African Gold : HIGH GRADE GOLD INTERCEPT AT PRANOI AND NEW GOLD DISCOVERY

ASX Announcement7 December 2021

HIGH GRADE GOLD INTERCEPT AT PRANOI AND

onlyHIGHLIGHTS

NEW GOLD DISCOVERY AT GCH2

• Single short diamond hole drilled at Pranoi has returned assay of 12.0m at 4.48 g/t Au from 38m

• Confirms a series of stacked north striking, sub parallel, mineralised zones with a moderate west dip 12 km to the

	north of Blaffo Gueto Main
• Anomalism in shallow AC and RC holes extends over 1km in strike
•	Historical intercepts included
use	o 12m @ 5.6g/t Au from 24m
o 32m at 2.15g/t Au from 56m
	o 8m @ 4.35g/t Au from 0m

personal• Trenching of a previously untested gold-in-soil anomaly at GCH2 returned 20.0m at 1.02g/t including 9.0m at 2.06g/t Au in an altered, veined and deformed porphyry

• GCH2 is the northern portion of a large unconstrained regional soil anomaly 14 km to the north of Blaffo Gueto

Main

• Soil sampling program identifies, extends and further defines prospects and anomalies:

o Blaffo Gueto and Environs - the main anomaly extends over an area 3.5km x 2.5km with a number of sub parallel trends to the north west

o Blaffo Gueto Far North - regional lines discover a new zone (over 800m and open) that requires infill sampling 4km north of the last drill line - maximum 274ppb Au

o Pokou - 4 infill lines demonstrate potential continuity and open strike of already 9km long anomaly

o Boni Andokro - defined a new +1.4km anomaly close to granite greenstone contact - maximum 221ppb Au

African Gold Ltd (African Gold or the Company) (ASX: A1G) is pleased to report on drilling, trenching and soil sampling results from our recently completed regional exploration program on the Didievi Gold Project in Central Cote d'Ivoire.

ForAf ican Gold's CEO, Glen Edwards, commented "Following the spectacular broad high grade intercepts from the recent

diamond and RC drill campaign at Blaffo Gueto, where we demonstrated the grade and size potential of the system, we have more encouraging results from a small regional exploration program.

"A single diamond hole at the Pranoi Prospect, located 12km north of Blaffo Gueto, confirmed grade and thickness of stacked, north striking, moderate west dipping lodes. Shallow historical drilling returned anomalism over more than a kilometre of strike.

"Located 2 kilometres to the north of Pranoi Prospect is gold-in-soil anomaly, GCH2, where trenching has made a new discovery. The GCH2 soil anomaly is part of an unconstrained "Greater Pranoi" gold-in-soil anomaly, defined by 6 regional only800m spaced lines, i.e. a strike length of in excess of 4km. Two small infill soil grids on lines 3 and 5 have defined the Pranoi

Prospect and the GCH2 Prospect (TR01 20m at 1.02g/t Au).

"There are at least another 7 such targets waiting to be tested. It is early days but geology, alteration, structure and grade observed at GCH2 suggest potential to deliver.

The reconnaissance soil sampling program confirmed anomalism to the north and north east of Blaffo Gueto, demonstrated continuity and strike potential of what we are now calling the Pokou trend, and returned some interesting results on the eastern granite greenstone contact at Boni Andokro."

useDIDIEVI GOLD PROJECT (OUME - FETEKRO GREENSTONE BELT), CôTE D'IVOIRE

The Didievi Project (391km2) is located within the underexplored and emerging Oumé-Fetekro Birimian greenstone belt. The belt hosts Allied Gold's Bonikro/Hire (+3Moz)1 and Endeavor's Agbaou (+1Moz)2 gold mines to the south and the recent +2.5Moz Fetekro discovery4 announced by Endeavour Mining to the north.

Previous and recent drilling has demonstrated the system has potential for parallel structures, is open along strike and down dip and has potential to deliver a very significant economic deposit. Significant intercepts to date at Didievi include:34

•	83.3m at 3.3g/t Au from 166.9m including 18m at 12.0g/t Au
personal•	14m at 5.95g/t Au from 185m including 8m at 9.97g/t Au
•	89m at 3.0g/t Au from 0m including 23m at 9.5g/t Au
•	43m at 4.3g/t Au from 57m including 17m at 9.5g/t Au
•	69m at 2.9g/t Au from 31m including 37m at 4.9g/t Au
•	37m at 7.7g/t Au from 42m including 24m at 11.0g/t Au
•	27m at 4.61g/t Au from 32m including 11m at 11.09g/t Au
•	42m at 2.60g/t Au from 220m including 17.4m at 5.44g/t Au ending in mineralisation
•	38m at 2.29g/t Au from 42m including 21m at 3.52g/t Au ending in mineralisation

1	B nikro, Newcrest - https://www.asx.com.au/asxpdf/20170213/pdf/43fyl8fjz7sjg4.pdf
2	Agbaou, Endeavour Mining - https://s21.q4cdn.com/954147562/files/doc_downloads/technical_report/Ian-Hamilton-technical-report-agbaou.pdf
3	African Gold Limited - https://www.asx.com.au/asxpdf/20201127/pdf/44qbv34vb3ffmm.pdf
4
ForAfrican Gold Limited - https://www.asx.com.au/asxpdf/20210811/pdf/44z6fvzs6jdjc2.pdf

Pranoi Prospect - Diamond Drilling

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The Pranoi Prospect is located approximately 12km to the north of Blaffo Gueto Main. Previous wide spaced AC and RC
drilling of a robust coherent 1.2km x 0.8km gold-in-soilanomaly with extensive artisanal workings returned significant
i tercepts over a strike of length of over 800m with best historical results including3:
	• 12m at 5.60g/t Au from 24m
	• 32m at 2.14g/t Au from 68m
use	• 1m at 35.38g/t Au from 56m
• 8m at 4.35g/t Au from 0m

A single 100m diamond hole has been drilled by African Gold to obtain thickness and grade continuity and structural data up dip of DRC010 and returned a number of significant intercepts:

• 3.0m at 3.01g/t Au from 5m

• 3.0m at 1.35g/t Au from 27m

• 12.0m at 4.48g/t Au from 38m*

Note: There has been some core loss between 40.6-41m and 44.45m.

personalDrilling has now confirmed a series of stacked north striking, sub parallel, mineralised zones with a moderate west dip. There is insufficient drilling at this stage to determine continuity or depth extent, however, the system is open along strike

nd at depth. For

Image 1: Pranoi Prospect - photo of diamond core from DDD0031 37-49m oxidized showing altered sediments with obvious quartz veins and ferruginous zones with meter gold grades. This shows part of the intercept 12m at 4.48g/t Au from 38m.

For personal use only

Figure 1: Pranoi Prospect showing gold-in-soil contours, historical and recent drill collars with maximum down and significant intercepts on SRTM Image.

Trenching Program - Geochemical Anomalies

onlyA trenching program, designed to test 6 of the 9 previously identified robust coherent gold-in-soil-anomalies identified from historical soil geochemical data, was undertaken with 2 trenches successfully completed and assay results returned. The remaining trenches were abandoned due to difficulties in completing to specified lengths and depths; these have not been sampled.

Trench TR02 on GCH1 gold-in-soil anomaly, located 18km north east of Blaffo Gueto and 5km north east of Pranoi, was excavated over 38m. A few anomalous zones associated with thin quartz veins were identified but no significant intercepts usew re returned and the results failed to adequately explain the GCH1 gold-in-soil anomaly. More work will be undertaken

h re.

GCH2 Prospect

Trench TR01 on GCH2 gold-in-soil anomaly, located 14 km to the north of Blaffo Gueto and 2km north of Pranoi, returned a significant new discovery associated with an altered, veined and deformed porphyry. This single trench demonstrated

the potential of the GCH2 anomaly with a significant result of 20.0m at 1.02g/t Au including 9.0m at 2.06g/t Au. personal

Images 2 and 3: Trench GCH2-TR01 single trench excavated to provide preliminary assessment of the gold-in-soil anomaly returned Forve y encouraging results of 20m @ 1.02g/t Au including 9.0m at 2.06g/t Au.