Mineral Resource and Reserves Estimation

Mineral Expert Report for African Barrick Gold

CLIENT:
Acacia Mining plc. (formerly African Barrick Gold plc)

SCOPE OF WORK:
Responsible for preparing a Mineral Expert Report (MER) to support the Initial Public Offering of African Barrick Gold plc.

The MER was on the company’s gold mining, development, and exploration assets located in Tanzania. The assets included four active gold mines and various exploration projects. RPA carried out Resource and Reserve estimations on the four operating mines, as well as valuations of the numerous exploration projects.

RPA performed a Mineral Resource and Mineral Reserve estimate for each operating mine. Projections were made based on the operating plans, production schedules, budget presentations, life of mine plans and past operating results for each mine. The operations include both open pit and underground mining methods. Using this information, it was possible to identify any material risks, areas of weakness and strengths related to each operation.

The exploration review focused on tenements, exploration prospects, exploration targets, and resource properties. The valuation was based on Mineral Resource estimates, data obtained from maps, licence details, joint venture agreements, sample databases, progress reports, and past and planned for exploration expenditures. Properties with estimated Mineral Resources were given a valuation based on dollar per contained ounce of gold, and properties without Mineral Resource estimates were given a dollar per hectare value. The valuation was presented with an upper and lower bound.

The MER was published as part of a prospectus in support for the global offering of shares for African Barrick Gold plc.

As of November 2014, African Barrick Gold changed its name to Acacia Mining plc.