KWG Announces Extension of its Private Placement of Convertible Bonds and Appointment of New Director Page 1

Toronto, Ontario–(Newsfile Corp. – August 30, 2024) – KWG Resources Inc. (CSE: CACR) (CSE: CACR.A)who does business as The Canadian Chrome company (“CCC“, “KWG” or the “Company“) (The Canadian Chrome Company is a registered business name KWG Resources Inc.) is pleased to announce that its Board of Directors today approved an increase and extension of its previously announced private placement (the “Private placement“) of convertible bonds of the series CD-2024 (the “Bonds“) thereby increasing the Private Placement ceiling to an aggregate of $5,000,000 in bonds on the same terms as previously announced (see the company’s press releases dated May 13, 2024, June 27, 2024, August 2, 2024, and August 15, 2024). On August 2 and 15, 2024, KWG closed two tranches of the Private Placement by issuance of an aggregate of $2,500,150 of notes, with a third tranche of the Private Placement expected to close in late September 2024. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities.

KWG also announces the appointment, effective August 30, 2024, of Jeffrey Steiner to the company’s board of directors to fill a vacant position. Mr. Steiner, an Ontario lawyer and businessman, previously served in his career as Chief of Staff to the Canadian Minister of Indian Affairs & Northern Development and participated in the creation of the Territory of Nunavut and the Yukon Comprehensive Land Claims & Self-Government Settlement. He currently serves as Chair of the Canada-Saudi Business Council and was previously the founding Chair of the Canada-UAE Business Council.

Investment in the Middle East mining sector has been significant in recent times. Manara Minerals, a joint venture between the Saudi Arabian Mining Company (Ma’aden) and the Public Investment Fund of the Kingdom of Saudi Arabia, invested approximately $2.5 billion to acquire 10% of Vale SA (“Vale”) in April. Vale had previously acquired Canada’s Inco in 2006. Last May, the UAE’s AD Ports Group announced that it had signed an MOU with Vale for the supply of an initial 50 million tonnes of iron for annual delivery to the AD Ports Mega Hub in Abu Dhabi, for the supply of low-carbon steelmaking. The Ring of Fire’s chrome discoveries could have the potential to provide free chrome for low-carbon steelmaking in the future. stainless-steel production, as additional carbon reductions can be achieved in stainless steel production by using the direct reduction method developed and patented by KWG.