FUTURE DEVELOPMENTS exploration highlights 2002 • Discovery of 3 new gold zones at Kofi in  Mali with open pit resource potential; many targets remain to be tested • Signing of a Heads of Agreement with Channel Resources Ltd over the Bouroum Permit in Burkina Faso, with indicated resources totalling 230,000 oz grading  3.1 g/t Au and inferred resources of 235,000 oz grading 2.8 g/t Au • RAB drilling program in the CAR to be  completed mid-2002 • Planning for a major RC and core drilling  program in the CAR late 2002 driven by the 2002 RAB drilling program results  • Independent resource estimation by RSG  on the Kofi discoveries • Planning for resource and reconnaissance drilling at Kofi – last quarter 2002 • Pre-feasibility drilling, engineering and  regional exploration studies at Bouroum to commence mid-2002 • Commencement of a 5,000 metre RAB drilling program on the 2,000 km 2 Bambari Permit in the Central African Republic (“CAR”) expected to increase the number of known gold zones • Delineation of a plus 30 g/t Au pod of  mineralization at the Satin Mine on the  Cape Three Points project in Ghana with the potential for exploitation • Commencement of first pass soil and mapping surveys on exploration permits in Senegal • Announcements on the results of follow-up soil surveys in the Netekoto and Satifara Permits in Mali • 2,000 metre RAB drilling program on the Siga Hills prospect in the Lake Victoria Goldfield  in Tanzania – summer 2002 Letter to Shareholders exploration – much of it with SAMAX Gold Inc. which was sold to Ashanti Goldfields Company Limited in 1998 for Cdn$213 million. The year 2001 was important in the development of AXMIN Inc. The reverse take-over of AXMIN Limited in November in conjunction with a Cdn$3.7 million equity financing established the Company as one of the pre-eminent junior  exploration companies operating in Africa. Building on the success and track record of SAMAX, AXMIN is moving forward with the objective of making world class discoveries; at the same time the Company is ready to develop high quality gold projects which have the ability to generate cash flow to fund the exploration activities. To achieve these two aims, AXMIN is maintaining an aggressive exploration program in the Central African Republic, Mali, Ghana and Burkina Faso as well as commencing more “grassroots” programs in Senegal and Tanzania. The reverse take-over has resulted in the unifica- tion of the very exciting Bambari Permit gold project in the Central African Republic, as well as providing the Company with a broad portfolio of mineral exploration properties in some of the most prospective, yet under explored gold min- eral belts in west and east Africa. At the same time, AXMIN has brought a wealth of manage- ment experience and success gained in African 1