Parabellum Resources Limited update shareholders on its New South Wales exploration programs. The Redlands/Whitbarrow, Recovery and Lunns Dam Projects in the Tottenham-Girilambone district comprises four granted exploration licenses covering approx. 690km²; and the Obley Project in the Yeoval district comprises one granted exploration license covering approx. 180km².

The defined strategy of Parabellum is to target massive sulphide (Besshi-type) copper mineralisation in rocks of the Girilambone Group in Western NSW, and copper/gold skarn mineralisation around an intrusive complex with known copper mineralisation in Central NSW. UTS Geophysics completed a heli-borne VTEM Max survey over four areas within PBL projects totaling approximately 2,000 line km (~380 km2) March-April 2022. The survey focused on areas within each project considered to have high potential for the discovery of massive copper sulphides.

Electromagnetics (`EM') is a proven discovery technique in the Cobar area with its ability to directly detect Massive Sulphide mineralisation. EM was a major factor in the discovery of the Constellation deposit by Aeris Resources Limited proximal to the Company's tenements. Interpretation of the preliminary EM data identified a number of anomalies.

Field review of these anomalies was undertaken in order to screen potential cultural (e.g., man-made) effects that produce false anomalies. This work, in conjunction with interpretation of the final EM data, has enabled eight high ranking targets to be prioritized for ground EM surveying. The ground EM surveying will enable accurate modeling of the anomalies to facilitate effective drill targeting.

Airborne EM completed over the Whitbarrow/Redlands Project areas delineated six high ranking EM anomalies - W1, W2, R2, R3, Miandetta and Redlands. Follow up ground EM has commenced at the Redlands EM anomaly to be followed by W1 & W2. R2, R3 and Miandetta Ground EM surveys will be completed in mid-November when crops have been harvested.

Drill testing is planned for late Fourth Quarter CY2022. The Miandetta and Redlands EM anomalies are co-incident with the Miandetta Ni-Co-Cu and Redlands Cu prospects respectively and a large buried magnetic anomaly interpreted to be a mafic/ultramafic intrusion which is thought to be the source of the Ni-Co-Cu mineralisation in the area. The W2 anomaly is co-incident with a large east-west trending magnetic anomaly interpreted to represent a buried mafic/ultramafic intrusion.

Airborne EM completed over the Lunns Dam Project area has delineated two anomalies - L1 and L4. Follow up ground EM has been designed and is scheduled to be completed in mid-November when crops are harvested. Drill testing is planned for late Fourth Quarter CY2022.

The L1 EM anomaly is approximately 600m long and trends north-east/south-west. It is sub-parallel to a distinct magnetic high located approximately 1,600m to the north of L1 (Figure 4). Previous drilling of the magnetic high has intersected mafic schist.

This setting is considered analogous to Aeris Resources' Tritton Cu mine and Kurrajong Cu Prospect and thus, given the strike length of the anomaly, is ranked very highly. Auger sampling has defined two Copper plus pathfinder anomalies. A review of the anomalies confirmed the anomalies are robust and require drill testing .

PBL plan to drill test these targets in Fourth Quarter CY2022. A coherent 900m long x 50-200m wide Gold + pathfinder auger and surface sampling (lag) anomaly has been defined at the Swansons Gold prospect. Quartz veining was noted in auger and lag samples over 1,500m of strike with more intense quartz veining and silicification noted in the area of historic workingsvfbvbvb.

Central West Gold assessed the Swansons Gold prospect in the late 1980's. Limited RC percussion drilling (seven holes) was shallow (<62m) and tested only 50m of the strike extent of the known mineralisation. A best result of 10m @ 0.66 g/t Au from 14m was returned from drillhole A1. Six costeans (131m) covering 100m of strike extent were also completed with significant results including 12.1m @ 2.96 g/t Au PBL plan to drill test the depth and strike extent of the Swansons Gold target in Fourth Quarter CY2022.

Assay results from the follow up soil sampling program at Obley have been received and interpreted. The sampling was conducted to determine the extent of the three coherent Copper mineralisation pathfinder anomalies ­ Antimony (Sb) & Molybdenum (Mo) proximal to Coppermine Gully & Arsenic/Bismuth/Tin (As/Bi/Sn) at Naroo. Geological mapping and rock sampling was also conducted as part of this program.

No significant zones of alteration or mineralisation were delineated by the mapping program. Approximately 300 samples were collected as part of the follow up soil sampling program. Results have downgraded the potential of the three pathfinder anomalies and no further work is proposed on these at this time.

A desktop assessment of three other prospects in the Obley area ­ Blackburn, Glendale and Wandawandong ­ is planned for Fourth Quarter CY2022 in order to determine a future exploration program for the Obley Project.