Katoro Gold PLC entered into a conditional agreement with Trans Namibian Mining and Minerals (Pty) Ltd. ('TNMM') to undertake exploration/development activities on TNMM's iron ore project in Namibia. Katoro has entered into a binding conditional agreement to form a 50/50 unincorporated joint venture ('JV') with TNMM (and together with Katoro, the 'JV Partners'). The JV seeks to continue the development of TNMM's iron ore project.

The TNMM Properties comprise the four farms owned by TNMM in Namibia (the 'Project' or the 'Trans Namibian Iron Ore Venture') and known as Naruchas, Kanubeb Wes, Kanubeb Oos and Kanubeb. The most exploration work undertaken to date has been on an iron ore project based on the Naruchas farm ('Naruchas'). The deposit on the Naruchas farm is being explored for medium- to high-grade sedimentary iron ore.

The iron ore on Naruchas occurs as a black to dark-grey laminated ore with massive magnetite and hematite mineralisation. The JV Partners plan to continue the exploration and potential development of deposits of iron ore and any other minerals from the TNMM Properties. TNMM also holds the associated prospecting licenses issued by the Government of the Republic of Namibia (the 'TNMM Rights').

TNMM is the current operator of the Project and holder of the rights over 100% of the project.