Drilling highlights include:

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1 Toro Gold Ltd Trafalgar Court Admiral Park Guernsey GY1 3EL News Release: 10 th July 2018, Guernsey Mako Mine, Senegal Exploration Drilling Update Toro Gold ( Toro Gold or the Company ) is pleased to provide a further update on the results from the 15,000 metre core drilling programme currently in progress at its 90% owned Mako gold mine in Senegal. The programme is targeting mineralisation underneath the current open pit that has the potential to extend the life of mine. Drilling highlights include: 3.4g/t Au from 239.5m in PWD g/t Au from 209.5m in PWD g/t Au from 199m in PWD g/t Au from 214m in PWD g/t Au from 220m in PWD369 Au from 226m in PWD374 The 15,000 metre, 60 hole core programme is now 50% complete and with 3 rigs turning the programme is scheduled for completion in early Q To date 32 drill holes have been completed for 7,300 metres, and results received for twenty of those holes. Howard Bills, Chief Exploration Officer, commented: We continue to be encouraged by the results emerging from the deeper holes intersecting the Petowal mineralised zone immediately beneath the life of mine reserve pit. To date the mineralisation intersected throughout the programme is the down dip continuation of the main Petowal lode that forms the ore body. At South-West and Central Petowal the main mineralised zone is hosted by a felsic volcanic rock which is consistent with these latest drill results. Further, as seen during previous drilling campaigns, higher grade sections of drill holes are typified by intense bleaching, abundant pyrite and in places a well-developed shear fabric. The programme will continue over the next few months with the aim of developing an updated mineral resource for the Mako mine towards the end of this year. We look forward to updating you in due course with further results as they become available.

2 Drill Programme Objectives The main objective of the drilling programmes is to investigate the potential to extend the open pit life by further investigating the mineralised zone beneath the current final pit design. In addition, some deeper drill holes will continue to investigate the potential for underground mining targets within a southwest plunging zone of mineralisation identified at SW Petowal and a steeply plunging zone at NE Petowal. Two areas of the Petowal ore body are being investigated: Southwest and Central Petowal over a strike length of 460 metres (45 planned holes, 12,000 metres), and Northeast Petowal over a strike length of 280 metres (10 planned holes, 3,000 metres). Figure 2. Petowal collar plan showing historical drilling (black), grade control drilling (yellow) and the current 15,000 metre programme (green and red with recent assay results annotated).

3 Results to date Of the 32 holes drilled to date the results for 20 holes (PWD362 to 381) have been received. Table 1 in Appendix A summarises these drilling and assay results. Drilling at depth beneath the pit continues to confirm the Petowal geological model and mineralisation is being intersected where predicted by the block model. Appendix B contains a series of cross sections that highlight selected mineralised intercepts and assay results in hole numbers PWD369 to PWD381. Figure 1. PWD367 (Sample number 70126) m to m: Assay 15.2 ppm Au. Coarse pyrite with patches of intense bleaching in Felsic Unit. Figure 2. PWD367 (sample number 70135) 211.6m to 213.1m: Assay 6.0 ppm Au. Intensely bleached and sheared Felsic Unit with abundant coarse pyrite.

4 Sample Preparation Drill core is subjected to a series of logging and data recording procedures and then cut and sampled (1/2 core) over intervals of 1.5 metre intervals. The ½ core samples are subjected to a standard industry practice sample preparation at Toro Gold s sample preparation laboratory at Mako. Samples are jaw crushed to a nominal top size of 2mm, 1kg is riffle split and milled (LM2) to 95% passing 75 microns and finally a 150g of pulp split is taken for assay. Prepared samples are being routinely assayed at ALS Loughrea in Ireland by 50g Fire Assay with an ICP Finish. Toro s internal QA-QC procedures include introduction of 5% prepared Blanks, 5% pulp Duplicates and 5% CRM s. The sample preparation laboratory is audited on a 3 month basis by an independent consultant. This press release has been reviewed by the in-house qualified person Howard Bills who is a Fellow of the Geological Society and Chartered and European Geologist. Cautionary Note Regarding Forward Looking Statements This Press Release may contain statements which constitute forward-looking, including statements regarding the plans, intentions, beliefs and current expectations of the Company, and its directors, or officers with respect to the future business activities and operating performance of the Company. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions or the negative thereof, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities or performance and involve risks and uncertainties, and that the Company s future business activities may differ materially from those in the forward-looking statements as a result of various factors. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. These forward-looking statements speak only as at the date of this press release. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements.

5 APPENDIX A Mako core drilling programme Summary of drilling to date Petowal Section Hole ID Line no Easting Local Northing Local Total Depth (m) Inclination Azimuth (UTM) Results SW Petowal PWD N Reported in news release 22nd May SW Petowal PWD N Reported in news release 22nd May SW Petowal PWD N Reported in news release 22nd May SW Petowal PWD N Reported in news release 22nd May SW Petowal PWD N Reported in news release 22nd May SW Petowal PWD N Reported in news release 22nd May SW Petowal PWD N Reported in news release 22nd May SW Petowal PWD N g/t Au from 220m Central Petowal PWD N g/t Au from 164.5m and 2.3g/t Au from 214m and 0.5g/t Au from 257m Central Petowal PWD N g/t Au from 221.5m and 3.4g/t* Au from 239.5m SW Petowal Shallow Hole PWD N No significant assay results SW Petowal Shallow Hole PWD N No significant assay results SW Petowal PWD N g/t Au from 226m SW Petowal Shallow Hole PWD N No significant assay results SW Petowal Shallow Hole PWD N No significant assay results Central Petowal PWD N g/t Au from 209.5m SW Petowal Shallow Hole PWD N No significant assay results SW Petowal Shallow Hole PWD N No significant assay results Central Petowal PWD N g/t Au from 199m Central Petowal PWD N g/t Au from 146.5m and 1.7g/t Au from 172m SW Petowal PWD N Waiting for assays Central Petowal PWD N Waiting for assays SW Petowal PWD N Waiting for assays Central Petowal PWD N Waiting for assays SW Petowal Shallow Hole PWD N Waiting for assays SW Petowal PWD N Waiting for assays SW Petowal PWD N Waiting for assays SW Petowal PWD N Waiting for assays SW Petowal PWD N Samples not yet shipped SW Petowal PWD N Samples not yet shipped SW Petowal PWD N Samples not yet shipped SW Petowal PWD N Samples not yet shipped SW Petowal PWD N Drill hole in progress SW Petowal PWD N Drill hole in progress SW Petowal PWD N Drill hole in progress *Contains single assay of 89.3g/t top cut to 30g/t Meters drilled # drill holes completed Meters remaining # drill holes remaining 7, ,

6 APPENDIX B CROSS SECTIONS Figure 3. Cross section Line 2080N: 3.1g/t Au from 220m in PWD369 Figure 4. Cross section Line 2120N: Au from 226m in PWD374

7 Figure 5. Cross section Line 2200N: 2.3g/t Au from 214m in PWD370 and 2.8g/t Au from 209.5m in PWD377 Figure 6. Cross section Line 2240N: 3.4g/t Au from 239.5m in PWD371 and 2.9g/t Au from 199m in PWD380