Mr. Heye Daun reports

OSINO RELEASES SUSTAINABILITY REPORT

Osino Resources Corp. has released its sustainability report for 2022, which summarizes the company's social, environmental and economic performance, and outlines plans for the continuing integration of sustainability into the design of the Twin Hills gold mine.

The Twin Hills gold project, located near Karibib in Namibia, is on target to create approximately 1,000 permanent new jobs in the region and has, since inception, attracted $56-million ($634-million (Namibian)) in foreign direct investment for the Namibian economy, as detailed in Osino's 2022 sustainability report.

Report highlights:

• Foreign direct investment in Namibia:
  • During 2022, Osino's Namibian procurement spend was $9.5-million ($124-million (Namibian));
  • Additionally, Osino paid $2-million ($27-million (Namibian)) in wages and $221,000 ($3-million (Namibian)) to the Namibian government (social security, PAYE, workman's compensation and training levy);
  • Since 2017, Osino has invested a total of $56-million ($634-million (Namibian)) in Namibia.
• Prioritizing local employment:
  • 92 per cent of Osino employees are Namibian nationals and 38 per cent are from local communities around the Twin Hills gold project;
  • Equal pay for equal positions applies throughout the company;
  • 22 per cent female employees in a male-dominated industry;
  • Approximately 1,000 jobs likely to be created with local and national employment prioritized, subject to skills availability.
• Strengthening local communities and relationships:
  • 79 per cent local procurement spend in Namibia, of which a quarter was within 75 kilometres of Twin Hills;
  • Continuing support of strategic socio-economic development projects through the Twin Hills Trust;
  • Well-attended public engagement meetings held in Windhoek, Karibib and Omaruru in November, 2021. Meetings with local authorities are continuing.
• Rigorous compliance approach:
  • Completed environmental and social impact assessment (ESIA) for the Twin Hills gold project to establish baseline and identify potential impacts;
  • Completed environmental and social management plan (ESMP) for the Twin Hills gold project to guide management of current and future impacts;
  • Completed the prefeasibility study (PFS) in 2022 and definitive feasibility study (DFS) in July, 2023;
  • Received environmental clearance certificate in November, 2022.
• A focus on environmental performance:
  • Zero significant environmental incidents recorded;
  • Reduced energy and emission intensity per metre drilled;
  • Continuing investigation into carbon-reducing technologies and strategies for the Twin Hills mine, for example, the planned solar PV (photovoltaic) plant that will provide about 37 per cent of the mine's electricity needs.

Heye Daun, Osino's chief executive officer and president, commented: "Being a responsible corporate citizen is central to how we do business and we are working towards our purpose of building value for all stakeholders -- the best outcome for all stakeholders -- by embedding sustainability in as many aspects of our business as possible. The release of the sustainability report underscores Osino's goal of becoming another strong advocate for responsible gold mining in Namibia. This commitment draws inspiration from several global frameworks and guidelines, including the United Nations' Sustainable Development Goals, the Mining Principles set forth by the International Council of Mining and Metals, the Reporting Standards of the Global Reporting Initiative and the Namibian Best Practice Guide to Mining."

Showcasing positive environmental and social impact to date

The 2022 sustainability report showcases Osino's substantial positive impact on the Namibian economy and local communities, and details the company's plans to minimize its impact on nature and the environment.

As part of its commitment to the economy of Namibia, Osino has a policy to buy, where possible, from local companies. In 2022, the company spent $9.5-million ($124-million (Namibian)) on procurement with Namibian suppliers, of which 26 per cent, $2.4-million ($32-million (Namibian)), was spent on suppliers located within 75 km of the Twin Hills gold mine project.

Of all Osino employees, 90 per cent are Namibian and, of all employees in Namibia, 98 per cent are Namibian. Of these, almost 40 per cent come from the host communities surrounding Twin Hills, which are areas grappling with high unemployment rates. Twenty-two per cent of employees in a male-dominated industry are women, and Osino aims to increase this number.

Osino also supports several strategic socio-economic development initiatives in its immediate vicinity, including early childhood development of over 600 children in Karibib and Omaruru. It has also contributed to developing low-cost, serviced plots and upgrading and installing basic sanitation infrastructure in an informal settlement in Karibib. These projects are managed by local NGOs (non-governmental organizations) in collaboration with town councils and the Twin Hills Trust, and are already having a positive ripple effect on the local economy.

The company's strong focus on environmental performances is demonstrated by Osino's motivation to design the future mine to minimize water consumption and carbon emissions, and to also minimize other environmental impacts. For its exploration activities, there have been zero significant environmental incidents since inception.

Definitive feasibility study lays groundwork for sustainable future

Osino recently completed its definitive feasibility study for the Twin Hills gold project, which included the results and recommendations of a series of social and environmental studies, and plans to lay a strong foundation for minimizing the potential negative impacts and expanding on the positive potential of the Twin Hills gold mine.

"Our commitment is to make sure we contribute to good environmental stewardship and to the socio-economic development of Namibia, and particularly to that of our host communities," says Mr. Daun.

"We are, for example, planning to build a solar PV plant that will generate up to 37 per cent of the required electricity, we are exploring a dry-stack tailings facility to significantly reduce water losses, and we are investigating opportunities to prioritize local hiring, skills development and small business development."

The DFS has also derisked the project, which allows Osino to move forward with the development of the mine. Construction is expected to start in 2024.

Mr. Daun concludes: "As we transition to mine development and operations, we continue to focus on and expand our commitment to responsible mining practices, and we are very pleased to be formally reporting on this for the second time, through our sustainability report for the year 2022. We are proud of the company's positive contributions to the local economy to date and excited about the opportunities ahead."

Read more about Osino's sustainability performance and plans in the report on the company's website.

About Osino Resources Corp.

Osino is a Canadian gold exploration and development company focused on the fast-tracked development of its wholly owned Twin Hills gold project in central Namibia. Since its grassroots discovery by Osino in August, 2019, the company has completed more than 240,000 metres of drilling and has completed a suite of specialist technical studies culminating in the recently published Twin Hills definitive feasibility study dated effective June 12, 2023. The DFS describes a technically simple and economically robust open-pit gold operation with a 13-year mine life and average annual gold production of over 169,000 ounces per annum.

Osino has a commanding ground position of approximately 8,000 square kilometres located within Namibia's prospective Damara sedimentary mineral belt, mostly in proximity to and along strike of the producing Navachab and Otjikoto gold mines. The company is actively exploring a range of gold prospects and targets along the belt by utilizing a portfolio approach geared toward discovery, targeting gold mineralization that fits the broad orogenic gold model.

Its core projects are favourably located north and northwest of Namibia's capital city Windhoek. By virtue of their location, the projects benefit significantly from Namibia's well-established infrastructure with paved highways, railway, power and water in close proximity. Namibia is mining friendly and lauded as one of the continent's most politically and socially stable jurisdictions. Osino continues to evaluate new ground with a view to expanding its Namibian portfolio.

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