject of the Technical Report;

h) I have read the Instrument and the sections of the Technical Report that I am responsible for which have been prepared in compliance with the Instrument; and

i) As of the effective date of the Technical Report, to the best of my knowledge, information, and belief, the parts of the Technical Report that I am responsible for, contain all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

Signed and dated this 4th day of October, 2013 at Montreal, Quebec.

(signed) Michel Crevier Michel Crevier, MScA, P. Geo. Vice-President, Exploration and Mining Geology SEMAFO Inc.

Advanced Technical Report, Mana Property, Burkina Faso, Reserve and Resource Update Page 154

Certificate of Qualified Person for François Thibert, M.Sc, P. Geo.

I, François Thibert, M.Sc, P. Geo., Quebec, do hereby certify that:

a) I am Reserve and Resource Estimation Group Manager at SEMAFO Inc. (“SEMAFO”) with an office located at 100 Alexis-Nihon Blvd, 7th floor, Saint-Laurent, Quebec, Canada H2M 2P3;

b) This certificate regards the technical report entitled “Advanced Technical Report, Mana Property, Burkina Faso, Reserve and Resource Update as at June 30, 2013” with an effective date of October 4, 2013 (the “Technical Report”);

c) I am a graduate from HEC Montreal (Certificate in Project Management, 2010), University of Montreal (M.Sc., Igneous Petrology, 1993), and (B.Sc., Geology, 1987). I am a member in good standing (#1444) of the Ordre des Géologues du Québec (Order of Geologists of Quebec). I have worked as a geologist continuously since my graduation from university. I am a “Qualified Person” for purposes of National Instrument 43-101 (the “Instrument”);

d) My last visit to the Mana site was from August 21 to September 24, 2013;

e) I am responsible for Sections 2, 3, 11, 12, 14 and 15 of the Technical Report;

f) I am not independent of SEMAFO as described in Section 1.5 of the Instrument;

g) I currently work for SEMAFO, including on the property that is the subject of the Technical Report;

h) I have read the Instrument and the sections of the Technical Report that I am responsible for which have been prepared in compliance with the Instrument; and

i) As of the effective date of the Technical Report, to the best of my knowledge, information, and belief, the parts of the Technical Report that I am responsible for, contain all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

Signed and dated this 4th day of October, 2013 at Montreal, Quebec.

(signed) François Thibert François Thibert, M.Sc, P. Geo. Reserve and Resource Estimation Group Manager SEMAFO Inc.

Advanced Technical Report, Mana Property, Burkina Faso, Reserve and Resource Update Page 155

Certificate of Qualified Person for Richard Roy, P.Geo.

I, Richard Roy, P. Geo. Quebec, do hereby certify that:

a) I am Exploration Manager at SEMAFO Inc. (“SEMAFO”) with an office located at 100 Alexis-Nihon Blvd, 7th floor, Saint-Laurent, Quebec, Canada H2M 2P3;

b) This certificate regards the technical report entitled “Advanced Technical Report, Mana Property, Burkina Faso, Reserve and Resource Update as at June 30, 2013” with an effective date of October 4, 2013 (the “Technical Report”);

c) I am a graduate of Concordia University (B.Sc. Geology, 1988). I am a member in good standing (#536) of the Ordre des Géologues du Québec (Order of Geologists of Quebec). I have worked as a geologist continuously since my graduation from university. I am a “Qualified Person” for purposes of National Instrument 43-101 (the “Instrument”);

d) My last visit to the Mana site was from May 13 to May 16, 2013;

e) I am responsible for Sections 4, 5, 7, 8, 9, 10, 23 and 25.4 of the Technical Report;

f) I am not independent of SEMAFO as described in Section 1.5 of the Instrument;

g) I currently work for SEMAFO, including on the property that is the subject of the Technical Report;

h) I have read the Instrument and the sections of the Technical Report that I am responsible for which have been prepared in compliance with the Instrument; and

i) As of the effective date of the Technical Report, to the best of my knowledge, information, and belief, the parts of the Technical Report that I am responsible for, contain all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

Signed and dated this 4th day of October, 2013 at Montreal, Quebec.

(signed) Richard Roy Richard Roy, P. Geo. Exploration Manager SEMAFO Inc.

Advanced Technical Report, Mana Property, Burkina Faso, Reserve and Resource Update Page 156

Certificate of Qualified Person for Patrick Moryoussef, P. Eng.

I, Patrick Moryoussef, P. Eng. Quebec, do hereby certify that:

a) I am Vice-President, Mining Operations at SEMAFO Inc. (“SEMAFO”) with an office located at 100 Alexis-Nihon Blvd, 7th floor, Saint-Laurent, Quebec, Canada H2M 2P3;

b) This certificate regards the technical report entitled “Advanced Technical Report, Mana Property, Burkina Faso, Reserve and Resource Update as at June 30, 2013” with an effective date of October 4, 2013 (the “Technical Report”);

c) I have a Bachelor’s degree in Applied Sciences, elective in mining engineering and engineering diploma from McGill University in Montreal. I am a member in good standing (#116242) of the Ordre des Ingénieurs du Québec (Order of Engineers of Quebec) and of the Canadian Institute of Mining, Metallurgy and Petroleum. I have worked as a mining engineer continuously since my graduation from university in 1994. I am a “Qualified Person” for purposes of National Instrument 43-101 (the “Instrument”);

d) My last visit to the Mana site was from May 29 to June 6, 2013;

e) I am responsible for Sections 16, 19, 20, 21 and 22 of the Technical Report;

f) I am not independent of SEMAFO as described in Section 1.5 of the Instrument;

g) I currently work for SEMAFO, including on the property that is the subject of the Technical Report;

h) I have read the Instrument and the sections of the Technical Report that I am responsible for which have been prepared in compliance with the Instrument; and

i) As of the effective date of the Technical Report, to the best of my knowledge, information, and belief, the parts of the Technical Report that I am responsible for, contain all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

Signed and dated this 4th day of October, 2013 at Montreal, Quebec.

(signed) Patrick Moryoussef Patrick Moryoussef, P. Eng. Vice-President, Mining Operations SEMAFO Inc.

Advanced Technical Report, Mana Property, Burkina Faso, Reserve and Resource Update Page 157

Certificate of Qualified Person for Sylvain Duchesne, Eng.

I, Sylvain Duchesne, P. Eng. Quebec, do hereby certify that:

a) I am General Manager, Construction & Engineering at SEMAFO Inc. (“SEMAFO”) with an office located at 100 Alexis-Nihon Blvd, 7th floor, Saint-Laurent, Quebec, Canada H2M 2P3;

b) This certificate regards the technical report entitled “Advanced Technical Report, Mana Property, Burkina Faso, Reserve and Resource Update as at June 30, 2013” with an effective date of October 4, 2013 (the “Technical Report”);

c) I am a graduate of Polytechnique of Montreal (B.Sc. Mining Engineering, 1987). I am a member in good standing (#118349) of the Ordre des Ingénieurs du Québec (Order of Engineers of Quebec). I have worked as a mining engineer continuously since my graduation from university. I am a “Qualified Person” for purposes of National Instrument 43-101 (the “Instrument”);

d) My last visit to the Mana site was from August 21 to August 30, 2013;

e) I am responsible for Sections 13, 17 and 18 of the Technical Report;

f) I am not independent of SEMAFO as described in Section 1.5 of the Instrument;

g) I currently work for SEMAFO, including on the property that is the subject of the Technical Report;

h) I have read the Instrument and the sections of the Technical Report that I am responsible for which have been prepared in compliance with the Instrument; and

i) As of the effective date of the Technical Report, to the best of my knowledge, information, and belief, the parts of the Technical Report that I am responsible for, contain all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

Signed and dated this 4th day of October, 2013 at Montreal, Quebec.

(signed) Sylvain Duchesne Sylvain Duchesne, P. Eng. General Manager, Construction & Engineering SEMAFO Inc