#1Andiamo EXPLORATION LTD. Exploring for Gold, Silver and Copper in Eritrea - on a large portfolio with identified Drill Ready Targets Capital Raising Presentation Q4 2021#2Disclaimer 2 This presentation (the "Presentation"), which has been prepared by Andiamo Exploration Limited (the "Company" or "Andiamo"), is confidential and is being provided to a limited number of recipients solely for their information and may not be copied, published, reproduced or redistributed in whole or in part to any person at any time, or used for any other purpose, without the prior written consent of the Company. The Presentation has not been independently verified and the information contained in it is subject to updating, completion, revision, verification and further amendment. The Presentation does not purport to contain all information that a prospective investor may require. 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Andiamo EXPLORATION LTD. 1#3Company and Transaction Overview Company UK private company incorporated in England & Wales US$13.7 million invested in the Company to date Transaction • • . Pre-IPO fundraising to raise £1.75 million (US$2.4 million) to perform pilot-scale testing, prepare for planned drilling program and fund an AIM IPO process Fundraising via convertible notes with 10% annual interest and automatic conversion at IPO into equity at the lower of (i) a 25% discount to the IPO share price, and (ii) 4.7p per share (£5.8m pre- money valuation) AIM listing planed for H1 2022 Copper Oxide in Trench 3 Andiamo EXPLORATION LTD. 1#4Investment Highlights • • • 210 km² Haykota licence located in the Nubian Shield, 50 km due south of the Bisha Mine and on the southern extension of the Bisha metallogenic belt • Arabian-Nubian Shield is a recognised mineralised region which has had limited modern exploration, yet contains at least 60 known VMS deposits Bisha metallogenic belt contains numerous gold bearing gossans 60% interest in Bisha VMS Mine acquired by Zijin Mining in 2019 via US$1.4 billion acquisition of Nevsun Resources 55 km strike length potential over contiguous tenements with 9 priority (1) and 4 secondary drill targets over 15 km strike Yacob Dewar gold/copper project is focal point for exploration, with current NI 43-101 Resource: • • . Gold model: 1 Mt @ 2.82 g/t Au Copper model: 1.1 Mt @ 1.42% Cu Resource only covers first 50m in depth (open at depth), for a contiguous 1.1 km Preliminary financial analysis of existing Yacob Dewar resource indicates early cash flow and attractive profitability, with upside from known (un-drilled) satellite gold targets within the licence area Drilling Yacob Dewar Short-term potential resource uplift of several 100,000 ounces of gold per kilometre of strike, with identified targets (Management assessment) Identified "blue sky" VTEM and geophysical targets with massive uplift potential • Additional upside from adding more targets with additional work and new licence application • Experienced management team with geological and operational expertise in Eritrea and the Arabian-Nubian Shield • Strong shareholder base with AMED Funds representing 43.4% of the Company (1) 8 priority targets identified in the N143-101 report and 1 subsequent target identified by Management 4 Andiamo EXPLORATION LTD. 1#5Why AMED Funds Likes Andiamo "NurtureEx B.V. (a subsidiary of AMED Fund II focussed on early-stage exploration) identified Andiamo Exploration Ltd and the Haykota License Area as a highly favourable investment destination, which could generate short term growth by passing the following investment criteria: 5 • • Unique opportunity for an early, low capital entry onto a proven, prospective geological setting along strike, bordering the Bisha Mine as well as the Harena, Hambok and Asheli VMS deposits; Potential for rapid, low-cost discovery of multiple polymetallic VMS and Orogenic Gold deposits through the generation of walk-up drill targets from re-interpretation of good quality existing data; and Immediate access to existing exploration infrastructure and in-country technical and government expertise for the potential expansion of the Fund's footprint across the highly prospective and under-explored Nubian Shield." Johan Ingwersen Former CEO of Nurture Ex B.V., an incubator sub-fund of AMED and parent of EmeraldEx, Andiamo's principal shareholder Andiamo EXPLORATION LTD. 1#6Management and Directors 6 Theo Botoulas - Director and CEO Mining Engineer holds a M.Sc (Mining Engineering) (Wits), South African Mine Overseer and Mine Managers Certificates and is a Registered Professional Engineer with the Engineering Council of South Africa. He has 35 years' experience in mining operations, asset management and finance and currently serves as CEO of JSE Listed Union Atlantic Minerals Limited. Mark Parker - Non-Executive Chairman Experienced mineral exploration entrepreneur and geophysicist with 46 years' experience. Joined Andiamo in April 2011. Founder and Managing Director of the Equator Gold Group, director (formerly Chairman) of International Geoscience Service Ltd and director of the Walzinc sprl. Formerly Managing Director of African Eagle Resources plc. Rudolph de Bruin - Non-Executive Director Mr. de Bruin is a South African trained lawyer and developer of several mining projects in Africa: Platmin, Sephaku Cement, SepFluor and others. Co-Chairman at Taung Gold International Ltd. and a Founding Partner at AMED Funds. Dr Seife Berhe - Director and Country Manager, Eritrea Geologist, expert in Eritrean geology and its mineral deposits, authoring on Eritrean crustal evolution. Specialist in remote sensing applications for identification of economic mineralization. Founder of Global Resources, an environmental consultancy in Eritrea. PhD in geology and remote sensing. Country Manager and Formerly Director of Eritrean Minerals Corporation. David Paxton - Non-Executive Director Mining engineer, trained in the South African Mining Industry and holds a South African Mine Managers Certificate. He has nearly four decades of experience in capital markets and mining operations experience, initially in South Africa, and latterly based in the United Kingdom. He currently serves as Chief Executive Officer of Kalahari Copper (October 2014 - present). Johan Ingwersen - Non-Executive Director Representing Emerald Ex B.V., a portfolio company of AMED Funds. Exploration geologist with over 25 years multi-commodity experience across Africa and the Middle East. Currently CEO and director of Thani Stratex Djibouti Ltd. Ashley Turk - Non-Executive Director Representing EmeraldEx B.V., a portfolio company of AMED Funds. Highly experienced administrator. Andiamo EXPLORATION LTD. 1#7Gold, Silver and Copper Global investment demand for gold has grown by an average of 15% per year since 2001 and the gold price has increased almost seven-fold over the same period (1) Gold Copper and Silver Prices 200% • Fiscal stimulus and infrastructure spending plans have followed the Covid-19 induced global economic downturn 175% • Gold has long been considered a hedge against inflation, and in years when inflation was higher than 3%, the gold price increased an average of 15% per year (2) 150% • Stimulus plans include a focus on green transition and carbon reduction January 2020: Beginning of global coronavirus pandemic • Battery Electric Vehicles are estimated to require 1.6 to 2.2 times more silver (3) and 3.6 times more copper(4) than traditional Internal Combustion Engine vehicles 125% • Solar and wind technologies need four to six times as much copper as conventional energy (5) 100% • The Solar photovoltaic industry consumed 101 Moz of silver in 2020, a 13.3% CAGR since 2015, compared to total mine production of 784.4 Moz in 2020 (12.9% of mine production) (6) (1) 31 December 2000 to 31 December 2020. Source: World Gold Council (2) As of 31 December 2020. Based on y-o-y changes in US dollars for 'gold': LBMA Gold Price PM, and 'inflation': US CPI since January 1971. Sources: Bloomberg, ICE Benchmark Administration, World Gold Council (3) The Silver Institute, Silver's Growing Role in the Automotive Industry, January 2021 (4) Wood Mackezie, Copper: Powering Up the Electric Vehicle, 13 August 2019 (5) Copper Development Association Inc. and Antofagasta Plc (6) The Silver Institute, World Silver Survey 2021 75% 7 March/April 2020: China lockdowns lifted 50% 2019 2020 2021 -Gold -Silver Copper Source: Bloomberg Andiamo EXPLORATION LTD. 1#8• Why Eritrea? Highly prospective geology (Arabian-Nubian shield) with proven economic mining deposits • Significant operating mines in Eritrea include: • • • . Bisha: VMS gold, copper and zinc mine, 55% owned by Zijin Mining, following US$1.4 billion acquisition of Nevsun Resources in 2019; (2016 Measured & Indicated Resources of 20.6 Mt @ 0.98% Cu, 5.74% Zn, 0.7 g/t Au, 45 g/t Ag) Koka/Zara: orogenic gold mine, 60% owned by China SFECO Group; (Probable Reserve 4.6 Mt @ 5.1 g/t Au) Supportive Government participation, with Eritrean law providing that: • Government may acquire (without cost to itself), a participation interest of up to 10% percent of any mining investment; and The Government may also purchase an additional 30% equity participation (total of 40%, including the 10% free-carried) via ENAMCO (the State mining company) The price paid for the additional 30% portion is settled by negotiation, based on valuations by independent experts, with ENAMCO fully contributing for its share of capital costs. Stable taxation and mining regulation which allows for expatriation of funds Ideal location for concentrate exports to international markets Mining sector accounts for approximately 20% of the economy One of the world's largest solid salt, near surface high grade Sulphate of Potash reserves (Colluli), in an emerging potash province, is on track for production in 2022. 8 Andiamo! EXPLORATION LTD.#9• • Arabian-Nubian Shield Recognised mineralised region which has had limited modern exploration Hundreds of gold occurrences - 5,500 year history of mining Known deposits include: - Sukari (Egypt) – Mining gold for 10 years, with a 12-year life remaining. 9.3m ozs gold in Measured & Indicated Resources (2020) with 4m ozs already produced Bisha (Eritrea) - Very profitable VMS deposit with historic and projected production of: 1m ozs gold, 9m ozs silver, 734m lbs copper, 1,075m lbs zinc At least 60 known VMS deposits on Arabian Nubian Shield including: Bisha (Western Eritrea) • Asmara (Eastern Eritrea) Ariab (Sudan) Prospective for: . VMS Rich supergene oxide gold caps Orogenic gold deposits • Intrusive gold deposits Selected gold occurrences in the Nubian Shield 37° Red Sea Hills SUDAN 18° 38° Barka shear zone Augaro-Adobha belt 17° BARKA TERRANE Asmara-Nakfa belt 39° 40° Phanerozoic cover Nubian Shield Transpression zone Fault/shear zone Sense of shear Orogenic gold Gold-bearing VMS 100 km Red Sea Koka C Bisha Northwest 16 Bisha Mogoraib N Harena Akordat Hambok- Yacob Dewar 15° Augaro Emba Derho NAKFA TERRANE Adi Nefas Gupo Asmara Massawa о Adi Goshu O Debarwa ERITREA 15° Lihamat Igub Adwa 14° Terakimti Mayshehagne Adi Angoda Medadib Mekele ETHIOPIA 13° 37° 38° 39° 40° 14" 9 Syria terranean Sea Lab Saudi Arabia Arabian Sea Andiamo EXPLORATION LTD. 1#10VMS Trends in SW Eritrea - Haykota Licence Eastern Belt hosts Bisha Mine and Harena deposit and extends to Mew VMS prospect in southern extension licence area. Western Belt hosts new Ashelli discovery by Bisha Mining SC: • Inferred Resource (2016) of 2.4 Mt @ 1.9% Cu, 8.6% Zn, 0.37 g/t Au, 30 g/t Ag • VMS trends of the Eastern Belt extend to the Mew area VMS trends of the Western Belt extend to Hoba, Yacob Dewar, Ber Gebey and Frataka YACOB DEWAR GOSSAN 1650000000000 1660000 167000000K Mew 1680000 1690000 1700000 1710000000 1720000 10 320000 310000 Location Map of Andiamo Property & Adjacent Licence Areas with Main Discoveries Northwest Bisha Bisha Mine VMS discovery Bisha Mining SC) Aderat Ashelli VMS discovery Bisha Mining SC) Ashelli Hambok Harena Mine 1710000 172000 Hoba VMS discovery (Z13) (Andiamo) Jawkeray Esh Awletti Gurgur 300000000000 Frataka Zone 3 Hoba Ber Gebey Yacob Dewar Shekeret Bisha and Harena Tekawda VMS discovery Bisha Mining SC) Zone 18 Yacob Dewar VMS Au discovery (Andiamo) Shambotai Shear hosted Au discovery (Andiamo) 1650000 1660000 1670000 1680000 Frataka VMS discovery Legend (Andiamo) Mew VMS Au discovery (Andiamo) 310000 000000 320000 000000 Deposits Bisha Belt Exhalitive Trend Roads Licence Areas Bisha Mining Share Company Land Energy Group (China) Ltd Bisha Mining -Mogoraieb River Exploration Bisha Mining - Tabakin Exploration Haykota Licence Area 2021 330000 000000 340000 000000 1690000 1700000#11• Haykota Licence Area 210 km² licence located 50 km due south (140km by road) of the Bisha Mine • Multiple exploration projects and future targets • Established exploration camp with core facilities Proven prospectivity: . Highly prospective Nakfa/Barka terrane boundary* VMS "string of pearls" model • • . • 55 km mineralised strike potential Yacob Dewar VMS gold/copper deposit targeted as an exploration focal point VMS gold/copper discovery at Ber Gebey and Hoba • Orogenic gold discovery at Shambotai >20 other VMS conductors / targets Mew extension granted to the south - encouraging early field observations and grab sample results * Geological Terrains SUDAN ERITREA Andiamo Project Area Barentu ETHIOPIA Kilometers 0125 25 75 100 MEW SOUTHERN ZONE CENTRAL ZON NORTHERN ZONE 55 km MINERALISED STRIKE POTENTIAL 0 km 11 HOBA EXPLORATION TARGET DEFINED ADI MERIREY EXPLORATION TARGET BER GEBEY EXPLORATION TARGET DEFINED YACOB DEWAR COMPLIANT RESOURCE SHEKERET EXPLORATION TARGET SHAMBOTAI EXPLORATION TARGET FRATAKA EXPLORATION TARGET MEW EXPLORATION TARGET LEGEND Licenced Boundary Mineralised Trend (Geochemical Anomaly Shear Zone Active Artisanal Mining. Andiamo! EXPLORATION LTD.#12Exploration Work Summary • Hoba (VMS) • 900m strike N • Strong Geophysical and rock • Yacob Dewar (VMS) . • • 1,2km strike Strong Geophysical and Soil anomalies Detailed mapping 36 Trenches Rock chip samples 130 Drillholes: 9,413m 100 X 100m soil sampling NI 43-101 Compliant Mineral Resource Shambotai (Orogenic) • 3km strike • chip anomalies Mapping • 20 Trenches • 19 Drillholes: 2,270m • • Strong Geophysical and Soil anomaly • Rock chip samples • • 100 X 100m soil sampling Planned Exploration: Soil sampling and extension drilling 6 Drillholes: 652m 100 X 25m soil sampling Planned Exploration: MEW (VMS) . Mapping and drilling of veins Strong geophysical anomaly Rock Chip samples with local anomalies Planned Exploration: Mapping, soil sampling, drilling . • 0 5000 Adi Merirey (VMS) • • • • 900m strike Geophysical, rock chip Detailed mapping 8 Drillholes: 1,383m Planned Exploration: • Soil sampling, drilling Ber Gebey (VMS) • • 980m strike Strong Geophysical, rock chip and soil anomalies Detailed mapping • 5 Trenches • • 17 Drillholes: 1,504m 100 X 100m soil sampling Planned Exploration: Extension drilling Shekeret (Orogenic) 500m strike, structurally bound Geophysical and Soil anomaly Mapping Rock chip samples 5 Drillholes: 512m • 200 X 200m soil sampling Planned Exploration: • Trenching, drilling Frataka (VMS) • • • . . • 750m strike, structurally bound Strong geophysical and Soil anomaly Rock chip samples 8 Drillholes: 357m 200 X 50m soil sampling Planned Exploration: Mapping, soil sampling, drilling ELVIS 12 Malachite Copper Andiamo EXPLORATION LTD. 1#13Yacob Dewar Gold-Silver-Copper Project 13 • Recognised as a Bisha-style VMS deposit, hosted in a massive sulphide- bearing stratigraphic package approximately 250m thick Gold-rich ore body with strike length of ~1.1 km, horizontal width of up to 50m (in the central portion) and 40 to 50m vertical depth to the base of weathering Parallel copper mineralisation on either side which has been identified in several regions to be of sufficient grade to be of economic interest Gold domain @ Au 0.7 g/t cut-off Resource Classification Tonnes Au Cu Ag Au Content Cu Content Ag Content kt g/t % g/t k Oz Indicated Inferred 891 2.78 0.2 25.6 79.6 Tonnes 1,798 k Oz 732 119 3.15 0.08 42.0 12.0 99 160 Total 1,010 2.82 0.19 27.5 91.6 1,897 892 • Gold domain contains Au, Ag and low levels of Cu • Copper domain contains Cu and low levels of Au & Ag • Copper domain contributes significantly to project • Open at depth Gold domain @ AuEq 0.7 g/t cut-off Resource Classification Tonnes Au Cu Ag Au Content Cu Content Ag Content kt g/t % g/t k Oz Tonnes k Oz Indicated 1,207 2.09 0.34 20.49 81.1 4,148 795 Inferred 360 1.06 0.57 15.76 12.3 2,054 183 Total 1,567 1.85 0.40 19.41 93.3 6,202 978 Copper domain @ 0.75 % Cu cut-off Resource Classification Tonnes Au Cu Ag Au Content Cu Content Ag Content kt g/t % g/t k Oz Tonnes k Oz Indicated Inferred 649 0.05 1.41 2.79 1.1 9,124 58 475 0.12 1.44 5.55 1.8 6,850 85 Total 1,124 0.08 1.42 3.96 3.0 15,974 143 Source: Minxcon Consulting, NI 43-101 Technical Report, 15 February 2001 (effective date: 1 January 2021) Note: Mineral Resources have been discounted with geological losses of 10% for Indicated Mineral Resources and 15% for Inferred Mineral Resources Andiamo! EXPLORATION LTD.#14Yacob Dewar - Selected Intercepts 306500E 11m @ 5.13g/t Au 12m @ 4.7g/t Au 6m @ 33.48g/t Au O 12.3m @ 5.04g/t Au 16m @2.16g/t Au 14 13.7m @ 2.8g/t Au 14m @ 1.2% Cu 13m @2.2g/t Au 3m @18.5g/t Au 22.4m @ 4.14g/t Au 6m @ 10.12g/t Au 32.7m @4.1g/t Au 16m @ 2.61g/t Au 17.95m @ 1.29% Cu 306000E LEGEND Gold Model Resource Pit Copper Model Drillhole Collar 1680500N m 150 Ο CO O O O O O 8 O MINERALISATION OPEN AT DEPTH (WESTWARDS) ALONG STRIKE 63m @ 2.35% Cu 31m @ 1.64% Cu 29m @ 1.6% Cu 11m @2.04% Cu 1680000N - Andiamo EXPLORATION LTD. 1#15Yacob Dewar - Preliminary Economics The project's advantages (shallow depth, low strip ratio, relatively high grade, simple metallurgy) mean that it is likely to be very profitable despite its modest size Metallurgical tests have indicated that the gold can be efficiently extracted by cyanide leaching with better than 90% recovery • Located within 6km of a sealed trunk road Capital requirements to obtain a mining permit, construct the mine and commence production are estimated to be $5M to $10M • • Preliminary financial analysis by Fox-Davies Capital Limited on oxide gold resource only: Gold Price Strip Ratio (average LOM) Mining costs $/oz Indicated resource tonnage Inferred resoure tonnage Mined grade t 1,400 880,000 t 60,000 g/t Au 2.79 3.43 $/t 2.50 $/t 13.2 90% $'000 7,982 5% 38% Total milling costs Metallurgical recovery Total Capital Expenditure • • 7.5-year SX/EW operation . NPV 10 of $18.7m using a gold price of $1,400/oz • NPV10 of $28.3m using a gold price of $1,850/oz Upside from silver and copper Additional upside is offered by known (though as yet un-drilled) satellite gold deposits within the licence area, which could significantly extend the life of mine Nearby Bisha VMS mine also demonstrated that the development of a deeper sulphide resource can also be highly profitable Royalty Income tax Net available cash after Government free carry NPV @ 5% $'000 25,521 NPV @ 10% $'000 18,658 NPV @ 15% $'000 13,739 IRR 58.8% Using current gold price (including Government free carry) Gold Price NPV @ 5% NPV @ 10% NPV @ 15% IRR Source: Fox-Davies Capital Limited Research $/oz 1,850 $'000 37,979 $'000 28,262 $'000 21,293 76.3% 15 Andiamo EXPLORATION LTD. 1#16Central Zone Exploration Targets Yacob Dewar / Ber Gebey / Adi Merirey mineralised areas are aligned along the same VMS trend Exploration Focus • Currently shallow gold targets • Explore for higher grade oxide gold zone • Use Cu as an exploration tool • • Potentially could find higher Cu grades in process N Conceptual Gold Exploration Target Ranges Determined for Ber Gebey*: Gold: 0.4 2.0 Mt @ 1.4-1.8 g/t Au Conceptual Copper Exploration Target Ranges Determined for Ber Gebey*: Copper: 1.2-5.0 Mt @ 0.2-0.4% Cu LEGEND Gold Model Copper Model Drilhole Collar • Combined Strike of 5.5km • Average Depth of 75m • Massive sulphide thickness; Au 10 - 15m, Cu 15 - 30m * The central zone exploration target range is conceptual in nature but not code compliant NORTHERN ZONE HOBA EXPLORATION TARGET . Average density of 1.73 • • ADI MERIREY CENTRAL ZONE 16 BER GEBEY EXPLORATION TARGET YACOB DEWAR RESOURCE 250 3x Vertical exaggeration E applied S 0 km 1 Grade ranges based on drillholes over Ber Gebey, grade is assumed to be similar for all VMS hosted targets that only have soil sampling available Quality and quantity of exploration targets remain to be tested by planned drilling programs Andiamo! EXPLORATION LTD.#17Yacob Dewar North: Ber Gebey and Adi Merirey VMS Targets 17 Ber Gebey gossan is approximately 3 km north-northeast of Yacob Dewar and Adi Merirey gossan an additional 1 km north Drilling at Ber Gebey highlighted 14.5m @ 2.34 g/t Au and 2m @ 4.7 g/t Au and 236 g/t Ag Soil sampling results around Yacob Dewar have a distinct NNE trend consistent with geological features N AU_PPM 0.011 Yacob Dewar Drillholes 0.008 0.006 Gold in Soil Ber Gebey Drillholes BER GEBEY N 2m @ 4.75g/t Au N Copper in Soil CU PPM 0000000 Ber Gebey Drill Target 60 50 0 LEGEND Gold Model Copper Model Drilhole Collar BER GEBEY GOSSAN 40 30 20 0.004 0.002 ooooooooooo Yacob Dewar North Drill Target 10 0 0 Soil Samples Drillholes Shear Zones Faults Minor Paunts Looking dewn 500 1000 1500 2000 m Yacob Dewar Deposit Soil Samples Shear Zones Faults Minor Faults Looking down 500 1000 1500 2000- m 14.5m @2.34g/t Au S 60 E OPEN AT DEPTH m 250 Andiamo! EXPLORATION LTD.#18Hoba VMS Target and Northern Zone Hoba HOBA • Hoba is located approximately 7 km north of Yacob Dewar, and is 20 km along strike from the Ashelli VMS discovery 16m@1% Cu N 25m @0.81% Cu • Drilling intersected VMS styled mineralisation, up to 15m thick, with the best intersection of 25m @ 0.81% Cu 13.5m @1.11% Cup 2.15m @ 1.49g/t Au 3m @ 2.81g/t Au Copper Model Drilhole Collar OPEN AT DEPTH • • • Cu mineralisation halos: Hoba East and Hoba West Conceptual gold exploration target ranges determined for Hoba: 4,0 - 29 Mt @ 0.5 - 0.9 g/t Au and 44 76Mt at 0.5 to 0.8% Cu Conceptual copper exploration target ranges determined for Hoba: 44,0 -76,0 Mt @ 0.5-0.8% Cu Northern Zone • • Geophysical modelling identified 12 geophysical targets north of Hoba Gossan, pyrite and ferruginous alteration observed with geochemical anomalies around VTEM conductors Z10, Z11 and Z18 LEGEND Gold Model • Results present 3 additional "drill-ready" VMS targets 212 18 Om 125 S 0 m 500 Z18 211A 214 Z11 Z10A Z10 Andiamo EXPLORATION LTD. 1#19• Shambotai Orogenic Gold Target Strong gold-in-soil anomaly - mineralisation related to orogenic quartz veins • Extensive artisanal workings • 3 km strike • Previous drilling: 37m @ 0.52 g/t Au Detailed mapping followed by drill testing Gold in Soil Au N Con GOD CATE www Спороводробнее Arsenic in Soil As Au 13 N 50 40 30 20 10 s C Soil Samples Shear Zones Faults Minor Faults વા વાયા 100 . As 200 Soil Samples Shear Zones பட்ட Faults Minor Faults Looking down Plunge +88 0 1000 2000 3000 Looking South m 0 1000 2000 150 100 50 3000 m MEW SOUTHERN ZONE CENTRAL ZONE NORTHERN ZONE 55 km MINERALISED STRIKE POTENTIAL 19 HOBA EXPLORATION TARGET DEFINED ADI MERIREY EXPLORATION TARGET BER GEBEY EXPLORATION TARGET DEFINED YACOB DEWAR COMPLIANT RESOURCE SHEKERET EXPLORATION TARGET SHAMBOTAI EXPLORATION TARGET FRATAKA EXPLORATION TARGET MEW EXPLORATION TARGET 0 km 5 LEGEND Licenced Boundary Mineralised Trend (Geochemical Anomaly Shear Zone Active Artisanal Mining Andiamo EXPLORATION LTD.#20• Mew VMS and Orogenic Gold Targets VMS trends of the Eastern Belt, which contains Bisha, and Harena, extend to the Mew area 15 VTEM conductors + Orogenic Gold mineralisation • Extensive artisanal workings Preliminary mapping & rock chip sampling returned up to 12g/t Au & >2% Cu Detailed mapping, soil sampling followed by drill testing Mew Artisanal Workings MEW SOUTHERN ZONE CENTRAL NORTHERN ZONE ZONE 55 km MINERALISED STRIKE POTENTIAL 20 HOBA EXPLORATION TARGET DEFINED ADI MERIREY EXPLORATION TARGET BER GEBEY EXPLORATION TARGET DEFINED YACOB DEWAR COMPLIANT RESOURCE SHEKERET EXPLORATION TARGET SHAMBOTAI EXPLORATION TARGET FRATAKA EXPLORATION TARGET MEW EXPLORATION TARGET 0 km 5 LEGEND Licenced Boundary Mineralised Trend (Geochemical Anomaly Shear Zone Active Artisanal Mining Andiamo EXPLORATION LTD.#21Exploration Strategy - Phase 1 • Phase 1 Objective: Test 9 drill-ready optimized targets to potentially add to resources around Yacob Dewar focal point • • Yacob Dewar pilot-scale testing, metallurgical design and engineering, environmental and community studies, and mine design Commence geological mapping and rock chip sampling on all 9 target areas • Simultaneous soil geochemical surveys over 4 earlier-stage target areas • Undertaking modern exploration - VTEM and geophysical targets • Exploration expenditure will be staged by prioritising targets for maximum return Mapping & Rock Chip Sampling Soil Sampling Trenching (m) Drilling (m) Ber Gebey Yacob Dewar NE Hoba East 600 500 1000 500 Hoba West 500 Z10 Z11 Z18 200 200 200 300 300 300 Shambotai 500 Mew 1000 500 1000 Existing Licences 1600 1000m 5000m Potential New Licence Surface Gold: Yacob Dewar 21 Andiamo EXPLORATION LTD.#22Potential New Licence Area • • License application for 600km² of highly prospective geology lodged Volcanic arc sequence in Arabian-Nubian Shield Extensive artisanal mining Hard rock and alluvial Existing soil and rock geochemical data Metavolcanics Metasediments • 18,400 soil samples Basic Volcanics • 2,180 rock samples . Gold values up to 190g/t . Copper values up to 1.1% • Possible intrusion-related gold-copper mineralisation Meta- sediments Basic volcanics Granitoid 1000 01 102 115 130 144 158 173 187 201 215 Cu ppm 1000 2000 (meters) WGS 84/UTM zone 37N New area, Eritrea Geochemistry Andiamo Exploration Limited Granitoid O Au ppm > 65.5 Cu > 9837 7071 9837 о 3815 7071 о 1335 - 3815 ° 357 1335 0 62.5 357 ° <62.5 22 24 50 77 104 133 163 193 223 253 282 312 Cu ppm 347 372 36.165.5 o 18 36.1 4.6 - 18 1.2 4.6 0.25 -1.2 < 0.25 1 Andiamo EXPLORATION LTD.#23Use of Proceeds - Pre-IPO Fundraising . US$2.4 million pre-IPO private placement of convertible debentures to: . Perform pilot-scale testing and metallurgical design at Yacob Dewar Prepare logistics for a systematic and focused exploration programme on identified, drill ready targets in the Yacob Dewar, Shambotai and Hoba mineralized area . Resume field operations and expedite new license application Pursue a listing of the Company on AIM • Following completion of the fundraising, Andiamo will immediately commence the process for an AIM IPO (listing planned for Q1/Q2 2022), raising approximately £4 to 8 million (approx. US$5 to 10 million) to: Activity Complete the Phase 1 Exploration Program on existing licences including drilling of 9 drill-ready targets over 14.5 km of strike in proximity to Yacob Dewar; and Undertake geological and geochemical work, trenching and sampling on the potential new licence area GBP US$ Head Office General and Administrative Costs 410,000 565,000 Eritrea and Mauritius: General and Administrative Costs 135,000 185,000 Haykota Technical and Field Work 660,000 900,000 Eritrea Field Costs (New Licence Area) 155,000 210,000 Fundraising and IPO Listing Costs 365,000 500,000 Working Capital and Other Pre-IPO Total 25,000 40,000 £1,750,000 $2,40,000 23 Andiamo EXPLORATION LTD. 1#24Corporate and Capital Structures UK private company incorporated in England & Wales • 123 million shares outstanding held by 124 shareholders • 350,000 warrants outstanding with an exercise price of US$0.60/share and expiration date of 14 June 2022 Pursuant to an agreement with Company founder and former CEO, CPT Williams, Mr Williams will be issued options equivalent to 2.5% of the new shares issued at the next capital raising where the Company raises more than $500,000 • AMED Funds represents 43.4% of Andiamo via its 84% shareholding in Emerald Ex BV • US$13.7 million of equity invested in the Company to date 1-5% Holders 9.2% CPT Williams 7.1% Management and Directors 10.0% Shareholder Breakdown <1% Holders 14.5% Zedra Trust 15.9% Corporate Structure Andiamo Exploration Limited (UK) Emerald Ex BV 100% 100% 100% 43.4% Andiamo Mauritius Andiamo Eritrea Limited (Mauritius) Limited (Mauritius) Haykota Exploration Licence 24 Andiamo EXPLORATION LTD. 1#25Summary • • • . . • Pre-IPO fundraising via convertible notes to raise US$2.4 million to prepare for planned drilling program and fund an AIM IPO process (listing planned for H1 2022) 55 km strike potential on contiguous tenements with 9 priority (1) and 4 secondary drill targets identified over 15 km strike Systematic exploration program to prove additional resources within the Haykota license Pursuing new opportunities in Eritrea and on the highly prospective Arabian- Nubian Shield, with one exciting new licence area identified and under application Evaluating Yacob Dewar as a cash generator by implementing mine development or asset sale Drilling known satellite gold targets proximal to the Yacob Dewar deposit to enhance Yacob Dewar economics Strong management team with geological and operational expertise in Eritrea and the Arabian-Nubian Shield Intention to become a mid-tier explorer and developer of gold and copper in northeast Africa Diamond Drilling at Yacob Dewar (1) 8 priority targets identified in the N143-101 report and 1 subsequent target identified by Management 25 Andiamo EXPLORATION LTD. 1#26Andiamo! • EXPLORATION LTD • 18 New Canal, Salisbury, England SP1 2AQ United Kingdom +230 288 6221 3rd Floor, Saba Building Warsay Avenue, Asmara Eritrea +291 118 4662 SEART LO LF 02 C#27Andiamo EXPLORATION LTD. Appendix 1 Additional Geological and Technical Information#28Haykota Licence Area 1650000000000 1660000000000 167000000 1680000.000 1690000000000 290000000000 300000000000 310000000000 Location Map of Andiamo Property with Main Discoveries Hoba VMS Au discovery (Andiamo) Ber Gebey & Adi Merirey VMS Au discovery (Andiamo) Yacob Dewar VMS Au discovery (Andiamo) Shambotai Shear hosted Au discovery (Andiamo) Mew VMS Au discovery (Andiamo) 290000 000000 Mew 00 Gurgur Jawkeray Esh Awletti Frataka 320000 000000 Zone 18 Z18 Elbiyay (Z13) Z11 Zone 3 Hoba Z10 Adi Merirey Ber Gebey Yacob Dewar Shekeret Frataka VMS discovery (Andiamo) 1650000 1660000000000 1670000 1680000 -Legend Em Anomaly Roads Topography Main River Haykota Licence Area 2021 300000 000000 310000 000000 320000 000000 1690000000000 Andiamo! EXPLORATION LTD. 28#29Haykota: Regional Geophysics (>20 VMS Targets) 29 Z18 Z11 Z10 Hoba E & W 318 2929 Esh Jawkerity Awlcal 17 18 Merit 215 216 20 rudaka 8.200 4,100 Gurgur 3:000 218 212 Z20 211A 211-211 Hoba 22104 Moriray 295000 300000 Yacoo Dewar Ber Gebey 45 Au14 Shekeret Yacob Dewar Aus Au15 8200 Shambotai Mew Area: VTEM conductors and mapped targets 10200 экм 311000 3300 24,800 Aud Au7 Au11 215 Au10 216 290000 29000 Au12 Andiamo! Au6 311000 315010 120000 212 Z20 Au3 YOW Z4A Z11 99 Z4 Z10A Au2 Aut 210 Z58 100000 311000 Sale 1:100000 87230 JA 315010 120000 ANDIAMO EXPLORATION LTD E-FIELD Z-COMPONENT Channel 30 Haykota Licence Area, Errea HELICOPTERBORNE VTEN MAGRAD SURVEY Aique 2011 Haykota License covered by high resolution airborne VTEM, Magnetics and Radiometrics Selected areas covered by ground Magnetics, IP and Gravity Surveys Initial exploration to focus on targets in mineralized trends Andiamo EXPLORATION LTD. 1#30Haykota: Regional Geological Structure Northern Zone N Central Zone Southern Zone Shambotai Mew Mew Looking down 0 10000 20000 10,5km . Hoba Adi Merirey Ber Gebey Yacob Dewar 6,8km Shekeret Frataka 30000 Haykota Tenement Drillholes 30 • Large Strike Potential 48 km north to south in transpressional belt Yacob Dewar Gold-Copper Resource Near term exploration drilling to focus on the central and north zone 9 Identified drill targets VMS Targets • Yacob Dewar North Ber Gebey • Hoba West • Hoba East . Z10 23,5km Z11 Shear Zones 7,5km Faults Minor Faults Z18 • Orogenic Gold Targets Shambotai Mew Area (Surface exploration followed by drilling) Andiamo! EXPLORATION LTD.#31Stratification Mineralisation Models: Nubian Shield Bisha: Similar Geology to Andiamo Licenses 0m 31 1.5 g/t Au Massive and brecciated gossan Brecciated gossan Collapse breccia 5-8 g/t Au 50-60 m 8-10 g/t Au Lower limit of oxidation 90-100 m ~1 g/t Au Foliated gossan Iron-argillaceous alteration Silica-barite rock±sulfides Rocky silica-barite rock Powdery white silica-barite rock (SBR) Massive sulfide Leached-foliated wall rock Wall rocks 1. Orogenic gold Low grade sheared volcanic, volcaniclastic and epiclastic rocks 2. Primary VMS Stratiform Volcanogenic massive sulphide (VMS) lens overlying discordant stringer sulphide zone with envelope of altered rocks 3. Oxide-gold mineralization in weathered profiles Develop above Cu-Zn-Au VMS mineralization. Show zones of gold-rich gossans and quartz- kaolinite-barite "SBR" rock Oxide-gold mineralisation in weathered profile Source: Barrie, 2016 Andiamo! EXPLORATION LTD.#32Haykota Central Zone: YACOB DEWAR Conceptual Mineral Resource Pits Au 0.7 g/t cut-off (gold domain only) 8000 E 16800 N Scale 250 m -1680000 N -306500 E 1680500 N- 306000 0001706 Au g/t <0.3 0.3-0.5 0.5-1.0 1.0-1.5 1.5-2.0 2.0-2.5 2.5-3.0 3.0-3.5 3.5-4.0 >4.0 100 N- X VIZA AAY V VAN 306500 E- • Reasonable prospects of eventual economic extraction Gold and silver price of USD 1,650 / oz and USD 24 / oz • Copper price of USD 8,800 / † (USD 3.99 /lb) • Gold and silver recovery of 90% • Copper recovery of 70% 167300 N Au 0.7 g/t and Cu 0.75 % Cu cut-off (both Au and Cu domains) -306500 E 1680500 N- Cu % 000000 s 168800 N Scale 250 m -1680000 N 32 Au g/t <0.3 0-0.6 0.3-0.5 0.6-1.4 0.5-1.0 1.4-2.0 1.0-1.5 2.03.0 1.5-2.0 3.0-4.0 2.0-2.5 >4.0 2.5-3.0 3.0-3.5 3.5-4.0 >4.0 0008706 I/AAA JOON X \ \ /\ A 306500 E- 306000 E (Minxcon Feb 2021: NI 43-101 Technical Report) 1679500 N Andiamo! EXPLORATION LTD.#33Haykota Mew Area: Geology and VTEM Conductors 1642000 1643000 1644000 1645000 1646000 1647000 1648000 1649000 1650000 1651000 1652000 289000 29000000 291000 29200000 293000 294000 295000 296000 29700000 298000 1 299000000 300000 301000 8285 85 80 Legend 30 46 Village 40 Amielo 65 55 223 Artisanal Mining 82 Adi Hjai 38 Rebreb 65 70 70 Artisanal Mining Ribie 50 85- Shaft Miuw Adgedem 75 90 45 45 83 808590 60 70 80 86 90 80 30 80 1,800 900 ° 1,800/ 3,600 289000 290000 291000 292000 293000 294000 295000 296000* 45 60 00 50 Artisanal Mining 297000 298000 5,400 Abu ashela 200 Meters 299000 300000 301000 Lineation Foliation Folding Bedding Gerenfit Miuw Road Derekit-Miuw_foot-path Structures Rivers EM Anomaly Erilib Artisanal Mining Shaft Village Lithology 1644000 1645000 1646000 1647000 1648000 1649000 1650000 1651000 1652000 1642000 1643000 Basalt Chert Exhalite Gabbro/Diorite Granite Graphitic Shale Half Ferru Mafic Tuff Marble Metasediment/Shale or Graywack Plag Phyric Pyroxenite Quartz Vein Shaft LOCATION MAP Client: ANDIAMO EXPLORATION LIMITED HAYKOTA EXPLORATION LICENCE Project: HAYKOTA SOUTH EXPLORATION LICENCE Mei Galonical a SCALE: 1.40,0 Date: August 8, 2017 Analyst Job No.: Datum: Projection: UTM Zone 37N WGS 84 33 Andiamo EXPLORATION LTD. 1