Located 520 km from Marsa Alam Airport and 200 km southwest of Shalateen City in the Eastern Desert. Eqat sits on a zone within the Arabian-Nubian Shield, one of the most gold-endowed geological terrains in northeast Africa, mined since Pharaonic times. The concession covers 690 km², with an Exploitation and Development Lease of 176.23 km². WRM began exploration in 2018 and has invested approximately USD 45 million to date.
Resource estimates are reported in accordance with the JORC Code (2012 Edition) and were prepared by AMC Consultants Pty Ltd, independent competent persons. Effective date: 31 December 2024.
| Category | Tonnes (Mt) | Grade (g/t Au) | Contained Gold (koz) |
|---|---|---|---|
| Measured | 12.90 | 1.24 | 516 |
| Indicated | 33.60 | 1.07 | 1,158 |
| M&I Sub-total | 46.50 | 1.11 | 1,674 |
| Inferred | 17.60 | 1.32 | 747 |
| Total | 64.10 | 1.41 | 2,904 |
Mineral Resource estimate prepared to JORC Code (2012 Edition) by Philip Jones (BAppSc, MAIG, MAusIMM), Independent Consultant, Mineral Resource Estimation. Cut-off grade 0.1 g/t Au. Figures include Eqat North, Eqat South, and El Fawi-2 deposits. Totals may not sum due to rounding.
Since 2018 WRM has completed 828 drill holes totalling 99,559 m across all drill programmes (RC and DD) at Eqat North, Eqat South, and El Fawi-2. Over 57,789 samples have been assayed. The drill database underpins the JORC Mineral Resource estimate.
| Hole ID | From (m) | To (m) | Interval (m) | Au g/t (uncut) | Including |
|---|---|---|---|---|---|
| ERC377 | 54 | 84 | 30 | 7.04 | 14m @ 6.71 g/t (54-68m); 9m @ 12.31 g/t (70-79m) |
| ERC375 | 114 | 134 | 20 | 3.07 | - |
| ERC375 | 115 | 132 | 17 | 3.58 | - |
| ERC359 | 55 | 71 | 16 | 3.33 | - |
| ERC350 | 45 | 69 | 24 | 2.52 | 16m @ 3.23 g/t (45-61m) |
| Hole ID | From (m) | To (m) | Interval (m) | Au g/t (uncut) | Including |
|---|---|---|---|---|---|
| FRC143 | 109 | 174 | 65 | 4.83 | 43m @ 5.87 g/t (130-173m); 6m @ 3.42 g/t (191-197m) |
| FRC141 | 112 | 171 | 59 | 2.77 | 11m @ 8.25 g/t (126-137m) |
| FRC138 | 1 | 36 | 35 | 3.82 | 25m @ 5.14 g/t (1-26m) |
| FRC134 | 72 | 100 | 28 | 3.82 | 13m @ 7.46 g/t (80-93m) |
| FRC142 | 121 | 195 | 74 | 2.02 | - |
Longitudinal Study — Eqat North and South
ERC375
FRC143
A Prefeasibility Study for full-scale mining and processing at Eqat has been completed, led by NewPro Consulting & Engineering Services Pty Ltd (Australia), targeting a 3 million tonne per annum Gravity and CIL processing plant with an 11-year mine life.
The Eqat mine has been in continuous exploration and development since 2018. The operation currently produces gold via vat leach processing. A Prefeasibility Study for a full-scale 3 Mtpa Gravity and CIL plant targeting ~150,000 oz per year at 90–93% gold recovery, is completed, led by NewPro Consulting & Engineering Services (Australia) and consultants AMC Consultants, ALS Labs, Fortin Pipelines, and Aggreko.
The Eqat Gold Mine operates under a Joint Venture Agreement between Wealth and Resource Mining (WRM) as operator, the Mineral Resources and Mining Industries Authority (MRMIA), and Shalateen Mineral Resources Company (SMRC). WRM holds the Exploitation and Development Lease and is responsible for all capital expenditure, operations, and project delivery. The current production share agreement holds that revenues are divided accordingly: 5% royalties, 65% cost recovery to WRM and 30% is divided among the three entities as profit. The cost recovery structure ensures that WRM is prioritized to recover CAPEX and OPEX including interest payments to ensure continued operations. If costs are lower than 65% of revenues the difference is paid to the governmental authority.
WRM facilitated the delivery of Egypt's national "100 Million Seha" presidential health initiative at the Shalatin work site, in partnership with Pharco Corporation. The program provided Hepatitis C screening and treatment to workers and residents of the Shalatin community, Red Sea Governorate.
WRM is funding the construction of a 939 m² community services building in Marsa Alam, Red Sea Governorate. Spread across three floors (313 m² per floor), the facility will house a canteen, medical clinic, pharmacy, and classrooms - providing essential services to underserved communities in the Eastern Desert region.
WRM distributes food packages to residents of Shalatin and remote Bedouin communities in the Eastern Desert during Ramadan, maintaining a direct community relationship with the populations living in and around the Eqat concession area.
Local employment created for residents of Shalatin and the Red Sea and Upper Egypt governorates.
Assisted in the opening of an ALS Samples Preparation laboratory in Marsa Alam, bringing international assay infrastructure to the region.
Trained 60 MRMIA employees in Australian JORC reporting standards at the Eqat concession site.
Facilitated a formal cooperation protocol between MRMIA and the Australasian Institute of Mining and Metallurgy (AusIMM).
Trained MRMIA and Shalatin Mineral Resources Company geologists in JORC-compliant exploration at the Eqat site.
Funded the refurbishment of the MRMIA field offices and accommodation in Marsa Alam, supporting the Authority's operational presence in the Red Sea Governorate.
A full technical data room including the completed Prefeasibility Study, resource reports, metallurgical test-work, and financial model is available to lenders and prospective financing partners. Contact us to arrange access.