Peregrine Gold Limited ('Peregrine' or the 'Company') (ASX: PGD) is pleased to announce the results from its recent reverse circulation ('RC') drilling programme at the Newman Gold Project (the 'Project'). RC Drilling at Tin Can The recently completed drilling programme focused solely on the Tin Can prospect with 31 holes for a total of 1,680 metres drilled.

A total of 458 four metre composite samples including duplicates, standards and blanks were submitted for laboratory testing for gold and multielement analysis. Drill hole depths ranged from 24 to 100 metres with all holes intersecting saprolitic clays or saprock. No fresh rock was intersected.

composite gold results of 10.82 g/t, 4.72 g/t and 11.35 g/t gold respectively and has extended the gold shoot 35 metres down plunge. As well, the longitudinal section reveals that the extended shoot structure is broader. Of additional significance is reverse circulation drill hole 24KRC 2 which returned 8 metres @ 5.93 g/t Au from 32 to 40 metres. This hole was drilled to confirm and expand the gold mineralisation identified during the initial RC drilling programme completed in 2022. During the 2022 programme (ASX: PGD 13 December 2022) two RC holes returned:

These two holes were drilled at right angles to the current drill direction and in conjunction with drill hole 24KRC 2 may confirm the presence of a second high grade gold shoot structure approximately 15 metres beneath the main gold shoot. Diamond drill hole 23KDD 87 drilled up plunge of 24KRC 2 returned 0.5 metres @ 1.12 g/t at the bottom of the hole This possible second shoot structure may be an off shoot from the main shoot structure, or a standalone shoot. Additional drilling will confirm this. As discussed above, all drill holes terminated in saprolitic clays or saprock with no fresh rock intersected. A closer look at the drill logs in conjunction with the assay results reveal that the gold mineralisation is associated with brown to dark brown and red clays with minor quartz material. It is important to note that not all intervals with quartz were anomalous. Additional drilling will endeavour to drill deeper in order to ascertain with confidence the geology-gold mineralisation association. Ten (10) RC holes were drilled to test three discrete gold soil anomalies approximately 250 metres west-northwest of the Tin Can prospect. Best results included: 24KRC 28 4 metres @ 0.52 g/t Au from 4 to 8 metres These holes were drilled approximately 10 metres apart along strike and down dip. The next phase of RC drilling will infill these holes and extend the drilling along strike and down dip. Additional drilling will commence over the next several weeks and 1 metre splits have been collected and submitted for analysis

Contact:

George Merhi Technical

Director

Tel: +61 418 831 069

COMPETENT PERSONS STATEMENT

The information in this report which relates to exploration results is compiled by George Merhi, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Merhi is a Technical Director of Peregrine Gold Limited and a holder of shares, performance shares and options in Peregrine Gold Limited. Mr Merhi has sufficient experience that is relevant to the styles of mineralisation and types of deposit under consideration, and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' (JORC Code). Mr Merhi consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. The Company confirms that it is not aware of any new information or data that materially affects the Exploration Results information included in this report from previous Company announcements results announced on the dates specified in the body of this report.

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