Tulla Resources : Latest Drill Results from Green Lantern

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ASX Announcement

25 July 2022

Latest Drill Results from Green Lantern

Tulla Resources Plc (ASX:TUL) (Tulla Resources or the Company) is pleased to advise that drilling on Stage Two of the open pit plan at Green Lantern at the Norseman Gold Project (TUL 50%) continues to prove up. Stage Two is not currently included in the Ore Reserve and results from the final round of infill drilling are being utilised to finalise an update to the current Mineral Resource and Ore Reserve.

Key Highlights:

• Drilling continues to increase confidence in the ore geometry and controls on mineralisation.
• Deeper high grade mineralisation now identified in the southern portion of the orebody. Mineralisation remains open to the south and down dip suggesting potential for underground mining following completion of the planned open pits.
• Significant results returned from this most recent phase of drilling include:

Green Lantern Results:

• 38 m @ 5.85 g/t Au from 134 m.
• 7 m @ 2.91 g/t Au from 248 m.
• 2 m @ 8.4 g/t Au from 24 m.
• 11 m @ 15.23 g/t Au from 259 m.
• 10 m @ 2.22 g/t Au from 190 m.
• 7 m @ 3.35 g/t Au from 24 m.
• 9 m @ 3.94 g/t Au from 187 m.
• 7 m @ 5.58 g/t Au from 204 m.
• 3 m @ 10.16 g/t Au from 53 m.
• 4 m @ 13.32 g/t Au from 100 m.
• 12 m @ 2.21 g/t Au from 91 m.
• 4 m @ 10.09 g/t Au from 91 m.
• 3 m @ 8.77 g/t Au from 103 m.
• 1.3 m @ 21.16 g/t Au from 259.7 m.
• 11 m @ 2.23 g/t Au from 65 m.
• 10 m @ 3.33 g/t Au from 158 m.
• 4 m @ 4.93 g/t Au from 98 m.
• 5 m @ 9.1 g/t Au from 92 m.

Tulla Resources

Plc

TELEPHONE:	ADDRESS:	POSTAL:
[phone]	Suite 5, Level 2, 2 Grosvenor	PO Box 2499 Bondi Junction
	Street, Bondi Junction NSW 2022	NSW 1355 Australia

ARBN:	FAX:
EMAIL:	WEBSITE:
122 088 073	[phone]	[e-mail]	https://tullaresources.com

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Step out drilling aimed at extending the currently defined mineralisation to the south of the current open pit design is ongoing at Green Lantern.

Commenting on the results, Tulla Resources' Executive Chairman, Kevin Maloney, said:

"These results from the recent Green Lantern drilling program are an important step in providing confidence in resource growth at the Scotia Mining Centre and once again demonstrates the broader potential of the Norseman gold field."

Pantoro South Pty Ltd, the Manager of the Norseman Gold Project, has provided the follow report to the Company.

Scotia Mining Centre

The Scotia Mining Centre is located approximately 25 kilometres south of Norseman and was discovered in 1893. The historic production recorded from the Scotia mine via open pit and underground mining was 811,000 tonnes @ 5.9 g/t Au for 155,000 ounces. Scotia was actively mined from 1987 until 1996.

Scotia hosts a number of Mineral Resource areas in close proximity, and several zones where high grade mineral occurrences have not yet been classified.

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609000N

607000N

605000N

603000N

Basalt

Sedimentary Iron Formation

Dolerite

: Plan of Scotia Mining Granite

Felsic Intrusive

Figure 1: Plan of Scotia Mining Centre

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The mineralisation at Scotia is hosted by a shear zone that transects the Woolyeenyer Formation. The geological environment differs from that at Norseman, in that the stratigraphy has been subjected to higher metamorphic grades. Primary gold is located in shear zones with quartz sulphide veins predominantly pyrrhotite and is structurally controlled by closely spaced brittle faults of varying orientations.

The current Mineral Resource at Scotia is estimated to contain 12.4 Mt @ 2.30 g/t Au for 906,000 ounces (refer to ASX Announcement entitled Mineral Resource and Ore Reserve Update for Scotia dated 5 April 2022). The Joint Venture remains committed to an ongoing exploration and resource extension program at Scotia.

Green Lantern

Green Lantern lies approximately 270 metres to the south east of the Scotia Pit, and is open at depth and along strike to the north. Drilling has continued to define multiple lodes, including high grade NW- SE oriented cross faults which remain open down dip and along strike to the South. The Joint Venture is continuing its drilling program in the area with a focus on extending the defined mineralisation to the south of the current open pit design. Results indicate a wide lode system as well as a narrower high grade system at Green Lantern, and include:

• 38 m @ 5.85 g/t Au from 134 m.
• 7 m @ 2.91 g/t Au from 248 m.
• 2 m @ 8.4 g/t Au from 24 m.
• 11 m @ 15.23 g/t Au from 259 m.
• 10 m @ 2.22 g/t Au from 190 m.
• 7 m @ 3.35 g/t Au from 24 m.
• 9 m @ 3.94 g/t Au from 187 m.
• 7 m @ 5.58 g/t Au from 204 m.
• 3 m @ 10.16 g/t Au from 53 m.
• 4 m @ 13.32 g/t Au from 100 m.
• 12 m @ 2.21 g/t Au from 91 m.
• 4 m @ 10.09 g/t Au from 91 m.
• 3 m @ 8.77 g/t Au from 103 m.
• 1.3 m @ 21.16 g/t Au from 259.7 m.
• 11 m @ 2.23 g/t Au from 65 m.
• 10 m @ 3.33 g/t Au from 158 m.
• 4 m @ 4.93 g/t Au from 98 m.
• 5 m @ 9.1g/t Au from 92 m.

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Figure 2: Long Section of Green Lantern.

Figure 3: Plan of Drilling and Pit Designs at Green Lantern.

It is expected that an updated Mineral Resource and Ore Reserve will be released shortly.

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Norseman Gold Project (Tulla Resources 50%)

The Company's flagship asset is a 50% interest in the Central Norseman Gold Project (the "Project"), a historic gold province near the town of Norseman in the Goldfields of Western Australia, which commenced operations in 1935.

The other 50% in the Project is held by ASX listed company Pantoro Limited through its wholly owned subsidiary, Pantoro South Pty Ltd ("Pantoro South") via a farm-in and joint venture agreement dated 14 May 2019 ("FJVA"). Pantoro South is the Manager of the Gold JV.

The Company owns 100% of the iron ore asset located at the Norseman Gold Project, subject to the terms of the Mineral Rights Deed entered into with Pantoro South.

The Project is located at the southern end of the Norseman-Wiluna greenstone belt in the Eastern Goldfields Province of the Yilgarn Block in Western Australia, approximately 725 kilometres east of Perth, 200 kilometres south of Kalgoorlie and 200 kilometres north of Esperance. The Project comprises 152 near continuous mining tenements (including pending applications) over approximately 70 kilometres of strike covering approximately 750 square kilometres. The Project has produced in excess of 5.5Moz of gold since 1935 and is considered one of the highest grade, large scale gold projects in Western Australia.

The Project is serviced by existing infrastructure supported by the local Shire and State infrastructure, with a new 1.0Mtpa carbon in leach processing plant

under construction and due to recommence production in H2 2022.

About Tulla Resources Plc

Tulla Resources is a diversified Resources House whose primary asset is its 50% interest in the flagship Norseman Gold Project.

In 2007 Norseman Gold Plc acquired Central Norseman Gold Corporation Pty Ltd (CNGC), the operating entity of the Gold Project. Norseman Gold Plc changed its name to Tulla Resources Plc on 30 December 2020.

On 17 March 2021, Tulla Resources Plc was admitted to the Official List of ASX and the Company commenced trading on 18 March 2021.

The focus of Tulla Resources is to continue to work closely with its joint venture partner to bring the Gold Project back into production scheduled for H2 2022. The Norseman Gold Project also provides an excellent opportunity for exploration and future production growth as demonstrated by the excellent results from the exploration program centred on the Scotia Mining Centre.

Tulla Resources has an experienced and well credentialed Board. The Company has a strategy of developing and acquiring other resource assets to provide commodity and geographical diversity. In

December 2021 with its JV Partner, Pantoro South, the Company entered into a binding term sheet with a subsidiary of Mineral Resources Limited (MIN) in respect to its JV lithium deposits at Norseman.