The board of directors of the Taung Gold International Limited to report the results of the Feasibility Study ("FS") at its Jeanette Project (the "Jeanette Project" or the "Project"). The Company, through its non-wholly owned subsidiary Taung Gold (Pty) Limited ("TGL") and TGL's wholly owned subsidiary Taung Gold Free State (Pty) Limited ("TGFS"), is the owner of the Project and TGFS is the holder of a Mining Right registered under the Mineral and Petroleum Resources Development Act No. 28 of 2022 ("MPRDA") over the Project area. The FS introduced an innovative new phased development approach for the Jeanette Project. The Company had previously published the results of the PFS on 9 March 2017. The approach followed in the FS differs from the PFS in that the Company, MCCI and ENFI agreed during the early stages of the FS that the Project should be executed in a phased approach as follows: Complete and commission the existing No.1 Shaft and No.2B Shaft infrastructure and establish a holing between the two shafts to access the northern portion of the orebody; Establish ore reserve development in the northern portion of the orebody and build up the production profile to a rate of 30,833 tons milled per month at a head grade of 11.92g/t; and Establish the surface infrastructure for a stand-alone mining and a modular processing operation at a rate of approximately 370,000 tons milled per annum. Sink and develop two new shafts to access the southern portion of the orebody; Establish ore reserve development in the southern portion of the orebody and build up the production profile to a rate of 69,167 tons milled per month at a head grade of 11.06/t; and Increase the capacity of the processing plant and associated infrastructure to 830,000 tons per annum; This phased approach has the following advantages over the approach followed initially in the PFS: A significantly lower Initial Construction Capital Cost Estimate of USD 523.5 million compared to USD 723.8 million (2017 terms) in the PFS, as a result of more optimal use of the existing shaft infrastructure and the sinking of two new shafts being postponed to Phase 2; and A much shorter lead-time to first gold production of 3.6 years as a result of being able to access the ore reserve much faster than anticipated in the PFS (4.5 years).