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GRANT OF STOCK OPTIONS TO DIRECTORS AND EMPLOYEES

December 15, 2017

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15 December 2017

Avesoro Resources Inc.

TSX: ASO

AIM: ASO

GRANT OF STOCK OPTIONS TO DIRECTORS AND EMPLOYEES

Avesoro Resources Inc., (“Avesoro” or the “Company”), the TSX and AIM listed West African gold producer, announces that, pursuant to its Stock Option Plan, it has granted incentive stock options to certain directors and employees of the Company as part of its annual stock option incentive programme. The stock options were granted on 15 December 2017 over a total of 109,000,000 common shares, representing approximately 2% of the issued share capital of the Company at an exercise price of 1.95p per share, being equal to the closing price of the common shares on 14 December 2017 on AIM. The stock options vest and become exercisable as to 50% on the first anniversary of grant and 50% on the second anniversary of grant, except for those granted to the Non-Executive Directors, which vest and become exercisable as to 50% on grant and 50% on the first anniversary of grant. The stock options issued are capable of being exercised up to 14 December 2022. Following this award of options, the total number of shares under option is currently 231,287,854 representing approximately 4.3% of the Company’s issued share capital.

The allocation of stock options to Persons Discharging Managerial Responsibilities was as follows:

Director

Position

New Options Issued

Total Options Held

Current Shareholding in Avesoro Resources Inc.*

Current Shareholding as percentage of Current Issued Share Capital

Serhan Umurhan

CEO & Director

13,500,000

36,200,000

8,010,000 (directly held) 117,366,673 (indirectly held)

0.15%

(directly held)

2.20%

(indirectly held)

Geoff Eyre

CFO & Director

12,500,000

31,250,000

2,720,000

0.05%

David Netherway

Non-Executive Director

4,000,000

12,100,000

431,454

<0.01%

Jean-Guy Martin

Non-Executive Director

4,000,000

10,550,000

99,382

<0.01%

Loudon Owen

Non-Executive Director

4,000,000

10,225,000

99,593

<0.01%

*Note: Mr Umurhan and Mr Eyre are both directors of Avesoro Jersey Limited which holds 3,912,222,429 Shares representing 73.5% of the Company’s issued and outstanding Shares.

Contact Information

Avesoro Resources Inc.

Geoff Eyre / Nick Smith

Tel: +44(0) 20 3874 4740

Camarco

Gordon Poole / Nick Hennis

Tel: +44(0) 20 3757 4980

Numis Securities Limited

(Nominated Adviser and Joint Broker)

John Prior / James Black / Paul Gillam

Tel: +44(0) 20 7260 1000

Hannam & Partners (Advisory) LLP

(Joint Broker)

Rupert Fane / Ingo Hofmaier / Ernest Bell

Tel: +44(0) 20 7907 8500

The information below, set out in accordance with the requirements of the EU Market Abuse Regulation, provides further detail on the grant of options to PDMRs.

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Serhan Umurhan

2

Reason for the notification

a)

Position/status

Director and Chief Executive Officer

b)

Initial notification/ Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Avesoro Resources Inc.

b)

LEI

213800EXV9AU2DOCYC52

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

Identification code

 

Stock options over common shares

ISIN for Avesoro Resources Inc. common shares: CA0515471070

b)

Nature of the transaction

Grant of stock options

c)

Price(s) and volume(s)

Price(s)

Volume(s)

1.95p

13,500,000

d)

Aggregated information

– Aggregated volume

– Price

13,500,000

£263,250.00

e)

Date of the transaction

15 December 2017

f)

Place of the transaction

Off market

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Geoff Eyre

2

Reason for the notification

a)

Position/status

Director and Chief Financial Officer

b)

Initial notification/ Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Avesoro Resources Inc.

b)

LEI

213800EXV9AU2DOCYC52

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

Identification code

 

Stock options over common shares

ISIN for Avsesoro Resources Inc. common shares: CA0515471070

b)

Nature of the transaction

Grant of stock options

c)

Price(s) and volume(s)

Price(s)

Volume(s)

1.95p

12,500,000

d)

Aggregated information

– Aggregated volume

– Price

12,500,000

£243,750.00

e)

Date of the transaction

15 December 2017

f)

Place of the transaction

Off market

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

David Netherway

2

Reason for the notification

a)

Position/status

Non-Executive Director

b)

Initial notification/ Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Avesoro Resources Inc.

b)

LEI

213800EXV9AU2DOCYC52

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

Identification code

 

Stock options over common shares

ISIN for Avsesoro Resources Inc. common shares: CA0515471070

b)

Nature of the transaction

Grant of stock options

c)

Price(s) and volume(s)

Price(s)

Volume(s)

1.95p

4,000,000

d)

Aggregated information

– Aggregated volume

– Price

4,000,000

£78,000

e)

Date of the transaction

15 December 2017

f)

Place of the transaction

Off market

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Jean-Guy Martin

2

Reason for the notification

a)

Position/status

Non-Executive Director

b)

Initial notification/ Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Avesoro Resources Inc.

b)

LEI

213800EXV9AU2DOCYC52

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

Identification code

 

Stock options over common shares

ISIN for Avsesoro Resources Inc. common shares: CA0515471070

b)

Nature of the transaction

Grant of stock options

c)

Price(s) and volume(s)

Price(s)

Volume(s)

1.95p

4,000,000

d)

Aggregated information

– Aggregated volume

– Price

4,000,000

£78,000

e)

Date of the transaction

15 December 2017

f)

Place of the transaction

Off market

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Loudon Owen

2

Reason for the notification

a)

Position/status

Non-Executive Director

b)

Initial notification/ Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Avesoro Resources Inc.

b)

LEI

213800EXV9AU2DOCYC52

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

Identification code

 

Stock options over common shares

ISIN for Avsesoro Resources Inc. common shares: CA0515471070

b)

Nature of the transaction

Grant of stock options

c)

Price(s) and volume(s)

Price(s)

Volume(s)

1.95p

4,000,000

d)

Aggregated information

– Aggregated volume

– Price

4,000,000

£78,000

e)

Date of the transaction

15 December 2017

f)

Place of the transaction

Off market

About Avesoro Resources Inc.

Avesoro Resources is a West Africa focused gold producer and development company that operates three gold mines across West Africa and is listed on the Toronto Stock Exchange (“TSX”) and the AIM market operated by the London Stock Exchange (“AIM”). The Company’s assets include the New Liberty Gold Mine in Liberia (the “New Liberty Gold Mine” or “New Liberty”) and the Youga and Balogo Gold Mines in Burkina Faso (“Youga” and “Balogo”).

New Liberty has an estimated proven and probable mineral reserve of 7.4Mt with 717,000 ounces of gold grading 3.03g/t and an estimated measured and indicated mineral resource of 9.6Mt with 985,000 ounces of gold grading 3.2g/t and an estimated inferred mineral resource of 6.4Mt with 620,000 ounces of gold grading 3.0g/t. The foregoing Mineral Reserve and Mineral Resource estimates and additional information in connection therewith is set out in an NI 43-101 compliant Technical Report dated 1 November 2017 and entitled “New Liberty Gold Mine, Bea Mountain Mining Licence Southern Block, Liberia, West Africa” and is available on SEDAR at www.sedar.com.

Youga and Balogo have a combined estimated proven and probable mineral reserve of 9.3Mt with 513,000 ounces of gold grading 1.7g/t and a combined estimated indicated mineral resource of 16.05Mt with 801,600 ounces of gold grading 1.55g/t and a combined inferred mineral resource of 13Mt with 655,000 ounces of gold grading 1.57g/t. The foregoing Mineral Reserve and Mineral Resource estimates and additional information in connection therewith is set out in two NI 43-101 compliant Technical Reports, dated 16 June 2017 entitled “Mineral Resource and Mineral Reserve Update for the Balogo Project” and dated 19 June 2017 and entitled “Mineral Resource and Mineral Reserve Update for the Youga and Ouaré Projects” and are available on SEDAR at www.sedar.com.

For more information, please visit www.avesoro.com

Qualified Persons

The Company’s Qualified Person is Mark J. Pryor, who holds a BSc (Hons) in Geology & Mineralogy from Aberdeen University, United Kingdom and is a Fellow of the Geological Society of London, a Fellow of the Society of Economic Geologists and a registered Professional Natural Scientist (Pr.Sci.Nat) of the South African Council for Natural Scientific Professions. Mark Pryor is an independent technical consultant with over 25 years of global experience in exploration, mining and mine development and is a “Qualified Person” as defined in National Instrument 43 -101 “Standards of Disclosure for Mineral Projects” of the Canadian Securities Administrators and has reviewed and approved this announcement.