Gold Bull Resources Corp. reported completion of its Sandman Scoping Study at its 100% owned Sandman Project ("Sandman" or the "Project") located in Humboldt County, Nevada, USA. The Sandman Scoping Study has identified a stand-alone low-cost start-up heap leach gold opportunity.

The study focused on only mining mineralized material above the water table, which represents approximately 50% of the current NI 43-101 mineral resource. The Study highlights include: Scoping Study based on only 250,000 ounces of 494,000-ounce NI 43-101 gold resource. Production rate of 2.1 Mtpa for an initial 5-year operation 35,000 ounces of gold per annum produced from conventional heap leach At USD1,800/oz gold price: + IRR of 99% (pre-tax), NPV 10% USD 77.2 million (pre-tax), Payback period of 1.1 years (pre-tax), Average grade 0.74g/t gold (all oxide), Low strip ratio of 1.6:1, Low Capital requirement of USD 28.8 million including working capital USD 4.3 million, Low operating cost of USD 15.99 per tonne, All in Sustaining Cost (AISC) of USD1,173/oz of gold, Phase 1 (this study) focusses on the oxide feed above the water table only and Phase 2 and remainder of the gold resource below water table has not yet been investigated.

This Scoping Study focused on the extraction of above water table oxide feed only, to facilitate cost effective and rapid mine commissioning. Additional Mineral Resources located below the water table will be included in future mine studies. The final Scoping Study will be a preliminary economic assessment, per NI 43-101 regulations, and will be filed on SEDAR within 45 days.

The Sandman Scoping Study [prepared by Jerod Eastman, President of DJ 6E Consulting LLC, an independent third-party consultant] has demonstrated potentially strong financial metrics for the Sandman Project based on a proposed stand-alone low-cost start-up heap leach gold mine project located approximately 25 km from the mining town of Winnemucca in central Northern Nevada, USA. This study investigated a Phase 1 five-year mine plan of above water table oxide material processed onsite via conventional Heap Leach processing. Gold Bull considers Sandman to be technically low risk, given the low strip ratio and significant historical database that the study was based on.

The figures in the Scoping Study are focused only on the above water table mining scenario. There is additional oxide and sulfide gold mineralization below the water table and these mineralized materials will be included in future feasibility studies. The above water table mine scenario in the Scoping Study targets near-term cash flow to later fund below water table oxide mine studies and development.

This work must include further studies for sulfide product processing and additional resource drilling. The Sandman Project Scoping Study reports an IRR of 99%, NPV10% of USD 77 million, annual cashflow of estimated USD30M, and a payback period of 1.1 years when applying a gold price of USD 1,800/oz of gold. The initial capital cost is USD28.8M, which includes working capital of USD 4.3 million, and a further USD 8.3 million will be required in year 3 as sustaining capital for additional mine studies and second leach pad commissioning.

Total operating cost is USD 15.99 per tonne and all in sustaining cost of USD 1,173/oz gold. Royalty is low at 1.2% of product. Phase 1 contained oxide gold above the water table amounts to approximately 250,000 ounces with a head grade of 0.74 g/t gold spread across four known gold deposits.

The 250,000 ounces of contained gold above water table that this study is based upon comprises approximately 50% of the 2021 pit-constrained NI 43-101 Mineral Resource Estimate of 494,000 ounces. The four gold resources shall be mined via conventional open pit mining methods, with an average waste to product ratio of 1.6:1, annual production is 35K oz gold, with 2.2Mt feed production rate.