CANNINDAH RESOURCES LIMITED - Capital/Financing Update 2022

ASX RELEASE 22 February 2022

ASX Code: CAE

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Mt Cannindah project continues to impress with hole 7 delivering excellent intercepts of copper, gold and silver along with hole 8 returning an impressive 278m @ 1.26%CuEq from surface

HIGHLIGHTS

Hole 7 delivers 75m of copper across two separate zones being 20m @ 1.19 Copper Equivalent (CuEq) from 95m and a further 55m @ 0.97CuEq from 192m
A completely new high grade gold zone discovery in hole 7 being 3m @ 28.87g/tAu, 39.2g/tAg from 449m including 1m @ bonanza grade of 81.6g/tAu.
Hole 8 returned an impressive 278m @ 1.26%CuEq from surface
Supergene zone of 2m @ 4.78%CuEq from 17m in hole 8
High grade gold 1m @ 8.18g/tAu from 478m also in hole 8
Both holes are located 140m to the south of holes 2 and 3 in the southern section of Mt Cannindah and open up the possibilities of the southern section
New Gold zone is a good chance to extend through to the gold zone in lower section of hole 3 approximately 150m horizontal distance away

The company’s Executive Chairman commented:

“ The Mt Cannindah project has been delivering amazing exploration results for Cannindah Resources Limited since this drilling program commenced. The fact is we are not even close to establishing how big the project area can be yet. The recent drilling within Mt Cannindah has resulted in the likelihood of it being considerably larger and more robust than previously thought. Significant improvements have been made in size and in grade, along with opening up extensions to the south, and to the north, and at depth, as well as the discovery of completely new gold zones. These results from holes 7 and 8 are very impressive being 140m south of the collars of holes 2 and 3. The success of the program to date is a testament to the dedication of our geological team in planning, reporting and execution of their work, along with excellent work from the drillers. We are definitely taking notice of what is occurring here in terms of it opening up the mineralisation further to the south. What’s also interesting is what is occurring 200m further to the north in hole 9 and how that may open the northern extent as well. We look forward to the weeks and months ahead where we will be providing updates on further exploration over the Mt Cannindah breccia, Cannindah east, and other identified target areas of interest.”

ASX RELEASE

22 February 2022

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ASX Code: CAE

Technical highlights and details of hole 7 and hole 8 below

Thick intersections of copper, gold , silver in hydrothermal breccia :

In Hole 8 : 278m @ 0.87% Cu , 0.43 g/t Au, 15 g/t Ag from surface , converts to 278m @ 1.26% Copper Equivalent (Cu Eq).
includes 43m @ 1.33% Cu, 0.67 g/t Au, 29 g/t Ag from 41m in hole 8 (43m @ 1.98 % Cu Eq).
and 29m @ 1.34% Cu, 0.3 g/t Au, 22.2 g/t Ag from 166m in hole 8 (29m @ 1.70 % Cu Eq)
In Hole 7 : 20m @ 1.19% Cu , 0.55 g/t Au, 46 g/t Ag from 95m, converts to 20m @ 1.89% Cu Eq.
In Hole 7 : 55m @ 0.77% Cu , 0.21 g/t Au, 8.7 g/t Ag from 192m, converts to 55m @ 0.97 % Cu Eq

New discovery of high grade gold zone 200m further down hole than previous

copper resource :

In Hole 7 : 3m @ 28.87 g/t Au, 39.2 g/t Ag from 449m

o Includes 1m @ 81.6 g/t Au , 107 g/t Ag (450m-451m ,hole 7)

In hole 8 : 1m @ 8.18 g/t Au , 478m-479m.

HIGHLIGHTS Hole 7

Oxidised Breccia : 14m @ 0.38% Cu, from 0m to 14m , this converts to 14m @ 0.46% Cu Eq.
Upper Zone Hydrothermal Infill Breccia (primary chalcopyrite rich) : 20m @ 1.19% Cu, 0.55g/t Au ,46g/t Ag from 95m to 115m, converts to 20m @ 1.89% Cu Eq.
Lower Zone Hydrothermal Infill Breccia (primary chalcopyrite rich): 55m @ 0.77% Cu, 0.21g/t Au ,8.7g/t Ag from 192m to 247m, converts to 55m @ 0.97 % Cu Eq.
Lower zone includes some higher copper , gold silver sections eg. :
2m @ 2.78% Cu, 0.92g/t Au ,36.8g/t Ag ,193m to 195m (2m @ 3.64 % Cu Eq)
10m @ 1.19% Cu, 0.34g/t Au ,13.5g/t Ag ,204m to 214m (10m @ 1.51% Cu Eq)
1m @ 1.78% Cu, 0.97 g/t Au, 17.8 g/t Ag ,211m to 212m (1m @ 2.51% Cu Eq)
o 8m @ 1.26% Cu, 0.26g/t Au ,13.8g/t Ag, 224m to 232m (8m @ 1.53 % Cu Eq)
New Discovery, well below copper breccia of high grade gold zone manifested by steep dipping semi-massive sulphide & quartz vein filled structure from 449m-452m in an overall 30m zone of elevated gold from 424m. .
Average of samples over 3m from 449m to 452m is 28.67 g/t Au, 39.2 g/t Ag supported by 3m sludge sampling.

ASX RELEASE 22 February 2022

ASX Code: CAE

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Most prominent sulphidic 1m section from 450m to 451m returned 96.9 g/t Au & 66.4 g/t Au averaging 81.6 g/t Au, 109.2 g/t Ag, 30.5% S.

HIGHLIGHTS Hole 8

Total mineralised intercept of infill breccia from hole 8 from surface aggregates to 278m @ 0.87% Cu , 0.43 g/t Au, 16 g/t Ag ( 0m to 278m) , this converts to 278m @ 1.26% Copper Equivalent (Cu Eq).
Oxidised Breccia : 17m @ 0.23 % Cu, 1.09 g/t Au, 12.8 g/t Ag (0m to 17m) this converts to 17m @ 1.00 % Cu Eq
Supergene zone : 2m @ 3.75% Cu, 1.4 g/t u, 19.7 g/t Ag (17m to 19m), this converts to 2m @ 4.78 % Cu Eq
Near surface gold zone, hydrothermal breccia : 4m @ 0.3 % Cu, 1.53 g/t Au, 11.5 g/t Ag (28m to 32m), this converts to 4m @ 1.33 % Cu Eq
Upper ,high grade chalcopyrite rich infill hydrothermal breccia : 43m @ 1.33 % Cu, 0.67 g/t Au, 29.8 g/t Ag (41m to 84m), this converts to 43m @ 1.98 % Cu Eq
high grade chalcopyrite rich breccia : 8m @ 1.50 % Cu, 0.17 g/t Au, 44.5 g/t Ag (131m to 139m), this converts to 8m @ 1.96% Cu Eq
Gold zone within infill hydrothermal breccia : 2m @ 1.28 % Cu, 6.91 g/t Au, 32.8 g/t Ag (145m to 147m), this converts to 2m @ 5.76 % Cu Eq
Gold zone within infill hydrothermal breccia : 1m @ 0.35 % Cu, 4.69 g/t Au, 10.2 g/t Ag (159m to 160m), this converts to 1m @ 3.29 % Cu Eq
Lower ,high grade chalcopyrite rich infill hydrothermal breccia : 29m @ 1.34 % Cu, 0.30 g/t Au, 22.2 g/t Ag (166m to 195m), this converts to 29m @ 1.70 % Cu Eq
Lower ,high grade chalcopyrite rich infill hydrothermal breccia : 17m @ 1.35 % Cu, 0.30 g/t Au, 13.6 g/t Ag (218m to 235m), this converts to 17m @ 1.64 % Cu Eq
Lower ,high grade chalcopyrite rich infill hydrothermal breccia : 22m @ 1.24 % Cu, 0.35 g/t Au, 12.4 g/t Ag (255m to 277m), this converts to 22m @ 1.55 % Cu Eq
Gold Zone 478m-479m , 1m @ 8.18 g/t Au quartz sulphide vein in hydothermal breccia.
Gold Zone 506m-509m , 3m @ 0.41 g/t Au in hydothermal breccia.

TECHNICAL DETAILS & RESULTS OF CAE HOLES 7 & 8 AT MT CANNINDAH

Cannindah Resources Limited (“Cannindah”, “CAE”) is pleased to announce the next set of completed assay results from the drilling program currently underway at Mt Cannindah, copper gold silver project south of Gladstone near Monto in central Queensland (Figs 1 to 2) pertaining to full results for holes 21CAEDD007 & 21CAEDD008.

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Fig 1. Mt Cannindah Project Tenure

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Fig 2. Mt Cannindah project Location of identified resources , known targets .

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ASX Code: CAE

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CAE holes 7 & 8 were designed to test grade, mineralisation style and continuity , and the geological relationships of the copper-gold-silver bearing infill breccia as it plunges to the west. Holes 7 & 8 are in the southern section of the Mt Cannndah Mine area , 140m south of the collars of Holes 2 & 3. These are the first holes in this area to drill from east to west with the objective of drilling down the long axis of the Mt Cannindah breccia.

CAE hole # 7 , drilled along the western margin of breccia, drilling through a large hornfels block before intersecting two sections of infill chalcopyrite rich hydrothermal breccia down to 320m ie 20m @ 1.19% Cu , 0.55 g/t Au, 46 g/t Ag from 95m-115m ; 55m @ 0.77% Cu, 0.21g/t Au ,8.7g/t Ag from 192m to 247m . Hole 7 then drilled a mixture of pyritic clast supported breccia, strongly altered, bleached, dioritic porphyry and post mineral andesitic dykes before pasing back into hydrothermal infill breccia with variable chalcopyrite contents at 424m.

CAE then discovered a notable gold bearing zone from 438m to 452m , associated with semimassive pyrite and quartz infill within a steeply dipping vein structure. Elevated gold is also present associated with felsic dykes. Bonanza gold grades up to 1m @ 81.64 g/t Au and 109.2 g/t Ag demonstrate the significance and potential of the discovery. The Au value for this metre is an average of original analysis of 96.9 g/t Au and repeat analysis of 66.4 g/t Au. Hole # 7 then passed through a rock crush/fault zone and drilled mainly pyritic clast supported breccia, some strongly altered, bleached, dioritic porphyry and post mineral andesitic dykes through to the end of hole at 538.9m.

CAE hole # 8 , was drilled 40m to the east and underneath CAE hole # 7 to determine the continuity of copper bearing breccia under the large hornfels block intersected in hole # 7. The latter block was interpreted as being a probable barrier to mineralising fluid and may have led to copper and other metal deposition on the footwall (eastern side) of the steeply dipping block. Hole # 8 successfully drilled a thick intersection of chalcopyrite rich , hydrothermal infill breccia. aggregating 278m @ 0.87% Cu , 0.43 g/t Au, 16 g/t Ag from surface. Hole # 8 then drilled (in a similar fashion to Hole # 7) a mixture of pyritic clast-supported breccia, strongly altered, bleached, dioritic porphyry and post mineral andesitic dykes ,passing in and out of hydrothermal infill breccia with variable chalcopyrite content. Gold was present at 478m to 479m , (1m @ 8.18 g/t Au) and again at 507m to 508m , with elevated silver.

These gold bearing zones sit below measured and oriented ,sub-vertical structures in hole # 7, (see Fig 12) consequently,Terra Search consultant geologists have interpreted the gold bearing zones to be connected . In a similar fashion, the measured north west orientation of the high gold bearing structure in hole # 7 is on trend and has a good chance of extending through to the gold zone that CAE recently discovered in the lower part of hole # 3 (11m @ 3.4 g/t Au from 567m to 578m), 150m horizontal distance away . These spatial relationships are presented in plan and section in Figs 6 & 7.

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ASX Code: CAE

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Hole # 8 was drilled to 762.7m, half core samples from the bottom of the hole have been cut and are currently being analsyed , results will be reported when they become available.

Table 1. Assay Highlights Drillhole 21CAEDD007

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Down Hole Mineralized Zones Cu Au Ag
From To m S %
Hole 21CAEDD007 % g/t g/t
Oxidised Breccia 0 14 14 0.38 0.11 1.7 0.15
Upper Zone Hydrothermal Infill
Breccia (primary) 95 115 20 1.19 0.55 46.0 6.87
Hydrothermal Infill Breccia
(HBX) incl 95 105 10 1.55 0.87 63.2 7.87
Hydrothermal Infill Breccia
(high Cu,Ag) incl 98 101 3 2.33 0.48 98.1 8.84
Hydrothermal Infill Breccia
(high Cu,Au,Ag, elevated As) incl 101 105 4 1.28 1.56 56.2 6.64
HBX (high Au, elevated As) 128 129 1 0.02 2.04 0.3 1.32
Lower Zone HBX (primary) 192 247 55 0.77 0.21 8.7 2.24
HBX (high Cu,Au,Ag) incl 193 195 2 2.78 0.92 36.8 7.42
Hydrothermal Infill Breccia
(mod Cu) incl 204 214 10 1.19 0.34 13.5 2.92
Hydrothermal Infill Breccia
(mod Cu,Au,Ag) incl 211 212 1 1.78 0.97 17.8 6.51
Hydrothermal Infill Breccia
(mod Cu) incl 224 232 8 1.26 0.26 13.8 3.16
Hydrothermal Infill Breccia
(mod Au) incl 235 236 1 0.49 0.81 8.3 1.63
Clast Supported Breccia
(elevated Cu) 247 320 73 0.14 0.06 2.5 1.29
Clast Supported Breccia
(elevated Cu) 337 351 14 0.16 0.06 5.4 1.78
Sliver HBX in andestite dyke 418 419 1 0.48 0.04 7.4 1.11
Clast Supported Breccia
(elevated Cu,Au) 424 446 22 0.20 0.25 5.4 1.59
Clast Supported Breccia (mod
Cu) incl 424 427 3 0.39 0.07 8.1 1.88
Clast Supported Breccia (mod
Cu) incl 434 437 3 0.37 0.05 7.7 1.56
Pyritic breccia & felsic dyke
(Au) incl 438 440 2 0.09 2.44 8.8 2.76
Pyritic shears & breccia (Au
bearing) incl 445 446 1 0.99 0.20 23.5 3.43
Semi-massive sulphide &
quartz vein filled steep, dipping
structure 449 452 3 0.06 28.67 39.2 12.33
Semi-massive sulphide &
quartz vein filled steep, dipping
structure Incl 450 451 1 0.14 81.64 107.3 30.50
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Note Steep dipping semi-massive sulphide & quartz vein filled structure from 449m-452m is a possible Au feeder .The individual 3m samples are 1.53, 81.64 and 2.84 g/t Au averaging 28.67 g/t, a result supported by 3m sludge sampling. The 2 analyses from 450m-451m returned 96.854 g/t Au & 66.432 g/t Au averaging 81.64 g/y Au.

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ASX Code: CAE

Table 2. Assay Highlights Drillhole 21CAEDD008

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Down Hole Mineralized Zones Hole Cu Au Ag
From To m S %
21CAEDD008 % g/t g/t
Overall Aggregate Infill Breccia Interval 0 278 278 0.87 0.43 15.4 3.71
Oxide Breccia 0 17 17 0.23 1.09 12.8 0.17
Supergene zone 17 19 2 3.75 1.4 19.7 3.15
Hydrothermal Infill Breccia marginal to
andesite dyke. 28 32 4 0.3 1.53 11.5 2.08
Hydrothermal Infill Breccia (primary) 41 84 43 1.33 0.67 29.8 4.46
Hydrothermal Infill Breccia (primary) 131 139 8 1.5 0.17 44.5 6.06
Hydrothermal Infill Breccia (primary) 145 147 2 1.28 6.91 32.8 6.74
Hydrothermal Infill Breccia (primary) 159 160 1 0.35 4.69 10.2 5.55
Hydrothermal Infill Breccia (primary) 166 195 29 1.34 0.3 22.2 5.62
Hydrothermal Infill Breccia (primary) 218 235 17 1.35 0.3 13.6 4.24
Hydrothermal Infill Breccia (primary) 255 277 22 1.24 0.35 12.4 3.37
Hydrothermal Infill Breccia & clast
supported lower total sulphide breccia 286 291 5 0.27 0.46 4.2 1.82
Hydrothermal Infill Breccia & clast
supported lower total sulphide breccia 344 351 7 0.22 0.13 9.4 2.30
Hydrothermal Infill Breccia 375 376 1 0.45 0.04 17.6 4.25
Thin quartz sulphide vein in
Hydrothermal Infill Breccia & clast
supported breccia 478 479 1 0.03 8.18 4.5 2.88
Hydrothermal Infill Breccia & clast
supported breccia 505 516 11 0.14 0.15 10 0.88
Hydrothermal Infill Breccia & clast incl
supported breccia 506 509 3 0.17 0.41 24.5 1.33
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The location of CAE holes in plan & section view in relation to historic holes are presented in Appendix 2. Figs 3 to 4 are respectively Cu,Au down hole cross sections showing recent CAE results for the whole length of the 500m to 760m plus holes. Fig 5 shows the distribution of Cu in the upper section of the holes , down to 400m. Figs 6 is a plan view showing CAE’s recent new gold discovery in relation to the Mt Cannindah chalcopyrite rich breccia, plotted with Au assays and CAE and historic drillholes. Appendix 2 Fig 3 shows a plan view of the new gold zones plotted against Cu assays.

The overall geological interpretation building up from the recent and historical drilling is of a steepliy west dipping, roughly north south oriented, tabular body of breccia, bounded on the east by hornfels and on the west by diorite and wedges of hornfels. In the southern section of the breccia deposit, at around 300m RL, there is an apparent transition from chalcopyrite rich hydrothermal infill breccia to a pyritic clast supported breccia with variable ,but often lower amounts of chalcopyrite. The boundary between the hydrothermal infill breccia and the clast supported breccia appears deeper in the northern section of the breccia deposit , suggesting a northerly plunge for this contact. Bleached, altered, diorite porphyries and post mineral andesite dykes cut the clast supported breccia.

Geological observations from drill core indicate that there is often a general gentle easterly dip to the slabs/clasts within the hydrothermal breccia (see Fig 11) . This essentially means that , far from drilling down dip, the CAE holes drilling from the east have in actual fact been often drilling at right angles to the structural grain of the breccia. The simplified geological relationships as interpreted from the recent drilling of CAE holes are presented in cross section for holes 7 & 8 in Fig 7. The geological interpretations are plotted with an overlay of Cu and Au respectively in Appendix 2. The recently discovered gold zones , including the structure in CAE hole 7 with bonanza grades are clearly shown to be well outside any previous resource envelope and in the order of 150m down dip from the main body of hydrothermal infill breccia, see Fig 7.

Appendix 1 present tables listing the complete Cu,Au,Ag,S assays and pyrite, chalcopyrite visual estimates for the individual metres of CAE hole 7 (0m to 531.8m) and selected sections hole of CAE hole 8. (0m to 300m: and 475m to 520m). Selected photo examples of the mineralisation are presented in Figs 8 to 12.

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Fig 3. Mt Cannindah mine area east west cross section CAE holes 7 & 8, bottom of CAE hole # 2, with Cu lab assay results plotted down hole,annotated significant intersections in holes 7 & 8. CAE holes only plotted, See Appendix 2 for section layout in plan view. & relationship to historical holes.

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Fig 4. Mt Cannindah mine area east west cross section CAE holes 7 & 8, bottom of CAE hole # 2, with Au lab assay results plotted down hole,annotated significant intersections in holes 7 & 8. CAE holes only plotted, See Appendix 2 for section layout in plan view. & relationship to historical holes.

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Fig 5. Mt Cannindah mine area east west cross section CAE holes 7 & 8, bottom of CAE hole # 2, with Cu lab assay results plotted down hole,annotated significant intersections in holes 7 & 8. CAE holes and holes used in previous resource estimation only plotted, See Appendix 2 for section layout in plan view. & relationship to historical holes.

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Fig 6. Mt Cannindah mine area plan view of CAE drillholes and historic drillholes showing relationship to new gold discoveries in CAE holes 3, 7 & 8. Au assays plotted. Note the new gold zones are 200m to 300m west of previous drilled gold assays contained within the historical mineralised Au envelope.

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Fig 7. Mt Cannindah mine, Cross section of recent CAE holes 7 & 8, showing Simplified Interpretive Geology, Note relationships between infill breccia and clast supported breccia and overall steep, west dipping ,attitude of breccia body. Newly discovered sub vertical gold zones shown well below main body of infill breccia. Cross sections overlain with Cu & Au assay data are presented in Appendix 2.

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Fig 8 HQ Core photo hole 21CAEDD008, 218.5m. Chalcopyrite rich infill in clast supported hornfels breccia. Primary zone 218m-219m assays 1m @ 2.18% Cu,0.38 g/t Au, 21 g/t Ag, 4.71 % S.

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Fig 9 HQ Core photo hole 21CAEDD008, 275m-277m. Chalcopyrite rich infill in clast supported hornfels breccia. Primary zone 275m-277m assays 2m @ 1.69% Cu,0.23 g/t Au, 16.8 g/t Ag, 3.22 % S.

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Fig 10 HQ Core photo hole 21CAEDD007, 445.8m. chalcopyrite rich infill in clast supported hornfels diorite breccia. Primary zone 445m-446m assays 1m @ 0.99% Cu,0.2 g/t Au, 23.5 g/t Ag .

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Fig 11a & b. HQ Core Photo in Core Oriented frame CAE hole # 8, 46.7m showing “splinter breccia” with gently east dipping hornfels slabs , infill of chalcopyrite. A common observation suggesting that CAE’s drilling direction ,which is steep from from the east ,means that drilling is almost right angles to the breccia structural grain, and drilling down the long axis of the breccia body .

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Fig 12. NQ Core Photo in Core Oriented frame CAE hole # 7, 451m showing sub vertical to steep west dipping fault quartz pyrite infill in sharp contact with rock crush zone/breccia . Massive pyrite with some quartz vein material infills the structure . View is looking south , orientation of contact is striking SE (140 magnetic). Interval 450m to 451m , 1m @ 81.64 g/t Au, 107.3 g/t Ag, 0.14 % Cu, 30.5 % S.

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ASX Code: CAE

The high copper grades, with silver and gold credits, from CAE holes 7 & 8 will build confidence in the grade model for the southern sector of the resource at Mt Cannindah .

High grade copper gold silver mineralisation has also been noted in the northern holes , 140m to approx. 200m north of the cross section line containing hole 7 & 8 (see ASX release dated 9[th] of November 2021 for hole 3, 25[th] of January for hole 4 and 14[th] of February for holes 5 and 6) Hole 2 is oriented in a SW direction and joins the northern and southern areas with high grade mineralisation 282m @ 1.28% Cu Eq (see ASX release dated 19[th] October 2021). CAE hole 9 is currently drilling 45m north of the collars of hole 2 & 3 , significant high grade chalcopyrite mineralisation has been intersected (see ASX release for hole 2 dated 19[th] October 2021 and hole 3 dated 9[th] November 2021). Results will be reported as they become available, along with results from the bottom of hole 8 down to final depth of 762.7m

Drilling at the Mt Canindah project is ongoing and continuing to further establish size and grade extensions along with exploration across new areas of interest.

COMPETENT PERSON STATEMENT

The information in this report that relates to exploration results is based on information compiled by Dr. Simon D. Beams, a full-time employee of Terra Search Pty Ltd, geological consultants employed by Cannindah Resources Limited to carry out geological evaluation of the mineralisation potential of their Mt Cannindah Project, Queensland, Australia. Dr Beams is also a non-Executive Director of Cannindah Resources Limited.

Dr. Beams has BSc Honours and PhD degrees in geology; he is a Member of the Australasian Institute of Mining and Metallurgy (Member #107121) and a Member of the Australian Institute of Geoscientists (Member # 2689). Dr. Beams has sufficient relevant experience in respect to the style of mineralization, the type of deposit under consideration and the activity being undertaken to qualify as a Competent Person within the definition of the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (“JORC Code).

Dr. Beams consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.

Disclosure:

Dr Beams’ employer Terra Search Pty Ltd holds ordinary shares in Cannindah Resources Limited.

For further information, please contact:

Tom Pickett

Executive Chairman Ph: 61 7 55578791

Appendix 1 Table 1 Cu,Au,Ag,S assays , chalcopyrite, pyrite visual estimates, CAE hole 7 - 0m -531.8m

Appendix 1 Table 2 Cu,Au,Ag,S assays , visual estimates, CAE hole 8 - 0m to 300m & 475m to 520m

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ASX Code: CAE

Appendix 2 Plan & section view in relation to historic holes , Mt Cannindah Appendix 3 JORC Table 1

Appendix 1 Table 1 Cu,Au,Ag,S assays chalcopyrite, pyrite visual estimates, hole 21CAEDD007 0m-531.8m

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Lab Lab
From To
Hole ID Depth Depth Cu Lab Au Ag
21CAE# m m % g/t g/t Lithology
DD007 0 1 0.25 0.68 5.3 0.07 FILL
DD007 1 2 0.29 0.40 1.6 0.02 Mottled Clay
DD007 2 3 0.37 0.11 1.0 0.08 Hydrothermal Infill Breccia
DD007 3 4 0.31 0.06 0.9 0.02 Diorite
DD007 4 5 0.26 0.04 1.2 0.04 Diorite
DD007 5 6 0.25 0.05 2.3 0.05 Hydrothermal Infill Breccia
DD007 6 7 0.26 0.04 1.4 0.03 Diorite
DD007 7 8 0.59 0.04 1.9 0.02 Diorite
DD007 8 9 0.35 0.02 1.5 0.01 Diorite
DD007 9 10 0.28 0.01 0.7 0.01 Diorite
DD007 10 11 0.27 0.01 1.5 0.04 Diorite
DD007 11 12 0.73 0.04 2.9 0.14 Diorite
DD007 12 13 0.45 0.01 1.2 0.28 Hydrothermal Infill Breccia
DD007 13 14 0.70 0.01 0.8 1.33 1.5 Hornfels
DD007 14 15 0.08 0.01 1.1 0.98 2 Hornfels
DD007 15 16 0.03 0.01 -0.5 0.36 0.5 Hornfels
DD007 16 17 0.12 0.04 2.6 1.57 3 Hornfels
DD007 17 18 0.02 0.01 -0.5 0.32 0.5 Hornfels
DD007 18 19 0.05 0.02 0.7 0.60 1 Hornfels
DD007 19 20 0.04 0.01 0.6 0.44 1 Hornfels
DD007 20 21 0.01 0.01 -0.5 0.31 0.5 Hornfels
DD007 21 22 0.04 0.01 0.6 0.75 1.5 0.1 Hornfels
DD007 22 23 0.32 0.07 4.5 1.21 2 1 Hornfels
DD007 23 24 0.18 0.03 1.8 0.54 0.5 0.5 Hornfels
DD007 24 25 0.03 0.02 0.7 0.57 1 Hornfels
DD007 25 26 0.03 0.01 0.5 0.55 1 Hornfels
DD007 26 27 0.06 0.02 0.7 0.51 1 Hornfels
DD007 27 28 0.03 0.01 0.5 0.67 1.5 0.1 Hornfels
DD007 28 29 0.62 0.12 8.2 3.92 8 2 Hornfels
DD007 29 30 0.12 0.02 1.9 1.44 2.5 0.5 Hornfels
DD007 30 31 0.08 0.02 1.0 2.08 4 0.2 Hornfels
DD007 31 32 0.13 0.07 1.8 0.83 1.5 0.5 Hornfels
DD007 32 33 0.27 0.05 4.2 0.77 1 1 Hornfels
DD007 33 34 0.04 0.02 1.6 0.95 2 0.1 Hornfels
Visual %
Lab Sulphur% Pyrite Visual % Chalcopyrite
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ASX Code: CAE

ASX Code: CAE

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Hole ID
21CAE# Lithology
DD008 223 224 1.69 0.21 16.4 4.16 5 5 Hydrothermal Infill Breccia
DD008 224 225 1.21 0.29 11.2 4.13 5 4 Hydrothermal Infill Breccia
DD008 225 226 0.74 0.05 6.5 1.99 2.5 2 Hydrothermal Infill Breccia
DD008 226 227 0.09 0.21 0.8 1.89 4 0.5 Hydrothermal Infill Breccia
DD008 227 228 1.32 0.30 20.5 7.07 10 4 Hydrothermal Infill Breccia
DD008 228 229 0.87 0.10 10.5 3.21 5 2.5 Hydrothermal Infill Breccia
DD008 229 230 1.23 0.21 12.0 3.78 5 4 Hydrothermal Infill Breccia
DD008 230 231 1.63 0.38 15.7 4.27 5 5 Hydrothermal Infill Breccia
DD008 231 232 1.61 0.22 14.5 4.56 5 5 Hydrothermal Infill Breccia
DD008 232 233 0.99 0.18 9.3 2.96 4 3 Hydrothermal Infill Breccia
DD008 233 234 1.22 0.16 12.0 3.90 5 4 Hydrothermal Infill Breccia
DD008 234 235 1.16 0.48 9.7 4.43 8 3 Hydrothermal Infill Breccia
DD008 235 236 0.48 0.08 4.2 3.46 5 1.5 Hydrothermal Infill Breccia
DD008 236 237 0.08 0.10 0.6 2.57 5 0.2 Hydrothermal Infill Breccia
DD008 237 238 0.45 0.06 3.5 2.25 4 1.5 Hydrothermal Infill Breccia
DD008 238 239 1.15 0.48 10.1 3.67 5 3 Hydrothermal Infill Breccia
DD008 239 240 0.76 0.17 6.7 7.77 15 2.5 Hydrothermal Infill Breccia
DD008 240 241 0.50 0.46 6.1 5.60 10 1.5 Hydrothermal Infill Breccia
DD008 241 242 0.81 0.15 13.3 6.14 10 2.5 Hydrothermal Infill Breccia
DD008 242 243 2.89 0.41 29.2 8.48 10 8 Hydrothermal Infill Breccia
DD008 243 244 1.03 1.01 9.5 3.43 5 3 Hydrothermal Infill Breccia
DD008 244 245 0.14 0.03 2.1 2.63 5 0.5 Hydrothermal Infill Breccia
DD008 245 246 1.03 0.77 11.0 3.43 5 3 Hydrothermal Infill Breccia
DD008 246 247 0.80 0.19 7.7 3.45 5 2.5 Hydrothermal Infill Breccia
DD008 247 248 0.92 0.21 11.0 3.48 5 2.5 Hydrothermal Infill Breccia
DD008 248 249 0.86 0.43 6.5 7.34 15 2.5 Hydrothermal Infill Breccia
DD008 249 250 1.05 0.61 9.8 4.37 8 3 Hydrothermal Infill Breccia
DD008 250 251 0.50 0.10 4.6 4.51 8 1.5 Hydrothermal Infill Breccia
DD008 251 252 0.31 0.05 3.7 1.46 2.5 1 Hydrothermal Infill Breccia
DD008 252 253 1.20 0.37 13.9 8.36 15 4 Hydrothermal Infill Breccia
DD008 253 254 0.16 0.02 1.1 0.72 1 0.5 Hydrothermal Infill Breccia
DD008 254 255 0.57 0.09 5.4 2.21 3 1.5 Hydrothermal Infill Breccia
DD008 255 256 1.29 0.29 12.2 4.66 8 4 Hydrothermal Infill Breccia
DD008 256 257 0.64 1.05 5.4 3.53 5 2 Hydrothermal Infill Breccia
DD008 257 258 1.39 0.46 10.1 3.04 3 4 Hydrothermal Infill Breccia
DD008 258 259 1.89 0.24 15.8 3.19 2.5 5 Hydrothermal Infill Breccia
DD008 259 260 1.73 0.12 15.2 2.88 2.5 5 Hydrothermal Infill Breccia
DD008 260 261 1.60 0.36 14.9 3.00 3 5 Hydrothermal Infill Breccia
DD008 261 262 0.67 0.91 7.6 2.47 4 2 Hydrothermal Infill Breccia
%
Visual %
To Depth m Lab Cu % Lab Au g/t Lab Ag g/t Pyrite Visual Chalcopyrite
From Depth m Lab Sulphur %
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ASX Code: CAE

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Hole ID
21CAE# Lithology
DD008 262 263 0.85 0.13 8.5 2.35 3 2.5 Hornfels
DD008 263 264 1.19 0.13 12.3 3.16 4 4 Hydrothermal Infill Breccia
DD008 264 265 1.58 0.67 19.5 5.04 8 5 Hydrothermal Infill Breccia
DD008 265 266 0.82 0.43 9.0 3.24 5 2.5 Hydrothermal Infill Breccia
DD008 266 267 0.53 0.09 5.4 1.45 2 1.5 Hornfels
DD008 267 268 1.38 0.36 14.2 6.75 10 4 Hydrothermal Infill Breccia
DD008 268 269 1.09 0.10 10.4 3.09 4 3 Hydrothermal Infill Breccia
DD008 269 270 1.11 0.66 9.5 2.20 2 3 Hydrothermal Infill Breccia
DD008 270 271 1.75 0.31 19.1 4.83 5 5 Hydrothermal Infill Breccia
DD008 271 272 2.15 0.54 26.6 6.40 8 5 Hydrothermal Infill Breccia
DD008 272 273 0.61 0.06 6.7 1.14 1 2 Hydrothermal Infill Breccia
DD008 273 274 1.27 0.19 12.8 3.64 5 4 Hydrothermal Infill Breccia
DD008 274 275 0.36 0.06 4.2 1.60 2.5 1 Hydrothermal Infill Breccia
DD008 275 276 1.06 0.09 11.8 2.06 2 3 Hydrothermal Infill Breccia
DD008 276 277 2.32 0.37 21.8 4.37 4 8 Hydrothermal Infill Breccia
DD008 277 278 0.59 0.10 7.8 2.03 3 2 Clast supported breccia
DD008 278 279 0.06 0.02 1.2 0.27 0.5 0.2 Clast supported breccia
DD008 279 280 0.04 0.04 0.7 0.24 0.5 0.1 Clast supported breccia
DD008 280 281 0.01 0.16 -0.5 0.11 0 0 Clast supported breccia
Andesite Post Mineral
281 282
DD008 0.01 -0.01 -0.5 0.02 0 0 Dyke
Andesite Post Mineral
282 283
DD008 0.15 0.07 1.4 0.58 1 0.5 Dyke
DD008 283 284 0.08 0.05 0.8 1.27 2.5 0.2 Clast supported breccia
DD008 284 285 0.06 0.01 0.7 0.93 1.5 0.2 Clast supported breccia
DD008 285 286 0.04 0.02 0.9 0.76 1.5 0.1 Hydrothermal Infill Breccia
DD008 286 287 0.22 0.11 3.1 1.46 2.5 0.5 Hydrothermal Infill Breccia
DD008 287 288 0.50 0.29 5.6 2.74 4 1.5 Hydrothermal Infill Breccia
DD008 288 289 0.29 0.39 5.8 1.90 3 1 Hydrothermal Infill Breccia
DD008 289 290 0.29 0.19 5.4 1.45 2.5 1 Hydrothermal Infill Breccia
DD008 290 291 0.07 1.30 1.3 1.54 3 0.2 Hydrothermal Infill Breccia
DD008 291 292 0.03 0.04 0.8 2.07 4 0.1 Hydrothermal Infill Breccia
DD008 292 293 0.12 0.03 1.1 1.12 2 0.5 Hydrothermal Infill Breccia
DD008 293 294 0.03 0.06 -0.5 1.26 2.5 0.1 Hornfels
DD008 294 295 0.09 0.03 0.8 1.16 2 0.5 Hornfels
DD008 295 296 0.02 0.13 -0.5 0.85 1.5 0.1 Hornfels
DD008 296 297 0.03 0.08 -0.5 1.12 2 0.1 Hydrothermal Infill Breccia
DD008 297 298 0.16 0.14 1.0 1.57 3 0.5 Clast supported breccia
DD008 298 299 0.02 0.02 -0.5 2.05 4 0.1 Clast supported breccia
%
Visual %
To Depth m Lab Cu % Lab Au g/t Lab Ag g/t Pyrite Visual Chalcopyrite
From Depth m Lab Sulphur %
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Hole ID
21CAE# Lithology
DD008 299 300 0.02 0.01 -0.5 0.99 2 0.1 Clast supported breccia
DD008 475 476 0.00 0.01 -0.5 0.61 1 0 Hydrothermal Infill Breccia
DD008 476 477 0.12 0.04 3.0 2.06 4 0.5 Hydrothermal Infill Breccia
DD008 477 478 0.02 0.13 1.2 2.00 4 0.1 Hydrothermal Infill Breccia
DD008 478 479 0.03 8.18 4.5 2.88 6 0.1 Clast supported breccia
DD008 479 480 0.00 0.06 -0.5 1.26 2.5 0 Clast supported breccia
DD008 480 481 0.01 0.01 -0.5 1.32 2.5 0 Clast supported breccia
DD008 481 482 0.00 0.02 -0.5 0.84 1.5 0 Clast supported breccia
DD008 482 483 0.01 0.01 -0.5 1.29 2.5 0 Clast supported breccia
DD008 483 484 0.01 0.01 -0.5 0.61 1 0 Clast supported breccia
DD008 484 485 0.00 -0.01 -0.5 0.25 0.5 0 Clast supported breccia
DD008 485 486 0.01 0.01 1.1 0.57 1 0 Clast supported breccia
DD008 486 487 0.02 0.02 2.2 0.43 1 0.1 Clast supported breccia
DD008 487 488 0.01 -0.01 1.0 0.40 1 0 Clast supported breccia
DD008 488 489 0.00 0.01 -0.5 0.23 0.5 0 Clast supported breccia
DD008 489 490 0.01 0.01 0.8 0.64 1.5 0 Clast supported breccia
DD008 490 491 0.00 -0.01 -0.5 0.25 0.5 0 Clast supported breccia
DD008 491 492 0.01 0.01 0.7 0.80 1.5 0 Clast supported breccia
DD008 492 493 0.02 0.01 0.8 0.53 1 0.1 Clast supported breccia
DD008 493 494 0.02 0.01 6.9 1.49 3 0.1 Clast supported breccia
DD008 494 495 0.01 0.01 0.6 0.47 1 0 Clast supported breccia
DD008 495 496 0.01 0.01 0.6 0.67 1.5 0 Clast supported breccia
DD008 496 497 0.01 -0.01 0.5 0.34 0.5 0 Clast supported breccia
DD008 497 498 0.06 -0.01 6.1 0.31 0.5 0.2 Clast supported breccia
DD008 498 499 0.01 0.01 1.0 0.45 1 0 Clast supported breccia
DD008 499 500 0.00 0.01 0.6 0.35 0.5 0 Hydrothermal Infill Breccia
DD008 500 501 0.05 0.02 1.2 0.51 1 0.2 Hydrothermal Infill Breccia
DD008 501 502 0.04 0.07 2.3 0.62 1 0.1 Hydrothermal Infill Breccia
DD008 502 503 0.10 0.02 6.3 0.80 1.5 0.5 Hydrothermal Infill Breccia
DD008 503 504 0.06 0.02 3.8 0.61 1 0.2 Hydrothermal Infill Breccia
DD008 504 505 0.03 0.01 1.6 0.57 1 0.1 Hydrothermal Infill Breccia
DD008 505 506 0.15 0.04 3.5 0.43 0.5 0.5 Hydrothermal Infill Breccia
DD008 506 507 0.18 0.11 6.2 1.30 2.5 0.5 Hydrothermal Infill Breccia
DD008 507 508 0.12 0.81 38.9 1.62 3 0.5 Hydrothermal Infill Breccia
DD008 508 509 0.21 0.30 27.8 1.07 1.5 0.5 Hydrothermal Infill Breccia
DD008 509 510 0.10 0.01 3.5 0.41 0.5 0.5 Hydrothermal Infill Breccia
DD008 510 511 0.05 0.03 1.5 0.22 0.5 0.1 Hydrothermal Infill Breccia
DD008 511 512 0.17 0.20 8.4 1.09 2 0.5 Hydrothermal Infill Breccia
%
Visual %
To Depth m Lab Cu % Lab Au g/t Lab Ag g/t Pyrite Visual Chalcopyrite
From Depth m Lab Sulphur %
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ASX Code: CAE

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Hole ID
21CAE# Lithology
DD008 512 513 0.09 0.02 3.8 0.77 1.5 0.5 Hydrothermal Infill Breccia
DD008 513 514 0.09 0.01 3.3 0.19 0 0.5 Hydrothermal Infill Breccia
DD008 514 515 0.10 0.03 3.1 0.70 1 0.5 Hydrothermal Infill Breccia
DD008 515 516 0.33 0.08 9.6 1.25 2 1 Clast supported breccia
DD008 516 517 0.02 0.01 1.1 0.24 0.5 0.1 Clast supported breccia
DD008 517 518 0.01 0.01 0.6 1.01 2 0 Clast supported breccia
DD008 518 519 0.01 -0.01 -0.5 0.92 2 0 Clast supported breccia
DD008 519 520 0.03 0.01 1.2 0.23 0.5 0.1 Clast supported breccia
%
Visual %
To Depth m Lab Cu % Lab Au g/t Lab Ag g/t Pyrite Visual Chalcopyrite
From Depth m Lab Sulphur %
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ASX Code: CAE

Appendix 2 Plans & Sections of CAE and Historical Drilling Mt Cannindah

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App2,Fig1 . Plan View of Mt Cannidah showing CAE hole traces (blue) in relation to historical holes . Cross Section line incorporates CAE holes 8 & 9. Note hole #9 still drilling mid Feb,2022, drill trace drawn to 450m.

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ASX Code: CAE

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App 2, Fig 2. Mt Cannindah mine area east west cross section CAE holes 7 & 8, bottom of CAE hole # 2, with Au lab assay results plotted down hole,annotated significant intersections in holes 7 & 8. CAE holes and holes used in previous resource estimation only plotted,

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ASX Code: CAE
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App 2, Fig 3. Mt Cannindah mine area east west cross section CAE holes 7 & 8, bottom of CAE hole # 2, with Ag lab assay results plotted down hole,annotated significant intersections in holes 7 & 8. CAE holes and holes used in previous resource estimation only plotted,

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ASX Code: CAE
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App 2, Fig 4. Mt Cannindah mine area plan view of CAE drillholes and historic drillholes showing relationship to new gold discoveries in CAE holes 3, 7 & 8. Cu assays plotted. Note the new gold zones are 200m to 300m west of previous drilled gold assays contained within the historical mineralised Au envelope.

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ASX Code: CAE
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App 2, Fig 5. Mt Cannindah mine, Cross section of recent CAE holes 7 & 8, showing Simplified Interpretive Geology, Note relationships between infill breccia and clast supported breccia and overall steep, west dipping ,attitude of breccia body. Newly discovered sub vertical gold zones shown well below main body of infill breccia. Overlain with Cu lab assay data. CAE & historical holes plotted.

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ASX Code: CAE

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App 2, Fig 6. Mt Cannindah mine, Cross section of recent CAE holes 7 & 8, showing Simplified Interpretive Geology, Note relationships between infill breccia and clast supported breccia and overall steep, west dipping ,attitude of breccia body. Newly discovered sub vertical gold zones shown well below main body of infill breccia. Overlain with Au lab assay data. CAE & historical holes plotted.

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ASX Code: CAE

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JORC Code Table 1 Cannindah Resources Limited announcement 21st February, 2022.

Section 1: Sampling Techniques and Data

Criteria	Explanation	Commentary
*Sampling techniques*	Nature and quality of sampling (e.g. cut	. Sampling results are based on sawn half
	channels, random chips, or specific	core samples of both PQ ,HQ and NQ
	specialised industry standard	diameter diamond drill core. An orientation
	measurement tools appropriate to the	line was marked along all core sections.
	minerals under investigation, such as	One side of the core was consistently sent
	down hole gamma sondes, or handheld	for analysis and the other side was
	XRF instruments, etc.) These examples	consistently retained for archive purposes.
	should not be taken as limiting the broad	The orientation line was consistently
	meaning of sampling.	preserved.
	Include reference to measures taken to
	ensure sampling representivity and the
	appropriate calibration of any
	measurement tools or systems used.
	Aspects of the determination of	Half core samples were sawn up on a
	mineralisation that are Material to the	diamond saw on a metre basis for HQ,NQ
	Public Report. In cases where ‘industry	diameter core and a 0.5m basis for PQ
	standard’ work has been done this would	diameter core. Samples were forwarded
	be relatively simple (e.g. ‘reverse	to commercial NATA standard
	circulation drilling was used to obtain 1m	laboratories for crushing, splitting and
	samples from which 3kg was pulverised to	grinding ,Laboratory used in this instance
	produce a 30g charge for fire assay’). In	is Intertek Genalysis , Townsville.
	other cases more explanation may be	Analytical sample size was in the order of
	required, such as where there is coarse	2.5kg to 3kg.
	gold that has inherent sampling problems.
	Unusual commodities or mineralisation
	types (e.g. submarine nodules) may
	warrant disclosure of detailed information.

*Drilling techniques*	Drill type (e.g. core, reverse circulation,	Drill type is diamond core. Core diameter
	open-hole hammer, rotary air blast, auger,	at top of hole is PQ, below 30m core
	Bangka, sonic, etc.) and details (e.g. core	diameter is HQ and NQ.Triple tube
	diameter, triple or standard tube, depth of	methodology was deployed for PQ & HQ,
	diamond tails, face-sampling bit or other	which resulted in excellent core recovery
	type, whether core is oriented and if so, by	throughout the hole.Core was oriented ,
	what method, etc.)	utilizing an Ace Orientaion equipment and
		rigorously supervised by on-site geologist.
*Drill sample recovery*	Method of recording and assessing core	Core recovery was recorded for all drill
	and chip sample recoveries and results	runs and documented in a Geotechnical
	assessed.	log. The Triple Tube technology and
		procedure ensured core recoveries were
		excellent throughout the hole.
	Measures taken to maximise sample	Triple tube methodology ensure excellent
	recovery and ensure representative nature	core recoveries. Core was marked up in
	of the samples.	metre lengths and reconciled with drillers
		core blocks. An orientation line was drawn
		on the core . Core sampling was
		undertaken by an experienced operator
		who ensured that half core was sawn up
		with one side consistently sent for analysis
		and the other side was consistently
		retained for archive purposes. The

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ASX Code: CAE

Criteria	Explanation	Explanation							Commentary
									orientation line was consistently
									preserved.
	Whether a	relationship exists					between		Core recoveries were good. An unbiased ,
	sample recovery and grade				and whether				consistent half core section was submitted
	sample bias		may have	occurred due to					for the entire hole, on the basis of
	preferential		loss/gain	of		fine/coarse			continuous 1m sampling. 0.5m in the case
	material.								of PQ.The entire half core section was
									crushed at the lab and then split , The
									representative subsample was then fine
									ground and a representative unbiased
									sample was extracted for further analysis.
*Logging*	Whether core		and chip samples have been						Geological logging was carried out by well-
	geologically and geotechnically						logged to		trained/experienced geologist and data
	a level of	detail to support				appropriate			entered via a well-developed logging
	Mineral Resource estimation, mining								system designed to capture descriptive
	studies and	metallurgical studies							geology, coded geology and quantifiable
									geology. All logs were checked for
									consistency by the Principal Geologist.
									Data captured through Excel spread
									sheets and Explorer 3 Relational Data
									Base Management System. A
									geotechnical log was prepared.
	Whether	logging is		qualitative				or	Logging was qualitative in nature. A
	quantitative	in nature. Core				(or	costean,		detailed log was described on the basis of
	channel etc.)		photography.						visual observations. A comprehensive
									Core photograph catalogue was
									completed with full core dry, full core wet
									and half core wet photos taken of all core.
	The total length and percentage of							the	The entire length of all drill holes has been
	relevant intersections logged.								geologically logged.
*Sub-sampling*	If core, whether cut or sawn					and whether			Half core samples were sawn up on a
*techniques and*	quarter, half or all core taken.								diamond saw on a metre basis for HQ, NQ
*sample preparation*									diameter core and a 0.5m basis for PQ
									diameter core. . .
	If non-core,	whether riffled, tube					sampled,		All sampling was of diamond core
	rotary split,	etc. and whether			sampled			wet
	or dry.
	For all sample types, the nature, quality								The above techniques are considered to
	and appropriateness			of	the		sample		be of a high quality, and appropriate for the
	preparation	technique.							nature of mineralisation anticipated.
	Quality control procedures adopted for all								QA/QC protocols were instigated such
	sub-sampling		stages	to			maximise		that they conform to mineral industry
	representativity of samples.								standards and are compliant with the
									JORC code.
									Terra Search’s input into the Quality
									Assurance (QA) process with respect to
									chemical analysis of mineral exploration
									diamond core samples includes the
									addition of blanks, standards to each batch
									so that checks can be done after they are
									analysed. As part of the Quality Control
									(QC) process, Terra Search checks the
									resultant assay data against known or
									previously determined assays to
									determine the quality of the analysed batch
									of samples. An assessment is made on
									the data and a report on the quality of the
									data is compiled.

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ASX Code: CAE

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Criteria	Explanation	Commentary
	Measures taken to ensure that the	The lab results are checked against visual
	sampling is representative of the in situ	estimations and PXRF sampling of sludge
	material collected, including for instance	and coarse crush material.
	results for field duplicate/second-half
	sampling.
	Whether sample sizes are appropriate to	The standard 2kg -5kg sample is more
	the grain size of the material being	than appropriate for the grainsize of	the
	sampled.	rock-types and sulphide grainsize.	The
		sample sizes are considered to	be
		appropriate to represent the style of	the
		mineralisation, the thickness	and
		consistency of the intersections.
*Quality of assay data*	The nature, quality and appropriateness of	After crushing splitting and grinding at
*and laboratory tests*	the assaying and laboratory procedures	Intertek/Genalysis lab Townsville samples
	used and whether the technique is	were assayed for gold using the 50g fire
	considered partial or total.	assay method

The primary assay method used is designed to measure both the total gold in the sample as per classic fire assay.

The total amount of economic metals tied up in sulphides and oxides such as Cu, Pb, Zn, Ag, As, Mo, Bi,S is captured by the 4 acid digest method ICP finish. This is regarded as a total digest method and is checked against QA-QC procedures which also emploty these total techniques. Major elements which are present in silicates, such as K, Ca, Fe, Ti, Al, Mg are also digested by the 4 acid digest Total method.

The techniques are considered to be entirely appropriate for the porphyry, skarn and vein style deposits in the area. The economically important elements in these deposits are contained in sulphides which is liberated by 4 acid digest, all gold is determined with a classic fire assay.

For geophysical tools, spectrometers,	Magnetic susceptibility measurements
handheld XRF instruments, etc. the	utilizing Exploranium KT10 instrument,
parameters used in determining the	zeroed between each measurement.
analysis including instrument make and
model, reading times, calibration factors	No PXRF results are reported here.
applied and their derivation, etc.	although PXRF analysis has been utilized
	to provide multi-element data for the
	prospect and will be reported separately.
	The lab pulps are considered more than
	appropriate samples for this purpose.
	PXRF Analysis is carried out in an air-
	conditioned controlled environment in
	Terra Search offices in Townsville. The
	instrument used was Terra Search’s
	portable Niton XRF analyser (Niton
	‘trugeo’ analytical mode) analysing for a
	suite of 40 major and minor elements. in.
	The PXRF equipment is set up on a bench
	and the sub-sample (loose powder in a thin
	clear plastic freezer bag) is placed in a
	lead-lined stand. An internal detector
	autocalibrates theportable machine,and

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ASX Code: CAE

Explanation	Explanation	Commentary
		Terra Search standard practice is to
		instigate recalibration of the equipment
		every 2 to 3 hours.
		Readings are undertaken for 60 seconds
		on a circular area of approximately 1cm
		diameter. A higher number of
		measurements are taken from the centre
		of the circle and decreasing outwards.
		PXRF measures total concentration of
		particular elements in the sample. Reading
		of the X-Ray spectra is effected by
		interferences between different elements.
		The matrix of the sample eg iron content
		has to be taken into account when
		interpreting the spectra.
		The reliability and accuracy of the PXRF
		results are checked regularly by reference
		to known standards. There are some
		known interferences relevant to particular
		elements eg W & Au; Th & Bi, Fe & Co.
		Awareness of these interferences is taken
		into account when assessing the results.
Nature of	quality control procedures	QAQC samples are monitored on a batch‐
adopted	(e.g. standards, blanks,	by‐batch basis, Terra Search has well
duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.		established sampling protocols including blanks, certified reference material, and in- house standards which are matrix

	Nature of		quality	control p	roc	edures	QAQC samples are monitored on a batch‐
	adopted	(e.g.		standards,		blanks,	by‐batch basis, Terra Search has well
	duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.						established sampling protocols including blanks, certified reference material, and in- house standards which are matrix matched against the samples in the
							program.
							Terra Search quality control included
							determinations on certified OREAS
							samples and analyses on duplicate
							samples interspersed at regular intervals
							through the sample suite of both the
							commercial laboratory batch. .Standards
							were checked and found to be within
							acceptable tolerances. Laboratory assay
							results for these quality control samples
							are within 5% of accepted values.
*Verification of*	The verification of significant intersections						Significant intersections were verified by
*sampling and*	by either		independent or		alternative		Terra Search Pty Ltd, geological
*assaying*	company personnel.						consultants who conducted drilling.
							Validation is checked by comparing assay
							results with logged mineralogy eg sulphide
							material in relation to copper and gold
							gradse.
	The use of	twinned holes.					There has been little direct twinning of
							holes, the hole reported here pass close to
							earlier drill holes , assay results and
							geology are entirely consisted with
							previous results. .
	Documentation of primary data,				data entry		Data is collected by qualified geologists
	procedures,		data	verifications,		data	and experienced field assistants and
	storage	(physical		and	electronic)		entered into excel spreadsheets.
	protocols.

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Criteria	Explanation				Commentary
					Data is imported into database tables from
					the Excel spreadsheets with validation
					checks set on different fields. Data is then
					checked thoroughly by the Operations
					Geologist for errors. Accuracy of drilling
					data is then validated when imported into
					MapInfo.
					Location and analysis data are then
					collated into a single Excel spreadsheet.
					Data is stored on servers in the
					Consultants office and also with CAE.
					There have been regular backups and
					archival copies of the database made.
					Data is also stored at Terra Search’s
					Townsville Office. Data is validated by
					long-standing procedures within Excel
					Spreadsheets and Explorer 3 data base
					and spatially validated within MapInfo GIS.
	Discuss any adjustment to assay data.				No adjustments are made to the
					Commercial lab assay data. Data is
					imported into the database in its original
					raw format.
*Location of data*	Accuracy and quality		of surveys used to		Collar location information was originally
*points*	locate drill holes (collar and			down-hole	collected with a Garmin 76 hand held GPS.
	surveys), trenches, mine workings and
	other locations used in Mineral Resource				X-Y accuracy is estimated at 3-5m,
	estimation.				whereas height is +/- 10m.Coorinates will
					be reassessed with DGPS survey.
					Down hole surveys were conducted on all
					holes using a Reflex downhole digital
					camera . Surveys were generally taken
					every 30m downhole , dip, magnetic
					azimuth and magnetic field were recorded.
	Specification	of the grid system used.			Coordinate system is UTM Zone 55 (MGA)
					and datum is GDA94
	Quality and	adequacy of topographic			Pre-existing DTM is high quality and
	control.				available.
*Data spacing and*	Data spacing for reporting of Exploration				At the Mt Cannindah mine area previous
*distribution*	Results.				drilling program total over 100 deep
					diamond and Reverse Circulation
					percussion holes.. Almost all have been
					drilled in 25m to 50m spaced fences , from
					west to east, variously positioned over a
					strike length of 350m and a cross strike
					width of at least 500m.. Down hole sample
					spacing is in the order of 1m to 2m which
					is entirely appropriate for the style of the
					deposit and sampling procedures.
	Whether the	data spacing and		distribution	Previous resource estimates on Mt
	is sufficient	to establish the		degree of	Cannindah include Golders 2008 for
	geological	and	grade	continuity	Queensland Ores and Helman & Schofield
	appropriate for the Mineral Resource and				2o12 for Drummond Gold. Both these
	Ore Reserve	estimation procedure(s) and			estimates utilised 25m to 50m fences of
	classifications applied.				west to east drillholes, but expressed
					concerns regarding confidence in assay
					continuity both between 50m sections and
					between holes within the plane of the cross
					sections. The hole reported here
					addresses some of the concerns about

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Criteria	Explanation	Explanation	Explanation		Commentary
					grade continuity, by linking mineralisation
					from section to section and also in the
					plane of the cross sections. Further drilling
					is necessary to enhance and fine tune the
					previous Mineral Resource. estimates at
					Mt Cannindah and lift the category from
					Inferred to Indicated and Measured and
					compliant with JORC 2012. .
	Whether		sample compositing has been		No sample compositing has been applied,
	applied.				Most are 0.5m to 1m downhole samples..
*Orientation of data in*	Whether		the orientation of sampling		The main objective of holes
*relation to geological*	achieves		unbiased sampling of possible		21CAEDD007,and 21CAEDD008
*structure*	structures and the extent to which this is				reported here is to determine geological
	known, considering the deposit type.				and structural relationships in the
					southern sector of the Mt Cannindah
					copper-gold-silver breccia deposit. The
					main purpose being to probe, with
					diamond drill core, for the potential
					western and southern extent of the
					copper rich breccia where it was
					interpreted to be in contact with diorite
					and to establish grade continuity of the
					primary Cu,Au,Ag , chalcopyrite -pyrite
					breccia mineralisation..Both holes
					21CAEDD007 & 8 are drilled from east to
					west, down the plunge of the breccia
					body.The Infill breccia is massive textured
					, recent interpretation suggests the clasts
					may have an imbrication or preferred
					orientation, that is relatively flat .The
					holes drilled from east to west may
					actually be drilling orthogonal to the
					layering in the breccia, as was observed
					during drilling. . Pre and post mineral
					dykes cut the drill hole , generally in two
					orientations , east west, and north south ,
	If	the	relationship	between drilling	The Infill breccia is massive textured ,
	orientation and the			orientation of key	recent interpretation suggests the clasts
	mineralised structures is considered to				may have an imbrication or preferred
	have introduced a sampling bias, this				orientation, that is relatively flat . The holes
	should be assessed and reported if				drilled from east to west may actually be
	material.				drilling orthogonal to the layering in the
					breccia, as was observed during drilling.
					No sampling bias is evident in the logging,
					or the presentation of results or drill cross
					and long sections.Steep structures are
					evident and with steep holes these are cut
					at oblique anges. The breccia zone at Mt
					Cannindah is of sufficient width and depth
					that drillholes 21CAEDD007 & 8 provide
					valuable unbiased information concerning
					grade continuity of the breccia body. The
					complete geometry of the breccia body is
					unknown at this stage. Similarly vein
					structures have several orienations and
					only in certain instances is it evident that
					vein orientations have introduced a
					sampling bias.
*Sample security*	The	measures taken		to ensure sample	Chain of custody was managed by Terra
	security.				Search Pty Ltd. Core trays were freighted
					in sealedpallets from Monto were they

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Criteria	Explanation	Explanation				Commentary
						were dispatched by Terra Search . The
						core was processed and sawn in Terra
						Search’s Townsville facilities and half core
						samples were delivered by Terra Search to
						Intertek/Genalysis laboratory Townsville
						lab.
*Audits or reviews*	The results of any		audits	or reviews of		There have been numerous independent
	sampling techniques		and data.			reviews carried out on the Mt Cannindah
						project reviewing sampling, data sets,
						geological controls, the most notable ones
						are Newcrest circa 1996; Coolgardie
						Gold1999; Queensland Ores
						2008;Metallica ,2008; Drummond Gold,
						2011;CAE 2014.
APPENDIX 2 – JORC Code Table 2
Section 2: Reporting of Exploration Results
*Mineral tenement and*	Type, reference name/number, location					Exploration conducted on MLs 2301,
*land tenure status*	and ownership including agreements or					2302, 2303, 2304, 2307, 2308, 2309, EPM
	material issues with		third parties such as			14524, and EPM 15261. 100% owned by
	joint ventures, partnerships, overriding royalties, native title interests, historical					Cannindah Resources Pty Ltd.
	sites,	wilderness	or national		and	The MLs were acquired in 2002 by
	environmental settings.					Queensland Ores Limited (QOL), a
						precursor company to Cannindah
						Resources Limited. QOL acquired the
						Cannindah Mining Leases from the
						previous owners, Newcrest and MIM, As
						part of the purchase arrangement a 1.5%
						net smelter return (NSR) royalty on any
						production is payable to MIM/Newcrest
						and will be shared 40% by MIM and 60%
						by Newcrest.
						An access agreement with the current
						landholders in in place.
	The security of the tenure held at the				time	No impediments to operate are known.
	of reporting along with			any known
	impediments to obtaining			a license to
	operate	in the area.
*Exploration done by*	Acknowledgement		and	appraisal	of	Previous exploration has been conducted
*other parties*	exploration by other parties.					by multiple companies. Data used for
						evaluating the Mt Cannindah project
						include : Drilling & geology, surface
						sampling by MIM (1970 onwards ) drilling
						data Astrik (1987), Drill,Soil, IP & ground
						magnetics and geology data collected by
						Newcrest (1994-1996), rock chips
						collected by Dominion (1992),. Drilling
						data collected by Coolgardie Gold (1999),
						Queensland Ores (2008-2011), Planet
						Metals-Drummond Gold (2011-2013) .
						Since 2014 Terra Search Pty Ltd,
						Townsville QLD has provided geological
						consultant support to Cannindah
						Resources.

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*Geology*	Deposit type, geological setting and style	Breccia and porphyry intrusive related Cu-
	of mineralisation.	Au-Ag-Mo , base metal skarns and shear
		hosted Au bearing quartz veins occur
		adjacent to a Cu-Mo porphyry.
*Drill hole information*	A summary of all information material to	A major drill data base exists for the Mt
	the understanding of the exploration	Cannindah district amounting to over 400
	results including a tabulation of the	holes. Selected Cu and Au down hole
	following information for all Material drill	intervals of interest have been listed in
	holes:	CAE’s ASX announcement, March,2021.
	 Easting and northing of the drill hole
	collar
	 Elevation or RL (Reduced Level –
	elevation above sea level in metres)
	of the drill hole collar
	 Dip and azimuth of the hole
	 Down hole length and interception
	depth
	 Hole length
	If the exclusion of this information is
	justified on the basis that the information is
	not Material and this exclusion does not
	detract from the understanding of the
	report, the Competent Person should
	clearly explain why this is the case.
*Data aggregation*	In reporting Exploration Results, weighting	No cut-offs have been routinely applied in
*methods*	averaging techniques, maximum and/or	reporting of the historical drill results or the
	minimum grade truncations (e.g. cutting of	drillhole 21CAEDD002 reported here.
	high grades) and cut-off grades are usually
	Material and should be stated.
	Where aggregate intercepts incorporate	The Cu-Au-Ag breccia style mineralisation
	short lengths of high grade results and	at Mt Cannindah is developed over
	longer lengths of low grade results, the	considerable downhole lengths. The
	procedure used for such aggregation	breccia is generally mineralised, although
	should be stated and some typical	copper grade and sulphide content is
	examples of such aggregations be shown	variable. In addition pre and post mineral
	in detail	dykes and intrusive bodies can mask the
		mineralisation .Down hole Cu-Au-Ag
		intercepts have been quoted both as a
		semi-continuous, aggregated down hole
		interval and also as tighter higher grade
		Cu-Au-Ag sections. In addition, historical
		results have been reported in the
		aggregated form displayed in the ASX
		Announcement for CAE , March,2021,
		many times previously. There are some
		zones of high grade which can influence
		the longer intercepts, however the
		variance in copper and gold grade within
		the breccia is generally of a low order..
	The assumptions used for any reporting of	A copper equivalent has been used to
	metal equivalent values should be clearly	report the wider copper bearing intercepts
	stated.	that carriy Au and Ag credits with copper
		being dominant. Only raw economic
		values have been used based on Q4 2021
		metal prices. No formal metallurgical work
		is available for Mt Cannindah at this stage
		, so metal recoveries have not been used
		in the copper equivalent calculation. a 30
		day average prices in USD for Q4,2021,
		have been used for Cu,Au,Ag ,

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specifically copper @ USD$9250/tonne, gold @ USD$1750/oz and silver @ USD$23/oz.

21CAEDD004 reported here is a vertical hole collared within the 100m plus-wide infill breccia zone at Mt Cannindah.

Relationship between The relationships are particularly important mineralisation widths in the reporting of Exploration Results. and intercept lengths If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. down hole length, true width not known).

respect to the drill hole angle is known, its . The Infill breccia is massive textured , nature should be reported recent interpretation suggests the clasts If it is not known and only the down hole may have an imbrication or preferred lengths are reported, there should be a orientation, that is relatively flat dipping to clear statement to this effect (e.g. down the east. If this is the case, the holes drilled hole length, true width not known). vertically or from east to west may be actually be drilling orthogonal to the layering in the breccia. . Pre and post mineral dykes cut the drill hole , generally in two orientations , east west, and north south , Previous resource estimations at Mt Cannindah model the breccia body as elongated NNE-SSW and at least 100m plus thick in an east west direction. Previous estimations indicate a potentially depth extension to 350m plus.. The breccia body geometry, as modelled at surface has the long axis oriented NNESSW. In this context hole 21CAEDD004 is drilled down vertical through a steep breccia body and through the footwall contact into hornfels. The potential true width of the body is oriented at an oblique ange to vertical hole 21CAEDD004. However, geological consultants, Terra Search argue that the dimensions of the mineralised body are uncertain , the longest axis could well be plunging to greater depths, and the upper and lower contacts are still to be firmly established. , Diagrams Appropriate maps and sections (with Sections and plans of the drillhole scale) and tabulations of intercepts should 21CAEDD004 reported here are included be included for any significant discovery in this report.Geological data is still being being reported. These should include, but assembled at the time of this report. not be limited to a plan view of drill hole collar locations and appropriate sectional views. Balanced reporting Where comprehensive reporting of all All Cu,Au,Ag assays from the 0m to 121m Exploration Results is not practicable, section of hole 21CAEDD004 are listed representative reporting of both low and with this report. Significant intercepts are high grades and/or widths should be tabulated. All holes were sampled over practised to avoid misleading reporting of their entire length,Reported intercepts Exploration Results. have been aggregated where mineralization extends over significant down hole widths. This aggregation has allowed for the order of 10m non mineralized late dykes or lower grade breccia sections.to be incorporated within the reported intersections. . Other substantive Other exploration data, if meaningful and The latest drill results from the Mt exploration data material, should be reported including (but Cannindah project are reported here. The not limited to): geological observations; report concentrates on the Cu,Au, Ag geophysical survey results; geochemical results. Other data, although not material survey results; bulk samples – size and

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	method of treatment; metallurgical test	to this update will be collected and
	results; bulk density, groundwater,	reported in due course.
	geotechnical and rock characteristics;
	potential deleterious or contaminating
	substances.
*Further work*	The nature and scale of planned further	Drill targets are identified and further
	work (e.g. test for lateral extensions or	drilling is required. Drilling has continued
	depth extensions or large-scale step-out	after the completion of hole
	drilling).	21CAEDD004. To date a further 4 holes
		have been drilled Other drilling is planned
		at Mt Cannindah Breccia.
	Diagrams clearly highlighting the areas of	Not yet determined, further work is being
	possible extensions, including the main	conducted.
	geological interpretations and future
	drilling areas, provided this information is
	not commercially sensitive.

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APPENDIX 3– JORC Code Table 2

Section 3: Estimation and Reporting of Mineral Resources

Audits or Review The results of audits and reviews of any There have been several resource ore resource Estimates. estimations made over the various deposits at Mt Cannindah. These have been in the public domain for a number of years.

The most recent resource statement by by Hellman & Schofield in 2011 is for Drummond Gold on the resource at Mt Cannindah itself. This was reported under the JORC 2004 code and has not been updated to comply with JORC 2012 on the basis that the information has not materially changed since it was last reported.

T\he resource statement from the Drummond Gold 2013 report is set out below.

Mt Cannindah (Hellman & Schofield for Drummond Gold,2011 ) JORC,2004

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

:Deposit
Area Mt Cannindah
Estimated indicative
Hellman & Schofield 2011 contained In situ
Source Using JORC 2004 Metal
Copper Gold Silver
Category Tonnage % g/t g/t Cu tonnes Au ozs Ag ozs
Measured
(H&S) 1,888,290 0.96 0.39 16.2 18,128 23,680 983,611
Indicated
(H&S) 2,529,880 0.86 0.34 14.5 21,757 27,658 1,182,780
Inferred
(H&S) 1,135,000 0.97 0.27 13.6 11,010 9,854 494,875
Total 5,553,170 0.92 0.34 14.9 50,894 61,191 2,661,265
----- End of picture text -----

Table 1.1 Mt Cannindah Project Previously identified Resources . CAE advises that no economic or mining parameters have been applied to the estimated indicative in-situ contained metal amounts. All resources are contained in granted mining leases.

AI assistant

CANNINDAH RESOURCES LIMITED — Capital/Financing Update 2022

64600_rns_2022-02-21_ef31bf6a-778e-4f08-8281-5a1ff97317c6.pdf

HIGHLIGHTS

The company’s Executive Chairman commented:

Technical highlights and details of hole 7 and hole 8 below

HIGHLIGHTS Hole 7

HIGHLIGHTS Hole 8

TECHNICAL DETAILS & RESULTS OF CAE HOLES 7 & 8 AT MT CANNINDAH

Table 2. Assay Highlights Drillhole 21CAEDD008

COMPETENT PERSON STATEMENT

Tom Pickett

Appendix 1 Table 1 Cu,Au,Ag,S assays chalcopyrite, pyrite visual estimates, hole 21CAEDD007 0m-531.8m

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Appendix 1 Table 2 Cu,Au,Ag,S assays , chalcopyrite, pyrite visual estimates, hole 21CAEDD008 0m to 300m & 475m to 520m

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Appendix 2 Plans & Sections of CAE and Historical Drilling Mt Cannindah

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APPENDIX 3– JORC Code Table 2

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CANNINDAH RESOURCES LIMITED Capital/Financing Update 2022