Implement discovery into production GoldStone Resources Ltd - PowerPoint PPT Presentation

Implement discovery into production GoldStone Resources Ltd Corporate Presentation Q3 2019

Disclaimer Disclaimer The content of this presentation has not been approved in terms of the UK Financial Services and Markets Act 2000. This presentation does not constitute an offer, invitation or solicitation to purchase or subscribe for any securities of the GoldStone Resources Ltd - Corporate Presentation Q3 2019 Company and should not be relied on in connection with any investment decision. This presentation does not constitute a recommendation regarding any decision to sell or purchase securities in GoldStone Resources Limited (“ GoldStone ”) . This presentation is being made available for general information only and is subject to change without notice. The information provided in this presentation does not purport to summarise all information that an investor should consider when making an investment decision. The information contained in this presentation is provided as at the date of preparation of this presentation and may not be up-to-date. No one should act or rely upon the information in this presentation, but should undertake their own independent due diligence or seek appropriate professional advice. Figures may not sum due to rounding. This presentation may not be reproduced in any form or forwarded or further distributed to any other person, in whole or in part, for any purpose whatsoever. Any forwarding, distribution or reproduction of the presentation in whole or part is unauthorised. No reliance may be placed for any purpose whatsoever on the information contained in this presentation or the completeness or accuracy of such information. No representation or warranty, express or implied, is given by or on behalf of GoldStone or its directors, officers or employees or any other person as to the accuracy or completeness of the information or opinions contained in this presentation and no liability is accepted for any such information or opinions to the maximum extent possible under applicable law. Forward Looking Statements This presentation may contain certain forward looking statements and projections regarding: (i) estimated resources and reserves; (ii) planned production and operating costs profiles; (iii) planned capital requirements; and (iv) planned strategies and corporate objectives. Such forward looking statements/projections are estimates for discussion purposes only and should not be relied upon. They are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of GoldStone. The forward looking statements/projections are inherently uncertain and may therefore differ materially from results ultimately achieved. GoldStone does not make any representations and provides no warranties concerning the accuracy of the projections, and disclaims any obligation to update or revise any forward looking statements/projections based on new information, 1 future events or otherwise.

Contents GoldStone Resources Ltd - Corporate Presentation Q3 2018 Summary 3 Economics 7 Geological 9 Operational 15 Project Costs 24 Corporate 35 2

Who is GoldStone? Fast tracking gold production at the Akrokeri-Homase Project in 2020 within the world-class Ashanti belt in Ghana GoldStone Resources Ltd - Corporate Presentation Q3 2019 Definitive Economic Study shows positive economics for 3 open pits from the JORC Resource of 602,000oz Au along the Homase Trend Two Historic Mines: 75,000oz @ 24g/t Au recovered Akrokeri; 52,500oz @ 2.5g/t Au Homase Operating in Ghana; low risk, mining-friendly jurisdiction with excellent infrastructure Project lies 12km along strike from AngloGold Ashanti’s Obuasi Mine, total endowment c.70Moz Au Historic and Current Operational Board and Management focussed on production at earliest opportunity, supported by Paracale Gold, investment house and BCM, West African Mining Contractor Robust economics , rapid payback, with future exploration costs paid from cashflow and are tax deductible Tightly Held share register with Paracale Gold, and BCM as key shareholders are fully supportive of Company’s objective 3

Location GoldStone Resources Ltd - Corporate Presentation Q3 2019 Homase Akrokeri Obuasi 4 Homase Pit produced 52,500oz Au @ 2.5g/t Au from 2002-03

Progressing Towards Production Low cost heap leach GoldStone Resources Ltd - Corporate Presentation Q3 2019 processing facility from three Process tailings satellite open pits Akrokeri U/G mine, c.91,000 tonnes @ 2.27 g/t or 6,500 oz contained gold recovery of 73% Initial LOM - 5 years All In Cost of $852/oz Mineable Resource c.82,000oz oxide ore* 82% recovery 2.17M/t @ avg. 1.2g/t Plant feed approx. 2.26m tonnes @ 1.2 g/t Total ounces of c.88,500 oz Phase 1 Forecast production 72,000 oz Average 14,400 oz pa *From the c.US$94M revenue LOM AKHM JORC (US$1,300/oz) resource of 602,000 oz Information from 5 DEP announced 27 June 2019

Definitive Economic Plan Fast tracking gold production at the Akrokeri-Homase Project in 2020* “within the world - class Ashanti belt in Ghana” GoldStone Resources Ltd - Corporate Presentation Q3 2019 AKHM Gold Project: c.72,000oz Gold Production average head grade 1.22g/t Phase 1 Open Pit Five years phase 1 Open Pit Heap Leach Post-tax NPV US$19.5M, IRR 143% @ 10% disc. rate US$1,300 /oz gold price Low Cost High Margin Pay-back within first operating year on pre-production capex of US$6.95M** Contract open pit, free dig mine with up to date pricing Conventional Conventional Heap Leach with proven recovery exceeding 80% Operation Registration for Environmental Permit Complete Near Term DEP will enable rapid transition to Mining Permit, application in-progress Development Experienced Experienced management with p roven track record in discovery, Management development and delivery of major gold projects Globally Homase Trend continues to deliver higher grades at depth and along strike Massive Upside Old Akrokeri Mine ready for re-opening Production to Fund the Exploration for Phase 2 Mine Expansion 6 *Subject to funding **pre-production mining, including compensation and contingency

Economics GoldStone Resources Ltd - Corporate Presentation Q3 2019 7

Robust Economics Low Initial Capex, Rapid Payback Definitive Economic Plan Highlights GoldStone Resources Ltd - Corporate Presentation Q3 2019 Gold Price (Base Case) US$1,300/oz FX Rate GHS 5.263: US$1.00 Homase Mine Mineable Resource (inc. tails) 2.26 Million tonnes Initial Mine Life 5 Years 2002/03 Annual Production (Phase 1) 14,400 oz (average) Total Production (Phase 1) 72,000 oz Original Forecast Strip Ratio / Recovery (O/all) 3.5* / 81% Production: 35,800 oz Cash Cost (Phase 1) US$650/oz ** Actual Production: AIC (Phase 1) US$852/oz 52,500 oz Cash Flow (after tax) (Phase 1) US$26.2 Million Initial Capital US$6.95 Million *** Sustaining Capital US$1.5 Million Exceeded expectation NPV 10% (after tax) US$19.5 Million 147% IRR (after tax) 143% Within 1 st year of production Payback (after tax) • Strip ratio excludes tailings ore ** Excludes GRL overhead costs 8 *** Initial Capital includes land/crop compensation

Geological Information GoldStone Resources Ltd - Corporate Presentation Q3 2019 9

Where we are GoldStone’s assets lie in one of the most prospective gold belts in the world: Ghana’s Ashanti Gold Belt which hosts the Obuasi Mine GoldStone Resources Ltd - Corporate Presentation Q3 2019 AKHM lies 12km along strike from Obuasi Mine: 34.05 Moz @ 7.30 g/t* Process for Mining Lease and Environmental Permit underway Low population density area, limited relocation required Excellent Infrastructure • 1km from sealed road • Mobile phone coverage • LV grid power on-site • 11km from HV grid power • Own stable water source Ministry fully supportive of a new mine coming on stream The Gold Belts of Ghana 10 * AngloGold Ashanti 31 December 2017 – Mineral Resources and Ore Reserve Report

Surrounding Geology AKHM - 12km along strike to the Obuasi Mine Mineral Resource 34.05M oz @ 7.30 g/t* AngloGold Ashanti recently committed to spend >US$500 million for restart GoldStone Resources Ltd - Corporate Presentation Q3 2019 Obuasi - 8km strike and 1.5 km depth Total historical and current resource >70M oz Au 11 * AngloGold Ashanti 31 December 2017 – Mineral Resources and Ore Reserve Report

Obuasi growth 1995 – 2000 Major Deep Drilling Programme (2km below surface) Where AKHM sits along strike: GoldStone Resources Ltd - Corporate Presentation Q3 2018 1000m depth 2000m depth Obuasi Analogue Widths of ore shoots: 100 – 400 m 12 Lengths of ore shoots: 500 – 2,500 m down plunge

Comparable Geology Common Features of Birimian mesothermal gold mineralisation between Obuasi and AKHM GoldStone Resources Ltd - Corporate Presentation Q3 2018 Obuasi Arsenopyrite in metasediments Quartz veins and mineralisation in Visible gold occurring in fractures surrounding the quartz veins graphitic sheared faults within a quartz vein Homase Quartz veins and mineralisation in Pyrite and Arsenopyrite in meta- Visible gold occurring in fractures graphitic shear zone sediments (seen under lens) within a quartz vein 13 Ref: A review of the Birimian Supergroup- and Tarkwaian Group-hosted gold deposits of Ghana, Albertus J. B. Smith, George Henry and Susan Frost-Killian Episodes Vol. 39, no. 2 June 2016