Alice Queen Limited provided an update in relation to an application made under the Queensland, Collaborative Exploration Initiative (CEI) (Round 7) for Critical Minerals at its Horn Island project located in the Torres Strait, Queensland. Southern Silicified Ridge (SSR) - Horn Island: The Southern Silicified Ridge (SSR) at Horn Island is a surface expression of more than 5km with associated IP anomalies, Whilst the SSR, Horn Island's second prospect, has primarily been a gold target, recent drill results and importantly, a review of the integrated geochemistry from both drilling and rock chip sampling, indicate a broad zone of Copper is emerging NE and SE of the SSR. The highest-grade copper was intercepted at depth, suggesting that enrichment maybe strengthening towards a potential source that is driving mineralisation. Significant copper intersections recently returned from drilling the Jedha 1 IP anomaly include: 1m @ 0.1 % Cu from 161m depth (22NGD108); 1m @ 3% Cu from 173m depth (22NGD108); 1m @ 0.3% Cu from 69m depth (22NGD106).

The emerging copper zone identified at Horn Island warrants further targeted drilling to test for strengthening copper at depth. Queensland, Collaborative Exploration Initiative (CEI) Round 7 Queensland's, Collaborative Exploration Initiative (CEI) Round 7 for 2023 is administered through the Geological Survey of Queensland (GSQ) via the Queensland Department of Resources. Grants offered are up to $250,000 and are aimed at the discovery of Critical Minerals.

Copper is identified as a Critical Mineral as transition towards decarbonisation. Round 7 of the CEI is no longer restricted to the Northeast and Northwest Mineral regions, therefore Horn Island is eligible for the grant. The Company is seeking the maximum $250,000 grant to sufficiently test up to 500m below the emerging copper zone at Horn Island.