African Gold Group, Inc. provided an update on the ongoing Exploration Drilling Programme and the recent positive drill results at the Kobada Gold Project. The drill program has extended the depth of the oxide-sulphide boundary from an anticipated 110 m to a more realistic 180 m at the northern extensions of the main shear zone, representing 60% increase. This has highlighted the continuity of the mineralization at depth beneath the current pit design and the presence of high grades to support potential future underground mining at Kobada. High grade gold mineralisation, plus numerous recent strong intersections consistently reported from outside the mineral resource estimate in the NI 43-101 Technical Report on Kobada Gold Project dated June 17, 2020 (the “2020 DFS”) will be incorporated in the next mineral resource estimate update on track for early 2021. To date, the Company has drilled 6,258 metres of the combined Diamond Drilling (“DD”) and Reverse Circulation drilling (“RC”) with encouraging results continuing to show deeper than anticipated extensions of the orebody at depth as well as additional mineralized zones outside of the known ore zones. The Company`s key internal goal for First Quarter 2021 is to further demonstrate the considerable potential for increased resource base at the Kobada Gold Project. The Company expects to incorporate the results of the drilling programme in the next mineral resource estimate update on track for early 2021. The Company`s 2021 drilling programme is focused on the following targets: Increase resource from newly identified shear zones at Kobada, Faraba and Kobada Est concessions (Phase 3); Conversion of the inferred resources to measured and indicated category, with the goal of expanding the Reserve base to over 1 Moz (Phase 4); Strike extension of the main shear zone at Kobada concession (Phase 5). The Company has completed its Phase 4A drilling aimed at upgrading the inferred resource in oxides at the northern extension of the current pit design at the Kobada Gold Project concessions. After evaluating the results, the Company intends to continue with Phase 4B and C, aiming at the complete conversion of most of the inferred oxide resources across the known ore bodies. The Company intends to continue drilling for the northern strike extension of the highly prolific Kobada Shear (Phase 5 ABC) and at its neighbour, the Gosso shear zone, where the initial drilling results has confirmed gold mineralisation not only at surface, but also along its dip at depth (Phase 3 ABC). Drill rigs have been operating since early September 2020, and despite heavy rains, the Company has made very good progress in its exploration drilling programme. To date, 6,258 m have been drilled, of which 4,035 m were RC and 2,223 m were DD. The assay results from the infill drilling campaign on the Kobada main shear zone have confirmed that to date, large portions of the geological model and the anticipated grade of the inferred oxide mineral resource correlate positively with the 1.34 g/t mean grade currently used in the existing inferred resource estimate. In addition, the boundary between the oxidised lithologies and the unaltered (sulphide) lithologies has been repeatedly intersected at deeper levels than anticipated. These results are conducive to adding more volume at depth to the inferred mineral resource in the oxides and a positive future target for further infill drilling, which was not initially anticipated at the start of the campaign. The drilling campaign to upgrade a portion of the inferred oxide mineral resources is part of a three-phase drilling campaign. The objective of the current drilling campaign is to upgrade the inferred oxide resource to a higher confidence category, test the northern extension of the Kobada shear beyond the last known occurrence in the northern parts of the Kobada concession and the initial drill-testing of the neighbouring Gosso shear zone. The Kobada Gold Project is an advanced stage gold development project located in Mali, one of Africa`s largest gold producing nations. The property is located 126 km south-west of Bamako, the capital city of Mali, in the Birimian Greenstone Belt, with excellent transportation links to the capital and excellent logistics routes via other West African ports. In July 2020, the Company released the 2020 DFS that showed Kobada`s potential as a highly profitable standalone mine, delivering IRR of 45.5% and NPV of USD 284 million, with an AISC of USD 788/oz Au. The Company continues to advance the Kobada Gold Project through an exploration drilling programme in parallel to negotiations on securing the financing for the construction of the project. Advanced discussions with a number of institutional investors are underway.