Tanzania Update

Ubuntu advances Nachingwea with binding deal and bulk sampling, but no resource estimate yet.

What the company is saying

Ubuntu Mining & Metals Inc. is emphasizing the transition from non-binding letters of intent to a binding agreement with Yahweh Mining Company Limited for the Nachingwea project, with a cash outlay of USD35,000. The company highlights operational progress by detailing the completion of 120 bulk sample pits, reporting a volume-weighted recovered gold grade of 0.44 g/m³ from 1,105.77 m³ of material, and a 12-day pilot plant run yielding 290 g of gold. Ubuntu frames these results as evidence of gold-bearing gravels across the licence area, while acknowledging that no Mineral Resource has been estimated and that results are unaudited. The announcement presents the incorporation of Treasure Trove Mining and Metals Company Limited (TTMM) as a local SPV, with Ubuntu holding 42.9% and an option to increase to 60%. The company also discloses plans to acquire a larger 100 tph trommel scrubber plant and two centrifugal concentrators to scale up operations. At Bukwimba, Ubuntu communicates that the project is on hold due to extensive artisanal mining, pending further stakeholder engagement. The tone is factual and measured, focusing on concrete steps and technical data rather than promotional language.

What the data suggests

The disclosed figures show Ubuntu has completed 120 bulk sample pits at Nachingwea, extracting 1,105.77 m³ of material and recovering 490.94 g of gold, resulting in a volume-weighted grade of 0.44 g/m³. The mean sample grade is 0.45 g/m³, the median is 0.36 g/m³, and the highest individual pit returned 2.85 g/m³. Seventy out of 120 samples exceeded 0.30 g/m³, but the company clarifies this is a reference threshold, not an economic cut-off. The mean overburden is 2.56 m, gravel averages 1.00 m thick, and the stripping ratio is 2.57:1, indicating significant waste removal will be required. A 12-day pilot run using a 12 tph trommel wash plant recovered 290 g of gold, but the company cautions this is not indicative of future production. No Mineral Resource or economic assessment has been completed, and the results are unaudited and not assayed for fineness. The Bukwimba project is paused due to artisanal activity, with no timeline for resumption. Overall, the data supports that gold is present across the sampled area, but continuity and economic viability remain unproven.

Analysis

The announcement is factual and operationally detailed, focusing on realised activities such as the execution of a binding agreement, completion of 120 bulk sample pits, and a 12-day pilot plant run with specific gold recovery figures. Forward-looking statements are present but limited, mainly describing intended equipment upgrades and future project decisions, without exaggerated language or unsupported projections. There is no evidence of narrative inflation or overstatement; the tone is measured and technical. The capital outlays disclosed (USD35,000 and small-scale equipment) are modest and already executed, with no large, speculative spending or long-dated benefit claims. No profitability or resource estimate is provided, but this is appropriate for an exploration-stage update. The data supports a weak_positive signal due to concrete operational progress, but not strong_positive as no resource or economic assessment is disclosed.

Risk flags

• ●No Mineral Resource estimate has been declared, and the 120-pit grid does not demonstrate continuity, so the project's scale and economic viability are unproven. This limits the ability to assess future value or justify further investment.
• ●The reported grades are modest, and the overburden-to-gravel stripping ratio of 2.57:1 suggests high waste removal costs, which could challenge project economics even if grades are consistent.
• ●Pilot plant results are based on a small-scale, 12-day run and are not representative of future production or revenue. The company explicitly warns against extrapolating these figures.
• ●The Bukwimba project is on indefinite hold due to extensive artisanal mining, with no clear path to resolving access or resuming exploration, introducing uncertainty for that asset.
• ●All results are unaudited and have not been assayed for gold fineness, introducing uncertainty regarding the true recoverable value of the sampled material.

Bottom line

Ubuntu Mining & Metals Inc. has made tangible progress at Nachingwea by executing a binding agreement, completing extensive bulk sampling, and conducting a pilot plant run, but the absence of a Mineral Resource estimate means the project's scale and economic potential remain uncertain. The grades reported are modest, and the high stripping ratio points to potentially challenging economics. The company is transparent about the limitations of its data, cautioning that pilot results are not indicative of future production and that no economic assessment has been done. The Bukwimba project is effectively stalled due to artisanal mining, with no timeline for resolution. Investors should treat this as an early-stage technical update: there is evidence of gold, but no basis yet for valuing the asset or projecting cash flow. The most important next step is for Ubuntu to deliver a compliant resource estimate and demonstrate continuity and economic viability before the project can be considered investable.

Announcement summary

(AQSE:UNTU) Ubuntu Mining & Metals Inc. has provided an update on its Tanzanian activities, including the execution of a binding agreement with M/S Yahweh Mining Company Limited for the Nachingwea project. The agreement supersedes previous non-binding Letters of Intent and involves a cash consideration of USD35,000. Ubuntu has completed 120 bulk sample pits across Prospecting Licence PL 13678/2025 at Nachingwea, yielding a total bank volume of 1,105.77 m³ and recovering 490.94 g of gold, resulting in a volume-weighted recovered gold grade of 0.44 g/m³. The mean of sample grades was 0.45 g/m³, the median was 0.36 g/m³, and the highest individual sample grade was 2.85 g/m³. Seventy out of 120 samples returned grades at or above 0.30 g/m³. The mean overburden thickness was 2.56 m, and the mean gravel thickness was 1.00 m, with a stripping ratio of 2.57:1. The five highest-grade samples ranged from 1.28 to 2.85 g/m³. A 12-day pilot run using a 12 tph trommel wash plant recovered 290 g of gold. The local special purpose vehicle, Treasure Trove Mining and Metals Company Limited (TTMM), was incorporated in May 2026, with Ubuntu currently holding 42.9% and an option to increase its stake to 60%. The Prospecting Licence PL 13678/2025, currently held by Yahweh and being transferred to TTMM, covers approximately 11.57 km², with a small excluded block of approximately 0.19 km². The licence is located in Nachingwea District, Lindi Region, within the Neoproterozoic Mozambique Belt. The company intends for TTMM to acquire a 100 tph trommel scrubber plant and two centrifugal concentrators to increase throughput and improve recovery. At the Bukwimba Primary Mining Licenses, reconnaissance mapping in June 2026 confirmed extensive artisanal mining activity, and the project is on hold pending engagement with relevant parties. The Competent Person for the announcement is Winston Wilson Nnko, Exploration Geologist, registered with the Tanzania Geological Society, who conducted the field mapping at Bukwimba.

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