Stormlands Mining publishes Kandiolé Gold Project case study showing modelled NPV increasing to US$1.11 billion under updated gold price assumptions

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Dublin, Ireland — 15 June 2026 — Stormlands Mining has published a new case study on the Kandiolé Gold Project in western Mali, including an illustrative scenario using current commodity prices, which raises the NPV from US$462.1m to US$1.11bn.

Using the mine plan and economic data contained in the NI 43-101 Preliminary Economic Assessment with an effective date of 27 February 2026, Stormlands rebuilt a base case financial model for Kandiolé using a gold price of US$3,100/oz. On this basis, the Stormlands model generated a post-tax project Net Present Value (NPV) of approximately US$462.1 million, with an IRR of 48.9% and payback of approximately 1 year and 9 months.

Stormlands then updated the model using the average of March 2026 gold price: US$4,877.40/oz. All other core assumptions were held constant, including mine life, grade, production profile, operating cost, capital cost, sustaining capital and fiscal assumptions. Under this updated commodity price scenario, modelled project NPV increased to approximately US$1.11 billion.

This represents an uplift of approximately US$648 million, or around 140%, compared with the NI 43-101 base case model.

Life-of-mine revenue increased from approximately US$2.56 billion in the base case to approximately US$4.03 billion under the updated commodity price scenario. Life-of-mine EBITDA increased from approximately US$1.31 billion to approximately US$2.64 billion. The modelled payback period improved from approximately 1 year and 9 months to approximately 1 year.

The Kandiolé case study highlights the project’s strong leverage to gold price. Revenue increases by approximately 57% under the updated commodity price scenario, while post-tax NPV increases by approximately 140%. This demonstrates the operational gearing of the project, with a significant portion of the additional gold revenue flowing through to EBITDA, free cash flow and NPV.

Róisín O’Connell, CEO of Stormlands Mining, said:

“Kandiolé is a powerful example of why mining project valuations need to be dynamic. The technical report provides the foundation, but commodity prices can move quickly and materially change the economic interpretation of a project.

“In this case study, we have kept the mine plan, grade, operating costs, capital costs, sustaining capital and fiscal assumptions unchanged. We have only updated the gold price assumption. That single change increases modelled project NPV from approximately US$462 million to approximately US$1.11 billion.

“The broader point is not simply that higher gold prices increase valuation. It is that once the technical report data has been structured into a dynamic model, users can immediately see how the project behaves under different market conditions. They can test gold price, operating costs, capital costs, discount rate, royalties, taxes and production assumptions, and understand which variables really drive value.

“Kandiolé is particularly interesting because the updated price case does not rely on distant late-life cash flows. A substantial part of the value uplift is generated early in the mine life, improving payback and strengthening the capital recovery profile.”

Net Smelter Return (NSR): The revenue report shows net smelter return increasing from approximately US$82.52/t ore to approximately US$129.88/t ore. Cash operating margin increases from approximately US$50.90/t ore to approximately US$98.26/t ore. This moves Kandiolé from a strong margin asset to a very high margin asset under updated commodity price assumptions.

Value Drivers

Stormlands’ sensitivity analysis shows that gold price is the dominant value driver for Kandiolé. In the NI 43-101 base case, the gold price sensitivity range is approximately US$348 million to US$576 million NPV. In the updated commodity price case, the equivalent range is approximately US$933 million to US$1.29 billion.

Operating cost is the second most important value driver. However, the updated commodity price case materially increases resilience to operating cost inflation. The operating cost sensitivity range is approximately US$416 million to US$508 million in the NI 43-101 base case, compared with approximately US$1.06 billion to US$1.16 billion in the updated commodity price case.

The price and operating cost heatmap provides one of the strongest findings in the case study. In the NI 43-101 base model, the downside scenario of 80% price and 120% operating cost produces an NPV of approximately US$137 million. In the updated commodity price case, the same downside scenario produces an NPV of approximately US$664 million. This is higher than the NI 43-101 base case NPV of approximately US$462 million.

Stormlands’ analysis highlights the importance of moving beyond static technical report numbers. Public technical reports contain the data required to build robust economic models, but those models need to be structured, updateable and comparable if they are to support better decision-making.

The Kandiolé Gold Project is owned by Roscan Gold Corporation. Stormlands modelled the project using the NI 43-101 Preliminary Economic Assessment with an effective date of 27 February 2026.

The Kandiolé model is part of the Stormlands Mining Library, a growing repository of dynamic mining valuation models built from public technical reports and company disclosures. The Library is designed to help users analyse, update and compare mining projects across jurisdictions, commodities and development stages.

Important Notice

This publication has been prepared by Stormlands Mining Ltd. for informational, educational and illustrative purposes only. It is based on publicly available information, including the NI 43-101 Preliminary Economic Assessment of the Kandiolé Project, Mali, West Africa, with an effective date of 27 February 2026, together with independent modelling undertaken by Stormlands Mining.

Stormlands Mining has not been engaged by the project owner or its affiliates to prepare this analysis. This publication has not been reviewed, approved or endorsed by the project owner, its advisers, or any Qualified Person associated with the Project.

The analysis presented is not a Preliminary Economic Assessment, Pre-Feasibility Study, Feasibility Study, technical report, mineral resource estimate, mineral reserve estimate, valuation opinion, fairness opinion, investment research report, securities recommendation, offer to sell, solicitation to buy, or investment advice.

Stormlands Mining is not acting as a broker, dealer, investment adviser, corporate finance adviser, Qualified Person, or securities research provider in connection with this publication.

All model outputs are scenario-based and depend on the assumptions used, including commodity prices, exchange rates, discount rates, capital costs, operating costs, taxes, royalties, production schedules, payability, recoveries, treatment and refining charges, timing assumptions and other inputs. Actual results may differ materially from the scenarios presented. Commodity prices, costs, financing conditions, permitting timelines and project development outcomes are uncertain and subject to change.

Stormlands Mining does not represent or warrant that the information or model outputs are complete, accurate or suitable for any particular purpose. Readers should treat this publication as one source of information only and should conduct their own independent technical, financial, legal, tax and investment due diligence before making any decision.

Neither Stormlands Mining nor any of its directors, officers, employees or advisers accepts any liability for any loss arising from reliance on this publication or the information contained in it.