$257M

After-tax NPV5% of $257M and NPV8% of $196M at $1,200/oz

38% IRR

After-tax IRR of 38% and a 1.2-year payback at $1,200/oz

$595/oz

On-site AISC over the first 5 years of an 18-year life-of-mine

Avnel Gold Mining Limited

Avnel Gold is a gold mining, exploration and development company with operations in south-western Mali in West Africa listed on the TSX under the symbol “AVK“. The Company’s strategic objective is to develop the Kalana Main Project into an open-pit mining operation through its 80% ownership in SOMIKA. A secondary objective of the Company is to explore the remainder of the 387 km2 Kalana Exploitation Permit to discover new mineral deposits.