IONDRIVE LIMITED — AGM Information 2021

Oct 28, 2021

SOUTHERNGOLD

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SOUTHERNGOLD

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Annual General Meeting 29 October 2021 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 regarding estimates or future events are forward looking statements. These may include, without limitation:

Estimates of future cash flows, the sensitivity of cash flows to metal prices and foreign exchange rate movements;

Estimates of future metal production;and

Estimates of the resource base and statements regarding future exploration results and increasing the 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 enquiries in relation to any investment decisions from a licensed investment advisor.

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 relevant to the style of mineralisation and type of deposit under considerationand to the activity he has undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for the Reporting of ExplorationResults, MineralResources and Ore Reserves. Dr Bowden consents to the inclusion in 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 was an employee of Southern Gold Limited has sufficient experience which is relevant to the style of mineralisationand type of deposit under consideration and to the activity he has undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for the Reporting of ExplorationResults, Mineral Resources and Ore Reserves. Mr Wittwer consents to the inclusion in this presentation of the matters based on the informationin the form and context in which it appears.

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SOUTHERNGOLD

The Strate gy

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

✓ New Exploration Manager (Rob Smillie) now on the ground in South Korea

✓ Very active in the field and comprehensive database build

✓ Ausino Drilling – “Drill for Equity” arrangement of US$1.1m for US$4.4m services

✓ Fully Funded with A$7m cash

✓ Nominal deal value of 200m BMV shares US$10m (~A$13m)

✓ Solid balance sheet with >A$20m cash, listed securities and receivables

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SOUTHERNGOLD

COVID19

❑ Impacts in FY21

• ❑ Disrupted international travel

• ❑ Lack of expert geologists on the ground

• ❑ Slower roll out of Project Generation

• ❑ More technically challenging drill targets on hold

❑ Looking Forward

• ❑ Vaccine roll out making the difference, international travel to resume shortly

• ❑ Expatriate directed field work likely to resume 2022Q1

• ❑ Some work on the ground with Korean team in 2021Q4

• ❑ Drilling likely to recommence 2022Q2

❑ Corporate

• ❑ Crescat Capital sold its position

• ❑ SAU’s 50% JV Interest Gubong & Kochang sold for 200m BMV shares (nominal value US$10m)

• ❑ Current AUD mark-to-market value of 200m BMV shares is ~A$10m (@2.7p/BMV share)

• ❑ SAU received 50m shares, 150m shares pending prospectus approval in UK

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Deokon

Nettle/ Thistle targets, low tenor results Follow strike to the north

Aphae

Structure confirmed, low tenor results 8.12m @1.26g/t Au, 7.8g/t Ag Target size deemed to small Follow up regional targets

Dokcheon

Structure confirmed, low tenor results Follow strike to the north

Drilling & Field Work

Yeongdong

Weolyu drilled: 5.85m @1.68g/t Au, 9.6g/t Ag Follow up field work in 2022

Geum Mar

Scout drill hole for geology Follow up field work required Drilling in 2022 (tbc)

Daeam Valley

Follow up field work required Drilling in 2022 (tbc)

Janghwal

Recently granted tenure Follow up field work required Drilling in 2022

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What’s Comin U ? g p

• ❑ Funded to complete full exploration and diamond drilling programmes in 2022 and 2023

❑ Repositioning of expatriate technical team to be South Korea based

• ❑ Initial project generation work end of 2021, early 2022

• ❑ Resumption of drilling activity post field work season in early 2022

• ❑ Receipt of the balance of 150m BMV shares (late 2021, tbc by FCA in London)

❑ Expected that BMV will re-activate mine development work (Kochang, tbc)

• ❑ New Managing Director appointment

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Thank ou! y

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SOUTHERNGOLD

The Southern Gold Korea (“SGK”) Team

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Contacts

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SOUTHERNGOLD

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Office: +61 8 8368 8888
info@southerngold.com.au
www.southerngold.com.au
Physical Address:
10 George Street
Stepney, South Australia
5069
Australia
Postal Address:
PO Box 255
Kent Town SA 5071
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