Tietto Minerals : Delivers Maiden Measured Gold Resource at Abujar

Tietto Minerals Ltd Unit 7, 162 Colin Street

West Perth, WA 6005

Tel: [phone] Web:www.tietto.com

11 April 2022

For personal use only

Tietto delivers maiden Measured gold resource at Abujar, de‐risking first two years of gold production

Highlights:

•  Abujar's maiden Measured gold resources of 7.7Mt @ 1.4 g/t Au for 350,000oz de‐risk first two years of gold production, based on infill drilling at AG Core to an average vertical depth of 110m

•  Measured and Indicated gold resources now total 26.2Mt @ 1.4 g/t Au for 1.15Moz1 at AG Core, accounting for 95% of the DFS2 AG Core in‐pit inventory (undiluted)

•  Updated MRE3 for Abujar 98.7Mt @ 1.1 g/t Au for 3.45Moz (+3% oz Au):

  •  AG mineral resources total 55.2Mt @ 1.4 g/t Au for 2.43Moz (‐0.9% oz Au)

  •  APG mineral resources total 41.9Mt @ 0.7 g/t Au for 0.96Moz (+10.5% oz Au)

  •  SG mineral resources total 1.6Mt @ 1.2 g/t Au for 0.06Moz (+213% oz Au)

•  Updated MRE is considered robust and includes classification of Measured resources informed from detailed and shallow close‐spaced drilling

•  High‐grade core between sections 14 to 29 now reports 23Mt @ 2.22 g/t Au for 1.7Moz (undiluted) using a 0.8 g/t Au cut‐off for all classifications

•  Within the DFS AG Core pit using a 0.6 g/t Au cut‐off, the updated Resource Model reports 16.3Mt @ 2.04 g/t Au for 1.1Moz (undiluted) with 94% of these ounces within Measured and Indicated categories4:

  •  4.3Mt @ 2.1 g/t Au for 0.3Moz (Measured)

  •  11.0Mt @ 2.0 g/t Au for 0.7Moz (Indicated)

  •  0.9Mt @ 2.0 g/t Au for 0.1Moz (Inferred)

•  Abujar mill throughput now set at 4.5Mpta (+12.5%) fresh ore, above the 4Mpta DFS nameplate. Increase in mill throughput over DFS achieved utilising excess capacity in the SAG mill and adding additional CIL tank (installing eight tanks) for the gold plant

•  Tietto plans to update Abujar's LOM production plan in Q2 2022 using the updated MRE, increased mill throughput and higher gold prices 5 (spot price is +35% greater than US$1407/oz used in the DFS), targeting a material increase to existing LOM production

•  Abujar gold plant construction is on target for first gold in Q4 CY2022

• 1 Using 0.25 g/t Au COG

• 2 Tietto Minerals ASX Announcement 5 October 2021

• 3 Mineral Resource Estimate (MRE)

• 4 Figures may not tally due to rounding

• 5 Current spot price US$1,947/oz source: kitco hourly gold bids April 9 1800EDT

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Tietto Minerals Ltd Unit 7, 162 Colin Street

West Perth, WA 6005

Tel: [phone] Web:www.tietto.com

For personal use only

•  Diamond drilling continues to further de‐risk Abujar's LOM production plan and drive resource growth using our fleet of six diamond drill rigs:

  •  Infill at AG South for Measured resources within first two years of production

  •  Drill testing of targets located within 10km radius of proposed AG mill

  •  Drill testing high priority regional targets

•  Tietto has completed the first tranche of a two‐tranche A$130 million placement to fully fund Abujar Gold Project construction with no debt.

West African gold explorer and developer Tietto Minerals Limited (ASX: TIE) (Tietto or the Company) is pleased to report an updated Mineral Resource Estimate for its Abujar Gold Project in Côte d'Ivoire, West Africa, with maiden Measured gold Resources added to its 3.45Moz gold inventory as it progresses towards becoming West Africa's next gold mine.

Tietto Managing Director, Dr Caigen Wang, said: "We have delineated a Measured resource of 350,000oz at shallow depth within the AG Core DFS pit, for the initial two years of gold production. This significantly de‐risks Abujar and our mine planning team expects to declare Proven Ore Reserves for the project this quarter.

"Measured Resources provide an incredible tick of confidence for our Abujar gold project. These are robust estimates with conservative high‐grade cuts and search restrictions applied to manage the influence of the exceptionally high‐gold grades present at Abujar. In an extreme case where diamond drilling intersected 1.1m @ 2,853g/t Au6, the highest top‐cut grade of 125g/t for the AG deposit represents only 4.4% of this intersection grade.

"We intend to refresh Abujar's LOM production plan using the updated Mineral Resource. Within the DFS pit at AG Core, combined Measured and Indicated resources now account for 95% of mineral resources, with just 5% remaining as Inferred resources.

"In addition, throughput optimisation work during the design stage has lifted the Abujar mill throughput by +12.5% to 4.5Mpta (fresh ore) over 4Mtpa used in the DFS.

"Spot gold prices are now 35% greater than the US$1,407/oz used for the DFS. We expect this will materially increase both the Open Pit Ore Reserve and LOM mine inventory.

"I thank our exploration team and RPM Global for the work required to deliver this result.

"Tietto has an experienced team on board to deliver Abujar on time and on budget. We are on track to deliver another mineral resource update and first gold at Abujar later this year. Shareholders can expect further updates from our aggressive diamond drilling program as we advance our dual strategy of 'drill and build'."

6 Refer ASX release 24 January 2022

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Tietto Minerals Ltd Unit 7, 162 Colin Street

West Perth, WA 6005

Tel: [phone] Web:www.tietto.com

Table 1: Updated Abujar Gold Project Mineral Resource

For personal use only

Area

Oxide

Transition

Fresh

Total

QuantityAu (g/t)

(Mt)Au (Moz)

Quantity

(Mt)

Au (g/t)

Quantity

(Mt)

Au (g/t)

QuantityAu (g/t)

(Mt)Au (Moz)

Measured

0.1

1.4

Indicated

0.5

1.0

0.01 0.02

0.5

1.3

1.8

1.1

0.02 0.06

7.1

1.4

28.1

1.3

0.32 1.19

7.7

1.4

30.4

1.3

0.35 1.27

AG

Inferred

0.3

0.9

0.01

1.4

0.8

0.04

15.4

1.5

0.76

17.1

1.5

0.81

Total

0.9

1.0

0.03

3.7

1.0

0.12

50.6

1.4

2.27

55.2

1.4

2.43

0.5

0.7

0.01

1.9

0.7

6.1

0.8

8.5

0.7

0.20

APG

1.3

0.7

0.03

5.1

0.7

Total

1.8

0.7

0.04

7.0

0.7

0.15

27.0

0.7

33.1

0.7

0.77

33.3

0.7

0.76

41.9

0.7

0.96

SGInferred

Grand Total

0.08 2.8

0.74 0.8

0.002 0.07

0.15 10.8

1.09 0.8

0.01 0.28

1.3

1.3

85.1

1.1

0.05 3.10

1.6

1.2

98.7

1.1

0.06 3.45

As detailed in the accompanying Statement of Mineral Resources, Table 10 Statement of Mineral Resources by Deposit as at 28th February 2022 Reported at 0.25 g/t Au cut off within pit shells; and 1.1 g/t Au cut off below the pit shells for AG; and 0.3 g/t Au cut off within pit shells, and 1.1 g/t Au cut off below the pit shells for APG, and 0.25 g/t to a depth of 120m for SG (2000 USD Pit).

Gold mineralisation at Abujar remains open along strike and at depth and further drilling is required to test the limits. Large portions of the Abujar main shear that are bounded by gold mineralisation remain to be drilled and systematic drill testing is planned (Figure 1).

Figure 1: Abujar Oblique Long Section showing updated Resource Model classification shell and drilling

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Tietto Minerals Ltd Unit 7, 162 Colin Street

West Perth, WA 6005

Tel: [phone] Web:www.tietto.com

For personal use only

An oblique long section of the updated AG Resource Model is presented below in Figure 2. The high‐grade core between sections 14 to 29 now reports 23Mt @ 2.22 g/t Au for 1.7Moz (undiluted) using a 0.8 g/t Au cut‐off for all classifications. Within the DFS AG Core pit using a 0.6 g/t Au cut‐off, the updated Resource Model reports 16.3Mt @ 2.04 g/t Au for 1.1Moz (undiluted) with 94% of these ounces within Measured and Indicated categories7:

•  4.3Mt @ 2.1 g/t Au for 0.3Moz (Measured)

•  11.0Mt @ 2.0 g/t Au for 0.7Moz (Indicated)

•  0.9Mt @ 2.0 g/t Au for 0.1Moz (Inferred).

Figure 2: AG Oblique Long Section showing updated Resource Model

An oblique long section of the updated APG Resource Model is presented below (Figure 3).

Figure 3: APG Oblique Long Section showing updated Resource Model

7 Numbers may not tally due to rounding

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Tietto Minerals Ltd Unit 7, 162 Colin Street

West Perth, WA 6005

Tel: [phone] Web:www.tietto.com

For personal use only

Tietto's aggressive drill programs have delivered rapid growth of gold Mineral Resources at Abujar (Figure 4). This update focused on de‐risking Mineral Resources to allow the classification of Measured Resources at AG (Core).

Measured Resources were based on drill sample spacing of 20m to 25m by 20m to 25m based on geospatial analysis with 25m being approximately 40% of the effective sill. Infill drilling on 20m to 25m by 20m to 25m pierce points (down‐dip) has confirmed the continuity of both the grade and geology in‐line with the expectation of the style of mineralisation particularly given the high gold nugget observed in all phases of drilling. Of significance, the infill drilling supported the interpretation of the grades and geological structures over several hundred meters in the target areas, with the final phase of drilling understood to be planned to infill the remaining areas of the first two years of production. RPM understands that further closed‐spaced grade control drilling is planned prior to mining to further confirm local variability to support short term planning during mining.

Figure 4: Abujar Gold Project Mineral Resource growth (Measured, Indicated and Global ounces annotated)

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