IONDRIVE LIMITED — Investor Presentation 2021

Jul 13, 2021

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South Korea: A New Frontier for SOUTHERNGOLD Epithermal Au-Ag Discoveries SOUTHERNGOLD

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Noosa Mining Conference: 14-16 July 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 is an employee of Southern Gold and is a Member of the Australasian Institute of Mining and Metallurgy Limited (AusIMM) and the Australian Institute of Geoscientists (AIG), has sufficient experience which is relevant to the style of mineralisation and 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

A New Frontier

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Southern Gold: A Country Play

• A neglected part of the world in terms of exploration

• Secure tenure in excellent, low-risk jurisdiction

• Experienced geo’s, active boots-on-the-ground exploration

• High grade Au-Ag epithermal targets and fully funding to drill!

Company Strategy: “The discovery of high-grade precious metal deposits in South Korea.”

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Unreco nised Potential g

World class Au deposits in Jiaodong Peninsula, China e.g. Xiling orogenic Au deposit (>17Moz Au, recent discovery)

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World class Au deposits in Kyushu, Japan e.g. Hishikari epithermal Au deposit (>10Moz Au, discovery pre 2009)

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Tongyeong Mine, multiphase colloform banded epithermal mineralisation

Lighthouse Vein Discovery, Gasado Island, 1988

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SOUTHERNGOLD

Orogenic Au systems in Precambrian basement rocks (historic mining since 1122BC)

Placer Au extensive alluvial mining in the “valley fill” areas across Korea (recent historic mining)

Epithermal Au-Ag systems in (or adjacent) Cretaceous basins/ volcanic rocks (since 2002)

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Ivanhoe Mines: discovery of Eunsan, Moisan and Gasado Island in late 1990’s. Mining from 2002 and mined to this day by Korean private company.

Eunsan: 3.61m@ 603.64g/t Au & 4264g/t Ag*

Eunsan Mine, 2002 “Direct shipping” bonanza ore.

South Korea: Historic Context

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*Ivanhoe Mines historical result 1998-1999, not compliant with JORC Code 2012

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SOUTHERNGOLD

Boots on the Ground

Doug Kirwin, NED (Ex Ivanhoe)

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Robert Smillie (pending) Exploration Manager

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Craig Panther, Consultant (Ex Ivanhoe)

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Cyrill Orrsich Consultant (Ex Ivanhoe)

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South Korean Team

SK Team ensures we continue to be active during COVID19 impacts

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SOUTHERNGOLD

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Seven Projects on Granted Tenements -----> Currently active at Deokon, Weolyu district Currently drilling at Deokon (Nettle Zone)

Three Projects on Application Tenements -----> Currently active at Daeam, Geum Mar

Project Generation Targets (not on map) – detailed analysis over past 2 years has identified over 100 targets which are now scheduled for prioritised field investigation.

Active Ex loration p

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Deokon

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SOUTHERNGOLD

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Shin Adit

Main mine (behind hill) Approximate vein trend

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SOUTHERNGOLD

Nettle/Thistle Zones (behind hill)

1km Trend

Deokon: Golden Sur rise Trend p

Bonanza Zone

Thorn Zone

1km

Photo taken from the Shin Adit (looking east)

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SOUTHERNGOLD

Deokon: ste out drillin p g

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

Outcrop from Nettle Zone ,
KRS206762 8.56 g/t Au,
8940 g/t Ag. Brecciated
rhyolitic tuff with
carbonaceous mudstone
fragments..
----- End of picture text -----

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SOUTHERNGOLD

Full Funded y

Ordinar Shares y Share Price (7 May 2021) Market Ca italisation p Cash (30/06/21 approx.) Enterprise value (EV) AUD

213.3m AUD$0.072 AUD$15.4m ~AUD$8m ~AUD$7.4m

~A$9.5m equivalent funding available, enough for 2 years field activity to mid 2023

ADS Drill For EquityDeal	~AUD$1.5m	fie
200m Shares in BMV(LSE Listed)#	~AUD$15m
Total cash/investments/receivables	~AUD24.5m
Implied value of SK Exploration	< zero

Very strong balance sheet indicates funding beyond 2023

Options/ Performance Rights
18c Call to 31/12/2021	11,845,676
18c Call to 18/10/2022	42,583,385
16c Call to 18/10/2022	1,584,100
24c Call to various dates 2023-2024	5,620,000
USD11c* ADS Perf. Rights 2024	10,000,000

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Major Shareholders (>5%)
Metal Tiger PLC	~19%
Flannery FO	~10%
Shadbolt Super	~7.1%

mark-to-market 200m BMV shares @ 4.1p and 1.84 GBP to AUD FX Rate. First 50m shares received, 150m shares pending prospectus issue in UK.

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What’s Comin U ? g p

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SOUTHERNGOLD

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

• ❑ Fieldwork at Weolyu, Geum Mar, Daeam

• ❑ Follow up drilling at Deokon (Golden Surprise Trend)

Now Now

• ❑ Scout drilling at Geum-Mar

• ❑ First pass scout drilling at Daeam Valley

• ❑ First pass scout drilling at Janghwal

• ❑ Project generation follow up (SK team)

• ❑ Expat directed project generation to resume*

• ❑ Agreement with BMV on JV sale (~US$10m)

• ❑ Business Development Initiatives

Late 2021[#] Early 2022[#] Mid 2022[#] Now Late 2021 – early 2022 Now 2021

*COVID19 travel restrictions dependent

Current estimate, dependent on land access agreements 12

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SOUTHERNGOLD

Summar y

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• ❑ Focus remains on South Korea and precious metals where we exploit our ‘first mover advantage’

❑ Very active in the field with reasonable drilling costs led by epithermal experts

❑ Compelling investment case, fully funded for several years, essentially a “free option” on our exploration

South Korea: A New Frontier for Epithermal Au-Ag Discoveries

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