Executive Summary

The Jonnagiri project is one of the most well developed, construction-ready, gold projects in the country offering strong cash flows over next 8-10 years. Open-pit mining operation and simple Metallurgy the gold ore make this project highly profitable.

Gold mineralization in the ML area is distributed in 4 blocks, namely East, West, South and North Blocks. Geomysore has conducted detailed exploration in the East and West Blocks, to achieve 361,000 ounces of Mineral Resource (JORC Indicated and Inferred categories), out of which approximately 271,000 ounces is open pit.

Detailed drilling and rigorous internal evaluation of results indicate the presence of 6.8 tons of mineable gold in the open pit of the East Block for a total depth of 180 m, with a mine life of 8 to 9 years. Upon further detailed drilling in the remaining blocks, the resources could potentially increase to 14 tons of mineable gold, with a mine life to about 15 years.

The project is expected to start the full scale commercial production from the second quarter of 2025. Pilot scale production is already commenced.