CANNINDAH RESOURCES LIMITED — Capital/Financing Update 2021

Mar 29, 2021

30 March 2021

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ASX RELEASE

ASX Code: CAE

TRENCHING COMMENCES AT PICCADILLY

Cannindah Resources Limited (ASX: CAE) announces that trenching works have commenced at the Piccadilly project. The access track upgrade has been completed and trenching and sampling is currently underway.

Trenching along the vein structures at Piccadilly including the area known as the Bend referred to in the ASX release dated 2 March 2021 has resulted in 20 plus trenches of varying length being excavated. Sampling of these trenches is designed to be uniform in its approach so as to provide a clearer understanding of the near surface geochemistry in the target area. Additional geological information is being collected to understand the trend and dip of any gold bearing structures exposed in the trench walls and to track veins and associated alteration along strike.

Figure 1 shows sampling and trenching occurring over the previous few days which will continue until just after the Easter break. Assay results and associated reporting will follow soon after whereupon a more targeted drill location plan will be completed with drilling commencing as soon as possible thereafter.

Authorised for release by the Board.

For further information, please contact:

Tom Pickett Executive Chairman Ph: 61 7 3357 3988

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Figure 1 Sampling at Piccadilly

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