African Gold Limited provided an update on its Walia Gold Project located in the Kedougou-Kenieba Inlier (KKI) of west Mali. The southern boundary of the Walia ­ Kofi Ouest property abuts the Barrick Gold Corporation +14Moz Loulo Mine Complex and mine lease1. The Mine Complex hosts many deposits which are diverse in terms of host lithology, geometry, nature and style of mineralisation, but are common in that they are typically interpreted to be located along 2nd and higher order structures associated with the SMSZ and largely linked to transtensional events.

Mapping by African Gold of exposed basement in windows to cover has provided valuable insights into the geology. The Company is highly encouraged by what see in these rocks in terms of complex deformed and altered lithotypes that are similar to those seen hosting deposits elsewhere in the KKI. The geology to the west of the interpreted position of the SMSZ is dominated by north to north-north-east trending folded limestones, greywackes, conglomerates and volcaniclastic sediment intruded by a post tectonic granite to the extreme west.

The interpreted position of the roughly north to north-west trending SMSZ is marked by discordant lithology with the eastern sequence being dominated by intercalated north-north-west trending sericite schists, argilites, arenites, quartzites, clastic sediments and tourmaline breccias. A deformed, foliated and altered pre- to syn- tectonic granodiorite appears to lie close to the position of the SMSZ. Airborne magnetic and electromagnetic signatures are fundamentally different on either side of the SMSZ as is background geochemistry.

The regolith terrain of Western Mali is some of the most variable and complex in West Africa. The property is dominated by extensive high, old, laterite and ferricrete capped plateaus, that are frequently observed in the region to have been leached of gold and represent a geochemical mask to any underlying mineralisation. The complex and variable regolith terrain leads to false positives and false negatives from conventional soil sampling and other near surface geochemical exploration.

The regolith terrain and its impact on exploration is well understood by the African Gold team. Remote sensing data including spectrally enhanced satellite imagery and digital elevation data has been acquired and used to aid and guide the exploration planning in regolith terrain context. The regolith terrain, with its variable iron crusted land surfaces, is both a hinderance and an asset for exploration.

It is a hinderance in that there are limited parts of the terrain where low-cost soil geochemical exploration is effective. It is an asset though in that it has been demonstrated in recent years to mask and hide very significant gold deposits in the district; for example, the very large Gounkoto and Fekola deposits that occur along strike of Walia and proximal to the SMSZ. This masking has hidden gold deposits from artisanal miners and from modern explorers who have not taken adequate account of the "regolith factor" when planning and interpreting exploration programs. Previous exploration has been extremely minimal with mapping, airborne magnetic and electromagnetic surveys, surface geochemical sampling, auger drilling and very limited RAB and RC drilling defining a number of priority targets, some of which have been partially tested or not tested at all.

Only 158 shallow RAB holes (average depth of 25m) and 45 shallow RC holes (average depth of 48m) have been historically drilled, testing soil anomalies which, in the Company's opinion, were not effective given the extensive regolith. Auger Drilling and Soil Sampling Program Results A 9,338m, 1,208-hole wide-spaced (400m x 100m) reconnaissance auger drill program, designed to provide a first pass assessment of prospective targets in areas under thick in-situ and transported ferruginous duricrust, was completed in 2021. A concurrent mapping and target defining detailed soil sampling program (200mx 50m) in areas not obscured by alluvial and ferruginous duricrust was also completed.

Auger and soil geochemistry returned a number of large, robust, coherent gold anomalies, up to 5km x 1km, with maximum soil and auger values of 1,961ppb Au and 1,480 ppb Au respectively. In a number of cases, gold anomalies are associated with multielement indicator and pathfinder elements (maximum Cu 453ppm; As 1,034ppm; Bi 130ppm and W 196ppm), all are coincident with interpreted lithological-structural-magnetic- electromagnetic targets. A smaller more targeted 3,938m, 437-hole follow-up infill auger program designed to further test and define 7 of the higher priority anomalies defined during the reconnaissance auger drill program was completed in March 2022.

Results of the program are considered very encouraging and have confirmed and further defined 6 high priority RC drill targets. An additional 4 targets have been defined in areas covered by gold and multielement geochemistry in soils in areas of prospective geology. HIGHLIGHTS: First order gold geochemical anomalies have been defined over 15km of strike extent of the prolific Senegal Mali Shear Zone (SMSZ), with peak values up to 2g/t Au in the soils/auger program Walia Project is 5km along strike from Barrick Gold Corporation's +14Moz Loulo Mine Complex Six high priority drill targets within the anomalies have been identified based on gold and associated multielement geochemistry.

All targets are supported by prospective lithology and structure sites interpreted from mapping and airborne magnetic and electromagnetic data. Targets range from approximately 1km to 5km in length with the majority untested by historical drilling. 4,000m RC drilling program is now scheduled for Fourth Quarter 2022 post-wet season to evaluate priority targets at Walia, Falémé and Sitikili Gold Projects all located within the KKI of West Mali.