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African Gold Development Peers Limited pipeline of single asset developers with advanced projects Kobada's DFS Update to assess potential to achieve high oxide- dominant production and lower costs, at a moderate initial capital cost Company Project OreCorp Nyanzaga Chesser Diamba Sud Osino Cora Twin Hills Sanankoro Opt DFS - Montage Koné Newcore Enchi Toubani Kobada DFS Update Stage Mine method DFS - Aug'22 SS - Dec'22 DFS - Jun'23 DFS - Feb'22 PEA - June'21 Nov'22 Underway OP/UG OP/UG OP OP OP OP OP OP Processing Mill/HL Mill Mill Mill Mill Mill HL Mill LOM Yrs 10.7 7.5 13 6.8 15 10.6 Open Pit Strip Ratio Waste:Ore 3.7 4.2 4.6 4.6 0.9 2.1 Throughput Mtpa 4.0 2.0 5.0 1.5 11.0 6.6 Production LOM (avg) koz 234 95 162 56 207 93 AISC US$/oz 954 849 1011 997 933 1066 Development Capex US$m 474 149 365 90 544 97 Capital Intensity US$/tpa 119 75 73 60 49 15 MRE Contained Gold Moz 3.3 0.9 3.2 0.9 4.6 1.7 2.4 MRE Grade g/t 3.4 1.8 1.1 1.2 0.6 0.6 0.9 ORE Contained Gold Moz 2.6 2.2 0.4 3.4 ORE Grade g/t 2.0 1.0 1.3 0.7 Oxide or Fresh Ox/Fr Majority Fresh Majority Fresh Majority Fresh Majority Oxide Majority Fresh Majority Oxide/ Majority Oxide Transition LOM recoveries do % 88% 94% 92% 90% 89% 79% 96% Pre-tax NPV Pre-tax IRR US$m 926 742 136 992 333 % 31% 34% 62% 40% 54% Post-tax NPV US$m 618 218 480 95 746 212 Post-tax IRR % 25% 43% 28% 52% 35% 42% Payback (Post-tax) Yrs 3.7 1.4 Gold Price Discount Rate US$/oz % US$1,750/oz 5% US$1,600/oz 5% 2.2 US$1,750/oz 5% 1.2 US$1,750/oz 8% 2.7 US$1,600/oz 5% 2.3 US$1,650/oz 5% OreCorp and Chesser are both currently subject to corporate acquisitions Source: Company Reports, refer to Slide 34. All projects shown on a 100% basis. TOUBANI RESOURCES 22

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