Tombola Gold

BYRON MILES

MANAGING DIRECTOR

(ASX:TBA)

◾ Company Name: Tombola Gold ◾ Company ASX code: TBA ◾ Key Commodities: Gold, copper, cobalt ◾ Key Personnel: Byron Miles, Chairman & Managing Director | Rod Watt, Non-Executive Director ◾ Locations: Mount Freda Gold Project – proposed open pit operation Golden Mile Gold Project Qld - Lorena Mine, Qld, Burra Project, SA ◾ Market Cap as of 15/08/22: $33.43M ◾ FY22 Share price range – Low/High: $0.026 / $0.068 ◾ Company Website: tombolagold.com

COMPANY PROFILE

Tombola Gold is an up-and-coming Aussie gold producer with highlyprospective projects in Queensland and South Australia.

TBA is already mining with an eye on expansion, following a surprise acceleration into first cash flow expected this year through a 6-month rental of the Great Australian plant, that will see the company in production by November 2022.

Combined with existing scoping studies, it’s a move that has given Tombola great confidence it will deliver shareholder value through early profitability.

Tombola’s flagship Mt Freda Complex is a complex hive of gold mines and well-placed targets, focusing around Mt Freda and the potential open-pit Golden Mile Project, both in ideal proximity to core infrastructure with all required on-site facilities.

The company has already advanced construction of its own gold processing plant on site and has a well-defined expansion strategy of utilising nearterm gold cash flows to drive resource expansion with life of mine extensions and exploration focus.

Between Mt Freda and Golden Mile, Tombola boasts a JORC compliant mineral resource of 1.7Mt @ 2.06g/t gold and has potential to increase that resource with the True North acquisition.

Mt Freda is expected to produce ~64,000oz of gold over an initial 30-month life of mine, the company says, with an impressive ~$80m profit at an estimated gold price of $2,285/oz.

At Golden Mile, Tombola is eyeing an estimated 15,000oz of gold over initial 20-month life of mine, helped along by high-grade hits including 15m at 2.25g/t gold and 0.71% copper.

“We are very excited with the significance of this drill hole,” TBA managing director Byron Miles says. “170m of mineralisation from 70m beneath surface has the potential to establish this project as a very large target for copper and gold.”

In May 2022, Tombola hit visual gold-copper mineralisation in its first diamond hole at the ‘Little Duke’ project, and in June the company revealed drill results returning 27m grading 1.44 grams per tonne (g/t) gold and 0.6% copper from a down-hole depth of 104m.

That included 15m at 2.25g/t gold and 0.71% copper; 5m at 1g/t gold and 0.86% copper from 154m; 18m at 0.85g/t gold and 0.49% copper from 199m; and 9m at 1.03g/t gold and 0.21% copper from 241m.

Tombola also recently secured 100% of the Lorena gold-copper processing facility in Queensland, a “pivotal step” to commence gold production in Q4 2022 and position the company as a meaningful Australian producer.

TBA also recently signed a binding term sheet with True North Copper to acquire various interests in five more projects around the Cloncurry region of Queensland, which – together with the Lorena acquisition and the company’s existing tenements – provides Tombola with a large-scale regional footprint.

On top of all that, Tombola Gold also holds the Burra Project, a strategic tenement holding in a geologically prospective area with ~6,500 km2 including the G2 Structural Corridor, host to Olympic Dam, Carrapeteena, Prominent Hill, with multiple historic high-grade copper and gold workings.

The Company has secured a $300,000 grant from South Australian Governments Accelerated Discovery Initiative and remains a potential diversified metals target.

KEY INVESTMENT HIGHLIGHTS

JULY 16, 2022: Tombola signs deal to acquire the Lorena mine and processing facility in Queensland. JUNE 23, 2022: Intersects high-grade hits at the Golden Mile, Queensland including 15m at 2.25g/t gold and 0.71% copper. MAY 11, 2022: Fully-financed through to first gold at Mt Freda Gold Mine after securing $10.5 million to fund exploration for copper, cobalt and gold.