Azumah Resources is an emerging gold producer exploring in Ghana, West Africa. The presentation provides an overview of Azumah's projects and prospects in Ghana, including: - Azumah holds a large tenement package covering prospective geology near existing discoveries. - Recent drilling has extended mineralization at the Kunche and Bepkong deposits over 1.4km and further intercepted high grades. - The company is focused on advancing projects towards production by 2013, with a feasibility study underway. - Azumah has established resources that remain open and plans ongoing exploration to significantly increase resources across its properties.

1. Stephen Stone
A Prolific Explorer Managing Director
An Emerging Producer
The Gold Symposium
Sydney
November 2011
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2. Disclaimer and Cautionary Statements
The information contained in this Presentation or subsequently provided to the Recipient of this Presentation whether orally or in writing by or on behalf of Azumah or their respective employees, agents
or consultants ("Information") is provided to the Recipients on the terms and conditions set out in this notice. The purpose of this Presentation is to provide Recipients with Information relating to
Azumah. The Presentation has been prepared by Azumah and each Recipient must make his/her own independent assessment and investigation of Azumah and its business and assets and should not
rely on any statement or the adequacy and accuracy of any Information.
Azumah makes no representation or warranty (express or implied) as to the accuracy, reliability or completeness of the Information. Azumah and its respective directors, employees, agents and
consultants shall have no liability (including liability to any person by reason of negligence or negligent misstatement) for any statements, opinions, information or matters (express or implied) arising out
of, contained in or derived from, or for any omissions from the Presentation, except liability under statue that cannot be excluded.
This Presentation does not constitute in any way an offer or invitation to subscribe for securities in Azumah pursuant to the Corporations Act.
Competent Persons
The information in this report that relates to exploration results, mineral resources or ore reserves is based on information compiled by Mr Nick Franey who is a Member of the Australian Institute of
Geologists. Mr Franey is a full time employee of the Company. Mr Franey has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the
activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the „Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves‟
and to qualify as a “Qualified Person” as defined in National Instrument 43 -101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) of the Canadian Securities Administrators. Mr Franey
consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. For a description of Azumah‟s data verification process, quality assurance and
quality control measures, the effective date of the mineral resource estimates contained herein, details of the key assumptions, parameters and methods used to estimate the mineral resources and
reserves set out in this report and the extent to which the estimate of mineral resources set out herein may be materially affected by any known environmental, permitting, legal, title, taxation, socio-
political, marketing or relevant issues, readers are directed to the technical report entitled “NI 43-101 Azumah Resources Limited Wa Gold Project, North West Ghana” dated April 14, 2011 which are to
be found on the Company‟s NI 43-101 compliant technical report available on the Company‟s website at www.azumahresources.com.au and sedar.com
Forward Looking Statements
Certain statements in this report contain forward-looking information. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such
factors include, among others, the results of future exploration, risks inherent in resource estimates, increases in various capital costs, availability of financing and the acquisition of additional licences,
permits and surface rights. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made, and readers are advised
to consider such forward-looking statements in light of the risks set forth in the Company‟s continuous disclosure filings as found at the (Canadian) SEDAR website.
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3. NW Ghana – Emerging World-Class Gold District
Azumah’s 3,100km2 licences
Encompass 150 strike km of
Birimian greenstone terrain
0.65Moz Indicated, 0.52Moz Inferred
Ampella’s 1,900km2 Batie West licences
Same Birimian greenstone belt
1.5Moz Indicated, 1.6Moz Inferred
15% Castle Minerals
10,000km2 early stage exploration
Julie West: 56,000oz Inferred
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4. Experienced Board - Growing Management Team
Michael Atkins - Non-Executive Chairman
Corporate finance - former Chairman Gallery Gold - done it before in Africa
Stephen Stone - Managing Director
Exploration and mining geology. Corporate and management. Lived and worked in Africa
Geoff M Jones - Non-Executive Director
Project engineer. Developed several mines in Africa/Ghana. COO GR Engineering
Nick Franey - General Manager Geology
Mick Ryan - Project Manager
Tim Lagdon - Finance and Corporate
Hector Nyinaku - Accra based Administration Manager
Paul Amoako-Atta - Licencing, government, community
Ghanaian Exploration Team = 30 (incl. 15 geologists)
+70 support personnel
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5. High Quality Evolving Register
3 Year Share Price History
Issued fully paid shares 282.02M
Options (unlisted) 9.25M
Market capitalisation ~A$125M
Cash & Investments ~A$21M
EV/Resource Ounce ~$100/oz
Macquarie Pheonix, Dundee,
12% Goodman, RBC,
Passport Genus, Dynamic
8%
JP Morgan
7%
Libra
5%
Management
2% Retail - 4000
shareholders
Other in Top 20
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6. Wa Gold Project Fly Through
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7. Kunche: Impressive Continuity Over 1.4km
 25m x 25m infill drilling to convert resources to reserves
completed
 Continuously mineralised over 1.4km and to depth
 Tremendous recent intercepts:
• 58m @ 1.83g/t Au from 114m (KRC404)
• 31m @ 3.32g/t Au from 56m (KRC408)
1.4km • 18m @ 5.72g/t Au from 118m (KRCD409)
• 16m @ 3.98g/t Au from 130m (KRC412)
• 8m @ 12.21g/t Au from 48m (KRC441)
• 12m @ 3.82g/t Au from 94m (KRC451)
• 4m @ 14.86g/t Au from 132m (KRCD455)
• 15m @ 4.19g/t Au from 91m (KRC474)
• 13m @ 3.60g/t Au from 89m (KRC489)
• 21m @ 2.94g/t Au from 74m (KRC492)
• 13m @ 3.72g/t Au from 119m (KRC550)
• 13m @ 3.04g/t Au from 165m (KRCD554)
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8. Kunche: Open At Depth
‘Stringer zones
have continuity’
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9. Julie: Targeting 1.0Moz…..
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10. Josephine: A New Resource Target
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11. Strike While The Ingot’s Hot !
Stage 1:
 Establish 1.0 - 1.4 mtpy gravity/CIL operation producing <100,000oz.
 Robust head grade yrs 1 - 4: 2.7, 2.1, 2.4, 2.6 g/t Au = early payback
 ~US$135M cap cost (US$95M EPCM + owners costs)
 ~US$590oz avg operating cost (Nov 2010)
 6 years initial life commencing late 2013
 Life likely to increase once pits re-optimised following current drill outs
 EPC / EPCM tenders being evaluated
Stage 2:
 Increase throughput 50%
 15% additional cap cost (insert ball mill and tanks)
 ~US$25/oz op cost reduction
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12. Excellent Logistics and Infrastructure
Azumah field HQ
 No communities to relocate
 Few artisanal or illegal miners - Galamsey
 Well maintained local roads
 Sealed airstrip
 Good telecommunications
Julie Exploration Camp
 Grid power
 Water: Black Volta river & groundwater
Savannah Landscape
Black Volta River
Azumah’s Western Boundary 2km sealed airstrip
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13. “Excellent Value Explorer and Near-Term Producer”
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14. Compelling Investment Case…..
 Established Resource – Update in Q4 2011
 Substantial licence area - Tremendous opportunity to increase resources
 Prolific explorer
 Maiden Reserves and Feasibility Study Q1 2012
 Fast-tracking to production - late 2013
 Non-refractory metallurgy with high gold recoveries
 Robust head grades and early pay-back
 Excellent infrastructure, operating environment and low sovereign risk
 Well funded: ~ $21M cash and investments
 TSX main board listing increases funding options and visibility
 15% Castle Minerals
 Undemanding ~US$100/oz EV/resource ounce
2012: A Defining Year
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15. Medamoase!
Contact:
Stephen Stone
Managing Director
Mob: +61 (0)418 804564
Off: +61 (0)8 9486 7911
stone@azumahresources.com.au
ASX: AZM
TSX: AZR
www.azumahresources.com.au
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16. Wa Gold Project, North West Ghana
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17. Ghana: The Premier West African Destination
 Multiple +10Moz discoveries.
 Four new mines in 2011
 No. 2 African gold producer ~3.0Moz/yr
 Active tier-one majors
 AngloGold-Ashanti, Newmont,
Gold Fields, Newcrest
 Increasing mid-tiers + juniors
 Golden Star, Red Back, Adamus, Perseus, Keegan,
PMI, Signature, Noble, Castle…
 One of World’s fastest growing economies
 English language and legal system
 Low sovereign risk
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18. Bepkong: A „Blind‟ Discovery
Excellent recent infill intercepts:
 12m @ 9.98g/t Au from 61m (BRC236)
 14m @ 2.53g/t Au from 106m (BRC253)
 22m @ 2.96g/t Au from 82m (BRCD255)
 24m @ 2.90g/t Au from 41m (BRC259) and
14m @ 4.49g/t Au from 75m (BRC259)
 22m @ 4.17g/t Au from 8m (BRC261)
 18m @ 4.08g/t Au from 71m (BRC262)
 24m @ 2.33g/t Au from 16m (BRC268)
 42m @ 3.63g/t Au from 58m (BRC300)
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19. Kunche – Bepkong Region: Still Very Open
 Thin cover masks bedrock
 Unravelling geology using: Aircore
 Airborne magnetics anomalies
 IP surveys
 Systematic power auger soil sampling
 Shallow rapid reconnaissance aircore drilling
Bepkong Bepkong
 Exploration targets between Kunche-Bepkong South
Aduane 14m @ 2.31g/t Au from 13m (KRC478) 2km
16m @ 2.34g/t Au from 23m (KRC480)
Aduane
Bepkong South 6m @ 15.60g/t Au from 53m(BRC230)
 Other targets:
 Kunche West, Yagha South, Nanga etc
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20. Open Ended Resources
 NI 43-101 & JORC Code compliant independent Mineral Resource estimations
 >50% in JORC Indicated category – good continuity
 Conservative grade cut-offs used (Kunche, Julie, Collette 1.0g/t Au ; Bepkong 0.8g/t Au)
 All resources open at depth
 Kunche, Bepkong and Julie resource updates Q4 2011
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21. Tremendous Resource Growth Opportunity
 Aeromagnetics: a game changer
 Widespread gold-in-soil anomalism
 Less than 10% of 150km prospective
Birimian strike investigated
 Pipeline of targets
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22. Julie: High-Grade Infill Results
 Excellent along strike and down-dip continuity
 Economic intercepts outside of preliminary
pit perimeters bode well for resource
increase
 Shallow dip and prelim optimised pit grades of
av 2.77g/t Au ideal for open cut mining
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23. Focused On Discovery
 $15M, 250,000m drilling commitment to March 2012
 5 rigs, 3 operating double shift
 ~190,000m completed since October 2010:
 ~8,000 samples still in the labs
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24. In-Pit Resources Underpin Development Decision
 569,458oz based on US$1,100oz Au
optimised pits for Kunche, Bepkong and
Julie (only)
 Re-optimising pits at higher gold prices
will deepen them and capture additional
gold, plus……
 Infill drilling is indicating additional gold in
and below current pits
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25. Feasibility Study
 In-house Feasibility Study - Lycopodium process
engineers
 Resource updates Q4 2011
 Maiden reserves and optimisations – Q1 2012
 Environmental and social impact scoping report
accepted
 Preliminary stakeholder meetings conducted - no major
issues
 Site geotechnics completed for pits, plant, and tailings
 Sterilisation drilling completed
 EPCM tenders being evaluated
 Long lead items to be ordered
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26. Feasibility Study
 In-house Feasibility Study - Lycopodium process
engineers
 Resource updates Q4 2011
 Maiden reserves and optimisations – Q1 2012
 Environmental and social impact scoping report
accepted
 Preliminary stakeholder meetings conducted - no major
issues
 Site geotechnics completed for pits, plant, and tailings
 Sterilisation drilling completed
 EPCM tenders being evaluated
 Long lead items to be ordered
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27. Engaging The Community
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