Stavely Minerals Limited announced that it is has commenced a significant new phase of exploration activity at its 100%-owned Stavely Copper-Gold Project in western Victoria after completing an extensive review of regional and near- resource discovery opportunities last year. The Diamond Drill Programme: At the end of 2022 prominent porphyry expert Dr. Steve Garwin was invited to review the drill data for the Cayley Lode and to visit site to inspect the drill core. As a result of Dr. Garwin's review, a new porphyry target has been developed beneath and along plunge of some of the latest and deepest intercepts on the Cayley Lode including holes SMD173 and SMD182.

SMD173 was one of the last diamond drill holes completed during the Mineral Resource drill- out. At the time, some investors and analysts had expressed concerns that the Cayley Lode mineralisation might not extend below the low-angle structure and SMD173 was designed to confirm Stavely Minerals' strongly-held conviction that the mineralisation did continue at depth. SMD173 intercepted 43m at 2.60% Cu, 0.42g/t Au and 10g/t Ag from 378m drill depth.

Of significance is that the character of the mineralisation in SMD173 had changed relative to intercepts from previous drill-holes. The early massive- to semi-massive pyrite phase was less evident and the interval was more dominantly characterised by jigsaw breccia to stockwork veins of quartz-chalcopyrite- hematite-specularite-magnetite. There is very little pyrite in this interval.

SMD182 was the last drill hole completed in the Mineral Resource drill-out. The objective of this drill-hole was to further test the down-plunge extent of the Cayley Lode beyond SMD173. SMD182 intercepted 10.4m at 4.34% Cu, 3.17g/t Au and 11g/t Ag from 421m drill depth, including 4.9m at 6.74% Cu, 6.45g/t Au and 19g/t Ag.

Two important observations from SMD182 are: the clear association of hematite-specularite-magnetite-chalcopyrite with very little pyrite; and the near parity of gold grade in g/t to the copper grade in %. The potential economic significance of an increase in gold grades with high-grade copper in this intercept cannot be overstated. As mentioned in the original announcement, more drilling is required to confirm this increase in relative gold grade but it is not unexpected given the change in the character of the mineralisation.

An initial series of 4 x 800m drill holes have been designed with pierce point spacings approximately 150m apart in a horizontal `fence' across the south-east plunge of the Cayley lode. One diamond drill rig is setting up on the drill site while a second rig is expected within days. Titeline Drilling have agreed to accept the equivalent of the estimated cost ($650,000) of the 4-hole programme in Stavely shares based on the previous 5-day volume-weighted average price.

The Air-core Drill Programme An extensive air-core drilling programme has commenced designed to test a number of targets including follow-up to anomalous results from last year's reconnaissance air-core programmes as well as some newly defined targets. Initial drilling has commenced at the Junction 3 target and will move later this week to the Narrapumelap REE prospect where soil auger sampling had returned anomalous results up to 0.24% TREO+Y. The Narrapumelap REE anomaly is in the Black Range Joint Venture tenement EL5425 between Stavely Minerals (83% and earning-in) and Navarre Minerals (17% and diluting). Follow-up air-core testing of several other regional targets will follow.