FOR IMMEDIATE PRESS RELEASE

9th July, 2026

RE: FALSE PUBLICATION ABOUT BLACK VOLTA PROJECT

1. INTRODUCTION

The attention of the Board of Directors and Management of Azumah Resources Ghana Ltd have been drawn to publications by a media outlet referred to as Semafor Africa and a similar publication by myjoyonline.com. The publications are a concoction of facts and a misrepresentation of the legal proceedings between the parties to the current dispute pending before the International Chamber of Commerce (ICC) and the High Court in London.

We assure the general public, staff, third party suppliers, and all stakeholders of the Black Volta Project that the stories published are false.

2. NO ORDER FOR FOREIGN INVESTORS TO TAKE OVER BLACK VOLTA PROJECT

1. There is no order by any Arbitration Tribunal or High Court directing that the Black Volta Project be handed over to former investors (IGIC PTY, Cangol PTY and Azumah Resources Australia Ltd). We challenge those behind the false publication to produce any such order or award.
2. Our attention has been drawn to an Ex parte Order dated 10th June 2026 filed by IGIC, Cangol and Azumah, requesting among others that Engineers & Planners should cease operations at Black Volta and Sankofa Mine Sites, restore access assets, and return administrative control of Azumah Ghana Office365 and AzumahResource.com.gh systems.
3. The said Ex parte Order stated categorically that E&P may apply to set it aside within 14 days after service, and that the order is not enforceable until an application to set it aside has been heard.
4. E&P has applied to set aside the order and that application is yet to be determined. Azumah Resources Ghana Ltd has filed a statement supporting the application and confirming that all assets of the Black Volta Project are in the control, custody, possession and power of Azumah Ghana Ltd.
5. The publication by myjoyonline.com suggesting that E&P has failed to comply with an enforceable order is inaccurate, misleading, and should be ignored.
6. In any event, no such order can be made to hand over mineral rights because the concession rights were leased by the Government of Ghana to Azumah Resources Ghana Ltd, Upwest Resources Ltd and Phoenix Resources Ltd in line with the Constitution and applicable laws.

3. ICC TRIBUNAL CONFIRMED THE ACQUISITION OF THE SHARES BY ENGINEERS & PLANNERS CO LTD

1. The Arbitral Tribunal, in an award delivered on 19th September 2025, declined to grant interim relief reversing or unwinding corporate decisions including director appointments and changes in shareholding.
2. By this decision, the Tribunal confirmed the acquisition of shares of Azumah Ghana Ltd and Upwest Resources Ltd by Engineers & Planners Co Ltd.

4. CURRENT STATUS OF DISPUTE

1. The Black Volta Project consists of concessions issued by the Government of Ghana to Azumah Resources Ghana Ltd, Upwest Resources Ltd and Phoenix Resources Ltd only.
2. In 2023, Engineers & Planners Co Ltd executed a Framework Agreement to acquire and develop the Black Volta Project for US$100 million, covering both debt and equity.
3. After the dispute commenced, the parties negotiated a Settlement Agreement confirming that the US$100 million covered both debt and equity, and E&P subsequently paid the full amount to the former investors.
4. All monies in Ghana accounts requested by the investors were returned to their overseas accounts.
5. After these payments, directors appointed by the investors to the Board of Azumah Resources Ltd tendered their resignations.
6. The foreign investors later filed a new claim at the ICC seeking additional payments contrary to prior agreements; these claims are being defended.

5. CONCLUSION

The Black Volta Project remains under the control and management of the Boards and Management of Azumah Resources Ghana Ltd, Upwest Resources Ltd and Phoenix Resources Ltd. Engineers & Planners remains the shareholder and continues to exercise its shareholder rights.

Signed:
NOEL ADDO
CHAIRMAN, AZUMAH RESOURCES GHANA LTD

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