Resourcing Tomorrow

SECURING A FUTURE FOR METALS AND MINERALS

Bringing together the brightest minds and the boldest leaders from across the globe, Resourcing Tomorrow is an international mining event that drives real change in the sector. Having attended the influential gathering in December 2024, we catch up with Andrew Thake, Divisional Director, about its plans for an even more impactful 2025 programme

Writer: Lauren Kania

Mining Outlook (MO): Firstly, please introduce our readers to Europe’s most influential and largest mining event, Resourcing Tomorrow.

Andrew Thake, Divisional Director (AT): Resourcing Tomorrow is where the world’s mining and energy leaders meet, designed to bring together key stakeholders from across the mining value chain.

With 2,100 attendees, it serves as a crucial platform for industry leaders, investors, innovators, and policymakers to discuss the critical challenges and opportunities facing the sector.

We focus on fostering collaboration, driving innovation, and promoting sustainable practices, making it

the must-attend event for anyone invested in the future of mining.

MO: How did the 2024 edition of Resourcing Tomorrow provide a dynamic platform for collaboration and networking?

AT: The 2024 edition was meticulously structured to maximise networking opportunities. We featured dedicated networking sessions, interactive workshops, and a vibrant exhibition floor.

Our event app facilitated seamless connections, and the diverse range of attendees — from CEOs to emerging tech start-ups — created a rich environment for knowledge

sharing and partnership building. The feedback we received highlighted the quality and quantity of valuable connections made.

MO: What were some of the key learnings and insights that resulted from last year’s edition?

AT: Last year’s edition underscored the urgent need for the mining industry to embrace technological innovation and sustainable practices. Key takeaways included the importance of integrating artificial intelligence (AI) and automation for improved efficiency and safety; prioritising environmental, social, and governance (ESG) considerations

the mining industry often operates in silos, leading to missed opportunities and a lack of diverse perspectives.

RESOURCING TOMORROW 2025

to secure social license and attract investment; developing robust strategies for critical mineral supply chains; and fostering greater collaboration between industry, government, and local communities.

Attendees left with a clearer understanding of the path forward in a rapidly evolving landscape.

MO: Can you tell us more about the key theme of the 2024 event, ‘Breaking Out of the Echo Chamber’, and why the mining industry must do this?

AT: The ‘Breaking Out of the Echo Chamber’ theme was central to our 2024 event. We recognised that

covered at the 2024 edition of Resourcing Tomorrow, and who were some of the key speakers?

AT: The 2024 programme covered a wide range of topics, including critical minerals, sustainable mining practices, technological innovation (AI, automation, and digitalisation), ESG and social responsibility, investment and finance, and the future of the mining workforce.

We were honoured to host a line-up of distinguished speakers, including:

• Mark Cutifani, Chair, Vale Base Metals

• Dominic Raab, Senior Strategic Advisor for Global Affairs, Appian Capital Advisory and former UK Deputy Prime Minister

• Mark Bristow, President and CEO, Barrick

• Robert Wilt, CEO, Ma’aden

• Ross Beaty, Chair, Equinox Gold

• Francesco Gattiglio, Vice President External Affairs, Europe, Albemarle

• Marley Palin, Head of Portfolio and Performance – Exploration, BHP Xplor

As geopolitical uncertainty, energy security concerns, and the transition to renewables converge, the mining sector has never been more integral to the global economy.

Building on 2024’s theme, ‘Breaking Out of the Echo Chamber’, this year’s event, taking place from 2nd-4th December at the Business Design Centre in London, will explore the emerging trends and innovative solutions reshaping the sector. It will delve into the transformative challenges and opportunities defining the future of mining, from securing critical minerals and navigating global geopolitics to advancing sustainability and fostering industry collaboration.

• Rohitesh Dhawan, President and CEO, International Council on Mining and Metals (ICMM)

• Andrew Carlisle, Managing Director – Mobility, Fortescue Zero

• Marna Cloete, President, Ivanhoe Mines

• Brian Menell, CEO, TechMet Ltd

• Mark Kristoff, CEO, Traxys

• Ali Russell, Managing Director, Extreme H

• Ernest Scheyder, Journalist, Thomson Reuters and author of The War Below: Lithium, Copper, and the Global Battle to Power Our Lives

CONFERENCE & EVENTS AWARDS 2025

Resourcing Tomorrow, where the world’s mining and energy leaders meet, has been named a finalist for Best Development of an Existing Event at the prestigious Conference & Events Awards 2025.

Organised by Beacon Events, the nomination celebrates the event’s remarkable growth, innovation, and increasing global influence.

This serves as a genuine reflection of the hard work, change, and commitment happening across the sector, and Resourcing Tomorrow is proud to be a part of that journey.

• Adam Matthews, Chief Responsible Investment Officer, Church of England Pensions Board and Founder, Transition Pathway Initiative

• Khalid Al-Mudaifer, Saudi Vice Minister for Mining Affairs, Ministry of Industry and Mineral Resources

• Geoffrey Pyatt, former US Assistant Secretary of State, Bureau of Energy Resources

• Michael Mainelli, Executive Chairman, Z/Yen Group and 695th Lord Mayor of the City of London

Their insights and expertise provided invaluable perspectives on the challenges and opportunities facing the industry.

MO: Equally, what leading mining and energy companies attended the event in December?

AT: Resourcing Tomorrow attracted a significant number of leading mining and energy companies. Attendees included representatives from mining companies such as BHP, Anglo American, Barrick, Albemarle, Freeport-McMoRan, and Vale, as well as energy companies including Ørsted and SSE.

This strong participation underscored the event’s importance as a key platform for industry engagement and collaboration.

MO: As Divisional Director of Resourcing Tomorrow, what were some of your personal highlights from the 2024 edition?

AT: One of my personal highlights was witnessing the vibrant energy and enthusiasm of the attendees – the level of engagement and the quality of discussions were truly inspiring.

I was also particularly proud of the diverse range of speakers and the insightful presentations that addressed critical industry challenges.

Seeing the connections made and the potential for future collaborations was incredibly rewarding.

MO: In your opinion, how successful was the 2024 edition of Resourcing Tomorrow, and how did it build on previous events?

AT: The 2024 edition was a resounding success. We saw record attendance, exceptional feedback

RESOURCING

TOMORROW 2024 IN NUMBERS

2,000+ ATTENDEES

150+ MINING COMPANIES

500+ INVESTORS

90+ COUNTRIES

300+ SPEAKERS

“WE ARE COMMITTED TO CONTINUING TO PROVIDE A PLATFORM FOR MEANINGFUL DIALOGUE, COLLABORATION, AND INNOVATION, AND WE LOOK FORWARD TO WELCOMING THE GLOBAL MINING COMMUNITY TO ANOTHER EXCEPTIONAL EVENT”

– ANDREW THAKE, DIVISIONAL DIRECTOR, RESOURCING TOMORROW

on the programme, and a significant increase in networking activity.

We built on the success of previous events by enhancing our focus on innovation, sustainability, and collaboration.

The event finished on a high with our Resourcing Tomorrow Awards and Gala Dinner at Guildhall, where we were honoured with the presence of Gina Rinehart, who won the Lifetime Achievement Award.

MO: Finally, looking ahead, how excited are you for the upcoming 2025 edition this December?

AT: I am incredibly excited about the 2025 edition of Resourcing Tomorrow. The mining industry is in a dynamic place at the moment, with geopolitical tensions impacting supply chains and energy security. We are already planning an even more ambitious programme that will address the evolving needs of the

mining industry. We are committed to continuing to provide a platform for meaningful dialogue, collaboration, and innovation, and we look forward to welcoming the global mining community to another exceptional event.

THE GOLD STANDARD IN MINING

Advancing notable gold mining projects across Nigeria, Senegal and, more recently, Côte d’Ivoire, Thor Explorations is positioned for continued organic growth across West Africa. Segun Lawson, CEO, tells us more

Writer: Lily Sawyer | Project Manager: Thomas Arnold

As a relatively underexplored and prospective geological region with huge potential for mineral exploitation, West Africa continues to attract attention from mining companies across the globe.

Despite ongoing geopolitical issues causing some concern – particularly in Mali and Burkina Faso, for example, where investors have become more selective of the jurisdictions they enter – the region continues to see sustained success, particularly in gold mining.

As such, international investors are increasingly deploying capital to carry out exploration, purchase mines, and build infrastructure.

Toronto Stock Exchange (TSX)-listed gold producer, Thor Explorations (Thor), has particularly benefitted from West Africa’s burgeoning reputation as a mining hub.

“Our exploration portfolio in Nigeria covers approximately 1,300 square kilometres (sqkm) of prospective gold-bearing ground,” introduces Segun Lawson, CEO.

A major part of the company’s extensive portfolio is its whollyowned flagship Segilola Gold Mine Project (Segilola) in Southwest Nigeria.

Operated by Thor’s subsidiary, Segilola Resources Operating Limited (SROL), it completed construction in Q2 2021 and achieved commercial production in Q1 the following year.

Approximately 85,000 ounces (oz) of gold per year has been produced by Segilola, which is built on a total probable reserve of 517,800 oz of gold grading at 4.02 grams per tonne (g/t).

This makes the site Nigeria’s first and only large-scale commercial gold mine, employing over 1,700 staff.

In addition, Thor holds a 70 percent economic interest in the Douta Gold Project (Douta), an advanced gold exploration site in Southeast Senegal.

With a global resource of 1,780,000 oz of gold, the project has an

“WE HAVE HELPED TO CAPACITY-BUILD BUSINESSES AND ENHANCE THE SKILLS REQUIRED IN THE MINING INDUSTRY – A NEW EMERGING SECTOR IN NIGERIA”

– SEGUN LAWSON, CEO, THOR EXPLORATIONS

indicated resource of 874,900 oz at 1.3g/t and an inferred resource of 909,400 oz at 1.2g/t.

“Douta is currently being advanced by the company to be a preliminary feasibility study (PFS), and we aim to build this project as Thor’s second mine,” Lawson informs.

ONGOING EXPANSION

Having recently expanded into Côte d’Ivoire, where it acquired three exploration licences, Thor is ideally positioned for continued success and expansion in West Africa.

Work has already begun on all three licences, which are located on the prospective Birimian greenstone belt, with the results of the initial explorations promising.

“We have set ourselves a target of achieving a maiden resource in at least one of these licences by the end of the year,” Lawson asserts.

Elsewhere in Côte d’Ivoire, the Guitry Project, which was fully acquired from Endeavor Mining, presents further opportunity for exploration.

Thor has also recently entered into joint venture (JV) partnerships with Goldridge Resources and the Mining Research and Exploitation Company (CAREM) on the Boundiali and Marahui licences, respectively.

“We have an opportunity to earn up to an 80 percent stake in both of the aforementioned licences,” he details.

Over in Southwest Nigeria, the company has also acquired a 600 sqkm land package of lithium tenure through its wholly owned subsidiary, Newstar Minerals Ltd (Newstar).

With Segilola projected to produce between 85,000 and 95,000 oz per year with an all-in sustaining cost of between USD$800 and USD$1,000 per oz, Thor’s mining potential only

continues to grow.

Further to this, having paid off all senior debt on the project, the company now boasts a de-leveraged balance sheet and is in position to reinvest its surplus capital into further exploration, with an ongoing priority to extend the life of the mine.

As such, strong cash flow has been a key factor in enabling Thor to scale up its exploration and has, in turn, contributed to the company’s reputation as the largest low-cost gold producer in Nigeria.

“In terms of sustaining this cash flow to maximise shareholder value, something we’re doing today is purchasing our own drilling rigs, which will enable us to drill with more flexibility and at a cheaper cost,” Lawson tells us.

As such, Thor is able to return money to its shareholders without forgoing the growth of the company –a key part of its business strategy.

CAN YOU PROVIDE ANY EXAMPLES OF NOTABLE EMPLOYEE COMMITMENTS TO BOTH THE COMPANY AND ITS SURROUNDING COMMUNITIES?

Segun Lawson, CEO: “I would like to give a special mention to our Environmental and Social Manager, Louise Porteus, who was recognised in the 2024 Women in Mining (WIM) UK’s 100 Global Inspirational Women in Mining list, highlighting her transformative contributions to the industry.

“Louise joined Thor eight years ago and her expertise was crucial in establishing Segilola in Nigeria, ensuring community benefits and environmental management were prioritised from the outset.

“This commitment to local empowerment is evident in her efforts to upskill over 11,000 community members through transparent development agreements.

“Her recognition by WIM underscores the impact of her work and dedication to sustainable practices in mining.”

PLAN YOUR NEW PROJECT WITH US

Our team and processes:

About us:

From the forests of the Sefwi Volcanic Gold Belt of Ghana in 2013, the first metres of RC drilling by Deeprock were recovered. Our operations have since expanded to all the gold belts of Ghana, with forays into West Africa.

Diamond drilling, Reverse Circulation drilling, Air Core drilling, Rotary Air Blast drilling, and Auger Drilling are our areas of expertise. We have and continue to provide drilling services to both major mining companies and junior exploration companies.

Since our first incorporation, we have successfully completed over 20 drilling projects for our valued clients.

Deeprock was first incorporated in Ghana. Subsidiaries have since been established in Nigeria and Sierra Leone. And we are well on course to becoming the drilling company of choice in the subregion of West Africa.

Our equipment comes from recognized manufacturers with commendable aftersales support. Our support team of engineers and mechanics ensures that the availability and utilization of our equipment are top-notch. Our team of professionals possesses excellent skills in executing drilling projects to ensure efficient, prompt and reliable results at a reasonable cost. With our diverse expertise, we are able to provide competitive drilling services. Indeed, our strength lies in the versatilities of our key operating and management personnel, who have brought forward their accumulated and varied experiences over several years to the benefit of Deeprock.

“As a professional geologist, I have seen both worlds – being one who engages drilling companies and their services in the past and now offering those same services. I really understand both worlds, and this is a big plus for our clients, and at the same time, it gives us a competitive advantage over our competitors.”

As drilling activities represent potentially significant business conduct and ethics and health and safety risks for the workers, the environment, and the local communities, Deeprock has developed policy guidelines that ensure compliance with the highest standards of mining regulations.

LEVERAGING LITHIUM

Boasting favourable geological formations comprising granitic terrains known to host significant pegmatite deposits, Nigeria’s lithium potential is notable.

A primary source of spodumene and lepidolite, both of which are crucial lithium-bearing minerals, these vast deposits demonstrate the nation’s significant underexplored

lithium opportunities.

Thor’s Nigerian subsidiary, Newstar, has a large land holding in the southwestern region of the country, which covers a prospective northeastern trading zone, both known lithium-bearing pegmatite deposits, and a large unexplored prospective pegmatite-rich belt.

To capitalise on this resource-rich asset, Newstar has secured over 600

“THE CDA PROCESS WAS INVALUABLE TO OUR PROJECT AS IT ENABLED US TO ACHIEVE THE SOCIAL LICENSE TO OPERATE”

– SEGUN LAWSON, CEO, THOR EXPLORATIONS

sqkm of granted tenure in Nigeria from the Oyo State, Kwara State, and Ekiti State Lithium Project areas, which it plans to exploit through small-scale lithium mining.

COMMUNITY BENEFITS PROVIDED BY SROL

More than a Thor subsidiary, SROL provides many benefits to the communities that surround it, including:

• SROL-funded livelihood restoration projects amounting to USD$850,000 on fish and vegetable farms. This extends to the provision of improved seedlings to farmers who lost land, crops, or trees within the mine footprint, enabling them to re-establish a viable livelihood.

• CSR initiatives such as a medical outreach programme which provided health checks for over 1,000 local residents, 150 sets of reading glasses, and over 100 minor surgeries to improve quality of life.

• Over 98 percent of the company’s local employment base consists of Nigerian nationals, 21 percent of whom hail from host communities.

This includes four female truck drivers, who were trained over the past two years as part of SROL’s target to increase female employment from 8.5 percent in 2021 to 15 percent in 2025. As such, it received an environmental, social, and governance (ESG) award for its labour practices at the prestigious Mining Indaba conference in 2024.

• 37 positions for young people in the form of internships or National Youth Service Corps (NYSC) placements.

“The Oyo State Project area is where we are currently focused. Whilst we have slowed down lithium exploration as we await the arrival of exploration drilling rigs, we look forward to picking this back up once the rigs arrive,” Lawson shares.

Thor’s ongoing exploration work at Douta in Senegal, meanwhile, has allowed it to add significant scale to its operations.

Whilst the pre-feasibility workstreams are being finalised, the company is continuing to drill additional targets across all its prospects, including Makosa Tail, Sambara, and Mansa.

Thor is pleased to have drilled two discovery holes in Q1 2025 in the Douta-West licence on a new prospect, Baraka 3.

“We are excited to be drilling this prospect through to Q2 this year,” he confirms.

A LOCALISED SUPPLY CHAIN

As a company that proudly procures 80 percent of its products from West Africa, it is important for Thor to utilise local and regional suppliers and partners.

“Last year, this meant we brought USD$24 million worth of procurement into the Nigerian economy,” Lawson elaborates.

Since its inception, the company has been on a mission to bring sustainable development and prosperity to the communities in which it operates.

This is backed by its core values, centring around accountability, integrity, trust, dignity, and respect.

Thor’s relationship with its suppliers has evolved over time and since expanded to include a variety of services.

For example, the company has provided mechanical engineering support, engaged a local waste contractor and regional logistics businesses to regularly deliver supplies, and partnered with local construction companies for camp accommodation expansion.

“In this sense, we have helped to capacity-build businesses and enhance the skills required in the mining industry – a new emerging sector in Nigeria,” he reflects.

Furthermore, the onset of the COVID-19 pandemic reinforced Thor’s need to leverage domestic supply chains as international shipping and logistics were significantly disrupted.

“For this reason, local supply chains became vital in ensuring our key supplies, equipment, and spare parts were in easier reach.”

SOCIALLY RESPONSIBLE

Equally important to Thor are its corporate social responsibility (CSR) and community development activities.

As such, SROL has engaged with the three host communities around its Segilola mine site from the outset and signed community development agreements (CDAs) with each of them.

“The CDA process took 18 months of built-up knowledge, trust, and a good working relationship with the community leaders in each village,” Lawson outlines.

In this way, Nigeria is ahead of the curve in West Africa in terms of requiring CDAs from mining companies to improve transparency between businesses and communities.

The final CDAs have established benefits based on community suggestions, including 26 scholarships granted annually to keep vulnerable children in school, 45 local women to receive equipment and training yearly to improve their livelihoods, and a minimum of 20 percent of employment being provided by the three host communities.

Furthermore, 30 youth shorttraining programmes were completed in 2024, including carpentry, phone repair, fashion design, and truck driving courses.

In addition, the maintenance of nine boreholes (three in each host community) is being implemented using

“OUR

EXPLORATION PORTFOLIO IN NIGERIA COVERS APPROXIMATELY 1,300 SQKM OF PROSPECTIVE GOLD-BEARING GROUND”

– SEGUN LAWSON, CEO, THOR EXPLORATIONS

local contractors, whilst provision of a 33-kilovolt transformer and 30 pylons will be installed to improve the local community’s energy supply.

“The CDA process was invaluable to our project as it enabled us to achieve the social license to operate,” he prides.

THE FUTURE IS GOLDEN

Looking to 2025, exploration will continue for Thor across its entire portfolio, including its drilling programmes in Nigeria, Senegal, and Côte d’Ivoire.

Having taken a long-term view of the former, the company’s priority here is to further extend the life of mine at Segilola through exploration.

“With our first mover advantage and extensive human resource capability in the country, we are also in a position to assess additional opportunities outside Segilola,” Lawson asserts.

In Senegal and Côte d’Ivoire,meanwhile, Thor looks forwards to achieving the milestones it has in place, such as the PFS in the former and maiden resource exploration in the latter.

In short, the company seeks to continue its organic growth through exploration and mine life extension.

Thor’s ongoing expansion is ultimately underpinned and supported by strong cash flow from the Segilola mine, particularly given the current high prices of gold in the industry.

“We will continue to focus on being disciplined with our costs and look forward to building Douta, which will position us as a multi-mine, mid-tier gold producer,” Lawson confidently concludes.

EXPLORING COPPER

Committed to Mongolia’s vast mining potential, international porphyry copper-gold mines in the Cole, Chief Development Officer, and Colin

A GREAT FRONTIER

potential, Xanadu Mines discovers and defines the country and the surrounding region. Spencer Moorhead, Managing Director, tell us more

Project Manager: Eddie Clinton

Committed to Mongolia and its vast potential as one of the last remaining great copper landmarks, Xanadu Mines (Xanadu) is an exploration company that discovers and defines globally significant porphyry copper-gold deposits.

As an Australian Securities Exchange (ASX) and Toronto Stock Exchange (TSX)-listed operation, Xanadu provides investors exposure to globally significant, large-scale copper-gold discoveries and low-cost inventory growth.

Equally, it remains one of the few junior explorers to jointly control a globally significant mineral deposit with its 50-50 joint venture (JV) partner, Zijin Mining Group (Zijin).

“We see Mongolia as our key advantage – underexplored, flat, a great mining culture, a well-educated population, a location just north of China, and a government that invests in mining infrastructure,” introduces Spencer Cole, Chief Development Officer.

Xanadu is led by an expert team of exploration and mining professionals with a track record of discovery and

company is progressing each project in its portfolio to create value for shareholders.

The company boasts well-trained Mongolian geology and operations teams with vast experience running large exploration programmes and no expatriate (expat) presence on site or in country.

Currently, the industry is facing new and rapidly emerging technological advancements whilst navigating a turbulent geopolitical world.

“The nature of the mining industry has always been closely associated with geopolitics and movements in the global economy. Who we work with and what we focus on moves with both these factors,” details Cole.

This is directly illustrated through new trends such as nickel, lithium,

MINING OUTLOOK: WHAT, FOR YOU, DIFFERENTIATES XANADU FROM THE COMPETITION?

Spencer Cole, Chief Development

“Our differentiators are our position, experience, and network in Mongolia – an underexplored jurisdiction with significant opportunity and a much lower drilling cost than most other

Colin Moorhead, Managing “Xanadu’s joint control of Kharmagtai with a pre-feasibility study of high-level international standard makes us stand out.

“Our board and executive team have broader and deeper experience than most exploration juniors and are specifically assembled to move Kharmagtai up the value curve to commercialisation.”

copper, and gold alongside recent events in countries such as Russia and China.

Equally, there is much focus on human impact on the planet and how companies can reduce their environmental footprint and resource consumption.

“Mining is ultimately the solution rather than the problem,” insights Colin Moorhead, Managing Director.

“Solar arrays, wind farms, electric cars, and smart grids all depend on effective output from the mining industry. Communicating that effectively is a challenge for the industry.”

THE FIVE VALUES OF SUCCESS

After graduating with a mechanical and materials engineering degree, Cole began his career as an aerospace material and process engineer in California, eventually moving to ExxonMobil.

It wasn’t until a trip to Australia that he began thinking about transitioning to the mining industry.

After working in myriad commercial and project roles in the booming sector, he received an invitation to join Xanadu in 2020.

“My purpose was to help move the company and its flagship project from an exploration play up the value curve to commercialisation,” he expands.

Conversely, Moorhead has been in the mining industry since the get-go, having trained as a geologist and worked in operations, resource development, and discovery exploration.

With a team that discovered the Ridgeway Mine at Cadia Valley and the Cracow Mine in Queensland, Moorhead has enjoyed a long and successful career in mining, culminating in his position as Managing Director of Xanadu.

Both Cole and Moorhead have brought their expertise to the company, working to leverage the experience and relationships developed over their careers to deliver low-cost and effective discovery and resource growth.

Equally, to continue its growth and reputation for success, Xanadu adheres to five key values – sustainability, integrity and honesty, scientific basis, disciplined capital management, and culture and performance.

On the former, Cole notes that Xanadu is a good corporate citizen and neighbour to its partners in Mongolia.

“We operate and explore in a way that keeps our team safe, cares for the environment, and supports the communities where we operate,” he dictates.

Regarding integrity and honesty, the company goes out of its way to comply with all standards and requirements alongside operating to the highest levels of safety, sustainability, and disclosure.

To ensure a scientific basis, Xanadu uses modern techniques and best practices for exploration and project development.

“We aim to fail fast. If results and science fail to back a project to deliver our objectives, we move on to the next,” insights Moorhead.

“WE LEAD BY EXAMPLE, SUPPORT EACH OTHER TO ACT WITH INTEGRITY AND ACCOUNTABILITY, AND CONSISTENTLY LIVE OUT OUR VALUES EVERY DAY”

– COLIN MOORHEAD,

MANAGING

DIRECTOR, XANADU MINES

The management team treats shareholder money like their own to ensure disciplined capital management. Equally, the company behaves as owners and emphasises long-term value creation over short-term gains. Finally, in terms of culture and performance, Xanadu promotes technical excellence and innovation, aiming to attract and retain the best people.

“We lead by example, support each other to act with integrity and accountability, and consistently live out our values,” dictates Moorhead.

A REPUTATION FOR EXPERTISE

Xanadu’s most substantial endeavour to date is the Kharmagtai copper-gold project located in Omnogovi Province, approximately 420 kilometres (km) southeast of Ulaanbaatar.

XANADU’S STRATEGIC ADVANTAGE

The company’s position in Mongolia provides numerous strategic advantages, including:

SCALE OF DEPOSITS – Multiple globally significant discoveries are still underexplored.

LOCATION – On the doorstep of China, which is a key global copper consumer, Mongolia has lots of land and a sparse population.

INFRASTRUCTURE – Mongolia has established grid power, road, rail, and water infrastructure that enables short production times and low capital development intensity.

MINING CULTURE – Mining represents 21 percent of the country’s GDP and 85 percent of exports. There are approximately 40,000 Mongolian mining professionals in the workforce.

STABLE AND DEMOCRATIC – Mongolia has a 30-year history of democratic elections and a 98 percent literacy rate.

As an estimated 2.2 billion tonne (t) resource containing 4.7 metric tonnes (Mt) of copper and 11 million ounces (Moz) of gold, the project has been granted a 30-year mining licence and is now certified as a registered water resource, signifying its importance.

“Scale and mine life are globally meaningful. The project will likely extend to become an underground block cave mine,” details Cole.

The role of core scanning in reducing risk and time moving through pre-feasibility:

A Case Study from Xanadu Mines.

Introduction: Xanadu Mines utilised Geotek Ltd’s BoxScan automated core scanner combined with machine learning to help shorten the timeframe and reduce risk during the Kharmagti project pre-feasability study (PFS).

Context: Xanadu Mines delivered the 18-month PFS for the Kharmagtai project in October 2024, confirming its potential as being a globally significant, long-life, low-cost and low-risk copper-gold mine. The study projects annual production of 60-80 ktpa Cu and 165-170 kozpa Au over a nearly 30-year mine life1.

BoxScan was used to generate a robust, objective, consistent and reliable dataset used as the foundation for machine learning modelling and decision making, helping to accelerate the PFS timeline whilst maintaining a high level of confidence.

Technique: Two BoxScan multi-sensor core logging systems were deployed on site and scanned around 150km of core from the Kharmagtai project. Machine learning was applied for lithology and texture classification and sulphide classification. Here, machine learning models were trained on a comprehensive range of analytical techniques made possible using the BoxScan, including digital imagery, mineralogy (VNIR-SWIR hyperspectral) and physical fracture properties derived from laser profiler analysis. One machine learning model was developed for prediction of disseminated versus vein sulphide observed downcore, which helps to constrain metallurgical performance, including target grind size and acid

forming characteristics for geometallurgical and PAF/NAF modelling (Fig. 2).

1Xanadu Mines Pre-Feasibility Study - Kharmagtai Copper-Gold Project. October 2024. https://www.xanadumines.com/kharmagtai/pre-feasibility-study

On BoxScan, Xanadu says “[BoxScan] adds only 10-15 USD per m to XAM drill costs with only two geologists logging per 12 hour rosta compared with eight geologists to log and eight field technicians to move core to relog the core by hand.”

Technology: The BoxScan system from Geotek Ltd is an automated core logging system with multiple sensor options for geochemical, physical and mineralogical properties to be measured. Data includes pointchemistry, digital core images (wet and/or dry), VNIR and SWIR hyperspectral mineralogy, magnetic susceptibility, RQD and fracture identification, with onboard core curation including location and depth metadata. A range of machine learning models can be applied to augment this data prior to exporting to a wide range of modelling packages.

The Kharmagtai deposit remains open at depth, demonstrating increasing grade as it goes further down and indicating vast potential for a significant underground discovery.

In 2023, Xanadu joined a 50-50 JV with Zijin for the project’s progression, highlighting that the deposit is one major companies are interested in.

“Kharmagtai is too big for us to build on our own, which is why we brought in Zijin. This gave legitimacy to the project, funding for the next stage, and clarity that there was sufficient financial heft to develop it into a fruitful success,” notes Moorhead.

Equally, whilst many new projects are taking longer to come online due to being deeper, harder to mine, and

burdened with environmental, social, and governance (ESG) barriers, Kharmagtai is a conventional truck and shovel mine with an outcropping orebody which has the capacity to be up and running within the next three years due to available infrastructure, government support, flat ground, and its proximity to the Chinese border.

The project will be the third

“WE OPERATE AND EXPLORE IN A WAY THAT KEEPS OUR TEAM SAFE, CARES FOR THE ENVIRONMENT, AND SUPPORTS THE COMMUNITIES WHERE WE OPERATE”

– SPENCER COLE, CHIEF DEVELOPMENT OFFICER, XANADU MINES

global-scale copper mine in the country and the second established by foreign direct investment (FDI) – something the Mongolian government is directly supporting.

“The DNA of the company is to explore, discover, develop, and move projects on to deliver a liquidity event for our shareholders and then do it all again,” explains Moorhead.

DISCOVERING A BRIGHT FUTURE

As Xanadu continues to look towards a successful future of exploration and discovery, it is highlighting its sustainability efforts and support for local communities.

The company endeavours

to commit to safe and healthy operations, minimise its environmental footprint, develop and maintain strong relationships with communities and government, and act transparently and ethically.

“One of our key initiatives is a school refurbishment programme

in regional communities near our operations,” discloses Cole.

“This has been highly successful and is currently being expanded.”

Alongside its school refurbishment programme, Xanadu supports local communities through hospital upgrades, education initiatives to

send local students to university, and various health programmes.

It also pays for groundwater wells and training for well monitoring and water quality analysis, provides animal feed during cold winters, and takes part in cultural events and celebrations.

In addition to its sustainability endeavours and community support, the company’s key priorities for the upcoming year include the continual progression of Kharmagtai alongside its Red Mountain and Sant Tolgoi projects.

Ultimately, as Xanadu works towards further triumph and expansion in the mining industry,

it is continuing to emphasise the qualities that make it truly unique.

By creating value for shareholders through giving exposure to largescale copper-gold discoveries in Mongolia, creating liquidity events at peak points in the mining life cycle, and progressing projects from discovery to pre-feasibility, Xanadu is positioned for continued growth and success well into the future.

“We will also continue to evaluate new base metals and copper-gold project opportunities in Mongolia and the surrounding region and process new project acquisitions at the appropriate time,” Cole concludes.

A GOLDEN LEGACY FOR KAZAKH MINING

We return to RG Gold, the leading Kazakh gold mining business taking bold steps in exploration and mine site safety to uphold its upward trajectory. Marat Shaimardanov, Deputy CEO and CFO, updates us on the company’s recent developments

Writer: Lucy Pilgrim | Project Manager: Eddie Clinton

The mining industry in Kazakhstan continues to flourish in the wake of increasing commodity prices, including gold, positioning itself firmly on the international mining map.

This increased activity provides an opportunity for the sector to diversify, as many of the country’s smaller mining companies are entering the field and taking on larger, more complex exploration stakes as the industry evolves.

“Ivanhoe Mines, for instance, has partnered with a local junior exploration business to conduct exploration for copper, which was a major newsmaker last year,” opens Marat Shaimardanov, Deputy CEO and CFO of RG Gold, a leading gold production company operating at the heart of Kazakhstan’s mining landscape.

The Kazakh government is simultaneously relaxing mining legislation, which is paving the way for broader exploration strategies that replicate those used by other major global industry players.

There has additionally been a new tax code introduced that has opened the door to renewed mineral extraction and allowed for an introduction of royalty-based taxation to be applied towards new producers.

“This doesn’t apply to old producers and provides a more transparent tax structure, which is a fairly easy tax burden and closer to how the rest of

the world operates. Therefore, there’s a lot of deregulation happening for the mining industry, which is reflected by its current increased activity,” Shaimardanov explains.

UNLOCKING MINE SITE POTENTIAL

Since we last spoke to the company nearly 18 months ago, RG Gold has continued to excel in its heap leach operations after a temporary closure.

The company made the decision a couple of years ago to halt its mine’s heap leach process as the site was set to subside towards the end of 2025. RG Gold went as far to demobilise the mine’s headcount, ensuring it honoured staff who had worked on its production for a long time.

However, as the company progressed with its exploration results in mid-2024, RG Gold realised that an abundance of heap leach potential remained, particularly as increasing gold prices meant the business could recalculate the value of its available resources.

“We quickly made a decision to remobilise the mine again, which we’ve done successfully by rehiring the previous staff and recommissioning the operation. It’s

currently going very well and we expect it to continue for another five years,” Shaimardanov enthuses.

Elsewhere, RG Gold is proceeding with the development of its carbonin-pulp (CIP) plant that was built in 2022 to a world-class standard.

The company’s core activities in the CIP plant have involved strategic restructuring to alleviate a bottleneck in its existing operations, allowing RG Gold to reach new levels of production and significantly increase its nameplate capacity.

Indeed, the plant’s overall capacity has elevated from five million tonnes per annum (Mtpa) to a 7.2 Mtpa run rate as of Q2 2025, with the goal to sustainably stabilise existing equipment performance at an annual throughput of 7+ Mtpa in 2026.

“Anything beyond that and we will probably need to do some sort of capital investments into our operations,” Shaimardanov notes.

Elsewhere, RG Gold has also excelled its geological exploration capabilities, particularly in the face of anticipated resource expansion, which is offering the company the chance to double its operational capacity in the mid-term.

CAPITALISING ON GOLDEN OPPORTUNITIES

A key element of its projected growth, the company is looking forward to the expansion of its tailings storage facility (TSF).

“We successfully completed the second stage of the TSF expansion last year on time and within budget, which allows us to operate for another four years without the need for further expansion,” Shaimardanov details.

However, rather than demobilise the USD$30 million project, RG Gold decided to continue constructing the next phase to continue its upward trajectory.

The company has, meanwhile, identified two additional small mining deposits around its mining licence

“IT’S REALLY ABOUT SUSTAINING THE BUSINESS, RAISING THE BAR IN TERMS OF OPERATIONAL QUALITY, RETAINING EMPLOYEES, ENSURING OUR TRANSITION IN SHAREHOLDING GOES SMOOTHLY, AND TAKING OUR EXPANSION TO THE NEXT LEVEL”

– MARAT SHAIMARDANOV, DEPUTY CEO AND CFO, RG GOLD

and is in the process of obtaining more mining licences for this new discovery which, advantageously, doesn’t require the construction of new infrastructure due to its proximity to an existing mine site.

Additionally, RG Gold is reaping the rewards of its recently commissioned oxygen plant that will increase the company’s cyanide detoxification levels, enabling it to exceed the standards of the World Gold Council.

“Although we are already meeting the requirements, the new plant will help improve our operational

efficiency even further,” he adds.

Most noteworthy, however, is RG Gold’s decision to switch mining strategies.

“Unlike many other mines in Kazakhstan that own their own fleet, we started the project by outsourcing our mining activities to local contractors.

“This agreement is coming in early next year, so we are busy assessing the ways to switch to owner mining in order to achieve better efficiency and quality control, especially around areas of safety,” Shaimardanov

comments.

A CULTURE OF SAFETY

Safety remains a key priority and pillar of RG Gold’s success, ensuring it maintains the highest standards.

“We have expanded the department headcount three times over the past year and improved our overall safety standards across the board, both on construction and operational projects,” Shaimardanov highlights.

Indeed, the company has devoted much of its management strategy to conducting a thorough gap analysis to gain a complete understanding of where it currently stands and how it can improve its safety measures.

“We have gone on many field trips to help benchmark our operations worldwide, even as far as Australia, as well as locally,” Shaimardanov tells us.

The company has also attracted leading expatriate talent to oversee its safety strategy, heightening expectations in reporting in particular.

“Although we’ve had fairly good

“WE PREFERABLY TRY TO WORK WITH LOCAL PROVIDERS SPECIFICALLY BECAUSE THEY UNDERSTAND HOW WE OPERATE AND THE MENTALITY OF THE COMPANY”

– MARAT SHAIMARDANOV, DEPUTY CEO AND CFO, RG GOLD

track record, we’ve identified significant gaps around contractor management and our staff’s safety reporting standards because the majority of our key performance indicators (KPIs) are heavily linked to reporting levels.”

In fact, RG Gold has found that people are less inclined to report incidents because they are punished through the KPI index.

Therefore, the company has separated the two concepts and instead emphasises the importance of safety reporting. As a result, RG Gold has found that its employees are more prone to reporting safety incidents.

This new strategy is part of a wider

effort to make a cultural change in the company whereby its staff understand the importance of safety, emphasising how such standards transcend title or position.

“For example, our CEO was stopped from entering a site because he was not wearing the right personal protective equipment and was told to wear the correct gloves,” Shaimardanov shares.

RG Gold strives to go above and beyond in its safety standards by applying them to contractors as well as staff, ensuring that they have an equally punitive approach to reporting incidents.

E: sigmaunit@mail.ru W: www.kaeser.com.kz

International Compressor Technologies -

Official distributor of one of the world’s leading manufacturers and suppliers of KAESER compressed air systems in Kazakhstan.

TDO “International Compressor Technologies” has been operating in the Kazakhstan market since 2005. In a short period of time, the company has managed to take a strong position supplying high-quality compressor equipment.

Since 2008, TDO “MKT” has been

the official distributor of Kaeser Kompressoren (Germany) in the Republic of Kazakhstan.

All products meet the international requirements of ISO 9001, CE and TSE. Continuous research and new developments guarantee the highest technical level for Kaeser products.

RG GOLD’S ENVIRONMENTAL PROTECTION ACTIVITIES

ENVIRONMENTAL, SOCIAL, AND GOVERNANCE (ESG) COMMITTEE

– Comprised of ESG professionals from the company’s shareholder representatives.

EXTERNAL ESG ASSESSMENT –

Used to create a gap analysis on both safety and environmental protection.

VOLUNTARY PROJECTS –

Undertaken projects in the local community not required by local legislation, thus going beyond its requirements.

WATER MANAGEMENT STUDY –

Conducted an in-depth study of the overall water management of its mine sites, which has been a big issue for the company since the unusually wet season in the region last year.

“We promote safety standards with contractors to get them involved in our training programmes and ensure they pay more attention to them. We are far from perfect, but we are moving in the right direction,” he affirms.

LOCALLY SOURCED

The safety compliance of RG Gold’s contractors is highly significant because the company outsources many parts of its essential and non-essential business, typically contracted on an annual basis.

“We preferably try to work with local providers specifically because they understand how we operate and the mentality of the company.

“Given we are located in a very remote area with only a few small villages surrounding us, it’s best to find outsourcing suppliers as locally as possible,” Shaimardanov urges.

Case in point, the company’s biggest contract partner is a local mining services provider that is vital to RG Gold’s processing and exploration capabilities.

The company additionally builds strong relationships with local foundations and small and mediumsized enterprises (SMEs) who provide generic services including laundry, cleaning, and basic food supply.

These partnerships have been highly successful, especially for maintaining dialogue with the local community so that they can understand how the business operates and benefit from its growth.

RG Gold only refers to its international suppliers for essential business activities that cannot be sourced locally, such as SGS SA, a large Swissbased lab operator who conducts analytical studies on the mine site,

ultimately maintaining quality assurance and control for the company.

PROGRESSIVE AND PERSONALISED

RG Gold has not only maintained but elevated its focus on employee development in the last year, demonstrated by the external training programmes and opportunities it offers to staff.

The company creates personal development plans for employees on-site across all levels of the business, including those who aspire to become managers and superintendents in the future.

RG Gold has similarly created numerous pathways for its senior staff to advance and partners with local and international universities so its employees can obtain business acumen to a global standard.

“This allows them to not only manage their specific area but also try new approaches to management with deepened understanding of costs and benefits,” Shaimardanov elaborates.

Moreover, RG Gold views its new operational capabilities as an opportunity to improve its development offerings through internal job quality assessments.

The business has additionally been supportive of its employees forming industrial associations. For example, the company’s Geotechnical Engineering Manager has created a local geotechnical association for Kazakhstan.

“We’ve sponsored the association, which has already gained international status in its second year with attendance from over 20 countries. It is an open platform for technical dialogue

and sharing of best practices.”

Shaimardanov cites the reasoning behind such high attendance in a short amount of time to the fact that geotechnical conditions on a mine site can be incredibly challenging.

In contrast, RG Gold’s staff are incredibly progressive thanks to international training opportunities that enable them to introduce new technologies to the mine site, facilitating greater knowledge of pit slope stability and water management, for example, which has garnered significant interest from the rest of the industry.

Such positive employee development strategies are proven by the impressive decline of the company’s staff turnover, which in two years has reduced from approximately 19 percent to five percent in 2025.

FORGING FUTURE GROWTH

Forecast for continued growth, RG Gold has a steadfast list of targets to ensure its ongoing success.

Firstly, the company strives to continue delivering its construction projects on time, within budget, and safely.

“We need to maintain our overall efficiency, the throughput we have reached, and our progression in site exploration,” Shaimardanov sets out.

On the latter, RG Gold has managed to maintain its rising ore reserves with some huge discoveries of late, increasing from approximately 450,000 ounces (oz) to four million oz, whilst its resources have grown beyond 10 million oz in less than eight years of continued exploration.

Solidifying this growth remains a key focus as the company’s shareholder structure transitions in the coming year, which will see RG Gold become part of a global gold operator.

As such, the company looks forward to implementing some new benchmarks and acquiring new gold tenders.

“It’s really about sustaining the business, raising the bar in terms of operational quality, retaining employees, ensuring our transition in shareholding goes smoothly, and taking our expansion to the next level,” Shaimardanov concludes.

Tel: +7 (7172) 739-780

info@rggold.kz

www.rggold.kz