North Stawell Minerals Ltd. provided an update on its exploration programs. Early results from an RC drilling program over the southern portion of the Company's tenements completed in June 2022 have added to the successes of the FY22 regional Phase 1 air core drill program. North Stawell Minerals is exploring for repeats of the multi-million-ounce Stawell Gold Mine under a thin blanket of un-mineralised sedimentary cover (the Murray Basin Cover). A distinct advantage of exploring for this type of mineralisation is that a basalt core controls mineralisation sites and the basalt can be remotely mapped with geophysics (i.e. beneath the blanket of cover).

A high-resolution airborne gravity survey conducted in the June Quarter FY21 completed the data suite required to efficiently explore. An air core drilling rig tested regional targets for 8 months from October 2021. Within the basalt structures additional targeting is possible.

Observations of controls on mineralisation in the Stawell Gold Mine and modelling of ore-controls indicate that mineralisation is most likely to occur on the contacts (or proximal to the contacts) of the basalt cores where changing geometries create dilation zones (fold hinges, embayments, etc.) thereby creating spaces where gold mineralisation can be deposited. Drilling is prioritised where these locations are interpreted in geophysics analysis. Multiple suites of early to middle Devonian granites intrude into the regional Cambro- Ordovician sediments.

This creates the opportunity to explore for Intrusion Related gold (IRG) and thermal aureole gold (TAG) deposits (e.g. the Wonga Deposit and mine in Stawell). Identifying major structures that intersect or lie adjacent to granites is important as they have proven highly prospective for IRG or TAG mineralisation. Lubeck Tip in Detail: Follow-up splitting of composite samples were completed on seven of the 13 anomalous holes drilled during the first phase of drilling at Lubeck Tip1.

Of the seven holes re-split, five returned anomalous grades. Anomalous gold at Lubeck Tip appeared as broad, low- grade gold `smears' prior to composite re-splitting. Three of the holes re-split resulted in similar intercepts, with wide, low-grade anomalies.

Two holes were converted from broad, low- grade gold intersects into, narrow, discrete, high-grade gold intercepts. High-grade gold mineralisation is spatially associated with the coincident magnetic and gravity anomaly that defines the Lubeck Tip target. Current drill spacing (200m+) has insufficiently tested the width and strike of the Lubeck Tip geophysical anomaly with the 1m @ 5.05 g/t Au intercept in NSAC0172 remaining open for 750m to the north, and completely open to the south and to the east.

Further infill drilling is planned to test the significant intersections in NSAC0172 and NSAC0173. Geophysical inversion modelling (Figure 4, ASX announcement 29 Oct 2021) interprets the source of the Lubeck Tip coincident magnetic and gravity anomaly (a basalt dome) to be near surface. Drilling has only intersected Cambrian metasediments downhole.

This suggests that the `roof' of the ore system is intact, explaining the broad, low-grade gold `smears' seen at Lubeck Tip. The 1m @ 5.05 g/t Au and 1m @ 3 g/t Au intersections in NSAC0172 and NSAC0173 respectively are potentially indicative of the `Central Lode' structure seen at the 5 Moz Stawell goldfields. Anomalous results include grades >0.05g/t Au.

Grades are combined into composites where adjacent assay results have an average grade greater than 0.05g/t Au. No external dilution is applied. Up to 2m of internal dilution is included in intercepts.

Stated thicknesses are downhole and unlikely to be representative of true mineralisation widths.