OreCorp Limited (OreCorp or the Company) is pleased to provide an update on the exploration activities undertaken over the Company's Yarri, Kalgoorlie, Yundamindra and Ponton Projects in the Eastern Goldfields of Western Australia (WA.

As a follow up to OreCorp's maiden drill program in 2021, a preliminary 3- dimensional (3D) gold grade and volume, geological and structural model has been developed for the Company's priority Hobbes Gold Prospect (Yarri Project).

The 3D model has confirmed an extensive primary and secondary gold mineralised system. Significant structural trends controlling the gold mineralisation have been identified from this model. This will assist in the planning of diamond and RC drilling for the maiden Mineral Resource Estimate, scheduled to commence in Q2, 2022. At the Kalgoorlie Project, exploration field work has been initiated for komatiitic hosted sulphide nickel on the Ringlock Dam Licence (E29/1087).

The licence has significant historical drill intercepted sulphide nickel mineralisation at the GSP and Ringlock Prospects in the northerly extension of the Black Swan Komatiitic Complex (BSKC). The BSKC hosts the Silver and Black Swan nickel mines 30kms to the southeast. Drilling will be undertaken in 2022 to test the key prospects as soon as planning and permitting is complete. Systematic, regional soil geochemical sampling programs have been undertaken over targets on several tenements within the Yarri, Yundamindra and Ponton Projects. The sampling programs targeted gold-prospective areas and utilised the UltraFine fraction (UFF) assay method to identify gold and multi-element anomalies. Approximately 3,900 samples were collected over 116km2 and have successfully defined significant, extensive and coherent gold anomalies within five tenements. The majority of these anomalies have not been drill tested by any recent or historical drilling. Follow up work is planned as a prelude to drill testing in 2022. Historical data reviews have continued through 2021 and significant information has been derived from this work.

This includes the Statesman Well Prospect 26km east of Hobbes, where drilling in the mid 1980's identified significant mineralisation over 900m with better intercepts including 20m @ 1.19 g/t Au (uncut, from 46m). This represents a walk-up drill target for the 2022 campaign. The regional aeromagnetic survey, commissioned by the Company in December 2021, is 80% complete and expected to be finished by mid-February. Once received, the final data will be integrated into the Company's database and interpreted to generate and refine further targets.

In commenting on the progress in WA, OreCorp's CEO and Managing Director Matthew Yates said: 'The WA exploration team have done an amazing job in securing and exploring four excellent project areas. This extensive, belt scale approach to exploration in the Eastern Goldfields, has delivered significant discoveries by our team in the past.

Last year saw the team make significant progress on all of the WA project areas. This year we can test the targets generated with drilling programs. The proposed demerger of Solstice Minerals, which remains subject to various approvals, including shareholder and final Board approval, will see a new and exciting exploration driven company in the Eastern Goldfields. I and my fellow Board members are genuinely excited by this opportunity'.

The Yarri Project is approximately 150km northeast of Kalgoorlie between the Keith-Kilkenny Tectonic Zone (KKTZ) and the Laverton Tectonic Zone (LTZ), both of which are major craton-scale structural features known to control significant gold endowment in the Kurnalpi Terrane of the Eastern Goldfields. The Carosue Dam, Porphyry and Deep South Projects that form part of Northern Star Resources' Carosue Dam Operations, hosting 4.275Moz1 gold at 2.0 g/t, are located within the Yarri Project area. During the second half of 2021 OreCorp undertook systematic surface sampling programs over a number of exploration licences using the UFF (-2 m) sample methodology. The surface sampling typically covered areas of the licences where there was limited drill coverage, where drilling was considered ineffective, or the historical surface geochemistry data did not appear coherent. Sampling was undertaken on a systematic grid of 400m line x 50m to 100m sample spacing

Cosmo Licence (E31/1175)

Several anomalous gold-in-soil zones in the north and west of the licence are emerging from the initial UFF data and are untested by any historical or recent drilling. These continuous zones of gold anomalism (>10 ppb) occur in residual soils striking north-northwest and subparallel to the adjacent KKTZ and extend up to 1.8km in length by 200 to 300m in width with a peak gold value of 49.3 ppb.

Lucerne Well Licence (E31/1150)

An exciting zone of gold-in-soil anomalism >5 ppb has been defined in the south-central part of the Lucerne Well Licence with a north-northeast strike that extends for up to 1.7km in length, 150 to 300m wide and is untested by drilling. The core of this anomaly is >20 ppb gold up to 800m long, with a peak value of 50.7 ppb gold. The north-northeast strike of the anomaly is coincident with a fault interpreted from regional aeromagnetic data. Wide spaced reconnaissance RAB drilling has been undertaken by previous explorers in the northeast of the licence however, there has been no previous drilling over the gold anomalies defined by OreCorp.

DiscovEx (ASX:DCX) recently announced (25 January 20222 )its Octavia Prospect which is located approximately 3.5km to the east of the Lucerne Well gold-in-soil anomalies. Encouraging results from aircore drilling included 20m @ 0.48 g/t Au from 52m with nearby historical drilling results including 5m @ 3.3 g/t Au from 68m. The promising results at Octavia are open along strike trending into OreCorp's Edjudina Range Licence (E31/1236) and will be a priority target to follow up in 2022

ABOUT ORECORP LIMITED

OreCorp Limited is a Western Australian based mineral company with gold and base metal projects in Tanzania, Western Australia and Mauritania. OreCorp is listed on the Australian Securities Exchange (ASX) under the code 'ORR'. The Company is well funded with no debt. OreCorp's key projects are the Nyanzaga Gold Project in northwest Tanzania and the Yundamindra, Yarri (including Hobbes), Kalgoorlie (including Ringlock Dam) and Ponton Projects in the Eastern Goldfields of WA

FORWARD-LOOKING INFORMATION

This release contains certain statements which may constitute 'forward-looking information' which are based on the Company's expectations, estimates and projections as of the date on which the statements were made. This forward-looking information includes, among other things, statements with respect to pre-feasibility and definitive feasibility studies, the Company's business strategy, plans, development, objectives, performance, outlook, growth, cash flow, projections, targets and expectations, mineral reserves and resources, results of exploration and related expenses.

Generally, this forward-looking information can be identified by the use of forward-looking terminology such as 'outlook', 'anticipate', 'project', 'target', 'likely', 'believe', 'estimate', 'expect', 'intend', 'may', 'would', 'could', 'should', 'scheduled', 'will', 'plan', 'forecast', 'evolve' and similar expressions. Persons reading this release are cautioned that such statements are only predictions, and that the Company's actual future results or performance may be materially different. Forward-looking information is developed on the basis of, and subject to assumptions, known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information.

Many factors, known and unknown could impact on the Company's investment in its projects. Such risks include, but are not limited to: the volatility of prices of gold and other metals; uncertainty of mineral reserves, mineral resources, mineral grades and mineral recovery estimates; uncertainty of future production, capital expenditures, and other costs; currency fluctuations; financing of additional capital requirements; cost of exploration and development programs; mining risks; social and environmental risks; community protests; risks associated with foreign operations; governmental and environmental regulation and health crises such as epidemics and pandemics. As such, readers should not place undue reliance on such forward-looking information. No representation or warranty, express or implied, is made by the Company that any forward-looking information will be achieved or proved to be correct. Further, the Company disclaims any intent or obligations to update or revise any forward-looking information whether as a result of new information, estimates or options, future events or results or otherwise, unless required to do so by law.

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