ACA.L Regulatory News (ACA)

ACACIA MINING PLC - North Mara Reserves & Resources Statement Update

PR Newswire

London, July 4

5 July 2019

Inside Information

Acacia Mining plc

(“Acacia”, “Group” or the “Company”)

North Mara Mineral Reserves and Mineral Resources Statement Update

Significant increases in Gokona Mineral Reserves, M&I Mineral Resources and Inferred Mineral Resources Demonstrate Long-Term Potential of Gokona Underground Mine

Acacia Mining is pleased to announce a mid-year Mineral Reserve and Mineral Resource update for its Gokona Mine at North Mara which adds to the long-term potential of this underground operation.

Table 1: Summary Comparison between 31 May 2019 and 31 December 2018 Gokona Mineral Resources and Mineral Reserves

*The Mineral Reserves and Resources calculated for the Gokona underground mine at North Mara were as of 31st May 2019.

The Mineral Reserve and Resource upgrade follows the ongoing drilling programme which is taking place at the Gokona underground mine and has confirmed the predicted extensions of the orebody. In particular, an additional 95 drill holes totalling 32,463 metres have been incorporated into the updated Gokona Mineral Resource Model with the additional underground drilling information increasing the Gokona Mineral Reserves by 286Koz of gold; offset by mining depletion of 76Koz of gold and a conservative reduction in assumed crown pillar recovery of 71Koz of gold. New mining designs and a revised life of mine (LOM) plan have been created using this model which supports the update to the Mineral Reserve Statement.

The long-section indicating the changes to the mineral reserves and mineral resources as at 31 May 2019 compared to the 2018 year end are included below:

See www.acaciamining.com for pictures.

The Nyabirama Open Pit experienced some slope stability issues during Q1 2019 which led to a redesign of the open pit. The current work indicates that, aside from depletion, there will likely be a further 70Koz to 130Koz decrease in open pit Mineral Reserves. An updated open pit design is in the process of being produced and the statement will be updated as soon as the work is completed.

The gold price assumption used for Mineral Reserves for 2019 was maintained at US$1,200/oz. The Mineral Resource gold price used remained unchanged at US$1,400/oz. The updated Mineral Reserves and Mineral Resources calculated for Gokona were estimated as of 31 May 2019.

Acacia plans to continue underground diamond drilling at Gokona and this is expected to further increase confidence in the continuity of the mineralisation of the deposit with the potential for further additions to inventory in the Lower West and Lower East, as well as in the Deep East in the year-end 2019 Mineral Reserve and Resource. Accordingly, Acacia expects to provide a further update to its Mineral Reserves and Mineral Resources as soon as finalised.

ENQUIRIES

For further information, please visit our website: www.acaciamining.com or contact:

Acacia Mining plc +44 (0) 207 129 7150

Sally Marshak, Head of Investor Relations and Communications +44 (0)75 2580 7953

Camarco +44 (0) 20 3757 4980

Gordon Poole / Nick Hennis

About Acacia Mining plc

Acacia Mining plc (LSE:ACA) is the UK holding company of the Acacia Group, Tanzania’s largest gold miner and one of the largest producers of gold in Africa. The Acacia Group has three mines, all located in north-west Tanzania: Bulyanhulu, which is owned and operated by Bulyanhulu Gold Mine Limited, Buzwagi, which is owned and operated by Pangea Minerals Limited and North Mara, which is owned and operated by North Mara Gold Mine Limited.

The Acacia Group also has a portfolio of exploration projects in Kenya, Burkina Faso and Mali. Acacia is a UK public company headquartered in London. We are listed on the Main Market of the London Stock Exchange with a secondary listing on the Dar es Salaam Stock Exchange. Barrick Gold Corporation is our majority shareholder. Acacia reports in US dollars and in accordance with IFRS as adopted by the European Union, unless otherwise stated in this announcement.

Note to Mineral Reserves and Mineral Resources estimates

Mineral Reserves and Mineral Resources estimates contained in this Release have been calculated as at 31 May 2019 in accordance with National Instrument 43-101 as required by Canadian securities regulatory authorities, unless otherwise stated. Canadian Institute of Mining, Metallurgy and Petroleum (‘CIM’) definitions were followed for mineral reserves and resources estimates. Calculations have been reviewed, verified (including estimation methodology, sampling, analytical and test data) and compiled by Acacia personnel under the supervision of Acacia Qualified Persons: John Haywood, Chief Geologist – Operations, and David Blamires, Manager - Long Term Planning. The figures stated in this Release are estimates and no assurances can be given that the indicated quantities of metal will be produced. Mineral Resources are reported exclusive of those converted into Mineral Reserves. In addition, totals stated may not add up due to rounding.

Mineral Reserves have been calculated using an assumed long-term average gold price of US$1,200 per ounce. Mineral Resources have been calculated using an assumed long-term average gold price of US$1,400 per ounce.

Mineral Reserve estimates are dynamic and are influenced by changing economic conditions, technical issues, environmental regulations and any other relevant new information and therefore these can vary from year to year. Resource estimates can also change and tend to be influenced mostly by new information pertaining to the understanding of the deposit and secondly the conversion to ore reserves. In addition, it cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Therefore, investors are cautioned not to assume that all or any part of an inferred mineral resource exists, that it can be economically or legally mined, or that it will ever be upgraded to a higher category. Likewise, investors are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be upgraded to mineral reserves. Please refer to page 107 of Acacia’s 2019 Annual Report and Accounts for further information on CIM definitions and factors affecting Mineral Reserves and Mineral Resource estimates.

Disclaimer and forward-looking statements

This report includes “forward-looking statements” that express or imply expectations of future events or results. Forward-looking statements are statements that are not historical facts. These statements include, without limitation, financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future production, operations, costs, projects, and statements regarding future performance. Forward-looking statements are generally identified by the words “plans,” “expects,” “anticipates,” “believes,” “intends,” “estimates” and other similar expressions.

All forward-looking statements involve a number of risks, uncertainties and other factors, many of which are beyond the control of Acacia, which could cause actual results and developments to differ materially from those expressed in, or implied by, the forward-looking statements contained in this report. Factors that could cause or contribute to differences between the actual results, performance and achievements of Acacia include, but are not limited to, changes or developments in political, economic or business conditions or national or local legislation or regulation in countries in which Acacia conducts - or may in the future conduct - business, industry trends, competition, fluctuations in the spot and forward price of gold or certain other commodity prices (such as copper and diesel), currency fluctuations (including the US dollar, South African rand, Kenyan shilling and Tanzanian shilling exchange rates), Acacia’s ability to successfully integrate acquisitions, Acacia’s ability to recover its reserves or develop new reserves, including its ability to convert its resources into reserves and its mineral potential into resources or reserves, and to process its mineral reserves successfully and in a timely manner, Acacia‘s ability to complete land acquisitions required to support its mining activities, operational or technical difficulties which may occur in the context of mining activities, delays and technical challenges associated with the completion of projects, risk of trespass, theft and vandalism, changes in Acacia‘s business strategy including, the on-going implementation of operational reviews, as well as risks and hazards associated with the business of mineral exploration, development, mining and production and risks and factors affecting the gold mining industry in general. Although Acacia‘s management believes that the expectations reflected in such forward-looking statements are reasonable, Acacia cannot give assurances that such statements will prove to be correct. Accordingly, investors should not place reliance on forward-looking statements contained in this report.

Any forward-looking statements in this report only reflect information available at the time of preparation. Save as required under the Market Abuse Regulation or otherwise under applicable law, Acacia explicitly disclaims any obligation or undertaking publicly to update or revise any forward-looking statements in this report, whether as a result of new information, future events or otherwise. Nothing in this report should be construed as a profit forecast or estimate and no statement made should be interpreted to mean that Acacia‘s profits or earnings per share for any future period will necessarily match or exceed the historical published profits or earnings per share of Acacia.