INVESTOR PRESENTATION - DECEMBER 2017ASX Code | TRL

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TANGA RESOURCES LIMITED

JOUMBIRA HIGH GRADE ZINC PROJECT

www.tangaresources.com.au

Presentation Disclaimer

General Information & DisclaimerThis presentation has been prepared for the purposes of providing information to the recipient regarding Tanga Resources Limited (Tanga or the Company). It does not, and does not purport to, contain all theinformation that the recipient may require to evaluate the Company. It should be read in conjunction with Tanga’s other periodic and continuous disclosure announcements, which are available at www.asx.com.au.No representation or warranty is given as to, and the recipient must not rely on, any information, statement or opinion contained in this presentation, or its accuracy, reasonableness or completeness. Except forstatutory liability which cannot be excluded, each of Tanga, its affiliates, directors, employees, advisers and agents expressly disclaims any responsibility for the accuracy or completeness of the material contained inthis presentation and excludes all liability whatsoever for any loss or damage of any kind arising as a result of the use of, or reliance on, the information in this presentation.This presentation does not take into account the investment objectives, financial situation or particular needs of any investor, potential investor or any other person. No investment decision should be made in relianceon this presentation. Independent financial and taxation advice should be sought before making any investment decision.The Exploration Results in relation to the Joumbira Zinc Project have not been reported in accordance with the JORC Code 2012 (“JORC”). A Competent Person has not done sufficient work to disclose the ExplorationResults in accordance with JORC. It is possible that following further evaluation and/or exploration work that the confidence in the prior reported Exploration Results may be reduced when reported under JORC.Nothing has come to the attention of Tanga that causes it to question the accuracy or reliability of the former owner’s Exploration Results but Tanga has not independently validated the former owner’s ExplorationResults and therefore is not to be regarded as reporting, adopting or endorsing those results. Refer to ASX Announcement dated 5 December 2017 for further information on these results.Forward Looking StatementsThis presentation may contain certain forward looking statements and projections regarding: estimated, resources and reserves; planned production and operating costs profiles; planned capital requirements; andplanned strategies and corporate objectives.Forward-looking statements are subject to a variety of known unknown risks, uncertainties and other factors that could cause actual events or results to materially differ from those reflected in the forward- lookingstatements, including, without limitation: inherent uncertainties and risks associated with mineral exploration; uncertainties related to the availability of future financing necessary to undertake activities on Tanga’sproperties; uncertainties related to the possible recalculation of, or reduction in Tanga’s minerals resources; uncertainties related to the outcome of studies; uncertainties relating to fluctuations in gold prices; the riskthat Tanga’s title to its properties could be challenged; risks related to Tanga’s ability to attract and retain qualified personnel, uncertainties related to general economic and global financial conditions; uncertaintiesrelated to the competitiveness of the industry; risk associated with Tanga being subject to government regulation, including changes in regulation; risks associated with Tanga being subject to environmental laws andregulations, including a change in regulation; risks associate with Tanga’s need for governmental licenses, permits and approvals; uninsured risks and hazards; risk related to the integration of businesses and assetsacquired by Tanga; risk associated with Tanga having no history if earnings or production revenue; risks associated with fluctuation in foreign exchange rates; risks related to default by joint venture parties (if any),contractors and agents, inherent risks associated with litigation; risk associated with potential conflicts of interest; risk related to effecting service or process on directors resident in foreign countries; uncertaintiesrelated to Tanga’s limited operating history; risks related to Tanga’s lack of a dividend history; risks relating to short term investments; and uncertainties related to fluctuations in Tanga’s share price.Tanga’s forward-looking statements are based on the assumptions, beliefs, expectations and opinions of management as of the date hereof and which Tanga believes are reasonable in the circumstances, but noassurance can be given that these expectations will prove to be correct. These assumptions include but are not limited to that Tanga’s exploration of its properties and other activities will be in accordance withTanga’s public statements and stated goals, that there will be no material adverse change affecting Tanga or properties, anticipated costs and timing for Tanga’s activities and such other assumptions as set out herein.Such forward looking statements/projections are estimates for discussion purposes only and should not be relied upon. They are not guarantees of future performance and involve known and unknown risks,uncertainties and other factors many of which are beyond the control of the Company. The forward looking statements/projections are inherently uncertain and may therefore differ materially from resultsultimately achieved.The Company does not make any representations and provides no warranties concerning the accuracy of the forward looking statements, and disclaims any obligation to update or revise any forward lookingstatements based on new information, future events or otherwise except to the extent required by applicable laws.Competent Persons StatementThe information in this report that relates to the exploration results, geology and geophysical interpretation of the Joumbira Zinc Project was based on material compiled by John Stockley and Dr Margaret Hawke. Theinformation presented in this announcement is an accurate representation of the available data and geological and metallurgical studies of the Joumbira zinc-lead-silver project. Mr Stockley is a Member of theAustralian Institute of Geoscientists and is a Director of Tanga . Dr Hawke is a self employed consultant to Tanga and is a Member of the AusIMM. Both Mr Stockley and Dr Hawke have sufficient experience relevant tothe style of mineralisation and type of deposit under consideration and to the activity which was being undertaken to qualify as Competent Person as defined in the 2012 Edition of the JORC “Australasian Code forReporting of Exploration Results, Mineral Resources and Ore Reserves” (the JORC Code). Both Mr Stockley and Dr Hawke consent to the inclusion in this report of the matters based on the information in the form andcontent in which it appears. The information in this presentation that relates to the Mineral Resource Estimate for the Hanang Gold Project, is based on information compiled by Mr David Reid who is a member of theAustralasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists and a Consultant to Tanga. Mr Reid has sufficient experience relevant to the styles of mineralisation and type of depositsunder consideration and to the activities which they are undertaking to qualify as a Competent Person, as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resourcesand Ore Reserves” (the JORC Code). Mr Reid has consented to the inclusion of the matters in this presentation based on his information in the form and context in which it appears.

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Joumbira Acquisition Highlights

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• High grade Zinc-Lead-Silver project with historical shallow drilling results including:

• 14m @ 9.50% Zn, 8.20% Pb, 70.80 g/t Ag fr 39m and 5m @ 8.73% Zn, 2.30% Pb, 23 g/t Ag fr 68m

• 23m @ 5.86% Zn, 6.30% Pb (incl. 18m @ 7.53% Zn, 7.14% Pb) fr 29m

• 11.5m @ 8.29% Zn, 1.24% Pb fr 54m

• 10m @ 5.29% Zn, 4.30% Pb fr 32m (incl. 5m @ 12.18% Zn, 6.26% Pb)

• 11m @ 7.06% Zn, 3.73% Pb fr 36m (incl. 1m @ 14.90% Zn, 5.62% Pb)

• Underexplored 210km2 licence, significant exploration upside for Zn, Pb, Ag, Co, Cu, Sn, W

• Located in the Central Damaran Orogenic Belt – major mineralised system (+200koz Au prod along strike)

• Secure and supportive joint venture partner – Epangelo (Namibian Govt Mining Company)

• Project is drill ready with vendors providing access to an experienced in-country exploration team

• Namibia – mining friendly jurisdiction, major metal producer and excellent infrastructure

AN ADVANCED, HIGH GRADE ZINC PROJECTthe right commodity, at the right time

Why Zinc? The fundamentals are STRONG

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…the world is running out of zinc

LME Stocks Declining

Zinc Prices have more than doubled in less than two years

Stockpiles at 5 year low

5 Year Zinc Spot Price

5 Year LME Zinc Warehouse Stocks Level

Zinc Prices Rising

5 Year Zinc Spot Price

Damaran Belt, Namibia

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• Joumbira is located within a major metallogenic

corridor of the Damaran Orogenic Belt, Namibia

• Damaran Belt hosts a number of significant

deposits

• Navachab (27Mt @ 2g/t Au)

• Otjikoto (29Mt @ 1.5g/t Au)

• Kombat district (16Mt @ 2.6% Cu & 1.5% Pb)

• Tsumeb (74Mt @ 4% Cu & 10% Pb)

• Joumbira licence covers a total area of 210km2 of

which has had no modern day exploration and is

partially under cover

• Namibia is highly prospective geologically, is a

stable and mining friendly jurisdiction with

excellent infrastructure

Joumbira Zinc Project

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• Total project area 210km2

• Joumbira Zn-Pb-Ag mineralisation is skarn hosted within Neo-proterozoicDamaran calc-silicate sedimentary rocks intruded by Cambrian aged felsic stocks. Massive sulphide replacement mineralisation occurs distal to the felsic intrusives

• Significant thicknesses of younger, post-Damaran cover occur within this metallogenic belt, principally Karoo-aged sandstones thrust over the Damaran rocks with recent Kalahari calcareous sands, clays, and gravels partially covering the area

• Very little modern geochemical orgeophysical exploration carried outsince 2002. Historical drillingfocused on one area

Limit of historical drilling

…very little modern exploration

Shallow, High Grade Historical Zinc Results

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Drill hole locations and selection of results*

*Reported historical results to be validated with follow up drilling

Joumbira North Shoot

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North Shoot mineralisation modelled looking North West

NW

Joumbira North Shoot Section

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North Shoot mineralisation modelled looking North West

NW• Shallow, high grade mineralisation

• Limited effective historical drilling to test depth and strike extensions

• Mineralisation remains open in all directions both along strike and down plunge

Exploration potential

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Immediate target area and wider project area remain under explored

NW• Historical exploration focused on the immediate target

area, with drilling primarily focused on the North shoot

• Further exploration required to test North shoot and

Kahlenberg east and west shoots and Central and

South shoots

• Significant upside remains for Zinc, Lead, Silver, Cobalt,

Copper, Tin, Tungsten

• Further regional exploration potential over the wider

project area which remains under explored

limit of historical drilling

Gravity Map of Immediate Joumbira Target Area

Acquisition Agreement Key Terms

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Binding option agreement to acquire 100% of the issues shares of Coldstone Investments Pty Ltd, a Namibian registered company

Upon exercise of the option, Tanga shall provide the following consideration:

• Issue 44,000,000 fully paid shares in TRL upon completion; plus

• A deferred consideration payment of $250,000 upon announcement to the ASX of a maiden

JORC Indicated Mineral Resource Estimate at Joumbira; plus

• A deferred consideration payment of $150,000 upon granting of a valid Mining Licence; plus

• A deferred consideration payment of $350,000 upon a decision to mine.

Deferred consideration payments are payable in cash and/or shares at Tanga’s election.

The transaction is subject to the following conditions precedent:• Completing of due diligence enquiries, including a work programme (estimated at $100,000),

to Tanga’s satisfaction within three months. Which may be extended.• Parties obtaining all shareholder, regulatory and government approvals necessary to

complete the transaction

Epangalo Joint Venture Terms

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• The Joumbira Zinc Project is held in a joint venture with Epangelo, a private mining and asset management company of the Government of the Republic of Namibia

• Coldstone has the right to earn in to 90% equity interest• Currently holds a 10% equity interest, which may be increased to 40% upon completion of

the work programme and then increased to 80% by: • expending a minimum of US$1 million over the next two years; and • the satisfaction of certain milestones to demonstrate the Joumbira Zinc Project is being

advanced towards a decision to mine

• Key milestones include:• Completion of a Feasibility Study for Joumbira• Lodgement of a Mining Licence Application and Environmental Impact Study

• Epangelo may be diluted to a 10% free-carried interest after earning an 80% interest

• Coldstone and Epangelo to work together to share technical capabilities and generate additional projects

A secure and supportive JV partner

Deal Summary

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Effect of the Transaction on Tanga’s Capital Structure Shares Options

Current issued capital 465,791,410 78,500,000

Placement Issue shares to be issued 1 116,400,000 Nil

Total Issued Capital – Post Placement 582,191,410 Nil

Consideration shares2 44,000,000 Nil

Total Issued Capital 626,191,410 78,500,000

Amount (A$) %Drilling and exploration at Joumbira $450,000 39%Exploration at New York Target and overall Hanang Gold Project $225,000 19%Tenement costs Hanang Gold Project $100,000 9%Working capital (incl. transaction costs) $389,000 33%TOTAL $1,164,000 100%

1. Placement based $0.01/share and issued under the Company’s existing placement capacity. 2. Subject to exercise of the Option and shareholder approval

Proposed Use Of Funds

Refer to the ASX announcement for further details on the acquisition, including shareholder approval, conditions precedent and proposed transaction timing

1. The above table is indicative only and a statement of current intentions. The allocation of funds may change depending on various factors

The capital raising will enable exploration at Joumbira to be rapidly advanced

PROFORMA Capital Structure

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PROFORMA CAPITAL STRUCTURE#

A$5.8mMARKET CAP AT A$0.01/SHARE PLACEMENT PRICE

582mSHARES ON ISSUE

~A$1.2mCASH

A$4.6mENTERPRISE VALUE

BOARD AND MANAGEMENT

ALLEN LAFFERTY Non-Executive Chairman Fellow of the Institute of Chartered Accountants with over 35 years experience in professional practice

JOHN STOCKLEY Technical Director Geologist with over 30 years’ experience, involved in a number of discoveries in Africa, Australia and South America

JOHN JONES Non-Executive DirectorResources executive with over 30 years’ of experience in exploration, development and mining operations worldwide

MATTHEW BOWLES CEOCorporate finance executive with over 20 years’ experience in resources M&A, strategy and corporate development, in Africa, Australia and South America

TANGA (ASX: TRL) A well funded, advanced exploration story at a compelling valuation

GRAEME SMITH CFO & Co Sec.Accountant and Corporate Governance professional with 25 years’ experience working with mining companies

78.5mOPTIONS PRICED $0.012 - $0.12

IAN STUART Non-Executive Director*Geologist by profession with significant experience in both mining and finance in Australasia, Africa and Latin America. He has spent the past three years advancing the Joumbira project, focusing on both technical and stakeholder management.. * Subject to completion

# Following completion of the placement. Excludes the Joumbira 44m consideration shares

Hanang Gold Project – Regional Prospectivity

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• Hanang Gold Project over

1,000 km2 of highly prospective

tenure

• Over 50 km of unexplored

greenstone belt

• Multiple structural targets to

be tested along the main

structural corridor

• Multiple untested, high

priority regional targets

• <5% of the property has been

drill tested

Multiple shears, Multiple targets, Multi Million ounce potential…

Exceptional land holding of

+800 km2 of highly prospective

ground

Major gold district potential

Over 50 km potential strike along a

major complex structural corridor

Winston High Grade Gold Discovery

(January 2016)

High Grade Gold associated with

major structures and banded iron

Multiple mineralised trends

identified

Multiple high priority targets

Vast potential and vastly

under-explored greenstone belt…

New York TargetPeak Soil 0.25 g/t Au

Main 4km x 3kmanomalous zone

WinstonRC 16m @ 55 g/t Au fr 116m

DH 14m @ 13.33g/t Au fr 133mDH 7m @ 35g/t Au fr 123m

MjuhuPit Sample 3m @ 36.80 g/t Au

Grab sample 81 g/t Au

Sophie

Golden Pride Mine(2.2Moz Prod’n)

~220km

Winston Deposit – A High Grade Gold Discovery

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Limited drilling with mineralisation remaining open along strike and at depth

Inferred Mineral Resource Estimate 120,000 t @ 4.5g/t Au

for 17,600oz16m @ 55.23 g/t Au fr 116m &

4m @ 10.20 g/t Au fr 147m14m @ 13.33 g/t Au fr 133m

• Over 2 km long and 1 km wide IP chargeability anomaly

• Significant widths of HIGH GRADE gold mineralisation in black skarn

• Mineralisation outcrops at surface and remains open at depth and along strike to the southwest

• Visible gold intersected from shallow drilling depth

• Very limited drilling to date

• Initial Maiden Resource Estimate at Winston (North) of 120,000 t @ 4.5 g/t gold for 17,600oz

• Excellent Metallurgy +91% gold recoveries, BLEG test work emphasises relatively coarse, free gold

• No deleterious elements (eg As)

26m @ 2.58g/t Au fr 134m12m @ 6.51 g/t Au fr 98m7m @ 35.89g/t Au fr123m

Pit Sampling incl3m @ 36.80 g/t Au3m @ 21.54 g/t Au

2.6m @ 14.65 g/t Au

Trench Sampling incl13m @0.72 g/t Au

incl 2m @ 2.40 g/t Au

Pit Grab Sample incl81 g/t Au & 28.50 g/t Au

Priority Target

0.5 km

Priority Targets

Winston

Mjuhu

Pauline

3m @ 5.79 g/t Au fr 97m

2m@ 56.43 g/t Au fr 16m

4m 2.5 g/t Au fr 57m

New York – A Major NEW Exploration Target

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• New York is a 16 km2 area, of intense alteration, gossan and quartz veining in BIF, with visible sulphide development and major structural deformation

• Large gold in soil anomaly of +100 ppb Au, peak 246 ppb Au (0.25 g/t Au)

• Main 250m x 200m gold anomaly, within a much larger 4km x 3km gold anomalous zone

The first of several high priority regional targets identified outside of Winston

Quartz veining in Banded Iron Formation (BIF) and Sulphide outcrop at New York

Granite

Peak Soil 246 ppb

Open

OpenOpen

Main Anomalous Zone

Excluded

Shear Zone

Sediments

Granite

GraniteGreenstone

Greenstone

250m x 200m

Granite

Tanga Investment Proposition

JOUMBIRA – AN ADVANCED HIGH GRADE ZINC PROJECT located in the Damaran Belt,a well endowed metallogenic belt host to multiple major discoveries. 90% JV Earn-In with Epangelo(Namibian Govt.)

NO MODERN EXPLORATION no assays for minerals typically associated with this style of mineralisation such as Au, Co, Cu, Sn, W

NAMIBIA – MINING FRIENDLY long history of mining, excellent infrastructure and a stable political environment

HANANG – AN ADVANCED HIGH GRADE GOLD PROJECT regional scale, high grade gold project of over 50km of mineralised greenstone, in Tanzania

STRONG BOARD AND MANAGEMENT TEAM with proven corporate and African experience

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TANGA RESOURCES LIMITED

JOUMBIRA HIGH GRADE ZINC PROJECT

www.tangaresources.com.au

TANGA RESOURCES LIMITED

Registered OfficeGround Floor | 63 Hay StreetSubiaco WA 6008

ASX Code | TRL

Telephone: + 61 8 9381 5686Email: info@tangaresources.com.auWebsite: www.tangaresources.com.au

High grade

Advanced project

Major mineralised system

Mining friendly jurisdiction

Excellent joint venture partner