KGL Resources Announces Transfer of Listing to NEX/ Amendments to Option Plan

Toronto, Ontario--(Newsfile Corp. - July 11, 2022) - KGL Resources Ltd. (TSXV: KGL) ("KGL" or the "Company") announced today that it has been advised by the TSX Venture Exchange that its listing will be transferred to the NEX Board of the TSX Venture Exchange ("Exchange") effective as of the opening of trading on Tuesday, July 12, 2022. The Company previously announced that its listing was being reviewed by the Exchange as a result of the Company not meeting the Exchange's continued listing requirements and the transfer was made for this reason. The NEX is a separate trading board of the Exchange which provides a trading forum for companies that have fallen below the Exchange's ongoing listing standards.

KGL's trading symbol will change from KGL to KGL.H on the effective date as a result of the transfer.‎ The .H symbol extension differentiates NEX symbols from other symbols on the main stock list of the Exchange. There is no change in the Company's name or CUSIP number and no consolidation of capital.

The Company also announces amendments to its stock option plan (the "Plan"). The amendments were approved by disinterested shareholders at the Company's annual and special meeting held on June 20, 2022, and include, an increase in the maximum number of common shares that may be issued under the Plan to 1,696,000 shares, removal of restrictions on the number of shares that may be issued to insiders and to any one person, and certain other changes to allow additional features and make the Plan consistent with recent changes to the Exchange's new Policy on security based compensation. Details of the amendments to the Plan are contained in the Company's management information circular dated May 11, 2022, which is available for viewing and download under the Company's profile on SEDAR.

About KGL Resources

KGL Resources Ltd. is a Canadian mineral exploration company that is listed on the TSX Venture Exchange under the symbol "KGL" and on the Frankfurt Exchange under the symbol "02K". KGL Resources holds a 20% interest in a bid for mining rights to four iron ore concessions located in the Bamyan province of Afghanistan.

For further information, please contact:

Donat Madilo, Interim Chief Executive Officer Tel: +1 (416) 360-3406

Neither 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 release.

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