Securities prospectus - Pearl Gold AG

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Independent Technical and Economic Valuation Reporton the Mining of Kodiéran <strong>Gold</strong> Deposit14. Cost of Investment and OperationDetailed Operating CostsLocal PersonnelMININGNumberof Employees11,000 mt/d 21,000 mt/dAnnual Salary(US$)Number ofEmployeesAnnual Salary(US$)Mine Superintendant 1 32,232 1 32,232Foreman (Shift) 4 111,264 4 111,264Shovel Operators 8 148 296 12 222,444Compactor Operators 2 37,074 3 55,611Crane Operators 2 37,074 3 55,611Truck Operators 20 370,740 30 556,110Payloader Operators 4 74,148 6 111,222Grader Operators 4 74,148 6 111,222Bus Drivers 4 74,148 6 111,222Bulldozer Operators 8 148,296 12 222,444Geological Engineer 1 27,816 1 27,816Geological Technicians 5 105,000 8 168,000Mining engineer 1 27,816 1 27,816Surveyors 4 74,148 6 111,222Drivers 2 22,296 3 33,444Draughtsman 2 37,074 3 55,611Expatriate PersonnelTotal 72 1,401,570 105 2,013,291Superintendant 1 356,500 1 356,500Production Foreman 1 232,500 1 232,500Geologist 1 232,500 1 232,500Draughtsman 1 186,000 1 186,000ExpensesTotal 4 1,007,500 4 1, 007,500Annual Expenses(US$)Annual Expenses(US$)4 persons x 6 trips/year x US$3,500/trip 84,000 84,0004 persons x US$50.00 x 350 days/year 70,000 70,000Insurance, per diem, etc. 15,000 15,000Total 169,000 169,000BUMIGEME INC. S - 130 March 15, 2012
Independent Technical and Economic Valuation Reporton the Mining of Kodiéran <strong>Gold</strong> Deposit14. Cost of Investment and OperationLoading and HaulingMINING 11,000 mt/d 21,000 mt/dAnnual Expenses(US$)Annual Expenses(US$)Fuel 1,913,600 3,444,480Maintenance, spare parts, Miscellaneous 3,696,000 6,100,500Total 5,609,600 9,544,980TOTAL - MINING 8,187,670 12,734,771Operating Cost/mt 2.13 1.73NOTESThe fuel consumption is based on data obtained from suppliers for the type ofequipments on site, and data collected by Bumigeme over the years with this type ofequipments.The maintenance costs represent the costs associated to normal care of thoseequipments (spare parts, greasing, welding, major repairs, etc).Costs to buy major spare parts and or equipments like tires, motors, transmissions,truck boxes, water pumps in pit, etc.The financial analysis by Bumigeme is based on a mine life of 6.5 years and for thatreason the mine fleet of trucks, shovels, etc. is not entirely replaced. Normally thefleet is replaced every 5 to 6 years.For this reason, a sum of 6.5 M US$ has been added in the budget of the 10,000 mt/dexpansion to buy a few trucks and loaders, but this budget would be too small toreplace the whole fleet. However, if new reserves are discovered and mine lifeextended, additional money would be required at this item.BUMIGEME INC. S - 131 March 15, 2012
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Prospectusof 14 September 2012for a
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BOARD OF MANAGEMENT 116SUPERVISORY
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extractable gold cannot appreciably
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following financial statements of P
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Mansa Moussa was issued 9,750,000 n
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financing 736.9 378.4Cash flow from
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auditors have pointed out that PEAR
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In summary, these are:Market-relate
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PEARL GOLD AG’s ability todistrib
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RISK FACTORSInterested persons shou
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weakening of consumer sentiment, ri
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The Company’s stated mineral rese
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Risks relating to the electrical po
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Wassoul’Or’s mining, processing
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levels and adverse publicity and/or
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This risk could have an adverse eff
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Emerging markets, such as Mali, in
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access to the capital markets and t
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investor assessments and changes in
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Activity”, “Operating and Finan
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percentages used in the text do not
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Currency data in US dollars is iden
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FORM AND SECURITISATION OF THE SHAR
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Deutsche Börse AG publishes order
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OPERATING AND FINANCIAL REVIEW (OFR
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These differing valuation bases lea
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PEARL GOLD AG Earnings Performance
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PEARL GOLD AG TOTAL ASSET PERFORMAN
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Total Assets Performance for the Fi
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the Wassoul’Or shares ceded and t
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The following is an explanatory ove
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eservesof which netaccumulated loss
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audited< 1 year 257.21 to 5 years 5
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MARKET ENVIRONMENT AND COMPETITIONT
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750 75.0% 18585 58.5% 14416 41.6% 1
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will be profitable. The fact that t
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Cyanide leaching;Chlorine gas refin
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Iamgold Corporation (Canada). These
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PEARL GOLD AG is a German share Cor
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MATERIAL AGREEMENTSThe Company is a
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BUSINESS OF WASSOUL'OR S.A.OVERVIEW
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This share capital is divided into
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Members nominated by PEARL GOLD AG:
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analyses and reports, etc.) during
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Founder and principal owner of the
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the Kalana gold mine. With SODINAF
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Agreements entered into between Was
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ASSET TRANSFERArt. 25 of the "Conve
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GENERAL INFORMATION ON PEARL GOLD A
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"We note, without qualifying this a
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share capital to EUR 10,250,000.00,
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No authorisation has been granted t
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The Board of Management is authoris
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Under the German Stock Corporation
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With the exception of the 3% thresh
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Under German law, a shareholder gen
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Joint areas of responsibility Corpo
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In the current or the preceding fin
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Current composition of the Supervis
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KineticPartners(Switzerland) SA,Man
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strategic and economic advisor for
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SHAREHOLDERS MEETINGThe Shareholder
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Upon the listing on a stock exchang
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The Company entered into a loan agr
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MAIN FEATURES OF TAXATION IN GERMAN
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Exemption limit: The net interest e
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under the law, at any point in time
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(1) the foreign shareholder holds a
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Taxation of non-resident taxpayersI
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MAIN FEATURES OF TAXATION IN MALITh
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Standards)ISINOHADA(IASB).Internati
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Brecciated structuresCRMOreExplorat
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TonneMetric tonTPSTroy ounceOunceCy
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Table of ContentsPEARL GOLD AGPageS
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(this page has been intentionally l
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INCOME STATEMENT (IFRS)FOR THE PERI
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BALANCE SHEET (IFRS)AS AT 31 DECEMB
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STATEMENT OF CHANGES IN EQUITY (IFR
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NOTES (IFRS)FOR THE PERIOD FROM 1 J
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IFRIC 19 “Extinguishing Financial
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IFRIC 20 “Stripping Costs in the
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Deferred tax liabilitiesDeferred ta
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The classification depends on the n
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3 SEGMENT REPORTINGIn connection wi
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Under current laws, dividend income
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Gold depositsThe amount and quality
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14 SUBSCRIBED CAPITALAS AT 31 DECEM
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15 CAPITAL RESERVESAS AT 31 DECEMBE
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19 OTHER PROVISIONSAS AT 31 DECEMBE
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22 RECONCILIATION OF EQUITY AND TOT
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24 OTHER FINANCIAL OBLIGATIONSAS AT
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The maximum risk exposure of financ
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27 EARNINGS PER COMMON SHARE (IFRS)
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Alexandre Davidoff, Attorney, Marti
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In our opinion, based on the findin
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BALANCE SHEETPEARL GOLD AGFrankfurt
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NOTES for the period ending 31 Dece
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NOTES for the period ending 31 Dece
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StructurePEARL GOLD AG, FRANKFURT A
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The company's liquidity is ensured
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The participation of more than 4,00
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A tense political situation could a
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Frankfurt am Main, 11 July 2012Wart
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INCOME STATEMENT from 01/01/2010 to
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Disclosures and explanations for ba
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Disclosures regarding shareholdings
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Frankfurt am Main, 11 July 2012Wart
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1. General disclosuresNOTES as at 3
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NOTES as at 31 December 2009PEARL G
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SUPPLEMENTAL COMPONENTS OF THEANNUA
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STATEMENT OF CHANGES IN EQUITY FOR
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Our review did not reveal any facts
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BALANCE SHEETIn CFA francs Notes 31
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Statement of comprehensive incomeIn
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Statement of changes in equityIn CF
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1. GENERAL INFORMATIONThe IFRS sepa
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• Mr Mamadou Lamine Ballo; reside
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- First-time mandatory application
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If no useful deposits are found, ex
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2.13 Receivables and liabilitiesRec
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Any incidental income generated dur
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Depreciation is performed using the
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4.14 LoansLoan of CFAF 700,000,000
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4.19 Personnel expensesThese are co
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EFFECTS OF FIRST-TIME ADOPTION OF I
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The financial instruments in the fo
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Auditor's Report for Wassoul'Or S.A
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TABLE OF CONTENTSPageEXPERTS REPORT
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Cyanidation Tests on Grounded Sampl
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APPENDICESAPPENDIX 1APPENDIX 2APPEN
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Pierre C. LabrèqueProjectWassoul
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Independent Technical and Economic
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Independent Technical and-Economic
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Dated this 24 th day of February 20
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Page 342 and 343: Independent Technical and Economic
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Document Number: T0500 Status: Fina
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APPENDIX 5Revised Environmental Per
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Table de matières1.0 Contexte et j
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Notice d’impact Environnemental &
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1 234 56 7 8AAB1750180010°175010°
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APPENDIX 6Sensitivity AnalysisSprea
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PEARL GOLD AGFrankfurt am Mainsigne
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Securities prospectus - Pearl Gold AG

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