Tanzanian Royalty Announces Letter of Intent Signed for JV Development of a Commercially Producing Mine at Buziba-Busolwa, Buckreef

February 24th, 2014

Tanzanian Royalty Exploration Corporation and Allied Gold Corp. (“AGC”) of United
Arab Emirates are pleased to announce the signing of a letter of intent to develop a
commercially producing mine in the area known as Buziba-Busolwa in Tanzania, in a
stand-alone development that will encompass the Buziba site within the Company’s
Buckreef Gold Project.

Buckreef Gold Company Limited (“BGCL”), a project subsidiary of Tanzanian Royalty
owned 55% by Tanzanian Royalty and 45% by the State Mining Company of Tanzania
(“Stamico”), has signed a letter of intent with ARL Gold Tanzania Limited (“ARL”), a
subsidiary of AGC, to conclude a Definitive Joint Venture Agreement in connection with
a joint venture to be created for the development of a producing gold mine at Buziba-

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