Mr. James Bruchs reports

TSODILO RESOURCES LIMITED - GCWIHABA PROSPECTING LICENSES UPDATE

All matters related to prospecting licences PL020-024/2018 held by Tsodilo Resources Ltd.'s Botswana wholly owned subsidiary, Gcwihaba Resources Pty. Ltd., have been resolved. Accordingly, the company will withdraw its contempt motion filed on Jan. 23, 2024.

The five licences have been renewed for their first two-year renewal to commence April 1, 2024.

The company would also like to thank Minister Lefoko Moagi, Minister of Minerals and Energy, and his team for their diligence in renewing the licence in a timely fashion.

Environment and green steel

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 the company has worked diligently to advance the XIF (Xaudum iron formation) project within those guidelines. Further to this, Tsodilo became a member of the ResponsibleSteel organization as 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. Working closely with government ministries and ResponsibleSteel furthers Tsodilo's goal of becoming the supplier of an ultrahigh-grade 67-plus per cent iron product to the industry and doing what it can to reduce greenhouse gas emissions (GHG) by becoming part of the green steel movement."

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 approximately 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 CIM-compliant (Canadian Institute of Mining, Metallurgy and Petroleum) 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 P (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 with 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, 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 focus 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 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. This press release has been reviewed and approved by Mr. Kahari.

We seek Safe Harbor.