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Board Reorganisation

February 2, 2018

The successful first gold pour at Toro Gold’s (“Toro Gold” or “the Company”) Mako Mine in Senegal, which was achieved in January ahead of schedule and under the forecasted budget, saw the Company complete the transition from an explorer to a producer. As such, it is implementing a reorganisation of its Board of Directors to reflect the changing profile of the Company and to prepare for the next phase of growth.

Mr Mark Connelly and Mr Martin Reed will step down with immediate effect from their positions as Non-Executive Chairman and Non-Executive Director, respectively. Mr John Howard Bills will step down from his role as an Executive Director but will remain as the Group Exploration Manager.

Mr Laurence Marsland will join the Board as a Non-Executive Director as the nominee of Resource Capital Funds, which was granted the right to appoint a Non-Executive Director as part of the equity funding completed in mid-2016.

Mr Adonis Pouroulis, a current Non-Executive Director, will act as Interim Non-Executive Chairman until a permanent appointment is made in due course.

Martin Horgan, Executive Director and Chief Executive Officer, commented:

“We would like to extend our sincere thanks to both Mark and Martin for their service and support to both the Company and the management team since their appointment in 2014.

Their experience and professional approach has been instrumental in helping to drive Toro Gold from being an explorer to being a gold producer in just four years.

We wish Mark and Martin the very best of luck for their future endeavours.

Whilst Howard, a co-founder of Toro Gold, is stepping down from the board, he has been and remains a key driver of our success in his role as Group Exploration Manager.

We welcome the addition of Laurie to the Board. We believe his industry experience will be incredibly valuable to the Company as we step into our next phase of corporate development and growth.”

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