G50 CORP LIMITED — Capital/Financing Update 2021

Oct 11, 2021

GOLD EXPLORATION IN ARIZONA AND NEVADA

Tuesday 12 October 2021

RIG COMMITTED FOR NEVADA DRILLING

• Drill rig confirmed for maiden RC drilling at Top Gun and Spitfire Projects

• Drilling to commence November, subject to final BLM approval

• Arizona exploration team bolstered by experienced geologist Isaac Nelson

Gold 50 Limited (Gold 50 or the Company) (ASX: G50), is pleased to announce an RC drill rig has been confirmed, and drilling is due to commence at the Company’s Nevada projects in November 2021. The drilling program is part of a 3-project campaign culminating in our flagship Golconda project. Additionally, Gold 50 has strengthened its Arizona exploration team with the appointment of Phoenix based exploration geologist Isaac Nelson to support on ground activities in readiness for drilling at our Golconda property in calendar Q1, 2022.

A summary of Gold 50’s proposed activity over the next 6 months across the Nevada and Arizona precious metals projects, is provided below.

Nevada

Gold 50 has executed a drilling contract with Midnight Sun Drilling, with drilling anticipated to commence in early November. Drilling will commence initially at Top Gun Gold-Silver Project (Top Gun) with a 2,000 metre RC drilling programme planned to test a 1,150 m long zone of gold mineralisation, quartz veining and silicification with historic workings. Top Gun has never been drill tested.

Following the completion of Top Gun drilling, the rig will be mobilised to the Spitfire Gold-Silver Project (Spitfire) in December 2021. A 3,500 metre campaign is planned to test high priority targets identified by recent rock chip sampling and surface mapping following a review of TSX-listed Kinross Gold Corporation’s extensive historical exploration database.

As previously announced on 25th August 2021, thirty-eight of these samples contained more than 1g/t gold and averaged 23.2g/t gold and 38.3g/t silver . Twenty-one rock chip samples collected by Gold 50 contained more than 10g/t gold and averaged 35g/t gold and 75g/t silver; best sample returned 88.9 g/t gold . (Figure 1.)

Arizona

Gold 50 recently appointed Isaac Nelson as a Senior Consulting Geologist. Mr Nelson is a qualified geologist, holding a Bachelor of Science, Geology from Ball State University, Indiana and previously worked as a Contract Senior Geologist at Coeur Mining. Mr Nelson adds considerable experience to the Company’s Arizona-based operations, with a career spanning almost 20 years.

Coeur Mining is where Mr Nelson oversaw exploration infill drilling, logging and undertook various roles and duties as a Contract Senior Geologist, within a large multi-million $ resources development exploration program. He was integral to the discovery and drill out of the C-Horst deposit at Beatty, NV.

Gold 50 Limited

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Not only has Mr Nelson had considerable industry exposure, but he also brings strong professional and interpersonal skills to the Company. Mr Nelson will assist Gold 50’s Arizona Manager, Danny Sims in the execution of the following exploration activities.

In October 2021, the Company will commence a ground magnetic survey ( GM ) at the expanded claims now incorporated into the Golconda Gold Project ( Golconda ). Surface work completed by Gold 50 showed gold mineralisation and associated veining and alteration extended outside of the original Golconda property. On 17 August 2021, Gold 50 announced it had nearly tripled the project area to 24 km2 by staking new mining claim blocks to the north and southwest, effectively capturing more of the underlying district-scale system. (Figure 2.)

From work completed to date, Gold 50 has identified three initial priority areas for exploration:

1. Tub Vein - northwest from the Tub Mine more than 1,800m through Todd and Union Basins.

2. TG Intersection – contains projected extensions of several prospective fault zones containing veins that extend southeast of the Golconda and Tub Mines with cross-cutting structures.

3. Bronco Dike - particularly near the intersection of the Dike and the Tub Vein, which has not been drilled or mined in this area and the intersection with the Golconda Vein where the Oro Plata Mine is located.

Upon completion of geophysics, surface mapping and further follow up soil sampling already underway, drilling will commence at Golconda in Q1 2022.

The Company is well financed to complete the planned exploration activities over the next two years post its August 2021 IPO.

Gold 50’s Managing Director, Mark Wallace, commented:

“We are excited to announce the imminent commencement of drilling at our Nevada projects and continued surface work at our expanded Arizona project. We are also delighted at the appointment of Isaac Nelson as senior consulting geologist.

Gold 50 is well financed to complete planned exploration activities over the next two years following our IPO in August 2021, and we look forward to keeping shareholders abreast of our progress as we drill test our high-quality portfolio.”

This announcement has been approved for release by the Board of Gold 50.

For enquiries:

Mark Wallace Dannika Warburton Managing Director Principal Gold 50 Limited Investability Partners queries@gold50.com info@investability.com.au + 61 2 8355 1819 +61 401 094 261

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Figure 1: Spitfire Project, Nevada - Residual reduced to the pole (“RTP”) ground magnetics with interpreted fault structures, all prior drilling and rock-chip samples collected > 0.5g/t gold. The magnetic anomalies (red-yellow-green areas) are caused by a diorite sill that is interpreted to be closely related to mineralisation.

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Figure 2: Golconda Project, Arizona tenure showing expanded claims area. The property is now nearly triple the size of the original property shown in blue.

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Figure 3: Gold 50 Project Map

Competent Persons Statement

The information in this announcement that relates to Exploration Results is based on information from the ground magnetic survey compiled by Wade Johnston, a Competent Person who is a Certified Professional Geologist licensed by AIPG. Wade Johnston is a consultant to Gold 50 who 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 Johnston consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this announcement that relates to previous mining and/or exploration work is based on information included in the Company’s Prospectus dated 21 May 2021. The Company confirms that it is not aware of any new information or data that materially affects the information included within the Prospectus dated 21 May 2021.

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ABOUT GOLD 50

Gold 50 (ASX: G50) is a precious metals exploration company focussed on discovery in Arizona and Nevada, USA.

Gold 50’s strategic intent is to rapidly define and progress exploration targets, leveraging the Company’s board and management’s track record of discovery in the Southwest USA.

Gold 50’s flagship asset is the Golconda Project in the Wallapai Mining District of Arizona, where the Company has consolidated a historical mining district adjacent to a major copper-molybdenum porphyry deposit and known for its extensive mineralised veins containing unusually high precious metals grades. Gold 50 is also exploring a portfolio of high-quality gold projects - Spitfire, Caisson, Broken Hills and Top Gun - in the Walker Lane Trend of Nevada, a prolific yet relatively underexplored region that stands out for its exceptional high gold grades and growing reserves.

Gold 50 listed on the Australian Securities Exchange on 6 August 2021 and has a strongly supported register of institutional and mining investors.

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