From Argonaut: Shares on Issue – ~462m shares post raiseOptions...

From Argonaut:

Shares on Issue – ~462m shares post raise

Options – 38m unlisted

Current Share Price – 6.2c

Cash & Equivalents – ~$5.4m as at 30/9 plus $4.6m raise

Debt - Nil

Enterprise value – undiluted post raise ~$18.6m

Tanga have just completed a $4.6m raise at 5c which will be applied towards exploration activities focusing on their gold assets in both Namibia and Cote d’Ivore.

Namibia

Project that I’m most bullish on held in Tanga is the Kokoseb JV (EPL 4818). Tanga have currently earnt 51% in the JV and will increase this interest to 80% by sole funding of $1,500,000. Renewal of lease awaited.

Tanga recently announced the infill results from the Kokoseb gold anomaly (Okombahe permit) which has defined a wide, highly coherent, high-grade zone of +100ppb soil anomaly stretching over +2.2km which includes a high-grade core with 6 samples returning over 1g/t in soils with a peak sample of 3.33g/t.

Samples were collected over a 100 x 25m grid with almost every sample returninh high-grade gold values above 750ppm which is open on both its eastern and southern lines.

The anomaly is hosted by the Kuiseb Schist formation which is inferred to be the most prospective host lithology for gold mineralisation in the area and is directly controlled on its northern and southwestern sides by granitic bodies and bounded on its southern side by a regional thrust. Gold anomalism shows a very strong correlation with the arsenic values identified from multi-element assays.

As mentioned by Tanga Chairman, “defining such a coherent and high-grade gold in soil anomaly is rare in this geological context.”

News flow – Due December Q

• Results from southwestern grid samples

• Chanel sampling in trenches

• Detailed mapping

Drilling expected to commence early 1Q22.

Other projects in both Namibia and Cote d’Ivore are undergoing either undergoing stage exploration activities to firm up drill targets or will have drilling planned over the coming 12 months.

Pre-placement interests