Kingwest Resources Limited Extensive Zones of Nickeliferous Ultramafic identified with Goongarrie Aircore Drilling Sir Laurence diamond core drilling now making steady progress Highlights: Assays from the first pass aircore drilling of Kingwest's 11km of the nickel-fertile Highway Ultramafic at lake Goongarrie, along with some historic drilling, have identified two strike extensive zones of highly nickel anomalous ultramafic. Drilling has extended the width of the Highway Ultramafic package to 500m over most of its length, which is twice its width in the original magnetic interpretation. Isoclinal folding and thrusting have created multiple repetitions of the nickel prospective contacts thus significantly increasing the number of potential nickel sulphide mineralised horizons.

The Northern Nickel Zone is 2,600m long and 100m wide, with peak values of 8m @ 0.5% Ni from 4m in KGA0873; 8m @ 0.5% Ni from 12m in KGA0906; and 8m @ 0.5% Ni from 12m in KGA0920. The Southern Nickel Zone is 1,700m long and 100m wide, with peak values of 4m @ 0.4% Ni from 20m in 06BGSA0005 and 10m @ 0.4% Ni from 12m in 06BGSA0007. Diamond core drill testing of Sir Laurence Gold Discovery is now progressing as planned after some initial mechanical related delays INTRODUCTION Kingwest commenced exploring an 11km strike length of the nickel fertile Highway Ultramafic within the E29/996 and E29/966 licences in early 2022.

This section of the ultramafic is entirely covered by salt-lake sediments. A total of 223 aircore holes (KGA0815 - KGA1033) were drilled for 7,788 metres early in 2022. All assays have now been received.

DISCUSSION OF RESULTS: This initial aircore nickel drilling was a reconnaissance program of 15 widely spaced lines using 25-50m spaced partly overlapping angled holes. Some vertical holes were also drilled on Lines N7 and N9 due to the locally deep Tertiary alluvial channel cover in that area. The program was designed to: 1. Test the position and the lateral extent of the Highway Ultramafic as interpreted from Kingwest's recent high resolution aeromagnetic survey 2. Locate the exact position of its eastern and western contacts 3. To confirm the nickel fertility of the ultramafic at several points along its length 4. To identify the hanging wall and footwall contact lithologies 5. To test for signs of nickel mineralisation at komatiite flow boundaries and contacts and within the ultramafic package.

Kingwest's Highway ultramafic package was confirmed to be continuous over its entire 11km strike length. It was found to have an average width of about 500m, which was almost twice the width originally interpreted from a highly magnetic, eastern serpentinised komatiite unit. The additional width on the western side is a sequence of coarser grained dunite-peridotite and pyroxenitic ultramafics, which are far less serpentinised and therefore far less magnetic.

The Nickel fertility of Kingwest's 11km strike of the Highway Ultramafic has been clearly demonstrated by analytical results of numerous 4m composite intersections with +0.4% Ni accompanied by Ni/Cr ratios of greater than 1. These intersections are all from within semi fresh to fresh rock and not Nickel laterite mineralisation. The hanging wall, footwall and internal contact lithologies were identified as: graphitic, quartzitic and felsic metasediments; high grade metamorphic gneiss; amphibolitised metabasalts and dolerite. The footwall and intercalated metasediments within the ultramafic sequence are important, as they are required to provide a source of sulphur, from which to generate massive sulphide nickel deposits.

The potential for nickel mineralisation at depth is clearly demonstrated by the many intersections of +0.4% nickel, with Ni/Cr ratios of +1, in moderately weathered to fresh ultramafic. A maximum value of 4m @ 0.64% Ni from 8-12m with a Ni/Cr ration of 2.34 was intersected in KGA00873. The Northern Nickel Target is particularly encouraging, as it corresponds to a clearly defined magnetic feature, and returned broad intersections of +0.4% Ni on three successive reconnaissance aircore lines (N1S, N2 and N3S) over an average width of 100m and a strike length of 2,600m.

The nickel sulphide potential of both the Northern Nickel Target area and the Southern Nickel Target area is sufficiently high that Kingwest will consider next steps which may likely include a Moving Loop Electromagnetic (MLEM) Survey over these areas. There remains a further 2.5km strike of largely untested Highway Ultramafic within the southern half of E29/966. Many holes there on Lines 7 and 8 failed to reach bedrock due to a deep alluvial channel.

However, the ultramafic that was intersected also returned elevated nickel values, so this segment of the Highway Ultramafic also requires further investigation. SIR LAURENCE DIAMOND CORE DRILLING UPDATE: Diamond core drill testing of the Sir Laurence Gold Discovery is in progress with 645.8m of the 4,000m inaugural programme completed. The program experienced early delays due to mechanical problems and challenging ground conditions however further alterations to the drill rig have been made to account for these issues.

With the modifications made and the drilling now making good progress, it is expected that the drilling of the initial 4,000m programme will be completed by the end of July. To date the first hole, KGD001 has been completed at 432.4m. This comprised 87m drilled with Rotary Mud method and the remainder with NQ core.

This was collared at 325055E/6682690N and drilled at -60 degrees towards the east. Assays are pending. The second hole, KGD002 was collared at 325100E/6682690N and is currently at a depth of 213.4m with the first 98.3m being drilled with Rotary Mud method and the remainder with NQ core.

It is also being drilled at -60 degrees towards the east and is planned to extend to approximately 400m. NEXT STEPS: The Company is considering conducting Moving Loop EM (MLEM) surveys over Kingwest's aircore- defined Northern and Southern Nickel targets. This should detect any underlying nickel sulphide conductors in these areas down to approximately 300m depth, and potentially deeper, depending upon the conductivity of the lake cover.