Tietto Minerals : Abujar Gold Project June Construction Update

For personal use only

Tietto Minerals Ltd

Unit 7, 162 Colin Street

Perth, WA 6005

Tel: [phone]

Web: www.tietto.com

10 June 2022

Abujar Gold Project June Construction Update:

Project remains on track for first gold pour in Q4 CY22

Highlights:

• Construction at Tietto's 3.45Moz Abujar Gold Project remains on schedule and budget with first gold pour on track for Q4 CY22
• Project remains LTI free (lost time injury)
• All major SAG Mill components have arrived in Abidjan via charter vessel with installation to begin in early July 2022
• Carbon‐in‐leach (CIL) tank erection has commenced on site with the base plates on three tanks lifted into position
• 40% of the lining (HDPE) for the tailings storage facility (TSF) has been completed.
• Work on the 90kV grid connection to Abujar is progressing well with 25% of the tower stubs installed along the line route

West African gold explorer and developer Tietto Minerals Limited (ASX: TIE) (Tietto or the Company) is pleased to provide a project construction update for its fully funded 3.45Moz Abujar Gold Project in Côte d'Ivoire, West Africa for activities during May 2022. Tietto is on track to deliver first gold at Abujar in Q4 CY22.

Figure 1: Overview showing Abujar's SAG Mill foundations and the first CIL tanks being erected (6 June 2022)

Tietto Minerals Ltd

Unit 7, 162 Colin Street

Perth, WA 6005

Tel: [phone]

Web: www.tietto.com

For personal use only

Figure 2: Abujar's SAG Mill being unloaded from the chartered vessel at Abidjan Port, Côte D'Ivoire, on 5th June

For personal use only

Tietto Minerals Ltd

Unit 7, 162 Colin Street

Perth, WA 6005

Tel: [phone]

Web: www.tietto.com

Tietto Managing Director, Dr Caigen Wang, said:

"I am very pleased to provide shareholders with our seventh project construction update for Abujar, which continues to progress on schedule and budget. I thank and congratulate our build team and contractors for their commitment to safety, continuing to work LTI‐free during May.

"Construction is in full swing at Abujar, which has potential to be one of the largest producing gold mines in Côte d'Ivoire, expected to produce more than 260,000 ounces of gold in the first year and 1.2M ounces of gold in the first six years1.

"Construction is starting to go vertical on site and I look forward to providing further updates as construction advances the Abujar Gold Project towards first gold by the end of Q4 CY22 to become West Africa's next operating gold mine."

Construction Activities

Construction continues to track well against schedule with CIL tank erection starting and the pending arrival of the SAG Mill to site. Concreting is progressing with the crusher suspended slab being poured. 40% of the TSF HDPE liners have been installed, and construction of the water dam wall continues. The following figures show a snapshot of the progress achieved on site during May 2022.

Figure 3: TSF ‐ HDPE lining

• Refer ASX announcement dated 5 October 2021

For personal use only

Tietto Minerals Ltd

Unit 7, 162 Colin Street

Perth, WA 6005

Tel: [phone]

Web: www.tietto.com

Figure 4: Crusher and reclaim chamber

Figure 5: Overview of accommodation rooms and cafeteria

For personal use only

Tietto Minerals Ltd

Unit 7, 162 Colin Street

Perth, WA 6005

Tel: [phone]

Web: www.tietto.com

Figure 6: Water dam and diversion channel works

Next Steps

Tietto completed a A$130 million two‐tranche placement to accelerate development of Abujar, with no debt. The placement allowed the participation of like‐minded investors, keen for the Company to realise first gold production by Q4 CY22 and produce 260,000oz gold in 2023.

Tietto remains very well positioned to advance its dual strategy of 'Drill and Build' throughout 2022:

1. Continue to drive rapid resource growth at the 3.45Moz Abujar Gold Project; and
2. Fast‐track development of Abujar Gold Project to achieve first gold in Q4 CY22.

Tietto continues to deliver project milestones; with Abujar's maiden Measured gold resources of 7.7Mt @ 1.4 g/t Au for 350,000oz reported on 11 April 2022. Tietto will deliver an update on Abujar's LOM production plan in early Q3 CY22 using the updated Mineral Resource Estimate, increased mill throughput and higher gold prices (spot price is +35% greater than US$1407/oz used in the DFS2), targeting a material increase to existing LOM production. This study has been expanded to incorporate a scoping study to determine the economic benefits of a heap leach operation at APG running in parallel to the Abujar CIL operation.

• ASX 5 October 2021