Mr. Chris Eager reports

RESOURO REPORTS EXPLORATION PROGRESS INCLUDING HIGH GRADE RESULTS AT TIROS RARE EARTHS AND TITANIUM PROJECT IN BRAZIL

Resouro Gold Inc. has provided its 2023 exploration program progress for the previously announced 2023 campaign at the Tiros rare earths and titanium project in Brazil.

Key highlights:

• Follow-up auger drilling at Tiros delivers compelling assay results, including:
  • 10.5 metres at 7,181 parts per million (ppm) TREO (total rare earth oxides) (2,222 ppm Nd-Pr (neodymium-praseodymium)) from surface and 10.47 per cent TiO2 (titanium dioxide);
  • eight m at 5,768 ppm TREO (1,085 ppm Nd-Pr) and 16.03 per cent TiO2 from three m depth;
  • Four of seven holes in this round of assays hit mineralization of 5,880 ppm TREO at an average Nd-Pr of 1,462 pm at a maximum depth of 10.5 m.
• AC (air core) drilling commenced with a second rig arriving imminently;
• Auger drilling with two auger rigs continuing;
• Substantial extension to the Tiros project mineral rights package now virtually covers all available portions of the Capacete formation that may be of economic interest;
• Metallurgical test work continuing -- auger samples currently with ANSTO, Dofner Anzaplan and Prosper laboratories.

Chris Eager, chief executive officer of Resouro, commented:

"We are making excellent progress on exploration at Tiros. Additional high-grade results in the most recent batch of assay results led us to accelerate AC drilling with the addition of a second drill rig. We eagerly await the results of metallurgical test work on the initial composite sample, that will allow us to scope out a large-scale multisample test work program for recovery of rare earth elements and TiO2. Our initial exploration success has also given us the confidence to significantly increase our mineral rights to ensure that we control as much of the Capacete formation that may be economic interest. We look forward to the final assays from the auger holes and air core drilling as we close out 2023. Lots more to come."

Auger drilling progress and results of the second batch of samples from SGS

Twenty-five Auger drill holes totalling 257 metres drilled were completed by Resouro's exploration team at the Tiros rare earths and titanium project since July.

A second batch of results was received from SGS Geosol laboratory located in Vespasiano, Minas Gerais. A total of 69 results from six auger drill holes and respective quality assurance/quality control (QA/QC) control samples came back. From those, four holes reached the Capacete formation, with their grades summarized in the table entitled "Auger drill sample highlights."

Samples from an additional 12 auger drill holes are currently being analyzed at SGS Geosol. The results are expected in the coming weeks and will be reported accordingly.

Drilling (AC)

The air core drilling campaign started at the Tiros project. The first AC drill rig arrived at site on Sept. 18, and the drill program with this rig is continuing. Two five metre to 10 m test holes were successfully finalized and the actual sampled drilling over the Capacete formation is in motion.

A second AC drill rig is expected to arrive during the first week of October, 2023, and the second drill team is being prepared to be mobilized by Drillbell at the same time.

The drill program aims to confirm continuity and depth of the mineralized zones within the Capacete formation, as well as to provide a wide range of metallurgical samples for the tests already in progress.

Metallurgical test work

The 50-kilogram sample was received by ASNTO in Australia and Dofner Anzaplan in Germany. The test work has started. Initial results are expected during October, 2023.

Resouro has also engaged three more laboratories in Brazil:

• CDTN, a state-owned laboratory, considered a reference for rare earth studies in Brazil, has already received one sample from the Tiros project for testing of solubility of REE under ion-clay extraction;
• The laboratories of the federal universities of Minas Gerais and Sao Paulo will work on the characterization of the Capacete ore, to support the understanding of the mineralization controls.

Significant increase on Tiros land position

Resouro technical team conducted a comprehensive review of the all areas free for staking covering the known mapped Capacete formation, as well as overall prospective zones not previously mapped pertaining the formation. All areas considered of potential were selected for application to the ANM (Brazilian mining agency).

Resouro's technical team's extensive experience and historical knowledge of the Tiros project allowed the identification and staking of new strategic mineral rights. Rodrigo Mello, Tiros's project manager, participated or has been exposed to data from three previous companies that historically operated in the region and has personally explored the region since 2012. This gives Resouro high confidence on assertive and efficient claim staking to both cover all Capacete formation and establish a buffer around the whole project perimeter.

Fifteen new applications for mineral rights were successfully completed and are expected to be added to the project's portfolio. These represent almost 300 square kilometres to the project.

The total area covered by the Tiros project is now 477 square kilometres, which covers the most prospective portion of the Capacete formation.

The project now has three main blocks of mineral rights: (i) Tiros; (ii) Sao Gotardo; and (iii) Campos Altos.

This latter block sits at short distance to the railway FCA, which leads to the Santos port. High-capacity power lines and paved roads are available on all blocks, and the project logistics are exceptional.

Qualified person (QP)

The technical content of this news release has been reviewed and approved by Mr. 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.