Gascoyne Resources Limited advised that it has received spectacular new assay results which confirm the scale and importance of the new high-grade Never Never gold discovery, located immediately north of its main operating pit at the Dalgaranga Gold Project in Western Australia. Never Never is a high-grade, west-striking and steeply-plunging gold deposit discovered while following up wide, high-grade drill intercepts from the earlier Gilbey's North extension discovery, immediately north of the Gilbey's open pit at Dalgaranga. The initial Mineral Resource Estimate ("MRE") of 79,600 ounces for Never Never was released on 8 September 2022.

Since announcing the MRE, Gascoyne has successfully drilled to define further potential extensions to the resource, including several drill-holes with visible gold and the resource extents remain open at depth. The new assay results reported in this announcement, as shown in the highlights on page 1 are located down-plunge and below the limits of the current MRE, as well as within, around and above the previous MRE. Drilling is continuing with the aim of delivering extension data to update and upgrade the Never Never MRE in the near term.

MURCHISON REGION DALGARANGA GOLD PROJECT ("DGP") The Dalgaranga Gold Project is located approximately 65km by road North-West of Mt Magnet in the Murchison Region of Western Australia and covers the majority of the Dalgaranga greenstone belt. The Dalgaranga Gold Project comprises several declared gold resources across more than 1,000km of tenure. Most gold resources at DGP are centred around the active Gilbey's Mining Centre and the nearby 100% Gascoyne-owned 2.5Mtpa processing facility.

Recent near-mine exploration success has seen the discovery of an extension to the main Gilbey's mineralised trend and the release of a 27koz maiden resource for the Gilbey's North Gold Deposit 140m north of the main Gilbey's open pit. During resource drill-out of the Gilbey's North discovery, the very high-grade Never Never Gold Deposit was also discovered and an initial 78koz @ 3.8g/t gold resource recently declared. Both new gold deposits are mineralised from surface, remain open at depth, and are located within 1,000m of the 2.5Mtpa Dalgaranga process plant.

The Dalgaranga Gold Project is the flagship project for the company and is the single source of gold production for the company at this stage. YALGOO GOLD PROJECT (YGP) The Yalgoo Gold Project (YGP), centred around the Melville and Applecross Gold Deposits, is situated approximately 20km north of the township of Yalgoo in Western Australia and around 110km by road from the 2.5Mtpa Dalgaranga processing plant. The YGP was acquired by Gascoyne in late 2021 and has a number of advanced gold prospects to be explored, both in and around the declared gold resources, as well as throughout the expansive +1,000sqkm tenure package.

RESERVES: There are no declared ore reserves for the YGP at this stage. GASCOYNE REGION: There have been no material changes to the Gascoyne Region Mineral Resource Estimates since the previous reporting period. All details regarding the Mineral Resource Estimates of the Gascoyne Region were updated and released to the ASX on 18 December 2020 ("Group Mineral Resources grow to over 1.3Moz".) and 31 December 2021 ("2021 Mineral Resource and Ore Reserve Statements").

GLENBURGH GOLD PROJECT (GGP): The Glenburgh Gold Project is located in the Gascoyne region of Western Australia. The project is an advanced exploration project comprising 11 gold deposits split into 3 main gold enrichment zones along a 13km-long shear system. RESERVES: There are no declared ore reserves for the GGP at this stage.

MT EGERTON GOLD PROJECT (EGP): The Mt Egerton Gold Project is located in the Gascoyne Region of Western Australia and situated approximately 170km east of the Glenburgh Gold Project. The current declared gold resource at Mt Egerton is made up of the high-grade Hibernian Gold Deposit. The entire Mt Egerton package is under-drilled, the Hibernian Deposit remains highly prospective for resource extension, both along-strike and down-plunge, and the advanced Gaffney's Find gold prospect has returned some very good shallow high-grade gold hits.

RESERVES There are no declared ore reserves for the EGP at this stage.