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Investor Presentaiton

Africa an Active Region for Mine Builds and M&A Corporate actions validate large value potential for West African gold projects Recently completed West African gold mine builds TOUBANI RESOURCES Selected West African transaction comparables since 2020 Company Project Country Date Type Reserve Target Acquirer Moz Resource Value Moz US$m EV/ EV/ Reserve Resource US$/oz US$/oz Orezone Gold Bombore Burkina Faso 2020 Project acquisition Bogoso- Prestea Future Global Resources 1.8 95 52 Perseus Mining Yaoure Cote d'Ivoire 2021 Corporate Cardinal Shandong Gold 5.1 7.0 426 84 61 takeover Resources Tietto Minerals Abujar Cote d'Ivoire Project West African 2021 Kiaka 6.8 110 16 acquisition Resources West African Resources Sanbrado Burkina Faso Project Boto/Diakha- Managem 2022 1.4 4.1 282 201 69 Fortuna Silver Seguela Cote d'Ivoire acquisition Siribaya/Karita Group Corporate 2022 Orca Gold Perseus 2.9 4.0 142 50 36 takeover 2022 In Mali: Project acquisition Chirano mine Asante Gold 0.9 1.3 225 250 173 Leo Lithium constructing the US$318m Goulamina mine 2022 Corporate takeover Golden Star Resources Chifeng Jilong 1.0 10.6 470 470 44 44 2022 0 B2Gold in study phase to build a standalone oxide mill at Fekola Project acquisition Mankono Montage Gold 0.4 22 22 56 2022 Allied Gold undertaking US$300m IPO with the Sadiola mine the key asset Corporate takeover Corporate 2023 Resolute development plans at Syama North 2023 takeover Corporate takeover Oklo Resources Chesser Resources B2 Gold 0.7 56 56 81 Fortuna Silver 0.9 60 60 651 OreCorp Silvercorp Metals 2.6 3.3 159 19 Mean (Developer) Mean (Producer) Source: FactSet, Company Reports. Notes: 1 Chesser Resources as per ASX announcement dated 8 May 2023 and is not yet completed. 2OreCorp as per ASX announcement dated 7 August 2023 and is not yet completed 61 482 99 54 360 90 7
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