Ausgold : General Meeting Corporate Presentation

ASX: AUC FRA:AU4

Ausgold EGM Presentation

22nd April 2022 1

Disclaimer

Competent Person's Statement

The information in this statement that relates to the Mineral Resource Estimates is based on work done by Mr Michael Cunningham of Sonny Consulting Pty Ltd, Daniel Guibal of Condor Consulting Pty Ltd and Mr Michael Lowry of SRK Consulting (Australasia) Pty Ltd and Dr Matthew Greentree of Ausgold Limited in 2021.

Dr Greentree is Managing Director and is a Shareholder in Ausgold Limited. Dr Greentree takes responsibility for the integrity of the Exploration Results including sampling, assaying, QA/QC, the preparation of the geological interpretations and Exploration Targets. Dr Michael Cunningham is an option holder in Ausgold takes responsibility for the Mineral resource Estimate for the Dingo, Jackson and Olympia deposits and Mr Daniel Guibal takes responsibility for the Jinkas and White Dam Resources. Mr Michael Lowry takes responsibility for the Mineral Resource Estimates for Datatine deposits.

Dr Cunningham, Mr Guibal, Mr Lowry and Dr Greentree are Members of The Australasian Institute of Mining and Metallurgy and have sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity they are undertaking, to qualify as Competent Persons in terms of The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012 edition). The Competent Persons consent to the inclusion of such information in this report in the form and context in which it appears.

References

This presentation does not contain any new information. Any exploration results referenced in the document have previously been released to the ASX. The following is a summary of relevant information and announcements: Datatine (01/06/18, 13/12/17, 23/03/17,14/02/17 & 11/04/17), Jackson (28/05/18, 23/03/18 & 28/05/2019, 23/06/2021), Jinkas (16/11/18, 18/05/18, 14/05/18, 03/04/18, 6/03/18, 28/05/2019 & 16/07/2019, 26/01/20,20/03/20, 31/08/20, 09/07/20, 9/10/20, 29/03/21, 12/05/21, 12/05/21; 23/06/2021; 1/10/2021; 9/10/2021), White Dam (1/9/20; 1/10/2021), Lukin (28/03/18), Rifle Range (17/03/21) and Woodanilling (9/04/21) Dingo (12/05/21; 23/06/2021; 20/07/2021; 27/08/2021; 1/10/2021; 13/02/2022).

The information in this report that relates to the Mineral Resource and a Scoping Study based on information announced to the ASX on 1 November 2019. Ausgold confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcement and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.

Forward-Looking Statements

This presentation has been prepared by Ausgold Limited and contains background information about Ausgold Limited current at the date of this presentation. The presentation is in summary form and does not purport to be all inclusive or complete. Recipients should conduct their own investigations and perform their own analysis in order to satisfy themselves as to the accuracy and completeness of the information, statements and opinions contained in this presentation.

This presentation is for information purposes only. Neither this presentation nor the information in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of shares. This presentation does not constitute investment advice and has been prepared without taking into account the recipient's investment objectives, financial circumstances or particular needs and the opinions and recommendations in this presentation are not intended to represent recommendations of particular persons. Recipients should seek professional advice when deciding if an investment is appropriate. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments.

To the fullest extent permitted by law, Ausgold Limited and its officers, employees, agents and advisers do not make any representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of any information, statement, opinions, estimates, forecasts or other representations contained in this presentation. No responsibility for any errors or omissions from this presentation arising out of negligence or otherwise is accepted.

Investment Highlights

Katanning - An Outstanding Whole of Belt Exploration Play

Foundation

Critical Mass - Large established Resource

Scale

Potential for Large Near-Term Scale discovery

Optionality

Other High value projects

Corporate

Capital Structure

Share Price

at 21 April 2022

Unlisted Options (@ A$0.06)

Performance Rights

Share Price

26.7m 29mA$0.079

Market Capitalisation A$155m

Cash A$12m

Richard Lockwood

Non-Executive

Chairman

Career in mining investment, stockbroking, funds management with active involvement in development in several mining groups & numerous mining projects globally

Dr Matthew Greentree

Managing Director

20 years' experience over 60 mineral projects, specialist in exploration targeting & structural geology, team leadership. Member of the Australian Institute for Mining and Metallurgy (AusIMM) and the Australian Institute of Geoscientists (AIG)

Board of Directors

Denis Rakich

Executive Director & Company Secretary

Extensive knowledge & experience in exploration & mineral production with special expertise in management of resource companies.

May 2021

Geoff Jones

Non-Executive

Director

Jun	Aug	Sep	Oct	Nov	Dec	Jan	Feb	Mar	Apr
2021	2021	2021	2021	2021	2021	2022	2022	2022	2022

Jul 2021

Engineer with 30 years' experience in project development, construction, mineral processing globally - extensive gold experience as project development engineer at Resolute Mining and various engineering groups. Currently MD of GR Engineering.

Neil Fearis

Non-Executive

Director

Leading corporate lawyer specializing in mergers, capital raisings and corporate reconstructions with a particular focus on the mining and resources sector. Advisor to some of the largest corporate transactions undertaken in Australia.

Tim Kestell Non-Executive

Director

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$0.0800

$0.0700

$0.0600

$0.0500

$0.0400

$0.0300

25 years of capital markets experience including working for HSBC, Paterson Securities Limited and Euroz Securities Limited.

Background

Critical mass foundation established

1.84Moz @ 1.24g/t

Supports a stand-alone gold operation >100kozpa

Large Exploration

Program

High-impact 30,000m RC Resource drill program high-grade mineralisation including:

• • 28m @ 11.3 g/t from 90m

• • 20m @ 10.5 g/t from 10m

• • 26m @ 6.6 g/ t from 117m

• • 20m @ 7.6 g/ t from 96m

• • 13m @ 11.3 g/t from 7m

• • 28m @ 4.8 g/ t from 49m

• • 20m @ 6.5 g/ t from 93m

• • 20m @ 15.6 g/t from 97m

Resource upgrade early May

2022

Upgraded Resource

635,000 oz added during 2021 at low discovery cost of $10 per Resource oz

Gold ounces 1.84moz, 54% increase from 1.20moz

M+I Resource over 1.2moz @ 1.29g/t

Exceptional Metallurgy total Recoveries up to 96%

Another Resource upgrade Q2 2022 - Maiden Ore Reserve Q2 2022

Project Infrastructure

• • Excellent infrastructure with:

  • • access to grid power

  • • sealed roads

  • • nearby towns

• • +4,000km2 landholding covering 130km strike length

• • Resource on granted Mining

  Licences

• • Tenements on freehold land, not subject to Native Title