Mako, Senegal
Overview
Mako, Senegal
The Mako Gold Mine, located in eastern Senegal, is a modern operation with potential life extension through several near-mine satellite deposits.
Mako is owned and operated by Resolute’s Senegalese subsidiary, Petowal Mining Company S.A. Resolute has a 90% interest in Petowal and the Government of Senegal holds the remaining 10%.
The Mako processing plant is carbon-in-leach and has a greater-than 2.1Mtpa of installed capacity and comprises a crushing circuit, an 8MW SAG Mill and gold extraction circuit.
Mako continues to deliver consistently strong results and cash flows. Open pit mining activities ended in June 2025. The operation is now processing stockpiles until the end of 2027.
2026 Guidance
- Gold Production: 55,000 – 65,000 oz
- All-in-sustaining-cost (AISC): $1,600 – 1,800/oz
Mako Life Extension Project (MLEP)
The MLEP represents a compelling growth opportunity, centered on the potential development of the Tomboronkoto and Bantaco satellite deposits. Advancing these deposits is expected to extend the mine life of the Mako Gold Mine and further enhance the long-term value of the operation.
The current combined Mineral Resource Estimates of Tomboronkoto and Bantaco contain over 800 koz of gold, with possibilities of expansion based on ongoing exploration. There is significant potential at Tomboronkoto with the orebody remaining open along strike to the west and at depth. Following internal technical studies, an initial Ore Reserve of 348 koz oz at 1.2g/t Au is at a gold price assumption of $2,500/oz was declared at Tomboronkoto.
Detailed Operating Plan
Technical studies have been carried out that consolidate historical exploration results, updated Mineral Resource Estimates as at December 2025, mine design, scheduling and metallurgical test work to a level of confidence considered appropriate for internal planning purposes.
Mining and processing studies support a conventional open pit operation with ore being processed through the existing Mako plant, subject to targeted plant upgrades. Internal scheduling work indicates Bantaco is expected to provide initial satellite mill feed ahead of Tomboronkoto reflecting permitting and resettlement sequencing, with Tomboronkoto providing the majority of higher-grade feed once mining commences.
Based on current schedules, indicatively, the combined MLEP is assessed as capable of supporting annual gold production of approximately 75 – 85 koz over seven years with indicative gold production from satellite sources commencing following depletion of existing stockpiles and continuing over the subsequent mine life, subject to refinement through ongoing optimisation and permitting outcomes.
Capital and operating cost estimates were prepared on a combined MLEP basis during the quarter using detailed cost frameworks at Tomboronkoto, supplemented by high-level estimates for Bantaco pending further study. On this basis, total pre-production costs for the combined MLEP is estimated at approximately $125 – 150 million, reflecting process plant modifications, tailings infrastructure, resettlement and enabling works, road construction and mining establishment costs. The majority of this is expected in the second half of 2027. Operating cost estimates are expected to be similar to those at the Mako Mine with the addition of haulage and will continue to be refined as an integrated life-of-mine plan is progressed. All capital, cost and production parameters remain subject to further optimisation, permitting approvals and execution planning.
