Gurara JV

Nigeria (DFR 25.5% interest)

Prospective frontier stage gold projects in an unexplored province (Benin-Nigeria Shield)

Four licenses in two projects areas (Dagma and Paimasa) lie at southern end of Kushaka belt
• Initial sampling and drilling has highlighted multiple gold-bearing vein systems
• DFR holds an indirect interest of 25.5% and has entered into a restructuring agreement with Panthera Resources Plc, pursuant to which DFR will hold a 51% direct interest in the Gurara Project.
• Strong local operating partner in PW Nigeria Mining Limited