Tembo Gold Provides Update On Financing

Vancouver, British Columbia--(Newsfile Corp. - June 29, 2022) - Tembo Gold Corp. (TSXV: TEM) ("Tembo", or the "Company") announces that it has completed a first tranche closing of its non-brokered private placement financing (the "Private Placement") announced on April 27, 2022 by issuing 740,000 common shares (each, a "Share") of the Company, at a price of CDN$0.27 per Share for gross proceeds of $199,800. The proceeds will be used for general working capital and project related costs. All securities issued are subject to a hold period expiring four months plus a day from the date of closing. No finder's fees were paid.

The Company continues to work on this Private Placement and anticipates additional closings for this financing such that all 2,020,000 Shares will be issued.

The Private Placement remains subject to final acceptance by the Exchange.

About Tembo

Tembo Gold is a Canadian public company listed on the TSX Venture Exchange ("TSX-V") under the symbol TEM. The Company currently has 100% interest in the Tembo Gold Project which is located adjacent to African Barrick's 20Moz Bulyanhulu Mine in the prolific Lake Victoria Greenstone belt in Tanzania. Our focus is the discovery and development of world-class gold projects in Africa. The company has assembled a highly experienced team with a proven history of developing, financing, and operating mining projects in Africa.

On Behalf of the Board of Directors of Tembo,

David Scott
President & CEO
Phone: +255 767 366 146
Email: dscott@tembogold.com

For more information please contact:

Simon Benstead
Director & CFO
Phone: 604-685-9316
Email: investors@tembogold.com

Marc Cernovitch
Director & VP Corporate Development 
Phone: +1 647 203 7868 
Email: mcernovitch@tembogold.com

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.

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