Deal #7432 Version #79607

Natougou Gold Deposit Project / Boungou Mine

Previously known as the Natougou project. It was acquired by SEMAFO from Orbis Gold in 2015. In July 2017, the Corporation entered into a mining services agreement ("Mining Agreement") with African Mining Service Burkina Faso SARL ("AMS") for the Boungou Mine. The Mining Agreement has an initial duration of five years and can be extended by the Corporation for the period, terms and conditions negotiated by both parties before the end of the Mining Agreement. Endeavour Mining acquired SEMAFO in 2020. The Boungou Exploration Permit, which hosts the Natougou deposit, covers an area of 250 km2 and was originally granted on 5 May 2009 by Burkina Faso No. 2009/09 – 126/MCE/SG/DGMCC to Mr Saidou Pafadnam. In April 2010, Mr Pafadnam and MET BF Pty Ltd, a 100% subsidiary of Orbis, entered into a three-year option agreement. The original vendor of the permit (Mr Pafadnam) retains a 1% Net Profit Interest (“NPI”),