Investor Presentation 2014 1 www.tanzanianroyalty.com Draft By - - PowerPoint PPT Presentation

Draft By Avise Analytics P Ltd. 1 www.tanzanianroyalty.com

Investor Presentation 2014

Explore Discover Develop

Draft By Avise Analytics P Ltd. Undeveloped Gold Deposits of East Africa

0.5 1 1.5 2

Nyanzaga Rwama Ikungu Tulu Kapi Saza-Makongolosi Manica Pickstone Mikei Golden Ridge Singida Nyakafuru Miyabi

Open Pit Resource Moz (M+I), 0.5g/t cut off

2

Advanced Stage Projects

• Comparable area to Barricks Bulyanhulu
• Multiple projects advancing towards commercial

production

Significant Gold Deposits

• Amongst a world known gold belt
• Situated around Lake Victoria
• Surrounded by major producers
• Extensive geological studies

Exploration Initiatives

• Multiple licenses for diversified exploration
• Prime areas for gold mineralisation
• Ongoing exploration studies

Independent Project Controlled by Major

Executive Summary

Buckreef

A world class gold deposit

Draft By Avise Analytics P Ltd. 3

Our Projects - Advanced

Buckreef Kigosi Itetemia

Advanced Stage Projects

• 3rd largest gold producing area
• 2.42 Moz Resource
• Medium grade orogenic deposits
• Fully licensed for production
• Plant nearing completion

Tanzanian Royalty have a number

• f advanced stage projects that

have undergone extensive geological studies

• Borders Bulyanhulu mine
• Previous exploration by Barrick
• Vast potential on Golden

Horseshoe Reef (GHR)

• Preliminary Economic Assessment

in progress

• Environmental license in progress
• Small scale artisinal workings
• 8 years of exploration
• Environmental Impact Study

conducted

• Fully licensed for mining ( final

process de gazetting in progress)

Collaboration with Stamico has allowed significant exploration efforts

Draft By Avise Analytics P Ltd. 4

Advanced Stage Projects - Buckreef

Buckreef Re-development Project

• Located in the LVG – the third largest gold producing region of

Africa

• Hosted by steeply dipping NE/SW trending brittle-ductile

sheer zone

• Structural similarities to that of the Canadian Shield and

Yilgarn Craton (Australia)

• Fully licensed for production and plant nearing completion

Projects

• Buckreef Mining Area (BRMA) which includes
• Buckreef Prospect
• Eastern Porphyry
• Tembo Prospect
• Bingwa Prospect
• Buziba-Busolwa Mining Area (BZMA)

Buckreef Project includes two potential mining area

Buckreef location Specific projects

Draft By Avise Analytics P Ltd. 5

Advanced Stage Projects - Buckreef

Exploration and Drilling

Iamgold Corp verified recent drilling data. In total, exploration included:

• 30,000 soil samples taken
• 202,000m of RC drilling
• 124,000m of AC drilling
• 28,000m of diamond core drilling

Extensive drilling undertaken over the past decade

Drilling programme detailed Previous exploration phase 1-6

Phase Explorer Date Type Number of Drillholes Length (m) 1 to 4 Spintex Pre 2005 Reverse Circulation 162 12,429 Diamond Drilling 18 15,860 5 to 6 EAM 2005 Reverse Circulation 377 36,274 Diamond Drilling 16 1,879 6 EAM 2005 Reverse Circulation 146 16,235 Diamond Drilling 11 1,401 6 IAMGOLD 2007 Reverse Circulation 359 38,487 Diamond Drilling 17 1,993

Draft By Avise Analytics P Ltd. 6

Advanced Stage Projects - Buckreef

Year Geochemistry Sampling Programme Drilling Geophysics Soil Rock Termite RAB AC RC DD Samples Samples Samples Holes Holes Metres Holes Metres Holes Metres Holes Metres 1992

• 3

66

• 1993
• 105

1,576

• 1994
• 110

1,619 49 2,981

• 1995
• 732

9,906 115 7,333 25 4,532 Ground magnetics and trenching 1996 505 191

• 15

122 297 3,584 31 1,148

• 1997

1,486 269

• 1,300

47,061 484 7,403 382 29,428

• 1998

2,152 314

• 7

653

• 1999

12,807 772

• 602

16,803 43 1,744

• 2000

3,477 230

• 1,253

31,073

• 96

9,252 3 249 2001

• 2002

2,718 35

• 19

789 486 14,233 79 8,200 8 1,539 2003 1,738

• 1

26 6 542

• 2004

4,245 204

• 130

3,033 535 14,684 385 25,743 54 11,976 IP completed by Search Geophysics 2005 289

• 969

32,827 467 50,943 51 7,077 2006 129

• 130

4,222 234 23,316 8 1,116 2007

• 498

17,600 391 32,839 14 1,166 4 blocks Ground IP survey completed 2008

• 13

481

• 550

14,912 107 10,255 12 809 2 blocks Ground Gravity survey completed 2009

• Total

29,546 2,028 481 3,322 98,497 4,940 124,336 2,349 202,183 175 28,464

Detailed Drilling programme: Exploration Summary for Buckreef Prospect 1992 to 2009

Draft By Avise Analytics P Ltd. 7

Advanced Stage Projects - Buckreef

Exploration and Drilling

The TRX exploration programmes post 2009, have included drilling and geochemical sampling so that the total drilling undertaken for the four prospects is summarized as follows:

• Buckreef Prospect: 684 drillholes for 97,287m
• Tembo Prospect: 74 drillholes for 5,713m
• Bingwa Prospect: 136 drillholes for 12,537m and
• Eastern porphyry: 80 drillholes for 10,814m

Drilling programmes conducted on BRMA

Draft By Avise Analytics P Ltd. 8

Advanced Stage Projects - Buckreef

Resource Grade

Inferred Measured + Indicated

Tonnes (mt) Au Grade (g/t) Contained Au (Moz) Au Grade (g/t) Contained Au (Moz) BRMA Buckreef Prospect 7.528 1.33 0.322 1.53 1.085 BRMA Eastern Porphyry 1.239 1.39 0.055 1.18 0.042 BRMA Tembo Prospect 0.267 1.93 0.016 1.71 0.011 BRMA Bingwa Prospect 0.312 1.29 0.013 2.26 0.108 TOTAL BRMA 9.345 1.36 0.408 1.56 1.246 BZMA Buziba & Busolwa Prospects 14.350 0.90 0.415 1.04 1.179 TOTAL Buckreef Project (BRMA+BZMA) 23.695 1.08 0.823 1.26 2.425

Measured + Indicated resource of Total Buckreef project + 2.425Moz Au

Current NI43-101 Total Buckreef Project Mineral Resource Estimate for the BRMA and BZMA at 0.5g/t Au Cut-off Grade – Jan 2014: The 2014 BRMA Measured Mineral Resources are 9.91Mt at a grade of 1.81g/t Au for 0.58Moz contained metal, which represents an increase of 169% over the 2012 estimate of 0.34Moz. The 2014 BRMA Indicated Mineral Resources are 14.87Mt at a grade of 1.40g/t for 0.67Moz contained metal, which represents an increase of 300% over the 2012 estimate

• f 0.22Moz.

0.0 1.0 2.0 3.0 Buckreef Prospect Eastern Porphyry Tembo Prospect Bingwa Prospect Buziba & Busolwa Prospects

Au Grade (g/t)

0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 Buckreef Prospect Eastern Porphyry Tembo Prospect Bingwa Prospect Buziba & Busolwa Prospects

Contained Au (Moz)

Draft By Avise Analytics P Ltd. 9

Advanced Stage Projects - Buckreef

Draft By Avise Analytics P Ltd. 10

Advanced Stage Projects - Buckreef

Estimated over 1,400m of and depth

• f 575m below surface using the MIK

technique. Cutoff grade of 0.5 results in a Measured/Indicated contained Au (moz) of 0.563

Draft By Avise Analytics P Ltd. 11

Advanced Stage Projects - Itetemia

• Geological similarities to the Bulyanhulu deposit located only 5 km

to the west.

• NI43-101 Mineral Resource for the Itetemia Project 1.0g/t cut-off at

January 31,2012: Indicated: 266,000 oz | Inferred: 156,000 oz

• Economic assessment report completed in 2010 confirms open pit

mining potential

• Preliminary Economic Assessment in progress
• Environmental Assessment in progress

Itetemia Project

Specific projects Itetemia Location Location: Situated 90Km SW of Mwanza adjacent to Barrick's Bulyanhulu Mine property (World’s largest underground gold producers)

Ownership TRX (via Tancan) 90% STAMICO 10%

The most advanced project within Itetemia The Golden Horseshoe Reef (GHR)

Resource Grade NI43-101 Mineral Resource Statement for the Itetemia

Project 1.0g/t cut-off at 31st January 2012

Volume m3 TONNES (t) Au Grade (g/t) Contained Au (Oz) Main Lode Indicated 816,000 2,390,000 3.14 241,000 Football Lode 141,000 409,000 1.92 25,000 TOTAL INDICATED 957,000 2,799,000 0.96 266,000 Main Lode Inferred 355,000 1,053,000 3.68 125,000 Football Lode 128,000 380,000 2.57 31,000 TOTAL INFERRED 483,000 1,433,000 3.39 156,000

Draft By Avise Analytics P Ltd. 12

Advanced Stage Projects - Itetemia

Exploration and Drilling

. At GHR, towards the end of 2007

• 2,543m had been drilled in 22 RC holes
• 10,209m in 41 diamond core holes

Extensive drilling undertaken at GHR

DRILLING RC DC Period Holes Meters Holes Meters Interval (m) Notes 1995 4 374

• 0.5

TR-3 May - Oct, 1996

• 12

3,584 Oct,1995 - July, 1996 39 3,596

• 3.0

RC-18 Oct,1995 - July, 1996 66 2,188

• 1.0

Aug - Nov, 1998 14 14 1,350 831

• 9.0

8.0 3.0 5.0 RC-43 RC-45 RC-61 & 62 RC-65 & 66 Aug,1997 - May,1998

• 21

2 2,032 282 Jun - Aug, 2000

• 4

12 1,558 2,377 2008 10 N/A 8 N/A

Draft By Avise Analytics P Ltd.

e

13

Advanced Stage Projects - Itetemia

Preliminary Assessment of potential

• pen pit mining of the GHR

Saint Barbara LLP in Sept’2010, conducted a Preliminary Assessment of potential open pit mining of the GHR, in consideration of two options:-

CASE Pre-tax NPV (USD in M) IRR (%) Base (9.4) 0.20 Option 1 (2.9) 7.70 Option 2 12.7 46.40

ASSUMPTIONS RELATING TO INPUTS USED IN THE DCF MODEL Assumed Gold Price Current Price : USD 1,000/oz USD 1,303/oz (07/08/14) Discount rate 12% p.a. Saint Barbara also included a 2% royalty payment for TRX.

Summary of Conceptual DCF Results:

From the results, it can be concluded:-

 the open pit project is technically feasible; and  that the only case worth considering, at the time, was Option 2 (supply

• f ore to Barrick).

It must be noted that Saint Barbara only considered a gold price of USD1,000/oz.

However, that at higher gold prices, the economics of all three scenarios become significantly more favorable, and demonstrate that at USD1,400/oz, there is no specific reliance on Option 2.

Base Case

Full mine development

Alternative 1

Use second-hand equipment reduce the plant capital

Alternative 2

Sending the RoM from GHR to

Assumptions:

• Second-hand equipment costs

between 25%-33% of the new item

• Cost of an operating plant is 2.4

times the landed purchase price

• f the installed equipment

Assumptions:

• Barrick would accept an

income of 20% of the gold revenue from the delivered

• re less their process variable

costs

Draft By Avise Analytics P Ltd. 14

Advanced Stage Projects - Kigosi

• Awarded the Environmental Impact Assessment Certificate in

February, 2013

• Granted a Mineral Rights and Mining License through its wholly
• wned subsidiary, Tanzam in May, 2013
• De gazetting of property for production in progress

Buckreef location Specific projects

Prospects

• Luhwaika
• Igunda
• Msonga
• Msonga West
• Bungoni

Kigosi Project has been divided into 5 Prospect areas

Specific Projects Kigosi Project Location: Situated within the greater Lake Victoria Gold Belt (LVGB), which consists of a number of east-trending linear, Archaean greenstone belts

Kigosi Project

Ownership TRX 80% STAMICO 15%

Draft By Avise Analytics P Ltd.

• The Kigosi Project area has,

locally, been subjected to extensive exploration, specifically over the past eight years by TRX. It focusing their effort mainly on the known Luhwaika Prospect, and to a lesser extent on the Igunda and Msonga Prospects. 15

Advanced Stage Projects - Kigosi Resource Grade

Inferred

Kigosi Project Resource Statement at September 1, 2009

PROSPECT / LOCATION REEF RESOURCE VOLUME SG (t/m3) IN SITU AVE GRADE (g/t) GOLD CONTENT GOLD CONTENT CATEGORY m3 TONNAGE (kg) (Troy Oz) Luhwaika Main Measured 1,475,233 2.50 3,692,508 1.42 5,256 168,987 Indicated 373,866 2.50 935,000 1.14 1,065 34,252 TOTAL/AVE MAIN REEF 1,849,099 2.50 4,627,508 1.37 6,321 203,239 West Measured 1,438,190 2.49 3,579,401 0.6 2,152 69,189 Indicated 234,857 2.49 584,000 0.57 333 10,694 TOTAL/AVE WEST REEF 1,673,047 2.49 4,163,401 0.6 2,485 79,883 Quartz Rubble Measured

• Indicated

1,486,862 2.62 3,889,000 0.83 3,225 103,681 TOTAL/AVE QUARTZ REEF 1,486,862 2.62 3,889,000 0.83 3,225 103,681 TOTAL / AVE LUHWAIKA 5,009,008 2.53 12,679,909 0.95 12,031 386,803 Igunda A Measured

• Indicated

64,415 2.80 180,000 3.68 662 21,228 TOTAL/AVE A REEF 64,415 2.79 180,000 3.58 662 21,228 B Measured

• Indicated
• TOTAL/AVE B REEF
• TOTAL / AVE LUHWAIKA

64,415 2.79 180,000 3.58 662 21,228 Luhwaika Main Inferred 780,223 2.50 1,950,000 0.90 1,756 56,455 West Inferred 99,143 2.49 240,000 0.76 183 5,891 Quartz Inferred 2,348,031 2.68 6,300,000 0.34 2,153 69,206 TOTAL / AVE LUHWAIKA 3,227,397 2.63 8,490,000 0.48 4,092 131,552 Igunda A Inferred 74,106 2.80 200,000 3.34 668 21,492 B Inferred 91,619 2.66 240,000 3.27 786 25,255 TOTAL / AVE LUHWAIKA 165,725 2.66 440,000 3.30 1,454 46,747 TOTAL / AVE LUHWAIKA 3,393,122 2.63 8,930,000 0.62 2,240 178,299

Draft By Avise Analytics P Ltd.

Draft By Avise Analytics P Ltd. 16

Joint Venture - Busolwa - Buziba

Deal Highlights TRX and Allied Gold Corp. (AGC) of Dubai signed Letter of Intent for JV development of commercially producing mine at Buziba- Busolwa, Buckreef Ownership:

• 40% by Buckreef Gold Company Limited (BGCL), a 55/45

JV between TRX an STAMICO

• 60% by ARL Gold Tanzania Limited (ARL), a subsidiary of

AGC Project Highlights

• JV will accelerate development and financing of 2 significant

mineable gold deposits.

• Production anticipated to begin in late 2015
• TRX relieved of raising additional financing as capital funding

to be arranged by AGC

• Integrated project to deliver significant synergies thus

maximizing shareholders’ value in long-run

Busolwa Project About Allied Gold Corp (AGC) - A gold exploration and development company focused on Sub-Saharan Africa, AGC is part of the Allied Resources Group, a natural resources group with

• ffices in Dubai and Sydney. AGC’s business model involves

building value by identifying and acquiring gold resources, developing these into reserves and then producing gold. The Company has been actively involved in Tanzania for years with established

• perating

facilities and Experienced staff. Key relationships extend to Sovereign Wealth Funds and large financial institutions in the Middle East, Europe and United States.

Busolwa-Buziba JV

Draft By Avise Analytics P Ltd.

Joint Venture - Busolwa - Buziba Proposed Structure

BGCL AGC

Buziba License Transfer Busolwa Licenses Transfer

Rwamagaza Tanzania Limited [BGCL (40%) and AGC (60%)]

Proposed Executive Management and Board

Proven leadership and successful track record of focused return of newly proposed management team Chairman Stamico Representative Director Mr Jim Sinclair Director Mr Steven van Tongeren Proposed Executive CEO Mr Justin Dibb CFO Mr Phillip Shamieh COO Mr Andrew Robinson Exploration Mr Greg Winch

Operations

Rwama becomes one of east africa's largest potential mine-able gold deposits JVC to be funded in proportion to equity holdings with initial budget of $500,000 for 3Q314. Executive Management Team responsible for all operations and financing.

Neighboring mines support case for long asset life for Rwama Project

Draft By Avise Analytics P Ltd.

Draft By Avise Analytics P Ltd.

Joint Venture - Busolwa - Buziba

Focus to develop & finance 2 significant mineable gold

To benefit and accelerate development of Buckreef Main

On a standalone basis, few key positives:  Buziba cannot be mined alone due to the size of the license. As it is part of the same orebody as Allied’s Busolwa mine, forming a joint alliance to accelerate production, is in the best interest of all stakeholders.  TRX is not required to raise any additional borrowings as AGC to provide major financing

FINANCE RESOURCE FEASIBILITY MINING MILESTONES 2013 Q2 Apr May Jun Q3 Jul Update Resources Aug Sept Q4 Oct Prefeasibilty Resource Update & Prefeasibilty Study Nov JV Formatio n Dec 2014 Q1 Jan Feb Environmental & Social Impact Assessment Mar Q2 Apr May Jun $15 m DFS Equity raise Q3 Jul DD & RC Resource Drilling Definitive Feasibility Study Aug Sept Q4 Oct Resource Upgrade Nov Dec 2015 Q1 Jan Feb Mining Licence Award for Engineering & Procurement and Commissioning Mar DFS & Reserve Q2 Apr Project Financing 50% debt May Jun Capex Funding Q3 Jul Aug Sept Q4 Oct Nov Exploration Drilling Dec 2016 Q1 Jan Feb Mar

Indicative Schedule for Production

Gold Production from Busolwa – Buziba JV is expected to commence during 2015 - 2016 Indicative Budget to September 2014 To incorporate Buziba metallurgical results and finalize into current Ausenco Scoping Study $15,000 To incorporate Buziba drill data into new geological model, MRE and mine design $50,000 To undertake additional Buziba metallurgical work for Pre Feasibility Study $150,000 To meet requirements for working capital and administration $285,000 TOTAL ESTIMATED BUDGET (Till September’14) $500,000

Draft By Avise Analytics P Ltd.

Draft By Avise Analytics P Ltd.

Joint Venture - Busolwa - Buziba

Integrated projects to deliver significant synergies Shareholders’ wealth maximization in long-run

TRX’s Buckreef mine project: Achieving Operational Synergies from JV with AGC

Standalone Assets Merged Project Buziba Busolwa Buizba - Busolwa JV Licensing PL6545/2010 TRE Corp (55%), Stamico (45%) RL0007/2012, PL6858/2011, PL4634/2007, PL7036/2011 AGC (100%) Joint Venture Company 100% Mineralization 25.5m tonnes grading 1.0g/t for 0.93m oz 24.1m tonnes grading 1.0g/t for 0.84m oz; additional targets ~ 3m

• z

49.6m tonnes grading 1.0g/t for 1.69m oz; additional targets ~3m oz Logistics Impossible to mine. 5.3 km2 area is insufficient for waste dumps, tailings dam, process plant & mining infrastructure associated with open cast mining of the Buziba

• deposit. Ore too low grade to truck

commercially. Airstrip, offices, 25 person camp

• established. Further infrastructure

development supported by control of surrounding licenses. Total area 93km2 Space to mine: total license holding 93km2 Economics Current structure constrains ability to finance Ausenco Pre-Feasibility Study was to be completed by March 2014. In anticipation of a JVC, Allied has been integrating Buziba data into a new MRE, Scoping Study and PFS. Scale: one management team, one camp, one plant. Capacity to incorporate into Ausenco Pre- Feasibility Study

Integrated development maximizes value

TENURE MAP: Buziba Standalone TENURE MAP: Busolwa Standalone TENURE MAP: Buziba/Busolwa JV

Significant exploration upside near Mine Significant exploration upside near Mine Ample space for Mine Ample space for Mine All licenses surrounding Buziba held Allied Corp

Draft By Avise Analytics P Ltd.

Joint Venture - Busolwa - Buziba

Integrated projects to deliver significant synergies Shareholders’ wealth maximization in long-run

TRX’s Buckreef mine project: Achieving Financial Profitability from JV with AGC

Standalone Assets Merged Projects Buziba Busolwa Buizba - Busolwa JV Operator Buckreef Gold Co Allied New Joint Venture Company with Allied Executive Management EV/Oz $18 million N/A NPV@10% Zero $87 million $196 million Sum of Parts $18 million + $87 million = $105 million

JOINT VENTURE SYNERGIES $91 million

BGCL AGC

Equity Share 40% 60% JV NPV Share $79 million $118 million Synergy Share 67% 33% Value Growth 322% 35%

AGC Synergies BGCL Synergies

~3x jump in NPV in case of merged project, with BCGL being the greatest beneficiary , BGCL receives 2/3rds of synergies and >300%

value growth

0% 70% 140% 210% 280% 350% 10 20 30 40 50 60 70 Value Change % (diamonds) Value Addition $m (bars) BGCL AGC

VALUE TRANSFER TO BGCL VIA PROPOSED JV Joint Venture Contributions

Asset Buziba PL6545/2010 Merged Project Busolwa Interest Buckreef Gold Co (100%) JV Company (100%) Allied Gold Corp (100%) Land Area 5.3 km2 98.3 km2 93.0 km2 Inventory 0.93m oz 1.77m oz 0.84m oz Exploration Target Negligible 3m oz 3m oz

RESOURCE: JOINT VENTURE CONTRIBUTIONS

19% 81% 94.60% Land Area Resource + Target By asset value, BGC contribution to the Joint Venture ranges

between 0 and 19%

Draft By Avise Analytics P Ltd. Buckreef, presently among one of the Undeveloped Gold Deposits of East Africa

0.5 1 1.5 2

Nyanzaga Rwama Ikungu Tulu Kapi Saza-Makongolosi Manica Pickstone Mikei Golden Ridge Singida Nyakafuru Miyabi

Open Pit Resource Moz (M+I), 0.5g/t cut off

21

Independent Project Controlled by Major

Joint Venture - Busolwa - Buziba

Buckreef

A world class gold deposit

Growth opportunities

• Buckreef
• n

track for transition to Development phase

• BGCL & AGC collaboration would consolidate segmented license

holdings thus accelerating the development of Buckreef Main project, The project will also benefit from proven expertise of new incoming management team and financial backup to be supplied by AGC.

• Busolwa-Buziba JV can replicate growth of neighboring mines -

Successful drilling results at Busolwa supports the case for large growth potential. Sound track record of resource growth in the Lake Victoria Gold Belt, hint the JV potentials to replicate growth of neighboring mines. Opportunity at depth observed in nearby mines

2.0 Moz

Draft By Avise Analytics P Ltd. 22

Exploration Stage Projects

• The entire granite/greenstone contact zone within the Lunguya

property remains the prime area of potential for significant gold mineralization.

• Numerous veins on the Lunguya property have been exploited by

artisanal miners to at least 30m in depth which is probably one of the most definitive indicators of gold potential on any property.

Buckreef location Specific projects

Lunguya Project

Location: Located in the Lake Victoria Goldfields area. within

• ne of the principal Archaean greenstone belts of Tanzania. It

lies about 30 km south of Barrick Gold’s Bulyanhulu mine, Lunguya Project Location: Located 65km south of Mwanza within the Buhungukira greenstone belt which forms the eastern extension of the Geita greenstone belt in northern Tanzania. Luhala Project

• The Luhala project covers Archaean-age rocks equivalent to those

that host the world class Bulyanhulu and Geita deposits in the Lake Victoria Goldfields of northern Tanzania.

• Exploration at Luhala has identified a number of prospects which

show potential for open pittable oxide gold mineralization. Five gold mineralized prospects have been identified at Kisunge Hill (Central, Eastern and Southern zones) and Shilalo Hill (South and Southwest zones). However, further drillings are required to confirm the potentials.

Luhala Project

Draft By Avise Analytics P Ltd. 23

Executive Team

Jim Sinclair CEO Joseph Kahama COO

• Mr. Sinclair provides Tanzanian Royalty

Exploration with the strategy for its corporate growth and is primarily responsible for providing the leadership necessary for the Company to complete its evolution into a gold producer and royalty company. Mr Kahama became a director

• f

Tanzanian Royalty Exploration Corporation in February 2008 and he formerly served as President and Senior Vice President of the Corporation. He has served as president and director of subsidiary, Tanzam, since 1997.

• Dr. Betts serves as a Chair of the board
• f directors of Starfield Resources Inc.

and as a director and member of the audit committees of Tembec Inc., New Brunswick Power Corporation, Export Development Canada and Adex Mining Inc.

• Dr. Norman Betts Chairman
• Mr. Van Tongeren holds a Bachelor of

Science degree from the State University of New York and is a Certified Public Accountant. He completed Executive Finance Management Training at INSEAD France, one of the world’s leading and graduate business schools.

Steven van Tongeren CFO

Draft By Avise Analytics P Ltd. 24

Key Investment Highlights

A world class gold deposit

• Excellent pipeline of advanced development projects situated

within and around LVG, the third largest gold producing region

• f Africa, demonstrate potentials to exceed investors’ risk-

adjusted hurdle rates of return

• Proven

expertise to explore and establish third party

• pportunities (JVs) to gain access to resources and drive

economies

• Existing resource supports mine development with neighboring

mines supporting case for long asset life

• Implementing cost reduction measures such as opting for small

modular gravity-CIL plants and heap leaching to lower capex and opex requirements

• Alliance

with AGC allows TRX to accelerate and focus resources on development of Buckreef Main and other key projects in the pipeline

• Arranging finance is no more a constraint for the progress of

Buckreef Main project progress as financial backup to be provided by AGC How shareholders will benefit

STAMIC O TRX AGC

Busolwa-Buziba JV: A win-win situation for trio

• Buziba deposits become accessible, unlocking upside

potentials

• Receives highest share of synergistic benefits from JV
• Earns exposure to scalable project with robust economics
• Benefits from potential for accelerated development
• Capital investment risks eases as a result of increased

value of Allied’s Mine Development Larger project

• Buziba deposits become accessible, unlocking potentials
• Gain access to larger capital investment, royalties
• Responsibilities related to administration and monitoring

reduces which may lead to cost savings

TRX all set for production phase

Draft By Avise Analytics P Ltd. 25

Share Structure

As of August 2014

A world class gold deposit

CORPORATE SUMMARY Ticker TNX Exchange TSE Industry Mining Price (08/20/14) C$2.57 52-Week Range C$4.30 – C$1.75 Shares Outstanding 101.13m Warrants Outstanding (08/31/13) 5,506,579 Market Cap $265.97m Net Cash (mrq) $3.97m EV $262.00m Issued Capital C$115.61m

Checklist Management  Proven leadership, focused return Financials  Less capital investment risks; Debt-free Catalysts  Advancing development projects, Buziba Busolwa JV Stock Price  Emerging Uptrend

SHAREHOLDERS xxxx xxxx Directors Top 20

0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 7/4/2011 9/4/2011 11/4/2011 1/4/2012 3/4/2012 5/4/2012 7/4/2012 9/4/2012 11/4/2012 1/4/2013 3/4/2013 5/4/2013 7/4/2013 9/4/2013 11/4/2013 1/4/2014 3/4/2014 5/4/2014 7/4/2014 Millions Price in CAD Volume Close

Draft By Avise Analytics P Ltd. 26

Relative Share Price Performance

Relative Strength Index (RSI)

20 40 60 80 100 120 140 7/4/2011 8/4/2011 9/4/2011 10/4/2011 11/4/2011 12/4/2011 1/4/2012 2/4/2012 3/4/2012 4/4/2012 5/4/2012 6/4/2012 7/4/2012 8/4/2012 9/4/2012 10/4/2012 11/4/2012 12/4/2012 1/4/2013 2/4/2013 3/4/2013 4/4/2013 5/4/2013 6/4/2013 7/4/2013 8/4/2013 9/4/2013 10/4/2013 11/4/2013 12/4/2013 1/4/2014 2/4/2014 3/4/2014 4/4/2014 5/4/2014 6/4/2014 7/4/2014 8/4/2014

Price in CAD

IAG.TSE ABX.TSE TNX.TSE

TNX.TSE - Tanzanian Royalty Exploration Corp. ABX.TSE - Barrick Gold Corp. IAG.TSE - IAMGOLD Corp.

Represents the worth of $100 investment made at the beginning of July, 2011