DISCOVERY ALASKA LIMITED — Capital/Financing Update 2021

Jun 24, 2021

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ASX Announcement

25 June 2021

CHULITNA PROJECT WORKS COMMENCING

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HIGHLIGHTS

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• The Chulitna Project comprises 199km[2] of granted mining claims containing multiple prospect targets for varying commodities, including gold, silver, tin, copper & base metals

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• Partin Creek prospect historical works identified gold, silver and copper targets

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• Initial work program targeting Partin Creek mineralised exposure

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Discovery Africa Limited (ASX: DAF - “Discovery Africa” or “Company”) is pleased to advise the commencement of initial field works at the Chulitna Project in Alaska, USA.

The Company engaged an Alaskan professional geological (and associated) services group to conduct a comprehensive review of historical exploration works and results from selected priority prospects within the project area, including a review of geophysical survey data. From this, an initial exploration program was prepared and arranged, with the primary target at the Partin Creek prospect selected.

The review of historical data at Partin Creek identified previous rock-chip sampling along 600m of exposed skarns and veins with anomalous gold, copper and silver mineralisation.

The mineralised exposure at Partin Creek occurs along a steep south facing spur ridge that extends for ~1.4km, whilst airborne geophysical data shows a strong continuity of the lithologic basalt/limestone host to Partin Creek mineralisation that extends for ~10km within the project area.

The initial exploration program will aim to duplicate the known gold occurrences at Partin Creek and expand to the northeast (toward McCallie Creek prospect) and to the southwest, to target a robust and coherent gold system with considerable strike length.

The fieldwork will comprise a two-week, helicopter supported rock sampling, geological mapping and reconnaissance sampling program at the Partin Creek prospect, with the target of extending the current gold mineralisation along the ~1.4km strike length area. In addition, samples will be collected along the ~10km strike of the basalt/limestone host, and further sampling at the other priority prospects that host structurally controlled Au/Ag bearing quartz vein-stockwork.

The Company is hopeful this phase of work will lead to further follow up works with the aim to identify drill targets, for subsequent potential drilling.

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Discovery Africa Limited ACN 147 324 847 ABN 50 147 324 847 18 Sangiorgio Court, Osborne Park WA 6017 Locked Bag 4, Osborne Park DC WA 6916 Ph: (08) 6165 4000 Fax: (08) 6165 4067 Website www.discoveryafrica.com.au

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Figure 1. Chulitna Project – Location map with prospect targets

Project Background

The Company’s 100% owned Chulitna Project area comprises 199.4km[2] , is located on State of Alaska public lands, and is not subject to any Native Title claims, native lands, or native claimant groups. The project lies approximately 250km north of Anchorage and close to the major Parks Highway, which runs mostly parallel to the State owned Alaska railroad.

The project hosts numerous prospect areas identified from historical works, which are prospective for gold, silver, copper, tin and base metals. The two main prospect areas currently identified within the project area are Partin Creek (gold, silver, copper) and Coal Creek (tin, silver).

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Discovery Africa Limited ACN 147 324 847 ABN 50 147 324 847 18 Sangiorgio Court, Osborne Park WA 6017 Locked Bag 4, Osborne Park DC WA 6916 Ph: (08) 6165 4000 Fax: (08) 6165 4067 Website www.discoveryafrica.com.au

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Figure 2. Chulitna Project – Geology map showing mineralised trend

In addition, the Company will continue reviewing additional mineral project opportunities, to enhance its project portfolio and increase its overall value proposition. The Company is working to ensure it is best placed to deliver value and upside potential for all its shareholders.

ENDS

This announcement has been authorised by the Board of Directors of Discovery Africa Limited.

For further information:

Jerko Zuvela, Director T | +61 8 6165 4000 E | jerko@discoveryafrica.com.au W| www.discoveryafrica.com.au

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Discovery Africa Limited ACN 147 324 847 ABN 50 147 324 847 18 Sangiorgio Court, Osborne Park WA 6017 Locked Bag 4, Osborne Park DC WA 6916 Ph: (08) 6165 4000 Fax: (08) 6165 4067 Website www.discoveryafrica.com.au

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Competent Person’s Statement

The information contained in this ASX release relating to Exploration Results has been prepared by Mr Jerko Zuvela. Mr Zuvela is a Member of the Australasian Institute of Mining and Metallurgy, and 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. Mr Zuvela is a Director of Discovery Africa Ltd and consents to the inclusion in this announcement of this information in the form and context in which it appears. The information in this announcement is an accurate representation of the available data from the Chulitna Project.

Forward Looking Statements: Statements regarding plans with respect to the Company’s mineral properties are forward looking statements. There can be no assurance that the Company’s plans for development of its mineral properties will proceed as expected. There can be no assurance that the Company will be able to confirm the presence of mineral deposits, that any mineralisation will prove to be economic or that a mine will successfully be developed on any of the Company’s mineral properties.

ABOUT DISCOVERY AFRICA LIMITED

Discovery Africa Limited (ASX: DAF) is an Australian company with a 100% interest in the Chulitna Project in Alaska, USA.

The Company has an experienced board and management team with a history of exploration, operational and corporate success.

DAF leverages the team’s energy, technical and commercial acumen to execute the Company’s mission - to maximize shareholder value through development of our assets.

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Discovery Africa Limited ACN 147 324 847 ABN 50 147 324 847 18 Sangiorgio Court, Osborne Park WA 6017 Locked Bag 4, Osborne Park DC WA 6916 Ph: (08) 6165 4000 Fax: (08) 6165 4067 Website www.discoveryafrica.com.au