Namoya Mine Project


Location: Namoya is a gold mine located in a remote area of the Maniema Province,
Democratic Republic of the Congo (DRC), approximately 195km west of Lake
Tanganyika, near the provincial border of the South Kivu Province. Bukavu, the
nearest business district, lies over 200km northeast of the Namoya mine. Mine is
accessed by a 540 km road from Bukavu via Uvira and Fizi on the shore of Lake
Tanganyika, which takes 2-3 days.
• Tenement title: the Namoya Project covers 174km2 under Exploitation Permit (PE
No.18, CAMI/CE/923/2004), signed on 9th November 2004 with a validity of 30 years,
subject to renewal for consecutive 15 year periods.
• Mine life: approx. 9 years based on reserves at annual production capacity of 120,000
oz Au.
• Mine type: Open pit with blasting, Mining operations are based on conventional drill
and blast, load and haul mining techniques.
• Resources and Reserves (2018)
• Resources: Measured (M) 1.70 Moz Au, 35.43Mt @ 1.49 g/t,
Inferred (I): 0.85 Moz Au, 17.85Mt @ 1.49 g/t
Total Resource: M & I 2.55 Moz Au, 53.28Mt @ 1.49 g/t
Reserves (Proven and Probable): 1.17 Moz Au, 20.51Mt @ 1.77g/t
• Production: FY2016 93 000 oz
FY2017 69 000 oz
FY2018 37 000 oz
FY2019 25 000 oz
FY 2020 -2024 Care and Maintenance Jan 2024 – Sept 2024
Cumulative Production: 2016 – 2019 +/- 224 000 oz
• Processing capacity: 2.6 Mtpa;
• Infrastructure: Operation with low power requirements (~4.8 MW) with six diesel
generation sets; Water supplied by creek 1.2 km west of plant; pumped to holding pond at the plant.



The most recent N43-101 Resources and Reserve declaration for Namoya dates back to May 2014, based on 31st December 2013 data. • An update to a current N43-101 Reserve and Resources declaration by a competent person is to be obtained. There is no recent block model available, which implies that the Mining schedule is likely to be outdated and may not be representative of the remaining Resources and Reserves in the 6 known pits. • World renowned mining consultants Riaan Herman Consulting, hereinafter referred to as RHC, will be commissioned to commence work to update the Competent Persons Resources and Reserve declaration' report for Namoya. This report will be to the JORC standard. This will include data validation, wireframing, geostatistical analysis, resource estimation, validation and reporting. An optimised mining schedule and associated costing is required to inform the Discounted Cash Flow (DCF), taking into account the mining and plant’s technical constraints. This report is key to provide the necessary confidence in the production plan and to give comfort to investors and financiers. • A realistic timeline to deliver the revised Reserve and Resources declaration for Namoya’s restart, including the mining schedule, is August 2024. • With the Mining schedule in hand, Namoya should be in good position to recommence mining based on the endorsed mine plan towards the end of Q3 2024. Mining will be restarted based on the optimised mine plan. • A preliminary Measured and Indicated Resource for Namoya was compiled by Riaan Herman Consulting, albeit not to an international reporting standard.


Namoya Exploration

Measured and Indicated Resource, is as follows:
• Resource: Measured: 1.63 Moz Au, 25.68Mt @ headgrade 1.97 g/t,
• Indicated: 0.44 Moz Au, 8.37Mt @ headgrade 1.64 g/t Resource: M
& I: 2.07 Moz Au, 34.05Moz @ headgrade of 1.89 g/t (Source: File:
MI Final Report Rev0.xls ; Created: 2019-07-22, Riaan Herman
• An exploration program is to be started to identify new oxide
resources and reserves adjacent to or in the vicinity of the six (6)
existing pits. This is to extend the economic life of the mine based
on the existing processing plant configuration taking into account
technical limitations.
• We will embark on starting test work with a reputable mineral
processing company to advise on how we need to deal with the
change in rock types on the time horizon. Test work needs to be
planned on transition and sulphide ore in order to design the correct
flowsheet from a techno-economic perspective. The test work will
provide the capital required to build a plant that can deal with the
change in ore types over time.


Namoya Community … Shomka work to date

Shomka Resources, a sister company of Shomka Investment, was
approached by Banro with the purpose of diffusing the security situation
by engaging with the broader local community and getting dialogue going.
• This process actually commenced in January 2020 and since then inroads
have been made to build rapport with the local stakeholders.
• Shomka Resources has consulted extensively with the local community
and from the interaction, has now a thorough understanding of the local
history and resulting conflict. Shomka Resources has engaged with leaders
of the community and listed the concerns raised. It has a far better and
deeper understanding of the communities’ perception, expectations,
frustrations and concerns. Shomka was able to bridge the communication
gap and built trust between the company and the community. We
understand local traditions and culture and has taken this into account in
it’s approach.
• By engaging with the broader local community, Shomka Resources believes
that it has created a conducive environment and a platform that will
allow ongoing communication and collaboration, thereby ensuring the
ongoing commitment of the local communities.
• Since these negotiations have taken place, no significant community
associated violence has been reported by independent observer bodies.
• Shomka Resources has been advocating the rotation of law enforcement
people around the mine with the local security forces.
• Shomka Resources successfully restructured the security system at the
mine by bringing a professional, international security company by name
of WS Inside to the mine. WS Inside will train our mine security personnel
and will reconfigure the whole security system around Namoya.
Namoya Community … Shomka work to date
• On the 30th of November 2020, Shomka signed an agreement with all
the leaders of the communities after 45 days of seminar and
• The sense of the agreement is to allow some controlled small - scale
mining with the assistance of Namoya’s technical team and a gold
• This agreement is a strong commitment to settle the peace from the
community against small scale controlled mining in PE18 and moving
our of PE18 in six month’s time, while Namoya opens up a new pit
out of the existing PE18.
• Shomka now has the foundation to have full access to the majority
of the mining site in PE18. This is a change in the attitude towards
the company compared to when Banro was forced to sign on 19 June
• This was achieved, when the action CEO of Namoya, Mr Victor
Kasongo was personally involved in discussions with the community
and he is perceived as being an integral part and a member of the
• The work done with the community on grassroot level and security
work done to date are the guarantee to launch and maintain
Namoya’s activities for the medium to long term.

More information
Victor S. Kasongo CEO & Chairman +27 78 596 43 54
CS Legend Company Secretary +852 2598 0989

    SHomka Resources, for environmentally responsible exploitation.