Press coverage

Asa Resource Group plc("Asa Resource", "the Group" or "the Company")

Press coverage

The Company notes recent press reports in the local Zimbabwean press regarding Group funds unaccounted for and which were referred to in its announcements of 19th and 20th April 2017. The Board remains satisfied that, on the basis of its investigations, the aggregate amount of monies unaccounted for in Asa Resource does not exceed US$4.3 million.

The Board also notes Zimbabwean press speculation that substantial repayments of inter-company loans were made by Freda Rebecca Gold Mine ("FRGM") to Asa Resource without the approval of the Federal Reserve Bank of Zimbabwe. The Board is satisfied that the amount of inter-company loan repayments recently made by FRGM to Asa Resource without approval does not exceed US$200,000. Retrospective approval is being sought and it is anticipated that there will be no adverse consequences as a result of this error by the former finance team.

The Board is sensitive to how recent events will have been unsettling for shareholders and all those associated with the Company. It continues to be fully engaged with its partners, particularly in Zimbabwe, mining staff and senior management, to ensure operations are normalised and confidence is restored to the Group.

Contact

For more information please visit http://www.asaresourcegroup.com/ or contact us below.

London

Asa Resource Group plc

One Fleet Place, London EC4M 7W

Ian B Dearing, Group General Counsel and Company Secretary

Niall Henry, non-Executive Director (Investor Relations)

[email protected]

Nominated Adviser and Broker

SP Angel Corporate Finance LLP

Prince Frederick House, 35-39 Maddox Street, London W1S 2PP

John Mackay, Jeff Keating, Caroline Rowe

Tel: +44 (0) 20 3470 0470