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Strictly Confidential 1Aforo Resources Ltd Corporate Presentation Q1 2018

An African Focused Exploration and Development Company

Aforo Resources LimitedACN 151 402 498

Background & Context

2Strictly Confidential

Company Background

Indo Gold Limited (IGL); West Africa identified as priority target area; formed wholly-owned subsidiary – Aforo Resources Limited (Aforo) and spent approximately $2.1M acquiring projects and conducting first pass exploration.

Aforo spun out of IGL in January 2012, shares distributed “in specie” to IGL shareholders; private seed raising at $0.10 raises $850,000. Active exploration in Liberia, Ivory Coast and Ghana.

The company appointed Ian S. Cooper to the position of Managing Director November 2014.

Rights issue to shareholders and others April 2015 raised $110,400 at $0.002.

Placement to IGL October 2016 raised $20,000 at $0.01.

Sale of Ivory Coast projects for US$225,000.

Currently 128,545,529 shares and 6 million options at $0.003 on issue and no debt.

JV/Option agreements signed to acquire the Niare and Sao gold projects in Burkina Faso.

Aforo Resources Ltd Corporate Presentation Q1 2018

Strictly Confidential 3

Directors

&

Management

Mike HigginsChairman

Ian S CooperManaging Director

Antony (Tony) TrueloveDirector

Chris RashleighDirector

Local ConsultantsIn Burkina Faso [Schadrac Ibrango P.Geo.], Ghana and Mali

Key Personnel



Resumes

Key

Personnel

Mike Higgins, ChairmanGeologist/Director, corporate and management experience, 20 years Billiton including global business development role in Head OfficeAnother +25 years founding and leading junior companies, vending and listing some companiesExploration track record of multiple discoveries, +20 Moz gold and base metals High level co-ordination, global coverage

Ian S. Cooper, Managing DirectorJoined (December 2014) the board of Aforo as its Managing DirectorIan brings to the Aforo Board operational and technical experience in Francophone West AfricaWas previously the Exploration Manager at AngloGold Ashanti’s Sadiola & Yatela Gold Operations in MaliWas Exploration Manager for Equatorial Resources Ltd in Congo-BrazzavilleHe also has previous mining and exploration experience in Sierra LeoneIn addition to over thirty year's Professional Experience as an Exploration Manager and Geologist in Mineral Exploration, Project Discovery and Management throughout Africa, Australia and Asia.

Chris Rashleigh, DirectorMining Engineer/Director, 47 years experience, global coverageSenior roles at Billiton, Acacia, AngloGold, MIM incl. Executive Underground Manager at Mt IsaPrepared scoping study for Sunrise Dam gold mine, subsequently developed as a major operationStrengths in project management, scoping through feasibility studies to implementationManaging Director of ASX listed Peninsula Mines Ltd between May 2013 and April 2015 and currently a Non-Executive director of Panthera Resources PLC

Antony (Tony) Truelove, DirectorGeologist/Director, has been MD of ASX-listed company, plus senior roles at Billiton, Delta Gold and Newcrest Proven track record of discoveries (+15 Moz gold, plus tin, base metals, iron ore) and feasibility/due diligence Strong background in tin exploration and resource definition, also Chief Geologist at Tuckabianna Gold MineStrengths in leading multi-disciplinary teams, championing projects and liaising with stakeholders

Resumes – Key Personnel



Why West Africa?

Man Shield is one of the world’s most highly gold-endowed provinces

Better geological understanding after +20 years of exploration and mine development

Leading to discovery of many more gold deposits and multiple ‘new’ gold models

Aforo’s team members have a strong background here, including involvements in/as:

• Original discovery of Agbaou in Ivory Coast (~1 Moz); very profitably developed by Endeavour in recent years, paid back capital inside 18 months

• Co-Founders of Goldcrest/Volta Resources, Burkina Faso properties (sold to B2Gold)

• Successful exploration management of AngloGold Ashanti’s Sadiola & Yatela Gold Operations in Mali

West Africa – Gold Hot Spot


Project Location – Burkina Faso

6Strictly Confidential Aforo Resources Ltd Corporate Presentation Q1 2018

Portfolio Summary


Properties in

Burkina Faso

Joint Ventures covering two highly prospective Permis de Recherche (PdR)

Niare

Formal resource statement extracted from the “2014 Nordgold Mineral Resources & Ore Reserves Overview”; it shows the Niare prospect (Lagongo) with a JORC (2012) Inferred Mineral Resource* of:

2.23 Mt @ 1.36 g/t Au (for 98,000 ounces gold) at 0.5 g/t cut off grade*

* Note: Historical Mineral Resource not reported as JORC by Aforo - would need to confirm all underlying information before Aforo can quote as JORC resource.

Several “walk-up” drill targets

Five additional prospects in the PdR

Sao The project is located in the northern part of the highly mineralised Houndé Greenstone Belt, some 100km

NNE of the 4 million ounce Mana deposit and is largely unexplored.

The project is considered particularly prospective because this belt hosts the majority of the high-grade gold occurrences discovered in the recent era in Burkina Faso, including Semafo’s (TSX, OMF:SMF) recently discovered Siou deposit (reserves of 769 koz @ 4.94 g/t gold); plus the high grade Yaramoko deposit owned by Roxgold (TSX.V: ROG) (790 koz @ 17.15 g/t gold). The belt also hosts Semafo’s Mana gold mine (6 Moz) and Endeavour Mining’s (TSX: EDV, ASX: EVR) 2Moz 2.0 g/t Houndé deposit.

Large, under-explored area exposing favourable, greenstone belt-margin structures


Niare Regional Geological Setting and Nearby Gold Deposits/Mines


Niare

The permit is located in the centre of the Goren Belt, consisting mainly of sedimentary and volcanic rocks. The geological environment of the district consists of Paleoproterozoic formations belonging to the Birimian basement. It contains both volcanic-sedimentary and plutonic rocks metamorphosed during the Eburnean. The volcano-sedimentary and plutonic terrains are composed of the masses of amphibolised basalts dispersed or intercalated into strips within the sedimentary schistose series and highly altered and weathered tuffs (laterite, saprolite). This schistose series also contains intercalations of intermediate to acidic volcanics. There are also intercalations of quartzites and cherts, as well as some injections of gabbro-diorite bodies of variable size.

The Goren Belt, is already home to three large mines operating within a radius of 20 km around the NIARE permit (see Regional Geology).

The Bissa Zandkom mine belonging to the BISSA GOLD SA subsidiary of Nordgold; average grade of 2.5 g/t, located 18 km as the crow flies southeast of NIARE (total 5.5 Moz);

The Kalsaka mine operated by KALSAKA MINING SA subsidiary of AMARA MINING; average grade of 1.5 g/t, located 16 km to the southwest by bird's eye view of NIARE (care and maintenance) (total 0.6 Moz);

The Seguenega mine operated by Seguenega Mining SA also a subsidiary of AMARA MINING; average grade of 1.87 g/t, 19 km to the west from NIARE (total 0.6 Moz).


Niare Regional Geology - Showing Main Geological and Structural Elements


NIARE

BISSA 5.5 Moz

TAPARKO 1.6 MozSEGUENEGA

KALSAKA 0.6 Moz

KARMA

PERKOA zinc

BOUROUM

Niare Regional Magnetics


NIARE

Niare Historical Work

Previous Exploration

HRG/ Nordgold

The permit, previously named "Sakou" belonged to High River Gold Exploration SARL (HRG), now a subsidiary of the Russian company Nordgold. This company undertook several research projects on the permit from 2003 to 2015. work included approx. 6000 metres of drilling post a resource statement in 2014.

Historical work included (see table next slide):

Geological mapping,

Litho-geochemistry and soil geochemistry (100 x 100 m) throughout the permit,

Geophysics (VLF-EM, induced polarization and magnetics),

Airborne geophysical surveys (magnetic, electromagnetic and radiometric),

Processing and interpretation of ASTER satellite imagery and aerial mapping,

Trenches, RAB drilling, core and RC drilling.

A reference in the High River Gold report titled – “The Bissa Asset NI43_101 _20 July 2012” report shows a drill result of 35m @ 1.62g/t Au at the Niare prospect.



Niare Historical Work (Details)

Sakou permit permit mapping rocks soils regional

exploration statistics surface 2015-apr regional regional regional stds+blks

km2 km2 km2nb nb nb

TOTALS 128.3 173 1737 1140 201

grids mapping mapping rocks soils detailed

nb BL + XL km2 1/5000 1/2500 detailed 100x100m stds+blks

km km2 km2nb nb nb

TOTALS 1 82.9 7.86 7.86 0.2 104 826 42

ground geophysics airborne geophysics - orthophotos - Aster

grad array IP - PD/3D mag VLF-EM

km km km km km2 km2 km2

TOTALS 78.9 0 78.9 78.9 173 173 132.8

trenches RAB

nb length assays stds+blks nb length assays stds+blks

m nb + duplicata m nb + duplicata

TOTALS 13 2029.4 2050 225 393 9491 5140 573

DRILLING RC AC DDH

nb length assays stds+blks nb length assays stds+blks

m nb + duplicata m nb

2005 6 627 625 111

2008 69 5032 2549 283

2009 37 3539 3496 464

2012 7 954 953 105

2015 51 4875 4856 662 8 1059.6 1066 92

TOTALS 170 15027 12479 1625 8 1059.6 1066 92



Niare Mineral Resource

Non-JORC Resource Estimate

In 2012 HRG carried out a preliminary economic evaluation (PEA) at the Niare prospect (Lagongo).

Nordgold continued exploration and reported a mineral resource in 2014

The following table describes a formal resource statement extracted from the “2014 Nordgold Mineral Resources & Ore Reserves Overview”; it shows the Niare prospect (Lagongo) with a JORC (2012) Inferred Mineral Resource of:

2.23 Mt @ 1.36 g/t Au (for 98,000 ounces gold) at 0.5 g/t cut off grade.

Nordgold talk of additional drilling to be done, however the next report (2015) available on their website had no further information on the property (see previous slide showing list of work carried out by Nordgold as provided by Nordgold).

Aforo is presently seeking to obtain past data to confirm resource estimate and identify next steps needed to follow-up and possibly expand on this resource.



Niare Resource (Nordgold 2014)



Niare Field Assessment

Targets Beyond Known

Resource

Our assessment included a field visit during August 2017.

At Lagongo there is an area being mined by artisanal methods some 650 m long and at least 50 m wide. In the main area, two parallel structures are also being exploited.

There is potential for a significant deposit at this location. (Historically reported resource – Nordgold 2014).

A continuation of the mineralised structure is being exploited by artisanal miners in workings approx. 250m long some 750m to the ENE of the Lagongo area (slide 15).

There is evidence of quartz vein stock working marginal to the diggings with stringers exposed after the rainy season and also in a drill pad cutting (slide 17).

Targets:

Lagongo

Area being mined by artisanal methods some 650 m long and at least 50 m wide. An image from Google Earth below shows significant workings.

Regional

The various works undertaken historically on the permit made it possible to identify five main targets on the permit.


• Google Earth Image Lagongo and extension to the east


SCALE LINE = 1 KM

INTERPRETED STRUCTURE

LINE OF WORKINGS


Niare Tenement – Lagongo prospect artisanal workings

Niare Tenement – Lagongo prospect drill collar – between the collar and the workings zones of stringer quartz veining were observed



Niare Tenement – Lagongo prospect stringer quartz vein marginal to workings

Niare Tenement – Lagongo prospect drill pad cutting showing sub-vertical stringer quartz veining



Niare Tenement – Lagongo prospect photo taken from the ENE extension workings

Niare Tenement – Lagongo prospect gold tail in pan of artisanal miner



Sao Regional Geological Setting and Nearby Gold Deposits/Mines


Sao

The Sao property is located in the northern part of the highly mineralised Houndé Greenstone Belt.

The property consists of a single Permis de Recherche (PdR) and is considered to be a very attractive green-field project.

The entire permit is crossed in its central zone by a structure of regional magnitude oriented NE-SW and which at the same time bounds the western part of the belt of Boromo (see Regional Geology and Regional Magnetics Maps)

The property is considered particularly prospective because this belt hosts the majority of the high-grade gold occurrences discovered in the recent era in Burkina Faso, including:

Semafo’s (TSX, OMF:SMF) recently discovered Siou deposit (reserves of 769 koz @ 4.94 g/t gold);

The high grade Yaramoko deposit owned by Roxgold (TSX.V: ROG) (790 koz @ 17.15 g/t gold).

Semafo’s Mana gold mine (6 Moz) (Sao is located 100km NNE of Mana)

Endeavour Mining’s (TSX: EDV, ASX: EVR) 2Moz 2.0 g/t Houndé deposit.

This property represents a large area (245.96 km2) within a very permissive and prospective greenstone belt that has not had thorough past exploration. On this basis alone, it will emerge as a very attractive green-field property, within which we know from past experience, early-stage prospecting techniques can quickly identify and advance discoveries, if near-surface gold systems are present.



Sao Regional Geology - Showing Main Geological and Structural Elements

SAO

MANA 4.0 Moz

YARMOKO (ROXGOLD)

KIERE

HOUNDE 2.9 Moz

Rationale/ Objectives


Financing Objectives

Direct Equity (Mezzanine and/or Cornerstone Financing Required)

Capital allocation now will create potential for new discoveries from a team of proven ore finders

Should enable team to advance the existing portfolio in Burkina Faso towards discovery and eventual gold production

Project acquisition

General working capital

With a view to quickly add value then seek IPO/RTO/Other liquidity event

Currently 128,545,529 shares on issue

No debt

Experienced management team with operational and technical experience in West Africa is major asset

Strong register including influential institutional shareholders – top ten shareholder list below:

No. Shareholder Name Shares Held Share %

1 Indo Gold Limited 19,735,905 15.35%

2 Mike Higgins 16,200,000 12.60%

3 Minmet Financing Company SA. 15,000,000 11.67%

4 Raymond Ernest Dunkley and Julie Anne Dunkley 14,000,000 10.89%

5 Stratex International PLC , 10,077,272 7.84%

6 Chris Rashleigh 7,100,000 5.52%

7 Brett Taylor 5,000,000 3.89%

8 Kaal Guri 3,500,000 2.72%

9 Macquarie Bank Limited 3,483,046 2.71%

10 Alchemy Securities Pty Ltd 2,660,000 2.07%


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