Aca Reserves Resources Statement 2016

RESERVES AND RESOURCES
Mineral reserves and mineral resources estimates contained in this An Inferred Mineral Resource
Annual Report have been calculated as at 31 December 2016 in The part of a Mineral Resource for which quantity and grade or quality
accordance with National Instrument 43-101 as required by Canadian are estimated on the basis of limited geological evidence and sampling
securities regulatory authorities, unless otherwise stated. Canadian gathered through appropriate sampling techniques from locations such
Institute of Mining, Metallurgy and Petroleum (‘CIM’) definitions were as outcrops, trenches, pits, workings and drill holes. Geological evidence
followed for mineral reserves and resources. Calculations have been is sufficient to imply but not verify geological and grade or quality
reviewed, verified (including estimation methodology, sampling, analytical continuity. An Inferred Mineral Resource has a lower level of confidence
and test data) and compiled by Acacia personnel under the supervision than that applying to an Indicated Mineral Resource and must not be
of Acacia Qualified Persons: John Haywood, Chief Geologist – converted to a Mineral Reserve. It is reasonably expected that the
Operations, and Samuel Pobee, Chief Advisor Planning and Mine majority of Inferred Mineral Resources could be upgraded to Indicated
Optimisation. However, the figures stated are estimates and no Mineral Resources with continued exploration.
assurances can be given that the indicated quantities of metal will be
produced. In addition, totals stated may not add up due to rounding. An Indicated Mineral Resource
The part of a Mineral Resource for which quantity, grade or quality,
Mineral reserves have been calculated using an assumed long-term
densities, shape and physical characteristics are estimated with
average gold price of US$1,100.00 per ounce, a silver price of US$15.00
sufficient confidence to allow the application of Modifying Factors in
per ounce and a copper price of US$2.50 per pound. Reserve
sufficient detail to support mine planning and evaluation of the economic
calculations incorporate current and/or expected mine plans and
viability of the deposit. Geological evidence is derived from adequately
cost levels at each property.
detailed and reliable exploration, sampling and testing and is sufficient
Mineral resources at Acacia mines have been calculated using an to assume geological and grade or quality continuity between points
assumed long-term average gold price of US$1,400.00 per ounce, of observation. An Indicated Mineral Resource has a lower level of
a silver price of US$15.00 per ounce and a copper price of US$2.50 confidence than that applying to a Measured Mineral Resource and
per pound. may only be converted to a Probable Mineral Reserve.
Mineral resources at Acacia exploration properties have been calculated
A Measured Mineral Resource
using an assumed long-term average gold price of US$1,500.00 per
The part of a Mineral Resource for which quantity, grade or quality,
ounce for Tankoro (50% JV holding with Sarama Resources) and Golden
densities, shape, and physical characteristics are estimated with
Ridge; whilst Nyanzaga (90% JV holding with OreCorp) is a foreign
confidence sufficient to allow the application of Modifying Factors to
estimate compiled to JORC Code 2012 and reported above a lower
support detailed mine planning and final evaluation of the economic
cut-off grade of 1.5g/t.
viability of the deposit. Geological evidence is derived from detailed
governance
Resources have been estimated using varying cut-off grades, depending and reliable exploration, sampling and testing and is sufficient to confirm
on the type of mine or project, its maturity and ore types at each geological and grade or quality continuity between points of observation.
property. Reserve estimates are dynamic and are influenced by changing A Measured Mineral Resource has a higher level of confidence than that
economic conditions, technical issues, environmental regulations and applying to either an Indicated Mineral Resource or an Inferred Mineral
any other relevant new information and therefore these can vary from Resource. It may be converted to a Proven Mineral Reserve or to a
year to year. Resource estimates can also change and tend to be Probable Mineral Reserve.
influenced mostly by new information pertaining to the understanding
of the deposit and secondly the conversion to ore reserves. In addition, A Mineral Reserve
estimates of inferred mineral resources may not form the basis of an The economically mineable part of a Measured and/or Indicated Mineral
economic analysis and it cannot be assumed that all or any part of an Resource. It includes diluting materials and allowances for losses, which
inferred mineral resource will ever be upgraded to a higher category. may occur when the material is mined or extracted and is defined by
Therefore, investors are cautioned not to assume that all or any part of studies at Pre-Feasibility or Feasibility level as appropriate that include
an inferred mineral resource exists, that it can be economically or legally application of Modifying Factors. Such studies demonstrate that, at the
mined, or that it will ever be upgraded to a higher category. Likewise, time of reporting, extraction could reasonably be justified. Mineral
investors are cautioned not to assume that all or any part of measured Reserves are sub-divided in order of increasing confidence into Probable
or indicated mineral resources will ever be upgraded to mineral reserves. Mineral Reserves and Proven Mineral Reserves. A Probable Mineral
Reserve has a lower level of confidence than a Proven Mineral Reserve.
Definitions Modifying Factors
A Mineral Resource These are considerations used to convert Mineral Resources to Mineral
A concentration or occurrence of solid material of economic interest in or
Reserves. These include, but are not restricted to, mining, processing,
on the Earth’s crust in such form, grade or quality and quantity that there
metallurgical, infrastructure, economic, marketing, legal, environmental,
are reasonable prospects for eventual economic extraction. The location,
social and governmental factors.
quantity, grade or quality, continuity and other geological characteristics
of a Mineral Resource are known, estimated or interpreted from specific
A Probable Mineral Reserve
geological evidence and knowledge, including sampling. Material of
The economically mineable part of an Indicated, and in some
economic interest refers to diamonds, natural solid inorganic material,
circumstances, a Measured Mineral Resource. The confidence in the
or natural solid fossilised organic material including base and precious
Modifying Factors applying to a Probable Mineral Reserve is lower than
metals, coal, and industrial minerals. Mineral Resources are sub-divided,
that applying to a Proven Mineral Reserve. Probable Mineral Reserve
in order of increasing geological confidence, into Inferred, Indicated and
estimates must be demonstrated to be economic, at the time of
Measured categories. An Inferred Mineral Resource has a lower level
reporting, by at least a Pre-Feasibility Study.
of confidence than that applied to an Indicated Mineral Resource.
An Indicated Mineral Resource has a higher level of confidence than
A Proven Mineral Reserve
an Inferred Mineral Resource but has a lower level of confidence than
The economically mineable part of a Measured Mineral Resource.
a Measured Mineral Resource.
A Proven Mineral Reserve implies a high degree of confidence in
the Modifying Factors. Proven Mineral Reserve estimates must be
demonstrated to be economic, at the time of reporting, by at least
a Pre-Feasibility Study.
Acacia Mining Plc Annual Report & Accounts 2016 103

RESERVES AND RESOURCES CONTINUED
Mine gold reserves and resources

2016 2015
Mine Tonnes (’000s) Grade Au (g/t) Ounces (’000s) Tonnes (’000s) Grade Au (g/t) Ounces (’000s)
Bulyanhulu – Underground Proven and probable 15,662 9.75 4,910 20,820 8.85 5,925
Mineral resource 13,904 8.91 3,982 22,158 7.03 5,010
Inferred 24,208 9.75 7,587 19,900 9.23 5,903
Bulyanhulu – Tailings Proven and probable 6,181 1.05 209 6,548 1.07 226
Mineral resource – – – – – –
Inferred – – – – – –
Buzwagi – Open Pit Proven and probable 5,993 1.74 336 6,514 1.76 369
Inferred 2,058 1.37 91 3,656 1.34 158
Buzwagi – Stockpile Proven and probable 9,067 0.96 279 8,168 0.97 255
North Mara – Open Pit Proven and probable 16,946 2.04 1,110 16,591 2.19 1,167
Mineral resource 15,261 2.07 1,018 10,330 2.05 681
Inferred 3,600 0.84 97 193 2.01 12
North Mara – Stockpiles Proven and probable 3,452 1.13 125 2,935 1.35 127
North Mara – Gokona UG Proven and probable 3,393 6.01 656 3,455 6.12 680
Mineral resource 2,270 3.35 244 1,160 5.61 209
Inferred 6,356 3.39 693 4,756 4.71 720
North Mara – Nyabigena UG Proven and probable – – – – – –
Mineral resource 1,237 3.19 127 197 6.05 38
Inferred 50 4.20 7 – – –
North Mara – Nyabigena UG Proven and probable – – – – – –
Mineral resource 1,401 3.19 144 987 4.85 154
Inferred 483 3.16 49 – – –
Total Proven and probable 60,694 3.91 7,625 65,030 4.18 8,750
Inferred 36,755 7.21 8,523 28,504 7.41 6,794
Exploration property gold reserves and resources1

2016 2015
Mine Tonnes (’000s) Grade Au (g/t) Ounces (’000s) Tonnes (’000s) Grade Au (g/t) Ounces (’000s)
Tankoro (50%) Proven and probable – – – – – –
Inferred 21,500 1.52 1,050 – – –
Nyanzaga (90% Proven and probable – – – – – –
(Tusker and Kilimani) Mineral resource 22,230 3.49 2,495 97,352 1.31 4,102
Inferred 4,590 3.49 515 3,042 0.93 91
Golden Ridge Proven and probable – – – – – –
Mineral resource 7,944 2.78 710 7,944 2.78 710
Inferred 1,414 2.27 103 1,414 2.27 103
Total Exploration Proven and probable – – – – –
Inferred 27,504 1.89 1,667 4,456 1.35 194
Total Acacia Proven and probable 60,694 3.91 7,625 65,030 4.19 8,750
Inferred 64,259 4.93 10,190 32,960 6.59 6,987
1 Exploratory Property Gold Resources have been estimated using a gold price of US$1,500/oz for Golden Ridge and Tankoro; and reported above 1.5g/t Au lower cut-off
for Nyanzaga.
104 Acacia Mining Plc Annual Report & Accounts 2016

Contained copper reported within gold reserves and resources
2016 2015
Mine Tonnes (’000s) Grade Cu (%) Pounds (’000s) Tonnes (’000s) Grade Cu (%) Pounds (’000s)
Inferred 24,208 0.63 337,251 19,900 0.53 233,698
Bulyanhulu – Tailings Proven and probable – – – – – –
Buzwagi Proven and probable 15,060 0.10 32,497 14,682 0.10 32,409
Inferred 2,058 0.13 5,760 3,656 0.14 10,960
Inferred 26,266 0.59 343,010 23,556 0.47 244,658
Contained silver reported within gold reserves and resources

2016 2015
Mine Tonnes (’000s) Grade Ag (g/t) Ounces (’000s) Tonnes (’000s) Grade Ag (g/t) Ounces (’000s)
Inferred 24,208 6.96 5,416 19,900 6.31 4,038
Bulyanhulu – Tailings Proven and probable 6,181 3.29 655 6,548 3.36 708
Inferred 24,208 6.96 5,416 19,900 6.31 4,038
governance
Mine gold reserves
Mine Classification Tonnes Grade Au (g/t) Contained Au (oz)
Bulyanhulu – Underground Proven 2,291,000 10.52 775,000
Probable 13,371,000 9.62 4,135,000
Total (P+P) 15,662,000 9.75 4,910,000
Bulyanhulu – Tailings Proven – – –
Probable 6,181,000 1.05 209,000
Total (P+P) 6,181,000 1.05 209,000
Buzwagi – Open Pit Proven 6,000 2.07 400
Probable 5,987,000 1.74 335,000
Total (P+P) 5,993,000 1.74 336,000
Buzwagi – Stockpiles Proven 9,067,000 0.96 279,000
Probable – – –
Total (P+P) 9,067,000 0.96 279,000
North Mara – Open Pit Proven 1,996,000 2.59 166,000
Probable 14,950,000 1.96 944,000
Total (P+P) 16,946,000 2.04 1,110,000
North Mara – Stockpiles Proven 3,452,000 1.13 125,000
Total (P+P) 3,452,000 1.13 125,000
North Mara – Gokona UG Proven 1,881,000 7.84 474,000
Probable 1,512,000 3.74 182,000
Total (P+P) 3,393,000 6.01 656,000
North Mara – Nyabigena UG Proven – – –
Total (P+P) – – –
North Mara – Nyabirama UG Proven – – –
Total (P+P) – – –
Total mine gold reserves Proven 18,693,000 3.03 1,819,000
Probable 42,001,000 4.30 5,806,000
Total (P+P) 60,694,000 3.91 7,625,000

Contained copper reported within gold reserves

Mine Classification Tonnes Grade Cu (%) Contained Cu (lbs)
Bulyanhulu – Underground Proven 2,291,000 0.43 21,763,000
Probable 13,371,000 0.56 166,520,000
Total 15,662,000 0.55 188,283,000
Total – – –
Buzwagi Proven 9,073,000 0.07 14,024,000
Probable 5,987,000 0.14 18,473,000
Total 15,060,000 0.10 32,497,000
Total copper reported within gold reserves Proven 11,364,000 0.14 35,787,000
Probable 19,358,000 0.43 184,993,000
Total 30,722,000 0.33 220,780,000
Contained silver reported within gold reserves

Mine Classification Tonnes Grade Ag (g/t) Contained Ag (oz)
Bulyanhulu – Underground Proven 2,291,000 6.06 446,000
Probable 13,371,000 8.46 3,639,000
Total 15,662,000 8.11 4,085,000
Probable 6,181,000 3.29 655,000
Total 6,181,000 3.29 655,000
Total silver reported within gold reserves Proven 2,291,000 6.06 446,000
Probable 19,552,000 6.83 4,293,000
Total 21,843,000 6.75 4,739,000
Mine gold resource (measured and indicated, exclusive of reserves)

Bulyanhulu – Underground Measured 1,367,000 11.56 508,000
Indicated 12,537,000 8.62 3,474,000
Total (M+I) 13,904,000 8.91 3,982,000
Bulyanhulu – Tailings Measured – – –
Indicated – – –
Total (M+I) – – –
Buzwagi – Open Pit Measured 131,000 1.42 6,000
Indicated 25,742,000 1.23 1,018,000
Total (M+I) 25,873,000 1.23 1,024,000
Buzwagi – Stockpiles Measured – – –
North Mara – Open Pit Measured 2,535,000 2.25 183,000
Indicated 12,726,000 2.04 835,000
Total (M+I) 15,261,000 2.07 1,018,000
North Mara – Stockpiles Measured – – –
North Mara – Gokona UG Measured 786,000 3.96 100,000
Indicated 1,483,000 3.02 144,000
Total (M+I) 2,270,000 3.34 244,000
North Mara – Nyabigena UG Measured 81,000 3.07 8,000
Indicated 1,156,000 3.20 119,000
Total (M+I) 1,237,000 3.19 127,000
North Mara – Nyabirama UG Measured – – –
Indicated 1,401,000 3.20 144,000
Total (M+I) 1,401,000 3.20 144,000
Total mine resource (M+I) Measured 4,900,000 5.11 805,000
Indicated 55,045,000 3.24 5,734,000
Total (M+I) 59,945,000 3.39 6,539,000

Contained copper reported within gold resources
Bulyanhulu – Underground Measured 1,367,000 0.40 12,187,000
Indicated 12,537,000 0.45 124,060,000
Total (M+I) 13,904,000 0.44 136,247,000
Bulyanhulu – Tailings Measured – 0.00 –
Indicated – 0.00 –
Total (M+I) – 0.00 –
Buzwagi Measured 131,000 0.13 374,000
Indicated 25,742,000 0.12 65,813,000
Total (M+I) 25,873,000 0.12 66,187,000
Total copper reported within gold resources Measured 1,498,000 0.38 12,561,000
Indicated 38,279,000 0.22 189,873,000
Total (M+I) 39,777,000 0.23 202,434,000
Contained silver reported within gold resources

Bulyanhulu – Underground Measured 1,367,000 7.16 315,000
Indicated 12,537,000 6.58 2,654,000
Total (M+I) 13,904,000 6.64 2,969,000
Bulyanhulu – Tailings Measured – 0.00 –
Indicated – 0.00 –
Total (M+I) – 0.00 –
Total silver reported within gold resources Measured 1,367,000 7.17 315,000
Indicated 12,537,000 6.58 2,654,000
Total (M+I) 13,904,000 6.64 2,969,000
Mine Gold Inferred Resource
governance
Bulyanhulu – Underground Inferred 24,208,000 9.75 7,587,000
Bulyanhulu – Tailings Inferred – – –
Buzwagi Inferred 2,058,000 1.37 91,000
North Mara – Surface Inferred 3,600,000 0.84 97,000
North Mara – Underground Inferred 6,889,000 3.38 748,000
Total Mine Inferred Resource Total Inferred 36,755,000 7.21 8,523,000
Contained Copper Reported within Inferred Gold Resources

Bulyanhulu –Tailings Inferred – – –
Buzwagi Inferred 2,058,000 0.13 5,760,000
Contained Silver Reported within Inferred Gold Resource

Bulyanhulu – Tailings Inferred – – –

Exploration property Resource (M+I)

Tankoro (50%) Measured – – –
(South Houndé) Indicated – – –
Nyanzaga (90%) Measured 2,637,000 3.78 320,000
(Tusker and Kilimani) Indicated 19,593,000 3.45 2,174,000
Total (M+I) 22,230,000 3.49 2,495,000
Golden Ridge Measured – – –
Indicated 7,944,000 2.78 710,000
Total (M+I) 7,944,000 2.78 710,000
Total Measured 2,637,000 3.77 320,000
Indicated 27,537,000 3.26 2,884,000
Total (M+I) 30,174,000 3.30 3,205,000
Exploration property Resource (M+I)

Tankoro (50%) Inferred 21,500,000 1.52 1,050,000
(South Houndé) Total Inferred 21,500,000 1.52 1,050,000
Nyanzaga (90%) Inferred 4,590,000 3.49 515,000
(Tusker and Kilimani) Total Inferred 4,590,000 3.49 515,000
Golden Ridge Inferred 1,414,000 2.27 103,000
Total Inferred 1,414,000 2.27 103,000
Total Inferred 27,504,000 1.89 1,667,000
Total Inferred 27,504,000 1.89 1,667,000

Aca Reserves Resources Statement 2016

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RESERVES AND RESOURCES

Acacia Mining Plc Annual Report & Accounts 2016 103

Mine gold reserves and resources

Exploration property gold reserves and resources1

104 Acacia Mining Plc Annual Report & Accounts 2016

Contained silver reported within gold reserves and resources

Acacia Mining Plc Annual Report & Accounts 2016 105

Contained copper reported within gold reserves

Contained silver reported within gold reserves

Mine gold resource (measured and indicated, exclusive of reserves)

106 Acacia Mining Plc Annual Report & Accounts 2016

Contained silver reported within gold resources

Mine Gold Inferred Resource

Contained Copper Reported within Inferred Gold Resources

Contained Silver Reported within Inferred Gold Resource

Acacia Mining Plc Annual Report & Accounts 2016 107

Exploration property Resource (M+I)

Exploration property Resource (M+I)

108 Acacia Mining Plc Annual Report & Accounts 2016

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