Due Diligence Report On Axmin Inc. based on Q3 2020 results that were released on November 27th 2020 and are available on Sedar.

Ticker Symbols: AXM (Canada) - AXMIF (USA) - A4JN (Germany)
Price: $0.09
Common Shares: 138,437,381
Insider/Institutional Holdings: 61.1% - See November Company Presentation
Website: www.axmininc.com
November Company Presentation: http://www.axmininc.com/images/AXMIN%20INC%20AGM%20PPT.pdf

Company information:

AXMIN is a Canadian-based gold exploration company with projects in the Central African Republic (“CAR”) and Senegal. AXMIN is focused on exploring gold projects on the African continent and leveraging partnerships to build shareholder value.

AXMIN’s assets include the Passendro Gold Project in the Central African Republic and the Sabodala Gold Project in Senegal. In 2019, AXMIN successfully concluded a NSR agreement with Teranga Gold and is now working closely with Teranga, the largest gold mining company operating in Senegal, in the development of the Sounkounkou permit.

Gold Assets:

Passendro - 2 million onces gold measured & indicated
Gora - 43k ounces of gold measured & indicated

The company is also looking at new acquisition targets, which is mentioned in the presentation.

Q3 2020 results today were filed and the company had two updates in it's management discussion:

Page 5: The Company has been advised that Presidential and legislative elections will be held simultaneously onDecember 26, 2020, with results to be officially announced one week after the elections. OnNovember 2, 2020, the Company has received notice from Central African State to confirm in participating in the mediation process with the company’s subsidiaries AURAFRIQUE SARL SOMIO TOUNGOU SA. Mediation between the Company and the Central African State is progressing and practical arrangements are being made to resolve the difficulties within a short period of time. The date will be further confirmed from the arbitral chamber. The Company has received notice that the Central African State will be represented by Flavien Mbata, Minister of Justice and Human Rights, and Léopold Mboli Fatran, Minister of Mines and Geology in the arbitration.

Page 7: On November 16, 2020, Endeavour Mining Corporation (TSX:EDV) and Teranga announced that they have entered into a definitive agreement whereby Endeavour will acquire all of the issued and outstanding securities of Teranga. In their joint press release, the companies stated that the combination would “leverage Endeavour’s West…

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