Loulo-Gounkoto

West Africa Birimian · Au · Barrick (80%) / State of Mali (20%)

dossier-gradeproducinggovernance change resolved

Derived from the deployed data layer at build · dataset v2.28.20 · record reviewed 2026-05-02 · machine-readable: /api/v1/deposits/loulo-gounkoto.json · ⎙ print / save as PDF · interactive worked example →

Investment screen

DFI · investment house — is this fundable, watchable, or a pass?

Life-cycle stageproducing Derived

Operating statusRestored — gradual restart phase post-Dec 2025 settlement Sourced

Reserve scale (P+P)57 Mt @ 3.99 g/t Au Sourced ≈ 7.3 Moz contained Derived

Reserve basis (verbatim)100% project basis (Barrick 80% share = 7.3 Moz at 4.02 g/t)

Risk-adjusted rate (§10)~12-13% — post-settlement re-entry Derived

Value anchors

advisory · corporate development — what does the record support?

Resource (M+I+I)77.2 Mt @ 4.23 g/t Au Sourced

Resource basis (verbatim)100% project basis

Primary sourceBarrick Annual Information Form 2025 (released March 2026); Mali Settlement Decree Feb 2026 [Sourced 2026-05-02] Sourced

Comparables (Au-matched)5 African M&A — $122–228/oz (set span, n=2) · 2 intl — $394–403/oz (set span, n=2) · 1 financing/benchmark — set spans, not market curves · deals · compare assets · data freshness Sourced

Risk read

mining major · insurer — what is the exposure?

Province IC compositeWest Africa Birimian — 3.9/10 Derived

Ownership structure80/20 maintained per Nov 2025 settlement (Mali 2023 Mining Code allowed up to 35% but settlement preserved 80/20 + $430M cash + tranched royalty escalation) Sourced

Worked surfacesdecision loop · investor/issuer bridge Sourced

Recent events (record, newest last — tail shown)… Panamá cited by analysts); revised royalty 9-12% blended (gold-price tranched) under 2023 code; 2026 guidance 260-290 koz attributable (gradual restart); 3 t gold seized then returned via fair-value increment adjustment Sourced