CORRECTION OF SOURCE: KWG announces extension of its private placement of convertible bonds and appointment of new director Page 1

Toronto, Ontario–(Newsfile Corp. – September 3, 2024) – KWG Resources Inc. (CSE: CACR) (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 approved on August 29, 2024 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 announced the appointment, effective August 29, 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 as Chief of Staff to the Canadian Minister of Indian Affairs & Northern Development in his career and participated in the creation of the Territory of Nunavut and the Yukon Comprehensive Land Claims & Self-Government Settlement. He currently serves as Chairman of the Canada-Saudi Business Council and was previously a founding member and Chairman of the Canada-UAE Business Council. Investment in the Middle East mining sector has been significant in recent times. Last May, UAE-based AD Ports Group announced that an MOU had been signed with Vale SA (“Vale”) for the supply of 50 million tonnes of iron to its Mega Hub to supply low-carbon steelmaking. The Ring of Fire’s chrome discoveries could potentially provide additional chrome for low-carbon stainless steelmaking in the future. Additional carbon reductions can be achieved in stainless steel production by using the direct reduction method developed and patented by KWG. Saudi Arabia’s national mining company Ma’aden became a 10% shareholder of Vale in a joint investment in April 2024. Vale had previously acquired Canadian Inco in 2006.