Mahina Gold Project (Nyakafuru)

Project Over View

Lunar Mines Africa in JV with Mahina Gold Mine develops the Nyakafuru GoldProject.

Nyakafuru Gold Project is a joint venture between Lunar Mines Africa and Mahina Gold Mine. The mining site is located in Nyakafuru Mbogwe District Geita region, which is approximately 140 kilometers southwest of Tanzania’s second-largest city. The mines are located within the Nyanzian Lake Victoria Gold Fields, containing a total of 4,480,000 ounces of gold. There are more than 11 gold reefs within the mines, spanning 11+ kilometers, with gold ore PPM ranging from 3.56/gt up to 25.9/gt. Additionally, the purity percentage of unrefined gold increases from 85% to 90%. The deposit has veins, alluvials and gold nuggets. The mining project has three primary mining licenses and covers an area of 53.7 acres of land, with two of the licenses already commissioned and one in the process of being commissioned.

The Mahina Gold Mine Project in Nyakafuru is strategically transitioning into a medium-scale mining operation. After obtaining primary mining licenses, preliminary geological surveys and data collection were conducted including pit drills, trenches, and observation of artisanal miner operations in the area.

Currently, the Mahina Gold Mine Project operates over 12 small-medium scale shafts, producing 1526 tonnes of ores per month with an average of 5 PPM. With a goal to double production in the next six months, the project aims to meet the increasing demand for gold in the market.

Lunar Mines Africa intends to take advantage of current and future mining status by innovating and creating projects with ASM (Artisanal Miners) that will lead to a high level of profitability Providing substantial value of interests for shareholders in the present as well as in the future. The Motive of creating synergy with ASM is Positioning ourCompany Market Share in a rapidly growing Industry in Tanzania. Artisanal Miners Produce 31% of Gold GeneralProduction, contributing 10.2% to the National GDP in the fiscal Year 2021/2022

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