Osino Resources Corp. announced that the Namibian Ministry of Environment, Forestry and Tourism has issued an Environmental Clearance Certificate for the Twin Hills Gold Project which is valid for three years and renewable on a three yearly cycle. Twin Hills' most recent technical study, a pre-feasibility study released in September 2022, outlines a 13- year open-pit mine life with an average annual gold production rate of 169koz per annum at all-in sustaining costs of USD 930/oz in the 10 years of operation.

This is based on 2.15 Moz in reserves. Osino Environmental Clearance Certificate Approved: Following extensive stakeholder engagement and environmental baseline studies in 2021 and early 2022, the Namibian Ministry of Mines and Energy and Ministry of Environment, Forestry, and Tourism thoroughly reviewed the Project's Environmental and Social Impact Assessment and Environmental Management Plan and found no material flaws in the scope and assessment of the project. Included in the assessment and the management plan are provisions that any archeological finds must be reported to the National Heritage Council for review, guidance and management.

Following the discovery of some historical grave sites within the Twin Hills Project area, Osino conducted a field review and documentation of the burial sites as an addendum to the archeological baseline study. Following this, an additional reconnaissance fieldwork program was carried out in the area to confirm that no other graves exist. All documents have been submitted to NHC for review and it is anticipated that the graves will have to be relocated, with consent from the descendants.

Namibian Environmental and Mining Permitting Process Overview: As per the Environmental Management Act, 2007, the proposed mining project triggers listed activities under Namibia's EMA. Such activities require an environmental clearance certificate. In 2020 Osino appointed an independent environmental consulting firm (Environmental Compliance Consultancy (Pty) Ltd) as the Environmental Assessment Practitioner (EAP) in accordance with EMA 2007 Regulation 3 to conduct an environmental and social impact assessment and apply for the required environmental clearance certificate.

The MME is the competent authority for the proposed Project, and accordingly, the application was submitted to MME to carry out their designated functions. Once an ECC is issued, the certificate becomes effective from the date endorsed and remains effective for a period not exceeding three years as per the EMA 2007. ECCs are eligible for renewal every three years.

The issuance of the ECC is one of three outstanding conditions for the conclusions of a full mining license for the Twin Hills gold project, to be issued by Namibia's MME. The process has been further described in a news release dated 31 October 2022. As stated earlier, once the conditions relating to grave relocations have been met, The first of the three main conditions to the issuance of the full and unconditional mining license will be achieved.

The two remaining conditions are the sale of a 5% local Namibian minority equity participation (under negotiation) and the fulfilment of certain affirmative action and poverty alleviation measures which are customary under Namibian law.