Discovery Alaska : Quarterly Activities / Cashflow Report

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27 January 2022

QUARTERLY ACTIVITIES REPORT

DECEMBER 2021

Discovery Alaska Limited (ASX: DAF) ("the Company") is an Australian based mineral exploration company with a 100% interest in the Chulitna Project in Alaska, USA.

The Company provides the following update for the Quarter;

Exploration Activities

Chulitna Project (Alaska) (100% interest)

The Company continued works to progress activities at the Chulitna Project in Alaska, including key milestones -:

Completing the maiden exploration program, via a sampling program with 253 samples collected and achieving analysis results up to 73.9g/t Au, 1500g/t Ag & 21.1% Cu.

The exploration works identified surface mineralisation at the Partin Creek prospect and surrounding areas.

The project contains multiple prospect targets for varying commodities, including gold, silver, tin, copper & base metals.

The Chulitna Project comprises 308 State mining claims covering 199.4km2, is located on State of Alaska public lands, and is not subject to any Native Title claims, native lands, or native claimant groups. The project lies approximately 250km north of Anchorage and close to the major Parks Highway, which runs mostly parallel to the State owned Alaska railroad.

Partin Creek Prospect

The Company engaged an experienced and well-credentialed Alaskan professional geological consulting services group to conduct and manage the field exploration program, which comprised the collection of 253 samples (167 rock samples and 86 talus fines samples) and geological mapping works at targeted prospect sites within the project area.

The main exploration program objective was to duplicate the known gold occurrences at the Partin Creek prospect and expand works to the northeast and southwest, to target a robust and coherent gold system with considerable strike length.

A total of 167 rock samples were analysed, with results achieved up to 73.9g/t Au, 1500g/t Ag and 21.1% Cu. Other significant rock sample analysis results include 30g/t Au, 28.7g/t Au, 477g/t Ag, 414g/t Ag, 2.63% Cu and 2.62% Cu. The rock sample analysis results with >5g/t Au are shown below.

Discovery Alaska Limited

ACN 147 324 847 ABN 50 147 324 847 18 Sangiorgio Court, Osborne Park WA 6017 Locked Bag 4, Osborne Park DC WA 6916 Ph: [phone] Fax: [phone] Website www.discoveryafrica.com.au

For personal use only

Sample_ID	UTM_E	UTM_N	Elev (m)	Sample_Type	Unit	Au_g/t	Ag_g/t Cu_ppm
D397665	349375.1	6996307.8	1215	Outcrop-chip	Skarn	73.9	26.7	2750
D397515	349877.3	6996013.1	1354	Outcrop-select	Vein	30.9	1500	13650
D397528	350079.5	6996817.2	1505	Outcrop-select	Vein	28.7	304	26200
D397518	350052.5	6996132.8	1514	Float-Select	Vein	22.9	95.3	3500
D397564	350318.3	6996337.6	1631	Subcrop select	Vein	22.4	123	8570
D397582	350321.9	6996324.6	1623	Subcrop -select	Vein	20.2	477	14900
D397566	350293.6	6996299.2	1628	Subcrop-Select	Vein	20.1	384	14700
D397563	350345.0	6996362.9	1638	Float-select	Vein	17.65	44.2	2930
D397526	350083.1	6996816.6	1508	Outcrop-chip	Vein	17.1	39.9	17050
D397567	350255.6	6996250.7	1622	Subcrop-Select	Vein	16.75	38.7	15850
D397527	350081.4	6996818.7	1507	Outcrop-chip	Skarn	12	30	13100
D397613	349731.0	6996501.0	1445	Outcrop-chip	Skarn	11.85	99	26300
D397644	349777.0	6996434.7	1431	Outcrop-chip	Vein	11.55	96.7	10600
D397517	350068.5	6996131.3	1514	Subcrop-Select	Vein	11.15	21.5	831
D397512	349884.3	6996225.7	1398	Outcrop-select	Vein	11	77.2	3470
D397525	350081.4	6996826.6	1506	Outcrop-chip	Vein	10.05	69.5	4540
D397593	350185.8	6996158.8	1578	Subcrop-select	Vein	9.71	139	3640
D397642	349759.1	6996447.6	1440	Outcrop-chip	Vein	9.01	67.2	5110
D397529	350077.2	6996815.2	1503	Outcrop-chip	Skarn	8.99	12.35	14000
D397568	350251.8	6996249.5	1621	Subcrop-Select	Vein	8.61	25.6	737
D397595	350153.5	6996092.3	1540	Float-select	Vein	8.59	190	7540
D397636	349762.6	6996461.0	1441	Outcrop-chip	Vein	8.16	75.4	4570
D397597	350174.0	6996050.4	1518	Outcrop-select	Vein	7.99	78.2	897
D397588	350145.1	6996166.1	1581	Float-select	Vein	7.9	262	7620
D397519	350051.2	6996113.9	1510	Subcrop-Select	Vein	7.17	16.75	1035
D397645	349777.5	6996434.7	1431	Outcrop-chip	Skarn	7.01	60.4	8490
D397666	349344.8	6996295.4	1197	Outcrop-chip	Vein	6.86	244	12900
D397514	349883.1	6996015.9	1353	Outcrop-select	Vein	6.82	414	8430
D397652	350071.1	6996583.6	1617	Subcrop	Vein	6.02	344	9170
D397598	350202.0	6996069.5	1500	Float-select	Vein	5.59	25.3	3620
D397586	350155.1	6996168.4	1586	Subcrop-Select	Vein	5.55	49.7	7510
D397569	350233.4	6996235.0	1615	Subcrop-select	Vein	5.34	13.5	226
D397583	350305.5	6996291.8	1615	Outcrop-chip	Basalt	5.17	5.96	720
D397634	349763.5	6996460.1	1441	Outcrop-chip	Vein	5.16	344	12200

Table 1. Chulitna Project - Rock Sample Analysis Results (with >5g/t Au)

A total of 85 talus fines samples (collected along the base of steep cliffs) were analysed (one sample was lost in transit to the laboratory), with results achieved up to 7.18g/t Au and 12.25g/t Ag. The talus fines sample analysis results with >0.5g/t Au are shown below.

Discovery Alaska Limited

ACN 147 324 847 ABN 50 147 324 847 18 Sangiorgio Court, Osborne Park WA 6017 Locked Bag 4, Osborne Park DC WA 6916 Ph: [phone] Fax: [phone] Website www.discoveryafrica.com.au

For personal use only

Sample_ID	UTM_E UTM_N	Elev (m) Au_g/t	Ag_g/t	Cu_ppm
D398003	350512	6996588	1555	7.18	12.25	3110
D398004	350470	6996563	1568	2.01	3.81	1270
D398002	350594	6996612	1570	1.325	3.92	924
D398006	350472	6996478	1542	1.055	1.67	729
D398001	350284	6995807	1325	0.718	1.81	965
D398103	348469	6994662	1548	0.704	0.3	320
D398018	350337	6995916	1355	0.699	3.28	1490
D398011	350475	6996236	1488	0.671	6.92	2180
D398007	350462	6996438	1542	0.64	2.36	886
D398005	350454	6996515	1556	0.598	2.29	479
D398019	350290	6995890	1361	0.539	4.54	882
D398015	350399	6996048	1423	0.529	2.83	935

Table 2. Chulitna Project - Talus Fines Sample Analysis Results (with >0.5g/t Au)

The Company is encouraged by the exploration sampling results achieved at the Partin Creek prospect during this phase of work, and will now prepare next stage follow up works with the aim to identify priority sites for subsequent potential drilling works.

The Company will continue to review and assess the historical exploration works and results from other priority prospects within the project area.

Figure 1. Chulitna Project - Location map with prospect targets

Discovery Alaska Limited

ACN 147 324 847 ABN 50 147 324 847 18 Sangiorgio Court, Osborne Park WA 6017 Locked Bag 4, Osborne Park DC WA 6916 Ph: [phone] Fax: [phone] Website www.discoveryafrica.com.au

For personal use only

Figure 2. Chulitna Project - Partin Creek Prospect Overview

Figure 3. Chulitna Project - Partin Creek Prospect Geology

Discovery Alaska Limited

ACN 147 324 847 ABN 50 147 324 847 18 Sangiorgio Court, Osborne Park WA 6017 Locked Bag 4, Osborne Park DC WA 6916 Ph: [phone] Fax: [phone] Website www.discoveryafrica.com.au

For personal use only

New Project Opportunities

The Company will continue working to identify and review other new projects that may complement the Company's current activities.

Warriedar Gold Project

The Company relinquished its full interest in the Warriedar Gold Project - Exploration Licence 59/2405 in Western Australia to former owner, Mr Bruce Legendre.

No exploration activities were conducted at the project prior to the Company relinquishing its interest in the tenement.

Covid-19

The Company continues to take appropriate safety measures and actions to protect our staff and business operations, including precautions advised and regulated by the Australian Government. First and foremost, our priority is the health, safety and wellbeing of our staff,‐ partners and community, and as such, the Company is actively monitoring the Covid 19 situation.

Corporate

The Company held its Annual General Meeting during the quarter, whereby shareholders approved the change of company name to Discovery Alaska Limited.

The Directors and Company Secretary exercised their unlisted options at 3.2 cents per share, resulting in the issue of 20m shares and raising $640,000 for working capital.

Additional ASX Disclosure Information

ASX Listing Rule 5.3.1: Costs incurred on exploration and evaluation at the Chulitna Project were approximately $156,000 during the quarter.

ASX Listing Rule 5.3.2: There were no substantive mining production and development activities during the quarter.

ASX Listing Rule 5.3.5: As outlined in the attached Appendix 5B (section 6.1), during the quarter, the Company paid Director's fees of approximately $59,000 - which related to both the September and December 2021 quarters.

Schedule of Tenements

The schedule of tenements held by the Company at the end of the Quarter is shown below. Tenement E59/2405 was relinquished.

Discovery Alaska Limited

ACN 147 324 847 ABN 50 147 324 847 18 Sangiorgio Court, Osborne Park WA 6017 Locked Bag 4, Osborne Park DC WA 6916 Ph: [phone] Fax: [phone] Website www.discoveryafrica.com.au