Phoenix Gold Fund Limited

Vancouver, British Columbia--(Newsfile Corp. - August 3, 2021) - Phoenix Gold Fund Limited ("Phoenix") of Kuala Lumpur, Malaysia, announces it has acquired ownership of an aggregate of 10,000,000 common shares of Tembo Gold Corp. (the "Issuer") pursuant to a non-brokered private placement (the "Offering"). Phoenix acquired the common shares at a price of C$0.15 per share for a total purchase price of C$1,500,000. The Issuer's head office is located at #1305 - 1090 W. Georgia St, Vancouver, BC, V6E 3V7.

Immediately prior to the acquisition, Phoenix owned 999,999 common shares of the Issuer, representing 1.26% of the issued and outstanding shares of the Issuer. As a result of the acquisition, Phoenix now has ownership and control over 10,999,999 common shares, representing approximately 11.75% of the issued and outstanding shares of the Issuer on an undiluted basis (representing an increase in interest of approximately 10.49% from Phoenix's pre-Offering shareholdings on an undiluted basis). The holdings above are calculated as of July 30th, 2021, assuming no further common shares of the Issuer have been issued. Phoenix does not beneficially own or control any convertible securities of the Issuer.

Phoenix acquired the securities for investment purposes. Phoenix may, in the future, participate in financings and/or acquire or dispose of securities of the Issuer in the market, privately or otherwise, subject to a number of factors, including general market conditions and other available investment and business opportunities.

The disclosure respecting Phoenix's shareholdings contained in this press release is made pursuant to National Instrument 62-104 and a report respecting the above acquisition will be filed with the applicable securities commissions using the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) and will be available for viewing at

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