African Gold Peer Comparison

Exploration Phase 3 - Use of Proceeds Activity Exploration Geologist Total Project Drilling (6 100 meters) Laboratory Analysis (6550) Camp/Operations Soil and Auger Sampling (2000) Equipment & Infrastructure In country Logistics & Admin License & Community relations Corporate and Admin Salaries Financials, Audit, Legal & IT UK - Office MUR - Office Listing Fees £ 2 335 330 £ 110 658 £ 363 293 Audit fee, Legal, NOMAD Corporate Finance Fee £ 195 000 Total £ 3 004 280 Anticipated Raise Raising and Marketing 6.5% Listing Cost 12% Corporate and Admin 3.5% Exploration 78% £ 3 000 000 AFRICAN LIONS GOLD plc 16

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