Tsodilo Resources Limited · TSXV:TSD
Tsodilo Resources — Office of the President - Symposium (September 2025)
67 slides from Tsodilo Resources's conference presentation, Sep 2, 2025
Slide 1: Gcwihaba Resources Ngamiland Iron Ore Project
TSODILO RESOURCES LIMITED GR Gcwihaba Resources Ngamiland Iron Ore Project An opportunity for Botswana's sustainable economic growth, green steel future, and community development August 2025 Confidential
Slide 2: Company Profile
Company Profile TSODILO RESOURCES LIMITED Bosoto (Pty) Ltd Newdico (Pty) Ltd Gcwihaba Resources (Pty) Ltd PL – Precious Stones Exploration services PLs – Metals (BK16) 100% owned 100% owned 100% owned Canadian Registered: TSX listed 1995: TSX.V listed 2001 Gcwihaba Resources
Slide 3: Table of Contents
Table of Contents Company Profile Forward Looking Statement Executive Summary Key Investment Highlights Project Overview Regional Geology & Deposit Architecture Resource & Beneficiation Techno Economic Model Strategic Advantage Preliminary Economic Assessment Base Metal & Rare Earth Element Projects
Slide 4: Forward Looking Statement
Forward Looking Statement National Instrument 43-101 - Standards of Disclosure for Mineral Projects, Form 43-101F1 and Companion Policy 43- 101CP requires that the following disclosure be made: This presentation contains forward-looking statements. All statements, other than statements of historical
Slide 5: Executive Summary
Executive Summary World-Class Resource Project Value Potential (NPV, USD Billions) Current inferred resource of 441 Mt at 67.2% Fe with exploration target of 5-7 billion tonnes . Strong Economics Base case NPV of $315M with 19% IRR. Value-added scenario shows NPV of $2.3B with 47% IRR. National Econ
Slide 6: Key Investment Highlights
Key Investment Highlights World-Class Resource Scale Green Steel Potential Current inferred resource: 441 Mt at 67.2% Fe High-grade magnetite ideal for green steel Exploration target: 5-7 billion tonnes Compatible with hydrogen-based DRI technology Premium 67% Fe @ P80 grind concentrate Global trans
Slide 7: Botswana's Next Economic Driver
Botswana's Next Economic Driver Beyond Diamonds The Ngamiland Iron Ore Project represents a critical opportunity to diversify Botswana's economy beyond its traditional reliance on Economic Transformation Potential diamonds, which currently account for ~80% of export earnings. Economic Growth Catalys
Slide 8: Project Overview
Project Overview About Gcwihaba Resources Established mining exploration company focused on developing Botswana's mineral wealth with a strong commitment to responsible resource development and local economic growth. Xaudum Iron Project (XIF) Flagship project located in northwest Botswana, discovere
Slide 9: Regional Geology
Regional Geology After de Wit, M. J 2009 After Hitzman et al. 2012 After Hurth,2017
Slide 10: Generalized Geology – Project Area
Generalized Geology – Project Area Xaundum Iron Formation occurs within Grand Conglomerate Central African Copper Belt sedimentary sequence extension into NW Botswana. Xaundum Iron Formation Diamictites are equivalent in age to the Chuos found in Namibia and Grand Conglomerate located in the Democra
Slide 11: Geology – Geophysics & Drilling
Geology – Geophysics & Drilling Magnetite Banded Iron Formation - high magnetism Magnetic Schist Diamictite – moderate magnetism Magnetite Garnet Schist – low magnetism Ground Magnetics: ~1,800 km2 & 22,749 line km covered
Slide 12: Deposit Architecture & Modeling
Cross section Deposit Architecture & Modeling East – West drilling across main strike of mineralization Fold hinges best for large areas of mineralization Data then visualized using 3D modeling software Block 1 Block 2
Slide 13: Resource and post beneficiation
Resource and post beneficiation DTR Magnetic Separation Concentrate CURRENT Resource Statement Information (P80 = 80 Microns) Geodomain Resource Category Tonnes (Mt) Fe % head Mass Recovery Concentrate (Mt) Fe % Concentrate MBA Inferred 236.0 35.6 45.5 107.4 67.9 DIM Inferred 148.0 20.9 17.9 26.5 66
Slide 14: Increasing Average Prices
Increasing Average Prices Fastmarkets MB, (Spot Price) 62% Fe fines = $101.42 USD/t (August 2025) For Xaudum Iron Formation Project 67.2% Fe = $118.68 USD/t (August 2025) The reason for the iron ore price rise is increasing demand and reduced supply Super Cycle Super Cycle Super Cycle Gcwihaba
Slide 15: Why Magnetite
Why Magnetite The demand for cleaner high-grade ores like the XIF magnetite iron ores at 65%+ Fe is gaining a more important place in the market. Where Magnetite is getting larger and larger premiums over the base level. Magnetite is also seen as “greener” as it uses less energy per unit volume of s
Slide 16: Summary Highlights
Summary Highlights Strategic Development Pathway +26 Million USD Spent so far Technical Reporting - NI 43-101 Mineral Resource USD Investment Committed on Metals Exploration Work Estimate & Independent Scoping Study completed. • Exploration drilling with 556 drillholes completed • Ground Magnetics
Slide 17: World-Class Resource Base
World-Class Resource Base Current Resource Resource Size Comparison (Million Tonnes) 441 million tonnes at 67.2% Fe (inferred resource) Yielding 146.2 million tonnes of high-grade 67.2% Fe concentrate Exploration Target 5-7 billion tonnes at 67.2% Fe across 45km strike length Potential to become one
Slide 18: Ore Quality & Processing
Ore Quality & Processing Premium Magnetite Resource Beneficiation Process Current resource: 441 Mt at 67.2% Fe Crushing & Grinding Beneficiation yields 67.2% Fe premium concentrate Ore crushed and ground to P80 of 75 microns Premium pricing: $118 USD/tonne Magnetic Separation Premium above standard
Slide 19: Iron Ore Beneficiation
Iron Ore Beneficiation Decarbonization of the Steel making Industry Switch from blast furnaces that use coal to green hydrogen or SNR based energy to power direct reduced iron (DRI) using electric arc furnace. Green hydrogen is produced by electrolysis of water, powered by renewable energy. Gcwi
Slide 20: Value Chain
Value Chain • Dig Raw Ore, Crush / Stage 1: Create Magnetite Iron Grind / Mill Ore Concentrate – 67% Fe • Magnetically Separate Superfine (Beneficiate) • Stockpile 67% Fe super Pellet feed ~40% bonus on 67.2% Fe ore fines (<100 microns) for Stage 2: Value Adding - price, plus ~15% grade bonus – Tota
Slide 21: Stage 3 – Value Adding - cont
Stage 3 – Value Adding - cont Process Magnetite Super fines to Very High-Grade Products Process Direct Reduced Iron (DRI) to steel using an Electric Arc Furnace Direct Reduced Iron is produced using green hydrogen or SNR in a climate-neutral manner – decarbonization. The green hydrogen technol
Slide 22: Techno Economic Model (Block 1)
Techno Economic Model (Block 1 The Valuation of Mineral Properties Report model was conducted by an Independent Consultant in November 2022. Method of Analysis - Discounted Cash Flow. Cash flow Terms – Real Terms Discounted Rate – 9.32% - Based on a risk profile for a Botswana-based target at
Slide 23: Economic Contribution at a Glance
Economic Contribution at a Glance GDP Contribution Potential to contribute 2-3% to Botswana's GDP during full Projected Impact on Botswana's Economy operations, helping transform the national economy beyond diamond dependence. Tax Revenue Generation Estimated $50-75 million annual tax revenue from o
Slide 24: Job Creation & Skills Development
Job Creation & Skills Development Employment Generation Skills Development Programs Construction phase: 1,000-1,500 direct jobs Technical training: Mining operations, processing, Operations phase: 800-1,000 direct jobs maintenance Indirect employment: 2,400-3,000 jobs in supporting Professional deve
Slide 25: Regional Development Benefits
Regional Development Benefits Local Business Growth Economic Multiplier Effects Creation of 200+ local SME opportunities Employment multiplier: Each direct job creates 3-4 Estimated P250 million+ in local procurement annually indirect jobs Development of specialized mining services companies Income
Slide 26: Global Iron Ore Market Outlook
Global Iron Ore Market Outlook Current Market Position High-grade iron ore (65%+ Fe) commanding premium prices of Iron Ore Price Forecast by Grade (2024-2030) $118/tonne as of August 2025, with significant growth projected through 2030 – Super cycle??. Quality Premium Trend Growing price differentia
Slide 27: Location & Accessibility
Location & Accessibility Strategic Location + × The Xaudum Iron Project is located in the Northwest district of Xaudum Iron Project – Northwest Botswana Botswana, approximately 35km from the Namibian border near Shakawe in the Ngamiland region. Export Corridors Multiple viable export routes availabl
Slide 28: Botswana's Strategic Advantage
Botswana's Strategic Advantage Strategic Location Export Corridor Options Ngamiland Iron Ore Project is strategically positioned in northwest Botswana, with excellent access to established and emerging + Ngamiland Iron Ore Project × export corridors for Southern African resources. – Xaudum Iron Ore
Slide 29: Botswana's Strategic Advantage
Botswana's Strategic Advantage Mining Requires No Major Power Upgrades: 132 kv upgrade already completed. Northwest Transmission Grid Construction (NWTGC Phase 1); Completed Northwest Transmission Grid Construction (NWTGC Phase 2); Completed Gcwihaba Resources
Slide 30: Green Steel Opportunity
Green Steel Opportunity Premium Magnetite for Green Steel Hydrogen-Based DRI Technology Ngamiland's 67.2% Fe concentrate is ideal for green steel Direct Reduced Iron (DRI) process uses hydrogen instead production of coal High-grade magnetite commands premium pricing Hydrogen replaces carbon as the r
Slide 31: Green Steel Opportunity
Green Steel Opportunity Green steel requires a zero-carbon power source Solution : NuclearFusion -SmallNuclearReactor(SNR) Example: Firms such as Oklo and others are developing next-generation fission powerhouses to produce abundant, affordable, clean energy at a global scale – starting with the Aur
Slide 32: Green Steel Opportunity – Oklo Example
Green Steel Opportunity – Oklo Example
Slide 33: Economic Model Overview
Economic Model Overview Technical Scenarios Financial Comparison: Base vs Value-Added Scenarios Base Mining Scenario: 7.2 Mtpa mining rate, 59-year mine life Concentrate Production: Premium 67.2% Fe product Value-Added Scenario: Ferrosilicon (FeSi) production Revenue Streams Magnetite Concentrate: $
Slide 34: Financial Highlights
Financial Highlights Base Case Scenario Value-Add Scenario Concentrate Production (7.2 Mtpa) FeSi Production Run of Mine Production (7.2 Mtpa) NPV (Post-Tax)$315 Million NPV (Post-Tax) $2.296 Billion IRR 25% IRR 47% CAPEX $296 Million CAPEX $952 Million Operating Margin 35.73% Operating Margin 62.73
Slide 35: Offtake and Market Strategy
Offtake and Market Strategy Strategic Partnership Approach Market Distribution Strategy Early engagement with steel producers in India, Asia (45%): China, Japan, South Korea Asia and Europe Europe (30%): Green steel transition leaders Structured offtake agreements with premium pricing for MENA (15%)
Slide 36: Exploration Upside & Expansion Potential
Exploration Upside & Expansion Potential Resource Growth Potential Current Resource vs. Exploration Target Current inferred resource of 441 Mt at 67.2% Fe represents less than 10% of the total exploration target of 5-7 billion tonnes. Expansion Opportunities Additional drilling to upgrade resources
Slide 37: Path to Production
Path to Production The Ngamiland Iron Ore Project follows a structured development plan with key milestones that will transform resource potential into operational value for Botswana. PEA Completion Permitting Financing Construction Production Start Q4 202X - Q1 202X Q2 202X - Q3 202X Q3 202X - Q2 2
Slide 38: Preliminary Economic Assessment
Preliminary Economic Assessment STUDY OPTIONS Environmental Study Hydrogeological Study Engineering Study - Economic Viability of the Project Best Option and Approach Trade-off studies for achieving the project objectives Process Design Criteria (PDC) Process description Principle equi
Slide 39: Why Consider Gcwihaba Resources
Why Consider Gcwihaba Resources Competitive Investment Advantages Resource Strength First-Mover Advantage 80% World-class deposit with 441 Mt inferred resource and vast Exclusive access to large-scale iron formation in an emerging mining jurisdiction exploration upside of 5-7 billion tonnes. Premium
Slide 40: Other Area Projects: Base Metals
Other Area Projects: Base Metals Copper belt synonymous with polymetallic deposits i.e. Copper, Cobalt, Nickel, Lead deposits. Some deposits also contain precious metals e.g. FQM Kansanshi Mine Copper and Gold deposit. Tsodilo Resources Ngamiland exploration area contains Zambian and Congolese coppe
Slide 41: Massive Base Metal Potential
Massive Base Metal Potential Key Ingredients present Artificial Intelligence used to Massive exploration area 110km x 80km correlate soil sampling and hydrogeological sampling Approximately 5000 square kilometers results revealed consistency in Copper, Nickel and Cobalt anomalies mapped on t
Slide 42: Rare Earth Elements and Multi Element Potential
Rare Earth Elements and Multi Element Potential SKARN DEPOSIT High-temperature fluids, usually of magmatic origin, interact with carbonate-bearing rocks like limestone. *Geology of the area favorable for Rare Earth Element Deposits
Slide 43: Rare Earth Elements Project Overview & Location
Rare Earth Elements Project Overview & Location Project Specifications Project Name + Gcwihaba REE Project – Skarn Occurrences C26 & – C27 Gcwihaba REE Project × C26 & C27 Occurrences Location Northwest Botswana, extension of Central African Copper Belt Owner/Operator Tsodilo Resources Limited (TSX-
Slide 44: Rare Earth Elements – Why the Fuss?
Rare Earth Elements – Why the Fuss? Why are Rare Earth Elements so important Rare earth minerals are important because their unique properties are essential for many modern technologies, including high-tech electronics like smartphones and computers, clean energy technologies such as electric vehicl
Slide 45: Strategic Importance of REEs
Strategic Importance of REEs Global REE Demand Key Applications Supply Diversification Rising Critical Strategic Projected to outstrip supply For green energy transition For global supply security Global Market Drivers Critical Applications Permanent Magnets Electric Vehicle Growth Exponential Deman
Slide 46: Tsodilo Resources Rare Earth Element Project
Tsodilo Resources Rare Earth Element Project Magnetic anomalies identified and drilled within Tsodilo Resources exploration area revealed skarn body deposits with Rare Earth Element concentrations. Economic Total Rare Earth Elements Oxide (TREO) 0.02 – 3% (Paulick & Machacek, 2017) High Grade
Slide 47: Tsodilo Resources REE + Multi-Element Skarns
Tsodilo Resources REE + Multi-Element Skarns Cu Co Ni Ag Fe C26 REE 0.45% (TREO Current Max) Cu 0.4% and 0.25% over 5 m Co 0.02% Au 0.1 g/t Ag 1 g/t Fe 28% Ce 0.18% (REE) La 0.13% (REE)
Slide 48: Tsodilo Resources REE + Multi Element Skarns
Tsodilo Resources REE + Multi Element Skarns C26 and C27 Skarn Cerium REE Lanthanum REE Anomalies drilled. C10 Skarn Anomaly identified – Exploration drilling required to test anomaly – very much promising!!!! C10 Skarn Anomaly C26 and C27 Skarn Anomaly Gcwihaba Resources
Slide 49: Use of Artificial Intelligence - Exploration
Use of Artificial Intelligence - Exploration Innovative Mineral Prospecting using proprietary Artificial Intelligence (AI) methods for REE target generation. AI interpreted REE zones (black circles) overlap with gravity and magnetic anomalies. There is scope to extend the gravity survey to cov
Slide 50: Rare Earth Elements Summary of Works
Rare Earth Elements Summary of Works Works completed on skarn anomalies University of Barcelona group studied the mineralogy of the skarn anomalies (Dr. Joan Carles Melgarejo) and concluded that the Rare Earth Element occurrences within the skarn are a mixture of: REE Carbonates: Bastnäsite, Ancyl
Slide 51: 81-97 Mt 40K-1.45M t
Resource Estimates Exploration Target Grade Range (TREO) Contained TREO 81-97 Mt 0.05-1.5% 40K-1.45M t Million tonnes of skarn ore Total Rare Earth Oxide Tonnes of rare earth oxides Key Resource Metrics Grade Distribution Highest Recorded Grade 1.49% TREO Drill hole 1822C27_6 Drilling Complete Explo
Slide 52: Market Valuation & Economics
Market Valuation & Economics In-situ Value Range Neodymium Oxide Value Cerium Oxide Value $800M-$20B $495M-$3.0B $24M-$577M Based on January 2025 prices Key magnet element value Most abundant REE value Element Value Breakdown Value Distribution by Element Total REE Value $805M-$19.5B All elements co
Slide 53: Product Offtake & Market
Product Offtake & Market TSODILO RESOURCES LIMITED *Tsodilo Resources C26 & C27 skarn bodies contain all the REE needed for Gcwihaba Resources Defense Systems
Slide 54: Global Rare Earth Elements Projects
Global Rare Earth Elements Projects There are other rare earth elements (REE) mineralization occurrences in skarn deposits globally. C26 and C27 targets have the potential to exceed other advanced exploration projects both in tonnages and grades. Lower-grade projects are already getting attent
Slide 55: Global Competitive Positioning
Global Competitive Positioning Competitive Advantages Tonnage Grade Project Location (Mt) (TREO%) Size & Grade Balance Gcwihaba’s up to 97 Mt @ 1.5% TREO estimation represents Gcwihaba (C26 & an optimal balance between scale and grade, exceeding many Botswana 97 1.5% (max) C27) advanced exploration
Slide 56: Gcwihaba REE Project Summary: $800 Million - $20 Billion USD
Gcwihaba REE Project Summary Estimated In-Situ Resource Value: $800 Million - $20 Billion USD Based on conceptual exploration target estimates Resource Potential: Project Highlights: 81-97 Million Tonnes of skarn resource Exploration Discovery Drill Holes completed Up to 1.5% TREO grade potential St
Slide 57: Investment Highlights
Investment Highlights EXCEPTIONAL VALUE Multi-Billion Dollar Resource Potential Conceptual in-situ value range of $800 million to $20 billion USD, based on 81-97 Mt resource with grades up to 1.5% TREO Excellent Scale & Grade Potential Strategic Market Timing One of Africa's largest undeveloped REE
Slide 58: Future Outlook
Future Outlook Ngamiland exploration area covered with sand – need for new exploration tools that leverage on Artificial Intelligence to quickly go through large datasets and select anomalous areas. Area geology has potential for economic Copper / Cobalt / Nickel / REE deposit to be found. Sig
Slide 59: White Hydrogen & Helium Project
White Hydrogen & Helium Project White hydrogen - natural hydrogen, is molecular hydrogen that forms through natural geochemical processes within the Earth's crust and is trapped in geological deposits. When extracted it requires minimal energy input and produces no greenhouse gas emissions, making
Slide 60: Does White Hydrogen and Helium exist in Botswana?
Does White Hydrogen and Helium exist in Botswana? For the past two years Tsodilo Resources has employed the use of artificial intelligence to locate areas for commercial deposits in Botswana. An anomalous area has been identified that we consider highly prospective Gcwihaba Resources
Slide 61: White Hydrogen – The Basics
White Hydrogen – The Basics Global low-carbon hydrogen demand is forecast to reach almost 200 million tonnes per annum by 2050. As the global hydrogen industry faces financial and demand-side challenges, many are increasingly looking to white hydrogen as an efficient alternative. Here are five of th
Slide 62: White Hydrogen – The Basics – cont’
White Hydrogen – The Basics – cont’ 3.How significant an energy source could white hydrogen become? White hydrogen is not an energy transition panacea. Currently, WoodMac estimates that alternative forms of low-carbon hydrogen production — including methane pyrolysis, gasification and the extraction
Slide 63: Prospective Regions
Prospective Regions Gcwihaba Resources
Slide 64: Botswana Locality – Time to Explore
Botswana Locality – Time to Explore Gcwihaba Resources
Slide 65: Botswana Locality
Botswana Locality Gcwihaba Resources
Slide 66: Current Initiatives
Current Initiatives PEA and PFS (Preliminary Economic Assessment / Pre-Feasibility Study) Rail - Continue work with Namibia Ministry of Works and Transport, TransNamib, Walvis Bay Group on the Trans-Zambezi Railway Extension. Drilling and Assay – complete drilling on Block 2 to increase inferr
Slide 67: Call to Action & Contact Information
Call to Action & Contact Information Join Us in Botswana's Iron Future Project Leadership Managing Director The Ngamiland Iron Ore Project, Copper and Rare Earth James M. Bruchs Elements Projects represents a transformative opportunity for jbruchs@tsodiloresources.com +1 (202) 290-5976 Botswana's ec
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