Mr. James Bruchs reports

TSODILO RESOURCES LIMITED JOINS THE RESPONSIBLESTEEL(TM) ORGANIZATION

Tsodilo Resources Ltd. has been accepted for membership in the ResponsibleSteel organization.

About ResponsibleSteel

ResponsibleSteel is a global not-for-profit multistakeholder standard and certification initiative whose mission is to be a driving force in the socially and environmentally responsible production of net-zero steel, globally. Building a sustainable steel industry requires co-operation and mutual commitment from companies at all levels of the steel supply chain, representatives of civil society and other stakeholders, and ResponsibleSteel provides the forum for this multistakeholder approach. Its members include some of the leading players in the industry working together to minimize the impact of steel manufacturing on people and the planet.

The ResponsibleSteel international standard is designed to support the responsible sourcing and production of steel. It covers a range of sustainability issues, including emissions, pollution, responsible sourcing, human rights, labour standards and more. Its global standard and certification program will ensure businesses and consumers can be confident that the steel they use has been sourced and produced responsibly at every stage. Additionally, ResponsibleSteel is working with the mining sector, to recognize various sustainability programs and to create a common platform for engaging with stakeholders.

James M. Bruchs, Tsodilo's chairman and chief executive officer, commented: "Tsodilo adopted the International Finance Corp.'s (IFC) environmental, health and safety guidelines for mining when IFC became a shareholder more than a decade ago and we have worked diligently to advance the XIF project within those guidelines. Becoming a member of ResponsibleSteel furthers our goal of becoming the supplier of an ultrahigh-grade, 67-plus per cent iron product to the industry and doing what we can to reduce greenhouse gas emissions (GHG) by becoming part of the green steel movement."

Annie Heaton, CEO of ResponsibleSteel, said: "We are delighted to welcome Tsodilo Resources as a ResponsibleSteel member. As the decarbonization challenge for steel tilts the focus towards the best sustainability opportunities the upstream value chain has to offer, innovative mining companies like Tsodilo are positioned to play a vital role in the journey towards net zero. By joining ResponsibleSteel, our mining members make a commitment to the highest social and environmental goals. Tsodilo is laying down an important foundation stone today, to be a force for good in the steel value chain, and we look forward to working with them closely."

Xaudum iron formation (XIF)

About the XIF project:

• The project is located in the northwest district of Botswana and is proximate to the Namibian border and lies 22 miles from the town of Divundu in Namibia. The Walvis Bay-Ndola-Lubumbashi development corridor (previously known as the Trans-Caprivi) line linking Zambia and Namibia is planned to pass through Divundu, providing access to Walvis Bay, Namibia's deep-sea port. The project is also located within 43 miles of the proposed Mucusso line to Angola's Namibe Port.
• Preliminary work on the Xaudum iron project has defined a Canadian Institute of Mining, Metallurgy and Petroleum compliant inferred mineral resource estimate of 441 million tonnes (Mt) with an average grade of 29.4 per cent Fe, 41 per cent SiO2 (silicon dioxide), 6.1 per cent Al2O3 (aluminum oxide) and 0.3 per cent phosphorus for the Block 1 magnetite XIF.
• Block 1 is a fraction of the potential XIF magnetite resource. An extrapolated exploration target has defined the XIF to be in the order of five billion to seven billion tonnes at 15 to 40 per cent Fe. This exploration target was generated by inversion modelling of ground magnetic geophysical data which was compared and moderated to volumes from drilling data within Block 1 and its potential quantity and grade is conceptual in nature. To date, there has been insufficient exploration to define a mineral resource other than in Block 1 and it is uncertain if further exploration will result in the target being delineated as a mineral resource. See press release of June 2, 2014, on the company's website for further details.
• Metallurgical magnetic separation results (Davis Tube recovery) show that an average concentrate of 67.2 per cent Fe, 4.2 per cent SiO2, 0.5 per cent Al2O3 and 0.07 per cent P is obtained at P80 grind size of 80 microns, although higher grades are possible at finer P80s. See press release of Dec. 17, 2013, on the company's website.
• Further exploration will be focused on Block 2a where the company expects an increase in the resource.
• Additional informational of the project can be found on the company's website and further technical information can be found in a report prepared by SRK Consulting (U.K.) Ltd. for Gcwihaba Resources Pty. Ltd., titled "Mineral Resource Estimate for the Xaudum Iron Project (Block 1), Republic of Botswana," with an effective date of Aug. 29, 2014, and filed on SEDAR under the company's profile.

About Tsodilo Resources Ltd.

Tsodilo Resources is an international resource exploration company engaged in the search for economic metal and diamond deposits at its Gcwihaba Resources and Bosoto Pty. Ltd. projects in Botswana. The company has a 100-per-cent stake in its Gcwihaba project area consisting of five metal (base, precious, platinum group and rare earth) prospecting licences all located in the northwest district of Botswana. The company has a 100-per-cent stake in Bosoto, which holds the BK16 kimberlite project in the Orapa kimberlite field (OKF) in Botswana. Tsodilo manages the exploration of the Gcwihaba and Bosoto projects. Overall supervision of the company's exploration program is the responsibility of McDonald Kahari (PrSciNat), a qualified person as such term is defined in National Instrument 43-101.

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