21 May 2021

Pathfinder Minerals Plc

("Pathfinder" or the "Company")

Update re Bilateral Investment Treaty Claim

Pathfinder announced on 11 December 2020 that the title holder for mining concession 4623C (the "Licence"), as specified on the Mozambique Mining Cadastre Portal, had changed to TZM Resources S.A. ("TZM"). Pathfinder's solicitors have written to TZM to place it on notice that a dispute is underway regarding the ownership of the Licence and that, absent an acceptable resolution of the dispute with the Government of Mozambique, Pathfinder intends to refer the matter to the International Centre for Settlement of Investment Disputes ("ICSID") under the Mozambique - United Kingdom Bilateral Investment Treaty (2004) (the "Treaty").

Accordingly, TZM should be on notice that it could lose the benefit of its investment to date in the Licence, together with any further investment it may make in relation to the Licence. Pathfinder would be pleased to clarify the position with TZM if it chooses to make contact either directly with the Company, via its solicitors, or alternatively through the Mozambique Ministry of Mineral Resources and Energy.

Peter Taylor, Chief Executive Officer, commented:

"We believe that a successful Treaty claim against the Government of Mozambique in respect of the Licence would likely prevent any attempt by TZM, or such other third-party, to develop the Licence. It is right therefore that the Company's solicitors should place TZM on notice of its potential exposure in relation to the Licence which was diverted from Pathfinder in 2011 through a process which we believe was unlawful."

Enquiries:

Pathfinder Minerals Plc

Peter Taylor, Chief Executive Officer

Tel. +44 (0)20 3143 6748

Strand Hanson Limited (Nominated & Financial Adviser)

James Spinney / Ritchie Balmer / Rob Patrick

Tel. +44 (0)20 7409 3494

Vigo Consulting (Public Relations)

Ben Simons / Kate Kilgallen

Tel. +44 (0)20 7390 0234

Email. pathfinderminerals@vigoconsulting.com

Novum Securities Limited (Corporate Broker)

Colin Rowbury / Jon Belliss

Tel. +44 (0)20 7399 9400

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").