Tembo GOLD Appoints Market Maker

TEMBO GOLD APPOINTS MARKET MAKER

November 8, 2023, Vancouver, BC – Tembo Gold Corp. (TSXV:TEM) (“Tembo”, or the “Company”) – is pleased

to announce that it has retained Blue Sky Trading and Consulting Ltd. (“BST”) to provide market-making services

in accordance with TSX Venture Exchange Policies.

The Agreement is effective November 8, 2023 and has an initial term of six months beginning on the date hereof

(the "Term") , t he Term may be extended, as mutually agreed to by the Company and Blue Sky , and may be

terminated by either party upon ten days written notice.

In consideration of the services provided by BST, the Company will pay BST a work fee of $60,000 for a period of

six months . T embo and BST are unrelated and unaffiliated entities. BST will not receive shares or options as

compensation. The capital used for market-making will be provided by BST.

About Tembo

Tembo Gold is a rapidly growing gold exploration and development company listed on the TSX Venture Exchange

under the symbol TEM. Leveraging our unique position and experience, the company is principally focused on

growth and consolidation in the highly prolific and prospective Lake Victoria Goldfield in Tanzania.

The Company has a 100% interest in the Tembo project which has over 50 thousand meters of drilling and is

located adjacent to Barrick’s 20Moz Bulyanhulu Mine. The C ompany recently announced the acquisition of two

deposits (see press releases on August 10th, 2023 & August 29th,2023) that support our objective of accretive

growth and consolidation. The Imwelo and Dora projects, located approximately 12 km from AngloGold Ashanti’s

flagship Geita Gold Mine, both have potential for significant resource growth.

Tembo has assembled a highly experienced team with a track record of developing, financing and operating

mining projects in Africa with management, directors and partners owning more than 60% of the shares. Notably,

the company is grateful for the validation that comes with the support and equity investment from Barrick Gold

and recent strategic partnership with Taifa Group, owned by Tanzanian tycoon Rostam Aziz. Taifa, a diverse group

of companies with interests in mining, telecom, oil/gas, agribusiness, pharmaceuticals and leather, has taken a

significant equity stake in Tembo through its wholly owned Tanz anian subsidiary, Taifa Mining. Taifa Mining is

Tanzania’s largest mining contractor with over 30 years mining related experience and will carry out all the

contract mining and civil works for Tembo’s projects.

On Behalf of the Board of Directors of Tembo,

David Scott

President & CEO

Phone: +255 767 366 146

Email: [email protected]

For more information please contact:

Simon Benstead Marc Cernovitch

Director & CFO Director

Phone: 604-685-9316 Phone: 604-685-9316

Email: [email protected] Email: [email protected]

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NEITHER THE 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 NEWS RELEASE.

Cautionary Statement Regarding Forward-Looking Information

This news release includes certain "forward-looking information" within the meaning of applicable Canadian sec urities

legislation, including: future exploration plans with respect to the Project, defining current mineral resource and mineral reserves

on the Project, the terms of the Acquisition and the Financings, entering into mining services contracts with Taifa, the anticipated

share structure of Tembo following the Acquisition and Financings, the use of proceeds for the Financings, the closing of the

Acquisition and the Financings, including the satisfaction of the closing conditions thereunder and the expected timing thereof,

and receipt of all regulatory approvals, including the approval of the TSXV for the Acquisition and Financings and the Tanzania

Fair Competition Commission for the Acquisition and the Company’s intention to provide further updates in respect of the

Acquisition and the Financings. All statements in this news release that address events or developments that we expect to occur

in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are

generally, although not always, identified by words such as "expect", "plan", "anticipate", "project", "target", "potential",

"schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions or their negative connotations, or that

events or conditions "will", "would", "may", "could", "should" or "might" occur. All such forward-looking statements are based on

the opinions and estimates of management as of the date such statements are made.

Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond Tembo’s

control, including risks associated with or related to: the completion of the Acquisition, the Financings and related transactions,

including receipt of all regulatory approvals and third-party consents, the volatility of metal prices and Tembo’s common shares;

changes in tax laws; the dangers inherent in exploration, development and mining activities; the un certainty of reserve and

resource estimates; not achieving development or production, cost or other estimates; actual exploration or development plans

and costs differing materially from the Company’s estimates; the ability to obtain and maintain any necessary permits, consents

or authorizations required for mining activities; environmental regulations or hazards and compliance with complex regulations

associated with mining activities; climate change and climate change regulations; fluctuations in exchange rates; the availability

of financing; financing and debt activities; operations in foreign and developing countries and the compliance with foreign laws,

including those associated with operations in Tanzania and including risks related to changes in foreign laws and changing

policies related to mining and local ownership requirements or resource nationalization generally, including in response to the

COVID-19 outbreak; remote operations and the availability of adequate infrastructure; fluctuations in price and availability of

energy and other inputs necessary for mining operations; shortages or cost increases in necessary equipment, supplies and

labour; regulatory, political and country risks, including local instability or acts of terrorism and the effects thereof; the reliance

upon contractors, third parties and joint venture partners; challenges to title or surface rights; the dependence on key personnel

and the ability to attract and retain skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and we ather

conditions; litigation risk; competition with other mining companies; community support for Tembo’s operations, including ris ks

related to strikes and the halting of such operations from time to time; conflicts with small scale miners; failures of infor mation

systems or information security threats; the ability to maintain adequate internal controls over financial reporting as required by

law; compliance with anti-corruption laws, and sanctions or other similar measures; social media and Tembo’s reputation; and

other risks disclosed in the Company’s public filings.

Tembo’s forward-looking statements are based on the opinions and estimates of management and reflect their current

expectations regarding future events and operating performance and speak only as of the date hereof. Tembo does not assume

any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should

change other than as required by applicable law. There can be no assurance that forward- looking statements will prove to be

accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these

forward-looking statements. Accordingly, no assurance can be given that any events anticipated by the forward-looking

statements will transpire or occur, or if any of them do, what benefits or liabilities Tembo will derive therefrom. For the reasons

set forth above, undue reliance should not be placed on forward-looking statements.