Tombola Gold Limited announced that the Company has achieved a significant milestone by reaching agreement with Ilwella Pty Ltd, for the pre-sale of the first 200 ounces of gold to be produced. Whilst this transaction is expected to represent a relatively small portion of the first gold pour, it is an important milestone in the Company's ongoing transformation from explorer to producer. The Company expects to receive cash of approximately $500,000 this week as a result of the pre-purchase transaction.

The Australian Bullion Company is currently contracted to purchase the remaining ounces with payment 48 hours from collection. Through considerable hard work over the past months, the refurbishment of the GAM Plant is nearing completion, with the first gold pour to be completed in the coming weeks. In 2023, the Company will increase production with two plants becoming operational, being the VATS and the Lorena CIL plant, with the aim of increasing Tombola's production capacity and providing continuity of gold production.