Resouro Gold Inc. announce that it has completed a historical desktop study as part of the previously announced exploration campaign at Tiros Rare Earths and Titanium Project in Brazil. Resouro has completed verification of historic information by re-assaying and completing additional Quality Assurance and Quality Control on historic data and adding samples from 17 new Auger Drill Holes that have been completed by Resouro. Based on the inhouse verification of historic information the average grade was 3,930ppm Total Rare Earth Oxide and 12.44% Titanium Dioxide.

Overview of Historic Resource Data /Analysis: 1,033m of drilling from 21 holes within the Tiros Mineral Rights, 3,975m of drilling from 95 holes exits in the greater Tiros region, GPR Profiles - subsurface imagery, Aerial geophysical Magnetic and Gamma Survey, and Remote Sensing Studies, Geochemical database of 3,000 soils/rocks/chips, Preliminary metallurgical studies on the Titanium beneficiation, Mineralogy studies and weathering profile characterization, Verification and re-assaying of the available core/drilling material, Overburden thickness mapping. Current work completed towards a new 43:101 /JORC resource includes: Reassay of 258 samples from historic drilling. The Average TiO2 Grade was 12.44% and Average TREO grade was 3930 ppm.

17 new auger holes drilled at an average depth of ~10 m, totalling 163.5 m. 147 samples were made by Resouro from these auger holes. Samples from the first 8 auger holes have been sent to SGS in Brazil and the results are expected soon. A 4,000 meter Reverse Circulation drilling program is planned, a drill rig is on standby and final environmental permits are expected so that drilling can start in August 2023.

Resouro is developing Metallurgical Test-work to determine TREO recoveries and TiO2 recoveries using a number of different extraction methods. A 205kg Composite Sample sent to Nomos - Prosper Labs in Brazil for TREO and TiO2 Test Work. A 50kg composite sample prepared to be sent to ANSTO in Sydney for TREO Test Work.

A 50kg composite sample prepared to be sent to Dorfna Anzaplan in Germany for TREO and TiO2 Test Work. 258 Samples were resampled for TiO2 from the previous Reverse Circulation Aircore Drilling Program for Quality Control and Quality Assurance and there was a near 1:1 correlation between historic samples and the newly reassayed samples. TREO grades were not available in the historic drilling but are available from the resampling campaign.

The historic non 43-101 compliant resource was delineated from the original 21 drill holes of the property. The data was obtained from the Final Positive Exploration Report presented by the previous owners to the ANM, the Mining Authority in Brazil. The estimate was prepared selecting the intervals with a TiO2 cut-off grade of 6%.

TREO grades were not used in the historical estimate and are strongly correlated with titanium mineralization. A semi-horizontal wireframe was interpreted, joining the top and base of these intervals. A block model of 50m x 50m x 10m was used to interpolate TiO2 grades using an Inverse of the Squared Distance method.

The non-compliant classification was based on distances to the nearest hole: less than 200m, measured; 200 to 400m, indicated; and 400-800m inferred. Cautionary note: A Qualified Person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves; and Resouro is not treating the historical estimate as current mineral resources or mineral reserves. Resouro's initial Resource Target, based on resampling the data from 21 RC Aircore Holes and the previous Resource Calculation submitted to the Brazilian ANM is 630 million tonnes at 12% TiO2 and 3,900ppm TREO.

The magmatic source of Tiros is understood to be of the same Alkaline Province style as other Ionic Clay REE deposits in Minas Gerais. Rare Eath Elements are liberated from the rock by weathering /oxidation and are retained by weak bonds with clay minerals. The Red Zone at Tiros is an extensive layer of severely oxidized or weathered material.

Highly weathered, clay rich material is a requirement for Ionic Clay Extraction methods. The initial basic test-work done by Resouro to date has recovered REE by this method and are confident these findings will continue. Resouro is completing further testwork in Brazil and is sending two 50kg composite samples from recent Auger Drilling to ANSTO in Australia and Dorfna Anzaplan in Germany to complete metallurgical testwork.

This testwork will determine the percentage metallurgical recovery of Rare Earth Elements that can be achieved using simple Ionic Clay Extraction methods or any other method with positive economic results.