Zuleika Gold reported results from recent exploration activity, including RC drilling results at Credo Well, Paradigm East, Browns Dam and Breakaway Dam. Positive results have been received at most projects, further reinforcing their prospectivity and paving the way for follow-up exploration activities. Given its large and highly prospective tenement package in the Kalgoorlie region, the Company continually assesses and reprioritises its activities as needed, to ensure systematic evaluation of the project areas in the most cost-effective manner.

Following heritage clearance over significant areas of the Zuleika Project, the next phase of aircore drilling activities is scheduled to start in October 2022. Soil geochemical sampling also continues aimed at generating the next generation of drill targets. The Credo Gold Project, located ~5km west of Norton Goldfield's Paddington Gold Mine, is a Joint Venture with Asra Minerals Limited operated and managed by Zuleika.

Zuleika is earning 50% of the Project. Results have been returned from the latest RC and aircore drilling programs that consisted of 11 holes for a total of 1,308m. The drilling programs were designed to test two key targets: The down dip mineralisation at the northeast trending Credo North West resource area, and The potential for shallow mineralisation at Credo South East (500m south of Credo Well), suggested by 2021 aircore drilling results.

Cross section 333,660mE presents the mineralisation extension provided by the results of DCRRC230 (2m @ 0.73 g/t Au) following up on DCRRC225 (9m @ 1.93 g/t Au) as previously announced. These intercepts are located outside of the current block model, and open down dip and down plunge. The drilling indicates the mineralised structure continues and further drilling is required to determine the overall grade of the potential resource extension.

6 AC holes for 460m were drilled in June 2022 to follow up the identification of a new mineralised zone located ~500m southeast of Credo Well (ZAG ASX Ann.15.09.2021 and 19.04.2022). Best intercepts at Credo South East from this new drilling include: 2m @ 1.87 g/t Au from 12m, and 6m @0.18 g/t Au from 19m in DCRRC234. 6m @ 1.44 g/t Au from 13m @ 1.44 g/t Au, incl.

3m @ 2.63 g/t Au from 13m in DCRRC236. These results confirm and extend the shallow mineralisation envelope at Credo South East. Further drilling is planned to test this mineralisation, that potentially represents a repetition of the two pods of defined mineralisation to the northwest.

A two-hole RC drilling program (290m total) was completed to further test the 2021/2022 outstanding RC results returned by DPERC019 (4m @ 4.93 g/t Au from 71m, including 1m @ 18.48g/t Au at 72m) and DPERC026 (28m @ 0.26 g/t Au from 48m). The results further indicate the complex nature of the mineralisation at Paradigm East and Zuleika Gold's Geology team is currently reviewing the geological and structural controls for the project. Further test with aircore drilling along the 1.8km strike length of mineralisation is likely.

These results confirm a lower-grade shallow mineralisation in the southern part of the tenements that could indicated a nearby higher-grade source. Further work at the project area will entail extending the soil sampling program northwards - where very little historical work has been completed to date. Results from this work will guide further drilling at Little T. The Breakaway Dam prospect is located approximately 5km southwest of the Breakaway Dam mine.

A drilling campaign completed in June 2022 consisted of 21 AC holes for a total of 1,165m and 2 RC holes for a total of 314m. Holes were planned to follow up encouraging results from a 2021 AC drilling program that included 11m @1.3g/t from 40m in DBAAC069, including 1m @ 7.16 g/t at 40m. Results were generally from the supergene zone and did not indicate a mineralisation trend associated with the regional Breakaway Fault.

Best results included (Figure 8): 3m @ 0.95 g/t Au from 115m in DBARC001. 7m @0.19 g/t Au from 37m in DBAAC118. 8m @0.11 g/t Au from 62m in DBAAC120.

4m composites samples that will be further assayed on one metre intervals. The anomalous composites will be re-assayed. The encouraging geological setting justifies a soil sampling program over the extended project area to better define a potentially mineralisation corridor prior to further drill testing.

The Grant Patch West prospect is located in between Paradigm East and Credo Well on tenement P24/5426, P24/5427 and P24/5428. A geochemical soil sampling program (for 81 samples) was completed over the Grants Patch West prospect in May 2022. Samples were recovered on an 80m-by-80m staggered grid (nominally weighing 250 grams) and collected manually from a depth of about 10-20cm below surface.

Assaying was completed at Labwest using the Ultra-fine assay technique developed by the CSIRO to better detect subtle anomalies under transported cover. Samples were assayed for 52 elements. The soil sampling campaign was designed to test prospective magnetic features and lithological contacts.

The best gold result returned from this campaign was 124 ppb, with an average background of 29 ppb. The high background levels observed in the southern part of the tenement are considered to be very encouraging. Further soil sampling is planned to extend the coverage to follow up on these promising results.

The rest of the Grants Patch prospect, that lies adjacent to the Carnage Shear and the eastern margin of the Kurrawang basin, will also be soil sampled on a wider grid.