Resouro Gold Inc. announced significant initial exploration results as part of the previously announced exploration campaign at Tiros Rare Earths and Titanium Project in Brazil (the "Tiros Project"). Key Highlights. Initial follow up Auger drilling at Tiros delivers compelling assay results, including: 11m of 7,197ppm TREO (1,444 ppm NdPr) and 20.56% TiO2 from 4m; and.

11m of 5,253ppm TREO (1,056 ppm NdPr) and 15.26% TiO2 from surface. All 5 initial holes hit mineralization, averaging 5,134 ppm TREO, at an average NdPr of over 1,038 ppm, from surface to a maximum depth of 15m. A total of 227 m was drilled in the initial program, awaiting assays on remaining 18 holes.

A composited metallurgical sample, made from new Auger samples, were sent to ANSTO, Dofner Anzaplan and Prosper Laboratory for further analysis. Drilling contract signed for 12,000m AC drill program at Tiros Project to commence mid-September. Auger Drilling Progress and Initial Assay Results.

Resouro commenced its initial follow up program at Tiros in July. 23 new Auger drill holes for a total of 227 m have been completed by Resouro's exploration team at the Tiros Rare Earths and titanium Project. The Auger holes were drilled into near surface areas of severely oxidized zone, which lies at the top of the Capacete formation.

The Capacete formation averages approximately 40 meters in thickness, with Auger drilling limited to a maximum of 15 meters in depth. All auger holes ended in high grade TREO (over 3,000ppm) and Ti02 (over 10%) mineralization. Samples from an additional 18 Auger holes are currently being analyzed at SGS Brazil.

203 assay are expected to be received in the coming weeks. 20% of the assays are QA/QC samples (blanks, duplicates and standards). Auger drill sample highlights.

Hole ID, FROM, TO, THICKness (m), TiO2 %, Nd+Pr oxide ppm, TREO ppm, FT-01, 0, 6, 6, 6, 20.56, 6, 15.26, 1,056, 5,253, FT-03, 0, 6, 15.03, 1,103, 4,058, FT-04, 4, 15, 15, 11, 20.56, 1,444, 7,197, FT-05, 2, 9, 7, 10.92, 774, 3,455. A 207 kg composite sample made up from historic drill samples was previously sent to Prosper Laboratory in Brazil for analysis for Rare Earths Leachability and TiO2 Concentration. Results from this work in Brazil were encouraging.

Resouro expects to complete a full interpretation of these results combined with findings of current testwork from the new auger samples being completed at internationally accredited laboratories specialized in Rare Earth Elements. A 200kg Metallurgical Composite Sample was produced from auger samples: 50kg has been shipped to ANSTO in Australia: 50kg to Dofner Anzaplan in Germany and An additional 100kg to Prosper Laboratory in Brazil. Resouro plans to announce the full suite of metallurgical testwork upon completion of the 2023 exploration program.

Drilling (AC) Additionally, the Company a signed a contract with Drillbell Sondagens Ltda to begin a 12.000m Air Core drill program at the Tiros Project mid-September 2023. Up to three drill rigs will be mobilized to accelerate the program.