1、Tsodilo Resources Limited Annual Report 2021 Table of Contents Managements Discussion and Analysis-P.1 Consolidated Financial Statements-P.21 Financial Reporting Responsibility of Management-P.22 Independentent Auditors Report-P.23 Information for Investors-IBCTSODILO RESOURCES LIMITED Managements D
2、iscussion and Analysis FOR THE YEAR ENDED DECEMBER 31,2021 The Managements Discussion and Analysis has been authorized for release by the Companys Board of Directors on May 31,20221Managements Discussion and Analysis This managements discussion and analysis(“MD&A”)should be read in conjunction with
3、the consolidated financial statements of the Company and the notes thereto for the years ended December 31,2021 and 2020.The Companys consolidated financial statements are prepared in accordance with International Financial Reporting Standards(IFRS).The Companys functional and reporting currency is
4、United States dollars and all amounts stated are in United States dollar unless otherwise noted.In addition,the Company has three Botswana operating subsidiaries,Newdico(Pty)Ltd.,Gcwihaba Resources(Pty)Ltd.and Bosoto(Pty)Ltd.which have a functional currency of the Botswana Pula.This managements disc
5、ussion and analysis has been prepared as at May 31,2022.Disclosure of a scientific or technical nature in the MD&A was prepared under the supervision of Mr.Macdonald Kahari,the Companys Qualified Person,as that term is defined in National Instrument 43-101.Some of the statements in this MD&A are for
6、ward-looking statements that are subject to risk factors set out in the cautionary note contained herein.Additional information about the Company and its business activities is available on SEDAR at .OVERVIEW Tsodilo Resources Limited(“Tsodilo”or the“Company”)was organized under the laws of the Prov