A meaningful step forward for Tsodilo Resources Limited

Tsodilo has informed that it verified significant rare earth element (REE) and critical mineral mineralization at its 100%-owned Gcwihaba Metals Project in northwest Botswana, confirming a polymetallic skarn system identified through integrated magnetic and gravity geophysics and now validated by diamond drilling.

Key information about Skarn Metals Project

• C26 & C27 skarn targets contain all 15 rare earth elements listed on the 2025 US Department of the Interior Critical Minerals List
• Plus five additional critical minerals: copper, cobalt, nickel, vanadium & silver
• Neodymium–Praseodymium (NdPr) represents ~15% of TREO, comparable to Mountain Pass, a benchmark deposit globally
• Highest grade to date recorded at Gcwihaba: 1.49% TREO
• Conceptual exploration target: 81-97 million tonnes over a 4 km strike length
• 15,000 m drilling program planned for 2026 to advance toward an NI 43-101 compliant resource

Highest grade recorded

“The 1.49% TREO intercept at C27 represents the highest grade recorded so far for Gcwihaba,” stated James M. Bruchs, Chairman and CEO.
“These results validate our systematic exploration approach and demonstrate evidence of a polymetallic REE skarn system with both vertical extent and grade.”

“Our conceptual exploration target of 81 to 97 million tonnes was generated through integrated magnetic and gravity geophysical modelling using a ground magnetics inversion model, constrained by drilling results and geological interpretation.”

“Beyond rare earth elements, the skarn system has returned encouraging base and precious metal values, including copper up to 0.41% in the C26 skarn, cobalt up to 320 ppm, and silver up to 5.1 g/t in the C27 skarn.”

Importance of rare earth elements

Rare earth elements underpin electric vehicles, wind turbines, and defense technologies.
Global supply remains highly concentrated, while demand is projected to grow ~9% annually through 2030. Discoveries that combine REEs + base metals in stable jurisdictions are increasingly strategic.

Drilling campaign

The 2026 drilling campaign will focus on:
–  Defining high-grade (>1% TREO) zones
– Improving geological confidence
– Supporting an initial mineral resource estimate