AXMIN has had a long term partnership with Teranga Gold Corporation for the development of its assets in Senegal. In June of 2019, Axmin successfully concluded a royalty agreement with Teranga that brought a total of $4,864,482 in revenue to the Company.

● Axmin in 2015 elected to convert its 20% interest into a 1.5% NSR on 17 Target Areas it holds in conjunction with Teranga Gold.

● Axmin holds a 1.5% NSR on a total of 17 Target Areas and maintains a 20% participation interest on remainder Target Areas.

● Based on Teranga’s August 2020 43-101 report, Gora Deposit currently contains approx. 43,000 oz of gold underground at 4.92 g/t.

● In 2020, Teranga has indicated to the Company that it is expected to spend approximately US$1 M on exploring two BLEG (Bulk Leach Extractable Gold) anomalies.

● Newest exploration plan is being prepared by Teranga.

Teranga’s Growing Footprint in Senegal

● On July 16, 2020, Teranga completed its acquisition of the Massawa project from Barrick Gold Corp for USD$380 million.

● On July 26, 2020, Teranga Gold Announces Positive Pre-Feasibility Study Results for Top-Tier Sabodala-Massawa Gold Complex.

● 611 km2 combined mine license

● 915 km2 combined exploration land package

The terms of the joint venture with MDL include: