Greenstone Resources Limited provided an update on exploration and trial mining activities at Burbanks, with drilling at Burbanks North continuing to return multiple high-grade intercepts, and the toll treatment of stoped ore from the trial underground operations at Main Lode now underway. Burbanks North and Main Lode both form part of the Company's 100% owned Burbanks Gold Project, 9.0 kilometres south of Coolgardie, Western Australia. BURBANKS NORTH DRILLING; BBRC356D, BBRC362D and BBRC357D all form part of the ongoing drill campaign at Burbanks North which has subsequently served to extend known high-grade mineralisation at Burbanks North to over 450 metres below surface, 500 metres down plunge, and 1,300 metres along strike.

Recent drilling at Burbanks North over the past six months has confirmed the continuity and thickness of high-grade mineralisation, and will subsequently serve to support the interim resource estimation which is currently underway for Burbanks North, Burbanks South and Main Lode. The geological interpretation and estimation is being undertaken in conjunction with Entech Pty Ltd, an independent international mining consultant, and is underpinned by an existing JORC 2012 Resource of 1.2Mt at 3.7g/t Au for 145,700oz (Indicated & Inferred, see Table 2). Significant intercepts include: BBRC362D: 14.00 metres @ 4.25g/t Au from 46.0 metres, including: 2.00 metres @ 13.39g/t Au from 58.0 metres; BBRC356D: 3.50 metres @ 5.65g/t Au from 298.7 metres, including: 1.50 metres @ 11.21g/t Au from 298.7 metres BBRC357D: 1.30 metres @ 7.11g/t Au from 257.4 metres, including: 0.40 metres @ 16.20g/t Au from 257.9 metres; BURBANKS TRIAL MINING; Trial Mining activities continue at Main Lode with underground development on all known mineralised lodes within the Initial Licence Area now complete.

The recent completion of all underground development and the commissioning of a remote bogging system have subsequently allowed for the expansion of high-grade underground stoping activities, with five stoping fronts now established on the 1315, 1330 and 1345 levels. Recent results from the underground sludge sampling and diamond drilling have subsequently identified a secondary western ore lode outside of the current mine plan which has the potential to provide additional minable ounces which are largely accessible from the current underground development. The economic viability to both mine and process this newly discovered ore lode will be assessed as part of an upcoming underground optimisation.

The second processing campaign through the neighbouring Greenfields Mill commenced on 3 July 2022, and will process c.40,000 tonnes of development and stoped ore expected over the next 2-3 weeks. Under the terms of the Joint Venture, FMR Investments Pty Ltd. (FMR) carries all mining and financial risk on the agreed mining operations within the Initial License Area, with any profits after expenses to be evenly split. The Stage I Trial Mining Joint Venture is expected to materially de-risk the project through the provision of invaluable technical and financial information which will guide future production and exploration decisions.

EXPLORATION UPDATE; Burbanks North: Three holes remain to be drilled as part of the current infill drill campaign to support the forthcoming interim resource estimation. The current program is expected to be completed within the next two weeks. Phillips Find: 13 holes planned as part of initial 2,200 metre reverse circulation drill campaign testing for shallow extensions between three existing open pits.

Drilling is expected to start in two weeks and be completed in two weeks. Mt Thirsty: Target generation and approvals to drill at Mt Thirsty remain on schedule with drilling expected to start in the next four weeks targeting extensions to the recent Callisto PGE-Ni-Cu-Au discovery made by Galileo Mining, less than 200 metres from northern tenement boundary held by the MTJV (Greenstone Resources Limited 50%; Conico Limited 50%).