• One of the largest undeveloped gold resources in West Africa
• 4.86 million ounces in Measured and Indicated Categories and 1.10 million ounces in the Inferred Category
• Of which, 3.89 million ounces is in Proven and Probable Reserve Categories
• Mostly contained in a single, large open pit containing a wide orebody leading to a low stripping ratio of 2.95:1
• Gold recoveries of circa 90%
• Positive PFS based on 12 million tonnes per annum plant, producing 340,000 ounces per year for 10.3 years
• Generates pre-tax NPV8% of $548 million and 23.3% IRR based on a $1,372 gold price and a cash operating cost of $671 per ounce
• Coherent higher grade zones offer option of selective processing of higher grade ore in a smaller 6 million tonnes per annum plant, reducing CAPEX requirements
• Multiple additional targets in similar structural settings located on the 183.8 km2 property

The Kiaka Gold Project on the 183.8 km2 Kiaka exploration permit and is located in south central Burkina Faso, approximately 120 kilometres southeast of the capital Ouagadougou. The closest town is Gogo, approximately 15 kilometres from the provincial capital of Manga.

The Kiaka Gold Project hosts one of the largest undeveloped gold resources in West Africa. To date, 4.86 million ounces of gold in the Measured and Indicated Categories have been defined and an additional 1.01 million ounces in the Inferred Category. The bulk of the gold is contained within a single open pit in the circa 200m wide and 1.5km long KMZ orebody. Significantly, approximately half (2.04 million ounces) of the Measured and Indicated Resources are contained within continuous higher grade lenses with a grade of 1.52 g/t gold surrounded by the balance (2.07 million ounces) in a lower grade halo at a grade of 0.77 g/t gold.

Kiaka Project Resource Statement

A positive Prefeasibility Study was completed in 2012, delivering Proven and Probable Reserves of 3.49 million ounces at a diluted grade of 0.96 g/t gold within an open pit with a strip ratio of 2.95:1. The study indicated a >10 year mine life based on processing 12 million tonnes of ore per year for average annual production of 340,000 ounces per year. The project delivers an NPV8% of $548 million and an IRR of 23.3% over 10.3 years.

A Definitive Feasibility Study is currently underway, based on a phased development approach whereby in: Phase 1 - the higher grade KMZ lenses (circa 1.35 g/t) are selectively processed in a 6 million tonnes per annum plant while the lower grade ore is stockpiled; and Phase 2 - process plant capacity doubled to 12 million tonnes per annum. This would significantly reduce the Initial CAPEX requirement.

The license is held in a wholly-owned Burkina Faso subsidiary of Volta Resources Inc., Kiaka Gold SARL. A local company (GEP Minerals) owns a 10% interest which is carried to the feasibility stage, where after they will participate with Volta assisting GEP to secure project financing.