Mr. Heye Daun reports

OSINO ANNOUNCES WIDE, HIGH GRADE AU ASSAY RESULTS FROM SHALLOW INFILL DRILLING AT TWIN HILLS GOLD PROJECT, NAMIBIA

Osino Resources Corp. has provided an update on the infill drill program at the Twin Hills gold project. The objective of the program is to convert the first two years of mining from indicated to measured mineral resource category and to confirm and upgrade the Twin Hills mineral resource estimate (MRE). Osino remains focused on the financing and preconstruction activities at Twin Hills, including derisking the mineral resource estimate and the initial years of production.

Highlights:

• Completed reverse circulation (RC) drilling of 110 boreholes at the Bulge pit at tight 12.5-metre-by-12.5-metre spacing over an area covering the first year of open-pit mining. Thirteen of 110 assay results are still outstanding with final results expected before end of November, 2022.
• The program objective is to convert the first two years of mining from indicated to measured mineral resource category and to confirm and upgrade the Twin Hills mineral resource estimate (MRE).
• Assay results received to date have returned wide and high-grade intercepts, including:
  • OKRG0139: 102 m at 1.50 grams per tonne gold (21 to 123 m);
  • OKRG0122: 100 m at 1.37 g/t Au (18 to 118 m);
  • OKRG0143: 104 m at 1.22 g/t Au (19 to 123 m), including 11 m at 1.75 g/t at 40 m at 1.67 g/t Au;
  • OKRG0134: 104 m at 1.18 g/t Au (18 to 122 m);
  • OKRG0111: 105 m at 1.13 g/t Au (18 to 123 m), including eight m at 1.21 g/t at 19 m at 1.75 g/t Au;
  • OKRG0131: 105 m at 1.13 g/t Au (18 to 123 m), including 10 m at 1.98 g/t Au;
  • OKRG0126: 105 m at 1.07 g/t Au (18 to 123 m), including seven m at 1.93 g/t at 14 m at 2.37 g/t Au;
  • OKRG0108: 105 m at 1.06 g/t Au (18 to 123 m), including 16 m at 1.74 g/t Au;
  • OKRG0116: 91 m at 1.20 g/t Au (32 to 123 m);
  • OKRG0137: 80 m at 1.45 g/t Au (19 to 99 m), including 17 m at 2.01 g/t and 12 m at 2.22 g/t Au;
  • OKRG0112: 84 m at 1.33 g/t Au (20 to 104 m), including 20 m at 2.71 g/t and 20 m at 1.52 g/t Au;
  • OKRG0144: 77 m at 1.38 g/t Au (20 97 m), including 54 m at 1.68 g/t Au.
• A follow-on RC drill program at Clouds and Twin Hills Central (THC) pits is continuing with 43 out of 70 planned boreholes completed also at 12.5 m spacing. Assay results are expected from early December with complete results expected by end of January, 2024.
• Twin Hills is a preconstruction, definitive feasibility study-stage open-pit gold project with four satellite pits (Bulge, Twin Hills Central, Clouds and Twin Hills West), which together have a published MRE of 2.94 million ounces at 1.08 g/t (indicated and measured) and 250,000 oz at 1.10 g/t (inferred) (press release dated June 12, 2023).

Heye Daun, Osino's president and chief executive officer, commented: "We are highly encouraged by these excellent assay results which continue to come out of the Bulge infill drill program. The results confirm Twin Hills as a high-quality, low-risk open-pit gold project with significant upside potential. What stands out from the latest drill results are the significant length of these intercepts with highly consistent mineralization including some very pleasing, thick, high-grade intercepts of 1.5 g/t or more. Considering that these intercepts are unconstrained with no selective mining modelling applied yet, the upside potential of the Twin Hills mineral resource should be self-apparent. When we last completed such infill drilling at Twin Hill Central (THC) we were able to demonstrate a noteworthy grade increase, and we are hopeful that the same effect can be demonstrated for Bulge and the rest of the Twin Hills MRE as well, once our current round of infill drilling has been completed. Needless to say, a small change in overall grade will have an outsized effect on project economics."

Twin Hills infill drill program

A total of 11,427 m from 110 RC holes were completed within a block of 160 m by 110 m at Bulge pit. These holes were drilled on a 12.5 m by 12.5 m grid spacing and ranged in depth from 60 m to 123 m. Drilling was generally done to a datum with a maximum hole depth of 123 m. The program conforms to the existing inclined drill pattern with holes drilled at minus-60-degree dip toward the south-southeast.

The drill program covers the Bulge year one starter pit hosting subcropping mineralization, which plunges north-northeast to form the main ore shoot.

Most assay results from the Bulge pit have been received with only 13 holes outstanding from a total of 110. All remaining drill results are expected to be reported before end of November, 2023.

An additional infill drill program was commenced during November at the Clouds and THC pits, with the aim of producing representative results for all of the main Twin Hills satellite pits.

The infill program results will drive an internal review of geological and resource modelling techniques and parameters utilized in the generation of the latest MRE comprising 2.94 Moz at 1.08 g/t (indicated and measured) and 250,000 oz at 1.10 g/t (inferred) (refer to press release dated June 12, 2023).

The program is on track to achieve its ultimate objective of confirming and upgrading the next MRE iteration.

This drilling has intentionally been focused on the respective starter pits in the Bulge, THC and Clouds areas and thereby not only significantly reduces the grade risk in the early years of production, but it will also assist in fine-tuning the geological modelling, wire-framing and grade estimation of the remainder of the deposit.

All holes drilled so far produced very good assay results which not only demonstrate the consistency and grade continuity of the Twin Hills mineralization, but also indicate the potential for grade improvements through constraining and utilizing a selective mining approach to modelling to improve the recoverable gold grade.

Once the remaining drill results have been received, Osino will quantify the effect of this drilling on the mineral resource definition and grade estimation.

It is expected that the increased drill density will result in a better definition of ore and waste boundaries and therefore has the potential to exclude areas of internal waste and result in an overall grade improvement.

Continuing infill drill program at Twin Hills Central and Clouds

The additional infill program at Twin Hills Central and Clouds pits is also aimed at converting the starter pit from indicated to measured category, thereby substantially derisking the first two years of ore mining. A total of 3,517 m in 43 reverse circulation holes have been planned on the Twin Hills Central orebody, at a similar 12.5 by 12.5 m grid spacing, with a surface expression of about 75 m by 75 m.

This block is an extension of the 100 m by 50 m block drilled in 2022 as an orientation study at the THC portion of the Twin Hills gold deposit. This study validated the wider-spaced modelling and resulted in a 9-per-cent improvement in average grade over the mineral resource without a loss in contained metal. Twenty-four holes for a total of 1,921 m have been drilled to date with 1,596 m (19 holes) still to be completed before year-end. All holes have been drilled to a maximum depth of 84 m.

A further 1,311 m in 19 holes have been completed at the Clouds deposit to drill out a representative area with a similar grid spacing. The surface expression of the Clouds block is 75 by 50 m in size. A total of 546 m (eight holes) drilled to a maximum depth of 77 m are still to be completed with first results expected at the beginning of December.

All new assay results from this tight-spaced drilling will be used to validate and confirm the Twin Hills mineral resource estimate (MRE) modelling techniques and parameters utilized, and to upgrade the current MRE.

Implications of infill drill programs at Twin Hills

The first tight infill drill program was completed in early 2022 as an orientation study at the THC portion of the Twin Hills gold deposit. The program aimed to validate Osino's resource estimation techniques and parameters while firming up on the geological model, ahead of the planned release of the MRE that would ultimately inform the prefeasibility and definitive feasibility studies late in 2022 and early in 2023, respectively.

The THC program returned good results as expected and provided better definition of the ore envelope boundaries. Detailed variability analysis of the block similarly informed on the grade continuity of the mineralization and therefore the drill spacing needed to convert indicated resources to the measured category.

The infill block at THC ultimately served to compare different estimation methods. It was found that estimation by ordinary kriging, as previously used by Osino to determine the Twin Hills resource, produced smoothed estimates, smearing grades and diluting mineralization envelopes.

In comparison, the non-linear estimation method of uniform conditioning (UC) estimates the tonnage and grade of mineralization that can be recovered using the selective mining unit (SMU) at selected cut-off values. The localized uniform conditioning (LUC) method then further enhances the UC approach by ranking and arranging the SMUs within larger panels (blocks). LUC produces results representative of grade and geology, but also in a more practical format, particularly for use in mine planning.

The net result of the 2022 THC infill drill program was a 9-per-cent improvement in average grade over the drilled block with no loss in contained metal.

As soon as all of the Bulge infill drill results have been received, the company plans to complete a similar analysis in order to confirm or improve on the resource modelling and estimation techniques with the aim of confirming or improving the grade estimate for the Twin Hills MRE.

Qualified person's statement

David Underwood, BSc (honours), is vice-president, exploration, of Osino Resources and has reviewed and approved the scientific and technical information in this news release and is a registered professional natural scientist with the South African Council for Natural Scientific Professions (PrSciNat No. 400323/11) and a qualified person for the purposes of National Instrument 43-101.

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 225,000 m of drilling and has completed a suite of specialist technical studies culminating in the recently published Twin Hills definitive feasibility study (DFS) 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 oz per annum.

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