Tsodilo Resources Limited announced the results of a second independent Size Frequency Distribution ("SFD") modelled grade and diamond value for the BK16 Large Diameter Drilling ("LDD") aggregate 77.94 carat parcel of 502 commercial size (+1mm) diamonds initially reported on November 7, 2018. In early December 2018, Dr. Paddy Lawless of PJL and Associates discovered that the size frequency model he utilized resulted in an overly optimistic projection of grade values. Given the potential significance of this error, the Company immediately retained the services of Mr. Stephen Coward of Interlaced to review and develop new model grade and valuation figures based on the same raw BK16 data. The approach included in-depth SFD modelling and simulation, and provides direct comparisons with comparable projects, the results of which are reported herein. Given Mr. Cowards specific experience in the SFD modelling discipline the Company has accepted the results of Mr. Coward as definitive for the grade and value modelling of the BK16 deposit. As previously reported by Tsodilo, modelling of drill hole data to 450m indicates a kimberlite tonnage of 18.2 to 20.1 million metric tonnes (Mt), this exploration target is described below. The LDD program produced 2,077 dry metric tonnes of sample from the VK2, VK3, VKxxx and CB lithological domains, which were treated to recover 502 diamonds (stones) weighing 77.94 carats (cts). The SFD modelling results (Table 1) and other BK16 diamond characteristics can be summarized as follows: Using a combination of simulation and extrapolation, the SDF grade (cpht) and value (UDD per carat "$/ct") have been re-modelled to give the following likely in-situ or "run of mine" grade and value (#1 DTC bottom- cut off size): The diamond value ranges from $/ct 281 to $/ct 792; The grade ranges from 4 cpht to 8 cpht (carats per hundred tonne); The Size Frequency Distribution ("SFD") study demonstrates the potential presence of large stones, indicating that 2% to 5 % of the total carats may be greater than 10.8 carats (specials). This compares favorably to Lucara's Karowe Mine on AK06 of which some 5% of the total carats produced are greater than 10.8 carats; BK16 contains high quality diamonds dominated by highly marketable shapes (makeable and sawable), and no boart has been recovered to date.