Todd River Resources Limited provided the following update on recent exploration activities. Analytical results have been received from recently completed drilling at the 100% owned Nerramyne Project located approximately 130 kilometres north east of Geraldton in the Murchison region of Western Australia. Results from the Chandler Prospect confirm widespread anomalous platinum (Pt) and Palladium (Pd) associated with the gabbroic intrusion and new aircore drilling 1300m to the north confirms the intrusion extends under cover as expected.

In addition, new areas of mafic intrusions have been identified in reconnaissance drilling elsewhere on the project providing a pipeline of areas to test during subsequent exploration campaigns in 2023. RC drilling of the Fixed Loop EM conductor at the Trix Prospect in the northern part of the project intersected 3 metres of semi-massive iron sulphides in line with the position of the interpreted conductor. Nerramyne Cu-PGE Project: Analytical results have been received for the three drilling programs completed at Nerramyne in October.

Reverse Circulation (RC) drilling at the Trix prospect was designed to test a specific EM conductor plate that had been modelled as ~100 x 100 metres with a conductance of 2700- 3300 Siemens. The drilling intersected 3 metres of semi-massive iron sulphides in amphibolite at the modelled depth however no nickel, copper or PGE mineralisation is associated with the sulphides. RC drilling at Chandler was designed to follow up previously identified anomalous PGE's associated with a large gabbro intrusion proximal to a granite contact.

Drilling successfully expanded the footprint of strongly anomalous PGE's with intersections over 100ppb Pt+Pd intersected on all sections drilled. In addition, the aircore traverse drilled 1300m north of Chandler intersected two separate zones of mafic intrusive gabbros both zones also containing anomalous PGE's. Further work is required in 2023 to expand the drilling to the north and south to determine where the best concentrations of PGE's are located. Elsewhere at Nerramyne, a number of reconnaissance aircore drilling traverses were completed across a several interpreted mafic intrusions with prospective geology identified in the north of the project.

This provides a pipeline for further exploration in 2023 following the completion of heritage clearance work. Tapanappa Project, South Australia: The Company has recently applied for an exploration licence covering 400 square kilometres of an under explored section of Tapanappa Fm, which regionally hosts numerous base metal deposits including the 3.0 Mt (8% Zn 3.1% Pb 34 g/t Ag) Angas deposit and the 28 Mt (0.9% Cu, 0.2 g/t Au) Kanmantoo deposit. The Angas deposit, like Broken Hill, has gahnite (zinc spinel) alteration proximal to ore and within the host lode horizon.

Recently, GA published Data Release 1 of the Heavy Mineral Map of Australia Project, which has results of automated heavy mineral analyses across the Darling-Curnamona-Delamerian region. Of interest is a sample with anomalous grain counts of gahnite (25 vs background of 0-5) from a sample draining in the middle of the project area. The gahnite indicates the Angas style of mineralisation is likely present within the project area.

The project area is dominated by thin (5-50m) transported cover and has limited outcrop, therefore historical surficial exploration such as soils were ineffective. Limited RAB drilling completed within the project area commonly did not penetrate the cover and effectively test the targets. The cover is not expected to be challenge for any future drilling, as aircore will be used that will penetrate the cover easily.

While the deposit style is associated with magnetic anomalies, therefore it is possible to define targets through the cover. The company expects early stage sampling and heavy mineral analytical studies to be able focus further exploration on key areas of prospectivity during 2023.