Azumah Resources : Presentation AGM 2018 and London Mining Conferences

ASX: AZM

November 2018

Forward-Looking, Cautionary and Compliance Statements

Forward-Looking

Cautionary

Compliance Statements

All statements other than statements of historical fact included on this website including, without limitation, statements regarding future plans and objectives of Azumah, are forward-looking statements. Forward-looking statements can be identified by words such as 'anticipate", "believe", "could", "estimate", "expect", "future", "intend", "may", "opportunity", "plan", "potential", "project", "seek", "will" and other similar words that involve risks and uncertainties. These statements are based on an assessment of present economic and operating conditions, and on a number of assumptions regarding future events and actions that are expected to take place. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company, its directors and management of Azumah that could cause Azumah's actual results to differ materially from the results expressed or anticipated in these statements. The Company cannot and does not give any assurance that the results, performance or achievements expressed or implied by the forward-looking statements contained on this website will actually occur and investors are cautioned not to place any reliance on these forward-looking statements. Azumah does not undertake to update or revise forward-looking statements, or to publish prospective financial information in the future, regardless of whether new information, future events or any other factors affect the information contained on this website, except where required by applicable law and stock exchange listing requirements.

The Company has not made a production decision and its strategic plan to develop a gold mining operation is subject to the results of the completion of a Feasibility Study and other factors, some of which are beyond the Company's control. The Mineral Resources disclosed herein are preliminary in nature and include Inferred Mineral Resources that are considered too speculative geologically to have economic considerations applied to them to be categorised as Ore Reserves. There is no certainty that the Mineral Resources disclosed herein will be realised or converted to Ore Reserves. Inferred Mineral Resources captured in optimised pits may not all be converted to Measured and Indicated Resources. Mineral Resources which are not Ore Reserves do not have demonstrated economic viability. Target, expected and anticipated numbers contained herein are not confirmed, are not JORC compliant and are indicative only .

The scientific and technical information in this document that relates to the geology of the deposits and exploration results is based on, and fairly represents, information and supporting documentation prepared by Mr Stephen Stone, who is an executive employee of Azumah Resources Limited. Mr Stone is a Member of the Australian Institute of Mining and Metallurgy and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Stone consents to the inclusion in the document of the matters based on his information in the form and context in which it appears.

All references to Mineral Resources and Ore Reserves are extracted from ASX releases dated 2 September 2014 and 28 September 2018 and are available to view on the Company's website. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original announcements and that all material assumptions and technical parameters underpinning the estimates in the original announcements continue to apply and have not materially changed.

For further information on Azumah Resources Limited and its Wa Gold Project please visit its website atwww.azumahresources.com.auwhich contains copies of all continuous disclosure documents to ASX, Competent Persons' Statements and Corporate Governance Statement and Policies.

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Why Invest in Azumah Today?

'Tremendous fundamental and relative value to peers'

• ü 2.5Moz Mineral Resource and enormous opportunity to grow

• ü Intensive 40,000m, A$4 million drilling campaigns underway

• ü Multiple investment and re-rating catalysts ahead

• ü Fully-funded to development decision via Ibaera Capital JV

• ü 624,000oz @ 2.14g/t Au Ore Reserve (update imminent)

• ü Clear path to developing Ghana's next long-life gold mine

• ü Highly-regarded Board and development team that will deliver

All references to Mineral Resources and Ore Reserves are extracted from ASX releases dated 2 September 2014 and 28 September 2018 and are available to view on the Company's website. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original announcements and that all material assumptions and technical parameters underpinning the estimates in the original announcements continue to apply and have not materially changed. For further information on Azumah Resources Limited and its Wa Gold Project please visit its website atwww.azumahresources.com.auwhich contains copies of all continuous

disclosure documents to ASX, Competent Persons' Statements and Corporate Governance Statement and Policies.

Not to scale: Courtesy of PCF Capital Group Resources Thermometer - Oct 2018 and internal research

Averages derived from a basket of companies meeting the broad category status described and based purely on numerical calculations without any adjustment or filtering for technical, fiscal, geographical and other parameters. Will vary on a daily basis, should not be considered as definitive and are provided for qualitative comparative purposes only.

Land of the Giants

• ü One of the largest footprints in one of the World's most fertile gold regions

• ü +150km strike of prospective Birimian greenstones - host to most of West Africa's +5Moz deposits

• ü Widespread gold anomalism and mineralisation

• ü Track-record of discovery and resource definition

• ü Geological breakthroughs providing new impetus ie. Kunche high-grade depth continuity

44m at 5.37g/t Au from 99m (inc 20m at 10.27g/t) Au

ü Enormous opportunity to grow resources and reserves

"Gold geochemistry highlights the widespread anomalism throughout the Wa Gold Project, the many untested or under tested targets and the tremendous opportunity to increase Resources and Reserves."

Ibaera's Dr Jon Hronsky