AFRICAN GOLD LTD. — Capital/Financing Update 2021

Sep 30, 2021

1 October 2021

ASX: A1G

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Not for release to US wire services or distribution in the United States

Extension of Entitlement Offer Closing Date

African Gold Ltd (ASX: A1G) (“ African Gold ” or the “ Company ”) advises that, further to the announcement on 8 September 2021, the closing date of the 2 for 7 pro rata nonrenounceable entitlement offer ( Entitlement Offer ) has been extended to 5.00pm (AWST) on Wednesday, 20 October 2021.

The Company has extended that closing date of the Entitlement Offer to give those eligible shareholders who have experienced delays receiving physical mail as a result of COVID-19 restrictions further time to take up their entitlements. An updated timetable for the Entitlement Offer is provided below.

Eligible Shareholders wishing to participate in the Entitlement Offer must apply before this time in accordance with the instructions set out in the Prospectus.

Eligible shareholders are encouraged to carefully read the Prospectus for further details relating to the Entitlement Offer.

Instructions for how to download the Prospectus and rights issue form online, and how to register for an online account with Automic, are set out in Appendix 1.

Shareholders with questions in relation to the Entitlement Offer may contact the Company on +61 8 6143 6749 at any time from 8:30 am to 5:00 pm (AWST) Monday to Friday during the Entitlement Offer period.

Indicative Timetable

Event	Date
Closing Date of Offers (5pm AWST)	20 October 2021
Shares quoted on a deferred settlement basis	21 October 2021
Announcement of results of Offers	22 October 2021
Anticipated date for issue of the new Shares under the Offers	26 October 2021
Anticipated date for commencement of new Shares trading on a normalsettlement basis	27 October 2021

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This announcement was authorised for release by the Company Secretary of African Gold Ltd.

For further information, please contact:

Oonagh Malone

Company Secretary Ph: +61 8 6143 6749

Not for release to US wire services or distribution in the United States

This announcement has been prepared for publication in Australia and may not be released to US wire services or distributed in the United States. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction. Any securities described in this announcement have not been, and will not be, registered under the US Securities Act of 1933 and may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration requirements of the US Securities Act and applicable US state securities laws.

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Appendix 1: Accessing the Prospectus and Entitlement Form Electronically

		I already have an online account with Automic	I do not have an online account with Automic andwant to register	I do not have an online account with Automic andwish to access one time only
		1. Visit:https://investor.automic.com.au/#/home	1. Visit:https://investor.automic.com.au/#/signup	1. Visit:https://investor.automic.com.au/#/loginsah2. Select African Gold from the dropdown list in theIssuer Name Field3. Enter your Holding Number (SRN/HIN)4. Enter your postcode OR country of residence (onlyif outside Australia)5. Tick the box "I'm not a robot" and then select"Access"6. Once you have successfully logged in, click on:Documents & Statements > download next to theProspectus and Rights Issue Form
			2. Select African Gold from the dropdown list in theIssuer Name Field3. Enter your Holding Number (SRN/HIN)4. Enter your postcode OR country of residence (onlyif outside Australia)5. Tick the box "I'm not a robot" and then select"Next"6. Complete the prompts to set up your usernameand password details7. Once you have successfully logged in, click on:Documents & Statements > download next to theProspectus and Rights Issue Form	2. SelIss3. En4. Enif o5. Tic"A6. OnDoPro
		2. Under_Existing_users sign in enter your establishedusername and password3. Once you have successfully logged in, click on:Documents & Statements > download next to theProspectus and Rights Issue Form	2. Select African Gold from the dropdown list in thIssuer Name Field3. Enter your Holding Number (SRN/HIN)4. Enter your postcode OR country of residence (oif outside Australia)5. Tick the box "I'm not a robot" and then select"Next"6. Complete the prompts to set up your usernameand password details7. Once you have successfully logged in, click on:Documents & Statements > download next to th

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