Giyani Announces Corporate and Operations Update for the K.Hill Manganese Project in Botswana - Seite 2

In addition, Terravision conducted a proof-of-concept study on Giyani’s Otse prospect, using GPRplus as a low cost, rapid-feedback exploration tool. This is because the near-surface manganese oxide mineralization at Otse, unlike that of K.Hill, occurs in high grade pods. The results from the proof-of-concept study at Otse clearly identified the density differences between the mineralisation and the lower density host rock. Following these positive results, the Company plans to initiate a GPRplus survey across the wider Otse prospect area. The results of this survey will be used to better inform the forthcoming drill program planned for Otse. The Company will update the market on this in due course.

Appointment of Hydrometallurgical Laboratory

The Company has appointed both Mintek and Vietti Slurrytec to conduct hydrometallurgical (“Hydromet”) laboratory work, pursuant to the FS workstreams. The samples for the Hydromet work were drilled in Q4 2020 during the K.Hill infill drilling program. All samples have been bagged and shipped to Mintek in Johannesburg, South Africa. Mintek will cover all stages of the Hydromet work, except for the solid-liquid separation analysis, which will be conducted by Vietti Slurrytec. Completion of both workstreams is expected in Q2 2021.

Dataroom Access

Pursuant to seeking project financing in due course, the Company has signed an NDA with a large global commercial lending bank institution which is currently accessing the Company’s dataroom.

Update on Rock Island Sale

As previously announced in relation to the Company’s disposal of its non-core gold assets in South Africa, Giyani agreed to acquire all of the shares it did not own in Lexshell 837 (Pty) Ltd. in order to consolidate 100% ownership in that company. The final installment of 832,666 common shares of Giyani was conditional on the completion of the sale of its South African gold assets to Corridor Mining Resources Proprietary Limited (“CMR”), which has not yet been completed. As that sale remains pending, Giyani and the Lexshell vendor have agreed to complete the Lexshell sale for a cash consideration of C$45,000 as a full and final settlement in lieu of the issuance of Giyani common shares.