Tanami Gold NL advise that the Central Tanami Project Joint Venture ("CTPJV") have completed updates of the Mineral Resource estimates for the Groundrush Gold Deposit ("Groundrush"), Ripcord Gold Deposit ("Ripcord"), Jims Gold Deposit ("Jims"), Hurricane-Repulse Gold Deposit ("Hurricane-Repulse") and the Crusade Gold Deposit ("Crusade"). These updates are part of an ongoing transition of the Mineral Resource estimates for the Central Tanami Project to the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the "2012 JORC Code"), in readiness for inclusion in a scoping level mining study that
is scheduled to be completed in the coming months. The updated Mineral Resource estimates for Groundrush, Ripcord, Jims, Hurricane-Repulse and Crusade returned a total of 13.0Mt at 3.7 g/t gold for 1.5Mozs as of 1 November 2022, representing a 19% increase in grade and a 31% decrease in tonnes, and 5% decrease in ounces when compared to historical estimates. The updated estimates were compiled by independent mining consultants MoJoe Mining Pty Ltd. ("MJM") in Western Australia and have been undertaken using improved geological models that better reflect the mineralised systems. The reported Mineral Resources have been tightly constrained by Whittle and Stope Optimisations with deposit specific cut-off grades based on a AUD 2,700 per ounce gold price, haulage to the existing mill site, benchmark operating costs and free milling processing recoveries. The updated estimates do not include results from drilling completed during the 2022 field season. Mineral Resource updates for 18 other CTPJV deposits remain to be undertaken and reported in accordance with the 2012 JORC Code. The CTPJV is a 50/50 Joint Venture between Tanami Gold and ASX listed Northern Star Resources Limited ("Northern Star"), which was established to advance exploration on the 2,211km 2 tenement area in the Tanami Region held by the CTPJV. The tenement area encompasses highly prospective, underexplored geological sequences, in an area that is known to be well endowed with gold mineralisation. The objective of the CTPJV is to develop and mine the Groundrush gold deposit, and any other gold deposits delineated within the CTPJV tenements at the earliest time, commensurate with good mining practice and utilising project infrastructure already in place on the previously operated project area. Groundrush Gold Deposit: Groundrush is located approximately 45km northeast of the Central Tanami Mill site in the Northern Territory. It is fully encompassed by granted Mining Lease ML22934 that covers an area of 39.5 km2. ML22934 was granted on 14 September 2001 for a period of 25 years. The Groundrush deposit was previously subject to open pit mining between 2001 and 2005, when Normandy/Newmont produced 611,000 ounces of gold at a reconciled mill grade of 4.0 g/t gold. The updated Groundrush estimate returned: within the optimised pit shell, using AUD 2,700 per gold ounce, at a reporting cut-off grade of 0.7 g/t gold a Mineral Resource of 2,800 kt grading 3.9 g/t gold for 350 kozs; and below the optimised pit shell using AUD 2,700 per gold ounce and within the AUD 2,700 underground stope optimisation a Mineral Resource of 4,900 kt grading 4.6 g/t gold for 720 kozs. for a combined total of 7,700 kt grading 4.3 g/t gold for 1,100 kozs. This represents a 31% increase in grade and a 28% decrease in tonnes and 5% decrease in ounces, with the resource model better reflecting the mineralised system through the removal of sub-grade material. Geology and Mineralisation Interpretation - Groundrush represents a reverse fault orogenic system, with mineralisation typically hosted in stacked vein sets with a variety of orientations, as well as sub-vertical quartz-filled shear zones, within a fractionated dolerite sill. Minor mineralisation also extends into the adjacent turbiditic sediments. Along with the various orientations of veining there also exists a variety of types, including shear, extensional and also a shear-extension hybrid style of veining. The steep dipping lodes generally strike around 340° but varied between 323° to 355° and dip about 60° to 70° west but range between 32° to 80° west. They exhibit a true thickness from 1-2 to 35 metres and plunge to the south at approximately 10° to 15°. Mineralisation has been defined over a collective strike length of 1,900 metres with the various individual lodes extending from 50 to 970 metres in length and down dip from 50 to 250 metres. The flat lying lodes are only well established in the mined-out areas where they were defined by close spaced grade control drilling. These lodes crosscut the steep lodes and are difficult to interpret from the exploration drilling data. They are largely confined to areas of dolerite and strike between 325° to 340°, dip from 25° to 50° and plunge southwest between 15° to 24°. The strike length of these lodes varies from 50 metres to a maximum of 600 metres, with a true thickness in fresh material of 1-2 metres. The down dip extent varies from 15 to 100 metres. Volumetrically they represent about 20% of the total resource with most of that volume intersecting steep lodes. A two-stage approach to interpreting and modelling the gold mineralisation was completed. Interpretations of the geology were honoured, but the veins were characterised as either steep dipping or flat dipping lodes, with greater certainty in the steep dipping stacked lenses than the flat dipping lodes.