Board Change • Jul 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 2 highly experienced directors. Independent Non-Executive Director Daryl Corp was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. New Risk • Mar 07
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$12.2m (US$8.06m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$8.1m free cash flow). Shares are highly illiquid. Earnings have declined by 55% per year over the past 5 years. Shareholders have been substantially diluted in the past year (100% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (AU$12.2m market cap, or US$8.06m). New Risk • Dec 01
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$12.2m (US$8.08m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$8.1m free cash flow). Shares are highly illiquid. Earnings have declined by 55% per year over the past 5 years. Shareholders have been substantially diluted in the past year (100% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (AU$12.2m market cap, or US$8.08m). New Risk • Sep 26
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$10m free cash flow). Share price has been highly volatile over the past 3 months (53% average weekly change). Earnings have declined by 66% per year over the past 5 years. Shareholders have been substantially diluted in the past year (100% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Market cap is less than US$100m (AU$24.4m market cap, or US$15.7m). New Risk • Sep 10
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$10m free cash flow). Share price has been highly volatile over the past 3 months (55% average weekly change). Earnings have declined by 66% per year over the past 5 years. Shareholders have been substantially diluted in the past year (100% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Market cap is less than US$100m (AU$24.4m market cap, or US$15.6m). Annonce • Sep 07
Sihayo Gold Limited, Annual General Meeting, Nov 10, 2023 Sihayo Gold Limited, Annual General Meeting, Nov 10, 2023, at 13:00 W. Australia Standard Time. Location: Stantons, Level 2, 40 Kings Park Road West Perth Western Australia Australia New Risk • Aug 23
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$12.2m (US$7.84m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$10m free cash flow). Share price has been highly volatile over the past 3 months (41% average weekly change). Earnings have declined by 66% per year over the past 5 years. Shareholders have been substantially diluted in the past year (100% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (AU$12.2m market cap, or US$7.84m). New Risk • Jul 10
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 100% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$10m free cash flow). Share price has been highly volatile over the past 3 months (44% average weekly change). Earnings have declined by 66% per year over the past 5 years. Shareholders have been substantially diluted in the past year (100% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (AU$24.4m market cap, or US$16.3m). Annonce • Oct 25
Sihayo Gold Limited Announces Results from Recently Completed Drilling on the Company's Sihayo Starter Project Sihayo Gold Limited announced the results of recently completed drilling on the Company's Sihayo Starter Project (the "Project") in North Sumatra, Republic of Indonesia. The primary objectives of the seven-hole, 2,216 m diamond drilling program were to test for potential extensions to known deeper high-grade gold mineralisation located below the planned Sihayo starter pit. The holes completed in this recent drilling program have tested some deeper zones within the Sihayo gold resource, which are characterised by locally high gold grades identified by historic drilling. These deeper zones fall within the Inferred Mineral Resource category and are not included in the current Ore Reserve estimate due to insufficient drilling data being available to accurately define their extent and geometry. The holes were located on the southern end of the proposed pit shell. The high-grade gold mineralisation is open in several directions, and with additional drilling, there is potential to join some of the currently disconnected resource blocks into larger coherent zones of high-grade mineralisation or lead to the discovery of a higher-grade feeder zones below the Sihayo deposit. Results from the High-pH Leaching CIL test work indicated the potential to increase overall metallurgical recoveries for the Sihayo Starter Project from 71.2% (as assumed in the 2022 Feasibility Study Update ("2022 FSU")) to approximately 80 85%. These results have the potential to significantly transform the Sihayo Starter Project through higher gold production from existing Ore Reserves. Higher metallurgical recoveries from High-pH Leaching may unlock additional known and yet to be defined high-grade mineralisation located beneath the Sihayo pit, which is not currently included in the current Ore Reserve due to the low recoveries previously assumed. The high-grade zones below the planned Sihayo pit are largely underexplored and were previously tested by a relatively low density of drilling. This is therefore a high priority for follow-up drilling following the metallurgical test work program. The recently completed program of first phase of follow-up drilling was designed to infill and extend selected zones within the deeper high-grade Mineral Resource. The deeper high-grade gold zones within Sihayo are mainly hosted in Permian karstic limestones intruded by a diorite laccolith and unconformably overlain by Tertiary quartz sandstones and mudstones. The gold mineralisation occurs as sulphide-refractory, sub-micron-size gold in arsenic-rich rims on fine-grained pyrite disseminated through decalcified clay-sulphide and jasperoidal silica altered limestone karst cavity-fill breccias, composed of varying proportions sandy matrix and polylithic clasts of limestone, sandstone, and mudstone. The mineralised breccias are generally fresh to locally fractured and oxidised. They are best developed along the contact-unconformity with the overlying Tertiary rocks, and along or near the contacts of the diorite laccolith intrusion. As with the entire Sihayo deposit, the deeper high-gold zones are anomalous in arsenic, antimony, mercury and thallium geochemistry. The breccias hosting high-grade gold mineralisation at Sihayo show physical features and alteration-mineralisation characteristics that appear to be similar to those reported in the literature from the Cortez Hills breccia-related Carlin-type gold deposit in Nevada (Bradley et al, 20201). Annonce • Sep 30
Sihayo Gold Limited, Annual General Meeting, Nov 22, 2022 Sihayo Gold Limited, Annual General Meeting, Nov 22, 2022. Location: Steinepreis Paganin, Level 6, 99 William Street, Melbourne, Victoria Melbourne Australia Annonce • Sep 07
Sihayo Gold Limited Provides Update on Sihorbo South Maiden Mineral Resource Sihayo Gold Limited announced a maiden Inferred Mineral Resource Estimate for Sihorbo South located on the Hutabargot Julu project of the north block of the PT Sorikmas Mining Contract of Work ("CoW"), North Sumatra Province, Republic of Indonesia. This maiden resource estimate is reported in accordance with the 2012 edition of the JORC Code and guidelines for the reporting of exploration results. Highlights: Maiden Inferred Mineral Resource Estimate for the Sihorbo South Prospect: 6.4 million tonnes at 0.5 g/t gold and 17 g/t silver (0.7 g/t gold- equivalent1), containing 100,000 ounces of gold and 3,600,000 ounces of silver (150,000 gold-equivalent ounces) at a 0.3 g/t gold-equivalent cut-off. Includes 1.0 million tonnes at 1.1 g/t gold and 48 g/t silver (1.8 g/t gold-equivalent), containing 38,000 ounces of gold and 1,600,000 ounces of silver (59,000 gold-equivalent ounces) at a 0.9 g/t gold-equivalent cut-off. Mineralisation extends from surface to 200 m below surface and is open along strike and at depth with Au:Ag ratio increasing to the south. Significant potential remains for additional gold-silver resources in adjacent vein targets located within the 3.5 km x 3 km Hutabargot Julu project area. Scoping study work is to be conducted on the potential for incorporating Sihorbo South as a satellite operation into the Sihayo Starter Project which is located approximately 6km to the north. Annonce • Aug 30
Sihayo Gold Limited Announces Maiden Inferred Mineral Resource Estimate for Sihorbo South Located on the Hutabargot Julu Project Sihayo Gold Limited announced a maiden Inferred Mineral Resource Estimate for Sihorbo South located on the Hutabargot Julu project of the north block of the PT Sorikmas Mining Contract of Work ("CoW"), North Sumatra Province, Republic of Indonesia. This maiden resource estimate is reported in accordance with the 2012 edition of the JORC Code and guidelines for the reporting of exploration results. Background: The 3.5 km x 3 km Hutabargot Julu project area is a large epithermal vein field with an extensive hydrothermal alteration footprint that is well highlighted by recently reprocessed airborne magnetics imagery. South Sihorbo is one of multiple gold-silver targets identified within this vein field that are considered by the Company to be under-drilled or had no previous scout drilling (refer to SIH:ASX announcement "Sihayo Exploration Update" dated 25 January 2022). This initial maiden resource announced for Sihorbo South is the first delivered in the greater Hutabargot Julu project area. The mineral resource inventory is expected to grow with additional exploration drilling. Sihorbo South is a volcanic-hosted intermediate-sulphidation epithermal gold-silver vein system located in the South-West corner of the large Hutabargot Julu project at the southern end of the Sihayo Gold Belt, approximately 6 km southeast of the proposed Sihayo Starter Project site. The Sihorbo South vein outcrops were discovered by the Dutch in the 1930s. A short adit located on the northern part of the vein system was excavated by the Dutch but there is no recorded gold production and it is thought to be an exploration tunnel. The prospect area has been an active artisanal gold mining site for over the past 10 years. Sihorbo South was a focus of exploration and drilling activities by PT Sorikmas Mining in the early 2010s. From 2010 to 2013 PT Sorikmas Mining explored and drilled 13 holes for 1,416 metres at Sihorbo South before exploration activities were shut-down on the project due to social disturbances at the nearby Sihayo-1 and Sambung prospects. This historic scout drilling completed at Sihorbo South returned encouraging historic gold-silver intercepts including 3.7 m at 15.45 g/t Au and 23 g/t Ag from 55.4 m in HUTDD040, and 16.8 m at 1.43 g/t Au and 237 g/t Ag from 46.95 m in HUTDD045. The Company resumed exploration on the CoW in late 2019 and commenced drilling at Sihorbo South in September 2021. A total of 30 diamond drill holes for 5,216 m was completed by the end of the first phase of drilling in April 2022. Resource Estimate: The Maiden Inferred Mineral Resource Estimate for the Sihorbo South gold-silver deposit was undertaken by an independent geological consultant from Spiers Geological Consultants P/L of Melbourne and is based on historical drilling and new drill holes completed in 2021-22. The summary of the Inferred Mineral Resource at 0.3 g/t, 0.7 g/t and 0.9 g/t gold-equivalent cut-off grades are presented in Table 1 below. The Sihorbo South Mineral Resource Estimate is based on factors and assumptions presented in Appendix 1 2012 JORC Table Sections 1-3. The following summary notes are relevant to this maiden Inferred Mineral Resource Estimate: Geological and mineralisation wireframe models were generated on cross-sectional and plan interpretations based on available geology and assay data; Block modelling was conducted using parent blocks with dimensions of 12.5 m (East) by 12.5 m (North) by 0.5 m (RL) and was coded to represent mineralised zones within the vein system and related alteration envelope; Drilling density was generally considered to be irregular on approximately 50- to 100-m spaced E-W lines along a 400 m strike-length segment of the vein system; Depletion by local artisanal mining was modelled as shaft and tunnel solids, which were subsequently removed from the resource reporting; The models have been estimated by Ordinary Kriging using industry standard software. Annonce • Jul 05
Sihayo Gold Limited Announces Final Results Received from High pH Pre-leaching Test Work Sihayo Gold Limited provided an update on the Company's metallurgical test work program exploring the use of high pH pre-leaching to improve recoveries in refractory mineralization for the Sihayo Starter Project (the "Project"). High pH Metallurgical Test Work Program: Test work has been conducted over the past 18 months to determine the effect of a high pH pre-leach on the gold recovery of Fresh and Transition material from the Sihayo deposits. The test work conditions mimicked a 12 hour pre-leach at high pH, with 40 kg/t of caustic, followed by a conventional 24 hour cyanide leach (CIL). Sihayo has reported the results from the high pH test work conducted by ALS Metallurgy in Perth on four composites and 27 individual samples. These results showed an uplift in recoveries from an average 52.3% to 74.5% for Transition ore and an increase from 35% to 80% for Fresh ore. It has been determined that high pH pre-leaching has minimal impact on recoveries of Oxide Ore. Following the initial test work at ALS, the Company initiated additional test work programs at PT Geoservices in Jakarta as well as at ALS. The aim of these further programs was toprovide additional data to revise the geometallurgical model used by the Company for generating Ore Reserves and production schedules for its feasibility studies, as well as develop operating parameters for implementing the caustic pre-leaching into the processing flow sheet, including optimizing leach times and caustic consumption rates. In total, the dataset comprises 55 individual Transition and 17 Fresh samples. For Transition mineralization, the uplift in recoveries when applying caustic pre-leaching ranged from 8% to 61%, with an average uplift of 32% (in absolute percentage points). For Fresh mineralization, recovery uplifts ranged from 21% to 74% with the average of 45%. Caustic Usage: Optimization test work performed at a range of caustic addition rates found that a caustic addition of 40 kg/t was required to achieve the optimum gold recovery, taking into account the cost of the reagents. Only 10 kg/t of the caustic is consumed during the leach, allowing the remainder to be recycled. Along with the increased gold recovery, another positive impact of the high pH leach conditions is a reduction in cyanide consumption of 0.3 kg/t. The net additional processing cost of high pH leaching is estimated to be USD 4.50/t of Transition and Fresh mineralization treated. Future Work: The Company has commenced further geometallurgical studies to investigate the application of multivariate analysis of the recovery and geological data. The objective of these studies is to better understand and confirm the drivers for the metallurgical recovery increase identified for high pH pre-leaching. The results of this are expected by the end of August and would set the foundation for a revision of the Project's Mineral Resources and Ore Reserves estimates. Breakeven Date Change • Jul 01
Forecast to breakeven in 2025 The analyst covering Sihayo Gold expects the company to break even for the first time. New forecast suggests the company will make a profit of AU$44.3m in 2025. Average annual earnings growth of 70% is required to achieve expected profit on schedule. Annonce • Jun 15
Sihayo Gold Limited Provides an Update on Latest Drilling Results from Sihorbo South Epithermal Gold-Silver Target at Hutabargot Julu in the North Block of PT Sorikmas Mining Contract of Work Located in North Sumatra Province, Indonesia Sihayo Gold Limited provided an update on the latest drilling results from the Sihorbo South epithermal gold-silver target at Hutabargot Julu in the North block of the PT Sorikmas Mining Contract of Work located in North Sumatra Province, Indonesia. Sihorbo South Latest Drilling Results Assay results have been received for a further eight holes at Sihorbo South (HUTDD122 to HUTDD129 inclusive). Work in Progress and Planning: Assay results for the last hole HUTDD130 are expected in late June. Resource modelling of Sihorbo South has commenced targeting a maiden Mineral Resource, which will be assessed at a concept study level for incorporation into the Sihayo Starter Project as a satellite operation. Drilling operations are temporarily on hold at Sihorbo South and planning for the next stage of drilling is in progress. At Sihorbo South the geologists continue mapping and surveying the distribution and depth of these local mine workings to better understand their extent and to estimate the volume of material removed in the subsurface. Information obtained to-date indicates that the historical mining was highly selective with large amounts of the top of the vein remaining. The workings are believed to be generally shallow (less than 50 m deep) and are more focused on extracting softer, strongly oxidised vein material. A drilling program has recently commenced at Sihayo. This is a six hole /2,000 m drilling program designed to test for extensions to higher-grade gold mineralization in deeper jasperoid lenses and potentially high-grade feeder structures located below the Sihayo-1 pit, which may be amenable to underground mining. Price Target Changed • Apr 27
Price target decreased to AU$0.03 Down from AU$0.06, the current price target is provided by 1 analyst. New target price is 757% above last closing price of AU$0.0035. Stock is down 77% over the past year. The company is forecast to post a net loss per share of AU$0.001 next year compared to a net loss per share of AU$0.00077 last year. Annonce • Apr 06
Sihayo Gold Limited Announces Results from Reconnaissance Rock Sampling in Progress At Tambang Tinggi Sihayo Gold Limited announced the latest results from reconnaissance rock sampling in progress at Tambang Tinggi located in the northeast corner of the South Block of the PT Sorikmas Mining CoW in North Sumatra, Indonesia.Results were received for 57 reconnaissance grab samples taken from local mining muck piles and outcrops located surrounding and between the Tambang Tinggi and Tambang Ubi prospects. The encouraging results are summarised below and continue to highlight strong gold and copper anomalies associated with quartz-sulphide veins and skarns located with a >4 km by 1 km area along the Tambang Tinggi project area Highlights from these results include: 5 samples returned gold results ranging from 13.1 to 36.6 g/t Au; 8 samples returned gold results ranging from 5.8 to 8.9 g/t Au; 7 samples returned gold results ranging from 1.12 to 4.51 g/t Au; 19 samples returned copper results >0.2% Cu, including 5 samples assaying from 2.08 to 8.29% Cu. The concentration of higher copper and associated gold results on the western side of the Tambang Tinggi project area is sourced from garnet-pyroxene-wollastonite-sulphide- magnetite skarns in Permian limestones. Gold-bearing quartz-sulphide veining cutting diorite intrusions is concentrated at the centre and eastern side of the Tambang Tinggi project and is associated with stronger arsenic and tellurium anomalism. There is currently insufficient sampling density and grade representativity to comment on the potential geometry and size of the prospects at this stage. However, the apparent large distribution of local artisanal workings and consistency of gold and copper anomalies detected in rock chips taken to-date are encouraging for the potential to discover significant gold-copper deposits in the Tambang Tinggi project area. The PT Sorikmas Mining CoW contains two large blocks of highly prospective exploration ground secured under long-term tenure. Multiple gold and polymetallic prospects have been defined by past exploration across the CoW area. The primary targets represent a diverse range of mineralisation styles including replacement-style sediment-hosted gold, epithermal gold-silver veins, intrusion-related quartz-sulphide veins, polymetallic skarns, and potentially porphyry-style copper-gold Underground sampling of the mineralized skarn from accessible drives by Sihayo in 2006 produced encouraging results including 3 m at 19.85 g/t Au and 0.85% Cu, 3 m at 13.6 g/t Au and 1.29% Cu, and 3 m at 11.7 g/t Au and 0.78% Cu. Sihayo completed 1,153 m of diamond drilling in 11 holes during 2006-07 and produced significant mineralised intercepts including 0.9 m at 6.27 g/t Au and 0.47% Cu from 35.7 m in TUDD001 and 4.0 m at 3.42 g/t Au and 0.48% Cu from 22.0 m in TUDD002. Over the past few decades, local artisanal miners have intermittently worked mineralised pillars left in this historic mine. The Company also conducted scout drilling at Tambang Hitam and Tambang Tinggi prospects during 2005-2011. Encouraging gold-copper drill intercepts were returned at Tambang Tinggi in quartz-sulphide stockworks within phyllic alteration (quartz-sericite-tourmaline-sulphide); including 27 m at 1.32 g/t Au and 0.11% Cu (TTDD001), 31 m at 3.42 g/t Au and 0.11% Cu (TTDD002) and 18 m at 5.86 g/t Au and 0.06% Cu (TTDD06). The Company has commenced the process of applying for an IPPKH Exploration forestrypermit to conduct detailed surface exploration activities, such as trenching and drilling, inside forestry designated areas located on the eastern side of the CoW South Block. The initial application covers about 10,000 ha of forestry that includes a large part of the Tambang Tinggi gold belt. Processing and granting of an IPPKH is estimated to take approximately six months. The Company can freely operate with the permission of landowners in the non-forestrydesignated areas. Some samples reported in this announcement were taken outside of forestry and do not require a permit to undertake exploration trenching and drilling. Annonce • Jan 31
Sihayo Gold Limited Provides an Update on Metallurgical Test Work Exploring Sihayo Gold Limited has provided an update on the Company's most recent metallurgical test work exploring the use of high pH pre- leaching to improve recoveries in refractory ore for the Sihayo Starter Project. During the last six months Sihayo has been investigating the use of a high pH leach (pre-leach) followed by conventional carbon-in-leach gold extraction. A total of 27 crushed core samples of fresh to transitional ore material taken from selected holes drilled in the 2019 resource definition program at Sihayo was packed and dispatched to ALS Metallurgy Pty Ltd. in Perth for high pH cyanide bottle-roll gold analyses. Results indicate that where the samples are fresh and transitional material with >0.5% sulphide sulphur, the effect of the pre-leach is to penetrate the arsenic minerals allowing enhanced gold recoveries. On fully oxidised material there is little to no benefit. Across 27 transitional and fresh sulphide samples tested, the increase in gold recovery ranges from 10% to 50% in absolute terms. Shows the impact of the high pH pre-leach on individual drill intercepts while Error! Reference source not found. shows the effect on composite samples of transitional and fresh material. The results shown in and Error! Reference source not found. show consistent and significant uplifts in gold recoveries using high pH pre-leaching. On six fresh samples tested to date the expected recovery increased from an average of 35% to 80%. On 21 transitional samples tested to date the expected recovery increased from 52.3% to 74.5%. The pre-leach takes around 12 hours and is estimated to add between $5 and $10/t milled to the processing costs. Further test work is planned on another 80 samples to confirm results reported above. Work will also occur to optimise the pre-leach conditions in terms of pH, leach time and reagent consumption. The introduction of a high pH pre-leaching step into the Sihayo gold processing circuit has potential to unlock additional fresh to transitional gold resources, including high-grade gold- sulphide zones that are known to exist below the current pit design. The high-grade zones below the current pit design are constrained by lack of drilling. A drilling program is being planned to better define the limits of this mineralisation and to investigate the potential for higher-grade feeder structures located beneath and/or within the delineated gold resource. Drilling of this target may commence in the H1-2022. Annonce • Nov 24
Sihayo Gold Limited Announces This Update on the Latest Results of Exploration Activities Conducted on the Pt Sorikmas Mining Cow Located in North Sumatra, Indonesia Sihayo Gold Limited announced this update on the latest results of exploration activities conducted on the PT Sorikmas Mining CoW located in North Sumatra, Indonesia. This includes the first results from scout drilling in progress on the Sihorbo South gold-silver target at Hutabargot Julu in the North CoW block, and the first results from reconnaissance rock sampling completed in the Tambang Tinggi mineral field located in the northeast corner of the South CoW block. The Company recently reported drilling results from the Penatapan prospect at Hutabargot Julu with historical results from Sihorbo South provided in Sihayo's September 2021 Quarterly Activities Report. The latest results from Sihorbo South are part of a targeted drilling program on this vein target, which follows on from the Phase 1 reconnaissance drilling program at Hutabargot Julu completed in April 2021. Sihorbo South, located about 1.5 2 km south of Penatapan, was originally discovered by the Dutch and explored along a series of short drifts and shallow shafts probably in the early 1900s. It is one of several large vein targets identified by Company geologists during detailed prospecting and mapping along the southern part of the greater Hutabargot Julu prospect during 2006 to 2007. The epithermal vein system at Sihorbo South was delineated by surface mapping and 1,416 m in 13 scout diamond holes during 2012-13 (Figures 1 and 2). The NNE-SSW oriented vein-alteration system is up to 50 m wide and extends over at least 400 m strike-length. It is a moderately west-dipping zone containing banded-brecciated epithermal quartz veins up to 5 m or more wide with hanging wall vein splays and surrounding stockwork. The vein system is hosted in a package altered volcanic breccias and hornblende diorite intrusions. Local artisanal miners have been active at Sihorbo South over the past seven years, selectively mining parts of the top 50 m of oxidised vein outcrops from a series of shallow open cuts and narrow underground drives. Local mining is most active at the southern and northern ends of the vein system and appears to be sporadic along the strike of the vein system. Drilling is in progress at the northern end of this large vein target with a man-portable rig. A total of 1,337 m in twelve holes has been completed to date. Assay results have been received for the first three holes; HUTDD098, HUTDD099 and HUTDD101. Results for the other nine holes will be available over the next four to eight weeks and are expected to be announced by the end of the year. Highly encouraging gold-silver intercepts within strongly veined quartz-chlorite-illite-adularia-pyrite altered volcanic breccias were returned in the first three holes. A complete table of the drill hole collar details and intercepts is presented in Appendix 1b. A complete table of drill intercepts is presented in Appendix 2. Representative drill sections for holes HUTDD098, HUTDD099 and HUTDD101. Further results are expected in the coming months and will be announced accordingly. Hole HUTDD098 intersected the Sihorbo Vein structure at high angle (producing near true-width intercepts) between the previous holes HUTDD044, HUTDD045 and HUTDD056. Hole HUTDD099 intersected a well-developed quartz-chalcedony-adularia-carbonate breccia-vein structure intersected between 71.80 and 86.55 m down-hole and produced consistent gold grades varying from 0.5 1 g/t Au and variable silver grades up to 75 g/t Ag. Hole HUTDD101 was drilled close to the portal of an historic Dutch adit. It intersected a solid vein from 25.10 m down-hole before being terminated in a local mine cavity from 27.50 to 27.90 m depth. Selective grab samples taken from local mine muck piles along the Sihorbo South vein target have also returned highly encouraging results. Four of six grab samples previously reported from local muck piles sampled at the southern end of the vein system returned gold-silver grades ranging from 9 to 61 g/t Au and 16 to 46 g/t Ag. Another 14 samples taken from the northern end of the vein have returned results in six of these samples ranging from 0.48 to 3.79 g/t Au and 102 to 3720 g/t Ag. These initial results have demonstrated that the mineralised vein extends below the existing workings and that significant grades and potential volume remain in the subsurface. its geologists are mapping and surveying the distribution and depth of these local mine workings to better understand their extent and estimate the amount of material removed in the subsurface. Information obtained to-date indicates that the historical mining was highly selective and large amounts of the top of the vein remain. The workings are believed to be generally shallow (less than 30-m deep) and are more focused on extracting softer, stronger oxidised vein material. The mineralised vein segment tested by these recent holes, HUTDD098, HUTDD099 and HUTDD101, and the historic holes HUTDD044, HUTDD045 and HUTDD056, represent about 100 m strike length. The vein structure has been tested down to about 100 m vertical depth. The Sihorbo South vein target is largely untested beneath and surrounding the active artisanal gold workings, and it appears open along strike potentially below cover rocks. In comparison with the Penatapan stockwork target located to the north, Sihorbo South appears to show stronger development of thicker mineralised veins within mineralised stockwork envelopes and demonstrates good potential for high grade ore shoots that appear to be silver-rich at the north end and gold-rich at the south end of the large vein structure. Drilling is planned to progress from north to south along the vein target over the coming months. The Company anticipates releasing new drilling results over the next few weeks. The first phase of follow-up drilling was completed on the Penatapan gold-silver stockwork target. A total of 2,577 m in 11 holes was completed for this program and results have been reported for the first seven eight holes. Annonce • Sep 24
Sihayo Gold Limited Provides an Update on Results from the Latest Metallurgical Test Work Program Sihayo Gold Limited provided an update on results from the latest metallurgical test work program that the Company has been conducting. This test work forms part of the current Sihayo Starter Project Optimisation Studies. The Life-of-Mine ("LOM") average gold recovery for the Sihayo Starter Project estimated in the 2020 Definitive Feasibility Study ("DFS") was 71%. Sihayo considers improved metallurgical recoveries as an area of opportunity to significantly improve project economics. The ore comprising the mine plan has been characterised into three broad categories based on oxidation state oxide, transition or fresh ore. Generally, metallurgical recoveries within the oxide ore are relatively uniform and consistently greater than 80% and mostly over 90%. Within the more refractory transition and fresh material, recoveries are highly variable, ranging from less than 10% to 90% (Refer to SIH:ASX announcement dated 23 June 2020). The lower recoveries are the result of the gold deposition being very fine (less than 5 micron) and a portion of it being locked in refractory sulphides. Sihayo's current metallurgical test work program includes assessing opportunities to improve metallurgical recoveries in both transition and fresh ores. Composite F is a representative plant feed sample of "fresh" ore. The composite comprised 31 samples totaling 31 kg. The samples were from the 2019 infill resource drilling program (Refer to Appendix 2 Hole IDs: SHDD563, 569, 589, 593, 597, 598, 601, 602). Composite F was tested at pH 13 in the same manner as Composite E but at a fixed P80 grind size of 106 microns and a pre-leach time of 8 hours. The results, provided in Table 3, show an uplift in gold recovery of 25% when comparing the test at high pH of MA554 compared with the standard CIL test of MA489. Other composites reflecting oxidised material have also been tested to assess the impact of high pH pre-leaching. In Table 4 below, Composites B and C reflect fully oxidised material while Composite D reflects partially oxidised material. A blend of equal weights of Composites B, C, D and E was prepared and tested at pH values of 10.5, 12 and 13. Since Composites B and C are both fully oxidised and Composite D partially oxidised, little effect of high pH would be expected apart from with the portion of sample from Composite E. Table 4 shows a comparison of the original tests on these composites at pH 10. As expected, results from the test work in Table 4 confirmed that the effect of high pH pre- leaching on fully oxidised material was inconsequential. It is noted that the quoted NaOH consumptions in Table 4 represent batch tests. It is expected that these would be approximately halved as a result of residual NaOH in recirculated process water from the tailings thickener. The results of the high pH leaching test work on the transitional and fresh ore has significant potential for the Sihayo Starter Project. Currently, transitional and fresh ore represent 33% and 30% of LOM ore feed respectively. LOM average transitional ore recoveries are estimated at 72% while average fresh ore recoveries are estimated at 59%. The results from the high pH leaching on Composites E and F show the potential for a significant uplift in gold recovery for these ore types, which have a higher proportion of the ore plant feed mix from Year 5 of the mine life onwards, as shown in Figure 1. An uplift in recovery of 25%, as seen in the Composite F results, is equivalent to an increase in gold units recovered of 68% for that sample (from 37 units to 62 units). If this can be successfully translated into the processing design, it would have a materially positive impact on the Sihayo Starter Project's economics. Sihayo is currently conducting further assessment of the cost and benefits of implementing high pH leaching into the process plant design. The plant design is likely to require a further four to eight tanks for the pre-leach step and an increase in the size of the caustic soda mixing and distribution system. While the work is preliminary, indications are that the additional capital required for changes to the processing plant design would be minimal compared with the total project capital cost, and the additional revenue from the higher gold production would support the increase in processing costs arising from addition of caustic reagents and partially offset by savings in cyanide consumption. Annonce • Sep 09
Sihayo Gold Limited Provides an Update on Exploration Activities and Results on the Sihayo-2 and Penatapan Gold Targets Sihayo Gold Limited provided an update on exploration activities and results on the Sihayo-2 and Penatapan gold targets, and on project early-works activities on the Sihayo Starter Project, located in the northern block of the PT Sorikmas Mining Contract of Work, North Sumatra, Indonesia. The Sihayo-2 exploration program aims to identify additional shallow gold resources within trucking distance of the Sihayo-1 and Sambung gold deposits, for which a Definitive Feasibility Study (DFS) was completed in June 2020. The prime exploration targets occur within the Sihayo gold belt which is comprised of two subparallel mineralised trends encompassing Sihayo-1/2 - Sambung - Hutabargot Julu and Sihayo-3/4/5. The Sihayo-2 prospect lies on the open northwest strike projection and between 500 m and 1,000 m distance from the Sihayo-1 gold deposit as shown in . It contains a strong concentration of jasperoid1 boulders and outcrops located along a narrow NW-SE oriented ridgeline and down the eastern slope into a deeply eroded valley, coincident with the proposed Northern waste dump location. The area is further highlighted by untested gold soil and coincident IP chargeability anomalies generated in historic exploration work programs. The Company has completed 2,048 m in 22 diamond holes (SH2DD018 - SH2DD039) in the last six months at Sihayo-2 using a man-portable ID350G drill rig. Results up to and including drill hole SH2DD034 have been previously reported and included encouraging gold intercepts on four consecutive 50 m spaced sections (SH2DD022, SH2DD024, SH2DD026, SH2DD028, SH2DD029) along a ridgeline bounding the western side of the prospect. The best results included 24.8 m at 1.09 g/t Au from 52.0 m and 8.0 m at 1.32 g/t Au from 96.0 m depth in SH2DD022; and 8.4 m at 2.56 g/t Au from 47.0 m and 9.8 m at 1.77 g/t Au from 77.0 m depth in SH2DD024. These occur in stratabound zones of mineralised jasperoid and cave-fill sediments within dirty limestone. The mineralised rock is highly anomalous in arsenic, antimony and thallium, which are indicator elements for the sedimentary-rock hosted disseminated gold mineralisation contained in the nearby Sihayo-1 and Sambung gold deposits. Annonce • Jul 15
Sihayo Gold Limited Announces Latest Gold Intercepts from Drilling At Sihayo-2 Sihayo Gold Limited announced the latest encouraging gold intercepts from recent assay results received from exploration drilling in progress at Sihayo-2 located in the northern block of the PT Sorikmas Mining Contract of Work, North Sumatra, Indonesia. The Sihayo-2 exploration program aims to provide additional shallow gold resources within trucking distance of the Sihayo-1 and Sambung gold deposits for which a Definitive Feasibility Study (DFS) was completed in June 2020. The prime exploration targets occur within the Sihayo gold belt which is comprised of two subparallel mineralised trends encompassing Sihayo-1/2 Sambung Hutabargot Julu and Sihayo-3/4/5. The Sihayo-2 prospect lies on the open northwest strike projection and between 500 m and 1,000 m distance from the Sihayo-1 gold deposit as shown in Figure 1. It contains a strong concentration of jasperoid1 boulders and outcrops located along a narrow NW-SE oriented ridgeline and down the eastern slope into a deeply eroded valley, coincident with the proposed Northern waste dump location. The area is further highlighted by untested gold-arsenic- antimony soil and coincident IP chargeability anomalies generated in historic exploration work programs. Drilling commenced at Sihayo-2 in mid-March 2021. The program comprises up to 3,000 m of diamond coring in 30 holes and is planned to test for additional gold resource and provide geotechnical data for mine planning. A total of 1,883 m in 20 holes has been completed to date (SH2DD018 SH2DD037). Twelve of these holes have been split and sampled for assaying. Encouraging gold intercepts reported in this announcment were; 24.8 m @ 1.09 g/t Au from 52 m depth, and 8 m at 1.32 g/t Au from 96 m depth in SH2DD022 (Refer SIH:ASX announcement dated 19 May 2021), and 8.4 m at 2.56 g/t Au from 47 m depth, and 9.8 m at 1.77 g/t Au from 77 m depth in SH2DD024. Holes were drilled on NE-SW oriented sections located 50 to 100 metres apart. The reported mineralised intercepts were returned in partly oxidised, weakly sulphidic, stratabound black jasperoid and cave-fill sediments hosted in a shallow NE-dipping dark grey sandy limestone unit. The mineralised jasperoid is anomalous in arsenic, antimony and thallium, which are indicator elements for the sedimentary-rock hosted disseminated gold mineralisation contained in the nearby Sihayo-1 and Sambung deposits. These encourging results continue to support the potential for additional low strip ratio gold mineralisation located close to the proposed Sihayo plant site. At this stage well developed mineralisation at Sihayo-2 occurs over some 250 metres of strike length and has up to 10 m to15 m true thickness along the ridgeline on the western side of the prospect. It appears to be fault-bounded on the western edge and open along a NE trending dip-slope where the mineralisation and prospective host rocks are partly eroded. Executive Departure • Jul 13
Company Secretary & Executive Director Daniel Nolan has left the company On the 30th of June, Daniel Nolan's tenure as Company Secretary & Executive Director ended after 10.0 years in the role. As of March 2021, Daniel still personally held only 7.36m shares (AU$37k worth at the time). Daniel is the only executive to leave the company over the last 12 months. The current median tenure of the management team is less than a year, which is considered inexperienced in the Simply Wall St Risk Model. Annonce • Jul 06
Sihayo Gold Limited Announces Completion of Latest Gold Intercepts from Drilling on the Western Side of Hutabargot Julu Prospect Sihayo Gold Limited announced the latest assay results received from exploration drilling recently completed on the Sihorbo vein target and the commencement of drilling on the Penatapan on the western side of Hutabargot Julu Prospect located in the northern block of the PT Sorikmas Mining Contract of Work, North Sumatra, Indonesia. A reconnaissance drilling program testing an extensive gold-soil anomaly in the northern half of the Hutabargot Julu prospect was completed in early 2021 and consisted of 4,806 m of diamond coring in 25 inclined holes. This program produced multiple gold-silver intercepts in 21 of the 25 holes, confirming the potential for both bulk-tonnage stockwork epithermal gold-silver mineralisation and locally higher-grade gold-silver vein targets in this large prospect area. The Company identified the Sihorbo vein located on the western side of Hutabargot Julu as a high priority target for follow-up drill testing from previous work. Limited drilling conducted on the Sihorbo vein target by the Company in 2013 produced two high-grade gold intercepts: 5.3 m at 17.1 g/t Au & 19 g/t Ag from 56.2 m in HUTDD046 and 1.15 m at 204 g/t Au & 55 g/t Ag from 83.4 m in HUTDD047, and a further mineralised intercept of 4.4 m at 1.0 g/t Au & 2.5 g/t Ag in HUTDD053. Local artisanal gold miners have partly exploited the Sihorbo vein at discontinuous intervals along a 400 m strike-length segment and down to about 50 m vertical depth. Initial grab samples of vein material from muck piles collected on these workings returned additional encouragement with high-grade gold and silver results of up to 175 g/t gold & 105 g/t silver. The Company has recently completed a follow-up exploration drilling program, which commenced in April 2021, testing the high-grade Sihorbo vein target. A total of 1,679 metres diamond coring in 8 inclined holes were completed using one man-portable drill rig. Only one hole intersected a mine cavity in the current program and this was redrilled at a steeper angle to avoid the cavity. It shows the approximate pierce-point position and selected mineralised intercepts along the vein structure. Assay results were previously reported for the first two holes, HUTDD082 and HUTDD083, with the following intercepts: 1.2 m @ 1.64 g/t Au & 29.6 g/t Ag from 32 m depth, and 0.6 m at 2.73 g/t Au & 50.1 g/t Ag from 144.7m depth in HUTDD082; 4.0 m at 2.12 g/t Au & 3.8 g/t Ag from 31 m depth and including 1.0 m @ 5.73 g/t Au & 6 g/t Ag from 32m, and 1.6 m at 1.49 g/t Au & 2.8 g/t Ag from 89 m depth in HUTDD083. Most of the holes from this program have returned gold-silver intercepts in multiple zones of <1-5 m wide zones of quartz-chalcedony-carbonate-sulphide veined, silica-clay-pyrite altered breccias and quartz diorite. The reported mineralised intercepts typically contain <5-10% veins ranging in width from <1 to 20 cm wide and showing textures that are dominantly massive to crudely banded. The veins intersected in this latest drilling program are characterised by predominantly mixed crystalline quartz and carbonates and there is locally abundant epidote on some of the vein fill and adjacent alteration selvages. Measured structural orientations show that individual vein orientations are highly variable but the gross trend is approximately north-south with moderate dips to the west. Most of the holes from this program have returned gold-silver intercepts in <1-5 m wide zones of quartz-chalcedony-carbonate-sulphide veined, silica-clay-pyrite altered breccias and quartz diorite. The reported mineralised intercepts typically contain <5-10% veins ranging in width from <1 to 20 cm wide and showing textures that are dominantly massive to crudely banded. The veins intersected in this latest drilling program are characterised by predominantly mixed crystalline quartz and carbonates and there is locally abundant epidote on some of the vein fill and adjacent alteration selvages. Measured structural orientations show that individual vein orientations are highly variable but the gross trend is approximately north-south with moderate dips to the west. Results from the Sihorbo drilling program tend to downgrade this specific target area. However, these structures contain a low-volume of mineralised veining and the gold-silver grades are generally low and fail to support the continuity of higher grades along strike and at depth. The vein mineralogy, textures and associated patchy gold grades intercepted by recent drilling are indicative of deeper levels of exposure and probably represent the roots of a once-fertile vein structure that has been eroded over time. This is consistent with the current interpretation of Hutabargot Julu where block faulting associated with the Trans Sumatran Fault Zone has uplifted and down-dropped different segments of the mineralised rocks resulting in varying levels of erosion and preservation of the mineralised targets across this large prospect area. Current interpretation is that higher grade vein and stockwork targets have been uplifted and exposed toward the southern and western sides of the prospect, and that lower grade breccias and stockworks overlying potential high-grade fissure-feeder vein targets occur toward the northern and eastern sides of the prospect. Potential is seen at the nearby Penatapan epithermal gold target where local mining is more extensive and mineralised veins and stockworks may be less deeply eroded and better preserved within a possible down-dropped graben block. The Penatapan target was identified from active artisanal mining activities and from the results of reconnaissance drilling previously reported at Hutabargot Julu, including intercepts of: 9 m at 8.36 g/t Au & 9.3 g/t Ag from 8 m in HUTDD074; 8 m at 0.53 g/t Au & 3.5 g/t Ag from 34 m in HUTDD077; and 7.1 m at 1.6 g/t Au & 15.7 g/t Ag from 58.4 m in HUTDD080. Grab samples of banded and brecciated epithermal quartz-chalcedony-adularia-carbonate-sulphide vein material taken from muck piles at local mine workings across Penatapan returned gold grades of up to 76 g/t Au and 515 g/t Ag. This target has the potential to host bulk-tonnage stockwork gold-silver mineralisation and bonanza grade fissure veins. The Toka Tindung epithermal vein field in North Sulawesi may serve as an analogue for the gold-silver target at Penatapan. The Company has planned a 2,500 metre/10 hole drilling program as an initial test of the Penatapan vein system. The rig used on the Sihorbo program has been man-portered to the first proposed drill site at Penatapan and drilling has commenced. This initial drilling program is expected to take 2-3 months to complete. First results are expected in mid to late July. Concurrent with the drilling programs at Sihayo-2 and Sihorbo, a program of geotechnical and hydrogeological drilling is in progess to support the design work for the Sihayo Starter Project. Annonce • Jun 03
Sihayo Gold Limited Announces the Latest Encouraging Gold Intercepts Returned in Assay Results Received from Exploration Drilling in Progress At Sihayo-2 and Sihorbo Targets Sihayo Gold Limited announced the latest encouraging gold intercepts returned in assay results received from exploration drilling in progress at Sihayo-2 and Sihorbo targets located in the northern block of the PT Sorikmas Mining Contract of Work, North Sumatra, Indonesia. Highlights include: Exploration drilling continues on Sihayo-2 near mine gold-jasperoid target and Sihorbo (Hutabargot Julu) epithermal high-grade vein target; 13 of 20 planned holes completed at Sihayo-2 and 6 of 10 holes completed at Sihorbo (Hutabargot Julu); Assays received for an additional hole at Sihayo-2 - encouraging gold intercepts in thick jasperoid returned in SH2DD024: 8.4 m @ 2.56 g/t Au from 47 m, and 9.8 m @ 1.77 g/t from 77 m; Continues to support potential for additional low-strip ratio gold mineralisation located close to the proposed Sihayo plant site; Assays received for the first 2 of 6 holes completed on the Sihorbo vein target at Hutabargot Julu - multiple moderate-grade gold-silver intercepts in narrow veins returned: 1.2 m @ 1.64 g/t Au & 29.6 g/t Ag from 32 m, and 0.6 m @ 2.73 g/t Au & 50.1 g/t Ag from 144.7 m depth in HUTDD082; 4 m @ 2.12 g/t Au & 3.8 g/t Ag from 31 m, including 1 m @ 5.73 g/t Au & 6 g/t Ag from 32 m depth in HUTDD083; Drilling is ongoing on both targets with additional results expected in the coming weeks. The Sihayo-2 exploration program aims to provide additional shallow gold resources within trucking distance of the Sihayo-1 and Sambung gold deposits, for which a Definitive Feasibility Study (DFS) was completed in June 2020. The prime exploration targets occur within the Sihayo gold belt which is comprised of two subparallel mineralised trends encompassing Sihayo-1/2 - Sambung - Hutabargot Julu and Sihayo-3/4/5. Annonce • May 20
Sihayo Gold Limited Announces Encouraging Gold Intercepts Returns in Early Assay Results Received Within Nine Holes Completed in A Planned 20 Hole Diamond Drilling Program At the Sihayo-2 Prospect Sihayo Gold Limited announced encouraging gold intercepts returned in early assay results received within nine holes completed in a planned 20 hole (2,000 m) diamond drilling program at the Sihayo-2 prospect located in the northern block of the PT Sorikmas Mining Contract of Work, North Sumatra, Indonesia. There is potential to add value to the existing Sihayo Starter Project, for which a Definitive Feasibility Study was completed in June 2020, through the discovery of additional gold resources within trucking distance of the Sihayo-1 and Sambung sedimentary rock-hosted disseminated gold deposits. The prime exploration targets occur within two subparallel mineralised trends that were identified in previous exploration work, Sihayo-1/2 - Sambung - Hutabargot Julu and Sihayo-3/4/5. These two mineralised trends define the the Sihayo gold belt. Sihayo-2 prospect lies on the open northwest projection and between 500-1,000 m distance from the Sihayo gold deposit Figure 2. It contains a strong concentration of jasperoid1 boulders and outcrops located along a narrow NW-SE oriented ridgeline and down the eastern slope into a deeply eroded valley, which is the proposed Northern waste dump location. The area is further highlighted by untested gold soil and coincident IP chargeability anomalies generated in historic exploration work programs. Drilling at Sihayo-2 commenced in mid-March 2021 and is targeting potential for additional gold resources located close to the Sihayo Starter Mine development. This is a 2,000 metre program over 20 holes. Drilling is well in progress and expected to take another 1-2 months to complete the first stage of drilling. Annonce • Mar 17
Sihayo Gold Limited Announces Drilling Update from Hutabargot Julu Sihayo Gold Limited reported the latest results received from scout drilling at the Hutabargot Julu gold prospect in the Company's PT Sorikmas Mining Contract of Work located in North Sumatra, Republic of Indonesia. First phase of scout drilling completed at Hutabargot Julu for a total of 4,806 metres in 25 diamond core holes. Assay results received for 19 holes, waiting on results for the final six holes of this program. The epithermal system appears to strengthen in the western side of the Hutabargot Julu prospect with significant gold intercepts returned in the latest 8 holes, including a high grade intercept in HUTDD074 of: 9m at 8.36 g/t Au & 9.3 g/t Ag from 8m depth including 1.2 m at 48.4 g/t Au & 23.7 g/t Ag; 12.7m at 0.86 g/t Au & 3 g/t Ag from 141m depth. The next phase of drilling will target the North striking Sihorbo gold vein which is located on the Western margin of the system and contains historical high grade drill intercepts and significant artisanal mining. Rigs are currently being mobilised to the next stage of drilling on the Contract of Work including: Testing the Sihorbo Epithermal Vein target at Hutabargot Julu West; Testing along strike of Sihayo at Sihayo-2 for additional shallow oxide-gold material within trucking distance of the proposed Sihayo plant location; and Geotechnical/sterilisation drilling on the Sihayo mine layout area. The Company is fully funded to complete this next phase of work. Annonce • Dec 18
Sihayo Gold Limited Announces Additional Encouraging Gold Assay Results from Drilling At Hutabargot Julu Sihayo Gold Limited provided an update on drilling activities at the Hutabargot Julu exploration prospect located approximately 6 km southeast of the Sihayo Starter Project in the northern block of the PT Sorikmas Mining Contract of Work, North Sumatra, Indonesia. Drilling at Hutabargot Julu commenced in early October using two man-portable drilling rigs owned and operated by PT Indodrill Indonesia. A third man-portable drilling rig recently arrived at site and will help accelerate the progress of the drilling program. A total of 9 holes (1,818 m) has been completed of the 22- hole (5,500 m) diamond drilling program to date. The planned drill holes are located across the northern part of a 3.5 km x 3.0 km gold-soil geochemical anomaly that has been largely untested by drilling to date. Previous drilling done by Sihayo at Hutabargot Julu during 2010-2013 was focussed mainly on the southern edge of this anomaly. The aim of the current reconnaissance program is to test the potential for a large gold resource similar to the Martabe gold-silver deposit, located about 80 km northwest of the CoW. Martabe and the CoW, which includes the Hutabargot Julu gold-silver target, all lie within the same highly prospective mineral belt of North Sumatra. Gold assay results from the first hole in the reconnaissance drilling program, HUTDD057, were reported last month and showed very encouraging intercepts. Further gold assay results have now been received for a further three holes (HUTDD058-HUTDD060), showing gold mineralisation in all three holes. The best results from the latest three holes were returned in HUTDD060. This hole is located approximately 125 m west of HUTDD057. HUTDD060 was drilled at an incline of 60o east to a final depth of 204.5 m and returned the following gold intercepts in strongly altered and veined volcanic rocks: 7.5 m at 0.38 g/t Au from 112.5 m, 3 m at 0.83 g/t Au from 148 m, 11 m at 1.35 g/t Au from 163 m, including 0.6 m @ 6.16 g/t Au and 4.8 m at 0.40 g/t Au from 199 m. A simplified cross section highlighting the intercepts returned in HUTDD060 and their relationship to mineralised intercepts obtained in HUTDD057 is presented in Figure 3. These mineralised intercepts occur at about 100 m depth down-dip below the shallow gold intercepts obtained in HUTDD057. The two holes are interpreted to define a broad fracture-fault zone up to about 200 m wide that contains multiple narrow to moderately wide (up to 5-10 m) zones of low grade gold mineralisation. The mineralised structures are interpreted to be steeply west- dipping and are open at depth. HUTDD058 was drilled approximately 100 m north of holes HUTDD057 and HUTDD060 and intersected fewer zones of gold mineralisation in weaker fractured and veined altered volcanic rocks. HUTDD059 was drilled at approximately 350 m southwest of holes HUTDD057 and HUTDD060 and intersected multiple zones of gold mineralisation in strongly fractured and quartz-chalcedony-adularia-marcasite-pyrite veined altered volcanic rocks below 175 m down-hole including: 5.4 m at 0.40 g/t Au from 178.6 m, 9 m at 0.52 g/t Au from 186 m, 10.4 m at 0.68 g/t Au from 206.6 m, 7.5 m at 0.40 g/t Au from 226 m and 3.7 m at 0.47 g/t Au from 244.5 m. The results received in holes HUTDD058 to HUTDD060 have further highlighted the presence of significant gold mineralisation in a previously untested area of the Hutabargot Julu prospect. This reconnaissance drilling program has been successful to date in highlighting the presence of extensively altered and mineralised rocks beneath a large gold-soil geochemical anomaly and continues to support the potential for bulk-tonnage disseminated gold and structurally controlled gold-silver vein targets within this large propect area. Evidence for both targets is highlighted by the results of the program received so far and in the observations reported by site geologists. The nature and extent of the mineralised system will be better defined as the drilling program advances further to the west across the prospect where higher grade epithermal veins are worked by local miners. The Company has engaged Intrepid Geophysics N/L to do a 3D inversion analysis of high resolution airborne magnetics data previously acquired over Hutabargot Julu and the entire CoW area in 2012. This will greatly assist with interpreting the potential depth and extent of the mineralised system at Hutabargot Julu and, combined with new geological, structural and geochemical data generated from the current drilling program, may assist in highlighting the major controlling structures for targeting higher grade mineralisation in the current and follow- up drilling programs. Additional assay results from other holes completed in the program to-date are expected to be received in the coming weeks. Drilling continues with three rigs and this initial program is expected to be completed in early first quarter 2021. A more targeted follow up program to test for and define identified zones of mineralisation is envisaged once full results from the reconnaissance program have been analysed and interpreted. Annonce • Nov 28
Sihayo Gold Limited Announces Encouraging Gold Assay Results from First Hole Drilled At Hutabargot Julu Sihayo Gold Limited announce encouraging gold intercepts returned in assay results received for the first hole completed ina planned 22 hole (5,500 m) diamond drilling program at the Hutabargot Julu prospect located in the northern block of the PT Sorikmas Mining Contract of Work, North Sumatra, Indonesia. Drilling at Hutabargot Julu commenced in early October using two man-portable rigs. The first hole in the program, HUTDD057, was drilled inclined at 600 east to a final depth of 249.8 m. It returned gold intercepts in strongly altered and veined volcanic rocks including: 17 m at 1.14 g/t Au and 4.2 g/t Ag from 0 m (surface), including 0.5m @ 8.63 g/t Au and 2.8 g/t Ag, 3 m at 0.46 g/t Au and 5.6 g/t Ag from 32 m, 9 m at 0.51 g/t Au and 3.5 g/t Ag from 96 m, 9 m at 0.86 g/t Au and 4.0 g/t Ag from 135 m, 17 m at 1.21 g/t Au and 7.6 g/t Ag from 180 m, including 1 m @ 7.64 g/t Au, and 48.2 g/t Ag. The 17 m at 1.14 g/t Au and 4.2 g/t Ag intercept was returned in 3 - 4 metres of residual soil overburden and then completely oxidised bedrock of thinly quartz-chalcedony veined, intensely limonitic altered volcaniclastic rock. Anomalous gold ranging from 0.1 to 0.3 g/t Au continues from 17 m until the base of complete oxidation at about 49 m depth downhole and is associated with uniformly anomalous arsenic geochemistry. The hole intersected mottled grey-white, intense clay-sulphide altered volcaniclastic rocks below the base of oxidation until approximately 196 m downhole, and returned significant gold- silver intercepts in multiple zones of epithermal quartz-chalcedony-sulphide veining. The reported gold-silver intercepts of 9 m at 0.51 g/t Au and 3.5 g/t Ag, 9 m at 0.86 g/t Au and 4.0 g/t Ag, 17 m at 1.21 g/t Au and 7.6 g/t Ag are associated with disseminated to locally semi- massive sulphide mineralisation (2-5% pyrite-marcasite) in the epithermal veins. Intensely altered wallrock intersected between the mineralised epithermal vein zones also returned anomalous but lower grade gold and silver results averaging around 0.1-0.15 g/t Au and 1-2 g/t Ag. The hole terminated in propylitic altered (`green rock') porphyritic andesite hosting narrow quartz-chalcedony-adularia veins that contain traces of disseminated sphalerite-galenamineralisation with locally elevated gold and silver results. The results of the first hole have highlighted significant gold mineralisation in a previously untested area of the Hutabargot Julu prospect and support the potential for bulk-tonnage disseminated gold and discrete gold vein zones within a large mineralised epithermal system. The exact nature of the mineralised system will be better defined when additional drilling information and assay results are available. The distribution and continuity of the gold mineralisation will be better defined in follow-up drilling programs after the current scout program has been completed and the results fully evaluated. Annonce • Oct 06
Sihayo Gold Limited Commences Diamond Drilling Program At the Hutabargot Julu Sihayo Gold Limited announced the commencement of a 5,500 m diamond drilling program at the Hutabargot Julu prospect located in the northern block of the PT Sorikmas Mining Contract of Work, North Sumatra, Indonesia. Drilling at the first hole of the Hutabargot drilling program has commenced following the arrival of the first drill rig to site last week. Sihayo anticipates that a second drill rig will be mobilised to site in the second week of October. An initial program of up to 5,500 m of diamond drilling in a 22-hole program has been planned on the large Hutabargot Julu epithermal gold-silver target, located approximately 6 km southeast of the proposed Sihayo Starter Project site. This program is scheduled for completion in the December 2020 quarter using two man-portable drilling rigs owned and operated by PT Indodrill Indonesia. The planned drill holes are located across the northern part of a 3.5 km x 3.0 km gold-soil geochemical anomaly highlighted extensively altered and mineralised volcanic rocks that has been largely untested by drilling to date. The broad distribution of strongly anomalous gold results detected in soils from a previous survey at Hutabargot Julu suggests prospectivity disseminated gold sources in the bedrock. The aim of this initial program is to test the potential for a large gold resource similar to the Martabe gold-silver deposit, located about 80 km northwest of the Sihayo Project. Martabe mine is owned and operated by PT Agincourt Resources and as of December 2019 had an estimated resource base of 7.8 Moz gold and 64 Moz silver. Martabe and the Sihayo Project, which includes the Hutabargot Julu gold-silver target, all lie within the same highly prospective mineral belt of North Sumatra. Annonce • Sep 24
Sihayo Gold Limited Provides Update on Exploration Drilling Sihayo Gold Limited advised that field preparations are well advanced for the commencement of a 5,500 m diamond drilling program at the Hutabargot Julu prospect located in the northern block of the PT Sorikmas Mining Contract of Work, North Sumatra, Indonesia. The Hutabargot Julu target is an extensive largely untested 3.5 km x 3.0 km gold-multi element soil geochemical anomaly. It is located approximately 6 km southeast of the proposed Sihayo Starter Project site. Previous mapping over the prospect showed extensive areas of hydrothermal alteration in volcanic and volcaniclastic rocks. Local artisanal mining has exploited epithermal gold-silver veins located on the western and southern edges of the target over the past 7 years. Previous scout drilling on these veins in 2011-2013 returned signicant gold-silver intercepts. Hutabargot Julu is therefore considered potentially prospective for a large-scale disseminated epithermal gold-silver deposit and locally, high-grade gold-silver veins. An initial first pass 22 hole program consisting of about 5,500 m of diamond drilling with holes up to 250 m depth will be carried out in the December quarter. Preparations for the drilling program are well underway, with key highlights including: Granting of a 13,217 ha forestry permit (IPPKH Eksplorasi) by the Indonesian Ministry of Environment and Forestry on 4 September 2020, valid for 2 years (extendable), which allows for access and exploration activities to be conducted within the permit area; Signing of a services agreement with an experienced aviation operator, PT Intan Angkasa Air Service, providing a MD500ER helicoper to commence the mobilisation of drill rigs and support equipment to site in the first week of October; Commenced construction of a field camp, recruitment of local personnel, planning and pegging of the proposed drill sites to support the drilling program; Commenced construction of the first two drill pads of the planned drilling program; Continued engagement and socialistion of the planned work program with the local communities to strenghten strong social license to operate in the area; and Prepared and implemented a management plan to reduce the risk of infection and spread of COVID-19 virus and ensure the continuity of the work program. Annonce • Aug 17
Sihayo Gold Limited Announces CEO Change Sihayo Gold Limited announced that George Lloyd has resigned as CEO of Sihayo Gold Limited effective 16 October 2020. Mr. Colin Moorhead, Executive Chairman, will assume the role of CEO. Mr. Crowther has significant corporate finance experience in the mining sector through a variety of roles in investment banking, private equity and corporate business development. His most recent role was at Newcrest Mining in the Business Development team where he executed a number of acquisitions and divestments, including the sale of Newcrest's 75% interest in the Gosowong mine in Indonesia. Mr. Crowther's experience will strengthen the management team as it seeks further debt and equity funding to finance the construction of the Sihayo Pungkut Gold Project. 
