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Cote d’Ivoire Ground Position Increased 30% to 1,725km 2 Exore Resources Ltd (‘Exore’ or the ‘Company| ASX: ERX) is pleased to announce that it has signed an earn-in & joint venture agreement with a local Ivorian company for Exore to earn-in to an 80% joint venture interest over a granted exploration permit covering 380km 2 located less than 15 kilometres from Exore’s Bagoe Project in northern Cote d’Ivoire. Highlights Recently granted exploration permit covering 380km 2 adjacent to the Company’s Bagoe Project (Veronique and Antoinette) ~30% increase in Exore’s ground position in northern Cote d’Ivoire which now totals 1,725km 2 Permit is located just ~30 kilometres south of Perseus Mining Ltd’s (ASX:PRU) Sissingué gold mine and processing plant Previous exploration defined several large-scale gold-in-soils anomalies including the ‘Logbog’, ‘Podio’ and ‘Zinguinasso’ anomalies All anomalies hosted within Birimian volcanics and metasediments proximal to granite contacts The Logbog anomaly extends for 4km and is 200m to 400m in width. Limited historical, shallow RC drilling results at Logbog include (refer Appendix One and PRU’s ASX announcements dated 10 October 2012 and 6 October 2010): o 4m @ 13.1g/t gold from 10m o 6m @ 5.2g/t gold from 34m o 22m @ 1.3g/t gold from 22m o 2m @ 37.8g/t gold from 0m o 6m @ 4.0g/t gold from 6m Each of the Podio and Zinguinasso anomalies extend for 2.2km and 1.3km respectively. Historical, shallow RC drilling at Podio returned (refer Appendix One and PRU’s ASX announcements dated 9 July 2012 and 27 March 2012 and 6 October 2010): o 20m @ 1.6g/t gold from 54m o 6m @ 3.6g/t gold from 46m o 40m @ 1.0g/t gold from 4m o 10m @ 2.4g/t gold from 38m o 14m @ 5.9g/t gold from 60m o 8m @ 30.0g/t gold from 52m o 4m @ 13.0g/t gold from 50m o 2m @ 21.0g/t gold from 0m Exore has right to earn-in to an 80% joint venture interest with a minimum expenditure of US$1M over three years, including US$200k in the first year (with right to acquire a further 10% interest upon completion of DFS to hold a 90% interest) High resolution airborne geophysical survey currently underway across Exore’s Bagoe and Liberty Projects to be expanded to include this additional ground Exore is fully funded for extensive drilling programs with approximately $10.0 million in cash (as at 30 June 2019) Managing Director, Mr Justin Tremain commented: “From the outset, it has been a strategy of Exore’s to amass a dominant land position in northern Cote d’Ivoire where we see the potential for major gold discoveries. This additional granted permit is highly complementary to our existing granted permits being in close proximity to the Company’s Veronique and Antoinette gold discoveries.” ASX Release 23 September 2019 ASX: ERX Highlights Exploring for multi-million ounce gold systems in Cote d’Ivoire, West Africa 1,725km 2 of highly prospective tenure on the convergence of two proven greenstone belts New ‘gold discoveries’ at Antoinette and Veronique Multiple large, high tenor, coherent gold-in-soil anomalies First pass drill testing of several geochemical anomalies underway Well-funded with ~$10 million cash for ongoing drilling and exploration success Corporate Directory Non-Executive Chairman Mr John Fitzgerald Managing Director Mr Justin Tremain Non-Executive Director Mr Travis Schwertfeger Company Secretary & CFO Mr Trevor O’Connor Exploration Manager Mr Elliot Grant Fast Facts Issued Capital 467m Market Cap (@ 9.8c) ~$45m Cash (30 June 2019) ~$10m Contact Details ACN 009 146 794 L2, 18 Kings Park Road West Perth WA 6005 PO BOX 71 West Perth WA 6872 T: +61 8 6117 0446 E: [email protected] W: www.exoreresources.com.au @ExoreResources

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Cote d’Ivoire Ground Position

Increased 30% to 1,725km2

Exore Resources Ltd (‘Exore’ or the ‘Company’ | ASX: ERX) is pleased to announce that it

has signed an earn-in & joint venture agreement with a local Ivorian company for Exore to

earn-in to an 80% joint venture interest over a granted exploration permit covering 380km2

located less than 15 kilometres from Exore’s Bagoe Project in northern Cote d’Ivoire.

Highlights

▪ Recently granted exploration permit covering 380km2 adjacent to the Company’s

Bagoe Project (Veronique and Antoinette)

▪ ~30% increase in Exore’s ground position in northern Cote d’Ivoire which now

totals 1,725km2

▪ Permit is located just ~30 kilometres south of Perseus Mining Ltd’s (ASX:PRU) Sissingué

gold mine and processing plant

▪ Previous exploration defined several large-scale gold-in-soils anomalies including

the ‘Logbog’, ‘Podio’ and ‘Zinguinasso’ anomalies

▪ All anomalies hosted within Birimian volcanics and metasediments proximal to

granite contacts

▪ The Logbog anomaly extends for 4km and is 200m to 400m in width. Limited historical,

shallow RC drilling results at Logbog include (refer Appendix One and PRU’s ASX announcements

dated 10 October 2012 and 6 October 2010):

o 4m @ 13.1g/t gold from 10m

o 6m @ 5.2g/t gold from 34m

o 22m @ 1.3g/t gold from 22m

o 2m @ 37.8g/t gold from 0m

o 6m @ 4.0g/t gold from 6m

▪ Each of the Podio and Zinguinasso anomalies extend for 2.2km and 1.3km respectively.

Historical, shallow RC drilling at Podio returned (refer Appendix One and PRU’s ASX announcements

dated 9 July 2012 and 27 March 2012 and 6 October 2010):

o 20m @ 1.6g/t gold from 54m

o 6m @ 3.6g/t gold from 46m

o 40m @ 1.0g/t gold from 4m

o 10m @ 2.4g/t gold from 38m

o 14m @ 5.9g/t gold from 60m o 8m @ 30.0g/t gold from 52m

o 4m @ 13.0g/t gold from 50m o 2m @ 21.0g/t gold from 0m

▪ Exore has right to earn-in to an 80% joint venture interest with a minimum

expenditure of US$1M over three years, including US$200k in the first year (with right

to acquire a further 10% interest upon completion of DFS to hold a 90% interest)

▪ High resolution airborne geophysical survey currently underway across Exore’s Bagoe

and Liberty Projects to be expanded to include this additional ground

▪ Exore is fully funded for extensive drilling programs with approximately $10.0 million

in cash (as at 30 June 2019)

Managing Director, Mr Justin Tremain commented:

“From the outset, it has been a strategy of Exore’s to amass a dominant land position in

northern Cote d’Ivoire where we see the potential for major gold discoveries. This additional

granted permit is highly complementary to our existing granted permits being in close

proximity to the Company’s Veronique and Antoinette gold discoveries.”

ASX Release

23 September 2019

ASX: ERX

Highlights

▪ Exploring for multi-million

ounce gold systems in Cote

d’Ivoire, West Africa

▪ 1,725km2 of highly prospective

tenure on the convergence of

two proven greenstone belts

▪ New ‘gold discoveries’ at

Antoinette and Veronique

▪ Multiple large, high tenor,

coherent gold-in-soil

anomalies

▪ First pass drill testing of

several geochemical anomalies

underway

▪ Well-funded with ~$10 million

cash for ongoing drilling and

exploration success

Corporate Directory

Non-Executive Chairman

Mr John Fitzgerald

Managing Director

Mr Justin Tremain

Non-Executive Director

Mr Travis Schwertfeger

Company Secretary & CFO

Mr Trevor O’Connor

Exploration Manager

Mr Elliot Grant

Fast Facts

Issued Capital 467m

Market Cap (@ 9.8c) ~$45m

Cash (30 June 2019) ~$10m

Contact Details

ACN 009 146 794

L2, 18 Kings Park Road

West Perth WA 6005

PO BOX 71

West Perth WA 6872

T: +61 8 6117 0446

E: [email protected]

W: www.exoreresources.com.au

@ExoreResources

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Figure One | New Joint Venture Granted Exploration Permit & Prospects

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Exore is pleased to announce it has entered into a Earn-in & Joint Venture (‘Joint Venture’) on a granted exploration

permit covering 380km2 adjacent to Exore’s Bagoe Project, in northern Cote d’Ivoire (refer Figures One and Two). The

exploration permit was granted in November 2017 to local Ivorian company Smart Mineral Exploration Cote d’Ivoire

SARL (‘SMEX’). Exore has the right to earn-in to an 80% interest in the granted permit through expenditure of

US$1.0M over 3 years, with a minimum expenditure of US$0.2M in the first year (after which Exore may withdraw at

any time). Exore has the right to acquire an additional 10% interest on completion of a DFS to take its joint venture

interest to 90% (refer ‘Earn-In & Joint Venture Terms’).

The Joint Venture will increase Exore’s dominant and strategic ground position within the highly prospective northern

Cote d’Ivoire greenstone belts to 1,725km2.

Past Exploration

Regional, wide spaced sampling of soil and surface lag material was initially undertaken by Randgold during 1998-

1999. The area subsequently became part of Perseus Mining Ltd’s (‘Perseus’) Tengrela Project which undertook

limited RAB, AC, RC and DD drilling during 2010-2012 before the exploration permit came to its end in 2015. An

exploration application was subsequently lodged over the area by SMEX and the exploration permit granted to SMEX

in November 2017.

The Logbog anomaly is north-south striking and extends for approximately 4 kilometres. The anomaly is hosted within

Birimian meta-sediments and mafic volcanics, proximal to the contact with a granite. Shallow RAB and RC drilling by

Perseus was limited and tested less than 1 kilometre of the anomaly.

Drilling results from Logbog (+10gm) include (refer Appendix One for full details):

Hole ID Intercept

LLC145 2m @ 37.8g/t gold from 0m

LLC119 4m @ 13.1g/t gold from 10m

LLC143 6m @ 5.2g/t gold from 34m

LLC130 22m @ 1.3g/t gold from 22m

LLC055 6m @ 4.0g/t gold from 6m

LLC071 4m @ 4.0g/t gold form 30m

LLC134 6m @ 2.4g/t gold from 64m

LLC067 4m @ 3.4g/t gold from 12m

Table One | Summary of Historical RC Drill Results at Logbog

The Podio and Zinguinasso anomalies are located along strike from each other and both located on the contact

between Birimian volcanics and metasediments, also striking north-south. Both anomalies extend for over 2 kilometres

in length and occur as residual windows in an area of shallow alluvial cover.

Drilling results from Podio (+10gm) include (refer Appendix One for full details):

Hole ID Intercept

PLC057 8m @ 30.0g/t gold from 52m

PLC099 14m @ 5.9g/t gold from 60m

PLC048 4m @ 13.0g/t gold from 50m

PLC027 2m @ 21.0g/t gold from 0m

PLC058 40m @ 1.0g/t gold from 4m

PLC192 20m @ 1.6g/t gold from 54m

PLC142 10m @ 2.4g/t gold from 38m

PLC208 6m @ 3.6g/t gold from 64m

PLC165 6m @ 3.6g/t gold from 46m

PLC045 2m @ 10.4g/t gold from 42m

PLC194 10m @ 1.7g/t gold from 32m

PLC180 16m @ 1.0g/t gold from 6m

PLC121 2m @ 7.1g/t gold from 36m

PLC133 2m @ 6.0g/t gold from 66m

PLC107 6m @ 2.0g/t gold from 78m

PLC090 10m @ 1.2g/t gold from 38m

PLC075 10m @ 1.1g/t gold from 16m

Table Two | Summary of Historical RC Drill Results at Podio

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All currently defined exploration prospects with the permit area are within 10km of the high quality Boundiali-Tengrela

bitumen highway.

Earn-In and Joint Venture Terms

Under the Earn-In & Joint Venture Agreement entered into SMEX, Exore is to make four annual cash payments of

minor immaterial amounts and may progressively earn an 80% joint venture interest by:

- Incurring exploration expenditure of US$200,000 in the first 12 months to earn an initial 51% joint venture

interest (at which time Exore has the right to request to have the permit transferred to a newly incorporated

entity held 51% by Exore);

- Incurring exploration expenditure of a further US$300,000 in the second year to increase its joint venture

interest to 60%;

- Incurring exploration expenditure of a further US$500,000 in the third year to increase its joint venture interest

to 80%

SMEX’s remaining 20% joint venture interest will be free carried by Exore until completion of a Definitive Feasibility

study (‘DFS’)

Upon completion of a DFS, Exore will have a 60-day right to acquire a further 10% joint venture interest from SMEX

for US$1.5M.

Exore is to be the sole manager and have sole decision-making rights and holds pre-emptive rights over SMEX’s

residual interest.

Cote d’Ivoire Gold Projects

The Côte d’Ivoire Gold Projects cover a substantial ground position of 1,725km2 on the convergence of two of West

Africa’s most prolific gold belts (refer Figures Two and Three), the Tongon Gold Belt and the Syama Gold Belt, which extend

into northern Côte d’Ivoire from Burkina Faso and Mali respectively.

Significant nearby gold deposits associated with the same geology and structures include:

▪ 4.2Moz Tongon Gold Mine (Barrick)

▪ 11.5Moz Syama Gold Mine (Resolute)

▪ 1.0Moz Sissingue Gold Mine (Perseus)

▪ Fonondara /Boundiali gold discovery (Barrick)

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Figure Two | Project Locations in Northern Cote d’Ivoire

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Figure Three | Cote d’Ivoire

For an update on the Company’s activities in Cote d’Ivoire, please visit www.exoreresources.com.au.

For further information please contact

Justin Tremain

Managing Director+61 8 6117 0446

Competent Person Statement

The information in this report that relates to Exploration Results is based on information compiled by Mr Travis Schwertfeger, who is a Member of the

Australasian Institute of Mining and Metallurgy. Mr Schwertfeger is a Director of Exore Resources Ltd and has sufficient experience which is relevant to

the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a competent person as defined in the

2012 Edition of the “Australasian Code for reporting of Exploration Results, Exploration Targets, Mineral Resources and Ore Reserves” (JORC Code). Mr

Schwertfeger consents to the inclusion in this report of the matters based upon the information in the form and context in which it appears. All material

assumptions and technical parameters underpinning the JORC 2012 reporting tables in the relevant market announcements referenced in this text continue

to apply and have not materially changed.

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Appendix One | Historical RC Drilling Results for Logbog and Podio

Hole ID

Easting Northing Dip Azi Depth From To Interval Gold Grade

Logbog

LLC055 781120 1113600 -55o 90o 90m 6m 12m 6m 4.0g/t

including 8m 10m 2m 10.3g/t

LLC067 781080 1114240 -55o 90o 94m 12m 16m 4m 3.4g/t

LLC071 781205 1114240 -55o 90o 90m 30m 34m 4m 4.0g/t

LLC119 780900 1111040 -55o 90o 90m 10m 14m 4m 13.1g/t

LLC130 780830 1110800 -55o 90o 90m 22m 44m 22m 1.3g/t

including 22m 24m 2m 5.5g/t

LLC134 780770 1110720 -55o 90o 90m 64m 70m 6m 2.4g/t

including 64m 66m 2m 6.4g/t

LLC143 781025 1111200 -55o 90o 90m 34m 40m 6m 5.2g/t

LLC145 780970 1111360 -55o 90o 51m 0m 2m 2m 37.8g/t

Podio

PLC027 793720 1108800 -55o 90o 99m 0m 2m 2m 21.0g/t

and 64m 68m 4m 2.1g/t

PLC039 793640 1108400 -55o 90o 90m 20m 22m 2m 2.5g/t

and 34m 36m 2m 2.5g/t

PLC045 793480 1108160 -55o 90o 90m 42m 44m 2m 10.4g/t

PLC048 793600 1108160 -55o 90o 90m 24m 26m 2m 4.0g/t

and 50m 54m 4m 13.0g/t

and 86m 90m 4m 1.3g/t

PLC057 793480 1107600 -55o 90o 96m 52m 60m 8m 30.0g/t

including 56m 58m 2m 114.1g/t

PLC058 793520 1107600 -55o 90o 90m 4m 44m 40m 1.0g/t

and 84m 90m 6m 1.1g/t

PLC075 793460 1107400 -50o 90o 80m 16m 26m 10m 1.1g/t

PLC090 793530 1107640 -50o 90o 80m 38m 48m 10m 1.2g/t

PLC099 793560 1108080 -50o 90o 80m 2m 4m 2m 3.5g/t

and 60m 74m 14m 5.9g/t

PLC107 793620 1108400 -50o 90o 92m 78m 84m 6m 2.0g/t

PLC121 793580 1108640 -50o 90o 84m 36m 38m 2m 7.1g/t

PLC133 793720 1109120 -50o 90o 80m 66m 68m 2m 6.0g/t

PLC142 793760 1109280 -50o 90o 80m 38m 48m 10m 2.4g/t

PLC165 793580 1108000 -50o 90o 80m 46m 52m 6m 3.6g/t

PLC172 793580 1107880 -50o 90o 80m 0m 14m 14m 0.8g/t

PLC180 793630 1108240 -50o 90o 80m 6m 22m 16m 1.0g/t

PLC192 793720 1109240 -55o 90o 80m 54m 74m 20m 1.6g/t

PLC194 793800 1109240 -55o 90o 80m 32m 42m 10m 1.7g/t

PLC199 793720 1108840 -55o 90o 80m 16m 22m 6m 1.7g/t

PLC208 793720 1108840 -55o 90o 80m 64m 70m 6m 3.6g/t

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Appendix Two | JORC Code (2012) Edition Table 1

Section 1 Sampling Techniques and Data

Criteria JORC Code explanation Commentary

Sampling

techniques

▪ Nature and quality of sampling (eg cut channels, random chips, or

specific specialised industry standard measurement tools appropriate

to the minerals under investigation, such as down hole gamma

sondes, or handheld XRF instruments, etc). These examples should

not be taken as limiting the broad meaning of sampling.

▪ Include reference to measures taken to ensure sample representivity

and the appropriate calibration of any measurement tools or systems

used.

▪ Aspects of the determination of mineralisation that are Material to

the Public Report. In cases where ‘industry standard’ work has been

done this would be relatively simple (eg ‘reverse circulation drilling

was used to obtain 1 m samples from which 3 kg was pulverised to

produce a 30 g charge for fire assay’). In other cases more explanation

may be required, such as where there is coarse gold that has inherent

sampling problems. Unusual commodities or mineralisation types (eg

submarine nodules) may warrant disclosure of detailed information.

▪ Diamond Drilling (DD), Reverse Circulation

(RC), Aircore drilling (AC), angled drill holes

from surface, carried out by Perseus Mining Ltd

(ASX:PRU).

▪ All samples sent for analysis by 50g fire assay

by ALS Mali SARL, in Bamako, Mali.

▪ For a more complete discussion of sampling

techniques see De La Mare, G., Canadian NI43-

101 Technical Report on the Tengrela Gold

Project, Ivory Coast, published 22 December

2010 and available from System for Electronic

Document Analysis and Retrieval

(www.sedar.com) for Perseus Mining Limited

(“Tengrela 43-101”).

Drilling

techniques

▪ Drill type (eg core, reverse circulation, open-hole hammer, rotary air

blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple

or standard tube, depth of diamond tails, face-sampling bit or other

type, whether core is oriented and if so, by what method, etc).

▪ Industry standard diameter Diamond Drill Core

(DD), Reverse Circulation (RC) and Aircore

drilling (AC) face-sampling bits, angled drill

holes from surface, carried out by Perseus

Mining Ltd (ASX:PRU).

▪ Diamond drill core diameter is unknown. It is

unknown whether core was oriented. For a

more complete discussion of drilling

techniques used see Tengrela 43-101.

Drill sample

recovery

▪ Method of recording and assessing core and chip sample recoveries

and results assessed.

▪ Measures taken to maximise sample recovery and ensure

representative nature of the samples.

▪ Whether a relationship exists between sample recovery and grade

and whether sample bias may have occurred due to preferential

loss/gain of fine/coarse material.

▪ Unknown due to historical nature of drilling.

Logging ▪ Whether core and chip samples have been geologically and

geotechnically logged to a level of detail to support appropriate

Mineral Resource estimation, mining studies and metallurgical

studies.

▪ Whether logging is qualitative or quantitative in nature. Core (or

costean, channel, etc) photography.

▪ The total length and percentage of the relevant intersections logged.

▪ Unknown due to historical nature of drilling.

Sub-sampling

techniques and

sample

preparation

▪ If core, whether cut or sawn and whether quarter, half or all core

taken.

▪ If non-core, whether riffled, tube sampled, rotary split, etc and

whether sampled wet or dry.

▪ For all sample types, the nature, quality and appropriateness of the

sample preparation technique.

▪ Quality control procedures adopted for all sub-sampling stages to

maximise representivity of samples.

▪ Measures taken to ensure that the sampling is representative of the

in-situ material collected, including for instance results for field

duplicate/second-half sampling.

▪ RC samples were split through a multistage

riffle splitter and each two consecutive samples

are bagged into a 2m composite and sent to

ALS in Bamako, Mali for preparation and

analysis. Perseus employees carry out the

sampling at the drill site.

▪ For diamond drilling, core cutting and bagging

of samples is conducted by Perseus employees

and then sent to TWL in Tarkwa, Ghana for

preparation and analysis. The right hand side

of the core was always submitted for analysis

with the left side being stored in trays on site

(see Tengrela 43-101).

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Criteria JORC Code explanation Commentary

▪ Whether sample sizes are appropriate to the grain size of the material

being sampled.

▪ Further information is limited due to historical

nature of drilling.

Quality of

assay data and

laboratory

tests

▪ The nature, quality and appropriateness of the assaying and

laboratory procedures used and whether the technique is considered

partial or total.

▪ For geophysical tools, spectrometers, handheld XRF instruments, etc,

the parameters used in determining the analysis including instrument

make and model, reading times, calibrations factors applied and their

derivation, etc.

▪ Nature of quality control procedures adopted (eg standards, blanks,

duplicates, external laboratory checks) and whether acceptable levels

of accuracy (ie lack of bias) and precision have been established.

▪ Both RC and core samples followed a standard

path of drying, crushing and grinding. Samples

were pulverised using a LM5 ring mill and

thoroughly mixed on a rolling mat prior to the

200g sub sample being collected. Internal

laboratory checks required at least 90% of the

pulp passing -75 microns.

▪ Drill samples were assayed by by 50g fire assay

by ALS Mali SARL, in Bamako, Mali.

▪ Quality Control and Quality Assurance (QAQC)

procedures were a routine part of the sampling

process. Nominally every 25th RC and RAB

sample was duplicated and a blank inserted at

a ratio of 1 in 25. The specific accuracy and

precision of the assay data associated with

these results is unknown due to the historical

nature of the results.

Verification of

sampling and

assaying

▪ The verification of significant intersections by either independent or

alternative company personnel.

▪ The use of twinned holes.

▪ Documentation of primary data, data entry procedures, data

verification, data storage (physical and electronic) protocols.

▪ Discuss any adjustment to assay data.

▪ Unknown due to historical nature of drilling

results.

Location of

data points

▪ Accuracy and quality of surveys used to locate drill holes (collar and

down-hole surveys), trenches, mine workings and other locations

used in Mineral Resource estimation.

▪ Specification of the grid system used.

▪ Quality and adequacy of topographic control.

▪ Techniques, accuracy and quality/adequacy of

surveys and topographic control is unknown

due to historical nature of drilling.

▪ Data are recorded in a modified WGS 1984,

UTM_Zone 29 (northern hemisphere)

projection.

▪ For general comments on techniques used in

this project area (not specific to drilling

reported here), refer to Tengrela 43-101.

Data spacing

and

distribution

▪ Data spacing for reporting of Exploration Results.

▪ Whether the data spacing and distribution is sufficient to establish

the degree of geological and grade continuity appropriate for the

Mineral Resource and Ore Reserve estimation procedure(s) and

classifications applied.

▪ Whether sample compositing has been applied.

▪ Drillholes were completed with -50 to -55

degree angled holes per section towards 90

azimuth. The exact data spacing is unknown,

due to the historical nature of the results.

▪ Further infill drilling will be required to

establish geometry, orientation, continuity and

grade variation between holes.

▪ It is unknown whether compositing has been

applied to the results.

Orientation of

data in relation

to geological

structure

▪ Whether the orientation of sampling achieves unbiased sampling of

possible structures and the extent to which this is known, considering

the deposit type.

▪ If the relationship between the drilling orientation and the orientation

of key mineralised structures is considered to have introduced a

sampling bias, this should be assessed and reported if material.

▪ The strike and dip of mineralisation has not

been definitely proven, therefore it is currently

unknown whether there is any sampling bias.

The drilling was oriented aiming to intersect a

steeply dipping, broadly N-S structure at a

perpendicular angle, which is in line with

regional interpretations.

Sample

security

▪ The measures taken to ensure sample security. ▪ Unknown due to historical nature of samples.

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Criteria JORC Code explanation Commentary

Audits or

reviews

▪ The results of any audits or reviews of sampling techniques and data. ▪ Refer to the Tengrela 43-101for general review

of sampling techniques, although not

specifically the data reported here.

Section 2 Reporting of Exploration Results

Criteria JORC Code explanation Commentary

Mineral tenement

and land tenure

status

▪ Type, reference name/number, location and ownership

including agreements or material issues with third parties

such as joint ventures, partnerships, overriding royalties,

native title interests, historical sites, wilderness or national

park and environmental settings.

▪ The security of the tenure held at the time of reporting

along with any known impediments to obtaining a licence

to operate in the area.

▪ PR683 (380km2) is a granted exploration permit located

in central north west Cote d’Ivoire. It is held 100% by

Smart Mineral Exploration Cote d’Ivoire SARL. Exore

Resources has the right to earn a JV interest of up to

80% in the permit, with a further 10% able to be

purchased thereafter.

▪ The license was granted 3 November 2017 and is due

for first renewal on 2 November 2021. Further renewals

are permitted.

▪ There are no impediments to working in the area.

Exploration done

by other parties

▪ Acknowledgment and appraisal of exploration by other

parties.

▪ Regional wide spaced lag sampling was undertaken in

the current permit area, before the current permit was

granted, by Randgold (now New Barrick). This sampling

identified a number of anomalies, including Podio,

Zinguinasso and Logbog.

▪ Perseus subsequently conducted RAB, AC, RC and

Diamond Drilling in the area.

Geology ▪ Deposit type, geological setting and style of mineralisation. ▪ The prospects mentioned here are hosted within

Birimian meta-sediments and mafic volcanics, proximal

to a contact with a granite batholith.

Drill hole

Information

▪ A summary of all information material to the

understanding of the exploration results including a

tabulation of the following information for all Material drill

holes:

o easting and northing of the drill hole collar

o elevation or RL (Reduced Level – elevation above sea

level in metres) of the drill hole collar

o dip and azimuth of the hole

o down hole length and interception depth

o hole length.

▪ If the exclusion of this information is justified on the basis

that the information is not Material and this exclusion does

not detract from the understanding of the report, the

Competent Person should clearly explain why this is the

case.

▪ Drilling locations and dip/azimuth details are provided

in tables in the announcement.

Data aggregation

methods

▪ In reporting Exploration Results, weighting averaging

techniques, maximum and/or minimum grade truncations

(eg cutting of high grades) and cut-off grades are usually

Material and should be stated.

▪ Where aggregate intercepts incorporate short lengths of

high grade results and longer lengths of low grade results,

the procedure used for such aggregation should be stated

and some typical examples of such aggregations should be

shown in detail.

▪ The assumptions used for any reporting of metal

equivalent values should be clearly stated.

▪ Data aggregation methods not known due to historical

nature of results. Only exploration holes with combined

intercepts greater than 10 gram metres were reported

by Perseus Mining.

▪ Examples of higher grade intervals included within

reported aggregate significant intercepts is included in

Table 1.

▪ No Metal Equivalent assumptions are reported.

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Criteria JORC Code explanation Commentary

Relationship

between

mineralisation

widths and

intercept lengths

▪ These relationships are particularly important in the

reporting of Exploration Results.

▪ If the geometry of the mineralisation with respect to the

drill hole angle is known, its nature should be reported.

▪ If it is not known and only the down hole lengths are

reported, there should be a clear statement to this effect

(eg ‘down hole length, true width not known’).

▪ Drillholes arranged E-W and drilled to -50 to -55

degrees toward azimuth (90) chosen to be close to

perpendicular to possible orientation of regional

geological interpretation of mineralization.

▪ Drilling is at insufficient density to definitively

determine orientation of mineralised structures.

Diagrams ▪ Appropriate maps and sections (with scales) and

tabulations of intercepts should be included for any

significant discovery being reported These should include,

but not be limited to a plan view of drill hole collar locations

and appropriate sectional views.

▪ Appropriate diagrams and tabulations relevant to

material results are included in the body of

announcement.

Balanced reporting ▪ Where comprehensive reporting of all Exploration Results

is not practicable, representative reporting of both low and

high grades and/or widths should be practiced to avoid

misleading reporting of Exploration Results.

▪ Historical drill holes with combined intercepts above 10

gram metres reported by Perseus Mining are reported

in tables in body of announcement.

▪ Due to historical nature of samples and exploration

activity, further review and field validation work of

historical work will be completed to assess reported

results in context of low grade results and negative

exploration results.

Other substantive

exploration data

▪ Other exploration data, if meaningful and material, should

be reported including (but not limited to): geological

observations; geophysical survey results; geochemical

survey results; bulk samples – size and method of

treatment; metallurgical test results; bulk density,

groundwater, geotechnical and rock characteristics;

potential deleterious or contaminating substances.

▪ No other substantive exploration data is known to exist

at this stage.

Further work ▪ The nature and scale of planned further work (eg tests for

lateral extensions or depth extensions or large-scale step-

out drilling).

▪ Diagrams clearly highlighting the areas of possible

extensions, including the main geological interpretations

and future drilling areas, provided this information is not

commercially sensitive.

▪ Next stage of exploration work will consist of collation

and interpretation of historical data, and subsequent

exploration drill planning.