Pasofino Gold Limited announced that it has completed a PEA on the Dugbe Gold Project, which includes both the Dugbe F and Tuzon deposits. The Company is earning a 49% economic interest in the project (prior to the issuance of the Government of Liberia's 10% carried interest). HIGHLIGHTS: Significant Production Potential - Establishing a Foundation for a New Gold District 5Mtpa operation, producing approximately 2.5 Moz of gold over a 14-year Life-of-Mine (LoM). Steady state average annual gold production of approximately 188 Koz, with peak production of approximately 226 Koz in year 8 of operation. Strong Financial Metrics; Pre-tax NPV5% of USD825M (USD627M post-tax), 34% IRR (31% post-tax) at a conservative base gold price of USD1,600/oz. Pre-tax NPV5% of USD1,153M (USD874M post-tax), at USD1,800/oz. Fast capital payback of approximately 2.9 years from start of production. LoM Cash flow of USD627M. LoM AISC1 of USD893/oz and USD821/oz cash cost. Simple Project with Economies of Scale LoM strip ratio of 4.5:1 highlighted by a low 2.8:1 ratio in the first 4 years. Low power costs of USD0.18/kWh, with opportunities for long term savings with alternative renewable energy sources. Significant community support built over more than a 10-year history of the Project. Development Capital; Pre-production capital requirement of approximately USD391M. Exploration and Study Upside Much of the 2,599km2 land package is prospective. The Company has new drill targets in the pipeline following intensive surface exploration work undertaken over the last 6 months. Ongoing positive drilling results at Dugbe F and Tuzon will be included in updated Mineral Resource Estimates planned for July and August 2021. Current test work underway in at ALS Perth, Australia looking to improve metallurgical recoveries. KEY ASPECTS WHICH ENHANCE THE QUALITY OF THE PROJECT INCLUDE: 74km by road from the port of Greenville to the Dugbe Project. Dugbe F and Tuzon deposits are 4km apart, serviced by a central processing plant. USD0.18/kWh estimated mine life power costs. There are many key attributes of this Project demonstrated by the results of the PEA. However, from a practical construction and mining perspective, the following are worth highlighting: The proximity of the Project to the deep-water port of Greenville (74km away); The high productivity opportunity that both deposits on the Project offer provides added value to the development of Project. The constructive relationship enjoyed with the Government of Liberia". The PEA was prepared in accordance with Canadian Securities Administrators' National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). The reader is advised that the PEA summarized in this news release is intended to provide only a high-level review of the project potential and design options. The PEA mine plan and economic model include numerous assumptions and the use of inferred mineral resources. The PEA is preliminary in nature, includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.