TRANSFORMING THE WA GOLD PROJECT, GHANA

TRANSFORMING THE WA GOLD PROJECT, GHANA Increased Reserves, Grades and Production, Lower Costs. A f r i c a D o w n U n d e r A u g u s t 2 0 1 3 ASX : AZM TSX : AZR

Feasibility Study Revision On Track Mineral Resources increased: 2.2Moz (prev. 1.7Moz) Targeting Mineral Reserves increase of >50% to ~9.0 9.5Mt* @ 2.2-2.4g/t Au (prev. 6.8Mt @ 2.0g/t) Higher production: 100,000oz pa (prev. 67,000oz) from larger 1.3Mtpa plant (prev. 1.0Mtpa) Lower life of mine cash operating costs: ~US$700/oz (prev. US$802/oz) Capital: ~US$160M inclusive Free cash flow: >$40M** average pa Mining Leases recommended Water Permit granted Environmental and social impact studies advanced Grid power Excellent access Dominant Regional Position 3,100km 2 prospective under-explored Birimian terrain 15.5% of neighbour - Castle Minerals - 10,000km 2 Valuations ~$10M market cap & ~$6M EV ~$3 EV/resource oz ($21/oz peer av) ~$16 EV/reserve oz * US$1,200/oz optimisation price ** after tax and royalties 2

TARGETS Feasibility Study Revision Q4 2013 "Stage One" Feasibility Study August 2012 Gold Price for pit optimisations US$/oz $1,200 $1,300 Gold Price for revenue US$/oz $1,400 $1,600 Plant throughput (primary ore) Mtpa 1.3 1.0 Optimised Mineral Resource Mt 9.0-9.5 6.8 (1) Average gold grade g/t 2.2-2.4 2.0 (1) Contained gold oz TBD 430,000 (1) Recovery (average) % ~91.0 92.4 Annual production (average) oz pa ~100,000 67,000 Establishment capital US$M ~$160M $144M Site cash costs (LOM) (2) (pre royalties) US$/oz ~700 802 Total costs (LOM) incl. capital & royalties US$/oz ~1,120 1,306 Initial Mine life years 6.0 6.0 (1) Mineral Reserve (2) LOM = Life of Mine The potential quantity and grade of the Optimised Mineral Resources in the Feasibility Study Revision Targets in the above Table ( Targets ) are conceptual in nature. There has been insufficient study work completed to presently define the Optimised Mineral Resources. It is uncertain if the further Feasibility Study work will result in the additional Optimised Mineral Resources. Please also refer to the Cautionary Statement and Appendix 1 for details on assumptions. 3

Michael Atkins - Non-Executive Chairman Corporate finance African company development Stephen Stone - Managing Director Exploration and mining geology. Corporate and management. Lived and worked in Africa Geoff M Jones - Non-Executive Director Project engineer. Developed mines in Africa/Ghana incl. Obotan. COO GR Engineering Bill LeClair - Non-Executive Director Canada based - Finance and management Former CEO Guinea producer, Crew Gold Issued shares 335.1M Options (unlisted) 8.0M Performance Rights 5.4M Market Capitalisation A$10M Cash & Listed Investments ~A$4M Castle (CDT) 19.3M shares @ 3c ~ $0.6M Shareholders: Macquarie 12% AIMS 8% Management 3% Enterprise Value $6M EV / Resource oz ~$3/oz ($21/oz peer av) EV / Reserve oz ~$16/oz 4

Azumah s 3,100km 2 licences. 150km strike of Birimian greenstone terrain Resource: 1.41Moz Au M&I, 0.80Moz Au Inf Ampella s 1,900km 2 Batie West licences Same Birimian greenstone belt Resource: 1.9Moz Ind & 1.3Moz Inf 15.5% interest in Castle Minerals 10,000km 2 Early stage exploration Wa Resource: 176,500oz (Inf & Ind) 5

Feasibility Study revision targeting material Mineral Reserve increase to support ~100,000oz pa start-up. Underpinned by increases in: Global Mineral Resource: (+32%) and at higher grade (~2g/t Au) Julie Mineral Resource: (+84%) and grade increase (+33%). Julie resource now larger than Kunche + Bepkong and 30% higher grade Julie primary recovery increase: < 5% on 85% in Stage One Feasibility Study Based on preliminary test work using dedicated flotation / regrind circuit (and subject to additional test work confirmation) Plus, expected increases in: Kunche and Julie Mineral Reserves: ~100,000oz after infill drilling of Inferred resources captured within pits And: Larger plant: 1.3Mtpa (prev. 1.0Mtpa) Reduction in mining costs: Increased scale 6

Julie oxide and transition ore achieving increased recovery to +90% with conventional CIL (Prev. 88.3%) Julie primary ore recovery increase by < 5% (on prev. 85%) (based on initial test work) Flotation to ~3-4% original mass (<50,000tpa) with regrind prior to CIL leaching Confirmatory test work planned. Additional representative core samples obtained Capital cost increase ~7%-10% (but not until year 3) Julie satellite processing an option if Wa East Mineral Resources expand again 8

No communities to relocate Grid power (161kV) to mine gate Water: Black Volta river Well maintained sealed local roads Sealed airstrip Excellent telecommunications On-site sample prep facility Few artisanal or illegal miners Savannah landscape Black Volta River Azumah s Western Boundary New New Bui Bui Hydo-Electric Scheme 2km sealed airstrip 9

15c kwh off grid v >30c kwh alternatives Expected to be completed within 12 months, the project, among others, involves the extension of 90km of the 161 KV transmission line between Wa and Han through the site for the proposed Azumah Mines President Mahama performing the sod cutting for the commencement of work on the 161KM Wa-Han-Tumu transmission line project. 10

Beds and essential hospital equipment 11

The premier West African destination Multiple +10Moz discoveries No. 2 African gold producer ~3.0Moz/yr Wa Gold Project high priority for Government Active tier-one majors AngloGold-Ashanti, Newmont, Gold Fields, Kinross Increasing mid-tiers + juniors Golden Star, Endeavour, Perseus, Asanko, PMI, Signature, Resolute (Noble), Castle, Viking One of World s top 10 fastest growing economies English language and legal system Low sovereign risk Strong mining support industry 10% free carried interest. 35% corporation tax and 5% gross royalty 12

Internal and independent review: 13 areas ready for drilling Within total of: 15 prospects bedrock Au confirmed 53 targets geochem and/or geophys anomalies 58 areas of interest prospective and require target definition Kalsegra HQ Based on on gradient array IP IP & magnetics 13

Mineral Resources (Moz Au) 2.5 2.2Moz global Mineral Resource: 1.41Moz Measured and Indicated 0.80Moz Inferred 100% increase in last 3 years 2.0 1.5 1.0 0.5 0.0 2005 2006 2007 2008 2009 2010 2011 2012/13 Year of Drilling 14

Drilling confirms mineralisation below artisanal workings 15

Mining Lease Application Julie Metallurgical Drilling Metallurgical Test Work Julie Infill Drilling Julie Infill Drilling TBD Updated Capital & Operating Costs Environmental Permitting Feasibility Update & Mineral Reserves Coffey Mining to reoptimise and redesign pits. Complete mining schedules etc. Development Decision Exploration: Target Development & Testing Q2 Q3 Q4 16

ASX: AZM TSX: AZR www.azumahresources.com.au Contact: Stephen Stone Managing Director Mob: +61 (0)418 804564 Off: +61 (0)8 9486 7911 stone@azumahresources.com.au 18

JORC & NI 43-101 Compliant Mineral Resources (CSA Global Pty Ltd July 2013) Inclusive of Mineral Reserves JORC & NI 43-101 Compliant Mineral Reserves (Coffey Mining Pty Ltd - August 2012) (As of 21st Aug 2012) Bepkong Kunche Julie Mineral Reserve Summary Proved Probable Contained Gold Tonnes (Mt) Grade (g/t Au) Tonnes (Mt) Grade (g/t Au) oz Au 1.7 1.9 0.2 2.0 117,000 2.3 2.1 1.6 1.6 238,000 - - 1.0 2.4 74,000 Total 4.0 2.0 2.8 1.9 430,000 The Target Optimised Mineral Resources are based on preliminary Whittle optimisations using the independently estimated January 2013 Measured & Indicated Mineral Resources at Kunche, Bepkong and Julie (Appendix 1) with the addition of 50% of the Inferred material captured within the optimised pits at Julie. This addition is consistent with infill drilling undertaken since January 2013 (refer ASX release dated 13 th June 2013). Optimisations have been scaled to account for ore losses and additional waste expected during the final pit design phase. Scalings are consistent with the August 2012 Feasibility Study. Mining costs were derived from a contractor s proposal for the Study. Given the expected increased scale of operations at Julie, a downward revision to Julie mining costs has been applied and is consistent with those mining costs in the Study for Kunche and Bepkong. The Target Mineral Resource optimisations for Julie also include a haulage cost. Mining costs and haulage costs will be updated as part of the Feasibility Study revision. Processing costs included in the Target Optimised Mineral Resources were updated by GR Engineering Services Limited as at January 2013. Additional variability metallurgical test work has been undertaken for Kunche, Bepkong and Julie and results incorporated into the 2013 Targets. Capital costs have been factored by Azumah using the 1.0Mtpa Study as a base and will be updated as part of the Feasibility Study revision. Other assumptions are as per the Study. See also Cautionary Statement. 19

Cautionary Statement The Company has not made a production decision and its strategic plan to develop a gold mining operation is subject to the results of an update to the Stage One Feasibility Study (refer ASX release dated 28th August 2012) and other factors, some of which are beyond the Company s control. The Mineral Resources disclosed herein are preliminary in nature and include Inferred Mineral Resources that are considered too speculative geologically to have economic considerations applied to them to be categorised as Mineral Reserves. There is no certainty that the Mineral Resources disclosed herein will be realised or converted to Mineral Reserves. Inferred Mineral Resources captured in optimised pits may not all be converted to Measured and Indicated Resources. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. Target, expected and anticipated numbers contained herein are not confirmed, are not JORC or NI 43:101 compliant and are indicative only. Target Mineral Reserves implied herein are based on preliminary Whittle optimisations using adjusted Feasibility Study assumptions. Forward-Looking Statement This release contains forward-looking information. Such forward-looking information is often, but not always, identified by the use of words such as seek, anticipate, believe, plan, estimate, expect and intend, and statements that an event or result may, will, should, could, or might occur or be achieved, and other similar expressions. In providing the forward-looking information in this news release, the Company has made numerous assumptions regarding: (i) the accuracy of exploration results received to date; (ii) anticipated costs and expenses; (iii) that the results of the feasibility study continue to be positive; and (iv) that future exploration results are as anticipated. Management believes that these assumptions are reasonable. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those contained in the forward-looking information. Some of these risks, uncertainties and other factors are described under the heading Risks Factors in the Company s annual information form available on www.sedar.com. Forward-looking information is based on estimates and opinions of management at the date the statements are made. Except as required by law, Azumah does not undertake any obligation to update forward-looking information even if circumstances or management s estimates or opinions should change. Readers should not place reliance on forward-looking information and readers are advised to consider such forward-looking statements in light of the risks set forth in the Company s continuous disclosure filings as found at the (Canadian) SEDAR website. Competent Person s Statement For further information, including a description of Azumah s standard data verification processes, quality assurance and quality control measures, and details of the key assumptions, parameters and methods used to estimate the Mineral Resources and Mineral Reserves set out in this report and the extent to which the estimate of previously declared Mineral Resources and Mineral Reserves set out herein may be materially affected by any known environmental, permitting, legal, title, taxation, socio-political, marketing or relevant issues, readers are directed to the technical report titled Wa Gold Project, Ghana 43-101 Technical Report, effective as of 27 August, 2012, available on www.sedar.com. The scientific and technical information in this report that relates to the in-situ Mineral Resource estimates for the Kunche, Aduane and Julie deposits is based on information compiled by Mr Dmitry Pertel, who a full-time employee (Manager - Resources) of CSA Global Pty Ltd. Mr Pertel is a Member of the Australian Institute of Geoscientists and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and to qualify as a Qualified Person as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects ( NI 43-101 ) of the Canadian Securities Administrators. Mr Pertel has reviewed and approved the disclosure of the relevant scientific or technical information contained in this announcement that relates to the Kunche, Aduane and Julie Mineral Resource estimates. The scientific and technical information in this report that relates to the in-situ Mineral Resource estimates for the Bepkong deposit is based on information compiled by Mr David Williams, who is a geological consultant employed by CSA Global Pty Ltd. Mr Williams is a Member of the Australian Institute of Geoscientists and the Australian Institute of Mining and Metallurgy and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and to qualify as a Qualified Person as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects ( NI 43-101 ) of the Canadian Securities Administrators. Mr Williams has reviewed and approved the disclosure of all scientific or technical information contained in this announcement that relates to the Bepkong Mineral Resource estimate. The scientific and technical information in this report that relates to the geology of the deposits and exploration results is based on information compiled by Mr Stephen Stone, who is a full-time employee (Managing Director) of Azumah Resources Ltd. Mr Stone is a Member of the Australian Institute of of Mining and Metallurgy and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and to qualify as a Qualified Person as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects ( NI 43-101 ) of the Canadian Securities Administrators. Mr Stone is the Qualified Person overseeing Azumah s exploration projects and has reviewed and approved the disclosure of all scientific or technical information contained in this announcement.. The reported Mineral Reserves have been compiled by Mr Harry Warries. Mr Warries is a Fellow of the Australasian Institute of Mining and Metallurgy and an employee of Coffey Mining Pty Ltd. He has sufficient experience, relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking, to qualify as a Qualified Person as defined in the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards of November 2010, as well as a Competent Person as defined in the Australasian Code for Reporting of Mineral Resources and Ore Reserves of December 2004 ( JORC Code ) as prepared by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy, the Australian Institute of Geoscientists and the Minerals Council of Australia. Mr Warries gives Azumah Resources Limited consent to use this reserve estimate in reports. 20