FEKOLA OPEN PIT

Fekola Mine - Mali Three months ended March 31, 2021 2020 Gold revenue ($ in thousands) 215,740 239,626 Gold sold (ounces) 120,200 150,700 Average realized gold price ($/ ounce) 1,795 1,590 Tonnes of ore milled 2,074,680 1,746,352 Grade (grams/ tonne) 1.99 3.11 Recovery (%) 94.4 93.8 Gold production (ounces) 125,088 164,011 Cash operating costs(1) ($/ gold ounce sold) 479 286 Cash operating costs(1) ($/ gold ounce produced) 503 251 Total cash costs(1) ($/ gold ounce sold) 638 414 All-in sustaining costs(1) ($/ gold ounce sold) 770 519 Capital expenditures ($ in thousands) 17,396 74,133 Exploration ($ in thousands) 3,087 870 (1) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company’s financial statements, refer to “Non-IFRS Measures”. 6 The Fekola Mine in Mali (owned 80% by the Company and 20% by the State of Mali) continued its strong operational performance through the first quarter of 2021, producing 125,088 ounces of gold, 7% (8,088 ounces) above budget, as the Fekola processing facilities continued to outperform. Following the successful completion of the Fekola mill expansion to 7.5 Mtpa (an increase of 1.5 Mtpa from an assumed base rate of 6 Mtpa) in September 2020, mill throughput was a quarterly record of 2.07 million tonnes in the first quarter of 2021, which was 9% above budget and 19% higher than the first quarter of 2020. Fekola’s higher than budgeted mill throughput was mainly due to favourable ore fragmentation and hardness, and optimization of the grinding circuit. As expected, compared to the first quarter of 2020, gold production was lower by 24% (38,923 ounces) as a result of the planned significant waste stripping and lower mined ore grades, as Phases 5 and 6 of the Fekola Pit are developed during the first half of 2021. Mined ore tonnage and grade continue to reconcile well with the Fekola resource model, and ore production is expected to significantly increase in the second half of 2021 when mining reaches the higher-grade zones of the Fekola Pit. For the first quarter of 2021, mill feed grade was 1.99 grams per tonne (“g/t”) compared to budget of 2.03 g/t and 3.11 g/t in the first quarter of 2020; mill throughput was 2.07 million tonnes compared to budget of 1.91 million tonnes and 1.75 million tonnes in the first quarter of 2020; and gold recovery averaged 94.4% compared to budget of 94.0% and 93.8% in the first quarter of 2020. Processed grade was lower compared to the first quarter of 2020, as a result of the focus on higher mill feed grade and the stockpiling strategy used during the mill expansion activities in the first quarter of 2020. The Fekola mill has the potential to run above the expanded annualized throughput rate of 7.5 Mtpa and analysis is currently underway to determine the optimum throughput rate. For 2021 budgeting purposes, the Company assumed a throughput rate of 7.75 Mtpa. Mill processing trials conducted in the fourth quarter of 2020 demonstrate the potential to optimize the grindthroughput capacity of the expanded facility and increase hard-rock throughput, and support the addition of saprolite ore tonnage in excess of the hard-rock capacity. Based on positive results to date, Fekola’s annualized throughput rate for 2021 is expected to continue to remain above 8.0 Mtpa. Production planning for the nearby Cardinal resource area, located within 500 metres of the current Fekola resource pit, is currently underway (the initial Inferred Mineral Resource estimate for Cardinal is 640,000 ounces of gold in 13.0 million tonnes of ore at 1.54 g/t gold). Grade control drilling for a bulk sample at Cardinal has been completed, and preparations for the bulk sample are underway with sampling expected to begin later in the second quarter of 2021. An Environmental and Social Impact Assessment has been completed and submitted to the Malian authorities. Approval of the addition of Cardinal to the Fekola environmental permit is expected shortly and following this, an application will be made to add mining at Cardinal to the Fekola Mine plan. The Fekola Mine’s cash operating costs (refer to “Non-IFRS Measures”) for the first quarter of 2021 were $503 per ounce produced ($479 per gold ounce sold) compared to a budget of $558 per ounce produced and $251 per ounce produced for the first quarter of 2020. Cash operating costs for the first quarter of 2021 were 10% lower than budget as a result of higher than budgeted production and lower than budget mining and processing costs. Lower than budgeted mining costs resulted from below budget maintenance costs while lower than budgeted processing costs were a result of higher mill throughput, significantly lower cyanide consumption and earlier than planned power production from the new Fekola solar power facility during the first quarter of 2021. Compared to the first quarter of 2020, cash operating costs for the first quarter of 2021 were higher than the first quarter of 2020 as expected due to the planned lower production as discussed above and higher period stripping activities in the first quarter of 2021, higher fuel costs, import duties and ongoing COVID-19 related labour and medical costs in Mali. All-in sustaining costs (refer to “Non-IFRS Measures”) for the first quarter of 2021 for the Fekola Mine were $770 per gold ounce sold compared to a budget of $898 per gold ounce sold and $519 per gold ounce sold in the first quarter of 2020. All-in sustaining costs for the first quarter of 2021 were 14% lower than budget as a result of the lower than budgeted cash operating costs described above, higher than budgeted gold ounces sold, lower sustaining capital expenditures (mainly due to the timing of mobile equipment rebuilds) and lower than budgeted community relations costs. The lower sustaining capital expenditures are mainly a result of timing of expenditures and are expected to be incurred later in 2021. Capital expenditures in the first quarter of 2021 totalled $17 million primarily consisting of $6 million for the solar plant, $6 million for prestripping and $3 million for mine infrastructure. For full-year 2021, the Fekola Mine is expected to produce between 530,000 and 560,000 ounces of gold in 2021 at cash operating costs of between $405 and $445 per ounce and all-in sustaining costs of between $745 and $785 per ounce. Additional mining from the Cardinal resource area and higher than budgeted processing capacity are currently being investigated (as discussed above), with the potential to increase Fekola’s budgeted 2021 and longer-term gold production. As a result of the planned waste stripping and lower mined ore grades in the first half of 2021, as Phases 5 and 6 of the Fekola Pit are developed, production is expected to be significantly weighted to the second half of 2021 (when mining reaches the higher grade portion of Phase 5 of the Fekola Pit). For the first half of 2021, Fekola’s gold production is expected to be between 220,000 and 230,000 ounces, which is expected to increase significantly to between 310,000 and 330,000 ounces during the second half of 2021. Based mainly on the weighting of production and timing of waste stripping, Fekola’s cash operating costs are expected to be between $530 and $570 per ounce in the first half of 2021, before significantly improving to between $315 and $355 per ounce during the second half of 2021. In addition, Fekola’s all-in sustaining costs are expected to be between $850 and $890 per ounce in the first half of 2021, before significantly improving to between $670 and $710 per ounce during the second half of 2021. 7 Fekola Solar Plant Following the temporary suspension of solar plant construction activities in April 2020 due to COVID-19 restrictions, site activities recommenced on October 2, 2020, and construction progress is now approximately 95% complete. On January 5, 2021, a fire in the solar storage yard destroyed approximately 25% of the solar panels for the project. Replacement panels have been sourced and are scheduled to arrive on site by mid-May 2021. Approximately 25% of the solar field came online on January 28, 2021 and solar production reached 75% of full installed capacity by the end of March 2021 when the plant was turned over to the Fekola operations team. Solar power production with only 75% installed capacity has exceeded daily baseline targets for the full project, with several days of fuel cost savings of over $32,000 versus a goal of $25,000 per day, and replacement of up to 20% of the total daily power compared to a baseline goal of 18%. The schedule for installation of the remaining 25% is contingent on the delivery of the replacement panels, but full construction completion is now projected by the end of the second quarter of 2021. The Company does not anticipate any significant impact on Fekola's 2021 budgeted cash operating costs as a result of the delay in completion of the solar plant. The existing heavy fuel oil (“HFO”) and diesel power plant have an installed capacity of 64 megawatts while Fekola's expanded mill facilities require only approximately 40 megawatts for continuous operations. The solar plant is therefore not a necessary component to sustain the higher process plant production rate but is expected to reduce Fekola's operating costs and emissions by decreasing power plant fuel consumption and maintenance costs. When the plant is fully commissioned, it is expected to reduce HFO consumption by over 13 million litres per year and lower carbon dioxide emissions by an estimated 39,000 tonnes per year.