Tsodilo Resources Limited The Rule of Law Prevails in Botswana High Court of Botswana Renders Judgement With Respect to Gcwihaba’s Prospecting Licenses

TORONTO, ON / ACCESSWIRE / December 15, 2023 / Tsodilo Resources Limited ("Tsodilo" or the "Company") (TSX-V:TSD)(OTCQB:TSDRF)(FSE:TZO) is pleased to report that the High Court, Republic of Botswana has rendered its judgement In re Gcwihaba Resources (Pty) Ltd. vs. Minister of Minerals and Energy and the Attorney General of Botswana, MAHMN-000075-22, and ordered:

• The decision of the 1^st Respondent rejecting the application for the renewal of the Applicant's prospecting license (020/ 2018) is illegal, unreasonable and or irrational;
• The decision of the 1^st Respondent rejecting the application for the renewal of the Applicant's prospecting license (020/ 2018) is hereby set aside;
• The 1^st Respondent is ordered and directed to renew, within 14 days of this order, the applicant's license (020/ 2018) subject only to justifiable safeguards necessary for the protection of the heritage area. Such safeguards are not to include any further demand for reduction or shifting of the license area or its coordinates;
• Following renewal, the 1^st Respondent is ordered to align the effective dates of contiguous licenses PL 021- 026/ 2018 with that of the renewed license;
• The Respondents shall pay the costs of these proceedings.

James M. Bruchs, Tsodilo's Chairman and CEO, commented, "This is a very important decision for Botswana as it reinforces those values and systems that establish Botswana as one of the best democracies in the world. Its respect for the rule of law, judicial independence, separation of powers and regular, free, and fair elections are among the tenets of democracy which have earned Botswana this international acclaim. The High Court decision reaffirms the basic tenant that the rule of law does indeed prevail. Since 2014, the Botswana Government has publicly expressed its support for the Xaudum Iron Formation (XIF) project, and we look forward to working with the Ministry of Minerals and Energy and the Ministry of Environment and Tourism as we continue our work to bring the XIF into production. Tsodilo adopted the International Finance Corporation's (IFC) Environmental, Health and Safety Guidelines for Mining when IFC became a shareholder more than a decade ago and we have worked diligently to advance the XIF project within those guidelines. Further to this, Tsodilo became a member of the ResponsibleSteel organization www.responsiblesteel.org as building a sustainable steel industry requires cooperation and mutual commitment from companies at all levels of the steel supply chain, representatives of civil society, and other stakeholders and ResponsibleSteel provides the forum for this multi-stakeholder approach. Their members include some of the leading players in the industry working together to minimize the impact of steel manufacturing on people and the planet. Working closely with Government's Ministries and ResponsibleSteel^TM furthers our goal of becoming the supplier of an ultra-high grade +67% Fe product to the industry and doing what we can to reduce greenhouse gas emissions (GHG) by becoming part of the "green steel" movement."