Tanzanian Royalty Announces Closing of Convertible Note Financing of US$10 Million

December 30th, 2014

VANCOUVER, BRITISH COLUMBIA–(Marketwired – Dec. 29, 2014) – Tanzanian Royalty Exploration
Corporation (TSX:TNX)(NYSE MKT:TRX) (the “Company”) is pleased to announce that it has closed the
issuance of US$10,000,000 in convertible senior notes and up to 3,642,857 common share purchase warrants
to an institutional lender. The facility may be increased to US$15,000,000, subject to financial criteria.
Forefront Capital acted as Placement Agent.

The Company will apply the proceeds of this financing to complete the final commissioning of the first phase
of its Buckreef Gold Mine and to add to its working capital. Mr. James E. Sinclair, CEO of Tanzanian Royalty,
stated “In light of the difficult financial market conditions affecting our industry, we are particularly proud of
this financing which will be sufficient to complete the commissioning of phase I of our Buckreef Project and
increase our working capital. We are excited about finalizing our plans for phase II.”

For the full press release please click here…