Compass Gold receives environmental permit for Massala

Executive Summary

• Compass Gold has received the critical environmental permit for its planned small gold mine project at Massala in Mali, marking the final step in the permitting process.
• The company anticipates the issuance of the final small-mine permit from the Ministry of Mines to proceed quickly, as all required materials are now with the Ministry.
• Bulk sampling of the main zone at Massala is ongoing, with over 200 tonnes of mineralized material extracted to determine the most cost-efficient processing system for the future mine.

Key Details

• Permit Status: The Ministry of Environment, Sanitation and Sustainable Development of Mali granted the environmental permit for the Massala prospect.
• Location: Massala prospect is located along the 15-kilometre Tarabala trend.
• Regulatory Context: This is one of the first small-mine permit applications under the new Malian mining code.
• Previous Milestones: The environmental permit follows the approval of the environmental and social impact study by the Malian interministerial committee (announced Sept. 4, 2025).
• Processing Facility: The permit effectively grants preapproval for the placement of Compass's own processing facility within the Massala permit area.
• Bulk Sampling Progress: The Malian team has extracted more than 200 tonnes of mineralized material for testing.
• Objective of Sampling: Results are being used to identify the most effective and cost-efficient processing system for the small-mine permit area.
• Future Outlook: Management is reviewing exploration permit areas around the Sikasso property to develop more small mines and realize shareholder value.

Notable Quotes

• "The receipt of this critical environmental permit is the result of almost a year of tireless work by our Malian team. The application process and review procedures for this permit involved extensive collaboration with ministry officials, independent consultants and local stakeholders to complete the required technical studies." — Larry Phillips, CEO
• "All materials required for the granting of the small-mine permit are now in the hands of the Ministry of Mines, and we anticipate that this final step in our permitting process will proceed very quickly." — Larry Phillips, CEO
• "Meanwhile, as we continue the bulk sampling and planning for this first small-mine permit for Massala, we are also reviewing our large endowment of exploration permit areas around our Sikasso property area, where we believe we will be able to develop more small mines as well as other opportunities to realize significant value for our shareholders from portions of our holdings." — Larry Phillips, CEO