African Gold Group, Inc. announced an updated Mineral Resource Estimate (“MRE”) for its Kobada Gold Project (the “Project” or “Kobada”) located in southwestern Mali, Africa. The MRE update is based on additional drilling completed on the Kobada main shear from September 2020 until January 2021, which will form part of a revised definitive feasibility study (expected to be delivered by the end of September) (the “2021 DFS”). Additionally, the Company has engaged various advisors to outline potential corporate opportunities. The drilling campaign was focused on the “gap” area and the northern portion of the Kobada main shear, as well as testing the Gosso target for future potential. The drilling has once again increased the confidence in the geological model even further and resulted in a substantial increase in the Mineral Resource Estimate. The 2020 drilling campaign, running from September 2020 until January 2021, consisted of 43 drillholes totaling 6,364 m. Of these, four drillholes (522 m) were drilled at the Gosso target and the remaining 39 drillholes (5,842 m) were drilled in the “gap” area and northern extents of the northern domain of the Kobada main shear. The Gosso drillholes were all completed using diamond drilling while the Kobada drilling was a combination of diamond drilling (8 holes @ 1,258 m) and RC drilling (21 holes @ 2,890 m) with selected RC drillholes being completed with diamond tail (10 holes @ 1,221m RC and 473 m diamond) to drill into the sulphides. The main focus of the 2020 drilling campaign was to confirm the geological model and improve the confidence in the model even more to enable additional Mineral Resource conversion of the oxides to the measured and indicated resource categories. The drilling was also used to test and confirm the depth extension of the lateritic (soft) material, the transition zone and the sulphides at depth. For the Kobada main shear drilling, 34 drillholes intersected the mineralized zones and had an average accumulated mineralization width of 29m @ 1.22 g/t. This drilling has significantly contributed to the increase in the indicated resource in the northern domain of the Kobada main shear. The drilling also highlighted areas of deeper weathering with oxide material extending further down to a depth of approximately 160 m in places, approximately 60 to 80 m deeper than originally anticipated. The Gosso drillholes confirmed the mineralization observed in the historical drillholes with the four drillholes having an average accumulated mineralization width of 12 m @ 1.11 g/t. The geological model was revised with the additional 2020 drilling campaign information. The biggest impact was in the inferred category of the wireframes, the deepening of the oxide and sulphide transition depth, and not modelling the weathering zones as individual subdomains. The model is divided into five structural and grade-constrained domains which are further split into weathering zones of laterite, saprolite, transition and sulphide. The 2020 Definitive Feasibility Study used a sub-domaining for the weathering profile. However, this was reinvestigated and the mean gold grades per weathering profile show a natural decrease with depth and the log probability plots of the total composites show a good correlation and do not indicate that the orebody should be split into sub domains for estimation purposes. Drillholes were composited to a 1 m length to standardize the sample support size. A capping analysis of the 1 m composited data was conducted per domain to identify any outliers in that dataset. The outlier grade results were capped per domain and the capping represents the 99th or 98th percentile. The search ellipse for the domains were set from the strike and dip directions obtained from the orebody wireframe generation and variograms were generated for all domains. The block model was based on the kriging neighbourhood analysis (KNA) and had a parent estimation cell of 5 m x 10 m x 10 m in the x, y, and z. Grade estimation was conducted using Ordinary Kriging (“OK”) based on the variograms and the estimation was done per structural domain.