Managem completes a sale of 45% of the Gabgaba JV in Sudan for $420 million

Following the closing of the transaction, Norin Mining will hold 80% of the Gabgaba joint venture, while Managem will retain 20% with enhanced minority rights. The finalization of this deal is subject to the usual conditions precedent for such transactions. This agreement with Norin Mining marks a significant strategic step in the development of the Gabgaba gold project - Block 15. Its completion will create a favorable framework for mobilizing the necessary bank financing for the construction of the WGO3 project, the next industrial phase aimed at increasing production capacity by an additional 120,000 ounces of gold per year and optimizing the valuation of the deposit. This evolution in the partnership will add a new dimension to the gold project in Sudan by mobilizing additional financial and technical resources. It will strengthen the long-term viability of the project, contribute sustainably to the country’s economic development, and generate positive and measurable benefits for local communities and all stakeholders. As a result of this agreement, Managem will maintain a strategic presence in Sudan through its 50% stake in exploration blocks 9, 24, 64, and 66, reflecting its ongoing commitment to unlocking the country's gold potential. Imad TOUMI, CEO of Managem, stated, “The signing of this agreement is an important milestone in Managem's gold strategy. The sale of 45% to Norin Mining will help accelerate the development of the WGO3 gold project. It fully aligns with our growth strategy in gold and will allow us to reallocate financial resources to support the development of our other strategic projects. This includes bringing the Boto mine in Senegal into production, consolidating production at the Tri-K gold mine in Guinea, advancing the feasibility study for the Karita project in Guinea, and progressing the development of the Eteke project in Gabon.”