Gascoyne Resources Limited announced that it has calculated an Exploration Target for the Never Never Gold Deposit. Exploration Target Basis: The company drilled over 30,000m at the Never Never Gold Deposit during 2022. That work has so far demonstrated the following key attributes of this growing high-grade discovery: The deposit is focused between two structures (inferred "faults") - the Never Never Fault (Hangingwall position) and Gilbey's North Fault (Footwall position); Assays from drilling completed to date indicate that gold grades increase with depth and gold mineralisation remains open; and The periphery (strike) of the mineralised system remains open and is yet to be defined.

The Exploration Target has been modelled using Leapfrog Geo software and assumes continuity between the two structures down-dip over an additional 300 metres to approximately 600m below surface, or approximately double the extent of the current Never Never Gold Deposit MRE. Drilling, logging and interpretation work undertaken at Never Never to date, as well as deep RC drilling from the base of the Gilbey's Open Pit, shows no indication that the down-dip mineralised units could be structurally affected or interrupted at this stage. The volume of the projected Never Never "extension" has been modelled as controlled by the two structures (as seen in recent drilling and interpretation).

Lower limit tonnes indicate the target essentially doubles the current MRE (i.e an additional 2.0mt) with upside reflecting the non-reportable `Unclassified material' which are the lateral extents of Never Never being confirmed by drilling and extended at depth. The 5.0mt upper limit target is also viewed by Gascoyne as conservative. The gold grade range applied assumes the lower limit reflects the current average gold grade of Never Never deposit, taking into account both open pit and underground grades.

The upper limit applied is conservative and lower than the 7.2g/t Au average grade estimated for "Underground" material (14% lower) determined during the recent Never Never MRE process, and 30% lower than the average of the deepest eight drillholes which have a weighted average grade of 8.9g/t Au (and average width of 30m). The Exploration target is well supported by numerous drill intercepts throughout the deposit including the lower section of the recent 303,100 oz Au Never Never Gold Deposit MRE. Planned Dalgaranga Exploration 2023: The company plans to spend $10 million to $15 million in drilling over the next 12-18 months at Dalgaranga with the majority focused on the Never Never Gold deposit, Never-Never style high-grade targets and potential baseload mill feed open pit resources, such as Gilbey's East.

An additional $8 million to $10 million is planned to develop an underground exploration decline and drill platform to assist with resource conversion, reserve drilling and deeper exploration work at Never Never and nearby high-grade positions. The planned expenditure is subject to the completion of the financial restructure that is currently in progress. Surface drilling is planned to commence upon completion of the financial restructure with an initial programme planned to include 30,000 metres of reverse circulation drilling and 5,000 metres of diamond drilling., Within this initial programme, approximately 70% focused on Never Never and the immediate Never Never high-grade corridor.

Updated MREs for Never Never and the Gilbey's Complex are planned for completion and release during 2023 using evolving litho-structural models informed by ongoing drilling and geological analyses.