Iceni Gold : Significant Alteration with Sulphides Intersected at Claypan

onlyASX RELEASE 22 February 2022

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useBOARD Brian Rodan

Executive-Chairman

David Nixon

Technical Director

Hayley McNamara

Non-Executive Director personalKeith Murray

Non-Executive Director

Sebastian Andre

Company Secretary

REGISTERED OFFICE

Level 2, 41 Ord Street

West Perth WA 6005

t: [phone]

e: [e-mail]

w:www.icenigold.com.auFor

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ICENI GOLD EXPLORATION UPDATE

Significant Alteration with Sulphides at Claypan

Exploration

Iceni Gold Limited (Iceni or the Company) has 7 key high priority targets within the 14 Mile Well project area. Iceni is actively exploring the target areas using geophysics, Ultrafine (UFF+) soil sampling, air core (AC) and diamond drilling (DD). The ~600km2 14 Mile Well tenement package is situated on the western shores of Lake Carey, ~ 50km from Laverton WA.

Claypan: Drilling Identifies Strong Alteration

• Diamond Drilling is underway at Claypan
• Intersected significant widths of strong alteration with sulphides
• Results expected mid-Q2

The initial drill testing at the Claypan target area is underway, with two DD holes completed to date and a third in progress for a total of 970m. The second hole (FMDD0037) successfully tested beneath surface geochemical anomalies and intersected significant zones of strong alteration with sulphides.

A number of coincident targets were developed using different exploration disciplines, which include: CSA01 (structure), C6 (geology), CP-2 (geochemistry) and 14UF014 (geochemistry). The target area is situated at the structural intersection between the northwest trending Claypan-Celia Fault and the interpreted northern extension of the Castlemaine Fault.

Geophysical studies in the Claypan target area had interpreted a dome/basin- like structure, analogous to known gold deposits within the Laverton District. Field validation and follow-up rock chip sampling identified outcropping alteration and gold anomalism. The field validation process also identified a sub-cropping chert/banded iron (SCT/BIF) horizon, cloaked beneath shallow aeolian cover. This horizon has been tracked over a strike length of 2km.

Figure 1: Sulphide bearing quartz-carbonate vein in FMDD0037 at ~354m.The host rock is strongly altered intermediate volcaniclastics.

1Refer to Independent Geologist Report in IPO prospectus dated 3 March 2021.

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Figure 2: 14 Mile Well project area, showing the seven key target areas. Diamond drilling is underway within the Claypan target area designed to test beneath surface geochemical and geophysical anomalies. Image is Total Magnetic Intensity (TMI) Reduced to Pole (RTP) (after GSWA).

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Figure 3: Oblique schematic section along the trace of the hole FMDD0037.

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Figure 4: Observed alteration in FMDD0037 at Claypan:

1. ~ 44m Sulphide vein surrounded by carbonate-white mica alteration.
2. ~ 56m Sulphide-carbonate-white mica alteration.
3. ~ 102m Pyrite-carbonate-tourmaline-white mica alteration associated with quartz veining.
4. ~ 148m Pyrite-carbonate altered intermediate porphyry intrusion.

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1. hole FMDD0037 was designed to test beneath the coincident targets C6, CP-2, CSA01 and 14UF014, while DD hole FMDD0035 to the east was designed to test beneath a geophysical anomaly coincident with targets C6, CSA01 and 14UF014. DD hole FMDD0038 has just commenced testing the SCT/BIF horizon within targets C6 and 14UF014.

1. hole FMDD0037 was oriented to the northeast (towards 045°), perpendicular to the trend of local stratigraphy and to optimise the intersection with anticipated structures.

The geology in both DD holes FMDD0037 and FMDD0035 was near identical and they were dominated by strongly altered intermediate volcaniclastics with a number of porphyries intruding the sequence. The alteration assemblage was characterised by white mica-carbonate-sulphide throughout both holes. This is a common alteration assemblage associated with gold mineralisation within the Laverton District.

The geological observations of veining, alteration and sulphides from this drilling program are highly encouraging.

This specific drilling program is being analysed to develop a follow-up exploration program. DD and AC drilling of other anomalies within the Claypan target area will continue throughout the year.

Assay results from this drilling program are expected to be received in the middle of Q2 2022.

Authorised by the Board of Iceni Gold Limited.

For further information, please contact:

Brian Rodan	David Nixon
Executive Chairman	Technical Director

ABOUT ICENI GOLD LIMITED

Iceni Gold Limited is a Perth based exploration company that operates the 14 Mile Well Gold project in the Laverton Greenstone Belt.

The project consists of a ~600km2 tenement package on the west side of Lake Carey, the majority of which has never been subject to modern systematic geological investigation.

Competent Person Statement

The information in this announcement fairly represents information and supporting documentation prepared by Mr David Nixon, a competent person who is a member of the Australasian Institute of Mining and

Metallurgy. Mr Nixon has a minimum of twenty years' experience which is relevant to the style of

mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a competent person as defined in the 2012 Edition of the Joint Ore Reserves Committee Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Nixon is a related party of the Company, being the Technical Director, and holds securities in the Company. Mr Nixon has consented to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

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