Inflection Resources Ltd. announced that following the signing of the Definitive Agreement with AngloGold Ashanti Australia Limited ("AngloGold") announced on June 14, 2023, the Company has commenced a large-scale drill program comprising of approximately 35,000 metres across the Company's 100% owned portfolio of copper-gold projects in New South Wales, Australia. Summary Highlights: Drilling has commenced and will test a wide variety of intrusion related targets across the portfolio. Drilling will initially focus on the Duck Creek, Myallmundi and Trangie targets where earlier drilling by the Company returned favourable results;.

AngloGold will fund up to AUD 10,000,000 of exploration expenditures across the portfolio of projects in New South Wales as part of a Phase I exploration drill program; The two-rig drill program is estimated to comprise of approximately 100 drill holes totaling 35,000 metres. Drilling will be completed using combination mud-rotary/diamond core rigs; and. Inflection is operating the exploration program and will receive a 10% management fee.

Duck Creek - Drilling: The Company considers the Duck Creek exploration license to be highly prospective for large-scale alkalic porphyry-related copper-gold style targets comprising favourable magnetic and gravity features which the Company interprets to be part of the prospective Macquarie Arc volcanic sequence. The Company considers the geological setting highly analogous to CMOC's Northparkes mine located approximately 200 kilometres to the south. Specifically, the Company is drill testing high-amplitude, complex, magnetic patterns very similar to those typical of the intrusion-related signatures of the Macquarie Arc mineralized districts.

Drilling is underway in the area of previous Inflection drilling which intersected strongly hydrothermally altered rocks with characteristics similar to those often found adjacent to mineralized alkalic copper-gold systems such as Newcrest's Cadia mine and the Northparkes mine complex. Previous Inflection drill holes DCKDH002, 005 and 006 intercepted porphyry-style alteration over an approximate 400 by 250 metre area which included biotite-albite-K-feldspar-tourmaline and blebs of bornite. The Company is now targeting this specific area with deeper drilling with holes estimated to be 600-800 metres deep.

The principal target area of interest is associated with an 800 by 1,300 metre aeromagnetic low feature interpreted to represent magnetite destruction associated with hydrothermal alteration. Twenty other priority targets within the broader Duck Creek Exploration license have also been generated by analysing the aeromagnetic geophysical survey data and will be systematically drill tested as part of this ongoing program. Three separate areas within the Duck Creek exploration license will be tested with a total of 35line kilometres of IP/MT (Induced polarisation/magnetotelluric) electrical geophysics.

The survey is designed to identify zones of elevated chargeability indicative of sulphide mineralisation and high resistivity often associated with the margins of porphyry intrusions. This magnetic feature is coincident with quartz-chalcopyrite-molybdenite-pyrite bearing quartz veins in sericite altered volcanics rocks intersected in Inflection drill hole MYLDH003. The alteration assemblage suggests proximity to a porphyry intrusion.

The first drill hole will test the centre of a distinct magnetic high located approximately 300 metres east of hole MYLDH003. Trangie - Drilling: Eight holes are planned for the broader Trangie target area which will test the depth extent of an approximate 2 by 2-kilometre zone of strongly hydrothermally alteration rocks characteristic of those adjacent to mineralized alkalIC copper-gold systems. Alteration comprises of biotite-magnetite and albite-epidote, which was intersected in previous Inflection drill holes TRNDH006.