2020 Year in Review – Advancing Buckreef - Seite 2

TanGold and Stamico, working together submitted an updated mine plan for Buckreef to the Mining Commission in Tanzania. The updated mine plan, once approved, will replace the mine plan submitted to the Mining Commission in 2017 as part of the renewal of Buckreef’s Special Mining License. (See press release dated January 8, 2020.)

TanGold and STAMICO agreed to amendments to the Buckreef Joint Venture Agreement (the “JV Agreement”) to bring the agreement in line with recent changes in Tanzanian mining laws and to modernize the working arrangement between the parties (the original JV Agreement was entered into in 2011). The amendments are subject to the obtaining of necessary Government approvals and the finalization of relevant legal documentation. (See press release dated January 8, 2020.)

Mr. Stephen Mullowney, Chief Executive Officer of TanGold, commented, “As we enter a new year, we would like to thank all our stakeholders for their continued support. It has been an extremely constructive 12 months for TanGold and I am excited to be onboard and look forward to contributing to the advancement of Buckreef in conjunction with our joint venture partner STAMICO, for the benefit of all stakeholders.”

About Tanzanian Gold Corporation

TanGold along with its joint venture partner, STAMICO, is building a significant gold project at Buckreef in Tanzania that is based on an expanded Mineral Resource base and the treatment of its mineable Mineral Reserves in two standalone plants. An ongoing drill program has, to date, more than doubled the size of Measured and Indicated Mineral Resources to include 2.04 million ounces of gold. Exploration Targets determined in accordance with NI 43-101 standards have the potential to add up to another 2.0 million ounces of gold (see press release dated June 24, 2020). The Company commenced initial test production from oxide ore in June 2020 at an oxide test plant and is now anticipating government approval for an expanded (oxide) plant.

TanGold is advancing on three value-creation tracks:

1. Strengthening its balance sheet by expanding near-term production to 15,000 - 20,000 oz. of gold per year from the processing of oxides upon approval of an expanded oxide plant;
2. Advancing the Final Feasibility Study for a stand-alone sulphide treating plant that is substantially larger than previously modelled, targeting annual gold production of 150,000 to 175,000 oz.; and
3. Continuing with a drilling program to further test the potential of its Mineral Resource base by: (i) drilling at deeper levels; (ii) drilling new oxide targets; (iii) infill drilling to upgrade Mineral Resources currently in the Inferred category; and (iv) a step-out drilling program in the Northeast Extension.