Exhibit 96.1

BLUE GOLD HOLDINGS LIMITED

S-K 1300 TECHNicAL REPORT SUMMARY – BogosO-Prestea (Ghana) Property

AUGUST 2024

Wardell Armstrong Baldhu House, Wheal Jane Earth Science Park, Baldhu, Truro, Cornwall, TR3 6EH, United Kingdom Telephone: +44 (0)1872 560738    www.wardell-armstrong.com

BLUE GOLD HOLDINGS lIMITED

S-K 1300 TECHNICAL REPORT SUMMARY – BOGOSO-PRESTEA (GHANA) PROPERTY

August 2024

Effective Date: April 01, 2024 

Signature Date: August 15, 2024 

This report has been prepared by Wardell Armstrong International with all reasonable skill, care and diligence, within the terms of the Contract with the Client. The report is confidential to the Client and Wardell Armstrong International accepts no responsibility of whatever nature to third parties to whom this report may be made known.

No part of this document may be reproduced without the prior written approval of Wardell Armstrong International.

BLUE GOLD HOLDINGS LIMITED S-K 1300 TECHNICAL REPORT SUMMARY - BOGOSO PRESTEA (GHANA) PROPERTY

CONTENTS

BLUE GOLD HOLDINGS LIMITED S-K 1300 TECHNICAL REPORT SUMMARY - BOGOSO PRESTEA (GHANA) PROPERTY

BLUE GOLD HOLDINGS LIMITED S-K 1300 TECHNICAL REPORT SUMMARY - BOGOSO PRESTEA (GHANA) PROPERTY

BLUE GOLD HOLDINGS LIMITED S-K 1300 TECHNICAL REPORT SUMMARY - BOGOSO PRESTEA (GHANA) PROPERTY

TABLES

BLUE GOLD HOLDINGS LIMITED S-K 1300 TECHNICAL REPORT SUMMARY - BOGOSO PRESTEA (GHANA) PROPERTY

BLUE GOLD HOLDINGS LIMITED S-K 1300 TECHNICAL REPORT SUMMARY - BOGOSO PRESTEA (GHANA) PROPERTY

FIGURES

BLUE GOLD HOLDINGS LIMITED S-K 1300 TECHNICAL REPORT SUMMARY - BOGOSO PRESTEA (GHANA) PROPERTY

BLUE GOLD HOLDINGS LIMITED S-K 1300 TECHNICAL REPORT SUMMARY - BOGOSO PRESTEA (GHANA) PROPERTY

This Technical Report Summary has been prepared by Wardell Armstrong International, in association with the UK-based companies Future Global Resources Limited (“FGR”) and Blue Gold Holdings Limited (“Blue Gold”), regarding the Bogoso and Prestea mining concessions in the Ashanti region of Ghana (the “Property” or “Project”). FGR is acting as agent on behalf of Blue Gold and has provided certain information for the purpose of this report. The purpose of this Technical Report Summary is to support the disclosure of Mineral Resources on the properties as of 1^st April 2024 in the proposed registration statement on Form S-1 and periodic filings with the United States Securities and Exchange Commission (“SEC”).

This Technical Report Summary (“TRS”) has been prepared to present the updated Mineral Resources for the Bogoso Prestea property along with a conceptual Life of Mine (“LOM”) schedule for the restart of mining operations. The conceptual LOM is based on Mineral Resources.

This Technical Report Summary conforms to SEC’s Modernized Property Disclosure Requirements for Mining Registrants as described in Subpart 229.1300 of Regulation S-K, Disclosure by Registrants Engaged in Mining Operations (“S-K 1300”) and Item 601(b)(96) Technical Report Summary.

The Bogoso Prestea Property is located in western Ghana approximately 200km by road from the capital Accra and 50km from the coast of the Gulf of Guinea. Bogoso and Prestea comprise a collection of adjoining mining concessions that together cover a 40km section of the Ashanti gold district in the central eastern section of the Western Region of Ghana, with the processing facilities situated approximately 10km south of the town of Bogoso. Blue Gold owns the rights to mine both the Bogoso and Prestea concessions. Mining has been ongoing in the area since the late 18th Century, initially underground and more recently from a series of open pit operations mining both oxide and refractory material. Future production from the mine will be sourced from both the Prestea Underground operation and from expansion of the historic open pits located within the concession. The mine is currently on care and maintenance.

Access to the property by road is a six-hour drive from Accra via the port city of Takoradi. The road is paved from Accra to Bogoso with the last thirty minutes to Prestea being unpaved. There are airports at Kumasi and Takoradi, which provide daily services to the international airport at Accra. Kumasi is situated approximately a 3.5-hour drive from Prestea.

The climate is south western equatorial climate type with daily temperatures varying mostly between 20°C to 35°C. There are two rainy seasons, one from April to June and then a minor rainy season in October and November. This area has significant rainfall most months, with a short dry season in December and January. Annual rainfall in the area averages ≈1,600mm.

BLUE GOLD HOLDINGS LIMITED S-K 1300 TECHNICAL REPORT SUMMARY - BOGOSO PRESTEA (GHANA) PROPERTY

The Property is in an area where mining has occurred more or less continuously since the late 1800s, so local skilled mine workers are readily available. Equally, the area is well serviced by the public road network, mains electricity, water supply, and the immediate area can support tailings storage, waste rock disposal, heap leach pad areas, and potential processing plant expansion.

The physiography of the area within which the Property is located generally slopes in a northern direction towards the Ankobra River and can be described as gently rolling, punctuated by a number of low hills and rises. A series of northeast-southwest trending sub-parallel ridges, about 2km wide, dominates the eastern part of the Property area. These ridges range in height from 150m to 195m. The western part has lower hills generally ranging in height between 70m and 110m. The mineralisation tends to occur on the western slopes of the ridges with the intervening valleys occupied by farming communities and seasonal streams.

Mining and exploration at Prestea has been ongoing since 1873. During the majority of this period, the work was concentrated around the Prestea Village area with the development of the underground operation and a small open pit at Plant North in the north of the Prestea concession. Recorded production for the Prestea mine began in 1912 under the British company Ariston Mining, which operated the mine until the 1950s, and were predominantly responsible for the underground development including shaft sinking, ventilation, and level development. The mine was nationalised in the late 1950s, following the independence of Ghana, when all mining operations in the Prestea region were consolidated under the management of Prestea Gold Limited, a subsidiary of the State Gold Mining Company Limited (“SGMC”).

Marlu Gold Mining Areas Limited explored for gold at Bogoso (North) and Marlu and operated a medium scale open pit and underground mining operation from 1935 to 1955. Surface gold mineralisation was systematically explored utilising trenching and shallow adits driven across strike. Deeper exploration, well below the depth of oxidation (approx. 40m), was conducted on the Marlu deposits, where underground workings extended approximately 250m below the surface. In 1935, mining oxide commenced from a series of open pits extending from Bogoso North to Buesichem. The Marlu mining operation terminated in 1955.

In 1986, Canadian Bogoso Resources Limited (a Ghanaian company), commenced exploration on the Bogoso concession. Exploration between 1986 and 1988 outlined potential for development of mining operations on the concession. Included as part of this work was drilling of the Marlu tailings, dewatering and sampling of the Marlu underground workings to a depth of about 100m, diamond drilling beneath the old open pits, adit sampling and trenching. Despite this, Marlu tailings has not been re-mined and could be considered in the future by Blue Gold.

BLUE GOLD HOLDINGS LIMITED S-K 1300 TECHNICAL REPORT SUMMARY - BOGOSO PRESTEA (GHANA) PROPERTY

Billiton Plc, now known as BHP Billiton Limited, then part of the Royal Dutch Shell Group, took control of the Bogoso Prestea property in the late 1980s and completed an internal Feasibility Study. Construction of a mining and processing facility was completed in 1991, the latter comprising a conventional Carbon in Leach (“CIL”) circuit to treat the oxidised material at a rate of 1.36Mtpa and a flotation, fluidized bed roasting, and CIL circuit with a design capacity of 0.9Mtpa. However, Billiton encountered operation difficulties with the fluidized bed roaster, as a result of which the operation was then focussed solely on the oxide ore. The resulting standalone CIL plant had a capacity of approximately 2.0Mtpa and on-going exploration was successful in delineating further ore thereby prolonging the mine life.

In the early 1990s, the government of Ghana reopened the mining industry to foreign companies and a joint venture agreement was formed between Barnex JCI Ltd., Prestea Gold Ltd., the SGMC, and the government of Ghana. Barnex JCI Ltd. withdrew from the joint venture in 1998 due to a low gold price and aging infrastructure. A consortium supported by the Ghana Mine Workers Union was then founded to operate the mine under the name Prestea Gold Resources Limited. The mine operated for three years until its closure in early 2002 due to depressed gold prices and financial difficulties. The Prestea underground mine remained under care and maintenance from the 2002 closure to 2014 when refurbishment started (2015-2017). The open pit operations continued throughout this period.

Golden Star Resources Limited (“GSR”) acquired the Bogoso mine in 1999. GSR installed a nominal 1.5Mtpa CIL processing plant to process oxide and other non-refractory ores (termed the Bogoso non-refractory plant). In 2001, GSR acquired the Prestea property located adjacent to the Bogoso property and mined surface deposits at Prestea from late 2001 to late 2006 now under common ownership of Golden Star (Bogoso/Prestea) Limited (“GSBPL”). In July 2007, GS-BPL completed construction and development of a nominal 3.5Mtpa processing facility at Bogoso/Prestea that used BIOX® technology to treat refractory sulphide ore. However, this plant was eventually shut down in 2015 due to a series of failures.

Future Global Resources (“FGR”) acquired GSBPL in October 2020 (later renamed FGR Bogoso Prestea Limited (“FGRBPL”)), which by this time had accrued significant liabilities, and the Prestea underground West Reef target was the only area being actively mined. FGR operated the mine for four years, reopening the open pit operations and taking the mine into profit by Q1 2023. However, mining operations were suspended in November 2023 and in January 2024 FGRBPL entered into agreements with Blue Gold to transfer the Property from FGR’s ownership to Blue Gold. The transfer of the Property to Blue Gold became effective in May 2024.

Although production has fluctuated throughout the operating period, the Ghana Chamber of Mines has recorded approximately 9Moz of gold produced from the Prestea area since 1877 which also includes production from open pit mines. The most recent production data for Bogoso Prestea is summarised in Table 1.1.

BLUE GOLD HOLDINGS LIMITED S-K 1300 TECHNICAL REPORT SUMMARY - BOGOSO PRESTEA (GHANA) PROPERTY

The Bogoso and Prestea in-situ deposits are located on the 250km long northeast trending, Ashanti Belt, a Paleoproterozoic granitoid-greenstone assemblage in southwest Ghana. These greenstone belts and dividing sedimentary basins were formed and deformed during the Eburnean orogeny. The Prestea-Bogoso area occurs at the southern termination of the Ashanti Belt, where the gold deposits, mined or under exploration, are localised principally along two steep to subvertical major crustal structures referred to as the Ashanti trend and the Akropong trend. The principal structures are graphitic shear zones and mineralised fault filled quartz veins.

The Bogoso Prestea deposits can be classified as a lode gold deposits or orogenic mesothermal gold deposits, which are the most common gold systems found within Archean and Paleoproterozoic terrains. In the West African shield, orogenic gold deposits are typically underlain by geology considered to be of Eburnean age and are generally hosted by volcano-sedimentary sequences.

At Bogoso Prestea, gold mineralisation exhibits a strong relationship with major shear zones, fault zones and second order structures. Three types of mineralization have been identified at Prestea, which are characterised as mesothermal gold mineralization:

The graphite rich shear-hosted and volcanic hosted mineralization types are refractory and generally lower grade in comparison to fault-filled quartz vein hosted mineralization type. The weathering profile at Bogoso Prestea is deep and typically results in extensive surface oxidation of bedrock, to a depth of up to one hundred metres. Generally, the weathering profile typically consists of a lateritic surface, a saprolitic horizon, a transitional zone and a deeper primary sulphide zone.

Drilling for definition of open pit resources is a mixture of core, reverse circulation with Rotary Air Blast (“RAB”) drilling also carried out, primarily in early stage target definition. Reverse Circulation (“RC”) drilling is the primary methodology for collection of samples for resource estimation with core drilling carried out for detailed geological investigation or for deeper sampling. As a consequence, most drill profiles are a mixture of RC and core drilling.

Drilling for definition of underground resources are a combination of surface and underground core drilling with the West reef drilling completed between 2004 and 2017.

Sampling from RC drilling is carried out using a standard single cyclone with samples collected at 1.0m intervals through the expected mineralized zone. In zones of waste rock, the sample interval is occasionally increased to a 3.0m composite. However, all samples are assayed and if a 3.0m sample returns a significant grade value the original 1.0m samples will be assayed individually. Core from surface diamond drilling (“DD”) is collected using HQ size core barrel3s. The core is logged and sawn in half at the Bogoso mine site and nominal 1.0m samples are prepared through the prospective mineralized zone.

Specific gravity (“SG”) determinations were carried out by measurement of representative core samples from each drill run. This ensures representative specific gravity data across all rock types from oxide, transition, moderately oxidised and fresh material, irrespective of gold grade. SG was measured at the core facility using a water immersion method.

BLUE GOLD HOLDINGS LIMITED S-K 1300 TECHNICAL REPORT SUMMARY - BOGOSO PRESTEA (GHANA) PROPERTY

Sample preparation on site is restricted to core logging and splitting. Sample preparation and assaying were performed at independent laboratories, either SGS Laboratories in Tarkwa (“SGS Tarkwa”) since 2007 or Transworld (now Intertek) Laboratories (“TWL”) prior to 2007.

The sample preparation and analysis processes at TWL and SGS Tarkwa differed slightly but are in-line with international best practise. Analysis at TWL was by bottle roll with LeachWell^TM accelerant. Analysis at SGS Tarkwa was by fire assay of a 50g sub-sample with an atomic absorption (“AA”) finish.

QA/QC samples consisting of coarse and pulp duplicates, blank samples and certified reference materials were used throughout exploration with no major issues identified.

The Mineral Resource Statement presented herein has been estimated in accordance with CIM “Estimation of Mineral Resource and Mineral Reserves Best Practices” guidelines. They are reported in accordance with the SK-1300 USA Securities Exchange Commission standards. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The Qualified Person who assumes responsibility for reporting of the Mineral Resource is Dr John Arthur. The effective date of the resource statement is 1st April 2024.

The supporting geological models and grade block models used in the Mineral Resource Estimate (“MRE”) were produced using the Surpac GEMS® modelling package. The updated Prestea UG models were completed using the Seequent Leapfrog Geo® package with additional block modelling, reporting and analysis conducted using Snowden Supervisor®, Geovariances Isatis® and Surpac®. The individual resource blocks models, with the exception of the Prestea Underground model, have been adopted from the models produced over the period from 2004 to 2017.

Open pit Mineral Resources are reported to a cut-off grade of 0.7g/t Au within optimised open pit shells. Underground Mineral Resources at Prestea Underground (“PUG”) are reported to a cut-off grade of 5.2g/t Au.

The Mineral Resource Estimate for the Bogoso Prestea Project, dated 1^st April 2024, is shown in the Table 1.2.

On the basis of the Mineral Resources, the open pits include:

The estimate of Mineral Resources may be materially affected if mining, metallurgical, or infrastructure factors change from those currently anticipated at the Bogoso Prestea Property. Estimates of Inferred Mineral Resources have significant geological uncertainty and it should not be assumed that all or any part of an Inferred Mineral Resource will be converted to the Measured or Indicated categories. Mineral Resources that are not Mineral Reserves do not meet the threshold for reserve Modifying factors, such as estimated economic viability, that would allow for conversion to Mineral Reserves.

It should be noted that:

BLUE GOLD HOLDINGS LIMITED S-K 1300 TECHNICAL REPORT SUMMARY - BOGOSO PRESTEA (GHANA) PROPERTY

BLUE GOLD HOLDINGS LIMITED S-K 1300 TECHNICAL REPORT SUMMARY - BOGOSO PRESTEA (GHANA) PROPERTY

No Mineral Reserve Estimate has been prepared as part of this Technical Report.

An inventory of mineable Mineral Resources for Blue Gold is outlined in Table 1.3. This material is exclusively refractory material reported from the Prestea underground operation West Reef. Assumptions for planned mining dilution and recovery are applied as defined in the sections 11 and 13 in this report and based on an operating gold price of US$1,950/oz.

Notes:

Both open pit and underground operations at Bogoso Prestea are currently suspended. For underground operations, a Mechanized Sublevel Open Stope (“SLOS”) mining method comprising stope panels of 25m-45m along strike and 15m-45m height was most recently adopted. The method is a top-down longitudinal retreat process with partial backfill. The Bogoso open pits were operated with conventional truck and shovel methods using face shovels and excavators to load ore and waste to haul trucks. Mining was carried out by contractor.

BLUE GOLD HOLDINGS LIMITED S-K 1300 TECHNICAL REPORT SUMMARY - BOGOSO PRESTEA (GHANA) PROPERTY

Blue Gold has developed a conceptual Life of Mine (“LOM”) schedule, to support the financial analysis, for the purposes of project planning and future development. A summary for the proposed LOM summary is presented in Table 1.4. The LOM schedule is based upon limited input data, with the schedule derived via rudimentary sequencing of the Measured and Indicated Mineral Resource Estimate at a uniform mining rate of 4.5Mtpa from 2028.

The mining schedule maintains a constant mill feed grade with no consideration for the likely variation of grades over the LOM (i.e. a fixed average grade over the LOM). Similarly, the schedule (within the financial analysis) assumes a constant stripping ratio for waste material from the open pit of 3.4t_w:t_o for modelling simplicity.

The current LOM plan envisages refurbishment of the existing oxide CIL plant for initial processing of the open pit and surface oxide resources (and a small quantity of high grade underground gravity recoverable material) to a maximum throughput of 1.4Mtpa. In 2027, a new refractory gold processing plant will be commissioned to process open pit sulphide material (and a small quantity of high grade underground sulphide ore) to a maximum throughput of 4.5Mtpa. The refractory sulphide resource is by far the most significant component of the total resources. After three years of initial oxide processing only, the oxide and sulphide plants will then operate in parallel for six years before the oxide resources are exhausted and only sulphide is processed until closure.

Scoping level capital and operating costs have been estimated for the refurbished oxide and brand-new sulphide plants and will be refined during the Pre-Feasibility Study (“PFS”) stage. The sulphide plant costs are estimated from benchmark data, whereas the oxide plant refurbishment and operating costs make use of site management estimates based on the recent operations prior to the stoppage in October 2023.

The existing Tailings Storage Facility (“TSF”), TSF-2 will be utilised for the initial 12.5Mt of tailings generated from the first few years of operation and will require the construction of two additional raises, each of 5m height. Prior to these works, a full TSF Audit is required to be carried out, following which remedial works from the new and outstanding critical and high level action items identified must be completed. A full design and costings for the two required raises must then be carried out.

BLUE GOLD HOLDINGS LIMITED S-K 1300 TECHNICAL REPORT SUMMARY - BOGOSO PRESTEA (GHANA) PROPERTY

This is to ensure that both TSF-1 and TSF-2 are safe to operate and geotechnically stable before any new tailings deposition is considered by the board who are in active discussions.

Additional tailings exceeding the initial 12.5Mt for the remaining LOM (to accommodate 60Mt of tailings) will require a new TSF. Two potential locations have been identified but no design works have yet been conducted.

Initial scoping level costs have been estimated for all the above TSF works (including US$50M for the new TSF) but will be refined during a PFS once design works have been completed.

At this stage, no metallurgical testwork has been conducted on representative samples of the oxide, transition and sulphide materials, which will need to be completed for a PFS. The recoveries used in the LOM plan are generally benchmark numbers, particularly for the refractory sulphide (80%) which is likely to be conservative. The oxide will reportedly also contain a blend of some transition and sulphide types and a recovery of 66% has been advised and used in the LOM plan. The actual recoveries will depend on the testwork results for each and the actual blends used in the LOM plan, which are currently unknown.

Costs have been allocated for process water treatment and cyanide detoxification. FGR reports that a cyanide detoxification circuit for the CIL tailings was incorporated and used during recent operations. There is a positive water balance and so excess water needs to be discharged to the environment. The requirement for detoxification depends on the weak acid dissociable (“WAD”) cyanide in the slurry reporting to the TSF from the last CIL tank (under the International Cyanide Management Code, WAD cyanide levels in excess of 50ppm require detoxification or otherwise subject to local environmental regulations if not a signatory).

While some previous re-mining of TSF-1 tailings was carried out by GSR and testwork completed 2011-2015, there is currently insufficient data to generate a resource and significant additional drilling and testwork is required.

The future infrastructure for the Bogoso Prestea project considers the existing infrastructure and the future requirements of the project. The mine site includes an extensive underground mine complex, open pit mine, oxide CIL plant, refractory sulphide plant, wate rock dumps, tailings management facilities, and associated mine site infrastructure. However, all operations at the Bogoso Prestea Project are currently suspended.

Whilst some upgrades to existing infrastructure is proposed, a full engineering/electrical survey should be conducted in order to ensure operational efficiency and safety upon restart, as well as to comply with any regulatory requirements.

BLUE GOLD HOLDINGS LIMITED S-K 1300 TECHNICAL REPORT SUMMARY - BOGOSO PRESTEA (GHANA) PROPERTY

The Tailings Storage Facility (TSF-1 and TSF-2) requires immediate attention to pump out the excess supernatant water which is at a very high level and to develop a water balance model for the safe operation of the facility. In addition, further works include clearing of vegetation, resetting monitoring prisms, cleaning/reinstallation of piezometers, general earth works of berms and maintenance of access roads along the crests of the embankments.

The Minerals and Mining Act, 2006 (Act 703) is the governing legislation for Ghana’s minerals and mining sector and requires that mines obtain environmental approvals from relevant environmental agencies. Ghanaian environmental legislation is well developed and is enforced by the Environmental Protection Agency (“EPA”).

The overarching Act that regulates the environmental regime of Ghana is the EPA Act, 1994 (Act 490). The main legal framework used by the EPA for regulating and monitoring mineral operations is the Environmental Assessment Regulations, Legal Instrument 1652 of 1999 (LI 1652). These regulations cover requirements for environmental permitting, environmental impact assessment (“EIA”), the production of preliminary environmental reports (“PERs”), and subsequent Environmental Impact Statements (“EIS”), environmental certificates, Environmental Management Plans (“EMPs”), and reclamation bonding.

Blue Gold is preparing a new EMP to be provided to the EPA, and an EPA bond will be posted in the name of Blue Gold.

A number of permits and approvals (incl. Operating permit for mineral operations; Acquisition of explosives; Storage of explosives in a magazine; Sale and export of minerals; and Fire Certificate for various premises) will need to be acquired to restart operations. The Fire Certificate for various premises remains valid (to December 2025) but Blue Gold is applying for a new permit.

Pre-existing extensive environmental impact of both historic mining and modern day unauthorized small-scale mining and illegal medium-scale mining activities throughout the Prestea concession are recognised. Blue Gold will predominantly locate the PUG West Reef mining activities in specific preselected areas in order to isolate the West Reef underground mining activities, especially the underground water management and dewatering system.

While there are pre-existing impacts across the concession, for which the leaseholder is indemnified, Blue Gold will be in a unique position, at reclamation of its operations, to make an overall improvement in environmental conditions within the Prestea concession.

BLUE GOLD HOLDINGS LIMITED S-K 1300 TECHNICAL REPORT SUMMARY - BOGOSO PRESTEA (GHANA) PROPERTY

The bond to obtain the Environmental Permit for the PUG West Reef and a Mining Operating Plan is in place (and due to be novated from FGR to Blue Gold) though the permit has yet to be issued by the EPA. The EIS submitted to the EPA to obtain the Environmental Permit will contain a provisional closure plan and cost estimate. The Mining Operating Plan will contain details relating to closure and reclamation.

It is noteworthy that the Bogoso Prestea Mine was historically a multi-award winning mine that has a legacy of commitments to environmental protection and socio-economic development at the core of its approach to doing business. This is reflected in the mine’s biodiversity offsets and rehabilitation programme which includes the award winning Oil Palm Plantation (OPP) Programme. Established in 2006 as an independent non profit, the community-based company balances company and community needs, including local economic development, community empowerment, and rehabilitation and closure activities. Further, the mine has been awarded the Nedbank Capital Green Mining Award, District Best Farm-Based Organisation awards, District Best Farmer Award, and Best performer in Corporate Social Investment at the Ghana Mining Industry Awards for 2018.

Further, Blue Gold will adopt a number of corporate social responsibility agreements (the “CSR Agreements”) which provide employment (skilled and unskilled) to local community members, facilitate alternative livelihoods administered through a nonprofit foundation, as well as regular contributions to the palm oil plantation funded by gold revenue. Under Blue Gold these award winning schemes shall be continued and where possible improved.

Capital and operating costs have been estimated by Blue Gold (reviewed by WAI) and are expressed in Q2 2024 US dollars (US$).

Capital cost estimates consist of costs for underground and open pit rehabilitation, processing facilities, mining equipment, capitalized maintenance and components, and infrastructure. Major repairs, maintenance, and re-builds were factored into the annual maintenance and component cost estimates.

The overall capital expenditure is summarised as follows, and presented in Figure 1.1: US$56M for TSF Expenditure, US$9.8M for Technical Studies Expenditure, US$415M Expansion CAPEX, and US$380M sustaining capex.

BLUE GOLD HOLDINGS LIMITED S-K 1300 TECHNICAL REPORT SUMMARY - BOGOSO PRESTEA (GHANA) PROPERTY

Figure 1.1: Bogoso Prestea Project Capital Costs

Operating costs for mining are estimated to be US$50.0/t for underground, plus US$1.6M/month development costs, and for open pit mining, Stage 1 oxide at US$1.0/t (‘ore’ and waste) increasing to US$2.0/t for Stage 2 oxide and Stage 1 and 2 sulphide mining.

The oxide process operating cost varies from circa US$26.3/t ROM at 0.3Mtpa to US$17.2/t ROM at 1.4Mtpa. The sulphide plant operating cost calculates as circa US$26.0/t ROM (average) for a refractory sulphide processing plant at 4.5Mtpa capacity. Again, the costs will be impacted by the refractory processing method chosen. BIOX^® costs when operated by GSR from 2009 to 2015 were as high as US$39.9/t ROM (these costs are considered unusually high). For the potential TSF-1 tailings retreatment project, an operating cost of circa US$5.00/t .

It is of the opinion of the QP’s that the capital and operating costs have been estimated to a Scoping level and its attendant accuracy and contingency levels.

Blue Gold has provided WAI with a financial model, including cashflow analysis utilising metal price assumptions, cash flow forecasts, projected capital and operating costs, metal recoveries, mine life and production rates, and other assumptions.

BLUE GOLD HOLDINGS LIMITED S-K 1300 TECHNICAL REPORT SUMMARY - BOGOSO PRESTEA (GHANA) PROPERTY

The model assumes an 8% discount rate and an average life of mine (LOM) gold price of US$2,006/oz.

The financial model is based upon a life of mine (“LOM”) plan based on Mineral Resources covering the period 2024-2042, which includes revenue principally from an open pit operation, initially extracting oxide material, before transitioning to sulphide for the majority of the life of mine. Revenue streams are also generated from a small underground operation (0.9Mt total) processing high grade ore (12.0g/t average).

The economic analysis is based on Mineral Resources. Mineral Resources that are not Mineral Reserves do not meet the threshold for Modifying Factors that would allow for conversion to Mineral Reserves. There is no certainty that any part of the Mineral Resources estimated will be converted into Mineral Reserves.

The proposed underground and open pit revenue stream is based upon a LOM schedule derived via a straight -line extraction of the Measured and Indicated Mineral Resource Estimate with appropriate mining factors applied.

The results of the economic analysis, and summary of the key project indicators, are presented in Table 1.5.

Reprocessing of TSF-1 tailings is not currently included in the LOM plan as no Mineral Resource has been established. A conceptual Management Plan has been included within the LOM plan for review once a resource has been developed. The proposed plan outlines re-mining of 18.5Mt at a rate of 4Mtpa commencing January 2025 at an average grade of 0.87 g/t Au with a planned recovery of 40.6%.

However, significant drilling and testwork is required to validate this plan as the historical and metallurgical testwork data available only covers a very small part of the material in terms of spatial location and depth. In addition, FGR report that refractory sulphide tailings material was deposited into TSF-1 in the past, although the quantities and location of these tailings are not precisely known. The presence of refractory sulphide tailings will lower the recovery achievable and further emphasises the requirement for testwork to determine an accurate recovery and its economic potential.

BLUE GOLD HOLDINGS LIMITED S-K 1300 TECHNICAL REPORT SUMMARY - BOGOSO PRESTEA (GHANA) PROPERTY

The Bogoso Prestea property is located in the Western Region of Ghana and mining has been ongoing, albeit at irregular levels and under different ownership, since 1873. In total, an estimated 9Moz of gold has been produced, but over the years of operation has suffered from periods of closure for various reasons (though none resource based), including in recent years largely due to the FGRBPL legacy debts which will be refinanced through a corporate bond issuance listed on the Ghana Stock Exchange and described in section 16.2.2 (Purchase and Assumption Agreement). Notwithstanding, the project retains all of the basic infrastructure and local workforce identified for recruitment and required to restart operations subject to completion of required inspections and maintenance, to ensure safety and compliance with regulations, and acquisition of all necessary permits and approvals.

Currently, there is a robust Mineral Resource prepared by an independent QP for a total of 79.6Mt at 2.08g/t Au in the Measured and Indicated classification plus a further 12.2Mt at 2.31g/t Au of Inferred resources. It is also worth noting that the majority of the Mineral Resource (and LOM) comprises refractory sulphide (76.9Mt), and a lesser amount of free milling oxide material (11.9Mt).

The LOM schedule, developed by Blue Gold, is based on a Mineral Resource. Though appropriate mining factors have been applied, for model simplicity the mine plan assumes an average, rather than variable, mill feed grade over the LOM (i.e. a fixed average grade over the LOM). The LOM feed tonnes is also predominantly from open pits (76.0Mt out of 76.8Mt) and assumes an average stripping ratio (from the determined total waste tonnes). Equally, the LOM comprises 10.3Mt of free-milling oxide and 66.5Mt of refractory sulphide. There has been no recent testwork conducted on any samples of refractory sulphide material.

Notwithstanding, based on the findings of this study and under the current economic considerations, it has been concluded that the Bogoso Prestea Project is an economically viable project under these base case technical and financial parameters subject to the necessary technical studies and importantly metallurgical testwork (to verify the assumed recoveries).

Blue Gold plans to undertake a Detailed Feasibility Study (“DFS”) to determine the optimal refractory sulphide processing method, including a full drilling programme, a comprehensive metallurgical testwork programme of the sulphide samples representative of the LOM plan, and analysis of the refractory sulphide material types identified. As part of the DFS, Blue Gold shall apply the knowledge learnt from the GSR BIOX^® plant issues (see section 14.3.1), as well as peer analysis of other companies processing refractory material in Ghana, to determine which is the optimal processing methodology.

The drill hole database and assaying quality for the Bogos Prestea Project are sufficient for the determination of Measured, Indicated and Inferred Mineral Resources.

BLUE GOLD HOLDINGS LIMITED S-K 1300 TECHNICAL REPORT SUMMARY - BOGOSO PRESTEA (GHANA) PROPERTY

All of the aforementioned categories are prepared in accordance with the resource classification pursuant to the SEC’s new mining rules under subpart 1300 and item 601 (96)(b)(iii) of Regulation S-K (the “New Mining Rules”).

In order to improve the accuracy, and support the LOM schedule, further work is required to bring the mine design and planning aspects of the proposed Project to a sufficiently accurate level for detailed evaluation, and allow for the preparation of a Mineral Reserve Estimate. This should include the delineation of an updated set of design and economic parameters upon which to base open pit and underground mine optimisation, that in turn will develop a robust life of mine tonnage upon which to base a mining schedule.

In order to define a Mineral Resource for TSF-1, a complete drilling and sampling exercise will need to be completed and up-to-date topographic survey, combined with a metallurgical testwork programme. However, any activities relating to the TSF will need to be coordinated with a tailings condition and status audit (see below).

A comprehensive programme of metallurgical testwork is required with particular focus on the refractory sulphide material, as well as oxide material and TSF-1. Sample selection will need to be determined from the resource model (or better from the reserve model) and proposed LOM schedule. The testwork data will enable definition of the optimal flowsheet, particularly for the new sulphide plant, as well as better developed cost estimates.

The current TSFs are full with little or no freeboard, significant supernatant water and with excessive vegetation, both within the dams and on the embankments. Blue Gold plans to address this as a critical restart activity. Artisanal mining activity is also reported. Multiple high and critical level action items were identified in the most recent Knight Piésold audit (July 2023) that needs to be attended to as a priority before recommencement of operations.

Completion of a proposed Detailed Feasibility Study should encompass all of the technical and economic parameters identified in order to fully evaluate the options available and determined the optimum mine plan and flowsheet for the successful restart of the Bogoso Prestea mine.

Whilst Blue Gold is applying for renewed permits and approvals from the relevant authorities in order to ensure compliance and restart mining operations, Blue Gold’s planned social engagement with the relevant stakeholders is paramount in order to mitigate any further unrest. The site management team are developing a comprehensive stakeholder engagement plan which will also be partnered with the assumption of certain Corporate Social Responsibility (“CSR”) Agreements. Equally, a new Environmental Management Plan (“EMP”) is being provided to the Environmental Protection Agency (“EPA”) with the expectation that the environmental permit will be issued in June 2024.

BLUE GOLD HOLDINGS LIMITED S-K 1300 TECHNICAL REPORT SUMMARY - BOGOSO PRESTEA (GHANA) PROPERTY

This Technical Report Summary (“TRS”) was prepared and is issued by Wardell Armstrong International (“WAI”) under the instructions of Future Global Resources Limited (“FGR”) with regards to the Bogoso Prestea project (the “Project” or “Bogoso Prestea Mine”) located in the Western Region of Ghana.

This TRS has been prepared to present the updated Mineral Resources for the Bogoso Prestea project along with a conceptual Life of Mine (“LOM”) schedule for the restart of mining operations. The conceptual LOM is based on Mineral Resources. Mineral Resources that are not Mineral Reserves do not meet the threshold for Modifying Factors that would allow for conversion to Mineral Reserves. There is no certainty that any part of the Mineral Resources estimated will be converted into Mineral Reserves.

FGR is acting as agent on behalf of Blue Gold Holdings Limited (“Blue Gold”) and has provided certain information for the purpose of this report. Blue Gold is the new, registered owner of the Project mining licences and associated assets following closing of the Transfer Agreements in May 2024, whereby the Bogoso Prestea Mine mineral rights were transferred from FGR to Blue Gold. Blue Gold plans to invest significant capital into the mine to sustainably operate the Project and cost-effectively deliver gold to the global gold markets.

This TRS conforms to the United States Securities Exchange Commission (“SEC”) Modernized Property Disclosure Requirements for Mining Registrants as described in Subpart 229.1300 of Regulation S-K, Disclosure by Registrants Engaged in Mining Operations (“S-K 1300”) and Item 601(b)(96) Technical Report Summary. The purpose of this TRS is to report Mineral Resources. The effective date of this report is 1^st April, 2024.

The quality of information, conclusions, and estimates contained herein is consistent with the level of effort involved in WAI’s services, based on:

Any opinions, analysis, evaluations, or recommendations issued by WAI under this report are for the sole use and benefit of Blue Gold and for their use for furthering the company. There are no intended third-party beneficiaries. WAI (and its affiliates) shall have no liability whatsoever to any third parties for any defect, deficiency, error, omission in any statement contained in or in any way related to its deliverables provided under this Report.

BLUE GOLD HOLDINGS LIMITED S-K 1300 TECHNICAL REPORT SUMMARY - BOGOSO PRESTEA (GHANA) PROPERTY

The scope of this study included a review of pertinent technical reports and data in the possession of FGR and Blue Gold and as provided to WAI relating to the general Project setting, geology, Project history, exploration activities and results, methodology, quality assurance, interpretations, and Mineral Resources. Observations and interpretations of geostatistics, geology, grade estimation, and determination of Mineral Resources has been generated and evaluated by WAI.

The information, opinions, conclusions, and estimates presented in this report are based on the following:

The company recognises these gold prices are variable.

These sources of information are presented throughout this report and in the References section. The Qualified Persons are unaware of any material technical data other than that presented by FGR and Blue Gold.

The key documentation reviewed, and other sources of information, are listed at the end of this report in Section 24 References.

Below is a list of the Qualified Persons (“QP”) involved in the preparation of this TRS and details of their inspection of the property.

BLUE GOLD HOLDINGS LIMITED S-K 1300 TECHNICAL REPORT SUMMARY - BOGOSO PRESTEA (GHANA) PROPERTY

No current in-person site visit or inspection of the Bogoso Prestea Project was possible and none of the QP’s responsible for the preparation of this report have completed a recent personal inspection of the property as part of the preparation of this technical report.

WAI attempted to visit the site in January 2024 however were unable to do so due to the presence of a number of discontent local stakeholders. However, there was live video call with the mine site management team to view some key plant status as well as mine site management meetings in Accra, Ghana.

Dr John Arthur carried out frequent annual visits to the operation between 1999 and 2009 when it was operated by Golden Star Resources (“GSR”) including as part of the GSR due diligence team for the Prestea Acquisition in 2001. Dr Arthur also visited both the Prestea and Bogoso sites in 2011, 2012 and 2015. The purpose and tasks undertaken focused on the requirements for the preparation of Mineral Resources and Minerals Reserves (including validation of domain wireframe models, re-logging and visual inspection of drill core, review of Quality Control and sample preparation) and preparation of previous Technical Reports reported in accordance with the Canadian Securities Administrators’ National Instrument 43-101 (see References Section 24).

The respective qualified persons have authored sections as outlined in Table 2.1 below:

It is understood that this is the first TRS that has been submitted for the Project and the authors are not aware of any other TRS submitted by prior owners of the Project. A number of independent National Instrument 43-101 Technical Reports have been prepared as follows:

All units of measurement used in this report are metric unless otherwise stated. Wherever applicable, Imperial units have been converted to Système International d’Unités (SI) units for reporting consistency. Quantities are generally stated in metric units, the standard Canadian and international practice, including metric tonnes (tonnes, t) or kilograms (kg) for weight, kilometres (km) or metres (m) for distance, metres above sea level (masl) for elevation, hectares (ha) for area, grams (g), and grams per metric tonne (g/t) or parts per million (ppm) for precious metals, and base metal grades in percentage (%). Precious metal grades may be expressed in parts per million (ppm) and their quantities may also be reported in troy ounces (ounces, oz), a common practice in the mining industry.

Unless otherwise stated, all references to currency or “$” are to United States Dollars (“US$”).

BLUE GOLD HOLDINGS LIMITED S-K 1300 TECHNICAL REPORT SUMMARY - BOGOSO PRESTEA (GHANA) PROPERTY

The Bogoso and Prestea concessions are located in the Western Region of Ghana, approximately 200km from the capital Accra and 50km from the coast of the Gulf of Guinea. Bogoso and Prestea comprise a collection of adjoining mining concessions that together cover a 40km section of the Ashanti gold district in the central eastern section of the Western Region of Ghana (Figure 3.1), with the processing facilities situated approximately 10km south of the town of Bogoso.

Figure 3.1: General Location of the Project in the Western Region of Ghana

The Project is located approximately 6km southwest of the town of Bogoso. The UTM coordinates of the Project are 605750mE, 610055mN, and at an elevation of 85mASL.

BLUE GOLD HOLDINGS LIMITED S-K 1300 TECHNICAL REPORT SUMMARY - BOGOSO PRESTEA (GHANA) PROPERTY

The QPs have not reviewed the mineral tenure, nor verified the legal status, ownership of the Property or underlying property agreements, and environmental information, including permits. As such, the QPs have fully relied upon, and disclaim responsibility for information derived from Company experts.

The Minerals and Mining Act, 2006 (Act 703) (as amended by the Minerals and Mining (Amendment) Act, 2015 (Act 900) and the Minerals Commission Act, 1993 (Act 450) are the principal enactments setting out the framework of Ghanaian mining law. These acts express the basic position that minerals in their natural state are owned by the state; they also outline the licensing scheme for mineral operations, the incidents of the various mineral rights and the powers of the principal regulatory institutions. The following pieces of subordinate legislation add detail in specific areas to the regime set out in the principal legislation:

The mining law divides the various licences that can be granted for a mineral right into three sequential categories, Reconnaissance Licence, Prospecting Licence and a Mining Lease, defined under the Minerals and Mining Act, 2006 (Act 703). These licences are discussed below.

A reconnaissance licence entitles the holder to search for specified minerals by geochemical, geophysical and geological means. It does not generally permit drilling, excavation, or other physical activities on the land, except where such activity is specifically permitted by the licence. It is normally granted for 12 months and may be renewed for a period not exceeding 12 months, if it is in the public interest. The area extent is negotiable, related to the proposed reconnaissance program.

A prospecting licence entitles the holder to search for the stipulated minerals and to determine their extent and economic value. This licence is granted initially for a period of up to three years covering a maximum area of 150km². This may be renewed for an additional period of two years, but with a 50% reduction in the size of the licence area if requested. A prospecting licence will only be granted if the applicant shows adequate financial resources, technical competence and experience and shows an adequate prospecting program. It enables the holder to carry out drilling, excavation and other physical activities on the ground.

BLUE GOLD HOLDINGS LIMITED S-K 1300 TECHNICAL REPORT SUMMARY - BOGOSO PRESTEA (GHANA) PROPERTY

When the holder of a prospecting licence establishes that the mineral to which the licence relates is present in commercial quantities, notice of this must be given to the Minister of Lands, Forestry and Mines and if the holder wishes to proceed towards mining, an application for a mining lease must be made to the Minister within three months of the date of the notice.

As of May 2024, (further to the Transfer Agreements described in section 16.2 whereby the Bogoso Prestea Mine transferred ownership from FGR to Blue Gold), the Bogoso Prestea mineral rights are held by Blue Gold, through its subsidiary Blue Gold Bogoso Prestea LTD (“BGBPL”). See Table 3.1 and Figure 3.1.

Figure 3.2: Map of the FGRBPL Concessions

BLUE GOLD HOLDINGS LIMITED S-K 1300 TECHNICAL REPORT SUMMARY - BOGOSO PRESTEA (GHANA) PROPERTY

Mining Lease agreements covering the concession area owned by Blue Gold, and granted by the Government of the Republic of Ghana, have been obtained and reviewed by the QP. Specifically the boundary coordinates have been digitised and confirmed. The dates granted, and the concession boundaries have been reviewed and it is concluded that the mineral resources lie inside the current license area.

The mineral rights are granted to Blue Gold under the Minerals and Mining Act, 2006 (Act 703) following closing of the Transfer Agreements in May 2024, as described in section 16.2. This Act is the governing legislation for Ghana’s minerals and mining sector. As defined by Act 703, every mineral in its natural state in, under or upon land in Ghana, rivers, streams, water-courses throughout the country, the exclusive economic zone, and an area covered by the territorial sea or continental shelf, is the property of the Republic of Ghana and is vested in the president in trust for the people of Ghana. By means of the Act, land in the country may be made the subject of an application for a mineral right in respect of a mineral specified in the application.

The Prestea concession is a mining lease that was issued to Prestea Gold Resources Limited (“PGR”) on June 29, 2001 by the Government of Ghana with land registry number 2799/2001. The agreement granted PGR the exclusive right to operate underground mining within the Prestea concession lower than a depth of 150.37m below sea level for a period of 30 years effective from the date of Mining Lease. The strike of the underground lease extends from the Ankobra shaft in the north to the Tuapim shaft to the south and covers an approximate area of 11.27km², which represents only a portion of the entire 50.0km² Prestea Mining Lease. A joint operating agreement was signed in January 2002 between Bogoso Gold Limited (“BGL”), a subsidiary of Golden Star Resources (“GSR”) incorporated under the laws of Ghana, and PGR. An amount of US$2.1M was paid to PGR as a first option payment. This agreement granted BGL the right to develop and operate the Prestea Underground (“PUG”) mine while also setting out the protocols and procedures to be observed by BGL and PGR in the day-to-day operations of the surface and underground mining operations. These mineral rights were acquired by FGR from GSR in October 2020 and transferred to Blue Gold under the Transfer Agreements described in section 16.2.

The laws regarding surface rights are captured in the Mineral and Mining Act 206, Act 703 sub-section 72. This section gives rights to the owners of the land (i.e., Chiefs, family, individuals, etc.) to be compensated by Mineral Rights holders (i.e., mining companies).

BLUE GOLD HOLDINGS LIMITED S-K 1300 TECHNICAL REPORT SUMMARY - BOGOSO PRESTEA (GHANA) PROPERTY

Sub-section: 72

In the case of the AGM, all concessions belong to the Ashanti Kingdom who has in turn given same right to the relevant Divisional Chiefs and in some cases specific individuals to exercise that right in terms of compensation. Compensation with regards to surface rights comes in the form of:

There are sufficient surface rights available now, or that can be obtained, if necessary, for any future mining operations. There are adequate sources of power, water, mining personnel, tailings storage areas, waste rock storage areas, and sites for processing facilities.

The surface mining lease was originally granted to Bogoso Gold Limited on November 16, 2001, giving them primary control over the Prestea mineral resources (Prestea Sankofa Gold Limited has a small tailings retreatment operation located on the Prestea surface concession).

Surface rights to land affected by the Prestea Underground West Reef project are traditionally in the ownership of the Himan and Nsuta Mbease Stool lands of the Wassa Fiase Traditional Area. The Paramount Chief of the Traditional area exercises traditional control over the divisional and sub-chiefs of the settlements and hamlets within the Project area.

BLUE GOLD HOLDINGS LIMITED S-K 1300 TECHNICAL REPORT SUMMARY - BOGOSO PRESTEA (GHANA) PROPERTY

The Minerals Income Investments Fund (“MIIF”), a statutory corporation, shall hold a 10% non-dilutable free carried interest in Blue Gold Bogoso Prestea LTD (“BGBPL") as a legal requirement for the company’s mining activities in Ghana, held on behalf of the government of Ghana. The Government of Ghana receives a gross revenue Mineral Royalty of 5% on all gold production. Royalties are based on production and are to be paid through the Commissioner of Internal Revenue within thirty days from the end of the quarter.

On January 27, 2024, Blue Gold Bogoso Prestea LTD (“BGBPL") entered into Royalty Agreement (“Bond SPV Royalty”) with FGR Bogoso Prestea LTD (“FGRBPL”) and Bogoso Gold Streaming PLC (“Bond SPV”). The Bond SPV Royalty serves as part of the consideration for transfer of the mining assets from FGR to Blue Gold under the Transfer Agreements (described in section 16.2). The Bond SPV Royalty provides for BGBPL to pay a royalty in refined gold to Bond SPV (as priority payee) and FGRBPL (as secondary payee, once Bond SPV debt service obligations are met) at a rate of the lesser of (i) 2,000 ounces per month, or 30% of gross production per month for the first 36 months following the start of commercial production, and (ii) 3,250 ounces per month, or 30% of gross production per month after 36 months until Bond SPV Royalty payments total the 250,000 ounce cap.

On September 30, 2021, FGR entered into Royalty and Contingent Payment Agreement with GSR. The GSR royalty provides for the payments of two types of royalties to GSR. First, a royalty of 1.0% of sale of product of net smelter returns of 100,000 to 300,000 cumulative ounces of gold, and a royalty of 2.0% of sale of product of net smelter returns of over 300,000 cumulative ounces of gold after October 1, 2020. The net smelter return royalty terminates when the aggregate payments exceed $35,000,000 United States dollars. To date there has been no payment triggered towards the net smelter return royalty. The second contingent payment is defined as the payment of US$20,000,000 (if the price of gold is <US$1,400 / oz), US$30,000,000 (if the price of gold is US$1,400 - US$1,700 / oz), or US$40,000,000 (if the price of gold is >US$1,700 / oz) upon the start of sulphide mining, such payment to be made in stages during the construction and operation of the sulphide project.

BLUE GOLD HOLDINGS LIMITED S-K 1300 TECHNICAL REPORT SUMMARY - BOGOSO PRESTEA (GHANA) PROPERTY

The pre-existing environmental liabilities associated with the Prestea underground operation were included in an indemnity granted to PGR by the Republic of Ghana. The indemnity document is dated December 21, 2001 and titled Prestea Gold Resources Indemnity Against Pre-Existing Environmental Liabilities. This indemnity states that the PUG West Reef project will be allowed to function independently of the rest of the Prestea underground, and that the Government will irrevocably and unconditionally indemnify PGR against all liabilities of whatsoever nature arising from or connection with the pre-existing environmental liabilities.

The closure liabilities for the Prestea and Bogoso concessions, totalling approximately US$45M, are included in the costs and economics in Sections 21 and 22. The asset retirement obligation (“ARO”) will be updated when Blue Gold applies for the environmental licence.

FGR had all required permits to conduct the mining operations on the property up until the ceasing of operations in November 2023. At the time of writing, the mine is dormant and not operational. Blue Gold is in the process of applying for the operations and environmental license (and associated permits such as fire licence, water use permit, export licence, explosives licence) ready to restart the mine in or around July 2024.

The QP is not aware of any other significant factors and risks that may affect access, title, or the right or ability to perform the proposed work programme on the property.

The QP has used the Policy Perception Index from the 2023 Fraser Institute Annual Survey of Mining Companies report (Fraser Institute, 2022) as a credible source for the international mining industry consensus on the overall political risk facing an exploration or mining project in Ghana. The QP has relied on the Fraser Institute survey because it is globally regarded as an independent report-card style assessment to governments on how attractive their policies are from the point of view of an exploration manager of a mining company. The survey forms a proxy for the assessment by senior management in the mining industry of political risk in Ghana. Overall, Ghana ranked as Africa’s fifth most attractive country to the mining industry in 2022 and was 33^rd globally (out of the 62 jurisdictions in the 2022 Investment Attractiveness Index) and 37^th globally (out of the 62 jurisdictions in the 2022 Policy Perception index).

The QP is not aware of any other significant factors and risks that may affect access, title or the right or ability to perform work on the property, other than what is described in this report.

BLUE GOLD HOLDINGS LIMITED S-K 1300 TECHNICAL REPORT SUMMARY - BOGOSO PRESTEA (GHANA) PROPERTY

There is good access to the Project and by road is a six-hour drive from Accra via the port city of Takoradi. The road is paved from Accra to Bogoso with the last thirty minutes to Prestea being unpaved. There are airports at Kumasi and Takoradi, which provide daily services to the international airport at Accra. Kumasi is situated approximately a 3.5-hour drive from Prestea. Road surfaces in the area vary from poor (on the section between Bogoso and Prestea) to good (Accra to Takoradi).

The climate is south western equatorial climate type with daily temperatures varying mostly between 20°C to 35°C. Maximum temperatures occur between January and April and minimum temperatures between May and December.

Annual rainfall in the area averaged 1,641mm between 2002 and 2014. The range in annual rainfall during this period was from minimum annual rainfall 1,197mm to maximum annual rainfall 2,195 mm. There are two rainy seasons, one from April to June and then a minor rainy season in October and November. This area has significant rainfall most months, with a short dry season in December and January.

Despite the tropical environment, work on the Project can continue year round, with short breaks during the mostly short-lived storm events.

The Project is located in an area where mining has occurred more or less continuously since the late 1800s, so local skilled workers are available. The following services and infrastructure support the operations:

Geochemical studies show that the risk of acid generation from the West Reef will be low, regardless, any waste rock generated at the site will be managed to minimize the risks of acid generation.

As detailed in section 3.5, there is considerable sufficiency of surface rights for mining operations, including availability and sources of power, water, mining personnel, potential tailings storage areas, potential waste disposal areas, heap leach pad areas, and potential processing plant sites.

BLUE GOLD HOLDINGS LIMITED S-K 1300 TECHNICAL REPORT SUMMARY - BOGOSO PRESTEA (GHANA) PROPERTY

The topography of the area within which the Bogoso Prestea assets are located generally slopes in a northern direction towards the Ankobra River. It can be described as gently rolling, punctuated by a number of low hills and rises. A series of northeast-southwest trending sub-parallel ridges, about 2km wide, dominates the eastern part of the project area. These ridges range in height from 150m to 195m. The western part has lower hills generally ranging in height between 70m and 110m. The primary mineralisation tends to occur on the western slopes of the ridges with the intervening valleys occupied by farming communities and seasonal streams.

The Bogoso Prestea assets are within the rainforest bioclimatic zone, but there is no primary forest left in the area of the assets as a result of logging, farming, historical mining, and unauthorized small scale mining activity. The vegetation types on the Prestea concession include: secondary forest, secondary thicket, farm re-growth, farmland, and marshes or freshwater swamp forest. Patches of secondary forest are only present in a few areas not accessible for farming. Biodiversity studies have not identified endangered or threatened species on the Prestea concession (AERC, 2006).

The river ecosystems downstream of the project area have been heavily degraded by anthropological influences, including over a century of historic mining operations, discharges of untreated sewage, and unauthorized small-scale mining operations.

BLUE GOLD HOLDINGS LIMITED S-K 1300 TECHNICAL REPORT SUMMARY - BOGOSO PRESTEA (GHANA) PROPERTY

Mining and exploration at Prestea has been ongoing since 1873. During the majority of this period, the work was concentrated around the Prestea Village area with the development of the underground operation and a small open pit at Plant North in the north of the Prestea concession.

Recorded production for the Prestea mine began in 1912 under the British company Ariston Mining, which operated the mine until the 1950s. The company was responsible for the majority of the underground development including shaft sinking, ventilation, and level development. The mine was nationalized in the late 1950s, following the independence of Ghana, when all mining operations in the Prestea region were consolidated under the management of Prestea Gold Limited, a subsidiary of the State Gold Mining Company Limited (“SGMC”).

In the early 1990s, the government of Ghana reopened the mining industry to foreign companies and a joint venture agreement was formed between Barnex JCI Ltd., Prestea Gold Ltd., the SGMC, and the government of Ghana. Barnex JCI Ltd. Withdrew from the joint venture in 1998 due to a low gold price and aging infrastructure. A consortium supported by the Ghana Mine Workers Union was then founded to operate the mine under the name PGR. The mine operated for three years until its closure in early 2002 due to depressed gold prices and financial difficulties. The Prestea Underground mine had remained under care and maintenance (“C&M”) from the 2002 closure to 2014 when the refurbishment started (2015-2017). The open pit operations continued throughout this period.

Marlu Gold Mining Areas Limited (“MGMAL”) explored for gold and operated a medium scale open pit and underground mining operation from 1935 to 1955. Surface gold mineralization was systematically explored utilizing trenching and shallow adits driven across strike. Deeper exploration, well below the depth of oxidation (approx. 40m), was conducted on the Marlu deposits, where underground workings extended approximately 250m below the surface. In 1935, MGMAL commenced mining oxide ore from a series of open pits extending from Bogoso North to Buesichem. During the period 1935 to 1955, MGMAL processed between 0.36 and 0.45Mtpa of ore yielding 35,000 to 51,000oz per year. During the 15 year period of mining (the mine was shut down for the duration of World War II), 6.9Mt of ore with a recoverable grade of 4.1g/t Au was processed through the plant generating about 10.9Moz of gold. Marlu also mined a small amount of ore from underground at Bogoso North. The Marlu mining operation terminated in 1955.

The 30-year period between the closure of the Marlu mining operations in 1955, and the acquisition of the Bogoso concession by Denison Mines Limited, a Canadian company, in early 1986 only saw sporadic exploration activities. These activities included the sampling of old adits and two separate drilling programmes, one by the SGMC and the other by the United Nations Development Program.

BLUE GOLD HOLDINGS LIMITED S-K 1300 TECHNICAL REPORT SUMMARY - BOGOSO PRESTEA (GHANA) PROPERTY

In 1986, Canadian Bogoso Resources Limited, a Ghanaian company, commenced exploration on the Bogoso concession. Exploration between 1986 and 1988 outlined potential for development of mining operations on the concession. Included as part of this work was drilling of the Marlu tailings, dewatering and sampling of the Marlu underground workings to a depth of about 100m, diamond drilling beneath the old open pits, adit sampling and trenching. Despite this, Marlu tailings has not been re-mined and could be considered in the future by Blue Gold.

Gold was first commercially mined at the Bogoso Property in the early 20^th century. Notably, in 1935, MGMAL started commercial scale mining of high-grade oxide material from a series of open pits extending south from Bogoso North to Buesichem, just south of the Bogoso Property. MGMAL also mined a small amount of material from underground at Bogoso North, Marlu and Bogoso South and was still mining the Buesichem pit when it shut down its operations in 1955. According to BGL’s records, during its 20-year period of operating from 1935 to 1955, MGMAL produced over 900,000oz of gold at an average recovered grade of 3.73g/t Au.

Billiton Plc (“Billiton”), now known as BHP Billiton Limited, then part of the Royal Dutch Shell Group, took control of the Bogoso/Prestea property in the late 1980s and its initial feasibility study established a “mineable reserve” of 5.96Mt with a mean grade of 4.0g/t Au, of which 461,000t (or less than 8%) comprised oxidised material and the remainder fresh (sulphide) material. The reporting code and key assumptions and parameters used to report this mineral resource are not known and a QP has not done sufficient work to classify this historical estimate as a current mineral resource or mineral reserve. Hence, the Company is not treating the historical estimate as current mineral resources or mineral reserves. The construction of a mining and processing facility was completed in 1991, the latter comprising a conventional Carbon in Leach (“CIL”) circuit to treat the oxidised material at a rate of 1.36Mtpa and a flotation, fluidized bed roasting, and CIL circuit with a design capacity of 0.9Mtpa. However, Billiton encountered operation difficulties with the fluidized bed roaster, as a result of which the operation was then focussed solely on the oxide ore. The resulting standalone CIL plant had a capacity of approximately 2.0Mtpa and on-going exploration was successful in delineating further ore thereby prolonging the mine life.

Before 2001, little, if any work was carried out in the Bondaye and Tuapim areas. Exploration sampling was carried out over the Beta Boundary deposit immediately to the north. In June 2001, GSR was awarded the surface rights for the Prestea concession and commenced a programme of detailed stream and outcrop geochemical sampling over the entire concession. The results from this work led to the recognition of potential exploration targets in the Bondaye and Tuapim areas and Rotary Air Blast (“RAB”) drilling commenced in 2003. There are no historical (Pre 2004) Mineral Resource estimates for the Bondaye and Tuapim deposits.

BLUE GOLD HOLDINGS LIMITED S-K 1300 TECHNICAL REPORT SUMMARY - BOGOSO PRESTEA (GHANA) PROPERTY

GSR acquired the Bogoso Prestea Mine in 1999, and managed the operations until the takeover by FGR in October 2020. During the period of GSR’s management they installed a nominal 1.5Mtpa CIL processing plant to process oxide and other non-refractory ores (termed the Bogoso non-refractory plant). In 2001, Golden Star acquired the Prestea property located adjacent to the Bogoso property and mined surface deposits at Prestea from late 2001 to late 2006, now under common ownership of Golden Star (Bogoso/Prestea) Limited (“GSR-BPL Ltd (“GSBPL”). In July 2007, GS-BPL completed construction and development of a nominal 3.5Mtpa processing facility at Bogoso/Prestea that used BIOX^®1 technology to treat refractory sulphide ore. This plant was eventually shut down in 2015 due to a series of failures which are described in section 14.3.1.

Future Global Resources (“FGR”) acquired GSR-BPLGSBPL in October 2020 (later renamed FGR Bogoso Prestea Limited (“FGR-BPLLtd (“FGRBPL”)), which by this time had accrued significant liabilities and the Prestea underground West Reef target was the only area being actively mined. FGR operated the mine for four years, reopening the open pit operations and taking the mine into profit by Q1 2023. However, mining operations were suspended in November 2023, and in January 2024, the leases were sold to Blue Gold under the Transfer Agreements described in section 16.2. The transfer of the Property to Blue Gold became effective in May 2024.

Mining in the Prestea area dates back several centuries. The first direct involvement by Europeans in the area occurred in the 1880s with the establishment of the Gio Apanto Gold Mining Company and the Essaman Gold Mining Company. These companies changed to the Apanto Mines and Prestea Mines Limited in 1900. Both companies merged to become Ariston Gold Mines (“Ariston”) in 1927. Companies associated with Ariston carried out exploration and some mining to the north east of Prestea at Quaw Badoo and Brumasi. The company also prospected concessions immediately to the southwest of Prestea at Anfargah.

Prospecting and some mining had been carried out independently on the adjacent Ekotokroo, Bondaye and Tuapim concessions located to the south of Anfargah. These concessions were acquired by Ghana Main Reef Limited in 1933 and operated continuously until 1961.

BLUE GOLD HOLDINGS LIMITED S-K 1300 TECHNICAL REPORT SUMMARY - BOGOSO PRESTEA (GHANA) PROPERTY

Ghana State Mining Corporation was set up with effect from March 1961 under an Instrument of Incorporation signed by the President. From April 1963 the various Ghanaian gold operations were regrouped and renamed Tarkwa Goldfields and Bibiani Goldfields. The SGMC was established under the SGMC Instrument 1965.

Both the Ariston and Ghana Main Reef companies were purchased by the Government of Ghana and merged to form Prestea Gold Limited. The Buesichem concessions to the northeast and along strike from Brumasi was subsequently added to the Prestea concessions. The Buesichem concessions contained a small historical open pit, one of several operated by Marlu Gold Mining Areas until 1955.

Total production from Ariston Mines and Prestea Gold Limited was in the order of 16.8Mt of RoM material for the recovery of 5.95Moz of gold. The average RoM grade is estimated to have been 11g/t Au. In addition, the Brumasi mine is reported to have produced 0.3Mt yielding 0.23Moz gold for an average grade of 23.3g/t Au. Prior to the amalgamation with Prestea, Ghana Main Reef produced about 2.0Mt of RoM for approximately 1Moz of gold at an estimated RoM grade of 15g/t Au. Total underground production from the area, excluding the Buesichem open pit is estimated to be in excess of 19Mt of RoM and 7.18Moz gold. The Ghana Chamber of Mines has recorded approximately 9Moz of gold produced from the Prestea area since 1877 which also includes production from open pit mines.

Production from Prestea peaked at 446,372t in 1964 when 166,973oz of gold were obtained at an average grade of 11.6g/t gold. Recovered grade peaked much earlier in the life of mine with a grade of 20.4g/t Au in 1927. Production endured a decline throughout the mid to late 1970s due to a reduced number of stopes being developed and a lack of underground development to access new ground.

From 2010 to 2023 production was an average of 2.9Mtpa plus 22.6Mtpa of waste rock (SR of 7.7). The ore production tonnes were mainly sourced from Chujah Main (51%) with a significant contribution from Bogoso North (29%) and Pampe (18%). A summary of recent production (2010 – 2023) is presented in Table 5.1.

BLUE GOLD HOLDINGS LIMITED S-K 1300 TECHNICAL REPORT SUMMARY - BOGOSO PRESTEA (GHANA) PROPERTY

The Mineral Resource statements available for the period prior to the acquisition of the property by FGR are those produced by Golden Star Resources for the period Year End 2019 as reported in the GSR Annual Report (Annual Information Form, Year ended December 31, 2019, Dated March 24, 2020). GSR did not report Mineral Resources or Reserves for the individual deposits and amalgamated the results for broader sub-divisions within the concessions. The results are tabulated below in Table 5.2 and Table 5.3.

At the time of the takeover of the operation by FGR, GSR were only reporting Mineral Reserves for the Underground operation at Prestea and had ceased production from the Open Pit operations, hence the lack of reported Mineral Reserves for the Open Pit operations.

Blue Gold, as part of this technical report, has established a new, updated compliant resource estimation for the Bogoso Prestea Project. The historical estimates noted above are not considered current and have been superseded by the Mineral Resource Estimate in Section 11.

The Ashanti Greenstone Belt in the western region of Ghana is composed primarily of Paleoproterozoic metavolcanic and metasedimentary rocks that are divided into the Birimian Supergroup (Sefwi and Kumasi Groups) and the Tarkwa Group. Both units are intruded by abundant granitoids (Figure 6.1) and host numerous hydrothermal gold deposits such as the Obuasi and Prestea mines and paleoplacer deposits such as the Tarkwa and Teberebie mines.

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Figure 6.1: Regional Geological location within the Paleoproterozoic of Ghana

Allibone et al. (2002) separated the Paleoproterozoic Eburnean orogeny into two phases known as Eburnean I and II. This classification was revised by Perrouty et al. in 2012 who proposed two distinct orogenic events, the Eoeburnean orogeny and the Eburnean orogeny. The Eoeburnean orogeny predates the deposition of Tarkwaian sediments and is associated with a major period of magmatism and metamorphism in the Sefwi Group basement. The Eburnean event is associated with significant post-Tarkwaian deformation that affected both the Birimian Supergroup and overlying Tarkwaian sediments. The Eburnean orogeny is associated with major northwest to southeast shortening that developed major thrust faults, including the Ashanti Fault along with isoclinal folds in Birimian metasediments and regional-scale open folds in the Tarkwaian sediments. These features are overprinted by phases of sinistral and dextral deformational events that reactivated the existing thrust faults and resulted in shear zones with strong shear fabrics.

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The Birimian series was first described by Kitson (1928) based on outcrops located in the Birim River (approximately 80km east of the Ashanti Greenstone Belt). Since this early interpretation, the Birimian stratigraphic column has been revised significantly. Before the application of geochronology, the Birimian Supergroup was divided into an Upper Birimian Group composed mainly of metavolcanics and a Lower Birimian Group corresponding to metasedimentary basins. Subsequent authors have proposed synchronous deposition of Birimian metavolcanics. Most recently, Sm/Nd and U/Pb analyses have reversed the earlier stratigraphic interpretation with the younger metasediments overlying the older metavolcanics. Proposed ages for the metavolcanics vary between 2,162 ± 6 million years (Ma) and 2,266 ± 2 Ma. Detrital zircons in the metasediments indicate the initiation of their deposition between 2,142 ± 24 Ma and 2,154 ± 2 Ma. The Kumasi Group was intruded by the late sedimentary Suhuma granodiorite at 2,136 ± 19 Ma (U/Pb on zircon, Adadey et al., 2009).

The Tarkwa Supergroup was first recognised by Kitson (1928) and consists of a succession of clastic sedimentary units, which have been divided into four groups by Whitelaw (1929) and Junner (1940). The Kawere Group located at the base of the Tarkwaian Supergroup is composed of conglomerates and sandstones with a thickness varying between 250m and 700m. The unit is stratigraphically overlain by the Banket Formation, which is characterized by sequences of conglomerates interbedded with cross-bedded sandstone layers, the maximum thickness of this group being 400m. The conglomerates are principally composed of Birimian quartz pebbles (>90%) and volcanic clasts (Hirdes and Nunoo, 1994) that host the Tarkwa placer deposits. The Banket Formation is overlain by approximately 400m of Tarkwa phyllites. The uppermost unit of the Tarkwa Supergroup is the Huni sandstone, comprised of alternating beds of quartzite and phyllite intruded by minor dolerite sills that form a package up to 1,300m thick (Pigois et al., 2003).

U/Pb and Pb/Pb geochronology dating of detrital zircons provide a maximum depositional age of 2,132 ±2.8Ma for the Kawere Formation and 2,132.6 ±3.4Ma for the Banket Formation (Davis et al., 1994; Hirdes and Nunoo, 1994). These ages agree with the study by Pigois et al. (2003) that yielded maximum depositional age of 2,133 ±4Ma from 71 concordant zircons of the Banket Formation. According to all concordant zircon histograms (161 grains) and their uncertainties, a reasonable estimation for the start of the Tarkwaian sedimentation could be as young as 2,107Ma.

The contact between the Birimian and Tarkwaian sequences runs through the concessions and forms part of the major north-east trending Ashanti Trend (Figure 6.2) which plays host to a number of major gold deposits including Ashanti’s Obuasi Mine.

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Figure 6.2: Regional Geology of the Ashanti Belt (SRK 2013)

Abundant granites and granitoids intruded the Birimian and Tarkwaian units during the Paleoproterozoic. Eburnean plutonism in southwest Ghana can be divided into two phases between 2,180 to 2,150Ma (Eoeburnean) and 2,130 to 2,070Ma (Eburnean) that is supported by the current database of U/Pb and Pb/Pb zircon ages. Most of the granitoids intruded during both phases correspond to typical tonalite–trondhjemite–granodiorite (TTG) suites. However, in the southern part of the Ashanti Greenstone Belt, intrusions within the Mpohor complex have granodioritic, dioritic, and gabbroic compositions.

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Dolerite dikes oriented north-south and east-northeast to west-southwest, which are typically less than 100m in thickness, are abundant across the West African Craton where they crosscut Archean and Paleoproterozoic basement. In southwestern Ghana these dikes are well defined in magnetic data where they are characterized by strong magnetic susceptibility. Dolerite dikes are observed to crosscut undeformed K-feldspar rich granites that formed during the late Eburnean, and are overlain by Volta Basin sediments with a maximum depositional age of 950Ma (Kalsbeek et al., 2008). These relationships constrain dike emplacement to between 2,000 and 950Ma. In contrast, some older dolerite and gabbro dikes and sills were deformed during the Eburnean orogeny and are dated at 2,102 ±13Ma (U/Pb on zircon, Adadey et al., 2009).

With the exception of some late Eburnean granitoids, dolerite dikes and Phanerozoic sediments, all other lithologies have undergone metamorphism that generally does not exceed upper greenschist facies. Studies on amphibole/plagioclase assemblages suggest the peak temperature and pressure was 500 to 650°C and 5 to 6 kbar (John et al., 1999), dated at 2,092 ± 3Ma (Oberthür et al., 1998).

The Bogoso and Prestea concessions lie within the southern portion of the Ashanti Greenstone Belt along the western margin of the belt (Figure 6.3). Rock assemblages from the southern area of the Ashanti Belt were formed between a period spanning from 2,080 to 2,240Ma (Figure 6.4), with the Sefwi Group being the oldest rock package and the Tarkwa sediments being the youngest. The Ashanti Belt is host to numerous gold occurrences, which are believed to be related to various stages of the Eburnean and Eburnean deformational events. These are summarised in the stratigraphic section shown in Figure 6.5.

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Figure 6.3: Local Geological Setting and Conceptual Generalised Cross Section of the Bogoso and Prestea Concessions

Figure 6.4: Compilation of Geochronology Dating from the Ashanti Belt

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Figure 6.5: Stratigraphic Section of the Main Units Across the Bogoso and Prestea concessions

The geology of the Bogoso-Prestea area is divided into three main litho-structural assemblages which are fault bounded and steeply dipping to the west (Figure 6.6). This suggests that the contacts are structurally controlled and that the litho-structural assemblages are unconformable. From the eastern footwall to the western hanging wall, these packages are represented by the Tarkwaian litho-structural assemblage, the tectonic breccia assemblage, composed of sheared graphitic sediments and volcanic flows, and the last assemblage is composed of undeformed sedimentary units of the Kumasi Basin, which is located to the west of the Ashanti fault zone. The Tarkwaian litho-structural assemblage to the east is mostly composed of sandstone, pebbly sandstone, and narrow conglomerate units. Bedding and sedimentary textures have been observed sporadically, and in most cases they have been obliterated by hydrothermal alteration and deformation at the proximity of the Ashanti fault. The various lithologies that host the Bogoso-Prestea mineralisation are illustrated in Figure 6.7.

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Figure 6.6: Simplified Geological Plan of the Prestea and Bogoso Concessions (SRK 2013)

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Figure 6.7: Lithologies hosting the Bogoso-Prestea Deposits (SRK 2013)

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At the Prestea underground operation the host lithologies are composed of various rock types such as volcanic rocks, volcanoclastics, sediments of the Birimian Supergroup, and sparse Tarkwaian sedimentary slivers.

Volcanic lenses have been divided into two units based on their alteration pattern: weakly altered mafic volcanic rocks are characterized by a distal chlorite/calcite alteration pattern, while strongly altered mafic volcanic rocks are characterized by a proximal silica/sericite/Fe-Mg carbonates alteration pattern. These strongly altered mafic volcanic lenses are generally located at proximity to the Main Reef Fault or bounded by second order footwall faults. The tectonic breccia assemblage is believed to have been the focal point of the post thrusting Eburnean deformational events (syn-D3 to syn-D5), therefore, primary textures, whether syn-volcanic or syn-sedimentary, have only been locally preserved. Volcanic lenses are intercalated with sheared graphitic sedimentary horizons which represent strained and brecciated sequences of siltstones, mudstones and greywacke units affected by pervasive graphitic alteration. Primary textures are generally overprinted and obliterated by deformation, but bedding has locally been preserved.

The most western litho-structural assemblage underlying the Prestea concession consists of relatively undeformed to weakly strained sedimentary rocks of the Kumasi basin. The assemblage is composed of a series of flyschoid sequences where the most common units found are argillites, mudstones, siltstones and greywackes, which are all commonly referred to as phyllite in Ghana. Several syn-sedimentary textures have been observed such as bedding planes, graded bedding and cross-bedding. Chert horizons are locally intercalated within the flysch sequence, but appear to lack lateral continuity.

The litho-structural assemblages are affected by six distinct Eoeburnean and syn-Eburnean ductile events and at least one post-Eburnean brittle event, resulting in late reactivation of the major thrust fault systems. The Eburnean deformational events have been described and observed by several authors throughout the West African shield including Milesi, Alibone and Perrouty. The D1 deformational event affects the older volcano-sedimentary sequence of the Birimian supergroup and was generated during a North-South compressional phase. The second event of deformation is related to an extensional phase which generated the sedimentation of the Kumasi basin. The D3 deformational event is believed to be mainly a thrusting event, resulting in the thrusting of the volcano-sedimentary sequences and the Kumasi sedimentary basin over the younger Tarkwaian sedimentary group which was unconformably deposited during the D3 event. The D4 deformational event was associated with NW-SE shortening which resulted in the re-activation of the D3 thrust fault into sinistral shearing.

At Prestea, the principal structure is a mineralized fault-filled quartz vein known as the Main Reef, which is relatively continuous and has been modelled and worked over a strike length of approximately 6km and to a depth of approximately 1,450m below surface (35L). Several subsidiary structures such as the West Reef and East Reef have developed respectively in the immediate hanging wall and footwall of the Main Reef structure. The West Reef is a second order structure where dilational zones occurs some 200m into the hanging wall of the Main Reef structure and, at present, is known to occur over a strike length of 800m and has currently been defined by underground drilling between 550 to 1,150m below topography as far as the 30L. The major thrust faults such as the Main Reef fault and the West Reef fault, as well as the presence of an associated penetrative foliation, are the main syn-D3 structural features.

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The D4 and D5 deformational events were associated with northwest-southeast shortening that resulted in the reactivation of the D3 thrust fault into sinistral shearing. These Eburnean phases resulted in the reactivation of the D3 thrust fault into sinistral shearing. These Eburnean phases are transpressional events with strike-slip movement along the major D3 faults that resulted in the development of the regional scale folds and of second and third penetrative foliations. The tectonic breccia assemblage and the graphitic shear zone were the focus of reactivation during these two deformational events resulting in a strong shear fabric, whilst the sedimentary units in the hanging wall developed orthogonal steep penetrative fabrics at an angle to the main foliation. The last Eburnian phase, the D6 event, is defined as a minor transcurrent event, the effects of which are noticeable by the presence of a flat lying crenulation, observable locally on the main foliation plane within the Kumasi Basin sedimentary package.

The structural complexity of the Prestea mine site is mainly due to reactivation of the fault system during the later events of Eburnean deformation. Several studies along the Ashanti trend are suggesting a syn-D to Syn-D5 timing for gold emplacement. Earlier studies at Prestea also suggested a syn-D3 gold mineralized event, but it is still unclear whether syn-D1 gold events could have taken place and have been remobilized during later hydrothermal pulses. Field evidence and structural relationships are suggesting that certain quartz veins along the Prestea major fault systems were in place during the earlier deformational events and deformed by subsequent events.

Gold mineralization between Marlu and Bogoso North is restricted to a narrow graphitic fault zone located in the sedimentary hanging wall of the deposits with the footwall composed of volcanic lenses and sheared sedimentary rocks. The Bogoso North deposit consists of two splays of the main shear zones; a quartz vein dominated hanging wall splay, and a highly graphitic footwall structure. The two splays of the main shear zone at Bogoso North extend for approximately 500m along strike and range in true width from 5 to 15m. Gold mineralization at Bogoso North dips moderately to the northwest at 40 to 50°. The mineralisation is modelled over a 2.0km strike at Bogoso North and an additional 2.7km northwards to Marlu and to a depth of some 300m. Bogoso North gold mineralization is associated with either quartz veins or graphitic cataclasites.

Quartz vein hosted gold mineralization generally is coincident with relatively high gold tenors, typically between 5 to 15g/t Au. Vein gold is associated with abundant disseminated arsenopyrite in and around slices of graphitic mylonitic rock within the quartz veins. Although visible gold is occasionally observed in the veins at Bogoso North there are not abundant amounts of free gold as at Prestea and Ashanti. The quartz veins mark dilatant fractures, which focussed gold-bearing fluids, although gold deposition appears to have been promoted by interaction with adjacent wall rock fragments (Allibone et al 1998). The dilatant zones enabling quartz vein emplacement are localised in a left-stepping fault segment in the hanging wall fault splays of the main shear zone. Other veins are developed at the intersection of hanging wall spays with the main shear zone footwall structure.

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The footwall graphitic shear mineralization at Bogoso North generally is associated with lower gold values than that of the quartz vein hosted hanging wall structure. Gold mineralization is associated with finely disseminated pyrite and arsenopyrite.

Figure 6.8: Volcanic Lense in the Bogoso North Pit (SRK 2013)

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Both Birimian and Tarkwaian lithologies are situated within the Chujah/Dumasi area. Birimian and Tarkwaian rocks are separated by a deformation corridor referred to as the central structural corridor or tectonic breccia. The tectonic breccia is hosted both in Birimian and Tarkwaian rocks and is characterized by an anastomosing network of faults and imbricated fault slices. These northeast-striking faults represent the principal thrust planes which were developed during the third event of deformation at the beginning of the Eburnean orogeny. The largest fault zone, located close to the western boundary of the deposits is referred to as the main shear zone and is characterized by fault gouge, mylonites, breccias and cataclasites.

The attitude of the main shear zone varies locally but generally strikes between N025° to N040°, dipping between 35 to 75° towards the northwest. The thickness of the main shear zone ranges from a few metres to over 50m in true width. The combined length of Chujah and Dumasi is some 3.0km along strike and the deposit has been modelled to a vertical depth of 500m. The main shear zone also hosts multiple generations of internal non-cylindrical folding, pervasive foliation development, quartz-ankerite veining and graphite ±ankeritic, carbonate ±sericite alteration assemblages. Reversals in stratigraphic younging direction across the main shear zone indicate that it forms the hinge of a km-scale shallow-plunging isoclinal syncline. The widespread development of at least sub-economic gold mineralization along essentially the full strike length of the main shear zone and numerous subsidiary structures implies that movement on them was widespread during mineralization.

The eastern edge of the tectonic breccia zone is marked by another major fault zone; the Tarkwaian Boundary Fault zone. The Tarkwaian Boundary Fault zone separates the basal Tarkwaian gritty immature sandstones, pebble conglomerates and interbedded tuffs from the Tarkwaian, Kawere quartzites and conglomerates. The attitude of the Tarkwaian Boundary Fault is slightly steeper than the main shear zone with dips in the range of 60 to 80° towards the northwest. Numerous fault networks interconnect the two bounding fault structures where two dominant interconnected fault orientations have been observed one striking east northeast and the other striking north to north northeast.

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Figure 6.9: Chujah Pit Lithologies (SRK 2013)

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The Ablifa deposits are also situated along the Ashanti Trend south of Chujah and North of Dumasi. Mineralisation occurs within a narrow north-east striking corridor, in which mineralization dips predominantly to the northeast at angles ranging between 50 and 70°. The deposit is modelled over a strike length of 4.3km and to a maximum vertical depth of 250m.

The area is situated between the Buesichem North Pit, on the southern boundary of the Bogoso lease area and the Mackenzie/Big Hill pits immediately south of Chujah South Pit. The area includes the Deinsu Pits (South, 2 and Central) as well as the Ablifa West, Ablifa 2 West, Polipoli Pataye and Akosu Pits. Five distinct mineralization styles have been described including the following:

Within the first four styles of mineralization, gold is predominantly occluded within sulphides except where the original mineralogy has been altered by weathering.

The Buesichem deposit is the most northerly deposit located on the Prestea concession. In the vicinity of the Buesichem deposit the main shear zone appears to encroach on the Birimian – Tarkwaian contact, whereas this contact is typically 250 to 300m east of the main shear zone on the Bogoso concession, but this contact might be the result of a Tarkwaian sliver thrusted along the main shear zone. As the contact is approached, the frequency of imbricated fault slices of Tarkwaian increases. In the Buesichem pit, the eastern wall is composed of discontinuous mafic volcanic lenses and a phyllite unit which, has been interpreted as Tarkwaian. The deposit is modelled over a 1.3km strike length and to a maximum depth of 500m.

The Buesichem mineralization is hosted within a sequence of greywackes, turbidites and phyllites of the Kumasi sedimentary basin with local narrow horizons of metavolcanics located in the footwall of the main shear zone. The entire package has been extensively deformed forming a shear zone which is up to 100m wide and comprises splays of anastomosing protomylonitic to cataclastic bands as defined by phyllosilicate bands and discrete, but discontinuous, re-crystallized quartz ribbons and porphyroblasts.

Shear zones within the Buesichem pit indicate steeply dipping gold mineralization (>70°) with a plunge towards the south-southwest. Gold mineralization is constrained by splays and bifurcation shear planes composing the main fault zone.

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Mineralogical studies have consistently shown the presence of undeformed sulphide minerals indicating that the mineralization was post-deformational in age. The fact that up to 50% of the gold is occluded in arsenopyrite and is predominantly fine-grained (1-30µm) accounts for the refractory nature of the sulphide mineralisation.

Owing to the unique structural setting, gold mineralization of the Buesichem area is distinctly different from the rest of the Prestea deposits with respect to the texture. Ore paragenesis is nevertheless similar. Buesichem sulphide gold mineralization is similar to the deposits located along the 18km strike length of the Ashanti trend north on the Bogoso Concession.