WIA Gold : March Quarterly Activities Report and Appendix5B

28 April 2022

QUARTERLY ACTIVITIES REPORT for the Quarter ended 31 March 2022

HIGHLIGHTS

•  Results from the first three trenches at Kokoseb (Namibia) returned 8m @ 1.03 g/t Au, 3m @ 1.03 g/t Au (ending in mineralisation) and 24m @ 0.73 g/t Au

•  Post Quarter end, Trenches 4 and 5 returned 18m @ 2.04 g/t Au and 52m @ 1.65 g/t Au respectively

•  A 1,000m maiden diamond drilling program commenced at the Kokoseb gold anomaly, first results expected at the end of the June quarter

•  Further infill soils results extended the Kokoseb gold anomaly +1km to the south and towards the east

•  Regional sampling continues to return gold anomalies for follow up on the Damaran Project in Namibia

•  Auger drilling completed at Bouaflé South permit (Côte d'Ivoire) and follow up aircore drilling program under preparation

•  Auger drilling program progressing at Mankono Ouest on the southern gold anomaly

•  Termite mound sampling resumed on the Bocanda Project

•  Grant of the Issia permit, work programs to start on it for the June quarter

Wia Gold Limited (ASX: TRL) (Wia or the Company) is pleased to provide its Quarterly Activities Report for the Quarter ended 31 March 2022. During the Quarter, exploration activities continued at the Company's projects in Côte d'Ivoire and Namibia.

EXPLORATION - CÔTE D'IVOIRE

Bouaflé Project

During the quarter, an auger drilling program that comprised 1,529 holes for a total of 8,418 metres drilled was completed at the Bouaflé Sud permit (Figure 1). Full results from this program, including gold and multielement assays, are expected in the coming weeks.

A stream sampling program was also completed over both the Bouaflé Nord and Bouaflé Sud permits. The program comprised 99 samples (location shown in Figure 1) which were collected using the BLEG methodology and which were submitted to the Bureau Veritas Laboratory in Perth with results expected for later in the June quarter.

While the Bouaflé Sud permit is covered by historical soils, aircore, reverse circulation (RC) and diamond drilling data, the Bouaflé Nord permit has seen limited historical exploration. The new stream sampling program aims to cover both the Bouaflé Sud and Bouaflé Nord permits to provide new data and to enable a means of comparison with the zones where gold anomalism is already known.

An aircore drilling program of 9,000 metres planned on the Bouaflé Sud permit has been prepared as a follow up to the auger drilling, with the rig mobilisation expected in May. The aircore program will be immediately followed up by some RC drilling, depending on the assay results, from the end of the June quarter.

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Figure 1 - Bouaflé Project sampling work completed during the March Quarter

Mankono Project

An auger drilling program which commenced at the end of December 2021 has continued on the Mankono Ouest permit. A total of 858 holes for 7,131 metres were drilled during the Quarter (Figure 2), with gold and multi-element assay results, expected in the coming weeks.

An infill auger drilling program, which will follow up the most significant gold results, is planned to start in the June quarter. A 1,000 metre RC drilling test program is also planned along the main controlling structure of the Central gold anomaly for the June Quarter (planned hole locations shown in Figure 2).

Bocanda Project

After positive outcomes from meetings between the local communities and the local authorities, sampling work has resumed on the Bocanda permit in February, with 135 termite mounds samples collected (see Figure 3).

Exploration work planned for the June quarter includes the completion of the termite mounds sampling program on the Bocanda permit and the resumption of termite mounds sampling on the Bocanda Nord permit.

Figure 2 - Mankono Ouest permit - auger drilling status and planned RC drilling program location

Figure 3 - Bocanda Project - status of the termite mound sampling programs1

1 ASX announcement 30 August 2021

Issia permit

The Issia permit was formally granted in January by a Presidential Decree. Meetings with local communities will commence to facilitate a stream sampling program over the permit, before the onset of the wet season.

Figure 4 - Regional geology under the Issia permit

EXPLORATION - NAMIBIA

Okombahe permit & the Kokoseb gold anomaly

First assay results from a trenching program at the Okombahe exploration permit have confirmed the in-situ gold mineralisation under the Kokoseb gold anomaly situated on the Company's Damaran Project, located in Namibia. During the March Quarter, results were received from the first three trenches, with results from a further two trenches received post Quarter end.

The best results were recorded in Trench 4, with 18m at 2.04 g/t Au2, within a larger 25m interval at 1.55 g/t Au3.

Trench 5 returned the following intercepts which are all hosted by the meta-sediments:

•  2m at 0.89 g/t Au1;

•  52m at 1.65 g/t Au1 (both included in a larger 61m interval at 1.47 g/t Au2);

•  6m at 1.14 g/t Au1; and

•  10m at 1.05 g/t Au1 (both included in a larger 25m interval at 0.85 g/t Au2).

• 2 ASX announcement 6 April 2022 (intercept calculated using 0.5 g/t cu-off grade and 2m max consecutive internal low grade).

• 3 ASX announcement 6 April 2022 (intercept calculated using 0.2 g/t cu-off grade and 2m max consecutive internal low grade).

Trench 1 returned 8m at 1.03 g/t Au4 and 3m at 1.03 g/t Au3, both of which are included in a larger 44m interval at 0.47 g/t Au5. Trench 2 was dug primarily into granitic rocks and has only returned low-grade gold values. Trench 3 returned 24m at 0.73 g/t Au6, which is included in a broader intercept of oxidised meta-sediments of 28m at 0.67 g/t7.

At the end of the March Quarter, seven trenches were completed, with the results of Trench 7 pending and two additional trenches - Trenches 8 and 9 - in progress. All trenches are going through mineralised zones, which appear as heavily oxidised ferruginous biotite-schists (meta-sediments), pegmatites and other granitoids. They are mostly hematite rich, hence their dark red colour and ease of identification - original disseminated sulphides have been replaced by the iron oxides under the weathering process.

Figure 5 - Trenching status with gold mineralised intercepts on the Kokoseb gold anomaly over regional geology

• 4 ASX announcement 10 February 2022 (intercept calculated using 0.5 g/t cu-off grade and 2m max consecutive internal low grade).

• 5 ASX announcement 10 February 2022 (intercept calculated using 0.2 g/t cu-off grade and 2m max consecutive internal low grade).

• 6 ASX announcement 10 February 2022 (intercept calculated using 0.5 g/t cu-off grade and 2m max consecutive internal low grade).

• 7 ASX announcement 10 February 2022 (intercept calculated using 0.2 g/t cu-off grade and 2m max consecutive internal low grade).