IONDRIVE LIMITED — AGM Information 2020

Nov 25, 2020

SOUTHERNGOLD

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SOUTHERNGOLD

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Annual General Meeting

26 November 2020 ASX Ticker: SAU

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SOUTHERNGOLD

Disclaimer

Forward-looking statements

The information in this presentation is published to inform you about Southern Gold Limited (“Southern Gold”) and its activities. Some statements in this presentation regardingestimatesor future events are forwardlookingstatements. These may include,without limitation:

Estimatesof future cash flows, the sensitivityof cash flowsto metal pricesand foreignexchange rate movements;

Estimatesof future metal production;and

Estimatesof the resource base and statements regardingfuture explorationresults and increasingthe company’s resource base

Such forward looking statements are based on a number of estimates and assumptions made by the Company and its consultants in light of experience, current conditions and expectations of future developments which the Company believes are appropriate in the current circumstances. Such statements are expressed in good faith and believed to have a reasonable basis. However the estimates are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from estimatedresults.

All reasonable efforts have been made to provide accurate information, but the Company does not undertake any obligation to release publicly any revisions to any “forward-looking statement” to reflect events or circumstances after the date of this presentation, except as me be required under applicable laws. Recipients should make their own enquiriesin relationto any investment decisionsfrom a licensedinvestmentadvisor.

Competent Person’s statements

The information in this report that relates to Exploration Results has been compiled under the supervision of Dr Chris Bowden (FAusIMM(CP)). Dr Bowden, who is a consultant of Southern Gold Limited and a Fellow and Chartered Professional of The Australasian Institute of Mining and Metallurgy, has sufficient experience which is relevantto the style of mineralisationand type of depositunder considerationand to the activityhe has undertaken to qualify as a Competent Person as definedin the 2012 Editionof the AustralasianCode for the Reportingof ExplorationResults, MineralResourcesand Ore Reserves. Dr Bowden consents to the inclusionin this presentation of the matters based on the informationin the form and context in which it appears.

Additional information in this report that relates to Exploration Results has been compiled under the supervision of Paul Wittwer. Mr Wittwer, who is an employee of Southern Gold Limited has sufficient experience which is relevantto the style of mineralisationand type of depositunder considerationand to the activityhe has undertaken to qualifyas a Competent Person as definedin the 2012 Editionof the AustralasianCode for the Reportingof ExplorationResults, MineralResourcesand Ore Reserves. Mr Wittwer consents to the inclusionin this presentation of the matters based on the informationin the form and context in which it appears.

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Strate Remains the Same gy

“The discovery and definition of high-grade precious metal deposits in South Korea.”

✓ Actively drilling

✓ Ausino Drilling Services

✓ New project “Janghwal”

✓ Funded

✓ New cornerstone investor

✓ Well supported by major shareholders

✓ Active business development in progress

✓ Very active in the field with work on 7 project areas

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Developments – Last 3 months

❑ Drilling

• ❑ Multiple typhoons have moved across Japan and the Korean peninsular

• ❑ Weolyu – first 2 drill holes completed

• ❑ Dokcheon – rig has commenced drilling

• ❑ Aphae – drone aeromagnetic survey (KIGAM) commenced, drilling likely over winter

• ❑ Project Generation & Other Exploration

• ❑ Some COVID19 disruption – travel restrictions on expatriate staff

• ❑ Expatriate directed field work likely to resume 2021H1 (pending COVID19 situation)

• ❑ Some work on the ground with Korean team (e.g. Janghwal, Aphae, others)

• ❑ Orientation soil sampling surveys over several projects

❑ Corporate

• ❑ Crescat Capital joins the register (9.8%)

• ❑ $10.2m placement completed

• ❑ US$4.4m Ausino Drilling Services strategic agreement signed (US$1.1m Performance Rights*)

• ❑ SAU’s 50% JV Interest Gubong & Kochang in sale process to BMV (independent valuation)

• ❑ Discussions commenced with several Korean mining/prospecting groups on opportunities

*subject to shareholder approval at AGM 4

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Drilling

Drill Operations relatively unimpacted by COVID19

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Aphae
Assays Received – high grade gold
intercepted, wide low grade in breccia
Shin Adit, Deokon – Narrow intercept
Weolyu – First 2 drill holes completed
Dokcheon – Drilling just started
Aphae
Round 2 drilling shortly
Drill
Direct diamond drilling costs <US$130/m
Pipeline
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Project Example: Aphae

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See ASX Release Quarterly Report 30 September 2020

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A First for SGK - Drone Magnetic Survey

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Drone magnetic survey conducted by KIGAM : Korean Institute of Geoscience and Mineral Resources

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See ASX Release 26[th] November 2020: Operations Update

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Janghwal

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Historic mine found to the south

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Perseverance is important

Deokon

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Mineralised trend extended to the north

See ASX Release 26[th] November 2020: Operations Update

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No debt, $10m funding now in place

A$10.2m placement @ A$0.12/share announced 1[st] vaccine announced Placement approved COVID19

Ordinary Shares	213.3m
Share Price (25 November2020)	AUD$0.10
Market Capitalisation	AUD$21.3m
Cash	~AUD$11m
Enterprisevalue (EV) AUD	~AUD$10m
EV USD (US$0.731 fx rate)	~USD$7m

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JV Interest sale rocess concludin p g

SOUTHERNGOLD

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----- Start of picture text -----

Southern Gold Ltd (ASX) Bluebird Merchant Ventures Ltd (LSE)
Enterprise Value ~US$7m [#] Enterprise Value ~US$25m [# ] >SAU x3
Sale Process Current
100%
50%
50%
International Gold (IGPL)
[Singapore subsidiary]
Gubong Project Kochang Project
JV Co Ltd JV Co Ltd
100% [Singapore [Singapore
subsidiary] subsidiary]
100% 100%
Southern Gold Korea Co Gubong Project Geochang Project
[SK subsidiary] [SK subsidiary] [SK subsidiary]
100% 100% 100%
Exploration portfolio &
Gubong Project Kochang Project
newly generated projects
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• Independent expert currently determining value

• Determination to be made shortly

• Consideration to be paid within 60 days of determination

@A$0.10/SAU share on 25/11/20 @GBP0.0475/BMV share on 24/11/20

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What’s Comin U ? g p

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Funded to complete diamond drilling programmes across the portfolio in 2021 and 2022

❑ First pass scout drilling at Dokcheon (SAU 100%)

• ❑ Result of the Independent Valuation for JV interest

• ❑ Follow-up drilling at Aphae (SAU 100%)

• ❑ First pass scout drilling at Geum-Mar, Daeam Valley, Janghwal (SAU 100%)

• ❑ Project generation follow up (SK team)

• ❑ Expat directed project generation to resume*

Now Imminent Winter 2020-21 2021Q1-2 (tbc) Now 2021H1

*COVID19 travel restrictions dependent

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Thank ou! y

• ❑ New Cornerstone Investor, Crescat Capital LLC

• ❑ Cornerstone Investor Metal Tiger Plc

• ❑ Cornerstone Investor Flannery Family Office

• ❑ Other major shareholders

• ❑ Ausino Drilling Services

• ❑ Ashanti Capital, Fosters Stockbroking & Red Cloud Securities

• ❑ And….the SGK Team

Metal Tiger PLC (‘Metal Tiger’) LSE AIM Market, invests in high potential mineral projects with a base, precious and strategic metals focus. Crescat Capital LLC is a Denver based global asset management group advised by Dr Quinton Hennigh.

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Thank ou! y

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SOUTHERNGOLD

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The Southern Gold Korea (“SGK”) team: a key differentiator!

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Contacts

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Simon Mitchell Managing Director

Office: +61 8 8368 8888 smitchell@southerngold.com.au info@southerngold.com.au

Web Address: www.southerngold.com.au

Physical Address:

10 George Street Stepney, South Australia 5069 Australia

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Postal Address:

PO Box 255 Kent Town SA 5071

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