The Company’s near-term focus in the Kyrgyz Republic is on the development of its Tulkubash heap leach project. An extensive drilling programme and feasibility studies carried out over many years have revealed a rich deposit of high-grade ore in the Tulkubash, Contact and Main zones of the deposit. Discovery costs per ounce and ounces discovered per metre drilled are very encouraging and continue to validate the belief that Tulkubash will continue to grow into a world-class gold deposit and is the beginning of an emerging new gold district. Construction is ongoing at Tulkubash and the first gold production remains on schedule for 2021. The Company continues to advance detailed engineering and has finalised several project components for immediate construction readiness. Read more

The Kyzyltash project is a larger, higher grade resource than Tulkubash but its extraction will be more complex given it is refractory in nature. However, there are a number of proven technologies available to extract gold economically from refractory ore-bodies, with over 40% of annual world gold production coming from this type of ore. Kyzyltash will be an underground mine, with an adit driven into high grade mineralisation in the heart of the deposit. Based on early-stage engineering designs, Kyzyltash has the potential to produce 200,000-300,000 ounces of gold per annum with low operating cash costs. Due to the scale of investment required and the additional risks associated with both underground mining and refractory ore processing, a phased development – starting with the Tulkubash oxide heap leach development – has been adopted. Read more