EMIRAL RESOURCES

By the end of 2026 we will have completed the Front-End Engineering and Design (FEED) study for the Iguidi Gold Project, a programme we launched in November 2025. Marking a major milestone in the development of one of Mauritania’s most significant emerging gold projects.

Lycopodium has been leading the FEED study, which includes the design of a four million tonne per annum Carbon-in-Leach (CIL) gold processing plant, with the infrastructure required to support operations across the project area.

In May this year, we hosted a multidisciplinary team of contractors and consultants for a site visit to maintain project momentum and strengthen practical understanding of the land and communities we’re working within.

Specialists from Lycopodium assessed process engineering requirements. Whilst a team of world-leading environmental, social and resource consultants reviewed development plans and community considerations, contributed to JORC-compliant resource and mine planning activities. As well as scoping out what an effective and comprehensive supply chain strategy would look like.

This was especially important for the most northernmost region of Mauritania: Tiris Zemmour, a remote desert. Its isolation demands careful planning across all aspects, from transportation to fuel and water supply. Bringing our experts together on the ground, allowed us to identify challenges and develop practical solutions before the first shovel even hit the ground.

Earlier in May, our CEO, Alexander Smirnov, held productive meetings with the Mauritanian Minister of Mines and the Director General of Mines, providing an update on FEED progress and presenting the outcomes of our site visit.

Smirnov commented: “These discussions reinforced our shared commitment to advancing Iguidi and strengthening Mauritania’s mining sector.”

Alongside the FEED study, a broad programme of technical investigations continues across the project area.

Geotechnical field investigations are currently being carried out in partnership with a specialist West African engineering firm with extensive experience throughout the Sahel region. This included a pit slope stability analysis, which examined how the walls of the future pit will perform over time. This work helps ensure the mine is designed for safe and efficient long-term operation.

At the same time, world leading geotechnical consultants are conducting geomechanical studies covering both the proposed processing plant area and the future tailings storage facility. Their work includes foundation assessments and detailed site characterisation, providing key information for environmental management.

Further technical advancement is being achieved through the diamond drilling programme at the D01 deposit. This programme focused on metallurgical sampling of oxide and weathered materials to optimise plant design. It is scheduled for completion October this year, and will inform the final design criteria ahead of the project’s execution phase.

We have also expanded the future potential of the Iguidi through the award of a four-square-kilometre exploration permit extension adjacent to the license area. The additional ground presents a meaningful opportunity to expand the mineral resource base and extend the life of the mine.

While engineering and technical studies remain central to the development, our commitment to local communities is equally as important. For almost five years, Emiral has provided ongoing humanitarian and medical support to artisanal mining communities living and working near our operation.

In the first half of this year alone, we’ve distributed approximately 1,800kg of food supplies and 850 loaves of bread during Eid al-Fitr and Eid al-Adha, to support community welfare during these important religious holidays.

We also supplied around 275 m³ of technical water and 530 litres of diesel fuel to the artisanal mining community to address essential operational and household needs in this remote desert region.

Our medical post at the Iguidi Project Basecamp provided assistance to 460 individuals from the community. Access to healthcare unfortunately remains limited in many parts of the region and we are incredibly proud to play a significant role in supporting community health and wellbeing.

As FEED reaches completion, our focus will shift towards achieving a Final Investment Decision in the fourth quarter of 2026. From there, we are targeting first gold production approximately 30 months later. That is an ambitious target, but it is one supported by a well-structured schedule and a highly capable international team who will deliver.

The progress achieved over the past year demonstrates what can be accomplished through strong partnerships and a long-term, unwavering commitment. Iguidi is advancing with purpose and at Emiral we are building a project that will create lasting value for Mauritania and for the communities that will help shape its future for generations to come.

As Africa’s mining sector evolves, meaningful dialogue between governments, investors and industry has never been more important. Mining on Top Africa has become one of the leading forums for those conversations, and this year’s conference in Paris once again brought together key stakeholders from across the continent to discuss investment, resource development and the future of African mining.

Dmitrii Tocarev, Emiral’s General Director in Mauritania, was part of the Mauritanian government’s delegation to the Paris event. Joining discussions focused on the opportunities shaping the next chapter of the country’s mining industry.

What emerged throughout the conference was a clear sense that Mauritania’s mining story is evolving.

During the two-day conference, the Mauritania-focused sessions explored the country’s ongoing reforms, strategic resources and ambition to become a leading mining and industrial hub. Discussions centered on the role of long-term investor confidence and economic diversification in creating sustainable growth across the sector.

Mauritania’s long-term advantage lies in the country’s ability to connect reforms, national operators, strategic minerals and investor confidence into a clear pathway for industrial development. That important combination is what continues to attract international attention and reinforces Mauritania’s position as one of Africa’s most compelling mining destinations.

For Emiral, these constructive conversations reflected what we continue to see on the ground; there is a shared determination evident in government and industry to develop a mining sector that delivers lasting economic value while supporting responsible and sustainable development to benefit the local communities we operate in.

Reflecting on the event, Emiral’s General Director in Mauritania, Dmitrii Tocarev said:

“We would like to thank the organisers of Mining On Top Africa, the Mauritanian delegation and all those who took the time to engage with our team during the conference. Mining on Top Africa provided an excellent opportunity to engage with key stakeholders who share a common interest in the future of Mauritania’s mining sector.”

“What stood out the most was the quality of the conversations and the desire to collaborate throughout the delegation. We were able to strengthen existing relationships, establish new connections and continue to build the partnerships that will support the next phase of growth for the industry and country.”

The positive engagement experienced throughout Mining On Top Africa 2026 reflects the strength of the relationships that continue to develop between Emiral and our partners across Mauritania’s mining sector.

The discussions we held in Paris will continue long after the event itself and will help shape the future opportunities and strengthen collaboration across the sector.

As Mauritania’s mining industry continues to grow, strong partnerships will remain fundamental to its success. Emiral looks forward to continuing its relationship with the Mauritanian delegation and playing its part in the country’s next chapter of mining and industrial development.