Sunshine Gold Limited has confirmed an Exploration Target and highlighted next steps at Titov Cu-Mo Prospect, Ravenswood West Project. The Exploration Target has been prepared and reported in accordance with the 2012 JORC Code. The potential quality and grade of the Exploration Target is conceptual in nature.

There has been insufficient exploration to estimate a JORC 2012 Mineral Resource ("Resource") for the Exploration Target. It is uncertain if further exploration will result in the estimation of a Resource. Titov is a Cu-Mo prospect located within the Charters Towers Province, ~17km northwest of the operating Ravenswood Gold Mine.

Titov is hosted within Silurian granodiorites of the Ravenswood Batholith. The majority of mineralisation is hosted within a structural zone comprising of massive quartz veins with coarse molybdenite and chalcopyrite within a sericite-chlorite altered granodiorite. On the peripheries of the vein zone the granodiorite is locally "red rock" altered consisting of albite with a fine haematite overprint.

This red rock zone can be mineralised, particularly within the hangingwall, and typically consists of disseminated chalcopyrite and molybdenite. Titov outcrops at surface and forms a small topographic rise which is devoid of trees, owing to the elevated Cu content in soil. The vein zone extends for >500m of strike and is mineralised to a depth of ~350m with a thickness locally up to of 80m.

Small scale, historic mining occurred at Titov, likely pre-1940s, with the first exploration undertaken in the late 1950s with 3 holes drilled for Mo and subsequently re-assayed for Cu in the 1960s, reporting a best intersection of 25.9m @ 0.37 % Cu and 0.02% Mo. Soil geochemical and induced polarisation (IP) surveys were completed over Titov in 1968 and lead to a further 9 diamond holes being drilled, again only assaying for Cu and Mo (significant intercepts). There was no further work on Titov until 1993 when a high-resolution IP survey was completed.

Despite delineating a large chargeability anomaly coincident with outcropping mineralisation, only 3 shallow holes were drilled at Titov South in 1995. Sunshine has recently undertaken prospect-scale IP surveys and has drilled 27 RC holes and 1 diamond hole. Drilling successfully intercepted broad zones of Cu-Mo mineralisation, confirming the historical intercepts and extending the mineralised zone along strike and at depth.

Sunshine has subsequently developed the first geological model of Titov which forms the basis of the Exploration Target. The Exploration Target is based on a number of key assumptions including:·Tonnage of 5 - 8Mt ­ which reflects the geologically modelled dimensions of the Mo-rich, sericite-altered, quartz vein domain. The modelling is based on geological mapping and logging of Sunshine's drill holes from surface to 100m vertical depth (open pit focus).

Mo Grade of 0.07 ­ 0.12% ­ estimated using +/- 25% around the mean Mo grade within the Mo-rich, sericite-altered, quartz vein domain based on Sunshine's drill holes. Cu Grade of 0.27 - 0.44% ­ estimated using +/- 25% around the mean Cu grade within the Mo-rich, sericite-altered, quartz vein domain based on Sunshine's drill holes. Mineralisation characterisation and preliminary metallurgical testwork was completed in April 2022.

The testwork demonstrated excellent Mo recoveries via simple flotation, with pre-float tests reporting up to 85% recoveries and further flotation upgrading to 91.9%. Mineralisation characterisation showed that molybdenite (MoS2) is the host mineral of the Mo and is liberated well in all size fractions (+212µm, +106µm, +38 µm and +9µm). The dominant Cu mineral is chalcopyrite (CuFeS2), and further studies will review Cu recoveries in a Mo-optimised circuit.

High-grade Mo, small footprint: Largely sourced from low-grade porphyry Cu deposits, Mo grades of over 0.05% (or 500ppm) are typically considered high-grade. Titov represents a discrete, high-grade style of porphyry-related Mo deposit. High Value, New Economy Minerals: Titov shows a typical porphyry system metal assemblage comprising of Mo, Cu and Ag, all of which are considered "new economy minerals" in Queensland.

Mo is also a London Metal Exchange Electric Vehicle metal. Depth Potential: The Titov mineralisation has been intercepted 350m down dip and remains open at depth. Mineralisation from surface: The Exploration Target focusses solely on mineralisation within the top 100m from surface that could be amenable to low-cost, open pit mining; An ore sorting trial will assess whether the Mo can be effectively separated (and upgraded) from the host quartz veining before any further processing occurs.

Positive Metallurgy: Initial metallurgical testwork has performed well for Mo with recoveries up to 91.9%; Concentrate grades of up to 58.3% Mo were also achieved during these preliminary tests; Future metallurgical testwork will focus on Mo optimisation and upgraded Cu recoveries. Regional Scale Potential: Titov is just one of at five identified Cu-Mo prospects (Smiths, Gagarin, Keans, Bank) within a 15km corridor. Ore sorting trials are planned to separate Mo from the distinct sericite-altered, quartz vein network.