Climate Change Data

Environmental Metrics

Climate Goals & Targets

Environmental Challenges

• Accumulated deficit of $2,285,933 (December 31, 2018 – retained earnings of $9,661,731) and a working capital of $11,811,843 (December 31, 2018 – $5,109,284), including cash and cash equivalents of $5,203,928 (December 31, 2018 – $5,779,248).
• Management has assessed its liquidity needs and estimates that these funds will not be sufficient to meet the Company’s obligations, budgeted expenditures and commitments through December 31, 2020.
• The Company will need to raise additional financing within the next 9-12 month, and those facts cast significant doubt on the Company’s ability to continue as a going concern.

Mitigation Strategies

• The Company’s discretionary activities do have some scope for flexibility in terms of the amount and timing of expenditures, and to a certain extent, expenditures may be adjusted accordingly.
• The Company has implemented a COVID-19 response plan that includes a number of measures to safeguard against the spread of the virus at its offices and sites.
• If the Company’s operations are impacted or expected to be impacted, the Company will seek measures to preserve cash including suspension of discretionary spending and other legal means to reduce and minimize contractual spending.

Supply Chain Management

Climate-Related Risks & Opportunities

Environmental Metrics

Climate Goals & Targets

Environmental Challenges

• Accumulated deficit of $13,771,410 (December 31, 2019 – $2,285,933) and a working capital of $2,114,166 (December 31, 2019 – $11,811,843), including cash and cash equivalents of $2,117,842 (December 31, 2019 – $5,203,928).
• Inability to continue as a going concern without raising additional financing or reducing expenditure levels within the next 9-12 months.
• COVID-19 outbreak and potential disruptions to operations in Côte d’Ivoire.

Mitigation Strategies

• Implemented a COVID-19 response plan to safeguard personnel and mitigate risks to business operations.
• Limited operations in Côte d’Ivoire to preserve cash.
• Plans to raise additional financing, adjust expenditures, and explore other legal means to reduce spending if operations are impacted.

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: IFRS

Third-party Assurance: PricewaterhouseCoopers LLP/s.r.l./s.e.n.c.r.l.

Environmental Metrics

Climate Goals & Targets

Environmental Challenges

• Accumulated deficit of $15,739,740 (December 31, 2020 – $13,771,410) and a working capital of $2,930,784 (December 31, 2020 – $2,114,166), including cash and cash equivalents of $2,152,698 (December 31, 2020 – $2,117,842).
• Inability to continue as a going concern without raising additional financing or reducing expenditure levels within the next 9-12 months.

Mitigation Strategies

• Issuing common shares or units to finance cash requirements.
• Adjusting expenditures based on discretionary activities.
• Securing financing through an earn-in agreement to fund Ivory Coast projects (note 5).

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: IFRS

Third-party Assurance: PricewaterhouseCoopers LLP/s.r.l./s.e.n.c.r.l.

Environmental Metrics

Climate Goals & Targets

Environmental Challenges

• Accumulated deficit of $42,519,070 (December 31, 2022 – $32,566,515) and a working capital of $3,936,395 (December 31, 2022 – $7,507,136), including cash and cash equivalents of $2,956,298 (December 31, 2022 – $7,397,902).

Mitigation Strategies

• The Company’s ability to continue future operations and fund its operations is dependent on management's ability to secure additional financing in the future, which may be completed in a number of ways including, but not limited to, the issuance of equity instruments, expenditure reductions, or a combination of strategic partnerships, joint venture arrangements, royalty financing and other capital market alternatives.

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: IFRS

Third-party Assurance: PricewaterhouseCoopers LLP

Environmental Metrics

Climate Goals & Targets

Environmental Challenges

• Early stage of operations, requiring additional funds.
• Risks common to mineral exploration companies (e.g., unprofitable efforts, insufficient deposit size/grade).
• Remote location of properties, impacting infrastructure availability (access, labor, fuel, power).
• Title risks (unregistered agreements, native claims, undetected defects).
• Environmental regulations, permits, and licenses.
• Climate change (regulatory changes, extreme weather, resource shortages).
• Competition.
• Political and economic risks of operating in West Africa.
• Dependence on management.
• Information systems security threats.
• Operating hazards and risks (geological conditions, accidents).

Mitigation Strategies

• Company intends to fully comply with all environmental regulations.
• Company manages liquidity risk through budgeting and ensuring sufficient working capital.
• Company maintains liability insurance.

Supply Chain Management

Climate-Related Risks & Opportunities

Physical Risks

• Extreme weather conditions, natural disasters

Transition Risks

• Regulatory changes