Mr. Chris Eager reports

RESOURO REPORTS HIGH GRADE INITIAL RESULTS AT TIROS RARE EARTHS AND TITANIUM PROJECT IN BRAZIL

Resouro Gold Inc. has released significant initial exploration results as part of the previously announced exploration campaign at the Tiros rare earths and titanium project in Brazil.

Key highlights:

• Initial follow-up auger drilling at Tiros delivers compelling assay results, including:
  • 11 metres of 7,197 parts per million total rare earth oxides (1,444 ppm NdPr (neodymium and praseodymium)) and 20.56 per cent TiO2 (titanium dioxide) from four m;
  • 11 m of 5,253 ppm TREO (1,056 ppm NdPr) and 15.26 per cent TiO2 from surface;
  • All five initial holes hit mineralization, averaging 5,134 ppm TREO, at an average NdPr of over 1,038 ppm, from surface to a maximum depth of 15 m;
• A total of 227 m were drilled in the initial program; awaiting assays on remaining 18 holes;
• A composited metallurgical sample, made from new auger samples, was sent to ANSTO (Australian Nuclear Science and Technology Organisation), Dofner Anzaplan and Prosper Laboratory for further analysis;
• Drilling contract signed for 12,000 m air core (AC) drill program at Tiros project to commence mid-September.

Chris Eager, chief executive officer of Resouro, commented:

"We are extremely pleased with results from the initial follow-up drill program at Tiros and look forward to receiving further assay results from this program currently sitting with the lab, as well as accelerating our drill campaign at the project. Additionally, initial metallurgical results from the Brazilian lab have been encouraging, and we eagerly await results from world-class labs in Australia and Germany to further demonstrate the metallurgical characteristics of Tiros. On both fronts, we look forward to updating the market as results materialize."

Auger drilling progress and initial assay results

Resouro commenced its initial follow-up program at Tiros in July. Twenty-three new auger drill holes for a total of 227 m have been completed by Resouro's exploration team at the Tiros rare earths and titanium project. The auger holes were drilled into near-surface areas of a severely oxidized zone, which lies at the top of the Capacete formation. Highlights of the initial assay results are shown herein.

The Capacete formation averages approximately 40 metres in thickness, with auger drilling limited to a maximum of 15 metres in depth. All auger holes ended in high-grade TREO (over 3,000 ppm) and TiO2 (over 10 per cent) mineralization.

Samples from an additional 18 auger holes are currently being analyzed at SGS Brazil. A total of 203 assays are expected to be received in the coming weeks. Twenty per cent of the assays are quality assurance/quality control samples (blanks, duplicates and standards).

The average TREO grade was 5,134 ppm and the average Nd plus Pr oxide grade was 1,038 ppm.

In addition, anomalous niobium grades were observed, with average grade of 860 ppm Nb over the same mineralized intervals, with significant intervals over 1,200 ppm Nb. Resouro will investigate this further, given the proximity to the world's largest niobium mine in Araxa, 120 kilometres to the southwest of Tiros.

Metallurgical test work

A composite sample was produced. Samples have been sent to globally recognized labs in Australia and Germany to determine the leachability of the rare earths elements. A 207-kilogram composite sample made up from historic drill samples was previously sent to Prosper Laboratory in Brazil for analysis for rare earths leachability and TiO2 concentration. Results from this work in Brazil were encouraging. Resouro expects to complete a full interpretation of these results combined with findings of current test work from the new auger samples being completed at internationally accredited laboratories specialized in rare earth elements.

A 200-kilogram metallurgical composite sample was produced from auger samples:

• 50 kg shipped to ANSTO in Australia;
• 50 kg to Dofner Anzaplan in Germany;
• An additional 100 kg to Prosper Laboratory in Brazil.

Resouro plans to announce the full suite of metallurgical test work upon completion of the 2023 exploration program.

Drilling (AC)

Additionally, the company a signed a contract with Drillbell Sondagens Ltda. to begin a 12,000 m air core drill program at the Tiros project mid-September, 2023.

Up to three drill rigs will be mobilized to accelerate the sampling and results. This first drilling campaign should be completed by Q1 2024 and environmental permitting for part of this campaign has already been obtained by the company.

The drill program aims to confirm continuity and depth of the mineralized zones within the Capacete formation as well as to test the grades and recovery of the TREO elements and TiO2 via chemical and metallurgical tests.

Qualified person

The technical content of this news release has been reviewed and approved by Rodrigo Mello, BE, geology, AUSIMM and 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.