CAZALY RESOURCES LIMITED — Capital/Financing Update 2020

Dec 17, 2020

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Woomera Mining Limited

Suite 116, 147 Pirie St Adelaide SA 5000 admin@WoomeraMining.com.au www.WoomeraMining.com.au

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18 December 2020

ASX Announcement

Mt Venn Gold Project - Drilling and Rock Chip Sampling Results

• Aircore drilling at the Three Bears and Lang’s Find prospects completed and assays received

• Significant additional +100ppb gold anomaly defined at Three Bears, extending the existing gold corridor a further 1 km to the south and demonstrating the potential for large scale Gruyere-style deposits at Mt Venn

• Rock chip samples up to 9 g/t Au define new high grade drill targets at Lang’s Find

• Reverse Circulation (RC) Drilling at Chapman’s Reward, testing beneath historic gold workings, on-going and expected to be completed before Christmas

Woomera Mining Limited (ASX:WML) (‘Woomera’ or ‘Company’) is pleased to provide an update on the recent aircore drilling and rock chip sampling program at its 80% owned (20% Cazaly Resources Limited ASX:CAZ) Mt Venn Gold Project in the Eastern Goldfields of Western Australia (Figure 1) .

This initial aircore program aimed to outline the potential for large scale mineralised zones analogous to Gold Roads’ Gruyere deposit within the Mt Venn Gold project.

Aircore results from the Three Bears and Lang’s Find prospects have been received with a total of 86 holes for 2,468m drilled at these two prospects. The aircore program at Lang’s Find was supplemented with rock chip sampling at locations where the aircore rig could not access.

A coherent +100 ppb gold anomaly was defined at the Three Bears prospect, extending the strike length of the gold trend identified in the previous aircore drilling program to a total of 7km and highlighting the large scale potential of this area.

Drilling at Lang’s Find was hampered by difficult access with the main target area not tested however rock chip sampling returned grades of 9.2g/t Au, 7.74 g/t Au and 6.63 g/t Au, confirming the potential of the prospect to host high grade mineralisation.

The Company is also pleased to report that the RC drilling program at the Chapman’s Reward prospect has commenced and approximately 1,000m has been completed targeting high grade mineralisation over previous mine workings. The rig will continue operating until 20 December, with results expected in February 2021.

Following the recent appointment of Managing Director, Mr Kevin Seymour, Woomera intends to conduct a thorough review of the data received to date with the intention of a fresh drilling program to commence once this has been completed.

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Woomera Chairman, Mr Ian Gordon, said: “We are extremely excited about the potential for Mt Venn to host large scale gold mineralisation. Holding such a significant, contiguous tenement position over one of the few remaining under-explored greenstone belts in WA places us in a unique position to target both small high grade deposits and larger Gruyere style targets.”

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Figure 1 – Mt Venn Prospect Locations

Three Bears

Aircore drilling at The Three Bears prospect has been extended to the south by drilling a further 44 holes for 1,678 metres with an average depth of 38 metres (Appendix 1). Figure 2 shows a 3D layout of all drilling completed at Three Bears with the holes of the most recent program outlined. Drilling at Three Bears now covers a north-south extent of approximately seven kilometres with anomalous gold values recorded over the entire zone.

Figure 3 shows gridded sections for the four lines completed in the November program which illustrates the coherent nature of the gold anomalism.

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Figure 2 – All drill holes at Three Bears showing November 2020 drilling

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Figure 3 – Gridded sections at Three Bears showing recent drill lines and southern extension of gold anomalism

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Lang’s Find

A maiden aircore drilling program of 42 holes for 790 metres averaging a depth of 17 metres has been completed at Lang’s Find (Appendix 2). The cover at Lang’s was shallower than expected and difficult access meant that the drill rig could not access a large part of the prospect. Consequently, in areas where the rig could not drill, 17 rock chip samples were collected, as shown in Figure 4.

Best results from the rock chip sampling include 9.15 g/t, 7.54 g/t and 6.63 g/t gold in quartz veins within mafic rocks.

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Figure 4 – Lang’s Find aircore and rock chip sample locations over local geology

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Contact

This ASX announcement has been approved by Woomera Mining’s Board of Directors and authorised for release by:

Ian Gordon

Chairman Woomera Mining Limited +61 8 8232 6201 info@woomeramining.com.au

COMPETENT PERSON STATEMENT

The exploration results reported herein, insofar as they relate to mineralisation, are based on information compiled by Woomera Mining Ltd and reviewed by Mr Gerard Anderson who is a Member of the Australasian Institute of Mining and Metallurgy who has over forty-two years of experience in the field of activity being reported. Mr Anderson has sufficient experience which is relevant to the styles of mineralisation and types of deposit under consideration and to the activity that he is undertaking 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’ relating to the reporting of Exploration Results. Mr Anderson consents to the inclusion in the report of matters based on his information in the form and context in which it appears.

FORWARD LOOKING STATEMENTS

Certain statements in this document are or maybe “forward-looking statements” and represent Woomera’s intentions, projections, expectations or beliefs concerning among other things, future exploration activities. The projections, estimates and beliefs contained in such forward looking statements necessarily involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Woomera, and which may cause Woomera’s actual performance in future periods to differ materially from any express or implied estimates or projections. Nothing in this document is a promise or representation as to the future. Statements or assumptions in this document as to future matters may prove to be incorrect and differences may be material. Woomera does not make any representation or warranty as to the accuracy of such statements or assumptions.

About Woomera Mining Limited

Woomera Mining Limited (Woomera) is an ASX listed exploration company based in Adelaide, South Australia with its primary focus being the Mt Venn Greenstone Belt in Western Australia (Mt Venn Gold Project) where it has identified a number of high-priority, drill-ready gold and nickel targets. The Company also has tenements in the Musgrave Province and Gawler Craton of South Australia which are considered prospective for IOCGU deposits, Cu-Ni-Co deposits, Rare Earth and Precious Metals.

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Appendix 1 – Three Bears - Aircore Drill Statistics

Hole_id	Line	Drill_type	GDA94_E	GDA94_N	Dip	Azim	RL	Depth
AC20WX0085 10 AirCore 537650 6908500 -60 270 465 32 AC20WX0086 10 AirCore 537750 6908500 -60 270 465 29 AC20WX0087 10 AirCore 537850 6908500 -60 270 465 42 AC20WX0088 10 AirCore 537950 6908500 -60 270 465 49 AC20WX0089 10 AirCore 538050 6908500 -60 270 465 45 AC20WX0090 10 AirCore 538150 6908500 -60 270 465 45 AC20WX0091 10 AirCore 538250 6908500 -60 270 465 28 AC20WX0092 10 AirCore 538350 6908500 -60 270 465 43 AC20WX0093 10 AirCore 538450 6908500 -60 270 465 48 AC20WX0094 10 AirCore 538550 6908500 -60 270 465 48 AC20WX0095 10 AirCore 538650 6908500 -60 270 465 28 AC20WX0096 15 AirCore 537650 6908300 -60 270 465 29 AC20WX0097 11 AirCore 537750 6908300 -60 270 465 53 AC20WX0098 11 AirCore 537850 6908300 -60 270 465 45 AC20WX0099 11 AirCore 537950 6908300 -60 270 465 37 AC20WX0100 11 AirCore 538050 6908300 -60 270 465 40 AC20WX0101 11 AirCore 538150 6908300 -60 270 465 45 AC20WX0102 11 AirCore 538250 6908300 -60 270 465 39 AC20WX0103 11 AirCore 538350 6908300 -60 270 465 47 AC20WX0104 11 AirCore 538450 6908300 -60 270 465 48 AC20WX0105 11 AirCore 538550 6908300 -60 270 465 30 AC20WX0106 11 AirCore 538650 6908300 -60 270 465 36 AC20WX0107 12 AirCore 537650 6908100 -60 270 465 32 AC20WX0108 12 AirCore 537750 6908100 -60 270 465 33 AC20WX0109 12 AirCore 537850 6908100 -60 270 465 37 AC20WX0110 12 AirCore 537950 6908100 -60 270 465 34 AC20WX0111 12 AirCore 538050 6908100 -60 270 465 16 AC20WX0112 12 AirCore 538150 6908100 -60 270 465 40 AC20WX0113 12 AirCore 538250 6908100 -60 270 465 46 AC20WX0114 12 AirCore 538350 6908100 -60 270 465 46 AC20WX0115 12 AirCore 538450 6908100 -60 270 465 48 AC20WX0116 12 AirCore 538550 6908100 -60 270 465 36 AC20WX0117 12 AirCore 538650 6908100 -60 270 465 20 AC20WX0118 13 AirCore 537650 6907900 -60 270 465 20 AC20WX0119 13 AirCore 537750 6907900 -60 270 465 13 AC20WX0120 13 AirCore 537850 6907900 -60 270 465 40 AC20WX0121 13 AirCore 537950 6907900 -60 270 465 53 AC20WX0122 13 AirCore 538050 6907900 -60 270 465 35 AC20WX0123 13 AirCore 538150 6907900 -60 270 465 42 AC20WX0124 13 AirCore 538250 6907900 -60 270 465 48 AC20WX0125 13 AirCore 538350 6907900 -60 270 465 35 AC20WX0126 13 AirCore 538450 6907900 -60 270 465 35 AC20WX0127 13 AirCore 538550 6907900 -60 270 465 44 AC20WX0128 13 AirCore 538650 6907900 -60 270 465 39

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Appendix 2 – Lang’s Find - Aircore Drill Statistics

Hole ID	**GDA94_E **	**GDA94_N **	Dip	Azim	RL	Depth
AC20WX0200 540000 6907700 -60 270 450 11 AC20WX0205 539950 6907500 -60 270 450 24 AC20WX0206 540050 6907500 -60 270 450 16 AC20WX0212 539950 6907300 -60 270 450 24 AC20WX0213 540050 6907300 -60 270 450 24 AC20WX0214 540150 6907300 -60 270 450 5 AC20WX0219 539950 6907099 -60 270 450 35 AC20WX0220 540050 6907099 -60 270 450 9 AC20WX0221 540150 6907099 -60 270 450 56 AC20WX0222 540250 6907099 -60 270 450 13 AC20WX0226 539800 6906899 -60 270 450 21 AC20WX0227 539900 6906899 -60 270 450 26 AC20WX0228 540000 6906899 -60 270 450 13 AC20WX0229 540100 6906899 -60 270 450 2 AC20WX0230 540200 6906899 -60 270 450 1 AC20WX0236 539849 6906700 -60 270 450 12 AC20WX0268 540500 6906101 -60 270 450 1 AC20WX0269 540599 6906100 -60 270 450 1 AC20WX0270 540151 6905900 -60 270 450 4 AC20WX0271 540252 6905898 -60 270 450 5 AC20WX0300 539402 6908203 -60 270 450 41 AC20WX0301 539501 6908201 -60 270 450 33 AC20WX0302 539701 6908201 -60 270 450 5 AC20WX0303 539601 6908200 -60 270 450 28 AC20WX0304 539800 6908003 -60 270 450 38 AC20WX0306 539701 6908002 -60 270 450 35 AC20WX0307 539600 6908002 -60 270 450 18 AC20WX0308 539701 6907901 -60 270 450 32 AC20WX0309 539900 6907901 -60 270 450 32 AC20WX0310 539801 6907901 -60 270 450 29 AC20WX0311 539850 6907701 -60 270 450 27 AC20WX0312 539851 6907500 -60 270 450 24 AC20WX0313 539950 6906303 -60 270 450 13 AC20WX0314 539852 6906302 -60 270 450 17 AC20WX0315 539852 6906102 -60 270 450 12 AC20WX0316 539952 6906100 -60 270 450 13 AC20WX0317 539900 6905902 -60 270 450 10 AC20WX0318 540100 6905902 -60 270 450 11 AC20WX0319 540000 6905902 -60 270 450 8 AC20WX0320 539800 6905901 -60 270 450 34 AC20WX0322 540103 6907100 -60 270 450 22 AC20WX0323 540204 6907098 -60 270 450 5

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Appendix 3 - Mt Venn Project - JORC Table 1

The following table provides a summary of the exploration results of Woomera Mining at its Mt Venn project in November and December 2020. Results are reported in accordance with the Table 1 checklist in The Australian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code, 2012 Edition)

Section 1 Sampling Techniques and Data
Sampling techniques	Aircore drilling was used to obtain one metre samples which were placed on the ground beside the hole. Representative 2-3 kg, four metre composite samples were collected by scoop and despatched to ALS in Perth where they were analysed for Au, Pt and Pd using the ALS PGM ICP-23 method and assayed for Ag, Al, As, Ba, Be, Bi, Ca Cd Co Cr Cu Fe, Ga, K, La, Mg, Mn, Mo, Na, Ni, P, Pb, S, Sb, Sc, Sr, Th, Ti, Tl, U, V, W, Zn using the ALS ME- ICP61 method. Selected one metre samples were subsequently assayed using the same methods. Rock chip samples were taken from in-situ outcrop, and from an in-situ quartz reef in old workings. Sample information was recorded in prenumbered sample books with locations established with a Garmin handheld GPS in MGA 94 – Zone 51. Samples were assayed for Au, Pt and Pd using ALS method PGM ICP-23.
Drilling Techniques	AC drilling utilized a face sampling blade bit with a nominal hole diameter of 80mm.
Drill sample recovery	Sample recoveries were visually estimated, Cyclones were cleaned regularly. Samples were collected in calico bags.
Logging	Drill chips were logged on site by an experienced geologist, recording depth, colour, lithology, texture, mineralogy, mineralisation, alteration and other features.
Sub Sampling	• 1 metre drill samples were laid out on the ground in 10 metre rows. A 4 metre composite sample (2‐3 kg) was collected using a metal scoop, into pre‐numbered calico bags. • Duplicate samples were collected every50 m.
Quality of assay data and laboratory tests	• All samples were analysed for Au, Pt and Pd via the ALS PGM- ICP-23 method and the ALS method MEICP61 was used to analyse for Ag, Al, As, Ba, Be, Bi, Ca Cd Co Cr Cu Fe, Ga, K, La, Mg, Mn, Mo, Na, Ni, P, Pb, S, Sb, Sc, Sr, Th, Ti, Tl, U, V, W and Zn. • Field duplicate samples were submitted with each sample batch at a rate of 1 per 50 samples and laboratory standards were inserted at the rate of 1 per 25 samples.
Verification of sampling and assaying	Field data was recorded manually on pre-formatted sample sheets. The data is validated using Datamine Discover software.

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Location of data points	All AC drill collars and rock chip locations were verified using Garmin handheld GPS in MGA 94 – Zone 51
Data spacing and distribution	AC collars are tabled in the main body of this report. Downhole data was collected and assayed at 4m intervals and 1m samples have been held in storage for subsequent analysis if required.
Orientation of data in relation to geological structure	Drill holes were inclined at -60 degrees with azimuth of 260 degrees orthogonal to the inferred stratigraphy. Rock chip samples were taken from in-situ outcrop, and from an in-situ quartz reef in old workings.
Sample security	Samples were sealed in plastic bags which in turn were sealed in bulker bags and delivered by courier directly to the laboratory depot in Kalgoorlie.
Audits or reviews	Assay values have been cross checked against standards and duplicates and spatially located using Datamine-Discover software to facilitate interpretation and review.
Section 2 Reporting of Exploration Results
Mineral tenement and land tenure status	All exploration activity reported is located within granted tenement E38/3111, which is held 80% by Woomera Mining Limited through wholly owned subsidiary company Yamarna West Pty Ltd (YAM). YAM signed an Access Agreement for exploration with The Yilka Native Title Claimant group and the Cosmo Newberry Community. These groups have Native Title over the area through a registered claim and Cosmo Newberry Aboriginal Reserve. The tenement is in good standing with no known impediments
Exploration done by other parties	• Historic holders of the Project area include Global Metals Exploration NL, Elmina NL, Asarco Exploration Company and Kilkenny Gold NL • 86 RAB holes for 2,181m, 54 AC drill holes for 1,594m and 41 RC drill holes for 6,768m was undertaken by Global Metals Exploration in 2011-12 which highlighted gold mineralization in shallow weathered basement at the “Central” prospect known today as “Three Bears” • Elmina, Asarco and Global Metals geochemical sampling included 4,644 auger samples, 453 rock chip samples and 7,135 soil samples which has identified a number of other gold and base metal anomalies
Geology	Orogenic Archean gold mineralisation associated with major shears is targeted at the Mt Venn Project. Base metal mineralization is also targeted. The geology of the mineralization is not yet known due to the lack of information collected to date.
Drill hole Information	Drill hole locations and geometry are tabulated in the appendices of this report.
Data aggregation methods	• Aggregate intercept assays are averages.

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	• No assumptions have been made regarding the reporting of metal equivalents
Relationship between mineralisation widths and intercept lengths	The company will specify any relationships between mineralization widths and intercept lengths once lithological interpretation and petrological analysis has been completed.
Diagrams	Appropriate maps, images and photos are included in the appendices of this report.
Balanced reporting	Reporting is complete in the appendices of this report.
Other substantive exploration data	None to report
Further work	An RC drilling program commenced in December 2020 approximately 12 kms to the north.

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