Resources and reserves
Mineral Resource
+2.4 Moz
The increase is the corrected arithmetic difference between 105.2 Moz and 102.8 Moz. No site-by-site bridge, category split, commodity split or depletion schedule accompanied the supplied summary.
2025 annual report
Resources and reserves · Company-provided
Mineral Resource and Reserve review
A broader explanation of the company-reported Mineral Resource and Reserve totals and the evidence needed for technical reliance.
Review context
What the supplied report states
The supplied report states a total inclusive Mineral Resource of 105.2 million ounces, compared with 102.8 million ounces for 2023. The arithmetic increase is 2.4 million ounces.
It separately states a total Mineral Reserve of 42.1 million ounces, compared with 40.5 million ounces in 2023. Resources and Reserves are not interchangeable: a Reserve ordinarily represents the economically mineable part of a measured or indicated Resource after relevant modifying factors have been considered.
2025 Mineral Resource
105.2 Moz
Inclusive total, company-provided
2023 comparison
102.8 Moz
Comparison stated in supplied report
2025 Mineral Reserve
42.1 Moz
Company-provided total
2023 Reserve
40.5 Moz
Comparison stated in supplied report
Detailed record
Figures, basis and reporting limits
Resources and reserves
Mineral Reserve
+1.6 Moz
The stated change from 40.5 Moz to 42.1 Moz is 1.6 Moz. The supplied summary does not provide assumptions, modifying factors or a competent-person statement.
Resources and reserves
Reporting boundary
The word ‘inclusive’ is retained for the Resource total because it affects whether Reserves may already be contained within Resources. Readers should not add the two headline totals together.
Interpretation
Appropriate use of these totals
The figures can be read as the company's stated portfolio measures. They should not be treated as independently verified technical estimates until the underlying statement identifies the reporting code, effective date, commodity assumptions and qualified signatory.
No valuation, mine life or future production conclusion can be derived from ounces alone. Grade, recovery, location, mining method, capital requirements and legal tenure all affect economic significance.
Disclosure status
Records required for independent reliance
These supporting items are not contained in the published summary. The figures remain company-provided until the relevant records are supplied.
- Signed Mineral Resource and Reserve statementPending
- Reporting code and effective datePending
- Competent or qualified person names and consentsPending
- Site-by-site categories, assumptions and reconciliationPending
This review explains the figures supplied by Mugodhi Mining and Securities Ltd. It is not an audit, technical report, investment recommendation or independent verification.