Waraba Gold Limited · CSE:WBGD
Waraba Gold — Investor Presentation (October 2026)
20 slides from Waraba Gold's investor presentation, October 2026
Slide 1: Waraba Gold: Transforming Underexplored Opportunity
WARABA GOLD OCTOBER 2026 TRANSFORMING UNDEREXPLORED OPPORTUNITY Gold exploration in Côte d’Ivoire’s Birimian belt CORPORATE PRESENTATION Acquisition of the Desert Metals Tengrela Project
Slide 2: Disclaimer
DISCLAIMER IMPORTANT NOTICE • This presentation has been prepared by Waraba Gold Limited (the “Company”) for information purposes only. It is not a prospectus, offering memorandum, admission document or advertisement under the UK Financial Services and Markets Act 2000, the Australian Corporations A
Slide 3: The Deal
THE DEAL We are buying 80% of the Desert Metals Tengrela Project — a granted licence beside our Tengrela ground, with 1,100+ drill holes in it — for up to Waraba Tengrela A$5.0M in cash, paid in stages. Tengrela licence* 213 km² 80% Granted licence PR-683, four drilled prospects Of the licence compa
Slide 4: Where We Are | Côte d'Ivoire
WHERE WE ARE | Côte d’Ivoire 4 MAL I Syama Resolute N B U RK IN A FA SO Highlights Waraba Tengrela Project Sissingué Wahgnion Perseus Lilium Tengrela licence* Prime Jurisdiction Tongon Côte d’Ivoire hosts 30% of West Africa’s Birimian greenstone Atlantic Group belts but less than 15% of its gold pro
Slide 5: What This Belt Is Worth | the majors are buying
WHAT THIS BELT IS WORTH | the majors are buying 5 N Syama Resolute · 6.1 Moz Au Waraba Tengrela Project Recent transactions Tengrela licence* B U RK IN A FA SO MAL I Tabakoroni US$305M Resolute · 1.5 Moz Au Sissingué Wahgnion Perseus · 1.4 Moz Au Barrick sells the Tongon mine to Atlantic Group (620
Slide 6: Why the Majors Walked Away
WHY THE MAJORS WALKED AWAY The mines next door were built on 2–2.5 g/t ore at US$800–1,300 gold. Today a 0.7 g/t deposit is a mine. Ore grade each mine was built on (g/t gold), by year of first gold 3 Moz · 20% return · US$1,000 gold Randgold’s published test for a new mine (Bristow, 2011–2019) Our
Slide 7: Two Mills Running Out of Ore
TWO MILLS RUNNING OUT OF ORE | next door 7 N MAL I Any gold we find has a buyer next door SISSINGUÉ · PERSEUS A new mine in this belt needs around a million 4 years of ore left 6 km 84 koz/yr · 233 koz reserve · to 2030 ounces to justify a plant. Our ground does not have Waraba Tengrela Project to c
Slide 8: Our Ground After the Deal
OUR GROUND AFTER THE DEAL | Northern Côte d’Ivoire 8 N Syama Waraba Tengrela Project Resolute · 6.1 Moz Au Three projects, about 1,375 km² Tengrela licence* B U RK IN A FA SO Waraba Tengrela Project, ~794 km²* MAL I Tabakoroni Resolute · 1.5 Moz Au • Our own work, 2026: 1,100+ hand-auger holes; Siss
Slide 9: Tengrela | potential ~73 km of continuous ground
TENGRELA | potential ~73 km of continuous ground 9 N Two Tengrela projects, one district Iribasso • Waraba Tengrela Project: ~794 km²*, including the Fetiko gold-in-saprolite corridor • Desert Metals Tengrela Project: 213 km², adding drilled gold at Podio and air-core gold at Tiogo and Tengrela Meik
Slide 10: Desert Metals Tengrela | Four drilled prospects
DESERT METALS TENGRELA | Four drilled prospects 10 N One licence, four drilled prospects: 1,141 holes, 67,600 m • Podio (south): 355 holes, 26,700 m; best 10 m @ Kakologo 24.05 g/t Au • Logbog (west): 405 holes, 20,000 m; 2 m @ 37.8 Tiogo · 26TSAC038 (AC, 2026) g/t at surface, 4 m @ 13.1 g/t 4 m @ 1
Slide 11: Desert Metals Tengrela | Podio
DESERT METALS TENGRELA | Podio 11 N Podio: 355 holes, and almost nobody PLC048 (RC, 2010) PLC192 (RC, 2012) has looked deep Podio 22 m @ 1.64 g/t Au • Drilled 2008–2024 by previous operators: 355 4 m @ 12.97 g/t Au from 54 m, downhole from 50 m, downhole holes, 26,700 m, average depth 75 m (about 57
Slide 12: Desert Metals Tengrela | Tiogo and Kakologo
DESERT METALS TENGRELA | Tiogo and Kakologo 12 N 25TSAC068 (AC, 2025) 18 m @ 1.02 g/t Au Tiogo and Kakologo: air-core gold from 38 m, downhole; incl. 4 m @ 2.30 g/t Kakologo • Shallow air-core drilling by Desert Metals under soil anomalies 25TSAC052 (AC, 2025) • Intervals as published by Desert Meta
Slide 13: Waraba Tengrela | Fetiko Target
WARABA TENGRELA | Fetiko Target 13 N Fetiko: our own discovery, made this year • Found by Waraba’s team with hand augers in 2026: a 1.9 km gold anomaly in the soil, on six consecutive lines 400 m apart Fetiko • A first trench confirmed gold in the bedrock beneath it: 6.6 m @ 1.16 g/t Au, peak 3.15 g
Slide 14: Sirasso | Project
SIRASSO | Project 14 N Sirasso Project Building on past exploration success OUOAC094 (AC) Previous work (Randgold, to 2015) • ~12,000 m drilled: 246 aircore holes (10,378 39.0 m @ 1.55 g/t Au m) and 22 RC holes (1,607 m) OUOAC095 (AC) • 5,754 soil samples, 488 pits, 10 trenches Geology & structure G
Slide 15: The Transaction: Up to A$5.0M
THE TRANSACTION Consideration 80% UP TO A$5.0M Of Leo Resources SARL, the licence holder Smart Mineral Explorer (SMEX) keeps the other 20% All cash, paid in stages. No Waraba shares issued to the vendor. Exclusivity fee A$0.1M Paid, July 2026 1% NSR Deposit Royalty to Desert Metals Business day afte
Slide 16: Key Leadership
KEY LEADERSHIP 16 MAMADOU COULIBALY CARL ESPREY Chief Executive Officer & Co-founder Executive Chairman & Co-founder • Geologist, 21+ years in West Africa; ex-Randgold Resources • 22+ years in exploration and capital markets • Co-founder and director, Lithium Africa (TSXV: LAF) • Founder and Executi
Slide 17: Investment Case
INVESTMENT CASE Why invest Next catalysts Where the majors are buying Complete Fetiko and Iribasso auger 1 148 at Fetiko, 137 at Iribasso Q4 2026 ~1,000 km² of Tengrela ground between Syama and Sissingué. Tongon sold for US$305M, African Gold for US$170M A discovery taking shape Desert Metals Tengre
Slide 18: Capital Structure
CAPITAL STRUCTURE CSE :W BGD C$0.35 55.78M ~C$19.5M Share price (23 Oct 2026) Shares Outstanding (Basic) Market cap Share price, 12 months (C$) C$1.00 52-wk high C$0.87 · 20 Apr 2026 C$0.75 16.1% held by board & management 9.0M shares · SEDI, 1 Oct 2026 C$0.50 C$0.25 52-wk low C$0.09 · 14 Nov 2025 O
Slide 19: Comparables
COMPARABLES 19 Emerging juniors Producers Under US$400M market cap Over US$1B market cap US$M US$M Asara Resources 162 Endeavour Mining 12,404 Aurum Resources 126 6,309 B2Gold Corp Koulou Gold 95 5,064 Perseus Mining Awalé Resources 67 Kobo Resources 22 4,354 Montage Gold Mx2 19 2,461 PDI Gold Warab
Slide 20: Contact Us
WARABA GOLD TRANSFORMING CSE: WBGD UNDEREXPLORED OPPORTUNITY CONTACT US Investor Relations investors@warabagold.com · +351 927 954 942 warabagold.com