Roscan Gold Corporation
Roscan Gold Corporation is advancing its Kandiolé gold project, comprising nine contiguous permits over ~402 km2 in the Kéniéba Cercle of western Mali. An updated mineral resource estimate effective February 19, 2026 reported 1.283 million oz gold Indicated plus 0.09 million oz Inferred, underpinning a positive Preliminary Economic Assessment (effective Feb 27, 2026) for a 13-year, 2.5 Mtpa open-pit CIL operation with after-tax NPV5% of US$498 million and 43% IRR at US$3,100/oz gold. A mining permit application is in final review following Mali's March 2025 partial lifting of its suspension on mining-title processing.
Notable vs. Peers
- Jurisdiction risk score of 3/10 is meaningfully riskier than the peer average of 7.8/10.
- Financials score of 1.2/10 is weaker than the peer average of 5.4/10.
Lifecycle Milestones
Not in place: mill, tailings facility, grid power.
Jurisdiction (40%)3/10
Mali has experienced repeated military coups (2020, 2021) and an active jihadist insurgency in parts of the country, plus a 2023 mining-code overhaul that increased state/local free-carry and royalty burdens; the Kéniéba gold district in the west has continued to operate and the government partially lifted a mining-title processing suspension in March 2025, but security and policy risk remain well above what's typical for Canada/US/Australia-tier jurisdictions.
Infrastructure (40%)2.9/10
No confirmed mill, confirmed road access, no confirmed grid power, and no confirmed tailings facility at Kandiolé Gold Project, Kéniéba Cercle, Mali.
Nearby producing mine (20%)9.1/10
Loulo-Gounkoto (Barrick Mining Corporation / Government of Mali) is 34 km away -- within regional-platform range.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:6.6/10
Nearest producing mine: Loulo-Gounkoto (Barrick Mining Corporation / Government of Mali), 34 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:6/10
Stage: Preliminary Economic Assessment
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:3/10
Mali: jurisdiction score 3/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
President and Chief Executive Officer of Roscan Gold Corporation. 30 years' international mining expertise; previously Managing Director of Equity Research at Clarus Securities, helping transition it into a leading financial mining institution; BSc Mining Engineering, Kwame Nkrumah University; MBA, Rotman School of Management.
Chief Financial Officer of Roscan Gold Corporation, appointed February 2026, having served on Roscan's board since September 2024. 17+ years in capital markets and mining; recently President & CEO of Radisson Mining Resources Inc.; previously directed precious-metals research at Canaccord Genuity; MBA, Western University; engineering degree, University of Kerala.
Vice President - Exploration at Roscan Gold Corporation. 30+ years of mineral exploration across West Africa and the Guiana Shield; involved in discovering the Morila gold deposit; previously managed exploration at Sandspring Resources and Endeavour Mining; EuroGeo certified; Master's, Free University of Brussels.
Corporate Secretary of Lahontan Gold Corp.; also Corporate Secretary of Roscan Gold Corporation, Sterling Metals Corp. and Laramide Resources Ltd. and a director of Route 109 Resources Inc. Securities/corporate-commercial lawyer, managing partner of Irwin Lowy LLP since January 2010.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Asante Gold, an operating gold producer in Ghana, made a genuine US$5 million cash investment in Roscan in 2021, paying a premium to the market price for about 6.7% of the company, and secured board and pro-rata participation rights. We could not confirm whether Asante still holds that stake today, so this is scored on the strength of the original transaction with that uncertainty flagged.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Roscan Gold owns the Kandiolé gold project, nine contiguous permits covering about 402 km2 in the Kéniéba Cercle of western Mali. Indicated resources, effective 19 February 2026, contain 1,283,000 oz of gold (58.2 Mt at 0.68 g/t), with no measured category, plus 90,000 oz inferred. The February 2026 preliminary economic assessment outlines a 2.5 Mtpa open-pit and CIL operation across four deposits over a 13-year mine life, with an after-tax NPV5% of US$498M and a 43% IRR at US$3,100/oz gold, initial capital of US$218.7M and an all-in sustaining cost of US$1,200/oz over the first four years. Kandiolé received its environmental permit in June 2026, the step before a mining licence, and the company is targeting a mining permit and financing discussions by the end of 2026, with a definitive feasibility study to follow. Under Mali's 2023 Mining Code, the State is entitled to a free 10% carried interest once an exploitation permit is granted, plus an option on a further 20%.