Empire Resources Limited announced that it has commenced a circa 3,500m aircore (AC) drilling campaign at its 100% owned Penny's Gold Project 45km east of Kalgoorlie in Western Australia. The drilling is planned to follow up strong gold intercepts from drilling undertaken by Empire during September 2022 at the Penny's Gold Project, testing the extents of the mineralisation encountered. The campaign will take approximately 2 weeks to complete with laboratory assay returns expected approximately 6 weeks following thereafter.

The Penny's Gold Project targets lie immediately adjacent to and along strike of the existing 270,000t @ 4.99g/t Au for 43,000oz Resource at the Penny's Find Gold Mine. Empire is entitled to royalties on gold production from mining operations undertaken at the Penny's Find Gold Mine which is owned by Horizon Minerals Limited. Gold mineralisation within the Penny's Gold Project is interpreted to be similar to that encountered at Penny's Find Gold Mine and the Garibaldi Deposit, where gold is associated with shear related quartz veining within mafic volcanic rocks, shales (including black shales) and minor altered felsic rocks.

The mineralised Penny's Find Shear Zone extends through E27/593 along with subparallel structures. Empire completed 69 aircore holes for 5,269m in September 2022 . Assays from the complete drill program returned multiple anomalous and high-grade gold±arsenic results across all prospects.

In December 2022 Empire geological staff collected 1m re-split samples from select composite aircore intervals >0.40g/t Au. The results of the 1m re-split sampling reinforces the tenor of gold mineralisation encountered and improves targeting of future drilling. Drilling at PF09 targeted historic MMI anomalies within a structural corridor interpreted from aeromagnetic data to be subparallel to the Penny's Find Shear Zone.

Anomalous gold mineralisation intersected in previous aircore and RC drilling undertaken by Empire between 2019 and 2021 also supported the drill targeting. Composite sample results from the September 2022 aircore drilling included: 7m @ 1.66g/t Au from 48m (EOH) in PAC22-29 including 2m @ 2.42g/t Au from 52m 3m @ 0.55g/t Au from 92m in PAC22-33 1m re-split samples were collected in December 2022 from select original aircore drilling composite intervals. The results of the 1m sampling reported in this announcement includes: 2m @ 4.45g/t Au from 51m in PAC22-29 including 1m @ 5.49g/t Au from 51m; 1m @ 1.82g/t Au from 91m in PAC22-31; 1m @ 1.64g/t Au from 72m in PAC22-30; 2m @ 1.02g/t Au from 73m in PAC22-38.

Drilling at PF09 intersected basalt with a local fine spinifex texture along with zones of black shale (carbonaceous locally). The weathering profile ranged from 40 ­ 110m thick. Drillhole PAC22-26 intersected residual gold in saprolite, while drillholes PAC22-27, and PAC22-29 to PAC22-33 intersected anomalous gold at the fresh rock interface associated with quartz veining, +/-pyrite <2% and foliated basalt.

A strong arsenic anomaly (120 ­ 3,252ppm As) is typically associated with anomalous gold at the fresh rock interface. Drilling at PF06 targeted historic MMI anomalies and anomalous gold intersected in previous aircore drilling undertaken by Empire in 2019 (PAC19-53: 12m @ 0.26gt Au from 12m). The proximity of PF06 to the Penny's Find Shear Zone elevates the priority of this target.

Composite sample results from the September 2022 aircore drilling included: 4m @ 2.41g/t Au from 56m in PAC22-50; 4m @ 0.54g/t Au from 36m in PAC22-47. 1m re-split samples were collected in December 2022 from select original aircore drilling composite intervals. The results of the 1m sampling reported in this announcement includes: 3m @ 2.37g/t Au from 56m in PAC22-50 including 1m @ 5.14g/t Au from 56m; 2m @ 1.17g/t Au from 36m in PAC22-47.

Drilling intersected basalt with a local fine spinifex texture similar to that encountered at PF09 along with domians of mafic schist. Anomalous gold was intersected in saprolite/saprock associated with relict quartz veining. Anomalous gold mineralisation was also encountered at the fresh rock interface associated with quartz veining and foliated basalt.

An arsenic anomaly (80 ­ 1,463ppm As) also occurs at PF06, although weaker than that seen at PF09. Aircore drilling at PF07 targeted historic MMI anomalies coincident with an extension to the Penny's Find Shear Zone interpreted from aeromagnetic data. Old workings at PF07 are considered poorly tested by previous drilling.

Results from the composite assays collected dring the September 2022 aircore program were previously announced and include: 8m @ 2.89g/t Au from 64m in PAC22-14 including 4m @ 5.33g/t Au from 64m; 12m @ 0.76g/t Au from 92m in PAC22-06 including 4m @ 1.22g/t Au from 12m; 4m @ 0.89g/t Au from 124m in PAC22-19; 9m @ 0.56g/t Au from 72m (EOH) in PAC22-08; 4m @ 0.65g/t Au from 84m in PAC22-09; 1m re-split samples were collected in December 2022 from select original aircore drilling composite intervals. The results of the 1m sampling reported in this announcement includes: 6m @ 3.73g/t Au from 64m in PAC22-14 including 1m @ 8.47g/t Au from 65m and 1m @ 6.06g/t Au from 67m; 1m @ 1.89g/t Au from 62m in PAC22-10; 1m @ 1.51g/t Au from 75m in PAC22-08; 2m @ 1.22g/t Au from 78m in PAC22-08. Drilling at PF07 intersected basaltic rocks with domains of mafic schist.

The weathering profile ranges in thickness from 30 ­ 130m thick. Gold was intersected in the regolith and in end of hole lithology associated with quartz veining and pyrite <2%. A patchy but strong arsenic anomaly (200 ­ 2,563ppm As) is associated with a significant portion of PF07 drilling.