The Company is also in receipt of$1.95 millionnet to the Company as the next instalment forNovember 2021in the Kurdistan Regional Government ("KRG") receivable repayment mechanism calculated based on the KRG's proposed amendment to the mechanism repayment terms as announced onMay 13, 2021. Today's payment reduces the KRG's outstanding receivable amount owed to the Company to$18.88 million.

Recently ShaMaran received notice from Pareto Securities AB ("Pareto") that Pareto would not be continuing in its role for the Company as Certified Adviser in Sweden.  Following such notification, the Company has held a competitive bid process for a Certified Adviser to replace Pareto and the Company is pleased to announce that the Company's Certified Adviser will become Arctic Securities AS (Swedish branch) on Nasdaq First North Growth Market (Sweden) effective March 9, 2022. ShaMaran thanks Pareto for the over ten years of service as the Company's Certified Adviser in Sweden.

OTHER

This information is information that ShaMaran is obliged to make public pursuant to the EU Market Abuse Regulation.This information was submitted for publication, through the agency of the contact persons set out below, on March 4, 2022 at 2:00 a.m. Eastern Time.  Pareto Securities AB is the Company's current Certified Adviser on Nasdaq First North Growth Market (Stockholm), +46 8402 5000, certifiedadviser.se@paretosec.combut on and after March 9, 2022 the Company's Certified Adviser will be Arctic Securities AS (Swedish branch), +46844 68 61 00, certifiedadviser@arctic.com.

Neither the 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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