Alchemy Resources Limited announced the completion of multiple exploration programs at its 100% owned Karonie gold and lithium project located east of Kalgoorlie in Western Australia. Infill soil sampling, mapping and rock chip sampling of the Cherry- Hickory-Pecan lithium anomalies has been completed. Regional soil sampling targeting lithium and gold within the "Goldilocks zone" is also complete.

Drill programs targeting gold have been completed on the Gilmore/Karonie East and KZ5 areas. A total of 2,264 soil samples, 68 rock chip samples and 278 RC drill samples have been submitted with assays pending. Detailed mapping and rock-chip sampling have been completed at the Cherry-Hickory-Mesquite and Pecan prospects.

The program targeted a number of objectives including: i) mapping additional pegmatite bodies, ii) identifying zonation within the pegmatites to identify the most prospective zones, iii) obtaining additional surface rock-chip samples, and iv) infilling the existing soil geochemistry on a 100m x 40m pattern. The mapping identified numerous additional pegmatites with the overall mapped dimensions of the zone increasing to 7.3km x 1.5km. Mapping: Further ground truthing of the lithium anomalies has revealed additional outcropping pegmatites at Cherry and Hickory.

Numerous additional outcrops have been mapped with a combined strike extent of >1.4km. A broad zonation has been recognised, trending from outer zones of high rubidium anomalism in proximity to the Cherry Prospect, to tantalum rich (and lower rubidium) zones at Hickory. In particular, the strongest zones of tantalum mineralisation (122ppm Ta) occur at the northern end of mapped pegmatites at Hickory where these trend under cover.

Infill soil sampling and rock-chip sampling: Infill soil sampling and rock chip sampling programs were completed in late June 2022 over the Cherry-Hickory and Pecan Prospects, with a total 793 soil samples and 68 rock chip samples submitted for multi-element analysis. Results are pending. A key highlight is the typical "UST" Texture (Unidirectional Solidification Texture) where the growth of crystals occurs perpendicular to the dyke walls.

Alchemy has previously completed a desktop study and generated additional lithium targets in the broader Karonie regional area. Alchemy's Karonie tenure covers over 50km of strike extent along the contact zone of a regional granite. These areas sit within a prospective "Goldilocks Zone", a defined corridor in which lithium- caesium-tantalum (LCT) pegmatites exist.

This zone lies outboard of the granitic terrain and within the greenstone belts and is largely untested for battery minerals and in many cases for gold. Alchemy has designed a project wide 400m x 400m spaced soil sampling program to explore for indications of potential LCT pegmatite mineralisation. The soil sampling involved the collection of 1,471 samples and was completed in late June 2022.

Samples have been submitted to the laboratory and results are pending. RC Drilling was completed in mid-June 2022 on the Karonie East infill and KZ5 drill program. In total the drill program comprised 18 RC holes for 2,412m of drilling.

Karonie East: Holes in this area are designed to test a magnetic feature which runs along the northern zone over a 2km strike length, targeting a north-east trending structural dislocation which Alchemy believes is a key control on mineralisation in the region. Assays from the recent aircore drill program returned numerous zones of anomalous gold (>0.1g/t Au) over a strike length of approximately 950m, with a best intercept of 2m @ 2.7g/t Au (48m) in KEAC009, including 1m @ 3.99g/t Au from 48m logged in saprolite 1. RC drilling was designed to test the mineralisation in bedrock both below these intercepts and along strike from this zone. Samples from this drilling have been submitted for analysis with results pending.

KZ5: A single deep RC hole (KZRC110) was completed at KZ5 to test a historically defined electro-magnetic (EM) plate to the north of the existing defined resources. In mid-2021 Alchemy completed a drill campaign which was used to complete a maiden JORC compliant resource2. As a result of the infill drilling and resource modelling, a re-interpretation of the mineralisation envelope showed that mineralisation was offset to the north-west.

This offset zone aligns with an EM Plate which was generated via a Moving Loop and Fixed Loop EM survey conducted in 19913 and could represent a northern extension to the KZ5 mineralisation. Drilling in KZRC110 finished at 198m depth and intersected zones of massive sulphides between 155m-161m which was in line with the modelled depth of the EM plate. Samples have been submitted to the laboratory with assay results pending.

NEXT STEPS: Drill targeting to commence once all assays have been received for infill soils and rock chips. Assess regional assay results for follow-up mapping and additional sampling. Continue to progress Heritage Access Agreements to enable future drill programs. Pending gold assay results will inform additional follow-up programs. Commence early clearing for Western Brown RC drill program.