Savannah Goldfields Limited provided an update on its gold mining and processing activities. Agate Creek Mining Operations; The initial open cut pit at Sherwood has been completed with 29,241 tonnes of high-grade ore mined. The next mining campaign across multiple open cut pits at Sherwood West has recently commenced with mining at Pit 3 well advanced and Pit 1 (far left) drilled and prepped for blasting later this week.

All high-grade ore from the first Sherwood pit has been hauled to Georgetown and haulage of the mid-grade ore has commenced as well as initial high-grade ore from the Sherwood West Pit 3. There is currently ~4,000 tonnes of high-grade ore and ~16,000 tonnes of low-grade stocks available at Agate Creek and haulage to the Georgetown Gold Processing Plant is ongoing. Processing Operations; A total of ~22,692 tonnes of high-grade ore at a grade of 6.53 g/t Au with a recovery of 97% has been processed through the Company's recently acquired Georgetown Gold Processing Plant since processing commenced in late August. In addition, a further ~3,439 tonnes of the historical tailings resource has also been reprocessed.

The Georgetown plant has performed consistently well since commissioning operating at around the design capacity of 20 tph with ongoing optimization activities expected to improve upon this. The elution circuit at the Georgetown plant is now fully commissioned enabling carbon stripping to occur on site rather than loaded carbon needing to be transported for third party stripping. All gold/silver dore is now being poured on site and then transported for final refinement at the Perth Mint.

A new mill has also been recently purchased which, when installed, will significantly increase the Georgetown plant processing throughput capacity. A project plan is currently being developed to get the new mill to site, installed and into circuit in the first half of 2023. The Georgetown plant currently has available Agate Creek ore stocks of ~10,000t high grade and ~2,000 tonnes low-grade as well as a further ~48,000 tonnes of historical tailings available for processing.

Agreement has been reached with the owners of the Blackjack plant in Charters Towers, to recover unprocessed Agate Creek ore mined in a prior campaign, and to date 645 tonnes of high-grade ore has been hauled back to the Georgetown plant with ore haulage continuing. Gold Production; To date, the company has refined and sold 3,254 ounces of gold as well as 1,482 ounces of silver and received gold and silver sale proceeds of A$8.55 million. In addition, a further 641 ounces of gold/silver dore has been shipped this week for final refinement at the Perth Mint.

Permitting and approval activities are progressing on track to allow for further mining and processing capacity expansion. The Georgetown processing plant is the only processing plant within a 400km radius and is surrounded by stranded gold mineralisation and dozens of old open pits. Ownership of the Georgetown processing plant offers Savannah opportunities for joint ventures and /or acquisitions of stranded gold deposits and a number of opportunities are being reviewed in line with Savannah's vision for Georgetown to become a regional processing hub.