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A Prolific Explorer

An Emerging Producer

Stephen Stone

Managing Director

The Gold Symposium

Sydney

November 2011

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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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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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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High Quality Evolving Register

Issued fully paid shares 282.02M

Options (unlisted) 9.25M

Market capitalisation ~A$125M

Cash & Investments ~A$21M

EV /Resource Ounce ~$100/oz

Pheonix, Dundee, Goodman, RBC, Genus, Dynamic

Retail - 4000 shareholders

Other in Top 20

Management 2%

Libra 5%

JP Morgan 7%

Passport 8%

Macquarie 12%

3 Year Share Price History

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Wa Gold Project Fly Through

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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)

• 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)

1.4km

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Kunche: Open At Depth

‘Stringer zones

have continuity’

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Julie: Targeting 1.0Moz…..

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Josephine: A New Resource Target

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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

Strike While The Ingot’s Hot !

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Excellent Logistics and Infrastructure

No communities to relocate

Few artisanal or illegal miners - Galamsey

Well maintained local roads

Sealed airstrip

Good telecommunications

Grid power

Water: Black Volta river & groundwater

Black Volta River

Azumah’s Western Boundary

Savannah Landscape

Julie Exploration Camp

Azumah field HQ

2km sealed airstrip

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“Excellent Value Explorer and Near-Term Producer”

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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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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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Wa Gold Project, North West Ghana

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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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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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Kunche – Bepkong Region: Still Very Open

Thin cover masks bedrock

Unravelling geology using:

Airborne magnetics

IP surveys

Systematic power auger soil sampling

Shallow rapid reconnaissance aircore drilling

Exploration targets between Kunche-Bepkong

Aduane 14m @ 2.31g/t Au from 13m (KRC478)

16m @ 2.34g/t Au from 23m (KRC480)

Bepkong South 6m @ 15.60g/t Au from 53m(BRC230)

Other targets:

Kunche West, Yagha South, Nanga etc

Bepkong

South

Aduane

Aircore

anomalies

Bepkong

2km

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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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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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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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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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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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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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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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Engaging The Community

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