Tanga Resources : Cote d'Ivoire exploration update

24 November 2021

Exploration Update - Côte d'Ivoire

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Highlights

• Final gold and multi-element assay results from the infill sampling program over the significant southern gold anomaly on the Mankono Ouest permit have been received
• Results confirm the potential of the southern gold anomaly, with auger drilling to commence in Q1 2022
• RC drilling to commence on the central gold anomaly in Q1 2022
• Auger drilling program at the Bouaflé Project commenced in October and is progressing well
• Applications for five new exploration permits have been submitted to the DGMG, increasing the Company's land holding over key regional structural settings on all Projects

Tanga Resources Limited (ASX: TRL) (Tanga or the Company) is pleased to provide an update on its exploration activities in Côte d'Ivoire:

1. Assay results from infill soil sampling have highlighted the significance of the southern gold anomaly at Mankono Ouest (Mankono Southern Gold Anomaly).
2. Five new permit applications have been successfully submitted to The Direction Générale des Mines et de la Géologie (DGMG), strengthening the Company's position in Côte d'Ivoire.
3. Auger drilling at the Bouaflé Project is underway and termite mound sampling is expected to shortly resume at the Bocanda Gold Project.

Tanga's Chairman, Andrew Pardey, commented:

"We are highly encouraged by the results from our exploration work at the Mankono Project, which have delivered the Mankono Southern Gold Anomaly - a significant new gold anomaly for follow up work.

"We are also pleased to have strengthened our landholding in Côte d'Ivoire, which now includes 1,848 km2 of granted permits and a further 2,700 km2 under application.

"With the recently completed capital raising, we are strongly positioned to advance exploration work in Côte d'Ivoire and we look forward to undertaking drilling as part of the next phase of work."

Update - Mankono Gold Project

A total of 1,405 infill termite mound samples were collected over a grid of 200m spacing at the Mankono Southern Gold Anomaly on the Mankono Ouest permit in September and all gold and multi- element assay results have now been received.

This has enabled the Company to complete a geological interpretation across the permit (Figure 1) that provides a distinct definition of the Mankono Southern Gold Anomaly, highlighting continuity in the high-grade values across several of the interpreted north-south features (Figure 2).

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Figure 1 - Mankono Ouest permit - geological interpretation and gold anomalies

Figure 2 - Mankono Ouest permit - Mankono Southern Gold Anomaly

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The Mankono Southern Gold Anomaly is well outlined using a 15ppb threshold, including higher grade coherent zones at +30ppb. The anomalism is closely associated to a mafic unit, represented by basalts and gabbros and its contact zones with intermediate volcanics and quartzites units (Figure 2).

Follow up work on the Mankono Ouest permit will include an auger program, the key objective of which is to define potential drilling targets on the Mankono Southern Gold Anomaly and a first pass shallow RC drilling program to test the structural controls on the central gold anomaly. The auger program is planned to start in 2022, in early January. The RC program is planned to commence towards the end of the first quarter in 2022.

While progressing its exploration programs at the Mankono Project, Tanga has worked on consolidating its tenement package along similar regional structural settings with the submission of applications to the DGMG for five additional exploration permits (Figure 3). On completion of the licensing process with the DGMG, the Company's landholding at Mankono will total 1,952 km2.

These new applications include over 75km of strike across several major regional shears which host, along strike, the Abujar Gold Project (Tietto Minerals) to the South and the Napié Gold Project (Mako Gold) to the North.

Figure 3 - Mankono Gold Project block of permits

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Update - Bouaflé Gold Project

At the Bouaflé Gold Project, an auger program is currently underway on the Bouaflé Sud permit, the primary purpose of which is to generate new in situ data across the core of the main mineralised shear, including multi-element data.

On the Bouaflé Nord permit, a stream sediment sampling program is planned to commence towards the end of the year.

The DGMG has accepted an application for a new exploration permit - Zenoula - that includes the strike extents of the regional structures hosted by the Bouaflé Nord permit (Figure 4).

Figure 4 - Bouafle Project block of permits1

Update - Bocanda Gold Project

Owing to community issues, which are non-related to the Company, minimal exploration at the Bocanda Gold Project has been carried out in recent months. The Company now expects to resume the termite mound sampling program in the anomalous catchment areas at Bocanda towards the end of the year.

1 ASX announcement 17 November 2020

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An application for a new exploration permit was recently submitted and approved by the DGMG. The area covered by this permit fills the gap between both the Bocanda Nord and the Bocanda permits (Figure 5), where the anomalous zone of interest is inferred to be continuous between both of those permits.

Figure 5 - Bocanda Project block of permits2

This announcement has been authorised for release by the Company's board of directors.

Contact details

Chris van Wijk

Executive Director - Technical [phone]

Competent Person's Statement

The information in this announcement that relates to exploration results at the Mankono Gold Project is based on information compiled by Company geologists and reviewed by Mr Pierrick Couderc, in his capacity as Exploration Manager of Tanga Resources Limited. Mr. Couderc is a member of both the Australian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists and has sufficient experience which is relevant to the style of mineralisation and type of deposit under

2 ASX announcement 30 August 2021

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