Exhibit 96.2

Bulawayo Mining Company Limited

Mazowe Mine

S-K 1300 Technical Report Summary

January 2025

Mazowe Mine

S-K 1300 Technical Report Summary

Bulawayo Mining Company Limited

WSP

Level 3, 51-55 Bolton St
Newcastle NSW 2300
PO Box 1162
Newcastle NSW 2300

Tel: +61 2 4929 8300
Fax: +61 2 4929 8382

wsp.com

This document may contain confidential and legally privileged information, neither of which are intended to be waived, and must be used only for its intended purpose. Any unauthorised copying, dissemination or use in any form or by any means other than by the addressee, is strictly prohibited. If you have received this document in error or by any means other than as authorised addressee, please notify us immediately and we will arrange for its return to us.

Table of contents

List of appendices

Appendix A Limitations statement

The Mazowe Gold Mine (MGM) [or the Property] is located in Mashonaland Central Province, Zimbabwe, approximately 50 kilometres (km) north of the City of Harare (latitude 17°28’S and longitude 30°55’E). A railway line passes through the Property, linking up with the regional centres of Glendale, Bindura, and Shamva.

Mazowe Mining Company (Private) Limited Zimbabwe (MMC Zimbabwe), a wholly owned subsidiary of Gold Fields of Mazowe (UK) Limited (GFM UK), which is a wholly owned subsidiary of BMC Limited, possesses total ground holdings under Mining Lease (ML) 35 totalling 1,955.5 ha (Figure 3.2) [GFM 2018].

Ore is processed in a single processing plant, consisting of conventional crushing and milling and a Carbon-in-Leach (CIL) facility.

The Property is accessible via the A11 between Harare and Glendale. Access to the mine site and to the ore is authorised by the applicable mining legislation, and MMC Zimbabwe’s title and mining rights. Mining exploration and exploitation works conducted or to be conducted on site are authorised in accordance with the applicable legislation, and MMC Zimbabwe’s title and mining rights.

The MGM is situated within the Harare-Bindura-Shamva greenstone belt of the Zimbabwean (Archaean) Craton, on the margin of the Chinhamhora Batholith. The Harare-Bindura-Shamva greenstone belt comprises major metavolcano-sedimentary sequences, structurally intruded by the Chinhamhora Batholith, linking northwards through the Property area, and then eastwards along the Mazowe Valley, through the Harare-Bindura-Shamva greenstone belt.

The typical lithology at the MGM consists of the Mazowe Granodiorite, which is coarse, crystalline, quartz-rich and porphyritic. Feldspar porphyries occur in the eastern to southern parts of the mine complex. They are typically dark grey or black in colour, with pronounced white phenocrysts of quartz and feldspar. To the east of the Property, feldspar porphyries grade into metabasaltic rocks. These are intercalated with BIF in places. Thin ultramafic units/lithologies are known to occur in the footwall of the Jumbo mineralised shear zone.

The mineralisation at the MGM is collectively hosted by granodiorite stock and feldspar porphyries. These lithologies are host to a multitude of narrow, sub-parallel mineralised shear zones, which form an imbricate thrust shear zone system. To date more than 15 sub-parallel shear zones have been identified. These shear zones strike east-west and dip to the north at approximately 10 to 50 degrees (°). From north to south, mining has exposed the following mineralised shear zones:

Current exploration is conducted using underground diamond drilling and channel samples. Diamond drill core is logged and sampled, with sample length dictated by the width of the mineralised shear zone. One sample each of the barren hanging wall and footwall is also taken and submitted for assay. All underground diamond drill holes are collar and downhole surveyed.

Channel sampling, diamond drilling, and sludge drilling samples were used for the purposes of geological modelling and Mineral Resource estimation.

This report is prepared as a Technical Report Summary (TRS) for the Property, in accordance with the United States Securities and Exchange Commission’s (SEC) Modernised 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).

The disclosure of Mineral Resources under this report is based upon the Qualified Person’s (QP's) initial assessment. The Mineral Resources estimate has been defined, classified, and reported according to the guiding principles and minimum standards set out in SAMREC (2016). WSP’s view is that there are no material differences between SAMREC (206), and S-K 1300 requirements for the reporting of Mineral Resources.

The relevant QPs are satisfied that there has been sufficient orebody knowledge work completed to support Reasonable Prospects for Economic Extraction (RPEE) at the Property from a Mineral Resources perspective. The initial assessment incorporates the QP’s qualitative evaluation of relevant technical and economic factors likely to influence the prospect of economic extraction to establish the economic potential of the mining property or project (Section 11.3).

Evaluation data collection includes diamond drilling, and channel sampling.

Given there has been no mining or exploration conducted since the mine was placed on Care & Maintenance (C&M) due to the mine workings being flooded, in the QP’s opinion the 2018 assumptions regarding definition of the Mineral Resource base remain current.

For the purposes of demonstrating capacity to exploit the Mineral Resource base as required under S-K 1300, the QPs prepared a high-level cashflow model provided by MMC Zimbabwe and are satisfied that the scale of the Mineral Resource and free cashflow after operating costs are sufficient to cover the capital cost of re-establishing access to the underground mine workings, dewatering the underground mine workings, surface infrastructure, and plant refurbishment/replacement. A process recovery of 88% for gold was applied for cashflow modelling consistent with recent historical averages and fixed tail estimates. Further assumptions are provided under Section 11.3 and Table 11-5.

A new COG for 2023 was calculated based on the 3-year trailing average gold price at December 2023 (with a gold price multiplier of 30%), applicable mill recovery, and revised operating and sustaining capital costs. This is described in Section 11.3.

Mineral Resources are reported on an in-situ basis.

Table 1.1 presents the underground Measured and Indicated Mineral Resources (exclusive of Mineral Reserves) reported as at 31 December 2023.

Notes: Mt = million tonnes; Au Grade g/t = gold grams per tonne; koz = thousand ounces.

Table 1.2 presents the underground Inferred Mineral Resources (exclusive of Mineral Reserves) reported as at 31 December 2023.

Notes: Mt = million tonnes; Au Grade g/t = gold grams per tonne; koz = thousand ounces.

It should be noted that the Mineral Resources estimate for the Property is reported exclusive of Mineral Reserves. The Property does not have a current Mineral Reserve.

It should be noted that the sands (tailings) Mineral Resources estimate for the Property is not included as part of the in-situ Mineral Resources for the Property, as the ownership of the sands (tailings) material itself, and the accompanying sands (tailings) processing facility is currently under dispute, with legal proceedings ongoing. The sands (tailings) Mineral Resources estimate for the Property is detailed in Section 11.3.

The Mineral Resources presented in this Section are not Mineral Reserves, and do not reflect demonstrated economic viability. The reported Inferred Mineral Resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorised as Mineral Reserves. There is no certainty that all or any part of this Mineral Resource will be converted into Mineral Reserve.

All figures are rounded to reflect the relative accuracy of the estimates and totals may not add correctly.

Based on the geological results presented in this TRS, supported by the assumptions made by BMC Zimbabwe (presented in Section 11.3), it is the QP’s opinion that the Mineral Resources have RPEE.

Not applicable since this TRS is an Initial Assessment and no Mineral Reserves have been estimated.

Not applicable since this TRS is an Initial Assessment and no Mineral Reserves have been estimated.

Any future estimation of Mineral Reserves and potential recommencement of operations will require the support of an additional drilling and resource definition campaign and at least a pre-feasibility to feasibility level of evaluation.

The ML is inspected on an annual basis by the Government of Zimbabwe. The area covered by ML 35 was surveyed and declared to be 1,955.5 ha. ML 35 was inspected on 21 May 2024, and the current inspection certificate is valid until the next inspection date of 19 August 2025.

There is also a requirement for renewal of environmental and miscellaneous operating permits as outlined in Section 17.3 before recommencement of active mining operations. The Environmental Impact Assessment Certificate is current and expires 13 September 2025. Miscellaneous operating permits will require renewal.

There has been a significant increase in artisanal gold mining activities within the MGM tenement area during the period of business administration to present day.

Based on the information presented in this TRS, the QP’s key conclusions are as follows:

Based on the information presented in this TRS, the QP’s key recommendations are as follows:

Notes: Mt = million tonnes, g/t = grams per tonne, oz = ounces.

Not applicable since this TRS is an Initial Assessment and no Mineral Reserves have been estimated.

For the historical 2018 Mineral Reserve estimate, the QP provides comment as follows:

For the historical 2018 Mineral Reserve estimate, the QPs provide recommendations as follows:

In response, MMC Zimbabwe commissioned a conceptual scoping level study (Virimai, November 2018) to examine options for recommencing operations. The Virimai study appears to provide sufficient confidence to proceed to a more detailed prefeasibility level assessment. WSP’s view is that this work should proceed to provide sufficient confidence for estimation of a SAMREC compliant Mineral Reserve that is suitably supported by a business plan that demonstrates the technical and economic viability. This should include:

The required technical studies should be completed to confirm that re-establishment of commercial production and expansion of production beyond historical benchmarks is both technically feasible and economically viable.

After future Mineral Resource and Mineral Reserve updates, a stope optimisation exercise is recommended. Stope optimisation allows for the rapid development of valid stope shapes according to specified criteria.

More detailed analysis should also be completed in the following areas:

This Technical Report Summary (TRS) is for the Bulawayo Mining Company Limited (BMC Limited) owned Mazowe Gold Mine (MGM) [or the Property], located in Mashonaland Central Province, approximately 50 km north of the capital Harare, and was prepared by the Qualified Persons (QPs) for BMC Limited. 

BMC Limited is a private company incorporated in the United Kingdom (UK) and is a wholly owned subsidiary of Metallon Corporation Limited (UK) [Metallon]. Gold Fields of Mazowe (UK) Limited (GFM UK) is a private company incorporated in the UK and is a wholly owned subsidiary BMC Limited.

Mazowe Mining Company (Private) Limited Zimbabwe (MMC Zimbabwe), Bulawayo Mining Company (Private) Limited Zimbabwe (BMC Zimbabwe), and Redwing Mining Company (Private) Limited Zimbabwe (RMC Zimbabwe) are responsible for the management of mineral assets located in Zimbabwe, the principal activities of which include exploration, development and operation of precious metals mineral assets.

MMC Zimbabwe is directly responsible for the day-to-day management of mining operations and possesses total ground holdings under ML 35 totalling 1,955.5 ha (Figure 3.2) [GFM 2018].

Figure 2.1 presents the corporate structure of BMC Limited.

In October 2002, Metallon (herein referred to as BMC Limited) acquired a portfolio of mineral assets from a holding subsidiary of Lonmin plc (Lonmin), known as Independence Mining (Private) Limited.

This portfolio of mineral assets located in Zimbabwe consists of three mining properties located within a significant land package consisting of some 66.02 square kilometres (km²) in area. The mining properties comprise three separate underground gold mines, namely: How, Mazowe, and Redwing. Each mining property is serviced by its own dedicated processing facilities and accompanying infrastructure. BMC Limited considers there to be significant exploration potential at each of the mining properties.

From acquisition of the assets in 2002 until 2006, gold production steadily increased with gold production peaking in 2005 at approximately 156,000 ounces (oz) of gold, making BMC Limited Zimbabwe’s largest gold producer.

Due to political unrest and hyperinflation in 2007, BMC Limited’s mining activities in Zimbabwe ceased and all mines were placed on Care & Maintenance (C&M). In 2009, mining activities recommenced, with many of the mines requiring rehabilitation work.

Operations were suspended at the MGM on 31 December 2018 and Redwing on 30 March 2019 due to general economic challenges. Both mines were placed on a Supreme Court ordered Corporate Rescue, the MGM commencing 20 February 2020 and the Redwing Gold Mine (RGM) commencing 23 July 2020. Both Corporate Rescue proceedings were nullified on 7 October 2021 for the MGM and 5 September 2022 for the RGM.

An application to cancel court orders for the MGM were submitted on 15 February 2024 and is currently being processed. New mining contracts have been finalised in May 2024 and are currently under implementation.

Gold production from the MGM since 2018 is as follows (MMC Zimbabwe Operation Reports):

BMC Limited’s forward strategy is to produce 300,000 oz of gold per annum through expansion across all mines, and through a broader acquisition strategy across Africa.

BMC Limited is pursuing a focused expansion strategy throughout Africa, with the aim of securing prospective green minerals assets in Zimbabwe, and the Democratic Republic of Congo (DRC).

The purpose of this TRS is to report Mineral Resources, and Mineral Reserves for the Property effective as of 31 December 2023. The TRS utilises:

Summary Mineral Resources and Mineral Reserves in Table 1.1 and Table 1.2 are presented based on a BMC Limited equity ownership basis (100%).

Key acronyms and definitions used in this TRS include those items listed in Table 2.1.

This TRS relies upon various reports and other material prepared by BMC Limited, and BMC Limited’s staff and consultants as provided to WSP. This data and information have been supplemented with information in the public domain, and through information gathered during a site inspection by WSP in May 2024 (Section 2.4).

While WSP has reviewed the data and other information contained in the reports and other material provided to it and is not aware of any reason to doubt that such data and information is complete and accurate, excluding Golder (2020), WSP was not responsible for the preparation of those reports and other material.

WSP has taken reasonable care to ensure that the information contained in this TRS is in accordance with the facts and information available to it and is unaware of any omission likely to affect its import. In this regard, the attention of any reader of the TRS is specifically directed to Section 24, and Appendix A.

Information in this TRS has been prepared under the supervision of the following QPs:

Table 2.2 presents a tabulation of the QPs, their personal inspections, and their areas of responsibility.

This is the first TRS filed for the Property and therefore does not update a previously filed TRS.

The opinions of QPs in the employ of WSP contained herein and effective 31 December 2023, are based on information collected throughout the course of investigations by the QPs. The information in turn reflects various technical and economic conditions at the time of preparing the TRS. Given the nature of the mining business, these conditions can change significantly over relatively short periods of time. Consequently, actual results may be significantly more or less favourable.

This TRS may include technical information that requires subsequent calculations to derive sub-totals, totals, and weighted averages. Such calculations inherently involve a degree of rounding, and consequently introduce a margin of error. Where these occur, the QPs do not consider them to be material.

Neither WSP, nor the QPs responsible for this TRS, are insiders, associates, or affiliates of BMC Limited or any of its subsidiaries. The results of the technical review by the QPs are not dependent on any prior agreements concerning the conclusions to be reached, nor are there any undisclosed understandings concerning any future business dealings.

The Property is one of the oldest mines in Zimbabwe, with exploration and development dating back to 1890. More than 1.4 million ounces (Moz) of gold has been recovered to date. The Property covers 1,955.5 hectares (ha) of land holding ML 35. Ore is processed in a single processing plant, consisting of conventional crushing and milling and a Carbon-in-Leach (CIL) facility (GFM 2018).

The Property has a Mineral Resource and Mineral Reserve estimated and reported (as at 30 June 2018) in accordance with the 2016 Edition of the SAMREC Code.

The Mineral Resource estimates have not been updated since the MGM was placed on C&M in April 2019. WSP was informed by MMC Zimbabwe that the B.S.V. Mineral Resource is no longer included in the greater MGM Mineral Resource, hence; it was excluded. The Mineral Resource (as at 31 December 2023) contains approximately 1.2 Moz of gold, and the historical reserve contains approximately 120 thousand ounces (koz) of gold (Sections 11.3 and 1.8.2 respectively). There is no current Mineral Reserve stated for the MGM.

Mineralised zones at the Property generally comprise shear zones, which are in-filled with gold-bearing sulphides, and quartz. Mineralised zones are up to 1.0 m in width, range from 25 to 200 m along strike, generally dip between 10 and 60° to the north, and possess mean gold grades of approximately 4 to 5 grams per tonne (g/t) (GFM 2018). Gold mineralisation is associated with pyrite, pyrrhotite, and arsenopyrite. In most cases, gold is strongly associated with sulphide mineralisation, and only to a limited degree with quartz veins. Approximately 70% of the gold present occurs as ‘free gold’. More than 15 mineralised zones have been exploited to date (GFM 2018).

The Property was placed on C&M in August 2018. At that time, installed ore hoisting capacity was 19,000 tonnes per month (tpm), and milling capacity was 10,500 tpm. Total production for 2017 (the last full year of production prior to the operation being placed on C&M) was 8,625 oz of gold (GFM 2018). The mean mined gold grade was 4.20 g/t (GFM 2018). In the five full years prior to 2018 (between 2013 and 2017), gold production averaged 10,500 oz per annum.

Significant exploration potential exists at the Property, and BMC Limited’s conceptual target size for the Property is in the order of 2.5 to 3 Moz of gold to a depth of 1,000 m. The Mazowe deposit mainly comprises several sub-parallel east-striking, shear hosted narrow reefs, and has a defined strike length of approximately 3 kilometres (km). It is open both along strike, and down-dip (GFM 2018).

The Property is located in Mashonaland Central Province, Zimbabwe, approximately 50 km north of the City of Harare (latitude 17°28’S and longitude 30°55’E). A railway line passes through the Property, linking up with the regional centres of Glendale, Bindura, and Shamva (SRK 2012).

The location of the property and its proximity to major infrastructure is presented in Figure 3.1.

MMC Zimbabwe currently possesses total ground holdings under ML 35 totalling 1,955.5 ha (GFM 2018).

Claims were pegged predominantly for precious metals, with 41 claims secured for base metals such as tungsten, iron, zinc, and nickel. These claims can be converted to precious metals claims as and when required (GFM 2018).

Protection is afforded by erecting concrete beacons with claim details engraved on a 200 x 200 mm aluminium plate, mounted on a metal post 600 mm above the beacon. Approximately 20% of the claim area has legally surveyed beacons (GFM 2018).

Theft of metal plates and metal posts has been a long-standing problem. GFM security is in a constant battle with illegal artisanal miners operating within the claim area (GFM 2018).

Figure 3.2 presents the MMC Zimbabwe claims boundary.

While WSP has referred to tenement holdings in this TRS, such reference is for convenience only and may not be complete or accurate. WSP is not expert in tenement management and the reader should not rely on information in this TRS relating to the current ownership and legal standing of the tenements or any encumbrances impacting on those tenements. This TRS assumes that all tenements and tenement applications are in good standing and free of all encumbrances other than those set out in this TRS.

There are no known significant encumbrances to the Property that would impact the current Mineral Resources or Mineral Reserves.

Access to the mine site and to the ore is authorised by the applicable mining legislation, and MMC Zimbabwe’s title and mining rights (Section 3.2). Mining exploration and exploitation works conducted or to be conducted on site are authorised in accordance with the applicable legislation, and MMC Zimbabwe’s title and mining rights (Section 3.2). Other required permits and authorisations (e.g., environmental, building, etc.) are applied for by MMC Zimbabwe in accordance with the applicable legislation.

In 2022, the government of Zimbabwe has promulgated new regulations through Statutory Instrument 189 of 2022 to the effect that mineral royalties are to be paid partly in kind and partly in monetary form. The mineral royalties are collected from minerals specified in terms of section 49(1)(c1) of the Reserve Bank of Zimbabwe Act [Chapter 11:15] deemed to be components of the reserves maintained by the Reserve Bank of Zimbabwe. Minerals include but are not limited to gold, diamonds, platinum group metals and lithium. These regulations have also caused timeous amendments to the Finance Act and the Reserve Bank of Zimbabwe Act to ensure the cooperation in application of legislation (BMC 2023).

In 2024, the monetary component was revised. Royalties remitted to the Zimbabwe Revenue Authority in respect of gold and those minerals specified are paid based on 50% in kind and 50% in monetary form. With regards the “in kind component”, miners submit actual minerals they would have extracted. The 50% monetary component would be paid as follows:

Prior to the promulgation of these regulations, royalties were paid only in monetary form.

A US$21 per kilogram (/kg) realisation fee is also charged for gold lodged with Fidelity Printers and Refiners (BMC 2023).

The terrain across the Property is undulating ground, well treed, with frequent granitic and greenstone hills. The elevation is approximately 1,300 m above mean sea level (amsl). A system of seasonal streams, flowing east into the perennial Mazowe River, and west into the Marodzi River, provide good drainage to the area. Depending on rock types, weathering of mafic rocks has resulted in the formation of reddish soils, while felsic rocks have resulted in the formation of slighter coloured sandy loams. The area is endowed with good soils and is intensively cultivated for maize, wheat, cotton, and citrus (GFM 2018).

The Property is accessible via the A11 between Harare, and Glendale. A railway line passes through the Property, linking up with the regional centres of Glendale, Bindura, and Shamva (SRK 2012).

The MGM is located in Mashonaland Central Province, Zimbabwe, approximately 50 km north of the city of Harare, Zimbabwe (latitude 17°28’S and longitude 30°55’E), which has a population of approximately 1.5 million.

A railway line passes through the Property, linking up with the regional centres of Glendale, Bindura, and Shamva (SRK 2012).

Harare is serviced by Robert Gabriel Mugabe (RGM) International Airport, operated by the Airport Company of Zimbabwe (Private) Limited (ACZ), which has the capacity to handle 2.5 million passengers per annum (ACZ 2024). The National Railways of Zimbabwe (NRZ) provides both freight services (NRZ 2024a), and passenger services (NRZ 2024b).

The MCM operates continuously throughout the year, with no interruptions due to seasonal changes.

Temperatures are cold during winter, although frost is rare. Hot summers are experienced, with temperatures reaching 30 degrees Celsius (°C). Average annual rainfall for the area is approximately 950 millimetres (mm), though extremes of up to 1,560 mm have been recorded. The rainy season stretches from mid-November to mid-March (SRK 2012).

Figure 4.1 presents climate statistics for Mazowe, Zimbabwe.

MGM has access to two power supply lines, a 33 kilovolt (kV) supply and an 11 kV supply. Power supply is from the power utility company, Zimbabwe Electricity Transmission and Distribution Company (ZETDC), a subsidiary of Zimbabwe Electricity Supply Authority (ZESA) [BMC Limited].

Power is then transformed to the following voltages (BMC Operations Reports):

The following transformers are utilised by the MGM (BMC Limited Operations Reports):

Process water is pumped from underground (it simultaneously supplies the plant whist dewatering the mine) into water reservoirs with a capacity of more than 350 cubic metres (m³). Process water is accessed by way of gravity flow, and mechanical pumping. It is received at the mill feeds and discharge, cyclone feed sumps, VD9, and trash screen sprays, and for general plat housekeeping. Spilled water is pumped back into the system using a DTV pump. Zero water discharge at the mills is maintained through the use of another DTV pump at the CIL feed section of the plant. Overflow water from the thickener is pumped back to the main mill water tank, with any other water gravitating to the Knelson Concentrator water feed sumps.

The mine has a mine dam as a source of water. The average dam level is 80%. The dam is linked to the much larger Jumbo dam which is an alternative source of water though it has not been used as the mine dam has been sufficient.

The mine is situated in a high rainfall region with a yearly average rainfall of 950 mm though extremes of 1,560 mm have been recorded.

The mine is also flooded, and water can be recycled for processing.

At the time the MGM was placed on C&M, the underground section consisted of 389 workers, against a labour budget of 514. The mine was operating with two production shifts per day (Morning Shift = 0500 hours to 1300 hours, and Night Shift = 2000 hours to 0400 hours), with labour equally distributed as the production target for each shift was the same.

Drilling was conducted on both day and night, with lashing also being conducted on both shifts. Blasting was conducted once per day between 1500 and 1600 hours, with re-entry at 2000 hours as per regulations, so as to give the mine time to adequately ventilate and expel fumes generated by blasting.

Two Mine Captains (reporting to the Underground Manager), and four Overseer Miners (three reporting to the Mine Captain production, and one to the Mine Captain development) were in place.

General labour force is available within the surrounding communities. For specialised skills, advertisements are flighted in the public press and usually they will come from any part of the country (BMC Limited).

Consumables and spares are sourced locally, with a few exceptional cases where they are imported from South Africa (BMC Limited).

The history of the MGM is largely associated with that of the Jumbo Mine. It is estimated that prior to 1980, at least 150,000 oz of gold was extracted. In 1903, the Jumbo Gold Mining Company (JCMC) was floated. This marked the first substantial development of the mine. During the period 1906/1907, a 30-stamp mill was erected, and the JCMC secured the majority of the adjoining claims, including the Jumbo NE extension, and the Ceowara claims on Amatola Farm (GFM 2018).

As the mine increased in depth, mineralised zones became shorter and further apart, hence development was ceased in 1912. Development of the mine decline continued until 1917, when milling also ceased (GFM 2018).

During 1906 to 1917, a total of 293,000 tonnes (t) of ore were treated at a recovered grade of 15.7 g/t Au, yielding approximately 147,898 oz of gold (GFM 2018).

Following closure of the JCMC in 1917, the mine was let out on tribute and was worked until 1931 (GFM 2018).

Between 1932 and 1953, the mine area was a hive of individual self-contained small-scale workings, which included the Carnbrae, Birthday, Connaught, Bojum, Bucks, and Flowing Bowl areas (GFM 2018).

In 1953, all existing tributes were terminated, and holdings were acquired by Lonrho Zimbabwe Ltd (Lonrho), which operated the area as a single entity. This was achieved using a system of cross-cuts, mined to link the various holdings. Today these cross-cuts serve as haulages (GFM 2018).

During this period, both Nucleus and Carnbrae continued to operate separately under the Murdoch Eaton brothers but were finally acquired by Lonrho in 1962. From 1962 onwards, production became steady and continuous. Production peaked between 1965 and 1973, when it averaged approximately 3,150 ounces per month (ozpm). After 1973, it declined, reaching its lowest levels in 1991. In the same year, Independence Gold Mining (Pvt) Limited (IGM) took over the mine (GFM 2018).

In 2002, BCM acquired IGM and took over GFM. Since then, post-Independence gold mining production rose from a low of 12,125 oz in 2001, to 15,050 oz in 2005. After 2005, production declined due to poor economic conditions, that prevailed until the introduction of the USD in 2009. Gold production sat at around 10–12 koz for the period 2012-2016, and declined to approximately 6 koz in 2017, and 1 koz in 2018, when the mine was placed on C&M (GFM 2018).

A Supreme Court ordered Corporate Rescue was implemented on 20 February 2020. The Corporate Rescue proceedings were nullified on 7 October 2021. An application to cancel court orders was submitted on 15 February 2024. New mining contracts were finalised in May 2024.

Total gold produced from the MGM between 1962 and 2023 is approximately 1.36 Moz.

Figure 5.1 presents total gold production from the MGM for the period 1962–2023.

The Property’s Mineral Resources as of the end of the 2023 and 2022 fiscal years are compared in Table 5.1. While there has been no change in the resource base as the result of mining depletion, there has been minor change associated with adjustment of COG from 2.52 g/t Au in 2022 to 2.58 g/t Au in 2023. There has been no statement of Mineral Reserves for the 2022 and 2023, and therefore no requirement for comparison.

Key variances between 2022 and 2023 Mineral Resources are summarised as follows:

Notes: Numbers are rounded, Mineral Resources exclude Mineral Reserves, and Mineral Reserves are inclusive of dilution and ore loss.

Since the mine has been on C&M since April 2019, there has been no material production from Mineral Resources over the past 3 years.

Previous exploration and development is discussed in Section 5.1.

Inspection of the draft Financial Statements for the year ended 31 December 2023 indicates MMC Zimbabwe carries substantial liabilities that total US$11.928 M comprising:

The MGM is situated within the Harare-Bindura-Shamva greenstone belt of the Zimbabwean (Archaean) Craton, on the margin of the Chinhamhora Batholith. The Harare-Bindura-Shamva greenstone belt comprises major metavolcano-sedimentary sequences, structurally intruded by the Chinhamhora Batholith, linking northwards through the Property area, and then eastwards along the Mazowe Valley, through the Harare-Bindura-Shamva greenstone belt (GFM 2018).

Figure 6.1 presents a simplified regional geology map of Zimbabwe, and the locations of major greenstone belts. The Harare-Bindura-Shamva greenstone belt can be seen in the top right.

The oldest sequence within the Harare-Bindura-Shamva greenstone belt is the Iron Mask Formation, which partially surrounds the later granitoid Chinhamhora Igneous Complex. It is predominantly a succession of metamorphosed felsic volcanics; mainly dacite, with lesser amounts of meta-andesite and meta-rhyolite. It comprises lavas, breccias, and varied volcaniclastics. Included metasediments are cherty sulphide iron formation, subsidiary phyllite, meta-arenite, and quartz schists. Uppermost in the Iron Mask Formation are carbonated meta-dacites and dacitic meta-volcaniclastics with very thin graphitic phyllites (GFM 2018).

The Iron Mask Formation is overlain by tholeiitic metabasalts of the Arcturus Formation. In the east, this formation includes thick sequences of metabasalt, minor meta-andesite/dacite, Banded Iron Formation (BIF), chert bands and ultramafic schists (GFM 2018).

The Mount Hampden Formation overlies the metabasalt sequence in the central region of the greenstone belt and comprises graphitic to tuffaceous meta-argillites or phyllites. These are accompanied by Banded Iron Formation (BIF). Limestone deposits are developed in part of the succession (Passaford and Sternblick regions). The thick phyllite sequences are intimately folded or interdigitated with metabasalts at their base and with metasediments at their top (GFM 2018).

The Passaford Formation is both the uppermost and most complicated sequence within the Harare-Bindura-Shamva greenstone belt. Within the Passaford Formation, the succession is divided into two members, one predominantly comprising felsic metavolcanics, and the other comprising metasediments varying from quartzite to re-worked volcaniclastics, and wackes. The contacts between the metavolcanic and metasedimentary members are gradational, and the lithologies are often interdigitated (GFM 2018).

Metagabbro bodies of the Selby Mafic Igneous event later intruded the entire Harare-Bindura-Shamva greenstone belt sequence described above (GFM 2018).

The Harare-Bindura-Shamva greenstone belt is intruded and circumscribed by various granitoid complexes. To the north and northeast, the Chinhamhora Igneous Complex comprises gneissic tonalite-granodiorite plutons. To the west, the Nyabira Complex includes granitised hornblende granodiorite intrusive that has intruded into the older leucotonalite/trondhjemite gneiss. To the south, the greenstones are bound by the Harare Granite. The earliest lithology in the Harare Complex is the Chinyika Tonalite, which was also intruded by the Harare Granite. In the east lies the Chikwaka Injection Complex, which essentially comprises migmatites. This complex terrain contains numerous greenstone xenoliths, comprising amphibolite, serpentinite, and granitite schist (GFM 2018).

Minor plutons such as the Chishawasha, intrude the interior of the Harare-Bindura-Shamva greenstone belt. The Maryvale porphyritic granite, and the Jumbo Porphyry and Granodiorite (north of Mazowe) are younger sub-volcanic intrusions into the metavolcano-sedimentary sequences of the Harare-Bindura-Shamva greenstone belt (GFM 2018).

Quartz gabbro dykes fill north-northeast striking fractures, which are parallel to the Great Dyke. Later Proterozoic igneous activity led to the intrusion of differentiated ultramafic/mafic bodies of the Manyika Event. The widespread ‘dolerite’ intrusions of the Mashonaland Event followed. These sills and dykes, which generally trend northeast to southwest, comprise tholeiitic dolerite/gabbro (GFM 2018).

The typical lithology of the Mazowe Granodiorite is a coarse, crystalline quartz-rich porphyritic granodiorite. Feldspar porphyries occur in the eastern to southern parts of the mine complex. They are typically dark grey or black in colour, with pronounced white phenocrysts of quartz and feldspar. To the east of the Property, feldspar porphyries grade into metabasaltic rocks. These are intercalated with BIF in places. Thin ultramafic units/lithologies are known to occur in the footwall of the Jumbo mineralised shear zone (GFM 2018).

There are three principal dyke systems at the Mazowe. In the Connaught Section, narrow basic dykes have intruded into the mineralised shear zones, often splitting them in two. Cutting across all the principal mineralised shear zone systems is a northeast-southwest trending quartz porphyry granite dyke. dipping at a shallow angle to the southeast with a width of approximately 5 m. The youngest dyke is a dolerite intrusion, which also cuts across the principal mineralised shear zones. This 7 m thick dyke has a dome-like form and dips flatly to the west in the Connaught to Bucks area, and flatly to the south in the Nucleus to Carnbrae area (GFM 2018).

Figure 6.2 presents a geological plan of the Mazowe area.

Figure 6.3 presents the local stratigraphy of the Mazowe area.

The mineralisation at the MGM is collectively hosted by granodiorite stock and feldspar porphyries. These lithologies are host to a multitude of narrow, sub-parallel mineralised shear zones, which form an imbricate thrust shear zone system (GFM 2018).

To date more than 15 sub-parallel shear zones have been identified. These shear zones strike east-west and dip to the north at approximately 10 to 50° degrees. Slickenside lineations plunging 50° to the northeast are evident throughout the mine. From north to south, mining has exposed the following mineralised shear zones (GFM 2018):

These shear zones splay and link in an anastomosing pattern, along strike and down-dip, as demonstrated by the Nucleus Reef on lower levels. The east-west striking mineralised shear zones show dominantly reverse movement, with a component of sinistral oblique slip. Figure 6.4 presents a cross-section looking west through the main Property reefs.

More recently, it has been noted that mineralised shear zones dip to the south at 5 to 25°. The north dipping mineralised shear zones are either displaced, or apparently terminated against the south dipping mineralised shear zones, suggesting that the latter are later features (GFM 2018).

The only major faults that displace the mineralised shear zones are strike-slip faults, one of which terminates the Nucleus and Birthday reefs at their eastern extremities. This fault has a sinistral reverse sense of displacement, indicating a strong likelihood that extensions to the Nucleus, and Birthday reefs may be present east of the fault (GFM 2018).

The mineralisation at the MGM is collectively hosted by granodiorite stock, concentrated around the northeastern tip and extending eastwards into the feldspar porphyries, both with a similar style of mineralisation (GFM 2018).

Mineralisation varies somewhat with the type of country rock through which the mineralised shears zones pass. In most cases, gold is strongly associated with sulphide mineralisation and only to a limited degree with quartz veins. Typical quartz-pyrite mineralisation widths vary from less than 1 centimetre (cm) to approximately 20 cm, in shear zones of widths of ± 1 m (GFM 2018).

In the granodiorite, the principal sulphide is pyrite, which occurs in white to grey quartz. Scheelite, pyrrhotite and arsenopyrite also occur. Two ages of pyrite mineralisation are apparent, the oldest being a coarse crystalline pyrite, which is heavily fractured and intruded by younger quartz and pyrite. The younger pyrite is fine-grained or massive and contains myriads of quartz inclusions. Wall rock alteration of the east-west striking mineralised shear zones in the granodiorite is generally minor. Where shear zone splaying or anastomosing occurs however, the granodiorite is brecciated and saussuritised to a dark grey colour (GFM 2018).

In the porphyries, pyrrhotite becomes more abundant than pyrite and quartz is less common. Where sheared and mineralised, the feldspar porphyry is bleached and altered to a brownish colour (GFM 2018).

It is thought that the ore zones were formed by pulsating hydrothermal solutions, migrating along structurally controlled channels resulting from reverse dextral shearing in an imbricate thrust shear zone system (duplex) [GFM 2018].

Underground diamond core drilling is the primary drilling method employed at the MGM. Diamond drill core is logged and sampled, with sample length dictated by the width of the mineralised shear zone. One sample each of the barren hanging wall and footwall is also taken and submitted for assay (GFM 2018).

Core size drilled at the MGM is AXT (35.51 mm core diameter), with full core being sampled (GFM 2018).

All underground diamond drill holes are collar and downhole surveyed (GFM 2018).

Underground diamond drill holes and channel sample locations are located using offsets from survey pegs with a known location (GFM 2018).

Plan views of channel sample and drill hole collars are provided in Figure 7.1 and Figure 7.2 respectively.

Wide spaced surface diamond drilling to explore near to and above 10 Level expressions of shear zones/reefs in the Jumbo East area was previously conducted. The drill holes completed were spaced at over 100 m.

Surface exploration consisting of a ground magnetic survey and Reverse Circulation (RC) drilling at was conducted on the Amatola Prospect during 2016 aimed at exploring the near surface gold resources with the potential for open pit mining (GFM 2016).

A high-resolution ground magnetic survey was conducted on the whole of Mazowe mining lease, starting with the area SW of Mazowe Mine, covering Carnbrae and Amatola old workings. The BIF situated in the central part of the survey area (through Amatola area) is the source of most of the magnetic readings (GFM 2016). Interpretations of the magnetic survey are shown in Figure 7.3 and Figure 7.4.

RC drilling was conducted on a grid design of 25 m on strike spacing by 20 m on dip spacing with infill drilling conducted depending on the style of mineralisation in order to fully evaluate the Prospects (GFM 2016).

Assay results from the Monument drilling were not favourable and the Prospect was considered not economically viable. Assay highlights from Ceowara and Ceowara SW are presented in Table 7.2 and Table 7.3.

The QP considers the data collected including method of collection and storage to be appropriate for the preparation of geological models and Mineral Resources estimates, and that the data has been considered during resource classification. Historical mining areas adopted a combination of limited drilling and resource definition by level, raise and winze development, channel sampling, face sampling and mapping.

The following types of samples are used at the MGM for Mineral Resources estimation (GFM 2018)

Gold content data is obtained from AXT drill core (35.51 mm core diameter) samples. Underground exploration drilling is used to confirm the up and down-dip extensions of the mineralised shear zones as well as lateral extensions of parallel mineralised shear zones (GFM 2018).

For underground exploration drill holes intersecting mineralised shear zones, full core is sampled and sent for assay, with sample length dictated by the width of the mineralised shear zone. Sample lengths vary between a minimum length of 6 cm and a maximum length of 60 cm. One sample each of the barren hanging wall and footwall is also taken and submitted for assay (GFM 2018).

In the event of a thin stringer being intersected, a sample is taken to include both hangingwall and footwall contacts. Assay results are documented on the drill hole log sheets where a composite value is calculated for this type of intersection. The information is then transferred onto 1:500 scale survey/geology plans (GFM 2018).

Mineral Resource estimation for the high-nugget gold style mineralisation present at the Property is not based solely on diamond drill hole samples. The Property’s technical staff have found that diamond drill hole samples are widely spaced, small in size (sometimes less than 10 cm), and at times the diamond drill hole may have actually missed the reef it was planned to intersect, due to complexities caused by vein structure and geometry etc. Hence the additional dependency on channel samples, which are generally closely spaced along strike when compared to diamond drill holes (GFM 2018).

The estimated gold content of the mineralised shear zone is ascertained by way of diamond saw samples cut 2 cm x 2 cm over lengths dictated by the width of the mineralised shear zone, with a minimum of 2 cm and a maximum of 60 cm. This technique was initiated to replace older chip sampling techniques with what is considered a more reliable method (GFM 2018).

In drives and sub-levels, channels are cut at a 2 m interval perpendicular to the mineralised shear zone strike, on the southern side wall/footwall of the development. Haulages/cross-cuts are all sampled at a 2 m interval (GFM 2018).

Often 2 cm depth is not achieved, and the channel being cut is uneven. Due to the nature of the mineralisation being characterised by a high nugget effect, a large sample is required for samples to be representative. To this end, a larger sample can be achieved through increasing the channel width to 4 cm (GFM 2018).

The sampling protocol also focusses on quality rather than quantity only of the samples taken. The geological contacts are sharp, hence, sample lengths along the channel are determined according to geology. Additional data is added through sampling where required (GFM 2018).

Gold assays returned from the laboratory are reported to two decimal places, with the lowest reported value being 0.04 g/t Au. Values less than 0.04 g/t Au are reported as half detection limits. Only composite channel values are transferred onto assay plans (GFM 2018).

Grab samples are taken from box holes, tramming level tips and chutes. Scoops of broken material are collected from the centre and four corners of each cocopan. Samples collected are put into a container and at the end of the shift, each sample is mixed, quartered and submitted for assay as part of a grade monitoring program. These samples are not used for Mineral Resource estimation but for validation purposes (GFM 2018).

Underground channel, diamond drill core, and grab samples from loading chutes and cars are taken to the on-site assay laboratory, which is situated in the security-controlled area of the mine (GFM 2018).

MMC Zimbabwe determined dry bulk density (BD) by collecting and analysing stope samples. A total of 103 samples were collected and analysed. Samples were analysed in the MGM on-site assay laboratory using Archimedes’ Principle (GFM 2018). Full results are presented in GFM (2018).

The method used was as follows (GFM 2018):

Mean values returned a BD value of 2.90 grams per cubic centimetre (g/cm³) for Mazowe. These values were utilised for Mineral Resource estimation. Since Q2 2003, BD values have also been determined from diamond drill core reef intersections (GFM 2018).

The MGM on-site assay laboratory is capable of assaying 150 samples per day, which translates to 210 fusions. Fusions are treated in batches of 35, known as a “fire”, thus translating to a total of six fires per day. Other assays completed daily include 30 solutions and 10 carbons using Atomic Absorption Spectrometer (AAS) [Varian SpectrAA 50B] (GFM 2018).

The following analyses are completed: carbon assaying, solution samples analysis, and bullion assaying (GFM 2018).

Once sample preparation is complete, dependent on the sample type being assayed, the following procedures are undertaken: crushing, pulverising, fluxing, fusion, cupellation, parting, washing, and annealing (GFM 2018).

High-grade internal standards are produced from representative mill feeds, whilst low-grade internal standards are produced from CIL tails and waste rock. These samples were sent to S. Museka Lab. Consultancy Services (SML), Harare, Zimbabwe, where they were thoroughly and homogeneously mixed and split. Representative samples were then sent to different laboratories to determine assay values, which are then averaged. Samples from these standards are regularly sent through the assay stream for the purpose of monitoring the performance of the assay process. In addition, blanks are put into the stream to monitor contamination (GFM 2018).

External standards are procured from ROCKLABS New Zealand and other reputable sources. These standards are also into our systems for the purpose of monitoring the performance of the assay process. Internally, reference materials acquired from various sources are also used (GFM 2018).

The following Quality Assurance Quality Control Analysis (QAQC) procedures are utilised at the MGM (GFM 2018):

The QP considers the QAQC, and security protocols used at the Property to be appropriate in regard to the data used in the preparation of Mineral Resources estimates, and that the data has been considered during resource classification.

Data validation conducted by MMC Zimbabwe was done so using Microsoft Excel, inbuilt Vulcan™ software validation tools, physical checks, and correction of any erroneous input data to ensure completeness, and integrity of captured data. Transcription errors were checked, identified, and corrected through direct comparison of captured data with data sources such as assay plans, and diamond drill core log sheets. Drill hole collar locations and elevations were inspected, verified and corrected in Vulcan™. MMC Zimbabwe staff also conducted visual validation of the block models developed (GFM 2018).

The QP has validated the following geological and Mineral Resources estimation data:

Some errors were identified in drill hole locations, survey, validity of the wireframes, and cases of missing blocks within resource wireframes, shown in Table 9.1 and Figure 9.1.

Table 9-1 Summary of drill hole database errors

The QP was not directly involved in the exploration drilling, and sampling programs that formed the basis for collecting the data used in the geological modelling and Mineral Resources estimates for the Property, and was unable to observe drilling, sampling, and sample preparation methods at the MGM during the personal inspection (Section 2.4).

The QP is not aware of any other limitations on nor failure to conduct appropriate data verification.

The QP has validated the data presented in Section 9.1, including collar survey, down hole geological data and observations, sampling, analytical, and other test data underlying the information or opinions contained in the written disclosure presented in this TRS. The QP has presented information relating to uncertainty in the estimates of Inferred, Indicated, and Measured Mineral Resources (Section 11.5), and opinions on factors likely to influence the prospect of economic extraction. A comprehensive list of Mineral Resources interpretations and conclusions, and Mineral Resources recommendations have also been presented in Sections 22.1, and 23.1 respectively.

Notwithstanding these matters, the QP considers the data used is acceptable for the purposes of geological modelling and Mineral Resources estimation.

While MGM has been under C&M since 2018, using the data provided by MMC Zimbabwe, the following has been conducted as spot checks on the June 2018 historical reserve estimate:

Based on the documentation supplied to WSP, no geotechnical logging, or sampling has been conducted.

Large rockfalls occurred on 28 October 2014 and 21 January 2015, prompting a rock engineering review conducted by SRK Consulting (South Africa) (Pty) Ltd (SRKSA) in 2015. This review included the calculation of a Q rating using the Barton’s Q-system for rock mass classification. The Q rating for the typical host rock at MGM can be estimated as follows (SRKSA 2015):

The Q rating for typical host rock ranges between 100 and 800 (Class A, extremely good to exceptionally good) [SRKSA 2015].

In the opinion of the QP, the geotechnical data used to inform design parameters is of adequate quality for the Property and its material types and for the purposes used in this TRS.

No specific hydrological or hydrogeological studies have been undertaken by MMC Limited for the MGM. The following is a general characterisation of the MGM area.

The MGM is located within the Upper Mazowe Sub-Catchment of the Mazowe Catchment. Figure 9.2 shows the various Zimbabwe catchments, and Figure 9.3 shows the mean annual rainfall within the Mazowe catchment.

The MGM is located within the hydrological sub-zone DUR3 of Upper Mazowe sub-catchment of Mazowe catchment. The area has a Mean Annual Run-off (MAR) of 164 mm and a Coefficient of Variation (CV) of 90%, thus there is a great variation in the run-off that is experienced from year to year. The mine is upstream of the Jumbo dam that has a capacity of 20,941 megalitres (Ml). The Jumbo dam is along the Murowodzi River. Murowodzi River drains into Mazowe River after Glendale. Annual rainfall at Jumbo is around 850 mm and is characterised by mid-season dry spells. Maximum temperatures average 27°C and evaporation is 1,800 mm per annum (Waterkings 2014).

Drainage within the area is characterised by a system of seasonal streams, flowing east into the perennial Mazowe River and west into the Murowodzi River. The Mazowe and Murowodzi drainage systems are separated by a watershed that has a general north to south trend. To the North, the Murowodzi River cuts at right angles across the general north and south trend of the country and flows eastwards to join the Mazowe River, this easterly trend continuing for over 64 km to Shamva. The Murowodzi, together with its main tributaries the Garumapudzi, Marasauta and Watakai rivers, show a rather striking easterly turn in their lower courses. The Murowodzi River flows through a relatively broad valley, the eastern part of which is studded with irregular hills standing 90 to 120 m above the valley level. On the western side the Mashavi hills separate the Murowodzi from the Garumapudzi drainage. Small tributary streams have cut back into the Mashavi hills and subsequent streams have still further helped to dissect the range, creating several longitudinal valleys (Waterkings 2014).

To the south of the northern boundary of Riversdale Estate, the Watakai River cuts a fairly well-defined gorge through a low gap in the hills and flows eastwards, with the Marasauta River joining from the south, to the Murowodzi River. Both these streams follow a northerly course before reaching the gorge. The Marasauta River is separated from the Murowodzi by rather low hills, but the hills separating the Watakai and Marasauta rivers attain an altitude of over 1,440 m. West of the Mashavi hills the land slopes rather gradually to the Garumapudzi River, in the valley of which the granite contact lies. In the extreme north-west, a spur projects from the Mashavi hills towards the highest point, Nsorodoni, and the Guramapudzi River makes quite a narrow gorge between them. The river then makes its sharp turn to the east and continues in that direction to the Murowodzi River (Waterkings 2014).

The Mazowe River rises 14 km north of Harare at an altitude of approximately 530 amsl. It flows in a northerly direction until its confluence with the Murodzi River 59 km downstream. Thereafter it flows in a general north-easterly direction until it crosses the border with Mozambique at an altitude of approximately 400 amsl. The river has a catchment area of 20,774 km² and thus occupies the bulk of the area under consideration (Waterkings 2014).

The geology of Mazowe catchment is primarily crystalline basement rocks that typically have a low primary permeability and low porosity. The groundwater occurrence in the catchment is either structurally controlled or confined to weathered overburden. The average regolith thickness is generally less than 20 m (Waterkings 2014). Groundwater in the regolith is under unconfined conditions and the aquifers are frequently laterally discontinuous and highly heterogeneous. The saprolite that is produced by the chemical weathering of granites can have porosities of between 15-30% and is generally not a suitable aquifer due to low permeabilities (Waterkings 2014).

Fracturing, faulting and weathering control the groundwater occurrence. In general, the amount of fracturing decreases with depth (Waterkings 2014). Potential groundwater development of Mazowe Catchment formations are presented in Table 9.2.

Source: Interconsult A/S 1984 (Waterkings 2014).

In the opinion of the QP, the data used to inform the groundwater models is of adequate quality.

In the opinion of the QP, this data is adequate for use in the mine design and mine schedules, and for the purposes used in this TRS.

The process plant remains on C&M. Process historical data and performance are provided under Section 10.

In the opinion of the QP, the processing and recovery methods data used to inform product predictions are adequate for the purposes used for this TRS.

Not applicable since this TRS is an Initial Assessment and no Mineral Reserves have been estimated.

Any future estimation of Mineral Reserves and potential recommencement of operations will require the support of an additional drilling and resource definition campaign and at least a pre-feasibility to feasibility level of evaluation.

Recommencement of the underground ore process operations will require as feasibility study prior to significant refurbishment, upgrade and/or replacement of the existing underground ore processing plant.

Disputed ownership of the sand process facility will need to be resolved prior to recommencement of operations. A feasibility study and significant refurbishment and capital upgrades will also be required to address significant underperformance when previously operated in 2017-2018.

The MGM underground ore processing plant, which was commissioned in the 1950s (and following various modifications), comprises a single processing facility with two separate sections, these being an underground ore processing section with design capacity of 132 ktpa and a low-grade dump or sands re-processing facility. Extraction is via crushing and milling, leading to gravity concentration, conventional cyanidation and adsorption, prior to elution, electro-winning and smelting (SRK 2012). Refer to the plant flowsheet provided in Figure 14.1.

The low-grade dump or sands re-processing facility (the subject of a legal ownership dispute) is a flotation plant commissioned in 2017 which has a capacity to process 780 ktpa when the plant is operating optimally, however, this rate has not been realized (Virimai 2018). This process adopts flotation of sulphides which are then directed to cyanide leach. Refer to the plant flowsheet provided in Figure 10.1.

For calendar year 2018 (the MGM was placed on C&M in August 2018), the MGM underground ore processing plant processed approximately 16 kt at a grade of 2.69 g/t Au to produce 706 oz of gold and 545 oz of silver. Gold metallurgical recovery recorded for the period was 100.0% as the result of positive reconciliation due to plant clean up. Historically the underground ore processing plant has averaged 80-85%. The underground ore processing section is old and in poor condition. It will require significant refurbishment prior to any recommencement of operations.

Construction and commissioning of the 780 ktpa gold concentrator and associated facilities was undertaken by Baldmin SA and handed over to MMC in September 2017. In October 2017, Gold Fields of Mazowe contracted Suntech Geomet Laboratories to assist in optimisation of the circuit so as to improve gold recoveries which had dropped to below 50% against a target above 70% (Suntech, 2017). The optimisation program was designed to tackle challenges within the comminution and flotation circuits and identified reasons for poor plant performance due to:

The Sands plant poor recoveries of less than 50% at less than half plant design throughput contributed to the decision to place MGM on care on maintenance in August 2018. The plant and associated dump were sold off by the business administrator but are currently the subject of litigation to secure ownership. As a consequence, the Sands plant was not inspected by the QP during the May 2024 site visit, but it is likely that it will require significant refurbishment.

At the time the MGM was placed on C&M, the TSF was near capacity and nearing decommissioning, hence, a new TSF will be required if the MGM is to be taken off C&M and production is resumed (Virimai 2018).

The QP considers that the historical operation of the underground ore process plant provides a guide to future recovery at the rate of 80-85% that is reasonably representative of ore types processed. This recovery might be improved with construction of a new plant with a finer grind size and modern technology. No recent metallurgical testwork relating to underground ore was available for review.

Testwork was undertaken for the Sands process plant which demonstrated potential recoveries ranging from 81% to 92% at target grind sizes of 80% passing 75 μm.

Samples for the flotation pilot trials was collected from the dump sites at Mazowe plant and Arcturus mine metallurgical laboratory. These samples were homogenised before sampling for head grade and the rest of the sample was used in the testwork. A total of 21 trials was conducted in different stages:

Results from the testing are shown in Table 10.1.

Notes: All assays are based on Performance laboratory which is an ISO certified independent laboratory.

* Key: A = SNPX, B = SK 42, C = XP 200, D = FeSO₄, E = FLOAT, F = SK 49, G = UNICOL, H = AERO 3418A, I = OREPREP 501, J = OREPREP 515, K = AREO 3302, L = XP 2A, M = CuSO₄.

The total of 21 trials conducted have produced excellent results with recoveries as high as 92%. The dump also upgraded well from an average head grade of 1.32 g/t to a concentrate grade of over 10g/t. The grind optimisation process also improved concentrate grades from around 86% at 70% passing -75 µm to nearly 90% at 80% passing -75 µm. Workable mass pulls ranging from 10% to nearly 20% also rendered the results favourable. The new reagents combination which improved overall floatability recovery to between 91-95% was used in the production plant.

Sample analysis for underground ore mining and processing was completed at the onsite laboratory located at Mazowe (refer to Section 8.2).

The entire testwork programme for Sands re-processing was supervised and coordinated with Suntech Geomet Lab in Johannesburg (South Africa). For laboratory tests, samples collected from the dump were couriered to their laboratory in Johannesburg.

The QP considers that the old underground ore process plant delivers recoveries that have historically averaged 80–‍85% as a guide to potential future process recovery. No deleterious elements have been highlighted for underground sourced ore. A finer grind size and circuit operating efficiencies may improve recoveries.

The previous Sands process plant (2017–18) achieved recoveries of less than 50% at only 50% of target throughput. Originally, the process plant targeted 60 thousand tonnes per month (ktpm) at an average 80% recovery over the LOM. The predicted recoveries and throughputs for any restart of Sand processing will need to be reviewed in line with the commissioning report undertaken by Suntech in 2017.

In both cases, a feasibility study followed by significant plant refurbishment and/or replacement will also be necessary.

The QP considers that historical operation provides a guide to anticipated recoveries and throughputs; however, the adequacy of projected recoveries and throughput rates will require confirmation prior to any recommencement of process operations, including:

There has been no mining or exploration conducted since the mine was placed on C&M in April 2019. In the interim, the mine has flooded to approximately 50 m below surface. Therefore, in the QP’s opinion the 2018 assumptions regarding definition of the Mineral Resource base remain current.

Data captured in Vulcan™ includes the following (GFM 2018):

Mineralised shear zones at the MGM are clearly distinguishable as zones of quartz-sulphide mineralisation with well-defined, sharp, and discrete contacts. None of these features are present in the country rock (GFM 2018).

Polygons were generated and digitised on screen from level and/or sub-level plans, based on channel and drilling assay information and knowledge of the characteristics of the mineralised shear zones at the time of reporting. The generated polygons were then used to create three-dimensional (3D) shapes (GFM 2018).

A minimum width of 0.87 m for Mazowe (GFM 2018).

Assay data from the geological database was regularised through data compositing in Vulcan™ to provide a consistent sample support. Compositing followed a two-staged approach. Data was initially coded using geological reef interpretation and composited geologically using the interpreted reef zone. The majority of the composited reef samples were less than 0.80 m wide (0.80 m is the historically achievable minimum minable width). The second stage of data compositing involved adjusting the composited samples to at least the minimum minable width (dilution grading 0.0 g/t Au was used in the width adjustments). Data compositing reduced the inherent variability that existed within the population, and also generated sample lengths more appropriate to the scale of the mining method (GFM 2018).

To reflect/account for the variation in distribution of assay information, estimates were prepared for each individual reef. Samples within a specific reef were analysed using statistical methods in Microsoft Excel. The major source of data used in the estimates were channel samples. Like many gold deposits, generally, the Mazowe assay data display a near-lognormal distribution with a positive skew, implying that the sample data consists of relatively fewer but significant high-grade assay values. The bulk of samples sit in the medium to lower grade range. COG were determined using statistical methods (GFM 2018).

A summary of the statistical analysis performed on the samples within the economic mineralisation envelope is presented in Table 11.1.

Experimental semi-variograms in the three mutually perpendicular directions (strike, dip and plunge) were prepared using individual reef datasets and modelled to derive estimation parameters (BMC Limited).

Table 11.2 presents the top-cut thresholds applied to gold grades, which are based on the 95th percentile of the sample population. MMC Zimbabwe established these values by conducting statistical analysis and generating cumulative frequency histograms for all reefs estimated (Golder 2020).

MMC Zimbabwe determined dry BD by collecting and analysing stope samples. A total of 103 samples were collected and analysed. Samples were analysed in the MGM on-site assay laboratory using Archimedes’ Principle (GFM 2018). Full results are presented in GFM (2018).

The method used was as follows (GFM 2018):

Mean values returned a BD value of 2.90 grams per cubic centimetre (g/cm³) for Mazowe. These values were utilised for Mineral Resource estimation. Since Q2 2003, BD values have also been determined from diamond drill core reef intersections (GFM 2018).

A total of 40 non-rotated block models were developed. Table 11.3 presents the block dimension schemes for the 30 June 2018 block models.