Greenstone Resources Limited reported a significant increase to the Mineral Resource Estimates supporting the Coolgardie Mining Hub, consisting of the Company's 100% owned Burbanks and Phillips Find gold projects near Coolgardie, Western Australia. The updated global Mineral Resource estimate was undertaken in conjunction with Entech Mining and now totals 4,169,930t @ 2.5g/t gold for 332,114 ounces of contained gold, which represents an increase of 186,414 ounces (128%) over the previous Mineral Resource. Importantly, at Burbanks the Resource is largely limited to upper 200 metres with a number of high-grade intercepts as deep as 350 metres below surface remaining outside of the current Resource.

An aggressive extensional drill campaign is underway targeting these immediate additions outside of the Resource area. The Company and previous trial-mining joint venture partner, FMR Investments Pty Ltd. (FMR) have mutually elected to terminate the previously announced agreement. Crucially, this serves to return 100% of the Burbanks operations to Greenstone and aligns with the Company's objective to become a long-term and sustainable gold producer, underpinned by the existing resource and future additions.

Following the recent exploration successes at Burbanks, the Company and previous trial-mining joint venture partner, FMR Investments Pty Ltd. (FMR) have mutually elected to terminate the previously announced agreement. Crucially, this serves to return 100% of the Burbanks operations to Greenstone and aligns with the Company's objective to become a sustainable long-term gold producer. Over the past eighteen months the Company has gained invaluable technical, operating and cost information from the joint venture trial mining operations at Burbanks which will serve to materially de-risk any future operations.

Over the previous twelve months the joint venture has processed 64,700t and produced 2,671oz, inclusive of the recent toll milling campaign in July producing 2,078oz. Following the treatment of the final 25,000 tonnes of ore, the joint venture will be concluded. Over the next six months the Company will seek to expand exploration activities at both Burbanks and Phillips Find, firstly targeting immediate resource additions through infill and extensional drilling in the upper 500m of the known 3.0km mineralised strike extent at Burbanks.

Secondly, outside of areas of known mineralisation the Company owns a further 2.0km of the highly prospective Burbanks Shear Zone which remains unexplored and untested at depth. The Mineral Resource Statement for the Burbanks Global Gold Mineral Resource Estimate (MRE) was prepared during 2022 and is reported according to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the `JORC Code') 2012 edition. The Mineral Resources Estimates (MRE) for the Main Lode, Burbanks North and Burbanks South zones were completed during August and September of 2022.

Concurrently a comprehensive review and revision of the Birthday Gift zone was also completed during August and September of 2022. Collectively the deposits are referred to as the Burbanks deposits, located in the Burbanks Project area. The mineral resources reported within this report utilises all drilling completed to 31st August 2022.

The Burbanks Mining Centre has been held by several operators over the history of the project, including the excision of zones within the mining centre itself. Both the Main Lode and Birthday Gift have been mined historically and more recently with modern mining methods and have been depleted to reflect this. Minor historic small scall mining has occurred within the extents of the Burbanks North and Burbanks South zone, however any material extracted is not considered material to the mineral resource estimate.

Cut-off grades have been applied to the mineral resources to reflect the proximity to the natural surface and likely limits of respective mining methods. This MRE includes Inferred Mineral Resources which are unable to have economic considerations applied to them, nor is there certainty that further sampling will enable them to be converted to Measured or Indicated Mineral Resources. The Coolgardie Goldfield is a constituent of the Yilgarn Craton's Eastern Goldfields, lying on the western margin of the Kalgoorlie Terrane within the ca.

2.7 Ga Norseman-Wiluna Greenstone Belt. An arcuate series of deformed amphibolite facies mafic-ultramafic volcanic and intrusive rocks overlain by felsic volcanic and sedimentary rocks comprise the greenstone belt of the goldfield. The gold deposits of the Coolgardie Goldfield have been categorised historically by the alteration assemblage and zonation around the lodes, or the structural and lithological setting of the deposit.

The four categories based on structural and lithological relationships advanced by Knight (1993) are deposits along sheared porphyry-ultramafic contacts, gabbro-hosted quartz vein sets, fault-bound quartz vein sets, and laminated quartz reefs. Of these styles, laminated quartz reefs have produced approximately half of all gold from the goldfield, including the two producers, Burbanks, and Bayleys. The Burbanks gold deposit is hosted by the high-Mg basalt and dolerite of the Burbanks Formation.

Alteration and subsequent metamorphic differentiation within the sequence has produced varying mineralogy, texture, and grain size within the mafic precursor, which historically has led to the description of gabbro and garnetiferous diorite as part of the host sequence. Recent work by Dr. John Stewart (2015) has dividend the sequence into five tectonostratigraphic units: Fine-grained amphibolite with a basaltic-doleritic appearance Coarse-grained amphibolite with a gabbroic appearance Gneissic amphibolite with a schistose to mylonitic texture Feldspar-amphibole ± garnet gneiss with a dioritic appearance Quartz-veined zones Two generations of later dykes intrude the sequence; one of quartz-feldspar composition and one of doleritic composition. Both Reverse Circulation and Diamond Drilling techniques are used at Burbanks Mining Centre.

Historically, most of the drilling completed from Birthday Gift underground locations is completed using HQ2, HQ3 and PQ2 LTK60 and NQ2 (standard tube) techniques. Core sample intervals are defined by the geologist to honour geological boundaries ranging from 0.3 to 1.5m in length. RC drill sampling was historically sampled either in one metre intervals or composite sampled by spearing sample bags to form a four or five metre interval.

After logging, the geologist marked intervals of interest for subsequent sampling. Sample intervals were nominally 4m, but may have been constrained by logged lithological, mineralisation or alteration boundaries to as small as 1 metre.