Mr. Chris Eager reports

RESOURO COMPLETES HISTORICAL DESKTOP STUDY INCLUDING HISTORICAL RESOURCE AT TIROS RARE EARTHS AND TITANIUM PROJECT IN BRAZIL

Resouro Gold Inc. has completed a historical desktop study as part of the previously announced exploration campaign at the Tiros rare earth and titanium project in Brazil.

Desktop study highlights:

• Based on the in-house verification of historic information, the average grade was 3,930 parts per million total rare earth oxide and 12.44 per cent titanium dioxide.
• Resouro's initial resource target, based on resampling the data from 21 reverse circulation aircore holes and the previous resource calculation submitted to the Brazilian ANM (mines department), is 600 million tonnes at over 3,000 ppm TREO and 12 per cent TiO2.
• Inductively coupled plasma-mass spectrometry analysis for rare earth elements showed an average NdPr oxide grade of 800 ppm for the 258 samples.

Resouro has completed verification of historic information by reassaying and completing additional quality assurance and quality control on historic data and adding samples from 17 new auger drill holes that have been completed by Resouro.

Based on the in-house verification of historic information, the average grade was 3,930 ppm total rare earth oxide and 12.44 per cent titanium dioxide.

Chris Eager, chief executive officer of Resouro, commented: "We are extremely encouraged by the positive analysis of historical drilling and sampling at the Tiros project, which produced world-class average grades of approximately 3,900 ppm TREO and approximately 12 per cent TiO2. On the back of this preliminary work, we are equally pleased to report an initial resource target of over 600 [million tonnes] at more than 3,000 ppm TREO and in excess of 12 per cent TiO2, and we are actively progressing resource definition activities to produce a [National Instrument] 43-101/[Joint Ore Reserves Committee]-compliant resource in the coming months. To this end, we have 17 new auger holes completed and aim to start a 4,000-metre AC drilling program by the end of this month. Additionally, we are seeing very positive signs from initial metallurgical testwork on the project, which we anticipate will be substantiated by ongoing testwork. On both fronts, we look forward to updating the market as further results materialize in the coming months.

"Resouro is now incorporating verified historic data and data from the new sampling to calculate a new 43-101/JORC-compliant resource for Tiros to estimate the resource tonnage, TREO and TiO2 grades.

"Two hundred fifty-eight samples were reassayed and sent to SGS-Geosol lab for analysis using the ICP method. ICP, inductively coupled plasma mass spectrometry, is regarded as the most accurate method available to determine the concentration of various elements in a sample. The results confirmed the average global grade is 3,930 ppm TREO and 12.14 per cent TiO2. ICP analysis for rare earths elements showed an average NdPr oxide grade of 800 ppm for the 258 samples."

Overview of historic resource data/analysis:

• 1,033 m of drilling from 21 holes within the Tiros mineral rights;
• 3,975 m of drilling from 95 holes exits in the greater Tiros region;
• GPR profiles -- subsurface imagery;
• Aerial geophysical magnetic and gamma survey, and remote sensing studies;
• Geochemical database of 3,000 soils/rocks/chips;
• Preliminary metallurgical studies on the titanium beneficiation;
• Mineralogy studies and weathering profile characterization;
• Verification and reassaying of the available core/drilling material;
• Overburden thickness mapping.

Current work completed toward a new NI 43-101/JORC resource includes:

• Reassay of 258 samples from historic drilling;
• The average TiO2 grade was 12.44 per cent, and average TREO grade was 3,930 ppm;
• 17 new auger holes drilled at an average depth of approximately 10 m, totalling 163.5 m; 147 samples were made by Resouro from these auger holes;
• Samples from the first eight auger holes have been sent to SGS in Brazil, and the results are expected soon;
• A 4,000-metre reverse circulation drilling program is planned, a drill rig is on standby and final environmental permits are expected so that drilling can start in August, 2023.

Resouro is developing metallurgical testwork to determine TREO recoveries and TiO2 recoveries using a number of different extraction methods:

• A 205-kilogram composite sample sent to Nomos-Prosper Labs in Brazil for TREO and TiO2 testwork;
• A 50-kilogram composite sample prepared to be sent to Ansto in Sydney for TREO testwork;
• A 50-kilogram composite sample prepared to be sent to Dorfna Anzaplan in Germany for TREO and TiO2 testwork.

Two hundred fifty-eight samples were resampled for TiO2 from the previous reverse circulation aircore drilling program for quality control and quality assurance, and there was a near 1 to 1 correlation between historic samples and the newly reassayed samples. TREO grades were not available in the historic drilling but are available from the resampling campaign.

The historic non-NI 43-101-compliant resource was delineated from the original 21 drill holes of the property. The data were obtained from the final positive exploration report presented by the previous owners to the ANM, the mining authority in Brazil.

The estimate was prepared selecting the intervals with a TiO2 cut-off grade of 6 per cent. TREO grades were not used in the historical estimate and are strongly correlated with titanium mineralization.

A semi-horizontal wire frame was interpreted, joining the top and base of these intervals. A block model of 50 m by 50 m by 10 m was used to interpolate TiO2 grades using an inverse of the squared distance method. The non-compliant classification was based on distances to the nearest hole: less than 200 m, measured; 200 to 400 m, indicated; and 400 to 800 m, inferred.

Cautionary note:

• A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves.
• Resouro is not treating the historical estimate as current mineral resources or mineral reserves.

Resouro's initial resource target, based on resampling the data from 21 RC aircore holes and the previous resource calculation submitted to the Brazilian ANM, is 630 million tonnes at 12 per cent TiO2 and 3,900 ppm TREO.

Ionic clay extraction testwork

The magmatic source of Tiros is understood to be of the same alkaline province style as other ionic clay rare earth element deposits in Minas Gerais. Rare earth elements are liberated from the rock by weathering/oxidation and are retained by weak bonds with clay minerals. The red zone at Tiros is an extensive layer of severely oxidized or weathered material. Highly weathered, clay-rich material is a requirement for ionic clay extraction methods. The initial basic testwork done by Resouro to date has recovered REE by this method, and the company is confident these findings will continue.

Resouro is completing further testwork in Brazil and is sending two 50-kilogram composite samples from recent auger drilling to Ansto in Australia and Dorfna Anzaplan in Germany to complete metallurgical testwork. This testwork will determine the percentage metallurgical recovery of rare earth elements that can be achieved using simple ionic clay extraction methods or any other method with positive economic results.

The Tiros project

Located in northern Minas Gerais in Brazil, the Tiros project is potentially one of the world's largest and highest-grade undeveloped titanium deposits, with associated heavy rare earths identified in historic drilling. The Tiros project represents 11 mineral concessions totalling 177 square kilometres located in Minas Gerais, one of the most infrastructurally developed states of Brazil. It is situated 350 kilometres from Belo Horizonte, the state capital. The Tiros licences cover the most prospective portion of the prolific Capacete formation and the areas with the greatest exploration potential.

Qualified person

The technical content of this news release has been reviewed and approved by Rodrigo Mello, BE, geology, AusIMM, a qualified person as defined by National Instrument 43-101.

About Resouro Gold Inc.

Resouro is a Canadian-based mineral exploration and development company focused on the discovery and advancement of economic mineral projects in Brazil, including the Tiros project in Minas Gerais and the Novo Mundo gold project in Mato Grosso.

We seek Safe Harbor.