Mr. Danny Keating reports

GIYANI ANNOUNCES 310% INCREASE IN INDICATED MINERAL RESOURCES FOR K.HILL PROJECT

Giyani Metals Corp. has released an updated mineral resource estimate (MRE) for K.Hill.

Highlights

• 310-per-cent increase in indicated mineral resources to 8.6 million tonnes (Mt) with approximately 3.1 Mt of contained high-purity manganese sulphate monohydrate (HPMSM) equivalent, before processing recoveries are applied;
• 97-per-cent increase in inferred mineral resources to 6.1 Mt with approximately 2.1 Mt of contained HPMSM equivalent, before processing recoveries are applied;
• Company is currently undertaking a preliminary economic assessment (PEA) based on the new MRE, assessing the potential for K.Hill project life to extend beyond 25 years.

The MRE has been prepared by CSA Global South Africa, an ERM Group company ("CSA Global") in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum Code ("CIM Code") and National Instrument 43-101 ("NI 43-101"). An independent peer review has also been performed on the updated MRE by Paul Daigle, P.Geo., geo.

Major Mineral Resource Upgrade

In February 2022, the Company released an MRE for K.Hill based on data from 115 reverse-circulation ("RC") and diamond drill ("DD") holes totalling 4,793 meters ("m") of drilling. The updated MRE from CSA Global has been prepared using data from 187 RC and DD holes from all drilling campaigns conducted over the Project since 2018, totalling 10,710 m. This additional drilling, completed since February 2022, includes 40 step-out holes along strike into a previously untested, but mineralized, section to the west and to the south.

This collated and complete set of drilling data, together with new density determination programs and updated optimization parameters for the constrained pit shell, has seen a strong conversion of Inferred to Indicated Mineral Resources resulting in an increase in Indicated Mineral Resources of more than 300 per cent and an increase of almost 100 per cent in Inferred Mineral Resources.

The MRE reported has been restricted to all classified material located within an optimized pit shell based on market data within the Company's K.Hill feasibility study ("FS") filed in December 2022. The pit shell also used various technical economic parameters, derived from ongoing technical studies for the Project. This represents the material which CSA Global considers having reasonable prospects for eventual economic extraction.

Updated Development Plan and PEA

As a result of the new MRE, the Company has commenced a study to analyze the implications of extending project life beyond 25 years, as well as considering the potential installation of a second processing line to double capacity at the proposed K.Hill plant site. An updated PEA for K.Hill based on the new MRE and a development plan targeting optimal plant feed grade has been commissioned and results are expected before year end.

CSA Global has reported the MRE using a cut-off grade of 7.3 per cent MnO, which offers the Company greater flexibility in its mine planning and grade scheduling to optimise the feed grade to the plant. The attached table shows the estimated block model at various cut-off grades.

Testing of mineralized material from this newly defined resource will be undertaken by the Company using portions of the 100 t of sample material currently held at the demonstration plant ("Demo Plant") in Johannesburg. Sufficient variability exists in the sample material collected to make composite samples to demonstrate that material from this newly defined resource can be processed to make HPMSM.

Danny Keating , President and CEO of the Company, commented:

"The size of the updated resource suggests that K.Hill can support production of this critical battery raw material for more than 25 years enhancing the Project's long term benefit to off-takers. It also gives us a realistic basis to assess higher cut-off grades, improve plant feed grades as well as assessing a doubling of throughput once the plant has been successfully commissioned. This establishes the potential for K.Hill to become one of the most attractive high purity manganese projects in the world today in addition to offering substantial project development optionality.

"The hard work undertaken by our exploration team has consistently delivered resource growth and now we can finally demonstrate the true scale of the Project. The MRE and pending updated PEA for K.Hill, which will be followed by an optimized FS, will be run in parallel to the ongoing construction and future commissioning of the Demo Plant, which remains the Company's priority. The submission of our current environmental impact assessment for K.Hill will also not be affected by planning for future potential capacity upgrades."

About Giyani

Giyani's mission is to become a sustainable, low-carbon producer of battery materials for the electric vehicle ("EV") industry. The Company has developed a hydrometallurgical process to produce high-purity manganese sulphate monohydrate, a lithium-ion battery cathode precursor material critical for EVs, directly from ore from its manganese oxide deposits in Botswana, wholly-owned by its Botswana subsidiary Menzi Battery Metals (Pty) Limited. The Company's assets include K.Hill and the Otse and Lobatse manganese prospects, each of which has seen historical mining activities.

The MRE was carried out by Mr. Anton Geldenhuys (MEng), a registered Professional Natural Scientist (SACNASP, membership number 400313/04) of CSA Global, who is an independent Qualified Person as defined by CIM Definition Standards for Mineral Resources and Mineral Reserves in accordance with NI 43-101. Mr. Geldenhuys is a geoscientist, is qualified as a geologist (Honours) and engineer (Masters) and has over 22 years of relevant industry experience. Mr. Geldenhuys is a member in good standing of the South African Council for Natural Scientific Professions (SACNASP) and has sufficient experience relevant to the commodity, style of mineralization and activity which he is undertaking to qualify as a Qualified Person under NI 43-101.

Mr. Anton Geldenhuys (MEng), a registered Professional Natural Scientist (SACNASP, membership number 400313/04) of CSA Global is a qualified person, as defined by National Instrument 43-101. Mr. Anton Geldenhuys has reviewed and approved the scientific and technical content contained in this press release.

An updated NI 43-101 technical report for the K.Hill Project will be filed on SEDAR at www.sedar.com within 45 days of this announcement.

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