Godolphin Resources : Diamond Drilling Commences at Yeoval Copper-Gold Project

ASX ANNOUNCEMENT

4 April 2022

Diamond Drilling Commences at Yeoval

Porphyry Copper-Gold Project

• • Drill rig on site and two-hole, 900m diamond drill program commenced at the 100%-owned Yeoval Copper-Gold Project

• • Existing Mineral Resource Estimate (MRE) of 12.8Mt at 0.38% copper, 0.14g/t gold, 2.2g/t silver and 120ppm molybdenum (0.2% Cu cut off) and classified as Inferred in accordance with JORC (2012)

• • Drill holes to test areas south of the current Inferred MRE for extensions to the MRE, and north at the Cyclops prospect for copper and gold mineralisation at depth beneath historical high grade rock chip assays

• • Drilling will extend to depths not previously tested - Godolphin is targeting highly prospective, deep potassic zones

• • Drilling expected to be complete late April with assay results anticipated early Q3

Godolphin Resources Limited (ASX:GRL) ("Godolphin" or the "Company") is pleased to advise that it has mobilised a drill rig to its 100%-owned Yeoval Copper-Gold Project and commenced the planned two-hole 900m diamond drill program, targeting areas north and south of the current Inferred Mineral Resource to test for extensions to the copper-gold mineralisation.

Figure 1: Picture of drill rig on site at Cyclops prospect.

Managing Director Ms Jeneta Owens said: "It's exciting to see the drill rig on site and operational at Yeoval and to commence the exploration initiatives at the Project. The drill holes have been planned to test an open area to the south of the Yeoval MRE, under copper in soils which will allow us to assess possible extensions to the mineralisation. Further north at the Cyclops prospect, previous drilling is very shallow and has not tested expansive open areas at depth under high grade gold and copper surface rock chip results. We look forward to providing ongoing updates as the program progresses and assay results are received."

Godolphin Resources

ASX Code: GRL	A: Unit 13, 11-19 William Street, Orange NSW 2800	E:[e-mail]
ABN: 13 633 779 950	P: [phone]	www.godolphinresources.com.au

Yeoval Project - Yeoval & Cyclops prospects

The Yeoval tenement is located within the Lachlan Fold Belt and surrounds the township of Yeoval in the Central West of NSW. The tenement is dominated by the Yeoval Batholith, hosting north trending Devonian-aged granites and granodiorite rocks. The Batholith has seen numerous episodes of deformation and the sulphide mineralisation, logged in historic drill holes by previous explorers, documents the localised structural controls on the extent and occurrence of sulphide mineralisation. The normally unaltered to weakly altered porphyritic Naringla Granodiorite in contrast at the Yeoval prospect is described as extensively fractured and has been intruded by porphyritic dacite and rhyolitic dykes. The mineralisation appears to be associated with the intrusions rather than the major structures, as mineralisation is localised within the granodiorite rather than along strike of the faulting. The current diamond drill program has been designed to incorporate anomalous geochemical results, geophysical anomalies and to test structural complexity and controls on the region's mineralisation.

As previously announced, historical drilling at Yeoval has not explored for mineralisation at depth leaving the MRE open in all directions. Despite anomalous copper results being reported from historic holes and supported by historic soil geochemistry, no holes have been drilled south of the Yeoval prospect deeper than 90m (refer ASX announcement: 23 March 2022).

The first drill hole of the program will be completed at the Cyclops prospect and will test the elongated north-south trending geochemically anomalous >400ppm Cu zone (Figure 2) which, from historic soil, rock-chip and shallow reverse circulation percussion (RC) drilling results, reveals copper and gold anomalies. The drill hole will test for copper and gold at depth, aiming to extend the significant mineralised zones seen in the one historic diamond drillhole drilled in 1995 and three shallow RC drillholes drilled in 1994 (Figure 3).

The second drillhole of the program will be drilled to test for possible southern extensions to the current Yeoval MRE (Figure 4).

Figure 2: Left - Plan view of the ≥400ppm soil geochemistry contour extending between the Yeoval and Cyclops prospects.

Location of both cross-sections (while dashed lines) and the two drill hole locations (blue circles) are shown.

Figure 3: Cross-Section looking west at the 2022 Drilling Target Zone north of the Yeoval Mineral Resource Estimated Model. The

Copper 0.2% grade shell modelled from historic drill hole geochemistry is open in all directions

Figure 4: Cross-Section looking west at the 2022 Drilling Target Zone south of the Yeoval Estimated Resource Model. The Copper 0.5% and 0.2% grade shells are open to the south of the deposit.

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This market announcement has been authorised for release to the market by the Board of Godolphin Resources Limited.

For further information regarding Godolphin, please visithttps://godolphinresources.com.au/ or contact:

Jeneta Owens Managing Director [phone]

Released through: Henry Jordan, Six Degrees Investor Relations, [phone]

About Godolphin Resources

Godolphin Resources (ASX: GRL) is an ASX listed resources company, with 100% controlled Australian-based Projects in the Lachlan Fold Belt ("LFB") NSW, a world-class gold-copper and REE province. Currently the Company's tenements cover 3,200km2 of highly prospective ground focussed on the Lachlan Transverse Zone, one of the key structures which controlled the formation of copper and gold deposits within the LFB. Additional prospectivity attributes of GRL tenure include the McPhillamy's gold hosting Godolphin Fault and the Boda gold-copper hosting Molong Volcanic Belt.

Godolphin is exploring for structurally hosted, epithermal gold and base-metal deposits and large, gold-copper Cadia style porphyry deposits and is pleased to announce a re-focus of exploration efforts for unlocking the potential of its East Lachlan tenement holdings, including increasing the mineral resource of its advanced Lewis Ponds Project. Reinvigoration of the exploration efforts across the tenement package is the key to discovery and represents a transformational stage for the Company and its shareholders.

COMPLIANCE STATEMENT The information in this report that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Ms Jeneta Owens, a Competent Person who is a Member of the Australian Institute of Geoscientists. Ms Owens is the Managing Director and full-time employee of Godolphin Resources Limited. Ms Owens has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Ms Owens consents to the inclusion in the report of the matters based on her information in the form and context in which it appears.

Information in this announcement is extracted from reports lodged as market announcements referred to above and available on the Company's websitewww.godolphinresources.com.au.

The Company confirms that it is not aware of any new information that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons' findings are presented have not been materially modified from the original market announcements.

ASX ANNOUNCEMENT

Appendix 1 - JORC Code, 2012 Edition, Table 1 Yeoval Resource report

Section 1 Sampling Techniques and Data (Criteria in this section applies to all succeeding sections)

personal use only

Criteria	JORC Code explanation	Commentary
Sampling techniques	• Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report.	Sampling method Description Previous Diamond Drilling: • Reverse Circulation Drilling • Previous drilling completed by Hastings in 1972 (DHID = Y2) was collated by geologists from Auger Resources in 2009 and carefully compiled into a database. The work included: • Converting assay and geological data from feet to meters. • All assay and geological abbreviated lithology were entered into a geological database. • Data validation was completed by plotting and physical checking. • A significant proportion of the drill hole collars had been located and surveyed for spatial location by registered surveyors of hand-held GPS. • RC drilling was used to obtain 1 m samples from 8 holes. These samples were then pulverized and assayed as below: • Cu - Assayed via Atomic Absorption Spectrometry (AAS) • Mo - Assayed via Aqua Regia soluble and AAS • Au-Ag - Assayed via Acid Digest and AAS • Diamond Drilling • Previous drilling completed by Hastings in 1972 (DHID = Y1-Y15) and North Broken Hill in 1973 1nd 972 (DHID = Y16-Y24) was collated by geologists from Auger Resources in 2009 and carefully compiled into a database. The work included: • Converting assay and geological data from feet to meters. • All assay and geological abbreviated lithology were entered into a geological database. • Data validation was completed by plotting and physical checking. • A significant proportion of the drill hole collars had been located and surveyed for spatial location by registered surveyors of hand-held GPS. • Significant sections of the historic drill core have been re-assayed for Cu, Au, Ag and Mo, and this data was incorporated into the data set. • Diamond drilling was used to obtain samples from 37 holes in accordance with their host lithology. • E.g.: • Un-mineralized intervals were sampled at 1.5m or 1m lengths. • Mineralized core was sampled in accordance with its individual length and thus the sample lengths varied from 0.5m -1m. • The samples were pulverized and assayed as below: • Cu - Assayed via AAS • Mo - Assayed via Aqua Regia soluble and AAS • Au, Ag, Pb, Zn, Ni, Co - Assayed via Acid Digest and AAS

Godolphin Resources

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