White Rock has treated 445 tonnes at an impressive feed grade of 10.7 g/t gold from its first weekly processing campaign at the Morning Star Underground Gold Mine. This feed grade places the Morning Star Gold Mine in the top five of high-grade gold mines in Australia1. Approximately 113 ounces of gold was produced from this first run from new mining extensions at McNally's Reef.

This processing gold feed grade supports and validates recent diamond drilling assays completed in this area and provides further confidence for future extensions of the McNally Reef, just one of five areas identified for mining. Gold recoveries were approx. 75% and demonstrate the significant upside in process flowsheet improvements available to the operation to achieve its target of >90% recovery.

Test work and flow sheet modifications are aimed at extracting more gold and boosting gold recoveries and production for conversion into gold doré bars for sale. Re-commissioning of the gold processing plant began in August on low-grade material, with three campaigns treating existing low-grade gold stockpiles completed. Name-plate throughputs between 7 and 9 tph were achieved, treating approximately 700 tonnes of material3 with a plant availability of 90%.

Initial gold production was achieved on time in Third Quarter 2022 from this re-commissioning step, with gold doré production to continue as multiple higher-grade gold reefs are mined and processed through the gold processing plant. This initial gold production from current mining activities is a major milestone for the Company, which now joins the ranks of ASX-listed gold producers. Mining underground continues to focus on accessing and mining the high-grade McNally Reef on 7 and 8 Level and advancing towards its next production source ­ the Dickenson Reef on 4 Level.

The Dickenson (and Shamrock) Reef on 4 Level was successfully intersected mid- September. Development is driving along this reef to access this second important source of material for gold processing. Development off 4 Level has also commenced to access the third identified reef for mining ­ the Exhibition Reef.

Once accessed, the fourth identified reef for mining ­ the Stacpoole Reef, positioned above the Exhibition Reef ­ will also commence development. Gold production is expected to continue to ramp up over the next two quarters as these new reefs come online for mining and gold processing.