Widgie Nickel Limited announced an updated Mineral Resource Estimate at its Gillett deposit, estimated in accordance with the 2012 JORC Code. Gillett forms part of the Mt Edwards Project located in a province of historic nickel sulphide mines. Using historical and new assay data the reinterpreted Mineral Resource at Gillett has increased the amount of contained nickel from 22,500 to 23,400 tonnes.

The Gillett Mineral Resource was estimated by Richard Maddocks from Auralia Mining Consulting. The scope to further grow Gillett has driven a future work program that will include RC pre-collars and diamond core tails drilling to further test the extents of mineralisation, and infill drilling to increase confidence sufficient to `upgrade' the Mineral Resource classification for a greater portion of the Resource. The recent exploration success at Gillett North lies external to the Gillett Resource and will ultimately be included in future iterations upon receipt of outstanding assays and further drilling to be carried out in 2023.

The Gillett Nickel deposit is located on Mining Lease M15/94, approximately 3km south-southeast of the Widgiemooltha Township. Widgie holds the nickel rights for Mining Lease M15/94 with the underlying tenure held by Mincor Resources NL. Gillett is one of three nickel deposits located on M15/94, collectively named the Widgie South Trend (Widgie Townsite, Gillett and Widgie 3).

Widgie holds nickel interests over a significant portion of the nickel prospective tenements around the Widgiemooltha Dome. The Gillett Mineral Resource is a nickel sulphide deposit hosted within an ultramafic package dipping steeply to the west. Mineralisation at Gillett occurs over a strike length of more than 1km in a talc-carbonate altered ultramafic on or near a basal contact with a basalt.

There is a strong foliation developed parallel to the basal contact, and one interpretation is that the basal contact has been thrust from the main contact that hosts the Widgie 3 and Widgie Townsite nickel sulphide deposits. The Gillett deposit has been structurally modified with the mineralisation sitting in the ultramafic of an overturned limb under a hanging wall of basalt. The nickel sulphide mineralisation has been being partly controlled by later stage quartz- carbonate veining.

A basalt hill along the strike of Gillett is interpreted to represent the hinge-line of an anticline, with the stratigraphy on the eastern limb overturned and steeply dipping to the west. The ultramafic-basalt contact and mineralisation on this overturned limb strikes northwest at approximately 325 and the higher-grade zones appear to plunge gently to the north. Numerous NE-SW trending deposit scale faults have been identified using field mapping and airborne magnetic geophysics.

These faults dip at about 88 towards the NNW and have been defined in the structural logging of the diamond core. Veins seen in diamond core indicate some remobilisation of sulphide minerals at Gillett. Nickel Mineralisation: The mineralisation styles range from weakly disseminated to very strong matrix sulphide mineralisation.

Most of the mineralisation is disseminated with stacked zones of matrix and massive sulphide. Generally, the disseminated sulphide runs between 0.6 and 2.0% nickel with the matrix style mineralisation grading up to 3% nickel. Above 3% nickel represents a more massive style of mineralisation.

Drilling has intersected massive sulphide zones with banded pyrrhotite and pentlandite grading up to 8% nickel. Modelling: The mineralisation conforms to a Kambalda style komatiite flow hosted orebody. Geology logs were used to construct a basal surface to the ultramafic unit.

This surface is the contact between the ultramafic and the underlying mafic basalts. The higher-grade nickel mineralisation accumulates at or near this contact. There are ten modelled domains contained on or close to the basal contact between mafic and ultramafic rock units.

There are likely zones of disruption possibly caused by faulting and/or shearing which may dislocate the basal contact. Modelling of these dislocations is not possible given their orientation close to the drilling direction. This may also have caused some remobilisation of nickel sulphides in this central area as there are zones of sulphide mineralisation faulting off the main mafic-ultramafic contact.

Domains were modelled and estimated with hard boundaries. A mineralised envelope was modelled using a nominal 0.5% nickel cut-off. This cut-off was chosen as it approximates the grade boundary between nickel sulphide mineralisation in massive/matrix and disseminated forms and non- sulphide nickel contained in the ultramafic host.

A top of fresh rock surface was modelled from the logging codes in drill holes. No significant mineralisation extends above this surface. All modelled mineralisation is within the fresh rock domain.

The model used parent blocks of 15m X, 15m Y and 5m Z with sub blocks of 0.5m in all directions. The 10 domains were modelled using hard boundaries.