Toronto, Ontario--(Newsfile Corp. - June 22, 2022) - KGL Resources Ltd. (TSXV: KGL) ("KGL" or the "Company") announced today that it has completed its previously announced share settlement transaction with former directors and officers, extinguishing all claims of such persons in consideration for the issuance of an aggregate of 1,420,000 common shares of the Company (reduced from the previously announced total of 1,500,000 common shares by agreement with one of the parties). The share settlement was approved by disinterested shareholders at the Company's annual and special shareholders' meeting held on June 20, 2022. All shares issued pursuant to the share settlement are subject to a 4-month hold period expiring October 22, 2022.

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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