Kimoukro Gold Project

Qualified Person

The scientific and technical disclosure for this project has been supervised and approved by Dr. Riccardo Aquè, Ph.D. Eurogeol, Qualified Person as that term is defined in NI 43-101. He is independent of the Company.

Overview

Côte d’Ivoire is experiencing a strong discovery momentum, underpinned by validated geological potential, improving datasets, and growing international investor confidence, positioning the country as a leading destination for new gold discoveries.

EU Gold has established a diversified gold exploration portfolio in Côte d’Ivoire. This consists of 7 permits including 4 applications and 3 granted exploration permits totalling 1,393 km² which are strategically positioned in one of West Africa’s most prospective gold belts.

The Kimoukro project is the most advanced asset in the portfolio and the focal point, with defined drill targets and the required exploration permits in place to support an initial drilling program. It spans approximately 14.48 km² within a permit area traditionally associated with the artisanal mining community of Kokumbo. This region is characterised by extensive artisanal mining activity, with several quartz veins currently and historically exploited for gold.

Location

The Kimoukro permit belongs to an area of widespread artisanal mining activity. The property is located in central Côte d’Ivoire, approximately 40 km south of Yamoussoukro and 200 km north of Abidjan. The closest population centres to the Project are the town of Kimoukro with a population of 3,000 (2015 estimate), and Kokumbo, with a population of 8,100; there is access to a largely unskilled workforce who are familiar with artisanal gold mining and subsistence farming. Both Yamoussoukro and Abidjan have specialist mining universities and skilled labour is easily sought.

The Bandama River is on the west border of the permit and crosses its boundary twice. Mid-tension power infrastructure crosses the permit from west to east. It is envisaged that this power infrastructure could be easily adapted for any future mine development on the property. Mobile phone network has reasonably good coverage through the area generally with 2G internet connection. The Kimoukro village has facilities for hosting a workforce; preliminary agreement with the local government and tribal authorities has been made, to build and maintain an exploration camp and warehouse which can be located at the entrance of the village. The region is subject to a humid tropical climate, with an average rainfall between 700 and 1,500 mm. Daily average temperatures range between 22 and 32°C throughout the year.

The topography of the Kimoukro project is dominated by flat and foothill landscape with elevation between 135 and 165 meters. The natural vegetation consists of dense humid forest and clearings made for agriculture and small-scale mining.

Geology & Mineralization

The Kimoukro project lies in low-land near the Bandama river; most of the area is covered by recent alluvial sediments, which are mostly clay, with pockets of sand and gravel material that are locally anomalous in gold.

The alluvial cover has a maximum thickness of about 20 m while it is only 1–3 m-thick in the central area of the permit, disappearing to the east, where latisoils occur. Alluvial sediments obviously truncate the original laterite soil profile; residual and dismantled cuirass are reworked in the alluvial.

The Fetekro-Oumé greenstone belt is made-up by Paleoproterozoic basalts and andesites and volcano-sedimentary sequences, bounded by granitic-gneissic basement rocks. The belt is structurally complex and was deformed in greenschist-facies metamorphism conditions during the compressional and transpressive events of Eburnean Orogeny; late-stage deformation was accompanied by emplacement of felsic (granitoid) intrusions.

In the Kimoukro project area the outcrop exposure is poor; by integration of the few natural outcrops, the artisanal mineworks and previous and recent exploration data, the geology can be sketched as a fringe of Paleoproterozoic greenstone formations including meta-volcanics mainly of basaltic composition, meta-siltstones, and meta-arenites.

The gold mineralisation at Kimoukro is both primary and secondary: the secondary mineralisation is hosted in laterite and in some sandy-gravel alluvial deposits. The primary gold mineralization is structurally controlled and associated with both shear quartz veins and intrusion-related systems. Extensive artisanal mining further supports the presence of significant gold mineralization especially in the deformation zones surrounding the granite-tonalite contacts.

Exploration & Development

Previous exploration work by the Ivorian Company, K Mining between 2019 – 2022 included two separate blocks of IP surveys together with early surface soil sampling.

In June 2024 initial field activities were announced which included:

• Installation of the main camp and opening of a private access road stretching 3.5 km from the paved road A4 near the village of Kimoukro, into the permit boundary.
• Pole-dipole Induced Polarization (IP) geophysical survey, and ground magnetic survey, for a total of 55 line-kilometres, spaced 100 m apart and oriented N 110, covering a surface of 5.5 km².
• Trenching over known mineralised structures and over geophysical targets.
• A 3000 m auger drilling campaign in saprolite and soil, covering the untested areas in the central part of the permit; auger drilling was carried out essentially over the lines opened for the IP survey, avoiding the artisanal mining zone where, access was not possible for adverse terrain.

Site preparation, carried out with the assistance of local labourers, spanned one month. Drilling commenced in late August and concluded in late November, with a one-month suspension from October 4th to November 4th due to heavy rainfall. Two drilling rigs were employed: a motorized, trail-mounted rig with a 2.5 m column height and a 16 cm auger diameter, used for most holes. A lightweight, manually operated rig was used for drilling in rugged terrain, particularly near artisanal mining areas. Drilling was subdivided in 5 different phases according to logistics and weather conditions. The initial phase covered the zone closer to the access road: it was away from the ongoing geophysical survey to avoid any signal noise, and aimed to test possible gold anomalies under the alluvial cover. Phase 2 to phase 3 drilling continued mostly in alluvial cover, in the central and western parts of the permit. Drilling restarted after the rainy season with phase 4, approaching the area of active artisanal mineworks, which was tested with a portable auger due to ground conditions. Phase 5 included infill of an unsampled area, to complete the c.a 3000 m program. Some areas remain untested between the blocks of phase 1, 2 and 5.

Except for weather conditions and problematic access in the days right after rain, the drilling continued with no major issues during the 35 days of effective drilling. Daily production of drilling averaged 10 holes, 85 m; drilled depth ranged between 2.0 m and 16 m, averaging 8.4 m. Both rigs were able to reach and sample the top of the bedrock most of the time. Accordingly, the inferred depth to the bedrock varies between 2 m and 16 m.

Logging while drilling, although basic, allowed collecting representative composite samples of maximum length of 3 meters for the cover and argillic saprolite, while the base of saprolite and in the saprock were sampled each meter. A total of 1367 samples were collected in the field.

In March 2025 an update was provided on the local geology of the Kimoukro Project.

The project consists of deformed metasedimentary rocks interlayered with volcanic sequences, representing a deep-water succession common to the Toumodi-Oumé region. A preliminary bedrock geology map is based on data collected from artisanal mineworks and sporadic outcrops, results of auger drilling, IP and ground Magnetic survey. The central portion of the permit is dominated by a package of highly sheared, fine-grained metasediments exhibiting NNW- to N-trending foliation. The metasediments package includes dark shales, banded siltstone and claystone, of mafic composition; the interlayered rocks are amphibole-rich metabasites, and felsic siltstones. On the western side, basaltic and fine-grained andesitic rocks are present, while the northeastern portion hosts a granitoid intrusion (monzogranite to tonalite), with its contact zones showing evidence of mylonitization and widespread mineralization. Additionally, a second granitoid body is exposed in the southwestern part of the permit. A network of felsic dykes including rhyolite and microgranite, crosscuts the sedimentary sequences, displaying NW, NNW, and NE trends. Hematite, sericite and silica alteration occur in the contact halos of the felsic intrusions and dykes.

In April 2025 updates were reported on the Geophysical Survey (IP and Ground Mag) that took place in 2024. The geophysical survey was designed to identify IP and resistivity anomalies and highlight structural features to help the interpretation. Multiple moderate-to-strong chargeability anomalies were detected by the Induced Polarization survey from which high priority drill targets will be generated, considering different degrees of resistivity, structural interpretation and geology information.

The ground magnetic survey was carried out over the same lines of the IP survey; acquisition conditions were good and no significant noise results in the data.

The magnetic survey highlights three main different domains.

The hi-magnetic intensity recorded in the northeast part of the grid corresponds to a granite-tonalite intrusion and immediate surrounding; the shape of the intrusion is irregular; diffuse demagnetisation in this area is likely the effect of cataclastic deformation and leaching.

The central part of the grid is interpreted as a strong deformation zone; according to field data, the zone characterises for highly sheared metasediments and a network of felsic dykes, structurally controlled with NNW prevailing trend, well depicted by the vertical derivative map.

The south-west portion of the grid marks a lithology change, likely to more basaltic-andesitic rocks, or to the alteration halo of the southwestern granitic intrusion.

The pole-dipole survey allowed us to represent resistivity and chargeability along 2D profiles; pseudo-3D inversion technique was used to populate 3D grids and image the spatial distribution of the electric parameters. The quality of the survey was good and with good penetration, and allowed for imaging over 200 m depth with good resolution.

In April 2025 there were also updates on the Soil Geochemistry and Auger Drilling campaign which took place in 2024.

Key findings

• The overburden mainly consists of alluvial clay or transported material forming small pockets of sand and gravels. No significant gold intercepts were recorded, except for a few anomalous samples with peak values of 0.37 ppm Au in clay and 0.42 ppm Au in sand and gravel.
• Auger drilling was not conducted within the artisanal mining area due to unfavourable ground conditions (bumpy terrain, frequent open holes together with water and mud ponds). However, the area was encompassed within the survey, confirming and expanding the previously defined in-soil gold anomaly greater than 50 ppb Au; peak values where of 1.7 ppm Au in saprock, 0.7 ppm Au in saprolite, and 0.53 ppm Au in residual laterite.
• Based on the assay results from auger and surface soil samples, an updated delineation of the gold anomaly in the overburden has been compiled. The in-soil gold anomaly >20 ppb Au, stretches approximately 2.5 km in length and 500 to 800 meters in width, continuously covering more than 1.3 km². Additionally, scattered anomalies have been identified over an area of 1.8 x 600 meters in the central part of the project.
• The in-soil gold anomaly correlates with IP anomalies with good continuity at depth, and reflects primary mineralisation.
• Depth-to-saprock, groundwater level, and thickness maps of the cover units have been compiled to provide input for interpretation of the geophysical data, as well as for best planning the subsequent exploration activities, particularly trenching and drilling.

Two IP anomaly zones, in the central part of the permit, and in the eastern part, remained relatively uncovered by the auger drilling program; the gap will be filled in a next phase of exploration; infill of selected lines could be performed as well.