Tanzanian Royalty Announces ‘Significant’ Restructuring of Convertible Note Financing

March 25th, 2015

TORONTO, ONTARIO–(Marketwired – March 25, 2015) – Tanzanian Royalty Exploration Corporation
(TSX:TNX)(NYSE MKT:TRX) (the “Company”) is pleased to announce that it has amended the recently
announced terms of its convertible senior note financing with an institutional lender, the first drawdown under
which successfully closed on December 29, 2014.

Under the original financing terms, notes in the principal amount of US$10,000,000 were issued at an 8%
discount, yielding an initial funding amount of US$9,200,000. The initial (closing) drawdown was
US$1,766,558, and the balance of the funded amount (less expenses of issue) was placed in escrow to be
available for future drawdowns, subject to the Company meeting certain financial ratios. The notes were to
bear interest at 8% per annum, payable monthly.

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