Angkor Advances ESG Programs with Indigenous Communities IN Cambodia

1

ANGKOR ADVANCES ESG PROGRAMS WITH INDIGENOUS

COMMUNITIES IN CAMBODIA

GRANDE PRAIRIE, AB, ( October 1 8, 2022): Angkor Resources Corp. (TSXV: ANK and OTC QB: ANKOF)

(“Angkor” or “the Company” ) announces advancing social and governance programs with local indigenous

communities of Ratanakiri province in Cambodia.

As part of its ongoing community development work with Jarai Indigenous People and the Company’s

commitment to the cradle -to-grave project (the original press release can be read here ), Angkor has

collaborated with the communities to address their number one concern: the crippling impact of overzealous

microfinance loans.

In partnership with the Advanced Bank of Asia (ABA), which is owned by the National Bank of Canada, Angkor

has begun f acilitating training in both Khmer and traditional dialects, arranging for educational training in

financial literacy (“FinLit” as ABA calls it) , understanding money and credit, and the principles of financial

management, loans, and debt load.

Microfinance institutions (MFIs) have issued credit across the country to some of Cambodia’s most vulnerable

people at high interest rates of up to 40% per year, leaving the borrower with impossible terms and driving

them deeper into debt.

Several articles have appeared in Cambodia’s media providers to illustrate the impact MFI loans have had

across the country:

Al Jazeera: Cambodia’s Microloan Sector under Scrutiny as Poor Drown in Debt

Licadho: IFC Watchdog Accepts Complaint over Microfinance Abuses in Cambodia

The Diplomat: Is Cambodia's Government Ready to Tackle the Problems in its Microfinance Sector?

Villagers in Ratanakiri Province undertake Financial Literacy instruction last month

2

Gordon Patterson, a Cambodia veteran and independent project development manager in Ratanakiri

province, has worked with the Government of Canada and its Canadian Fund for Local Initiatives (CFLI for SE

Asia) to organize and report on the project.

“The majority of the micro-loan borrowers have no idea what their agreement with the lender actually says,”

comments Gordon. “The fees and penalties quickly become more than the principal finance amount, often

leaving the borrower with double the amount of debt within six months of taking the loan.”

Instructor Conducts a “FinLit” session for local villagers in Ratanakiri Province

“This program addresses both social needs and governance principles” says Delayne Weeks, CEO of Angkor.

“For years, [a village’s] first request revolved around teaching English, but this past year the communities

are expressing alarm at the crippling debt they encounter with towering micro-finance loans.”

First steps were to collaborate with appropriate NGO’s and help find solutions that met community needs

on their terms. With several languages involved in the program, it became vital to have trainers that spoke

the local tribal language.

The ABA Bank has become an integral part of the training process and works with Angkor and Patterson’s

team to deliver the program. ABA Bank does not participate in micro-finance lending but instead focuses

on helping small businesses and entrepreneurs undergo business planning as part of their lending

programs. The bank also maintains a mandate that regulates its interest rates that normally run from 5% to

10% per year, depending on the purpose, amount, and term conditions of the request.

Next steps for the project include discussions between communities and MFIs to reduce interest rates,

renegotiate the terms of the loans, and release collateral that included communal land titles.

3

ABOUT ANGKOR RESOURCES CORP.

Angkor Resources Corp. is a public company, listed on the TSX -Venture Exchange, and is a leading resource

optimizer i n Cambodia with multiple mineral licenses in the northern half o f the country. In 202 2, the

company was granted the exploration, development and production onshore license for Block VIII, a 7,300

square kilometre oil and gas license in Cambodia.

CONTACT:

Delayne Weeks, CEO Telephone: +1 (780) 568-3801

Email: [email protected] Website: http://www.angkorresources.com

Please follow @AngkorResources on LinkedIn, Facebook, Twitter, Instagram and YouTube.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of

the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Certain information set forth in this news release may contain forward -looking statements that involve substantial known and unknown risks and

uncertainties. These forward -looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the

Company, including, but not limited to the potential for gold and/or other minerals at any of the Company’s properties, the prospective nature of

any claims comprising the Company’s property interests, the impact of general economic conditions, industry conditions, dependence upon

regulatory approvals, uncertainty of sample results, timing and results of future exploration, and the availability of financing. Readers are cautioned

that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be

imprecise and, as such, undue reliance should not be placed on forward-looking statements.