African Gold Peer Comparison

2 Cautionary Statement The content of this presentation have not been approved by an authorised person within the meaning of the Financial Services and Markets Act 2000 ("the Act"). Reliance on this presentation for the purpose of engaging in any investment activity may expose an individual to a significant risk of losing all of the property or other assets invested or of incurring additional liability. Any individual who is in doubt about the investment to which this presentation relates should consult an authorised person who specialises in advising on the acquisition of unlisted shares. This presentation has been issued by African Lion Gold plc (the "Company") in connection with the proposed placing of ordinary shares by the Company (the "Ordinary Shares"). The information in this presentation, is subject to updating, completion, revision, further verification and amendment. This presentation does not constitute, or form part of, any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares in the Company in any jurisdiction nor shall it, or any part of it, or the fact of its distribution, form the basis of, or be relied on in connection with or act as any inducement to enter into, any contract therefor. 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In furnishing this Presentation, the Company does not undertake or agree to any obligation to provide the recipient with access to any additional information or to update this Presentation or to correct any inaccuracies in, or omissions from, this Presentation which may become apparent. 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The distribution of this presentation in other jurisdictions may be restricted by law and the persons into whose possession this presentation comes should inform themselves about, and observe, any such restrictions. Certain of the information contained in this presentation has been obtained from published sources prepared by other parties. Certain other information has been extracted from unpublished sources prepared by other parties which have been made available to the Company. The Company has not carried out an independent investigation to verify the accuracy and completeness of such third party information. No responsibility is accepted by the Company or any of its directors, officers, employees, agents, advisers or any other person for the accuracy or completeness of such information. This presentation contains forward-looking statements and has been based upon a number of assumptions, forecasts and projections which by their nature are forward looking. These statements relate to the future prospects developments and business strategies of the Company. Forward-looking statements are identified by the use of such terms as "anticipate", "assumes", "believe", "could", "envisage", "estimate", "expect", "forecast", "potential", "intend", "may", "plan", "should", "will" or the negative of those, variations or comparable expressions, including references to assumptions. The forward-looking statements contained in this Presentation are based on current expectations and beliefs and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by those statements. If one or more of these risks or uncertainties materialises, or if underlying assumptions prove incorrect, the Company's actual results may vary materially from those expected, estimated or projected. Given these risks and uncertainties, potential investors should not place any reliance on forward-looking statements. These forward-looking statements speak only as at, and on the basis of information known at, the date of this presentation. AFRICAN LION GOLD plc