The Black Volta Gold Project

The Black Volta Gold Project West Africa’s Most Transformational Mine*

©2024 All Rights Reserved

Proprietary Document. Circulation strictly by permission

Foreword The Black Volta Mine Project is regarded as the most exciting greenfield mine in a generation. Situated in Ghana ( a stable , leading African mining jurisdiction), the Black Volta mine is a project of Azuma Resources, a fully owned Ibaera entity. The site is shovel ready and is projected to be able to deliver 2.8M oz with an estimated mine life of 11 years*. A significant number of experts estimate the mine to have the largest tenement in West Africa, at 934 square kilometers.

With all licenses secured, excellent corporate governance and extensive community support, the project is expected to deliver an NPV of USD 609million.

BVM is truly the most exciting, transformational mining project on the continent, in a generation*.

James Wallbank (Board Chair)

Table of Contents Foreword by Director Investment Highlights and Overview of BVM Projects Geology and Resources Project Team Partnership with West Africa’s No. 1 Mining Contractor Community Development and Impact Global Partners

“Perhaps the most exciting, profitable and sustainable mine in a generation”* Eons ago, as the earth formed, a deep rich vein of gold developed in what is now the Black Volta River Basin. There, it has remained, increasing in value, waiting for the right time to be unearthed.

Now, the deep vein has been struck, and is developing into the most exciting mine in a generation- the Black Volta Mine!

Reach out today on how to participate in the most Transformational African Mine, today!

*source:- investment and technical reports. All rights reserved.

Investment Highlights and Overview of BVM Project

Key Highlights of the Black Volta Gold Project Large Scale Project of C.148 koz P.A Production With Clear Exploration Upside

• 2.8 Moz Resource; 11 year mine life; 148 koz pa for the first 9 years • ~ 934 km2 of tenements; one of the largest available land packages in West Africa • Multiple prospects showing drilldefined, open ore-grade mineralization for immediate follow-up • Long mine life with clear exploration upside to drive organic growth

Low Capital & Operating Cost

Recently Delivered DFS Highlights Attractive Economics

Premier Mining Jurisdiction With an Established Gold Mining Sector

• Development Capital of US$204m including mining fleet

• Project NPV5%: US$609m (post-tax US$370m)2

• Ghana is the largest gold producing country in Africa

• Development capital intensity (US$126/oz LOM production1) at lower-end of African development peers

• IRR: 59% with pre-tax payback of 1.2 years (post-tax 44% and 1.7 years)

• Stable political environment and well understood mining code

• LOM AISC cost of US$905/oz, delivering a total pre-tax cashflow of US$887 million2

• Reserves calculated using US$1,350/oz gold price.

Economics estimated using US$1,750/oz gold price

• Top 3 ranked mining jurisdiction in Africa for investment attractiveness in the 2020 Fraser Institute Survey

• Simple metallurgy, conventional CIL gold processing

Ready to Build

• DFS-level studies completed; mining licences and environmental permits approved to mine • All critical infrastructure nearby and already in place. c.40% renewable supply via the national Ghana grid • Capable of delivering first gold in 21 months from start of construction of mine.

• The Kunche deposit consists of one main pit with five smaller satellite pits, the Bepkong deposit contains one pit and underground operation, and the Aduane deposit includes six small pits.

• The main Julie deposit consists of two large pits with eight smaller satellite pits. The other five Julie region deposits (Julie West, Danyawu, Josephine and Manue) have single pits.

• The Black Volta DFS is based on a 1.60 Moz mining inventory @ 1.65 g/t over a 11-year LOM to produce 148 koz pa for the first 9 years (148 koz pa over the first 5 years).

Mining Inventory Highlights

• A mining study was completed as part of the DFS by Orelogy, a Perth based specialist in gold mine design.

• The cut-off grades vary by deposit due to variations in recoveries, costs for ore processing and ore haulage (refer to DFS Part 8 Mining in the VDR for further detail).

• It is expected that further drilling in the Kunche Bepkong area mainly Kunche North, Kunche North-East and Bepkong North along with other nearby targets will significantly

Sustainable Mining for Growth | 05

Overview of the Black Volta Project Attractive project at significant scale based on low capital and operating costs and meaningful upside with an initial 11-year mine life.

Overview

Operational Highlights

• Black Volta is located in a stable mining jurisdiction of Wa, Ghana, Africa. All critical infrastructure are in place with close proximity to the regional Centre.

50km North West of Wa, Ghana, Africa

• Build ready project with expected development costs of c. US$198m (including mine fleet) over a 21 month construction period • The project will predominantly consist of open pit mining across the multiple deposits with annual throughput via a CIL processing circuit between 2.6 – 3.2 Mtpa • High grade resource with 91.1% overall gold recovery and strip ratio of 5.7:1 • 13 licenses with all reserves sitting within 6 licenses.

Remaining licenses allow for further exploration with strong prospects of mine life extension including extending existing deposits and potential for major new camps

Location

Commodity Gold

Mining Method

Predominantly conventional open pit mining involving drilling, blasting, loading, in addition to underground conventional open stoping with regional pillars

Processing

Conventional CIL processing circuit. Addition of flotation and regrind circuit to treat Julie Primary ore commencing in year 3

Reserve Details of Project JORC Compliant Reserve-1

Tonnes

Proven

Probable

Total

13,700,000

12,300,000

26,100,000

Grade (g/t)

1.48

1.8

1.63

Ounces

654,400

715,900

1,370,300

JORC Compliant Resource-2 Measured

Indicated

Inferred

Tonnes

13.1m

17.9m

25.7m

Total

Grade (g/t)

1.8

1.8

1.3

1.5

Ounces

693,400

1,015,600

1,094,000

2,803,000

56.8m

Production

148 koz pa for the first 9 years

Sustainable Mining for Growth | 06

Location

Summary Project Pre-tax Net Cashflows US$’000

US$’000

40 0

1,0 00

20 0

50 0

-

(2 00 )

2 02 2

2 02 3

Revenue Establishment Capex

2 02 4

2 02 5

2 02 6

2 02 7

Royalties & Realisation Sustaining/Deferred Capex

2 02 8

2 02 9

2 03 0

2 03 1

Mining Cumu. Pre Tax Cashflow(RHS)

2 03 2

2 03 3

Processing

2 03 4

-

(5 00 )

Sustainable Mining for Growth | 07

Background • The Black Volta project initially started through early regional exploration by BHP in the 1990’s • The Kunche ore deposit was first discovered in 1998 by Ashanti-IAMGold • Azumah Resources (Azumah) acquired the Project (with only the Kunche deposit) in 2006 and was listed on the ASX (ASX: AZM) • Subsequent exploration projects results in the discovery of Bepkong ore deposit.

• Azumah acquired the Julie deposit a few years later.

• Exploration and drilling studies were conducted resulting in 3 Resource updates in 2017 when Ibaera acquired a 47.5% stake via an earn in agreement.

• Ibaera Capital acquired 100% of Azumah in March 2020 • Since the initial acquisition into the Black Volta Gold Project, Ibaera Capital has deployed additional capital for further drilling across the 3 main deposits in addition to development capital to bring the project to shovel ready status. The DFS, mining license and environmental permits have been completed and received.

Operational Highlights • Azumah Management - 2017 • Ibaera management - 2018 to date

2017/2018 Work Program

2018/2019 Work Program

2019/2020 Work Program

2022/2024 Work Program

Kunche drilling

Mining licenses approved

Environmental permits

Ibaera engages No. 1 Contract

•

•

approved

Mining Firm in Africa - Engineers

Julie drilling

Kunche drilling

•

& Planners in partnership for

•

•

Updated reserve and mine

Mining Black Volta Project

Initial resource statement

Bepkong drilling

plan

•

•

•

•

Debt Financing process

Initial reserve

Updated resource Feasibility

Ibaera acquires 100% of

activated.

study

Azumah

• Mining to begin in earnest.

Sustainable Mining for Growth | 08

Environment and Community The Black Volta mine exhibits a strong social license in Ghana with a soft and low-carbon footprint, and best in class practice of corporate governance*.

Environmental

Social

Governance

40% renewable supply via the national Ghana electricity grid, which is the proposed power source via a new 2.5 km transmission line

• Will bring significant investment, employment and growth to regional Ghana

Develop an ethical and sustainable supply chain

• +98% of personnel are local Ghanaians, expected to create up to 1,000 jobs in Ghana

Environmental and Community Management • The Project has been in communication with stakeholders including regulatory, government institutions and bodies, local authorities and communities since 2010 • EIA approval received, incorporating significant engagement with local communities • Significant community support program engaged by Black Volta and the Australian High Commission • Parliamentary ratification of mining leases for commencement of mining • Feedback from stakeholder communication was incorporated into the documents prior to submitting the EIS (Exploration Incentive Scheme) to the EPA (Environment Protection Authority) • Environmental Social Impact Assessment (ESIA) was developed in accordance to the Equator • Principals (EP), IFC Performance Standards, IFC EHS Guidelines for Mining and the IFC EHS General • Guidelines. A gap analysis to EP’s was also conducted by Ibaera Capital1 As part of the ESIA development, baseline programs for major environmental constituents were conducted for the Kunche-Bepkong and Julie camps1.

• Community relations and consultation processes will run concurrently with the life of the Project.

• Community consultative committees have been established in local communities to facilitate this.These committees will meet regularly and act as a forum on key matters between the stakeholders and the Project

Sustainable Mining for Growth | 09

Permit requirements and baseline surveys conducted can be found below Programs

Commentary

Permits and approvals

The Black Volta Gold Project was granted environmental permits to commence construction and operation of mines for both Kunche-Bepkong and Julie sites in November 2019 and renewed until May 2024

Air quality management

Air pollution to be mitigated where possible

Waste water management

Water flow in the project area will be managed using diversions, ditches, culverts and sedimentation ponds. Water pit inflows are expected to be managed with pit sumps

Mine waste management

Waste rock sampled did not result in any acidic conditions, however samples returned high levels of arsenic. This may be of risk given potential for contamination. The Tailings Storage Facility will be placed in line with any wastage generated from the plant.

Ore haulage from Julie to the Processing Plant

Haul road will connect the Julie Reserve with the processing plant. Road will bypass communities while river and stream crossings will be managed

Waste management

Hazardous waste that is unsuitable for landfill will be stored on site to be shipped offsite for treatment

Closure management

Rehabilitation costs including reclamation, demolition and social related costs for both the Julie Mine, Kunche Mine and processing facility have been factored into the DFS

Social performance

Engagement with local stakeholders occurred during the DFS. Local governmental authorities welcomed the project, positively impacting economic conditions and job creation for locals. Adverse or negative impacts were expressed with proposed management and mitigation measures generally accepted

Commentary Key requirements were satisfied for the lodgement of the environmental permit. These include: • Baseline programs (see opposite table) • Lodgement of bonds with the EPA • Preparation and implementation of a Resettlement Action Plan • Undertaking a Health Impact Assessment for communities in close proximity • Numerous response plans including environmental management, emergency response, site wide water balance and closure plan • Submission of an Annual Management and Operations Manual for the Tailings Storage Facility • Implementation of environmental monitoring programmes • Implementation of a rehabilitation programme • Approval to discharge excess water to the environment • Submission of regular environmental monitoring and audit reports to the EPA

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Approvals ‘Shovel Ready’ project with all the necessary approvals and permits in place.*

Approvals Two 15 year Mining Leases in Place • Two mining leases have been granted for the project for a period of 15 years • RL.10/11 Kunche-Bepkong, dated 23 August 2018 • PL.10/5 Julie, dated 29 August 2018 • Additional 11 prospecting licences in place covering a 934 km2 area, providing exploration upside for the Project

Elimination of Illegal Miners • As of September 2018, the Government of Ghana has provided a military taskforce of 25 personnel that are permanently located at the Black Volta Kalsegra Camp. This team provides full time management of any illegal miners that encroach upon the property • There are now negligible numbers of illegal miners across the granted package of mining leases

Elimination of Illegal Miners • In November 2019, Black Volta was granted environmental permits to commence the construction and operation of mines at both the Kunche-Bepkong and Julie sites • Permits are effective and were renewed until 20 May 2024

Sustainable Mining for Growth | 11

Infrastructure All critical infrastructure is already in place with the project centered around the pits and process plant at Kunche-Bepkong.

Overview • The Project site is located approximately 50 km north-west to the regional centre of Wa, which has a population of over 100,000 people • Access is via the national highway, a major sealed road that runs directly past the site. Roads are available via Kumasi to the ports of Tema, 819 km from site, and Takoradi, 754 km from site • The existing exploration camp has a 26 person capacity. During construction an additional 84 beds are planned with the remaining staff housed in the towns surrounding the operations • c.40% renewable supply via the National Interconnected Transmission System. This existing reinforced ring circuit is in close proximity (2.5 km) to the proposed plant. Genser Ghana has proposed to be fully responsible for financing the 2.5km transmission lines, 161/11kV substation and all installation works for an agreed tariff as stipulated in a Power Purchase Agreement to be agreed. The proposed tariff is used for the DFS and is similar to the estimated tariff for sourcing from the state-owned electricity company, Volta River Authority (VRA)1 • The security systems include perimeter fencing and entry points with CCTV. Several major service providers have mobile phone infrastructure in the area. Mobile phone and communication networks will be procured

Sustainable Mining for Growth | 12

Ghana Premier Mining Jurisdiction Long History of Gold Production

• With a history of more than 150 years of gold mining, Ghana is Africa’s largest gold producing country • On average, Ghana produces c.4.0 Moz p.a. of gold • The Mining and Quarrying sub sector contributed to 7.5% of GDP in Ghana in 2020 • Leading gold producer in Africa and the 6th largest producer in the world in 2020 • 4th largest exploration budget in Africa ~14% of planned exploration expenditure on gold projects in 2020 • Top 3 ranked mining jurisdiction in Africa for investment attractiveness in the 2020 Fraser Institute Survey

Large and Skilled Workforce

• Currently, there are 30 operating mines, 3 are in construction or ramp up, with 121 assets in exploration stage • Highly developed mining culture, with major international companies operating in Ghana at various world class mines • Ahafo (Newmont, c.640 koz p.a.)

• Tarkwa (Gold Fields, c.525 koz p.a.)

• Obuasi (AngloGold Ashanti, c.400 koz p.a.)

•

Supportive Government

• Gold exploration spend has risen significantly in Ghana since 2016, with the appointment of a more business focused government Security

Security

• Ghana is considered to be a stable environment, with security risk rated at low to medium

31.28 million

Popula�on(2021)

$68.42 billion GDP(2020)

$3.88 billion

FDI(2019)

Sustainable Mining for Growth | 13

Historically, Ghana has been one of the leading nations in Gold production with continuous investment in exploration projects.

Established Statutory Framework and Tax Regime • The Government of Ghana has a right to take a 10% free carried equity interest in the Project under Section 8 of the Ghanaian Mining Act. The 10% equity interest is paid to the Government if and when a dividend is declared. Note that all estimates of post-tax financial returns provided in this document already account for a 10% Ghana Government interest • Corporate tax rate of 35% • Capital expenditure is written off for tax purposes at 20% p.a. on a straight-line basis • A Value-Added Tax (VAT) rate of 12.5% is applicable to operating costs during operations. VAT is assumed recoverable following commencement of gold production with returns submitted on a six monthly basis and a corresponding refund of claimed VAT received • Ghana Education Trust Fund levy (GETFUND) and the National health insurance levy (NHIL) are applicable to various operating cost components

African Gold Production by Country (2010 – 2019)

23%

Ghana

South Africa

Sudan

Mali

Burkina Faso

Tanzania

Zimbabwe

Cote d’Ivoire

Guinea

Senegal

Liberia

Ethiopia

Gold Exploration in Ghana (2010 – 2020)

Exploration budget (GHC m)

700 600 500 400 300 200 100 -

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Sustainable Mining for Growth | 14

IBAERA Capital Overview

IBAERA Capital Management • Ibaera Capital is an established mining private equity firm with technical expertise and active investment approach • Founded by executive teams from BHP and Fortescue Metals Group • Led by James Wallbank since 2012, previously Manager of Business Development for FMG • Team of 5 partners who have led roles in exploration, research, development, investment, construction and implementation • Strong technical background – Paul L’Herpiniere (Geology), Dr Jon Hronsky (Geology) and Peter Hairsine (Mining Engineering) • The Ibaera Capital partners have been directly associated with more than US$30b of new mine projects across multiple continents

Global Reach • Global reach with current assets in Europe, Africa and North America • Technical office located in Perth, Australia with staff employed across Perth, London, Belgrade and Accra

Operational Expertise • Partners have direct operating experience with more than 100 years of combined mine development and investment experience • Industry experience across notable miners: BHP, FMG, Gold Fields, Anglo American, Worley Parsons • Combined team of more than 70 people, including geologists, engineers and technical assistants across multiple continents

Origination • Dedicated research team tracking gold and base metal projects from first drill hole. This functions to identify and acquire early stage mining opportunities.

Sustainable Mining for Growth | 15

Key Case Parameters Key Mining Parameters & Outcomes • Use of mine contractors are assumed during construction, operational ramp up and for underground mining. Owner operator Komatsu fleet during LOM for the open pit mine • Optimization studies occurred in June 2019 resulting in a 10% reduction in mining costs (Orelogy) and processing costs. Optimization included use of an owner operator fleet model and optimized processing costs (Minnovo / DRA).

• Optimized pits assumed to be developed in 5m benches. Shallow pits (depth of less than 50m) designed with a single lane access ramp. Pits with depth beyond 50m designed with dual lane Ramps • Based on the results of the strategic schedule runs, the following overall development strategy was adopted: • Bench turnover limit of 10 x 5 m benches per year • Variable cut-off grade strategy – Stockpiling low grade ore for later processing

Key Base Case Parameters: • Optimized gold price US$1,350/oz • Fuel price US$0.89/litre (March 2020 landed cost) • Bench turnover Limited to 10 benches per year • Blasting i) material is subject to drill & blast ii) Powder factors – Kunche - 0.3 OX, 0.5 TR, 0.6 FR, Julie - 0.3 OX, 0.6 TR, 0.8 FR Key Dates • 6.1 Mt of ore up to end of operating Year 2 for 282 koz. Julie commences in Year 3, contributing 0.3 Mt ore to the 2.6 Mt Year 3 total • Commencement of Julie in Year 3 requires 59 km of road upgrades Bepkong UG development commences in Year 3 • In Year 3 and 4, 2.2 Mt is mined

Key Base Outcome Base case 30.1 Mt ore at @ 1.65 g/t for 1.6 Moz Strip ratio 5.7 : 1 Dilution Average 12% - dynamically modelled for each deposit Ore loss Average 8% - dynamically modelled for each deposit Average Mining rate 24 Mtpa Ore Reserve

26.1 Mt at 1.63 g/t for 1.40 Moz • Proven – 13.7 @ 1.5 g/t for 654.4 koz contained • Probable – 12.3 Mt @ 1.8 g/t for 715.9 koz contained

Sustainable Mining for Growth | 16

All In Sustaining Cost (AISC) Trend

Azumah’s BVM project has the lowest AISC in ghana at $905 /oz

Sustainable Mining for Growth | 17

10 Year Gold Production Trend - Ghana

Sustainable Mining for Growth | 18

“The Black Volta Project is in the middle of a very well mineralised Gold super-province, which hosts orogenic gold deposits”*.

Black Volta Mine

*source:- investment and technical reports. All rights reserved.

Geology and Resources

Regional Geology The Black Volta Project is in the middle of a very well mineralised Gold super-province, which hosts orogenic gold deposits.

Overview

Regional Map of Significant Gold Deposits

• Gold mineralisation of the region is confined to the West African Craton (WAC) and can be classified as Birimian terrane with greenstone belts hosting deposits of the orogenic gold class.These types of deposits are well known for growing significantly over time with additional exploration investment • These deposits are known to extend to great depth and occur in districts with multiple individual deposits – typically only the most obvious, near-surface deposits are found in the first phase of exploration • The entire WAC (including all of the Project area) has been subjected to deep tropical weathering, with formation of a thick residual regolith profile, including saprolite, mottled zone and pisolitic duricrust • Overall, a prolonged history of uplift and weathering in north-west Ghana where the Project resides has resulted in complex regolith patterns and profiles, including: • Lateritic duricrust, which may include: • Lateritised transported colluvium and alluvium • Residual duricrust • Erosional regolith on mottled zone or saprolite • Depositional regolith, including colluvium with reworked pisolitic duricrust and alluvium related to modern drainages

Sustainable Mining for Growth | 21

Resource Overview Substantial gold mineralisation with a total JORC 2012 Resources of 2.8M oz across 12 deposits with significant upside anticipated from further drilling Resource (JORC 2012) • In September 2020, Extomine updated Julie’s Resource estimate at JORC 2012 standard, upgrading the combined Project’s Resource estimate across the 12 deposits as per the below table1:

Project map c.934 km² of tenements with >50 km strike The picture can’t be displayed.

!

JORC 2012 Compliant Resource2

Tonnes Grade (g/t) Ounces

Measured

Indicated

Inferred

Total

13,178,000

17,910,000

25,712,000

56,800,000

1.6

1.8

1.3

1.5

693,400

1,015,600

1,094,000

2,803,000

• From 2006, over US$100 million has been expended by various parties on Project exploration and studies, making it one of the most active exploration programs in West Africa • >728,000 m of drilling (+14,000 holes, 50 m average depth) • >33,000 auger geochemical holes • >100,000 surface samples • ~700 koz Resource and Reserve increase in the past 2 years indicates substantial resource upside that can be realised with further systematic exploration. Multiple additional prospects exist with drill-defined mineralisation not included in the Resource inventory • Processing plant to be located adjacent to the Kunche-Bepkong camp in the Wa Lawra area per the DFS, with trucking of ore from satellite pits including from the Julie region c.83km from the Wa East area via haulage road • Only ~10% of the c.934km2 landholding has been fully explored, with the success to date providing strong support for the potential to further expand Mineral Resources and Ore Reserves by additional exploration • Other exploration by Ampella Mining/Centamin (50 km from the Project in Burkina Faso) where 3.1 Moz has been defined and smaller discoveries by Castle Minerals Ltd confirms the prospectivity of the region

Sustainable Mining for Growth | 22

Resource Overview Total JORC 2012 Resource of 2.8 Moz contained gold at a grade of 1.5 g/t Au located across the Kunche-Bepkong and Julie regions.

Commentary

Resource Summary by Deposit¹

• The Kunche-Bepkong region is located approximately 50 km northwest of the town of Wa. The Julie region is located approximately 40 km east of Wa • Drilling has been undertaken on consistent patterns with near surface 25m by 25m (some closer) with deeper 50m spacing and larger at depth consistent with industry practices for the style of mineralisation and suitable to enable estimation for a Life of Mine plan • The Mineral Resource is supported by samples collected from RC and DD drilling.

RC holes were drilled with a 5.25-inch hammer bit and DD holes drilled with HQ diameter (63.5 mm) coring bit • Refer to VDR for further information, e.g. block models, Resource reports, grade control, QA/QC

Sustainable Mining for Growth | 23

Kunche-Bepkong Region Kunche and Bepkong are located 50km north-west of Wa and present mineralisation open at depth and along strike with 2 new targets identified for large deposits in addition to the existing Resource Commentary

Kunche-Bepkong Geometry

• The Kunche-Bepkong region will feed ~97% of processed ore during the first 3 years of production based on the DFS mine plan. All the deposits will be mined using an open pit, with the exception of Bepkong, which will be mined using both open pit and underground methods • Two new target areas have emerged to the north of Kunche and Bepkong for large deposits. The new targets are characterised by coherent Au-As anomalism and are spatially associated with NE cross-faults and anticline fold structures – key local controls for economic mineralisation within the Kunche-Bepkong camp • Mineralisation at Kunche is hosted by a 1.4 km long north-south striking quartz-vein system characterised by dark grey vein quartz and minor sulphides - concentrated on vein margins and of sedimentary fragments within breccia zones • Drilling has demonstrated that Bepkong is hosted within the same meta-sedimentary package as Kunche • Kunche and Bepkong sediments contain metamorphic muscovite (lower greenschist facies) aligned in a moderate to strongly penetrative S2 fabric. As a function of the host rock difference, the deformation at Bepkong is more ductile in nature than Kunche

Kunche-Bepkong New Target Geochemistry

Bepkong

Aduane

Kunche

Kunche NW

Sustainable Mining for Growth | 24

Kunche Deposit The Kunche deposit is currently the largest deposit located in the Kunche-Bepkong region. Targeted drilling has intersected high-grade mineralisation for enhanced pit optimisation.

Commentary

Kunche Pit Outline And Gold Resource Wireframe

• The Kunche deposit is one of the main ore bodies and will feed ~38% of processed ore during LOM production based on the DFS mine plan • The Kunche Resource is comprised of 53% Measured, 17% Indicated and 30% Inferred Resource • Mineralisation at Kunche is associated with a major approximately north-south striking quartz-vein system. The system is characterised by dark grey vein quartz with minor sulphide, which is largely concentrated on vein margins in the orogenic deposit • The drilling consists of 15 diamond drill holes, 614 Reverse circulation (RC) holes for 59,939 m, and 86 RC/Diamond tail holes for 18,792 m.

Drill hole spacing varies across the deposit; along strike spacing varies from 20 m to 50 m and across strike 10 m to 40 m

Sustainable Mining for Growth | 25

Bepkong Deposit Significant high-grade mineralisation discovered beneath the historic Bepkong Resource. Both open cut and underground mining methods to be employed per the DFS mine plan.

Commentary

Bepkong Pit Outline and Gold Resource Wireframe

• The Bepkong deposit is one of the main ore bodies and will feed ~23% of processed ore during LOM production based on the DFS mine plan • The Bepkong open cut Resource is comprised of 78% Measured, 14% Indicated and 8% Inferred Resource. The Bepkong underground Resource is comprised of 1% Measured, 59% Indicated and 40% Inferred Resource • A total of 10 mineralisation domains were used to constrain the Resource based on a lower grade cut off of 0.1g/t Au. This results in increased waste zone definition, with a high resolution without bias or triangulation

Sustainable Mining for Growth | 26

Kunche-Bepkong Upside The drilling at Kunche-Bepkong demonstrates that the deposits are likely to deliver substantial additional resources at depth.

Geochemical anomalism at Bepkong North stronger and more extensive than the high-grade Bepkong UG deposit.

Commentary • Following the discovery of deeper mineralisation beneath and to the south of Bepkong, over 1,800 auger holes were completed in 2019/20 to improve target definition for deeper mineralisation associated with a more-subtle surface geochemical expression. The auger drilling identified several new zones of strong and coherent gold-arsenic anomalism to the north of Kunche and Bepkong • The 1.5 km x 0.5 km Bepkong North anomaly is 3x larger than the geochemical footprint associated with the +500 koz Bepkong deposit, indicating potential for significant new resources • 10,000m RC/DD program (US$2 million) designed to test the upside of the Kunche-Bepkong Camp

Kunche Conceptual Long Section

Bepkong Conceptual Long Section

Sustainable Mining for Growth | 27

Julie Region High grade mineralisation open down-dip with the base of the optimised pits corresponding to the approximate limit of current drilling. It is the second region to be mined in the DFS mine plan.

Commentary

Julie Geometry

• The Julie region will feed ~38% of processed ore during LOM production based on the DFS mine plan from year 3.

All the deposits in the region will be mined using an open pit • The Julie region is c.83km south east of the Kunche-Bepkong camp with a haulage road planned between the two camps before mining commences in the Julie region (59 km of road upgrades required) • Re-interpretation and modelling of geological and geochemical data has provided fresh insights into local mineralisation controls and led to the recognition of several significant new targets • The gold mineralisation at Julie is hosted in quartz veins, along a demagnetised mylonite horizon and is flanked by moderate to strong potassic alteration which grades into epidotised tonalites. The mineralisation appears to bulk out and increase in grade where NE trending structures intersect the main east-west shear zone • From radiometric imagery, strong potassium signatures are present and generally located to the south of the main east-west shear structure

Sustainable Mining for Growth | 28

Julie Deposit The Julie deposit is currently the largest of the deposits located in the Julie Region gold district with multiple ore-shoots open at depth and along strike.

Commentary

Julie Pit Outline And Gold Resource Wireframe

• The Julie deposit is one of the main ore bodies and will feed ~34% of processed ore during LOM production based on the DFS mine plan • The Julie deposit Resource is comprised of 6% Measured, 51% Indicated and 44% Inferred Resource • The Julie deposit is a series of mineralised pods, to be mined using open cut method. The pods are located along a 3.5 km segment of a ~6 km long, east-west-trending shear zone, which dips consistently 30-40° north.

The mineralisation is predominantly quartz vein hosted, which occurs within sheared potassic altered tonalites • Drilling at Julie comprised of 900 drill holes for 68,764m including, diamond drilling (2,005 m), RC drilling (61,156 m) and drill holes collared

by RC and completed by DD (5,603 m) • Fire assay analysis was conducted on 41,531 drill samples, with the drill holes typically drilled at a dip of between 45 degrees and 60 degrees towards 180 degrees with a small number of drill holes in the east drilled at similar dips towards 270 degrees

Sustainable Mining for Growth | 29

Julie Region Upside Regional exploration continues to generate targets with the potential to deliver multiple new shallow deposits and is considered highly prospective.

• The Julie region will feed ~38% of processed ore during LOM production based on the DFS mine plan from year 3. All the deposits in the region will be mined using an open pit • The Julie region is c.83km south east of the Kunche-Bepkong camp with a haulage road planned between the two camps before mining commences in the Julie region (59 km of road upgrades required) • Re-interpretation and modelling of geological and geochemical data has provided fresh insights into local mineralisation controls and led to the recognition of several significant new targets • The gold mineralisation at Julie is hosted in quartz veins, along a demagnetised mylonite horizon and is flanked by moderate to strong potassic alteration which grades into epidotised tonalites. The mineralisation appears to bulk out and increase in grade where NE trending structures intersect the main east-west shear zone • From radiometric imagery, strong potassium signatures are present and generally located to the south of the main east-west shear structure

Airborne EM Resistivity And Geochemical Anomolies

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Additional Upside Exploration Additional areas of substantial Resource growth exist within the Project area with multiple prospects showing drill-defined, open ore-grade mineralisation for immediate follow-up.

Exploration Potential 1. Extensions to the known major deposits (Kunche, Bepkong, Julie), which have only be drilled to relatively shallow depths1 2. Potential for significant new deposits within the broader footprint of the main Kunche-Bepkong camp 3. Potential for significant new camps and deposits within the 934 km2 Project area 4. Ibaera holds further prospecting licences (c.700km2) surrounding the Project area

Bepkong East Discovery – Black Volta Case Study • The discovery of strong mineralisation by Ibaera at depth at Bepkong in late 2018 was based on the recognition of subtle (~100ppb Au) anomalism in shallow historical RAB drillholes and an underlying single historical hole (BRCD452A) which intersected 5m @ 5g/t Au from 257m depth • The first follow-up drillhole into the target space (BRCD487) intersected ~100m @ 2g/t Au, including 9m @ 9g/t Au, 180m below the subtle shallow anomalism • Further holes intersected similar thick ore zones, comprising several higher-grade lodes occurring along a strike length of ~250m, leading to a maiden underground Resource of ~280 koz @ 3.6g/t Au • This discovery led to several key learnings for the Project as listed on the right

Key Learnings

1 Previous exploration has only found the easiest to discover near-surface mineralisation

2

3

Auger geochemistry effectively maps major mineralised systems with depth potential

Multiple very strong targets remain in the Project area

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Additional Exploration Potential – The Greater Kunche-Bepkong Region Multiple mineralisation corridors and ore-controlling NE-trending faults exhibit favourable geochemical footprints around the Kunche-Bepkong camp.

Overview Site

Commentary

Bepkong North

• Historical drilling with an average depth of 50m indicated multiple intersections of shallow mineralisation and subtle anomalism • Main target has a footprint 3 times the size of the 0.5 Moz Bepkong deposit. The geochemistry appears to map an anticline, similar to the structural setting of the Bepkong deposit

Kunche North

• Newly identified >20ppb Au and >20ppm As halo with cumulative strike of >1000m has emerged north of Kunche • Historical drilling with average depth of 55m indicated several anomalous intersections. Further drilling and testing to be conducted with the best parts of the anomaly not yet drilled

Kunche South

• Strong gold anomalism detected immediately south of Kunche. ~850 AC holes with an average depth of 60m were drilled, and 37 follow-up RC holes. In addition to strong gold anomalism, bulk tonnage potential untested

Sabala

• Initial testing involving shallow drilling with 8 RC holes to an average depth of 80m.

There is 6km worth of cumulative strike of gold auger anomalism with additional targets identified in this region untested by drilling

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Additional Exploration Potential – New Major Camps Significant prospects with large gold anomalies exist with extensive prospective areas remaining unexplored.

Commentary • Initial exploration of a new camp – Doggo Yagha exhibits additional upside with significant gold drill intersections for follow-up • Large gold-anomalous footprints with only limited drill testing conducted • Further potential for new camps reside within the licences held by Ibaera .

These camps also exhibit similar characteristics of significant gold drill intersections and gold anomalies

Doggo-Yagha

Cross Section Of Initial Drilling At Doggo-Yagha

• Initial drilling has determined a 8km x 1.5km footprint with >5ppb Au and >20ppm • Historical drilling with average depth of 54m has revealed multiple intersections of shallow mineralisation and subtle anomalism. Cross sectional images of drilling results at various depths can be seen to the right • Geochemistry appears to map an anticline, similar to the structural setting of Bepkong • Doggo Yagha exhibits important NE-cross structures cutting prospective structural corridors • Yagha deposit is outcropping with no auger drilling in proximity • Further exploration upside as only limited deep drilling was conducted

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Additional Exploration Potential – Julie Region Besides Julie Main, there are multiple exploration targets in the Julie Region.

Doggo-Yagha • • •

Potential exploration upside at Danyawu with initial drilling of up to 50m depth. +10 g/t mineralisation open and untested Optimised pit design reaches base of existing drilling Danyau has potential for high grade underground resources

Manwe • • •

Potential exploration upside at Danyawu with initial drilling of up to 50m depth. +10 g/t mineralisation open and untested Optimised pit design reaches base of existing drilling Danyau has potential for high grade underground resources

Josephine • • •

Potential exploration upside at Danyawu with initial drilling of up to 50m depth. +10 g/t mineralisation open and untested Optimised pit design reaches base of existing drilling Danyau has potential for high grade underground resources

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Additional Exploration Potential – Julie Region (Cont’d) Airborne EM identified multiple anomalies in Julie Region.

Commentary • • • •

Collete contains a series of high-grade plunging shoots hosted within EW-trending fault zone. There are phyllite host-rocks with strong quartz veining. Initial drilling indicates contained gold of up to 79 koz with drilled mineralisation open at depth and spatially associated with airborne EM conductors Multiple untested anomalies remain at Collete, detected via the airbone EM. This can provide further exploration upside if testing returns positive Airborne EM shows for Madams Farm indicates presence of gold anomalies, with a >1km EM conductor on Granite-Volcanic contact, along strike from shallow drilled mineralisation Further information on exploration potential is available in the Black Volta Resource Upside Presentation September 2021

Collette Airborne EM – Conductivity CH20

Madams Farm airborne EM – Conductivity CH20

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" A stable exciting mining jurisdiction in Wa, Ghana.

All critical infrastructure and licenses in place”.

Shovel-ready Project High Grade Resource (91.1% Gold recovery// 5.7.1 strip ratio )"

*source:- investment and technical reports. All rights reserved.

Project Team The Board, Management and Technical teams have significant years of experience and achievement in all aspects of delivering profitable and transformational mining projects, globally.

Board of Directors – Black Volta Project Collectively the Black Volta Project team have developed more than 10 major mines to construction, with a cumulative construction value in excess of US$10 billion.

James Wallbank has led Ibaera since its formation. He was the former Manager of Business Development for Fortescue Metals Group, a US$50 billion market cap miner, responsible for all M&A activity in Australia and internationally. Prior to joining FMG, James was Manager of Iron Ore for Worley, one of the largest project delivery businesses in the world with over 60,000 staff.

James Wallbank (Board Chair)

Noel is a respected Banking and Finance Leader in West Africa with a 25year career track specializing in pension funds management and investment banking. He has led and held several leadership roles in Ghana's largest pension fund (the Social Security and National Insurance Trust-SSNIT) including the acting Director-General and Deputy Director General for Investments. Noel has served as the Chief Investment Officer at HFC Bank Investments (Now Republic Bank Plc) , rising into the role from the rank of Deputy General Manager.

Other directorships held by Noel include Executive Director- Strategic African Securities; Director - Ghana International Bank, PLC; Director- CAL Bank; and Director- Universal Merchant Bank.

Noel Nii Addo (Director)

Nana is widely regarded amongst as a strategic African Banking Leader. At Standard Bank, Nana is reputed to have grown the Business Banking division by over 200% in 5 years, inter alia with innovative structuring of mining finance solutions for mining firms in Ghana. Nana recently served as the Chief Executive of Ghana's oldest Merchant Bank, UMB and holds several directorships , including as Chairman of the College of Education of the University of Ghana.

Jon is a recognized world-leader in mineral geology and strategic advisor to the executive of some of the leading mining companies in the world. Former Manager of Global Strategy for BHP; former Global Geoscience Leader at WMC Resources; Chairman of the Australian Geoscience Council, the peak body for Australian geoscience-related professional organizations, from 2013 to 2020; and Order of Australia medal recipient for services to mining; Jon is arguably Australia’s foremost mineral geologist Australia.

Nana Dwemoh Benneh (Director)

Dr Jon Hronsky, OAM (Board Member)

Sustainable Mining for Growth | 38

Finance Committee Noel is a respected Banking and Finance Leader in West Africa with a 25year career track specializing in pension funds management and investment banking. He has led and held several leadership roles in Ghana's largest pension fund (the Social Security and National Insurance Trust-SSNIT) including the acting Director-General and Deputy Director General for Investments. Noel has served as the Chief Investment Officer at HFC Bank Investments (Now Republic Bank Plc) , rising into the role from the rank of Deputy General Manager.

Other directorships held by Noel include Executive Director- Strategic African Securities; Director - Ghana International Bank, PLC; DirectorCAL Bank; and Director- Universal Merchant Bank.

Nana is widely regarded amongst as a strategic African Banking Leader. At Standard Bank, Nana is reputed to have grown the Business Banking division by over 200% in 5 years, inter alia with innovative structuring of mining finance solutions for mining firms in Ghana. Nana recently served as the Chief Executive of Ghana's oldest Merchant Bank, UMB and holds several directorships , including as Chairman of the College of Education of the University of Ghana.

Philemon is an astute banking and finance professional with over 20 years' experience leading business and wholesale banking franchises in West Africa. Philemon currently leads all revenue streams at the Universal Merchant Bank, including retail, private, commercial and business banking. His previous roles have included Head-Commercial Banking at Stanbic Bank Ghana (Member of Standard Bank Group) and stints at standard chartered and ABSA Bank. Philemon is a non-executive director at Mallet Wricketts PLC.

Bobby is a founding partner of Robert Smith Law Group. He is a founding member of the steering committee of the Ghana Chapter of the Chartered Institute of Arbitrators (Ciarb). and a member of the panel of arbitrators of the Ghana ADR Hub. Bobby is a noted leader in all aspects of West African law and has published a widely referenced book titled “Civil Litigation in the High Court of Ghana”

Noel Nii Addo (Director)

Nana Dwemoh Benneh (Director)

Philemon Okyere Danquah (Director, Finance)

Bobby Banson Esq. FCIArb. Arb. (Exec Director, Legal/Compliance) Consultant

Sustainable Mining for Growth | 39

Technical Committee Emmanuel has been a mining professional since 1995 and has had an excellent track record both as a mining engineer and as a mining manager.Prior to joining E&P, he worked with First Quantum, for 13 years, in an engineering advisory role on their USD5.5bn state of the art Cobra Panama Copper Mine Project in Panama, South America. He is also credited for starting four (4) greenfield world class mining projects in Africa while working with First Quantum. Emmanuel has achieved impact and success working on mining project in : Ghana, Jamaica, Zambia, DR Congo, Mauritania and Panama.

Emmanuel Erskine Business Development & Improvement Director – E&P (Member – Black Volta Project Technical Committee)

Robert has in excess of 30 years experience in the extractive resources industry . this track spans extensive period in mine development, general civil and construction negineering leadership and engineering consultancy. Robert has led the delivery of superlative projects at Kimberly Mineral Sands; Myanmar Metals Ltd. and Lycopodium Minerals Pty. Ltd.

Robert Cicchini (Project Director)

Peter is a recognized leader in project development with more than 20 years of experience in the development of mining projects through to construction. Peter has been responsible for the development of almost US$10 billion of major natural resources projects in Australia, Africa and Asia during his time as Project Study Manager and Manager of Business Development for Fortescue Metals and Study Manager at Worley.

Paul leads the team that generates and evaluates investment opportunities for Ibaera. He has led some of the largest and most economically successful exploration programs ever undertaken in Australia as Exploration Manager at Fortescue Metals Group. Paul has also led international exploration and development teams at companies including Gold Fields and Anglo American across Asia, Africa and Australia.

Peter Hairsine (Technical Committee Member)

Paul L’Herpiniere (Technical Committee Member)

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Partnership with West Africa’s No. 1 Mining Contractor

Profile of Project Mining Contractor E&P is a limited liability company incorporated in Ghana in 1997 and is a member of the Ghana Chamber of Mines. The Company is the largest indigenous mining contractor in Ghana and has provided contract mining services to leading mining firms in Ghana and Liberia, primarily on gold and iron ore mines.

Currently, the Company primarily works with GFG but has also previously worked with other leading mining firms such as Africa Mining Services and Golden Star Bogoso, growing from executing contracts worth under USD1 million to over USD2.5 billion currently. E&P has also worked with ArcelorMittal, the world’s leading integrated steel and mining company, to mine, process, and export iron ore in Liberia.

E&P Contract Mining Journey: Equipment rental & bulk haulage < USD5m

TSF / leach pads construction < USD50m

ESmall scale & satellite pits < USD100m

Medium scale contract mining < USD200m

Big league contract mining USD2bn+

2011 - 2014 1997 - 2006

2014 - 2018 2006 - 2011

2018 - Date

Sustainable Mining for Growth | 42

Profile of Project Mining Contractor

TARKWA

DAMANG

Sustainable Mining for Growth | 43

Profile of Project Mining Contractor

Sustainable Mining for Growth | 44

E&P Technical Expertise – Contract Mining Sid Steyn Managing Director Sid is considered one of the leading experts in hands-on mining operations on the continent. Sid, a south African is a certified Mining Engineer with over 40 years industry experience. He has proven expertise in Surface Gold Mining, Underground Gold Mining, Chrome Mining (Surface and Underground), Surface Copper Mining, Bauxite Mining, Iron Ore Surface Mining. Sid has previously worked with First Quantum Minerals (Zambia), Henry Walker Eltin (Jamaica), African Mining Services (Ghana).

Majeed Abu Technical Director Majid is a respected mining development leader with almost 2 decades of industry experience. Majid holds and an MBA from Durham University Business School (UK); a Mine Manager’s Certificate (Ghana) and is a Member of the Society of Mining Metallurgy and Exploration (USA). Majid has previously served as Chief Mining Engineer at Randgold Resources, Loulo Mine (Mali) and as Engineering Superintendent at GFGL (Tarkwa) and AGL (Damang) for African Mining Services.

Biliguo Adama Operations Director Biliguo is an experienced Ghanian mining engineer with over 20 years' experience. Biliguo read for an MSc. in Mining Engineering from the University of Mines, Tarkwa. His previous stints include a billet as Technical Manager and Production Manager at First Quantum Minerals (Zambia) as well as Pit Superintendent at African Mining Services and Senior Mine Planning Engineer with the erstwhile Teberebie GFGL Tarkwa, Ghana

Sustainable Mining for Growth | 45

E&P Technical Expertise – Contract Mining Emmanuel Eskine Business Development & Improvement Director Emmanuel has been a mining professional since 1995 and has had an excellent track record both as a mining engineer and as a mining manager.Prior to joining E&P, he worked with First Quantum, for 13 years, in an engineering advisory role on their USD5.5bn state of the art Cobra Panama Copper Mine Project in Panama, South America. He is also credited for starting four (4) greenfield world class mining projects in Africa while working with First Quantum. Emmanuel has achieved impact and success working on mining project in : Ghana, Jamaica, Zambia, DR Congo, Mauritania and Panama.

Dr. Nicholas Iddi Kassim Health, Safety & Environment Manager Nicholas is a a PhD. in Natural Resources and MSc. Ecosystems management from University of Wales (UK). Additionally, Nicholas has achieved a a BSc. Natural Resources from KNUST and a Diploma, Wildlife Management, College of Wildlife Management (Tanzania).

Nichalas is a known operator in the enviromnetal and safety field, with a 25 year track record. Previous billets have been with UNDP as coordinator of Ghana’s Environmental Conventions Authority (of the World Bank) on sustainable land and water management

Sustainable Mining for Growth | 46

Community Development and Impact

The project has been structured with ESG and SDG principles in the project DNA. This includes strict adherence to the licensing regime, clear opportunities for local content input and participation, as well as iron-clad commitments to a low-carbon footprint.

Impact on Our Communities The project has been structured with inbuilt ESG and SDG principles in the project DNA. This includes strict adherence to the licensing regime, clear opportunities for local content input and participation , as well as iron-clad commitments to a low -carbon footprint.

Water Projects

Culture & Sports

Education

Local Government, Rural, Traditional Authorities, National & Social Events

GHC

315,011.75

Agriculture

GHC

241,627 GHC

Security

GHC

GHC

294,142.19

Health

GHC

44,832

112,057

Infrastructure & Roads

8,278 GHC

14,400

GHC

538,501.79

Total Value in Community Development

GHC 1,568,849.73 Sustainable Mining for Growth | 48

Impact on Our Communities

Sustainable Mining for Growth | 49

Global Partners

Role

Ownership and leases Drilling Geology Mineral resources Mine geo-technical Mine engineering & reserves Metallurgical test work Comminution test work Metallurgy Site geo-technical Tailings Storage Facility Water sourcing and storage

Contributors

Ibaera Geodrill Ibaera Extomine / CSA Peter O’Bryan & Associates Orelogy Bureau Veritas JK Tech Minnovo / DRA Knight Piésold (WA) Knight Piésold (WA) Knight Piésold (WA)

Role

Hydrology and hydro-geology Environmental and social Process plant engineering Comminution circuit Power supply Infrastructure Project implementation Operating cost Capital cost Risk assessment and management Financial analysis Tax advice

Contributors

Knight Piésold (WA) SAL (Ghana) Minnovo / DRA Orway Mineral Consultants Genser / ECG Engineering Increva, Knight Piésold Increva Lycopodium / Ibaera Increva / Ibaera / EPC Bidders Increva / Ibaera Ibaera Ernst & Yong

For further consultations on investments and project participation, please use the details below:

+233 30 279 7420 info@azumahresources.com.gh

5 Kinshasa Street, East Legon, Accra Private Mail Bag CT 452 Cantonments Ghana

*Cautionary Note: Sourced from Azumah Resources Proprietary Reports. Not to be used without recourse and permission from Azuma Resources.