Laboum Gold Project – CameroonP r o jec t O verv i ew

Q4 2020

AIM : ALS TSX.V : ALTS OTC : ALTUF

Q4 2020 2

This presentation is being made only to and is directed only at:

Persons who have professional experience in matters relating to investments falling within Article

19(1) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the

“Order”);

or

High net worth entities, and other persons to whom it may otherwise lawfully be communicated, falling

within Article 49(1) of the Order (all such persons together being referred to as “relevant persons”).

Any person for whom this does not apply should not act or rely on this presentation or any of its contents.

Disc la imer

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Discovering the next generation of gold projects in Africa

Run by the team behind Aureus, Afferro and Altus

Laboum Project, Cameroon

▪ Major new gold system identified

▪ Targeting substantial 17.8km shear-hosted gold system

▪ Numerous prospects from soils & geophysics

▪ Rock chip samples include 24.50 g/t and 16.15 g/t Au

Overv iew

2019

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Directors & Management

David Netherway (Director) - Mining Engineer with

over 45 years’ experience. Chairman of Altus and

Canyon, Director of Kore. Former director of

Afcan, Afferro, African Aura, Avesoro, Crusader,

Equigold, Gryphon, Kilo, Orezone and Shield.

Steven Poulton (Director) - Mining Geologist with

over 20 years’ experience. Co-founder of Altus,

Ariana, African Aura [Afferro / Avesoro] and

Stellar Diamonds.

Matthew Grainger (Director) - Mining Geologist

with over 20 years’ experience. Co-founder of

Altus, Ariana and former COO of African Aura

[Afferro / Avesoro].

Val Mitchell (Finance and Administration) - A

wealth of experience in administration, HR,

accounting and project management gained in

senior roles prior to joining Altus.

Will Slater (VP Operations) – Geologist with

over 10 years’ experience in running

programmes across Africa. Involved in the

management of reconnaissance, drilling and

resource stage exploration programmes.

Dr. Tessontsap TEUTSONG (Geologist) – PhD on

the formation of DSO Iron in Southern Cameroon.

5 years exploration experience in gold and iron

ore.

Dr. Richard Belcher (VP Exploration) – Over 17

years’ experience in Africa and Europe on a range

of commodities from grass-roots to resource.

Held management positions with several junior

companies.

Alister Hume (Business Development Manager)

– Experienced investment and business

development manager with over a decade in the

private equity and capital markets in the natural

resources.

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One of the highest GDPs per capita in Sub-Saharan Africa

Average GDP growth of 4.43% since 2003 and 4.1% growth in 20171

Became EITI compliant in 2013 (the Extractive Industries Transparency Initiative)

Stable since formation in 1961, English and French are official languages

Significant FDI for oil and gas industry creating relevant in-country skills base

Attractive mining code: 2.5% royalty; 10% free carry for Government

Cameroon: Overv iew

1. https://tradingeconomics.com/cameroon/gdp-growth-annual

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189km2 licence in central Cameroon, Birimian lithologies with Pan-African overprint

‘Planetary scale’ shear zone with underexplored terranes prospective for gold mineralisation

20km long Au stream sediment anomalies and 2km of discontinuous artisanal workings

>17km strike of gold in soil geochemical anomaly from programme of 2,204 samples

Ground magnetics survey has identified a number of prospects, coincident with soil anomalies

Phase 2 ground magnetics survey and 4,226 sample infill soil sampling programme complete

Priority trenching targets defined from soil sampling and ground magnetics programme

Cameroon: Laboum l icence

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Laboum: Steam sampl ing def ines a w ide 17km long zone

2019

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Laboum: So i l Sampl ing and Structura l in terpretat ion

2019

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Laboum: Ground magnet ics , so i ls + art isanals

2019

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Laboum: D iscovery o f a major go ld bear ing shear zone

2019

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Landou Prospect : Ground magnet ic survey

2019

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Landou Prospect : Quartz ve in d iscovery

2019

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Artisanal miners working sheared sediments at Landou prospect

Numerous, angular / coarse gold grains panned from crushed hard-rock

Workings extend for 1.3km along the main structural trend

Landou Prospect : Art isanal go ld min ing

24.5 g/t Au from quartz vein Gold grains from trench panningQuartz vein system

Sheared metasediment unitMultiple artisinal workings Gold from panning site

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Kalard je Prospect : Ground magnet ic survey

2019

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Ray Prospect : >2km art isanal work ings

Ray NE

Ray SW

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Ray Prospect : Art isanal work ings

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Laboum: 2019-2020 work programme & budget

H1 2019 H2 2019 H1 2020H2 2020 Budget $US

Work programme Detail Q1 Q2 Q3 Q4 Q1 Q2

Exploration

Infill soil sample assay analysis 3,000 samples 50,000

Trench target definition ~14,000m trenching planned

Trenching (Phase 1 - 8,900m) 34 trenches (200m - 400m long) 350,000

Trenching (Phase 2 - 5,000m) 25 trenches (200m long) 200,000

sub total 600,000

Drilling

Drilling (Phase 1) 2,500m (50 holes, DDH + RC) 400,000

Drilling (Phase 2, step out, infill) 5,000m (50 holes, DDH + RC) 650,000

Drilling (Phase 3, infill + ext.) 5,000m (50 holes, DDH + RC) 650,000

Initial metallurgical studies 100,000

sub total 1,800,000

TOTAL 2,400,000

Process 100m x 50m infill soil samples + geophysics data to define trench targets

Further mapping & sampling of high grade quartz veins

Up to 14,000m trenching planned in two phases +12,500m drilling to define initial resources

$US2.4m budget – 18 months

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Laboum: Phase 1 Trench P lan

2019

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Laboum: Ga l lery

Soil sampling

Trenching programme

Sheared metavolcanic (6.85 g/t)

Sulphides in metavolcanic Metagreywacke -2.03 g/t Au

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Major new gold system discovered by Auramin in Cameroon

Multiple prospects within major Pan African crustal shear zone

Extensive artisanal workings over 2km at Tapare Prospect

High grade gold hosted in wide metasedimentary packages + quartz veins & stockwork

Ground magnetics survey highlights structural targets coincident with gold in soil anomalies

3,000 soil sample assay + systematic trench programme to define drill targets (U$600k)

Drilling planned for 2019 to test key targets + define initial resource potential

Summary

14 Station Road

The Orchard Centre

Didcot, OX11 7LL

United Kingdom

Tel: +44 (0) 1235 511 767

Fax: +44 (0) 1235 511 464

E-mail: info@aura-min.com

www.aura-min.com

Q4 2020 21

Appendix : Cameroonian Min ing Code & Royal t ies

Licence

Type

Royalty Parameters Mining Code Key Terms

Corporate

Tax (%)Govt. Carried

Interest (%)

Precious

metals (%)

Base

metals (%)

Precious

stones (%)

Industrial

minerals (%)Mining code date

Application /

Grant Cost

First

Renewal Fee

Second Renewal

Fee

Exploration 25.0% 10.0% 3.0% 2.5% 8.0% 2.5% 2001

4,000 CFA/km2

($7/km2)

Additional maps and

attestations from the

national institute of

cartography have to be

procured at ~350 000CFA

($565) per licence.

3,000 CFA/km2

($5/km2)

All renewals the same

price.

Licence

Type

Mining Code Key Terms (continued)

Land rent

(local/km2)

Min. expenditure

(local/km2)

Min. Size

(km2)

Max size

(km2)

Reporting

requirements

Initial term

(Years)

Renewals (Numbers

& Years)

Area dropped on

renewal (%)Notes

Exploration

Yr 1: 1,000 CFA

($1.5) to

Yr 8: 8,000 CFA

$(13) Yr 8.

3,000 CFA/km2

($5/km2)None 500

Annual & Bi-

annual3 3 x 2yr 50%

Minimum five-year tax free holiday,

maximum 25% tax rate and 5%

dividends tax, as used by Sundance.