Musgrave Minerals Ltd. reported further assay results from reverse circulation ("RC") drilling across multiple prospects, on its 100% owned ground at its Cue Gold Project in Western Australia's Murchison district. These are the final assay results from the RC phase of drilling completed in December 2022. The Break of Day high-grade mineralised trend has a total Mineral Resource Estimate ("MRE") of 982kt @ 10.4g/t Au for 327koz gold with 70% of this in the higher confidence Indicated Resource category.

There is extensive drilling within the top 100m around Break of Day, however with multiple lode orientations there remain gaps in this drilling. The team identified three untested targets for follow-up, with one located on an interpreted structure sitting within a 30m wide drilling gap subparallel to existing drill holes, and only 50m north of the current Break of Day Mineral Resource Estimate boundary. A single short 66m RC hole was drilled to test this position and intersected high-grade gold mineralisation that may represent a new, untested gold lode.

The mineralised interval is hosted within the favourable Break of Day, high-titanium basalt stratigraphic unit and is open along strike for 50-100m and also open down plunge. This recent drilling confirms the continued high-grade prospectivity along this trend. The new RC drill intersection is: 14m @ 2.8g/t Au from 50m (22MORC413), including: 4m @ 8.2g/t Au from 50m (22MORC413).

The true width of the intersection is currently unknown and will be confirmed with follow-up drilling. The White Light Lode is part of the Break of Day MRE. The mineralisation at Break of Day is defined within a number of individual gold lodes and includes the White Light Lode.

Recent extensional drilling has intersected a southeast extension of the lode approximately 20m beyond the Mineral Resource boundary. New RC drill intersection outside the Mineral Resource boundary extend the mineralisation to the southeast and include: 2m @ 34.7g/t Au from 84m (22MORC406), including: 1m @ 64.3g/t Au from 84m, extending the White Heat lode 20m southeast beyond the current Mineral Resource boundary. 2m @ 4.5g/t Au from 24m (22MORC407), up dip of 22MORC406.

2m @ 14.7g/t Au from 100m (22MORC406), identified as a possible new mineralised splay structure off White Light. The White Heat-Mosaic deposit (185kt @ 11.0g/t Au for 65koz gold) is located 300m south of Break of Day and is a subset of the Break of Day MRE. It is currently modelled to a maximum depth of 160m.

This recent drilling (not yet incorporated into the resource estimate) confirms the near-surface and high-grade endowment along this trend, which is characterised by quartz lodes within a high- titanium basalt stratigraphic unit. Two new RC drill intersections outside the current Mineral Resource boundary extended the known gold mineralisation up-plunge include: 4m @ 5.2g/t Au from 29m (22MORC332) approximately 12m up-plunge of the Mineral Resource boundary. 9m @ 2.1g/t Au from 20m (22MORC415) extending the Mosaic mineralisation >20m up- plunge beyond the Mineral Resource boundary.

A single drill hole was extended with a diamond tail to intersect the White Heat mineralisation at depth 50m below the current mineral resource but did not intersect any significant mineralisation. The Waratah trend is approximately 400m east of Break of Day and runs parallel to the Lena-Break of Day corridor. The mineralised trend is interpreted to extend for over 4km of strike with gold mineralisation identified in at least two separate zones of approximately 250m in individual strike.

The mineralisation is dipping steeply west and hosted within a sequence of chert-rich sediments, ultramafics and dolerites and remains open down plunge. The new drilling has constrained the strike of the mineralisation. RC drilling returned intersections of: 3m @ 8.4g/t Au from 43m (22MORC348), including; 1m @ 17.3g/t Au from 44m.

1m @ 10.2g/t Au from 56m (22MORC334). 2m @ 4.0g/t Au from 22m (22MORC339). The Cue Gold Project is located approximately 30km south of the township of Cue in the Murchison district of Western Australia.

The southern area gold deposits are only 5km from the Great Northern Highway, approximately 600km north of Perth on tenure wholly owned by Musgrave. The current Mineral Resource Estimate for the Cue Gold Project totals 12.3Mt @ 2.3g/t Au for 927koz gold including the Break of Day High-Grade Trend (982kt @ 10.4g/t Au for 327koz contained gold) and the Moyagee Western Trend (9.8Mt @ 1.7g/t Au for 541koz contained gold) both in the southern area of the project. The new gold discoveries at Amarillo and along the Waratah trend are all outside the existing resource areas.