Mr. James Bruchs reports

HIGH COURT OF BOTSWANA TO RENDER DECISION WITH RESPECT TO GCWIHABA PROSPECTING LICENSES

Tsodilo Resources Ltd. has been informed that the decision in re Gcwihaba Resources Pty. Ltd. v. Minister of Minerals and Energy and the attorney-general of Botswana, Mahmn-000075-22, will be issued on Friday, Dec. 15, 2023, in the High Court, Republic of Botswana.

The decision will be made available on the company's litigation landing page.

Xaudum iron formation (XIF)

About the XIF project:

• The project is located in the Northwest district of Botswana and extends for a known length of about 40 kilometres.
• The XIF 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 XIF project has defined a Canadian Institute of Mining, Metallurgy and Petroleum-compliant inferred mineral resource estimate of 441 million tonnes with an average grade of 29.4 per cent iron, 41.0 per cent SiO2, 6.1 per cent Al2O3 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 were compared and moderated to volumes from drilling data within block 1 and its potential quantity and grade are 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 the 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 the 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 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 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. This press release has been reviewed and approved by Mr. Kahari.

We seek Safe Harbor.