Tietto Minerals - Promising West African Gold Producer

• Tietto Minerals is a producer listed on the ASX, with their gold project located in Ivory Coast. They anticipate producing between 105,000 and 120,000 ounces this year at costs below $1,000 per ounce. They have 3.83 million ounces of resources and reserves of 1.45 million ounces.
• Large and growing gold resource base of 3.83M ounces, with significant exploration upside and a long mine life of over 10 years based on current reserves
• Strong production growth pipeline from multiple development projects and a large 1,100 km2 land package in a prolific gold region
• The company prides itself on a seasoned team with vast experience in West Africa. They are optimistic about future discoveries and have a robust development team to drive further advancements.

Tietto Minerals is an Australian gold mining company that is positioned to become one of West Africa's leading gold producers. The company owns an 88% interest in the Abujar gold project located in Côte d'Ivoire, which achieved commercial production in July 2022 ahead of schedule and is on track to meet full-year production guidance of 105,000-120,000 ounces.

Key Highlights:

• Low-cost producer with AISC under $1,000/oz
• Large and growing gold resource base of 3.83M ounces, with significant exploration upside
• Long mine life of over 10 years based on current reserves
• Strong production growth pipeline from multiple development projects
• Large 1,100 km2 land package in a prolific gold region
• Supportive fiscal regime and stable operating jurisdiction

Abujar Gold Project – A Cornerstone Asset

Tietto's flagship Abujar gold project is located in central Côte d'Ivoire. The project achieved commercial production in July 2022, only 16 months after construction commenced in February 2021. This rapid development timeline highlights Tietto's strong execution capabilities. Abujar is forecast to produce 105,000-120,000 ounces in 2022 at all-in sustaining costs below $1,000/oz, making it one of West Africa's lowest-cost gold mines. The project has current reserves of 1.45M ounces grading 1.3 g/t Au and an initial mine life of over 10 years. However, Abujar hosts a much larger gold resource base of 3.83M ounces which provides significant upside potential to extend the mine life through additional drilling and project development.

Tietto has built a 4.5M tpa CIL processing plant at Abujar which is already operating above nameplate capacity. The plant has demonstrated good gold recoveries in the mid 90% range from both oxide and fresh ore. This provides flexibility to process a blended ore feed over the life of mine. In addition to the main Abujar reserves, Tietto is studying a potential heap leach development at the APG deposit located 10km from the Abujar plant. APG hosts 900k ounces of gold resources amenable to heap leaching. Development of APG could increase Tietto's annual production profile by over 50% to around 210koz per year.

A key attraction of Tietto is the significant exploration potential at Abujar and across its 1,100 km2 land package. Only 20% of Tietto's expansive land holding has been explored to date. Several high priority exploration targets close to Abujar provide opportunities to expand the current resource base and extend mine life. The Abujar project also lies within the prospective Hounde Greenstone Belt which hosts a number of multi-million ounce gold deposits. Tietto's commanding land position along 70km of strike provides excellent potential to make additional large-scale discoveries that could develop into standalone mining operations.

Strong Financial Position

As of July 2022, Tietto had a robust balance sheet with no debt and $42.6M in cash and bullion to fund growth activities. The company is generating strong free cash flow that will build its cash balance during the remainder of 2022. Tietto is currently capped at a modest market valuation of around $550M despite its near-term growth outlook. Its Enterprise Value per resource ounce of under $150/oz also compares favourably relative to gold peers.

Tietto Minerals has assembled an experienced West African construction and mine development team to build and operate the Abujar mine led by COO Matt Wilcox. The local knowledge and capabilities of this team were critical to the successful delivery of Abujar to commercial production on an accelerated timeline.

Investment Thesis for Tietto Minerals

Tietto represents an attractive investment opportunity as an emerging low-cost gold producer with significant growth potential:

• Near-term cash flow generating asset providing production growth and funding for exploration
• Large prospective land package in a prolific gold region providing resource expansion upside
• Strong balance sheet and proven project development team to unlock value
• Attractive relative valuation with upside from resource growth and new discoveries

Tietto Minerals exhibits characteristics that should reward patient gold investors willing to ride out potential initial volatility. The company's vision to grow into a mid-tier producer could generate strong shareholder returns if executed successfully.