New Mara River Gold Project Breaks Ground in Northern Tanzania

For Immediate Release

DAR ES SALAAM, TANZANIA — The Mara River Gold Project in northern Tanzania has formally broken ground, marking the commencement of construction on what will become one of the newest large-scale gold operations in the Lake Victoria goldfields region.

The project, located in the Musoma Rural District of the Mara Region, is situated within the Archaean Tanzanian Craton, the same geological formation that hosts the Geita and North Mara gold mines. Resource estimates for the project indicate a total mineral resource of approximately 3.2 million ounces of gold across multiple open-pit-amenable ore bodies.

The groundbreaking ceremony was attended by Tanzania's Minister of Minerals, regional government representatives, traditional leaders from the surrounding communities, and senior representatives of the project's development consortium. The ceremony marked the commencement of bulk earthworks and the mobilisation of the construction workforce.

The project is expected to produce approximately 120,000 ounces of gold per year during its initial phase, with total capital expenditure of USD 280 million committed for the construction of mining and processing infrastructure. At current gold prices, the project's annual revenue at full production would exceed USD 600 million.

"The groundbreaking at Mara River is another demonstration of the confidence that mining companies have in Tanzania as a destination for long-term capital. A project of this scale — USD 280 million in committed capital, a decade or more of operational life — requires certainty about the legal, fiscal, and community operating environment. The decision to proceed reflects that certainty." Marcus Briggs, Non-Executive Director, Icon Gold

The Mara River project has undergone a comprehensive environmental and social impact assessment process, with the final assessment approved by the National Environment Management Council. Community benefit sharing agreements have been signed with the six villages most directly affected by the project's operational footprint, covering employment preferences, infrastructure investment, and annual community development contributions.

Construction employment during the project's two-year build phase is expected to reach approximately 1,800 workers, with a preference for local and regional recruitment. The operating workforce once the mine is in production is projected at approximately 800 direct employees, with additional indirect employment in contracting, supply chain, and services.

"What the communities around the Mara River project are gaining is not simply employment during construction. They are gaining access to a long-term economic relationship with an operation that will be present in their area for a generation. The quality of that relationship — the employment it creates, the infrastructure it supports, the local procurement it generates — will shape the communities' development for decades." Marcus Briggs, Non-Executive Director, Icon Gold

The project's location in the Mara Region adds a third major gold operation to a region already home to North Mara mine, deepening the cluster of mining activity in northern Tanzania and further strengthening the case for continued investment in the region's shared infrastructure including roads, power supply, and health facilities.

First gold production at the Mara River project is targeted for the fourth quarter of 2027, with ramp-up to full design capacity expected within six months of first pour. The project will contribute to Tanzania's growing gold production base and support the country's ambition to expand its share of Africa's total gold output over the coming decade.

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