Lake Goongarrie announces drilling results update. Recent diamond drilling at the Goongarrie Gold Project (GGP) has delivered several significant intersections and many low-grade intersections which have shown the large scale gold potential at the Sir Laurence prospect. The progress and extent of drilling at Sir Laurence has been limited by the overall conditions which has meant that many of the targets could not be tested.

As a result, exploration will be subject to the right weather conditions before further drilling will be considered. The Company announced on 5 September 2022 that the Selkirk Deposit infill drilling completed by BML Ventures Pty Ltd. (`BML') - JV partner on the Selkirk Deposit) has confirmed the high-grade nature of the deposit's gold mineralisation. The Selkirk Deposit is a discrete gold orebody within M29/154 in the Menzies Gold Project with a Mineral Resource Estimate (MRE) of 11,500 oz @ 2.15g/t Au (0.5 g/t Au cut off) as announced to the ASX on 26 April 2022.

This drilling further supports the planned cut back of the pit shell and decision to resume mining and processing. It also highlights the opportunity for further drilling at Menzies to delineate high-grade plunging lodes, as historically mined at Menzies. Further targeted drilling has the potential to improve the grade, tonnage and gold inventory potential of the Menzies Gold Project.

Historic productions at Menzies was approximately 800,000oz of gold at 19 g/t Au (as announced to the ASX on 9 July 2019). Menzies represents a high-grade mining camp and numerous high-grade intercepts have been made in resource and discovery drilling at Pericles and Stirling, respectively. Further drilling at Menzies will be planned to target an increase in overall grades and to better define overall resource confidence.

Further updates on this initiative will be provided in due course.