Chair's Letter – Paving the Road to Production

Dear Fellow Shareholders,

We are entering an exciting and important phase in Amigo's development as we advance towards initial commercial operations at our 51% owned Kabete and Mojimoto gold production projects in Tanzania.

Over recent months, we have made substantial progress in transforming our integrated gold and multi-metal recovery strategy into operational infrastructure. As we have advised previously, the required processing equipment has been delivered to site for gold dore production, with installation continuing at both sites and nearing completion. With the operations nearing commissioning, we are approaching a significant milestone in the Company's development.

What distinguishes Amigo is our strategy of recovering value beyond conventional gold processing. By combining gravity concentration, copper collector metallurgy, secondary gold leaching, direct electrowinning, and pyrometallurgical processing facility, we are establishing an integrated processing model designed to implement our multi-metal recovery strategy, including the recovery of platinum group metals from both freshly mined material and historical tailings.

We are equally encouraged by the opportunities presented by historical gold-processing tailings. We believe these materials may contain previously unrecovered gold and potentially other metals, including platinum group metals. Our integrated approach is designed to unlock this additional value while making more effective use of existing mineral resources.

Our immediate priority is to complete installation, commence commissioning and progressively establish reliable operating performance.

We are focused on disciplined execution, operational efficiency and building a scalable processing platform.

Importantly, our ambition extends well beyond establishing individual processing facilities. We are laying the foundations for an integrated mineral recovery business capable of targeting multiple revenue streams from the same mineral material, improving recovery efficiencies and expanding the value generated from our operating infrastructure.

For shareholders, we believe the significance of our progress is substantial. The investment already made in our processing infrastructure, combined with our integrated recovery strategy, provides a foundation from which we aim to build a cash-generative business with attractive operating margins, opportunities for expansion and the capacity to deliver sustainable earnings growth.

Our objective is not simply to produce more metal, but to maximise the economic value of every tonne processed and translate that value into stronger financial performance.

As we transition towards production, our priorities are clear: establish dependable operations, generate operating cash flow, maintain capital discipline, and reinvest in opportunities that offer attractive returns. We are determined to ensure that operational progress translates into tangible economic benefits for our shareholders.

Ultimately, our measure of success will be the value we create for those who have invested in Amigo. We believe we are approaching a pivotal stage at which years of investment, technical development and operational preparation can begin to translate into measurable financial results. Our ambition is to build a profitable, growing and financially resilient company that delivers enduring shareholder value and, over time, creates the financial strength to consider direct returns to shareholders.

We remain confident in our strategy, committed to disciplined execution and focused on delivering the next milestones that will underpin Amigo's long-term growth.

We look forward to demonstrating that progress to our shareholders.

As always, thank you for your continued support as we work to build a world-class, yield-producing platform.

Yours sincerely,

Craig Ransley

Executive Chair