Resources & Energy Group Limited provided recent results from drilling operations at the Company's Maranoa prospect (M29/427). Shallow, quartz hosted intervals of gold mineralisation that have been intersected in multiple holes. Peak results include: MR23 3m @ 5.06gt/au from 22m, including 1m@14.65gt/au from 22m; MR24 5m @ 7.95gt/au from 3m, including 1m@ 32.7gt/au from 6m; MR27 7m @ 3.2gt/au from 19m, including 1m@ 9gt/au from 19m.

DISCUSSION: The Maranoa prospect is being investigated as part of the Company's strategy to identify near term production opportunities for mining operations along the western side of the East Menzies project area. As part of this approach, the Company completed four RC holes at Maranoa in late December 2021. Three of the holes drilled during December intersected gold mineralisation, including one exceptional result of 1m@33.75gt/au from 37m down the hole in MR001(1).

This result provided encouragement for a follow up program which was carried out in early March 2022. The March 2022 program specifically targeted shallow, surface near gold mineralisation along the northern end of the Maranoa line of workings. The Maranoa ore body extends over a distance of about 250m300m, however, the principal historic workings are concentrated along the south end of the lode.

The northern extent of the lode appears to be above and outside the upper limit of historical workings and was targeted to investigate this zone and its potential to host open pit mining. A total of 21 holes for a drilling advance of about 500m were completed along the projected strike of the main Maranoa lode. Hole depths ranged between 15 and 40m.

The mineralised intervals themselves are in the order of 3m to 6m thick, which is significantly thicker than the previously reported range of 0.1 1.0m. Based on these findings, it can be concluded that the resource has not been mined out near surface, and that the thicker than expected mineralised widths enhance the potential for openpit mining. NEXT STEPS The resource model for Maranoa will be updated to incorporate the recent results, and to enable the potential for open pit mining to be assessed.

The Maranoa line of workings is one of the multiple northeasttrending quartz veins, conspicuously displayed by lines of old workings and surface scratching's. Apart from the Maranoa reef itself, others in the suite include True Blue, Alexandra, Picton, and Lady Min all located in M29/427, and Sunday Gift, Viking, Brilliant and Luxemburg, which are located in M29/434. Historical production records show that these prospects are highgrade, such as Kensington: 31.8g/t, Maranoa 14.8g/t, and Sunday Gift 53.6g/t. The development of additional shoots, along the strike of these prospects or parallel to them is also likely. Further resource drilling will be carried out to investigate whether the shoots can be bulked together to support a larger scale of mining operations integrated between M29/427 and M29/434.

In this connection, M29/427 is a granted mining lease and M29/434 is a mining lease application that has proceeded to Section 31 Native Title Negotiations. M29/427 and 434 are contiguous with M29/189 (Granny Venn), which provides access to existing fit for purpose infrastructure. This includes a 2.5km long haul road with direct access to a turnout onto the Goldfields Highway from the mine site.

ROM stockpile pads and hardstands, with cleared levelled areas suitable for administration facilities and HEMM traffic, have also been retained on site because of recent mining activities at Granny Venn. The EMP currently encompasses five operational areas, including the Gigante Grande Gold prospect on the east side project area. In the southwest, drilling investigations at Springfield have intersected magmatic Ni sulphides.

This significant and material exploration result has opened a large tract of prospective ground for nickel, cobalt, copper, and platinum group elements. In the central west, the Company is investigating opportunities for mining operations in M29/189 Granny Venn, M29/141 Goodenough, and M29/427 Maranoa, with drilling programs at Granny Venn and Maranoa currently underway. In Queensland, the Company has a 12km2 Mineral Development Licence over the Mount Mackenzie Mineral Resource and retains a further 15km2 as an Exploration Permit.

These tenements are prospective for high, intermediate, and low sulphidation gold and base metals mineralisation. The current MRE for Mount Mackenzie has been estimated at 3.42Mt @ 1.18g/t gold and 9g/t silver for a total of 129,000 oz gold and 862k oz silver; refer to the resource summary overleaf. The Company is carrying out mining, groundwater, ecological, and metallurgical studies, to inform a PFS study and an application for an Environmental Authority to develop the project.