On April 22, 2022, Tembo Gold Corp. (“Tembo Gold”) announced it completed the sale of certain non-core prospecting licenses (the “Licenses”) in Tanzania to Barrick Gold Corporation (“Barrick”) and Bulyanhulu Gold Mine Limited (“Buly”), a subsidiary of Barrick, in consideration for: (i) US$6,000,000; (ii) contingent payments to be based on inferred, indicated and measured gold mineral resources identified in the areas covered by the License, up to an aggregate of US$45,000,000; and (iii) a requirement for Buly to invest a minimum of US$9,000,000 in the areas covered by the Licenses over four years.

Concurrently with the sale of the Licenses, Buly subscribed for, on a non-brokered private placement basis (the “Private Placement”) of 5,518,764 common shares in the capital of Tembo (each, a “Common Share”) at a purchase price of $0.27 per Common Share, for aggregate gross proceeds to Tembo of $1,490,066 million.

Tembo is a mineral exploration company with a 100% interest in the Tembo Gold Project. Tembo’s focus is the discovery and development of gold projects in Africa. Tembo has a highly experienced team with a proven history of developing, financing, and operating mining projects in Africa. Tembo’s exploration strategy is to discover mineral resources as well as continue to look for additional opportunities that can bring value to Tembo and its shareholders.

Further details regarding Tembo and the sale of the Licenses can be found on Tembo’s website. Tembo trades under the symbol “TEM” on the TSX Venture Exchange.