e x p l o r e | d i s c o v e r | d e v e l o p

Q4 2020

Bikoula Iron Ore ProjectSo u th er n C amer o o n

AIM : ALS TSX.V : ALTS OTC : ALTUF

Q 4 2 0 2 0 2

Disc la imer

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.

14 Station Road

The Orchard Centre

Didcot, OX11 7LL

United Kingdom

Tel: +44 (0) 1235 511 767

E-mail: info@aluvance.com

www.aluvance.com

Q 4 2 0 2 0 3

Aiming to be one of the first iron ore producers in Cameroon

Maiden Inferred Mineral Resource Estimate of 45Mt at 44.0% Fe, including 5Mt at 52.7% Fe (JORC)

Grades up to 65.75% Fe with low levels of phosphorous and Al2O3

Metallurgical testing by SGS has yielded a 62.7% Fe concentrate from gravity separation

Davis Tube metallurgical results indicate BIF concentrate grade of 63.5% Fe with coarse grind size of 150µm

Deep water port at Kribi constructed, largest deep water port in Central Africa

270km road from project to Kribi is being upgraded to an all weather surface

Social and environmental baseline study completed

Overv iew

Q 4 2 0 2 0 4

Directors & management

David Netherway (Chairman) - 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.

Q 4 2 0 2 0 5

A stable and democratic country located in the ‘hinge’ of Africa

Strong economic growth, with GDP averaging +4% per year in last decade

Legal system based on French law, mining code reviewed in 2010 to encourage further investment

Globally significant iron ore, bauxite and gold potential yet relatively under explored

Extensive hydro-electric power grid with 5 operating plants generating >1,200MW and 3 more planned

Exports (>$6Bn pa) include crude oil, petroleum, timber, cocoa, aluminium, coffee, and cotton

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

About Cameroon

Q 4 2 0 2 0 6

A g lobal ly st rategic i ron ore prov ince

2019

Q 4 2 0 2 0 7

Bikou la h igh grade i ron ore pro ject

2019

Q 4 2 0 2 0 8

44 holes (3,900m) drilled at Libi north prospect

First 4.7km of 17km long Libi Hills prospect drill tested to date

Short inclined and vertical holes in fences to maximum depth of 125m

Results from enriched haematite cap include:

▪ 57.8m at 51.4% Fe, including 30.8m at 57.9% Fe from 3.8m

▪ 43.3m at 47.3% Fe, including 10.7m at 55.1% Fe from surface

▪ 64.0m at 50.4% Fe, including 11.0m at 60.1% Fe from surface

▪ 24.0m at 56.3 % Fe, including 9.2m at 60.4% Fe from surface

▪ 90.3m at 39.3% Fe, including 8.0m at 60.7% Fe from surface

▪ Magnetite intersects of 100.00m at 41.0% Fe & 90.32m at 39.3% Fe

Maiden dr i l l ing resu l ts

DGPS surveying

Q 4 2 0 2 0 9

Schemat ic cross sect ion

2019

Q 4 2 0 2 0 1 0

Maiden resource est imate (2014)

Ore Type Target (Mt) Density (kg/m3) Fe % Al2O3 % P % SiO2 % S % LOI %

Haematite Colluvium 50 - 75 2.65 40 - 55 14.10 0.084 13.67 0.03 8.86

Supergene (Friable) 15 - 25 2.80 53 - 64 6.20 0.090 10.41 0.03 5.06

Zone Ore Type Tonnage (Mt) Fe % SiO2 % P % TiO2 % Al2O3 % S % LOI %

Libi NorthColluvium 39 43 13.1 0.09 0.8 14.8 0.04 9.3

Supergene 5 52.7 14.3 0.07 0.7 5.1 0.02 4.1

LomboColluvium 1 43.6 22 0.09 0.4 8.1 0.03 6.2

Supergene 1 38.9 35.3 0.08 0.2 4.4 0.02 3.4

Total / W.Average 46 44 13.9 0.08 0.7 13.4 0.03 8.5

Independent Inferred Mineral Resource Estimate (JORC 2012 – Coffey Mining)

Exploration Target (non JORC)

Q 4 2 0 2 0 1 1

Metallurgical testwork on free digging & haematite rich colluvial ore

▪ Simple gravity techniques achieves a high grade saleable product

▪ Concentrate of 62.26% Fe using simple crush, screen & jig processes

▪ Excellent metallurgical characteristics, with low deleterious elements

Simple metal lurgy , grav i ty process

Sample Mass Recovery (%) Fe (%) SiO2 (%) Al2O3(%) P2O5 (%) LOI (%)

Colluvium1 43.2 62.26 2.69 3.08 0.06 3.20

Colluvium2 49.0 63.15 1.96 3.51 0.06 -

Supergene3 52.65 62.65 5.39 2.66 0.11 3.24

Supergene4 - 64.57 3.14 1.62 0.10 2.38

High grade iron ore clasts Colluvial bulk sample preparation

Cru

sh

Scre

en

Jig

1. Results for gravity concentrate from testwork by Bureau Veritas (Perth)

2. Results for combined gravity and magnetics from testwork by Bureau Veritas

(Perth)

3. Results for a simple crush to -6.35mm by SGS (Truro)

4. Heavy Liquid Testing results for supergene ore by SGS (Truro)

Q 4 2 0 2 0 1 2

Grav i ty test -work summary

Sample IDWt.%

Fe SiO2 Al2O3 TiO2 P LOI 1000

% Dist % % Dist % % Dist % % Dist % % Dist % % Dist %

MQ1192 P100 8 mm

Product

Grade43.2 62.26 54.7 2.69 11.0 3.80 15.0 0.74 46.2 0.06 31.2 3.30 20.3

Sample ID Wt. %Fe SiO2 Al2O3

% Dist. % % Dist. % % Dist. %

MQ1192 P100 8 mm

Calculated Head 100.0 49.12 100.0 10.54 100.0 10.97 100.0

+0.045mm Calculated Head 78.7 55.64 89.2 6.98 52.1 7.04 50.5

Cum. Sinks - Mid 03 73.8 57.66 86.7 5.44 38.1 6.14 41.3

Cum. Sinks - Mid 02 60.0 60.46 73.9 3.77 21.5 4.66 25.5

Cum. Sinks - Mid 01 43.2 62.26 54.7 2.69 11.0 3.80 15.0

Cum. Sinks - Con 02 29.3 63.83 38.1 1.86 5.2 3.04 8.1

Cum. Sinks - Con 01 14.7 65.13 19.5 1.25 1.7 2.39 3.2

Summary of fractions

Optimal product

Q 4 2 0 2 0 1 3

High grade i ron ore at sur face

Diamond drilling, Libi prospect Drill core storage, Bikoula camp

District Officials site visit Pitting in detrital hematite lump ore Drill core of massive magnetite

Q 4 2 0 2 0 1 4

Consistent grades a long ore body

Q 4 2 0 2 0 1 5

Extensive co l luv ia l b lanket

Q 4 2 0 2 0 1 6

Substant ia l resource potent ia l

2019

Q 4 2 0 2 0 1 7

Viab le t ruck ing opt ion to deep sea port

270km to deep sea and multi user port handling >45Mt pa, with 300,000 DWT berths

Existing road to deep sea port:

▪ Used as a major export route for timber from the Congo basin

▪ Currently being fully upgraded to an all weather surface

▪ Trucking cost estimate range: $0.05 - $0.07/ t / km

▪ Exceptionally well timed for the development of the Bikoula project

Q 4 2 0 2 0 1 8

Strategic locat ion on road / fu ture ra i l corr idor

Ore transportation options, Cameroon

Q 4 2 0 2 0 1 9

Ndje le DSO i ron l i cence

Ndjele exploration licence covering 199km2 granted in April 2015

Contiguous with Aluvance's colluvial & supergene JORC compliant resource at Bikoula

Ndjele has 13km of discontinuous magnetic anomaly & 16km of historically mapped BIF

Licence targets high grade DSO surface colluvial & supergene ore body

Grab samples identify high grade iron ore up to 64.84% Fe from initial exploration

Project located on existing road network for direct access to deep water port

Q 4 2 0 2 0 2 0

Ndje le Pro ject Overv iew

Q 4 2 0 2 0 2 1

Maiden JORC Inferred Mineral Resource Estimate of 45Mt at 44.0% Fe (including 5Mt at 52.7% Fe)

Resource defined from < 25% of the magnetic anomaly covering the Libi Hills prospect

Colluvial & primary supergene yields high grade (>62% Fe) haematite from gravity separation

On strike of Nkout (2.5Bt + 64Mt DSO) &160km NW of Mbalam (2.4Bt + 500Mt DSO) deposits

Trucking to deep water port available and only 30km from proposed trans-Cameroon iron ore rail line

Deep water port at Kribi complete, largest in Central Africa with capacity of up to 300,000 DWT vessels

Social & environmental baseline studies completed

Positioned to be one of the first high grade iron ore producers in Cameroon

Summary

14 Station Road

The Orchard Centre

Didcot, OX11 7LL

United Kingdom

Tel: +44 (0) 1235 511 767

E-mail: info@aluvance.com

www.aluvance.com

Q 4 2 0 2 0 2 2

Appendix : L ib i grab samples

65.06% Fe, 0.59% SiO2 ,

0.15% P2O5 , 2.44% Al2O3

66.07% Fe, 0.46% SiO2 ,

0.14% P2O5 , 2.11% Al2O3

63.72% Fe, 0.99% SiO2 ,

0.10% P2O5 , 3.27% Al2O3

65.17% Fe, 0.52% SiO2 ,

0.07% P2O5 , 1.67% Al2O3

Q 4 2 0 2 0 2 3

Appendix : L ib i dr i l l ing resu l ts

Notes:

Intersections are down-hole lengths

BKLD035 includes 1m of core loss between 6, and 7m

Lower cut off grade of 30% Fe applied and maximum internal waste of 5m

DSO classified as enriched hematite mineralisation grading >55% Fe

Potential DSO classified as oxidised Banded Iron Formations grading >40% Fe

Depth / Intersection Element Analyses

Hole ID From To Int Fe Al2O3 SiO2 P TiO2 S LOI %

(m) (m) (m) % % % % % % 1000 C

BKLD001 33.6 71.8 35.9 42.07 2.52 33.34 0.062 0.45 0.04 0.75

BKLD004 1 28.3 27.3 50.30 9.84 8.02 0.14 0.74 0.03 9.05

Incl. 14.8 23.8 9.0 54.76 5.02 7.32 0.22 0.58 0.04 7.77

BKLD008 0 43.3 43.3 47.29 10.66 14.17 0.081 0.81 0.03 6.23

Incl. 15 25.7 10.7 55.16 3.05 14.22 0.065 0.27 0.03 7.51

BKLD008 49.0 82.3 33.3 39.80 3.51 33.85 0.06 0.52 0.03 -0.19

BKLD009 3.8 61.6 57.8 51.38 4.27 18.13 0.07 0.5 0.02 3.09

Incl. 3.8 34.6 30.8 57.97 3.03 10.40 0.074 0.43 0.02 3.23

BKLD010 0 24.0 24.0 56.25 6.80 5.16 0.09 0.74 0.02 6.36

Incl. 5 14.2 9.2 60.37 5.00 2.47 0.08 0.86 0.01 5.21

BKLD016 0 22.7 22.7 51.21 10.68 7.13 0.07 0.99 0.05 8.11

Incl. 14.7 21.7 7.0 58.11 5.08 7.14 0.03 0.76 0.04 4.84

BKLD018 0 26.6 26.6 49.16 3.23 22.57 0.068 0.53 0.02 2.38

Incl. 1.25 21.0 19.8 50.04 3.34 21.34 0.06 0.55 0.02 2.86

BKLD019 0 18.0 18.0 52.01 2.96 18.61 0.076 0.36 0.03 3.32

BKLD019 19.5 43.0 23.5 40.14 3.35 34.83 0.067 0.29 0.03 0.97

BKLD020* 0 90.3 90.3 39.30 8.13 28.17 0.08 0.52 0.03 2.97

Incl. 9.0 17.0 8.0 60.67 2.40 5.97 0.06 0.32 0 3.88

BKLD032 12.0 32.2 20.2 51.94 2.94 19.7 0.044 0.75 0.02 2.30

BKLD032 43.5 62.0 18.5 36.80 4.74 35.5 0.088 0.44 0.08 -0.57

BKLD035 0 65.0 *64.0 50.44 4.31 18.79 0.08 0.54 0.02 3.18

Incl. 8.0 19.0 11.0 60.06 3.80 4.22 0.11 0.6 0.03 4.70

Q 4 2 0 2 0 2 4

Appendix : L ib i - i l lustrat ion

Q 4 2 0 2 0 2 5

Appendix : L ib i cross sect ion

Q 4 2 0 2 0 2 6

Appendix : Grav i ty test -work summary (by s i ze)

Sample ID Wt. %Fe SiO2 Al2O3

% Dist. % % Dist. % % Dist. %

Jig Test 1 (-8+3.35 mm)

Calculated Head 100.0 55.88 34.0 4.69 13.3 8.02 21.9

Cum. Sinks - Mid 03 98.6 56.30 33.8 4.62 12.9 7.66 20.6

Cum. Sinks - Mid 02 80.3 59.30 29.0 3.21 7.3 5.77 12.6

Cum. Sinks - Mid 01 60.5 61.24 22.5 2.34 4.0 4.65 7.7

Cum. Sinks - Con 02 41.4 62.96 15.9 1.72 2.0 3.65 4.1

Cum. Sinks - Con 01 22.3 64.40 8.7 1.32 0.8 2.76 1.7

Jig Test 2 (-3.35+1 mm)

Calculated Head 100.0 57.67 28.4 4.06 9.3 7.11 15.7

Cum. Sinks - Mid 03 94.7 59.17 27.6 3.45 7.5 6.09 12.7

Cum. Sinks - Mid 02 79.3 61.55 24.1 2.51 4.6 4.57 8.0

Cum. Sinks - Mid 01 60.8 63.11 18.9 1.87 2.6 3.67 4.9

Cum. Sinks - Con 02 43.6 64.21 13.8 1.54 1.5 3.05 2.9

Cum. Sinks - Con 01 23.0 65.24 7.4 1.24 0.7 2.47 1.3

Wet Table Test (-1+0.045 mm)

Calculated Head 100.0 53.37 26.7 12.64 29.5 5.79 13.0

Cum. Sinks - Mid 03 87.1 57.93 25.3 8.69 17.7 4.10 8.0

Cum. Sinks - Mid 02 68.4 60.86 20.9 6.02 9.6 3.20 4.9

Cum. Sinks - Mid 01 42.2 62.82 13.3 4.45 4.4 2.51 2.4

Cum. Sinks - Con 02 26.0 64.87 8.5 2.66 1.6 1.83 1.1

Cum. Sinks - Con 01 10.1 66.86 3.4 1.07 0.3 1.20 0.3

Q 4 2 0 2 0 2 7

Sample Recovery, Preparation and Assay

▪ The Company adheres to or exceeds industry sample quality assurance and quality control ('QA/QC') standards

and ensures a full chain of custody from the project to the assay laboratory.

▪ Drill collar coordinates are surveyed in by hand held GPS. Core samples are geologically logged and sawn on

site. Quarter core samples are composited to between 1m and 2m depending on geological controls and sent

to the accredited ALS Chemex ('ALS') sample preparation facility in Yaoundé. Sample pulps are then sent to the

ISO 17025 accredited ALS assay laboratory in Galway (Ireland) for fused disc XRF analysis.

▪ The Company's QA/QC policy includes the insertion of alternating blank, standard and duplicate samples on a

regular basis within the sample train. The Company uses standards with varying grades which are also

alternated. ALS also operates an internal QA/QC check assay programme using in-house standards, reagent

blanks and duplicates.

Appendix : QA/QC protoco ls

Q 4 2 0 2 0 2 8

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% 10-15% 3 - 10% 3-10% 3-10% 3-10% 2006 High $5000

Negotiated with

Minister and subject to

fee to be determined

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$0.50 / hectare

(paid in advance)

Agreed in work

programme100 1,000

Quarterly &

Annual3 1 x 2yr 50%

Application fee is very high. Four

individual quarterly reports, no need for

an overview annual report. In addition

to quarterly reports, annual report is a

requirement under the Mineral

Exploration Regulations