Location and Description of the Project

TOKKO

Project Background

Tokko is a rapidly advancing development project adjacent to Nordgold’s flagship Gross mine in Yakutia, Russia. It was discovered in 2019 as a result of near mine exploration and today it has the potential to become Nordgold’s second largest by production low cost mine

In February 2021, Nordgold announced positive results of the NI 43-101 compliant Preliminary Economic Assessment for the Tokko project. It demonstrates the potential to develop the Tokko project by two, low cost open-pit operations with two valley-fill, all season heap leach facilities at a low initial capital cost to deliver a Base Case after-tax net present value of approximately US$ 653 million and after tax net internal rate of return of approximately 29.5%.

The Tokko project includes two gold deposits, Tokkinskoe and Roman, located 13 km to the west of Nordgold’s Gross and Taborny mines in the southwest of the Republic of Sakha (Yakutia), Russia.

Mineral Resources of 3.6 Moz were estimated for Tokko project. This estimate consists of 1.3 Moz of Mineral Resource (Indicated 523 koz, Inferred 782 koz) for the Tokkinskoe deposit as at 1 December 2020 and 2.3 Moz of Inferred Resources for the Roman deposit as at 15 December 2020.

2020 Tokko PEA Highlights:

  • Average annual production of 200 thousand ounces (“koz”) in years 2-10
  • All-in Sustaining Costs (AISC) of US$ 637/oz over the Life-of-mine (“LOM”) of 14 years
  • Mineral Resources of 523 koz (Indicated) and 3,088 koz (Inferred)
  • A Mine Plan that contemplates the extraction of 3.1 Moz of Au from the two deposits
  • After-tax NPV of US$653 million at 5% using a gold price of US$ 1,400 per ounce (“oz”)
  • After-tax IRR of 29.5%
  • Pre-production capital cost of US$ 306 million, including US$ 59 million contingency
  • Planned start of production in 2024
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