ALCHEMY RESOURCES LIMITED — Interim / Quarterly Report 2021

Oct 28, 2021

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29 October 2021

BOARD AND MANAGEMENT

MR LINDSAY DUDFIELD NON-EXECUTIVE CHAIRMAN

MR JAMES WILSON CHIEF EXECUTIVE OFFICER

MS LIZA CARPENE NON-EXECUTIVE DIRECTOR

MR ANTHONY HO NON-EXECUTIVE DIRECTOR

MS JESSAMYN LYONS JOINT COMPANY SECRETARY

MS CARLY TERZANIDIS JOINT COMPANY SECRETARY

QUARTERLY ACTIVITIES REPORT

For the period ending 30 September 2021

Highlights

KARONIE PROJECT (WA) – Gold

• Karonie Maiden Mineral Resource Estimate completed (JORC 2012-compliant) 111,100oz @ 1.2g/t Au (Inferred, 0.8g/t Au cut-off) from surface.

• One metre re-sampling from the Karonie Phase 1 drill program completed with excellent grades including:

• 1m @ 15.30g/t Au (57m) in KZRC104

PROJECTS

• 1m @ 4.52g/t Au (24m) in KZRC103

• 1m @ 4.02g/t Au within 3m @ 1.78g/t Au (106m) in TARC010

LAKE REBECCA (ALY 100%)

KARONIE (ALY 100%)

LACHLAN (ALY 80%)

WEST LYNN (ALY 80%)

BRYAH BASIN (ALY 20%, TSX-V SGI 80%)

BRYAH BASIN (ALY 20%, SFR 80%)

• 1m @ 3.41g/t Au (49m) within 3m @ 1.58g/t Au (49m) in TARC014

• Structural mapping at Southern Karonie areas identified multiple new greenfields and brownfields targets to be tested in upcoming drill programs.

MELROSE & YELLOW MOUNTAIN (NSW) – Gold / Base Metals

• Historic aircore and RC drill holes specifically targeting the 12km long Melrose magnetic anomaly (“MMA”) resampled and assayed for 48 elements.

• Strong bismuth, molybdenum, tellurium and tin values identified; these are pathfinder elements typical in reduced magma gold bearing intrusion style deposits (such as Kidston 5Moz or Mungana 1.2Moz).

• RC drilling planned to test the contact zone on the MMA.

BRYAH BASIN PROJECT (WA) – Gold / Base Metals

Sandfire Resources JV:

• 241 aircore holes were completed over the Windalah Bore and Horseshoe Lights tenements. A further 400 holes remain in this drill program.

• Drilling forms part of an initial 800m x 100m pattern, designed to provide high quality lithogeochemical samples and to delineate stratigraphy.

• Best intercepts from the drill program at Bullgullan & Windalah Bore included:

• 4m @ 546ppm Zn (HSAC0320)

• 5m @ 1,220ppm Cu (HSAC0429)

• 5m @ 1,130ppm Pb (HSAC0556)

Superior Gold JV:

• Heritage Surveys completed on Wilgeena-Hermes proposed haul road.

• Site preparation for extensional and sterilisation drilling at Wilgeena.

Alchemy Resources Limited (ASX: ALY ; “ Alchemy ” or the “ Company ”) is an Australian exploration company focused on growth through the discovery and development of gold, base metal and nickel-cobalt resources within Australia ( Figure 1 ). Alchemy has built a significant land package in the Carosue Dam - Karonie greenstone belt in the Eastern Goldfields region in Western Australia and has earned an 80% interest in the Lachlan/Cobar Basin Projects in New South Wales. Alchemy also maintains its interest in the Bryah Basin Project in the gold and base metal-rich Gascoyne region of Western Australia, where Superior Gold Inc. (TSX-V: SGI; “Superior” ) and Sandfire Resources Limited (ASX: SFR; “Sandfire” ) are continuing to advance gold and base metal exploration, respectively.

At Karonie, work focussed on follow-up re-assaying of composite samples following the completion of the RC program in the previous quarter. The re-splits confirmed narrow high grade mineralised structures, which was used to refine the geological model. A Maiden Mineral Resource Estimate (“MRE”) was completed (JORC 2012compliant) of 111,100oz @ 1.2g/t Au (Inferred, 0.8g/t Au cut-off) from surface at the Taupo, KZ5 and Parmelia deposits. Mineralisation remains open at depth and along strike, and Alchemy considers this area to be a key focus for ongoing exploration in the future. Detailed reconnaissance mapping was commenced in the southern Karonie areas, which has resulted in multiple new greenfields and brownfields targets.

Alchemy’s New South Wales Projects advanced with an extensive review of historic samples at the Yellow Mountain Project, which allowed the re-interpretation of the Melrose Magnetic Anomaly (“MMA”) with modern geochemical tools. The data returned significant anomalism that identified a different geological model than thought previously, which will be drill tested in CY2022.

At the Bryah Basin Project Joint Venture, Sandfire drilled 241 aircore (“AC”) holes on the 800m x 100m program for a total of 18,772m of drilling, with approximately 400 AC holes remaining to be drilled as part of this program. Further activities will be contingent on the results of outstanding assays. The holes were part of the overall AC program through the Horseshoe tenure designed to provide high quality lithogeochemical samples.

The Superior Joint Venture completed Project and Infrastructure planning for Hermes South during the quarter. Site preparation for monitoring bores as well as sites for extensional and sterilisation drilling at Wilgeena commenced, as progress advances towards a decision to mine in CY2022.

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Figure 1: Alchemy Resources Project Location Plan

Quarterly Activities Report 1 July 2021 – 30 September 2021

2

Karonie Project (WA) (Alchemy 100%)

The Karonie Project includes 12 exploration licences and three exploration licence applications covering 1,179km[2] of highly prospective mineralised structures within Kurnalpi Terrain greenstones 100km east of Kalgoorlie ( Figure 2 ). The tenements are located along strike of Silver Lake Resources Limited (ASX: SLR; “Silver Lake” ) Aldiss Mining Centre (reserves/resources of over 595,000oz @ 2.0g/t Au)[1] , and are within 50km of Silver Lake’s Randalls processing plant covering 38km of the under-explored, gold endowed Claypan Shear Zone, commencing just 12km along strike to the south of Breaker Resources NL’s (ASX: BRB ) Bombora deposit (resource of 1.37Moz @ 1.5g/t Au)[ 2] .

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Figure 2: Karonie Project tenements, prospects and interpreted major structures

1 Refer to SLR’s ASX announcement dated 15 September 2021

2 Refer to BRB’s ASX announcement dated 29 April 2021

Quarterly Activities Report 1 July 2021 – 30 September 2021

3

Karonie Project Drill Program resampling

Re-sampling of the composite samples taken in the Phase 1 drill program was completed during the quarter. The 1m resamples confirmed the 4m composite samples intercepts, giving better granularity on grades and widths which were necessary for detailed modelling ahead of the completion of the resource estimate. The significant high-grade intercept of 1m @ 15.3g/t Au in KZRC104[3] outlines the potential for shallow high-grade mineralisation, which remains open along strike.

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Figure 3: Karonie Project Prospects location

Best intercepts from the 1m re-sampling program included:

KZ5

• 1m @ 15.30g/t Au (57m) in KZRC104

• 10m @ 1.54g/t Au (25m) in KZRC103 including:

• 1m @ 4.52g/t Au (24m)

• 4m @ 1.98g/t Au (30m)

• 3m @ 1.45g/t Au (97m) in KZRC107

Taupo

• 1m @ 4.02g/t Au within 3m @ 1.78g/t Au (106m) in TARC010

• 1m @ 3.41g/t Au (49m) within 3m @ 1.58g/t Au (49m) in TARC014

3 Refer to ALY’s ASX announcement dated 10 August 2021

Quarterly Activities Report

4

1 July 2021 – 30 September 2021

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Figure 4: KZ5 Prospect Drill Plan showing 1m resampling of composite samples from the drill program (red)

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Figure 5: Taupo Prospect Drill Plan showing 1m resampling of composite samples from the drill program (red)

Quarterly Activities Report 1 July 2021 – 30 September 2021

5

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----- Start of picture text -----

Hole ID Prospect From(m) To(m) Width (m) Intercept (g/t Au) Including (g/t Au)
TARC010 Taupo 106 109 3 3m @ 1.78g/t from 106m 1m @ 4.02g/t from 108m
TARC014 42 44 2
2m @ 0.77g/t from 42m
Taupo
incl. 48 51 3
3m @ 1.58g/t from 48m 1m @ 3.41g/t from 49m
KZRC103 KZ5 24 34 10
10m @ 1.54g/t from 24m 4m @ 1.98g/t from 30m & 1m @ 4.52g/t from 24m
KZRC104 KZ5 56 57 1
1m @ 15.3g/t from 57m
KZRC107 8 26 18
18m @ 0.74g/t from 8m
KZ5
KZRC107 97 100 3
3m @ 1.45g/t from 97m
PARC015 68 72 4
4m @ 0.82g/t from 68m 1m @ 1.51g/t from 70m
Parmelia
PARC015 98 118 20 20m @ 0.3g/t Au from 98m
----- End of picture text -----

1m Resample assays. Calculated at +0.5g/t Au, 2m maximum internal dilution

Table 1: Karonie Project RC drill results – 1m resampling

Karonie Resource Estimate

During the quarter, Alchemy released a Maiden JORC 2012 Mineral Resource Estimate (“MRE”) for the Taupo, KZ5 and Parmelia deposits[4] . The Resource followed the targeted drill program conducted in May 2021.

The MRE has been independently created and verified by suitably qualified consultants at Auranmore Consulting (“Auranmore”), a well-regarded Perth-based geological consultancy.

Based on the estimate provided by Auranmore using a 0.8g/t Au cut-off grade, Karonie contains 2.96Mt at 1.2g/t Au for 111,100 oz Au as shown in Table 2 below and in Figure 6.

Deposit	Classification	Tonnes	**Gradeg/t **	Ounces
KZ5	Inferred	1,876,000	1.2	70,600
Parmelia	Inferred	644,000	1.0	20,700
**Taupo **	Inferred	441,000	1.4	19,800
TOTAL	Inferred	2,961,000	1.2	111,100

Table 2: Karonie Gold Project JORC 2012 Mineral Resource Estimate (0.8g/t Au cut-off)

MRE Expansion Potential

Alchemy believes there is substantial potential to expand the current JORC MRE through additional drilling, as the deposits remain open along strike and at depth. Currently, the 100% owned Karonie tenements cover prospective structures and host rocks which extend approximately 30km to the north and 55km to the south of the MRE, and remain poorly tested by modern exploration methods.

4 Refer to ALY’s ASX announcement dated 31 August 2021

Quarterly Activities Report 1 July 2021 – 30 September 2021

6

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Figure 6: Karonie Gold Project and MRE deposits (0.8g/t cut-off)

Karonie South structural / lithological mapping

Alchemy has completed detailed structural and lithological mapping on the southern tenements in the GilmoreEsplanade-Batavia areas with a view to defining new targets and refining existing areas. Better historic high-grade results from these areas include 3m @ 14.6g/t Au, 1m @ 17.8g/t Au and 8m @ 2.1g/t Au[5] . Alchemy believes that a better understanding of the controls on mineralisation obtained from surface mapping, combined with utilising bedrock geology from the numerous drill holes in this area, has significantly improved the understanding of controls on mineralisation in the area.

The results of the mapping exercise outlined five discrete high priority targets to test as part of the upcoming drill program at Karonie. Analysis of historic drilling shows that previous explorers were targeting broad near-surface targets.

The targets shown in Figure 7 include the new greenfields “Western Brown” lake target which has seen no exploration of any kind over a 2km x 2km area. Other targets range from the early stage to semi advanced targets at Challenger and Esplanade, which have seen no modern exploration since the early 2000s. The targets will be tested as part of Alchemy’s Phase 2 drill programs in early 2022.

5Refer to ALY’s ASX announcement dated 24 May 2016

Quarterly Activities Report 1 July 2021 – 30 September 2021

7

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Figure 7: Alchemy drill targets (red) over magnetics

Lake Rebecca Project (WA) (Alchemy 100%)

The newly formed Lake Rebecca Project includes 10 highly prospective, exploration licence applications covering 562km[2] of prospective greenstones, internal granites and known gold bearing structures to the southeast of Northern Star Resources Limited’s (ASX: NST ) 4.3Moz Carosue Dam gold deposit[6] , along strike to the north of BRB’s 1.37Moz Bombora gold deposit[2] , and immediately west of Apollo Consolidated Limited’s (ASX: AOP ) Rebecca, Duchess and Duke deposits in the Eastern Goldfields, WA ( Figure 8 ).

The Carosue Dam deposit is located within the Carosue Basin immediately east of the east dipping Keith Kilkenny Fault, which is interpreted to trend through the western tenements of the Lake Rebecca Gold Project . The tenements also cover part of the Claypan Shear Zone that hosts BRB’s Bombora deposit, and parts of a western splay off the Pinjin Fault. Despite the highly prospective geological setting, previous drilling within the licences has been limited due to the amount of transported cover.

During the quarter, the Company continued the process of Native Title application for the entire tenement package. Data compilation for the area is nearing completion. Subsequent to the end of the quarter, Alchemy won three ballots for additional tenure[7] in the central area shown in Figure 8.

6 Refer to NST’s ASX announcement dated 3 May 2021

7 Refer to ALY’s ASX announcement dated 15 October 2021

Quarterly Activities Report 1 July 2021 – 30 September 2021

8

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Figure 8: Lake Rebecca tenements (under application in blue) and recent tenements won by ballot (in red)

Lachlan / Cobar Basin Projects (NSW) (Alchemy 80%)

The Lachlan Projects cover an area of 674km[2] of the Central Lachlan Orogen in NSW and comprise three project areas prospective for Cobar-style epithermal gold / base metals and copper-gold porphyry mineralisation. The Lachlan / Cobar Basin Projects consist of the Overflow Gold-Base Metal Project, the Yellow Mountain Copper-Gold Project, the West Lynn Nickel-Cobalt-Alumina Project and the Eurow Copper-Gold Project, each containing multiple drill ready gold and/or base metal and/or nickel-cobalt targets. The projects form part of a Farm-In and Joint Venture with Heron Resources Ltd (ASX: HRR ).

Yellow Mountain Project

During the quarter the Company conducted an extensive review of previous exploration at the Yellow Mountain and Melrose Projects, which has resulted in the discovery of historic samples and assay results from rock chip and drill programs that the Company believes highlights significant exploration potential at the Project[8] .

8 Refer to ALY’s ASX announcement dated 2 August 2021

Quarterly Activities Report 1 July 2021 – 30 September 2021

9

Approximately 242 samples from bottom of hole drill samples have been recovered from drill programs conducted by Triako Limited in 2002 at the MMA. The strategy was to re-sample historic holes using 4-acid digest multielement geochemistry. Alchemy believes that a modern assaying technique would give a much clearer picture of the potential of the system at Melrose, in particular the area focussed around the MMA.

The samples were assayed for 48 elements and the data was interpreted by well-regarded geochemist Dr Scott Halley. The data returned significant bismuth, molybdenum, tellurium and tin anomalism over the southern part of the MMA shown in Figure 9; these elements are pathfinder elements which are typical in reduced magma gold bearing intrusion style (“IRGS”) deposits (such as Kidston 5Moz or Mungana 1.2Moz).

In addition, the dispersion of the arsenic anomalism at the MMA is offset to the north-east which suggests the intrusion may have been over-turned during deformation. In this model, the gold preferentially accumulates on the top contact zone, which Alchemy believes to be the north-eastern edge of the MMA in an area of approximately 1km x 1km. This area has seen only sparse and shallow historic AC drilling with a total of 12 shallow holes over this zone.

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Figure 9: Melrose Magnetic Anomaly with historic assays, multi-element contours and target areas

Quarterly Activities Report 1 July 2021 – 30 September 2021

10

Bryah Basin Project (WA) (Alchemy 20%)

Base Metals Exploration (Sandfire 70-80%)

Sandfire has earned an 80% interest in Alchemy’s 100% owned tenements and a 70% interest in the tenements jointly owned by Alchemy and Jackson Minerals Pty Ltd (a wholly owned subsidiary of Fe Ltd (ASX: FEL )) (Figure 10) . Alchemy remains free-carried on further exploration to completion of a Pre-Feasibility Study, and then carried on an interest-free deferred basis for a further $5M of Definitive Feasibility Study expenditure, with the deferred amount to be repaid from 50% of Alchemy’s share of free cash flow earned through production.

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Figure 10: Bryah Basin Project – Sandfire Resources JV and Billabong Gold JV areas over interpreted geology

A total of 241 AC drill holes were completed totalling 18,772m on the Horseshoe and Windalah Bore Prospects. All these holes are part of the overall AC drill program through the JV tenure and were designed to provide high quality lithogeochemical samples and help with delineation of stratigraphy.

Drilling of the initial 800m x 100m AC programme has intersected interbedded quartz-feldspar-lithic arenites and siltstones interpreted to be of the ‘’Ravelstone’’ Formation though the central to southern sections of the drill lines. Drilling through the northern sections of these drill lines intersected dolomitic sediments and cherts of the Bangemall group. Current interpretation of the area suggests that there could be a structural contact between the Ravelstone and Narracoota formation.

Approximately 400 AC holes remain to be drilled as part of the initial 800m x 100m spaced program. Following this drilling an RC drilling program will be designed to follow-up on any geochemical anomalism observed as required.

Quarterly Activities Report 1 July 2021 – 30 September 2021

11

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Figure 11: Map of the 241 AC holes drilled within the Sandfire JV tenements during the Quarter

Hole ID	Prospect	From	To	Width (m)	Cu (ppm)	Au (ppb)	Zn (ppm)	Pb (ppm)
HSAC0247	Bullgullan Bore	45	50	5	84	4	333	325
HSAC0309	Windalah Bore	140	165	25	8	-	810	16
HSAC0315	Windalah Bore	75	85	10	20	4	531	6
HSAC0320	Windalah Bore	65	69	4	14	4	546	6
HSAC0335	Windalah Bore	70	75	5	65	1	512	16
HSAC0341	Windalah Bore	55	60	5	44	2	578	4
HSAC0398	Horseshoe Lights	120	123	3	286	2	183	441
HSAC0429	Horseshoe Lights	35	40	5	1,220	4	70	8
HSAC0554	Windalah Bore	60	65	5	24	1	7	413
HSAC0554	Windalah Bore	65	70	5	17	1	4	304
HSAC0556	Windalah Bore	80	85	5	101	1	154	666
HSAC0556	Windalah Bore	85	90	5	141	1	125	1,130
HSAC0556	Windalah Bore	90	95	5	47	1	22	370
HSAC0557	Windalah Bore	75	80	5	29	1	8	569
HSAC0557	Windalah Bore	80	85	5	26	1	4	514
HSAC0570	Horseshoe Lights South	20	25	5	243	1	82	267

Table 3: Significant Intercepts from AC Drilling completed in the Horseshoe and Windalah Bore Prospects (ALY/SFR JV)

Quarterly Activities Report 1 July 2021 – 30 September 2021

12

Gold Exploration (Superior Gold 70-80%)

Exploration of Alchemy’s tenements that cover the gold prospective part of the Bryah Basin Project ( blue outline in Figure 10 ) continued under a farm-in and joint venture arrangement with Billabong Gold Pty Ltd (“ Billabong Gold JV ”), a subsidiary of Superior. Under the terms of the Billabong Gold JV, Alchemy’s interest is carried on an interestfree deferred basis to production, with Alchemy to repay the deferred amount from 50% of its share of free cash flow from production following the commencement of mining.

The Billabong Gold JV contains a JORC 2012 compliant resource of 2.2Mt @ 1.6g/t for 114,000oz Au[9] at the Hermes South deposit. Hermes South is located approximately 20km south-southwest of the Hermes mining operation, and 65km southwest of the Plutonic gold mine (Figure 10) . The mineralisation remains open at depth and there is excellent potential for further drilling to expand the area of gold mineralisation and add to the known resource. Alchemy is confident that the Hermes South deposit will become part of the production profile for the Plutonic Gold Operation, with design and scheduling work for Hermes South continuing and mining expected to commence in the first half of 2022.

Work completed during the quarter included the final Heritage Report for the Heritage Survey of the proposed Wilgeena to Hermes Haul Road and Wilgeena mining footprint, completed in May 2021, was received from Terra Rosa Consulting on 15 July 2021. A number of sites were identified to site avoidance standard, with two sites surveyed to site identification standard. Demarcation and signage is underway to ensure that no inadvertent disturbance to the sites is sustained.

Preliminary design work for infrastructure at Wilgeena has been carried out in order to provide a footprint for the required heritage surveys, environmental studies and drilling.

Corporate and Financial Commentary

The Quarterly Cashflow Report (Appendix 5B) for the current period provides an overview of the Company’s financial activities. Alchemy had $617,000 cash at hand at 30 September 2021. Exploration expenditure for the reporting period was $180,000. There were no mining production and development activities to report during the period. The total amount of $65,000 for the quarter included in item 6.1 of the Appendix 5B comprised the following:

owing:
Non-executive Directors’ fees	$10,000
Other Key Management Personnel Salary and superannuation payments – Chief Executive Officer	$55,000

Placement and Entitlements Issue

Subsequent to the September quarter, Alchemy conducted a single tranche placement to raise c.$1.85m (before costs) at $0.011 per share through its full placement capacity under ASX Listing Rules 7.1 and 7.1A. In addition, a non-renounceable Entitlement Offer was offered to existing shareholders to participate at the same price to raise up to $1.23m (before costs). The placement together with the Entitlement Offer will raise up to $3.08m[10] .

9 Refer to ALY’s ASX announcement dated 8 May 2019

10 Refer to ALY’s ASX announcement dated 11 October 2021

Quarterly Activities Report

13

1 July 2021 – 30 September 2021

This announcement has been approved for release by the Board .

Please direct enquiries to Alchemy’s authorised representative:

Mr James Wilson – Chief Executive Officer Telephone: +61 8 9481 4400 Email: james@alchemyresources.com.au

Quarterly Activities Report 1 July 2021 – 30 September 2021

14

APPENDIX 1 Schedule of Mining Tenements as of 30 September 2021

Project/Tenement	State	Status	Interest startQtr	Interest endQtr	Co-holder	Notes
Bryah Basin Project
E52/1668	WA	Granted	10%	10%	Jackson/Billabong /Sandfire	1,2,3
E52/1678	WA	Granted	10%	10%	Jackson/Billabong /Sandfire	1,2,3
E52/1722	WA	Granted	10%	10%	Jackson/Sandfire	1,2
E52/1723-I	WA	Granted	20%	20%	Billabong /Sandfire	2,4,5
E52/1730	WA	Granted	10%	10%	Jackson/Billabong /Sandfire	1,2,3
E52/1731	WA	Granted	20%	20%	Billabong /Sandfire	2,4
E52/1810	WA	Granted	20%	20%	Sandfire	2
E52/1852	WA	Granted	20%	20%	Billabong	4
E52/2360	WA	Granted	20%	20%	Sandfire	2,6
E52/2362	WA	Granted	20%	20%	Billabong /Sandfire	2,4,6
E52/3292	WA	Granted	20%	20%	Sandfire	2
E52/3358	WA	Granted	20%	20%	Sandfire	2
E52/3359	WA	Granted	20%	20%	Sandfire	2
E52/3405	WA	Granted	20%	20%	Billabong /Sandfire	2,4
E52/3406	WA	Granted	20%	20%	Billabong /Sandfire	2,4
E52/3407	WA	Granted	20%	20%	Sandfire	2
E52/3408	WA	Granted	20%	20%	Billabong /Sandfire	2,4
E52/3409	WA	Granted	20%	20%	Sandfire	2
E52/3472	WA	Granted	20%	20%	Sandfire	2
E52/3475	WA	Granted	20%	20%	Sandfire	2
M52/722	WA	Granted	20%	20%	Billabong /Sandfire	2,4,6
M52/723	WA	Granted	20%	20%	Billabong /Sandfire	2,4,6
M52/737	WA	Granted	20%	20%	Billabong	4,6
M52/795	WA	Granted	20%	20%	Billabong /Sandfire	2,4,6
M52/844-I	WA	Granted	20%	20%	Sandfire	2,6
M52/1049	WA	Granted	20%	20%	Billabong	4,6
P52/1425	WA	Granted	20%	20%	Sandfire	2
P52/1427	WA	Granted	20%	20%	Sandfire	2
P52/1428	WA	Granted	20%	20%	Sandfire	2
P52/1429	WA	Granted	20%	20%	Billabong	4
P52/1467	WA	Granted	20%	20%	Sandfire	2
P52/1468	WA	Granted	20%	20%	Sandfire	2
P52/1469	WA	Granted	20%	20%	Sandfire	2
P52/1470	WA	Granted	20%	20%	Sandfire	2
P52/1531	WA	Granted	20%	20%	Sandfire	2
P52/1532	WA	Granted	20%	20%	Sandfire	2
P52/1533	WA	Granted	20%	20%	Sandfire	2
P52/1534	WA	Granted	20%	20%	Sandfire	2
P52/1535	WA	Granted	20%	20%	Sandfire	2
P52/1538	WA	Granted	10%	10%	Jackson/Billabong	1,4
P52/1539	WA	Granted	10%	10%	Jackson/Billabong	1,4
P52/1540	WA	Granted	20%	20%	Sandfire	2
P52/1541	WA	Granted	20%	20%	Sandfire	2
P52/1565	WA	Granted	20%	20%	Sandfire	2
P52/1566	WA	Granted	20%	20%	Sandfire	2
P52/1567	WA	Granted	20%	20%	Sandfire	2
P52/1568	WA	Granted	20%	20%	Sandfire	2
P52/1572	WA	Granted	20%	20%	Sandfire	2,6
P52/1577	WA	Granted	20%	20%	Billabong	4,6

Quarterly Activities Report 1 July 2021 – 30 September 2021

15

Project/Tenement	State	Status	Interest startQtr	Interest endQtr	Co-holder	Notes
Karonie Project
E28/2575	WA	Granted	100%	100%		7
E28/2576	WA	Granted	100%	100%		7
E28/2601	WA	Granted	100%	100%		7
E28/2619	WA	Granted	100%	100%		7
E28/2643	WA	Granted	100%	100%		7
E28/2657	WA	Granted	100%	100%		7
E28/2667	WA	Granted	100%	100%		7
E28/2668	WA	Granted	100%	100%		7
E28/2681	WA	Granted	100%	100%		7
E28/2752	WA	Granted	100%	100%		7
E28/2880	WA	Granted	100%	100%		7
E28/2940	WA	Granted	100%	100%		7
E28/2976	WA	Granted	100%	100%		7
Lake Rebecca Project
E28/3006	WA	Granted.	100%	100%		7
E28/3008	WA	Appl.	-	-		7
E28/3035	WA	Appl.	-	-		7
E28/3059	WA	Appl.	-	-		7
E28/3048	WA	Appl.	-	-		7
E28/3053	WA	Appl.	-	-		7
E28/3058	WA	Appl.	-	-		7
E28/3059	WA	Appl.	-	-		7
E28/3063	WA	Appl.	-	-		7
E28/3064	WA	Appl.	-	-		7
Lachlan Projects
EL5878 - Overflow	NSW	Granted	20%	80%	Heron Resources	8
EL7941 - Overflow	NSW	Granted	20%	80%	Heron Resources	8
EL8267 - Overflow Nth	NSW	Granted	20%	80%	Heron Resources	8
EL8356 - Yellow Mtn	NSW	Granted	20%	80%	Heron Resources	8
EL8192 - Eurow	NSW	Granted	20%	80%	Heron Resources	8
EL8318 - Girilambone	NSW	Granted	20%	80%	Heron Resources	8
EL8631 - West Lynn	NSW	Granted	20%	80%	Heron Resources	8
EL8711 - Woodsreef	NSW	Granted	20%	80%	Heron Resources	8

Notes:

1. Jackson Minerals Pty Ltd, a subsidiary of Fe Ltd (ASX: FEL), retains a 20% interest free-carried to a decision to mine.

2. Sandfire Resources NL (ASX: SFR) holds a 70-80% interest (excludes iron ore) in whole or part tenements, with Alchemy free-carried up to completion of a pre-feasibility study.

3. Billabong Gold Pty Ltd holds a 70% interest in whole or part of tenement.

4. Billabong Gold Pty Ltd holds an 80% interest in whole or part of tenement.

5. PepinNini Robinson Range Pty Ltd retains a 1% NSR on iron ore.

6. Carey Mining Iron Ore JV: Alchemy has 100% mineral rights for all minerals, excluding iron ore where ownership is Alchemy 50% / Carey Mining 50%.

7. Goldtribe Corporation Pty Ltd, a subsidiary of Alchemy Resources Ltd, holds a 100% interest in the tenement.

8. Alchemy Resources (NSW) Pty Ltd, a subsidiary of Alchemy Resources Ltd, holds a 80% interest with Heron Resources owning the remaining 20%.

Competent Person’s Statement

The information in this report that relates to Exploration Results is based on information compiled by Mr James Wilson, who is the Chief Executive Office of Alchemy Resources Limited and holds shares and options in the Company. Mr Wilson is a Member of the Australian Institute of Geoscientists and has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (‘JORC Code 2012’). Mr Wilson consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Mineral Resources at the Karonie Gold Project is based on information compiled by Richard Maddocks, a Competent Person who is a Fellow of The Australasian Institute of Mining and Metallurgy. Richard Maddocks is an employee of Auranmore Consulting. Richard Maddocks has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Richard Maddocks consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Mineral Resources at the Hermes South Gold Deposit is based on information compiled by Mr Stephen Hyland, a geological consultant working for Superior Gold Inc. Mr Hyland is a Fellow of The Australasian Institute of Mining and Metallurgy, and has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (‘JORC Code 2012’). Mr Hyland consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.”

Forward Looking Statements

This report may include forward looking statements. Forward looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside the control of Alchemy. Actual values, results or events may be materially different to those expressed or implied in this report. Given these uncertainties, recipients are cautioned not to place reliance on forward looking statements. Any forward-looking statements in this presentation speak only at the date of issue of this presentation. Subject to any continuing obligations under any applicable law and the ASX Listing Rules, Alchemy does not undertake any obligation to update or revise any information or any of the forward-looking statements in this presentation of any changes in events, conditions or circumstances on which any such forward looking statement is based.

Quarterly Activities Report

16

1 July 2021 – 30 September 2021