GIBB RIVER DIAMONDS LIMITED — Capital/Financing Update 2021

Oct 17, 2021

ASX RELEASE 18 October 2021 ASX Code: GIB

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Phase 5 Drilling Grows Neta Gold Prospect at Edjudina, WA. Includes 23m at 1.61g/t from 84m

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• Phase 5 aircore drilling at the Edjudina Gold Project extended known mineralisation at Neta, delineated new zones of significant mineralisation at Perseverance and generated new targets with some excellent gold intersections at both Prospects including:

Hole ID	From(m)	To(m)	Interval(m)	Au(g/t)	Prospect
GRC078	84	107	23	**1.61 **	Neta
including	96	106	10	3.40	Neta
GRC080	88	114	26	0.95	Neta
GRC073	40	53	13	1.72	Neta
GRC025	13	17	4	5.05	Perseverance
GRC040	37	39	2	**6.01 **	Perseverance
GRC051	30	31	1	15.85	Perseverance
GRC077	90	96	6	2.70	Neta
GRC079	90	102	12	0.74	Neta

Plus numerous other mineralised intersections (Appendix A)

• At Neta, the Carlsen and Kasparov Lodes appear to join at depth. This interpretation generates a new very exciting high grade ‘Hinge Target’ in the axis of the syncline

• A new parallel area of mineralisation was discovered at Perseverance 30 metres to the east of the original lode with results including 2m @ 4.82g/t from 4m

• A highly prospective three kilometre long zone which lies under alluvial cover along the strike of the eastern side of the Edjudina line of gold workings has been identified by GIB geologists. This area has never been drilled and has been named the ‘Ace of Hearts Cover Target’. An aircore drilling contractor has been hired and drill testing of this target is due to commence on 2 November 2021

• GIB welcomes the recent high grade zinc-lead drilling results from the Iroquois Project in WA announced by Strickland Metals Limited (ASX: ‘STK’) on 14 October 2021. GIB has a 20% free carry to BFS in this project and believes this free-carry asset holds considerable potential to add value to the GIB share price

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Phase 5 drillhole GRC078 at Neta: includes 10m @ 3.40g/t from 96 metres

T +61 8 9422 9555

Gibb River Diamonds Limited 1/16 Ord Street ABN 51 129 158 550 West Perth WA 6005

E info@gibbriverdiamonds.com W www.gibbriverdiamonds.com

ASX RELEASE

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1.0 Edjudina Gold Project

GIB 100%

Gibb River Diamonds Limited (‘GIB’ or the ‘Company’) is pleased to announce results from the highly successful Phase 5 RC drilling program at the Edjudina Gold Project (GIB 100%). This program took place from 5 to 15 September 2021. A total of 60 holes were drilled for 2,923 metres. There were no accidents or lost time incidents.

A total of 1,154 samples were assayed as either one metre splits (765 samples) or as composite samples (389 samples), mainly 6 metre composites. Blank, duplicate, standard and repeat samples were added as necessary to ensure data integrity for future resource calculations.

Due to the shallow and high grade nature of the mineralisation at Edjudina, the exploration methods being used are extremely cost-effective. Importantly, Edjudina’s location, excellent logistics and proximity to an active haul road (to Northern Star’s Carosue Dam mill) all add to the potential for development of discoveries at the project.

Figure 1: Edjudina Gold Project – Location Map

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Figure 2: Edjudina Gold Project –Prospects Location Map with Phase 5 Drilling

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2.0 Phase 5 RC Drilling Results

The Phase 5 RC drilling program targeted the Neta and Perseverance Prospects. This program further extended known mineralisation at Neta, successfully delineated new zones of significant mineralisation at Perseverance and generated new targets with some excellent gold intersections at both Prospects, these include:

Table 1: Phase 5 Drilling Results Highlights

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From To Interval
Hole ID Au (g/t) Prospect Comment
(m) (m) (m)
GRC023 8 12 4 2.47
GRC025 13 17 4 5.05
GRC027 35 37 2 1.73
GRC027 4 6 2 4.82 includes 1m @ 9.44 g/t from 4m
GRC027 47 49 2 1.69
GRC029 17 19 2 2.70
GRC031 8 11 3 2.47
Persever-
GRC035 10 15 5 1.91
ance
GRC036 24 25 1 5.40
GRC037 7 18 11 0.61 includes 6m @ 0.81 g/t from 12m to EOH
GRC038 11 15 4 0.77
GRC040 37 39 2 6.01
GRC042 14 21 7 0.89
GRC051 30 31 1 15.85
GRC055 37 40 3 2.05
GRC065 28 30 2 1.75 Trio
GRC073 40 53 13 1.72 includes composite: 5m @ 3.96 g/t from 40m
GRC077 0 7 7 0.90 includes 2m @ 2.50 g/t from surface
GRC077 90 96 6 2.70 includes 1m @ 9.04 g/t from 94m
GRC077 111 117 6 1.10
GRC078 84 107 23 1.61
including 96 106 10 3.40 Neta
23 34 11 0.69 includes composite: 6m @ 0.28 g/t from 28m
GRC 079
51 61 10 0.52
GRC079 90 102 12 0.74
including 98 101 3 1.67
GRC080 88 114 26 0.95 includes 1m @ 11.88g/t from 91m
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Intervals are reported as drilled and are not reported as true widths. Results are uncut All holes were drilled at -60 degrees, depths are downhole depths

Appendix A contains drilling results for every hole, which includes further significant results. Qualifiers for this table are in Appendix A

Detailed geology of the Neta Lodes Prospect is in the GIB ASX release dated 8 October 2020[3]

The following plans and figures include updated mineralisation profiles using recently collected one metre split assays from anomalous composite samples assayed during the Phase 4 drilling program. These updates are useful for modelling, but are not considered material.

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3.0 Neta Prospect

The Neta Gold Prospect is an exciting discovery which displays high grade mineralisation from surface, with grades, geometry and location which indicate potential for bulk open pit mining. The Phase 5 drilling campaign has proved lode extensions to the high-grade core at Neta and also generated new targets for further drilling:

The most exciting aspect of the Neta Prospect is how the size of the mineralised body continues to grow and to how each iteration of drilling generates new targets. The Phase 5 drilling continued this trend and confirmed the following:

• Further wide intersections and extensions of the Carlsen Lode mineralisation, including 23m at 1.61g/t from 84m.This extends the higher grade core further to the north and at depth (Sections A and B).

• The Carlsen and Kasparov Lodes appear to join at depth with the dip shallowing, possibly indicating the hinge (axis) of a syncline. The Carlsen and Kasparov Lodes may be two limbs of this possible syncline, the hinge of which would lie (on section B) just to the north-east of drillhole GRC80 at a depth of approximately 90 metres. These type of hinge structures represent excellent high grade targets.

Previous high-grade drilling intersections at Neta (eg 36m at 3.97g/t from 4m) may be from drilling the up-dip hinge of this syncline, which current modelling indicates plunges approximately 30 degrees to the north.

This specific ‘Hinge Zone’ (Section B) is a very exciting target which is open to the north and east. This Hinge Target will be drilled during the next RC program.

• A promising new area of limonite-sericite alteration with low-tenor mineralisation was discovered in hole GRC075 (36m at 0.30g/t from surface) on the eastern edge of Neta (Figure 3) and is an additional follow-up target.

• Given the geological profile of the rest of the Neta Prospect, the Company considers it likely that this mineralisation ends well before the third party tenement boundary to the south.

• During Phase 5, the Morphy area was further tested by RC drilling with hole GRC076 drilled underneath the previously reported Morphy gold anomalism[7] . Only minor gold was recovered from this follow-up drilling and the original Morphy mineralisation may have been caused by localised surficial enrichment. No further work is proposed for the Morphy area.

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Figure 3: Neta Prospect Plan View – Phase 5 Drilling Results Highlights

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Figure 4: Neta Prospect Section A – Phase 4 Drilling Results

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Figure 5: Neta Prospect Section B –new Phase 4 drillhole result for GAC225

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Figure 6: Neta Prospect Carlsen Longsection – Updated with Phase 5 Drill Results

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4.0 Perseverance Prospect

The Perseverance Prospect is a 170 metre long zone of quartz-sericite-limonite alteration which hosts extensive artisanal historic gold workings dating back to the 1890s, this area is named the P1 Lode.

The Phase 5 drilling campaign delineated the strike of this historic mineralisation and generated some highly encouraging gold intersections including 1m @ 15.85g/t from 30m and 4m @ 5.05g/t from 13m.

Porphyry intrusives (acid igneous rocks) are common at the Edjudina Project and appear closely related to gold mineralisation throughout the field. Some of the P1 Lode mineralisation appears to have been stoped out in parts by porphyry intrusive (Figure 8). These porphyries often contain low grade gold mineralisation and may have been one of the drivers of gold emplacement at Edjudina.

4.1 P2 Lode Discovery

Of particular interest during the Phase 5 campaign at Perseverance was the discovery of a new parallel area of mineralisation 30 metres to the east of the P1 Lode. This new lode has been named the P2 Lode and has not been previously mined (Figure 8). The P2 Lode has only been intersected in two holes so far, which returned 2m @ 4.82g/t from 4m and, down-dip of this intersection, 2m @ 2.70g/t from 17m.

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4.2 Follow-up Drill Testing

Following on from this highly encouraging round of drilling at Perseverance, further infill drilling will be conducted at the P1 Lode during future campaigns. There is also considerable potential for along strike and down-dip extensions to the newly discovered P2 lode and future drilling will test these targets.

Figure 7: Perseverance Prospect Plan – Phase 5 Drill Results Highlights

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Figure 8: Perseverance Prospect Phase 5 Drill Results – Section E
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Figure 9: Perseverance Prospect Phase 5 Drill Results – Section F

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5.0 Trio Prospect

Phase 5 drilling of the Trio Prospect was largely disappointing with the best result being 2 metres at 1.75 g/t from 28 metres. A full set of results for Trio are included in Appendix A. There are no current plans for follow-up work at Trio.

6.0 Ace of Hearts Cover Target - Phase 6 Aircore Drilling to Commence 2 November 2021

A three kilometre long zone which lies under alluvial cover along the strike of the eastern side of the Edjudina line of gold workings has been identified by GIB geologists. This new target follows a line that runs from the Trio Prospect, through the Ace of Hearts Prospect to the Triumph Prospect (Figure 2). (The Triumph Prospect is an area of extensive gold workings and was one of the major mines on the Edjudina Field mainly worked prior to the 1920’s).

This zone of alluvial cover is shallow and would have been a serious impediment to the old-timers prospecting activities. This area is considered to be highly prospective for new gold discoveries. The Target Area has never been drilled and has been named the ‘Ace of Hearts Cover Target’.

A contract has been signed with a Kalgoorlie based aircore drilling contractor and drilling is due to commence at the Ace of Hearts Cover Target on approximately 2 November 2020.

7.0 Ongoing Work and Future Objectives at the Edjudina Gold Project

The knowledge gained from the Company’s first five drilling programs at Edjudina is being put to good use with a number of programs of work that are underway. Current and planned activities include:

• The transfer of title for the main Edjudina mineral tenement E31/1179 has now been completed and this tenement now shows up on the WA government mineral titles systems (Mineral Titles Online) as being held 100% by GIB

• Mining Lease M31/495 was pegged over the Neta Prospect in July and is progressing through the tenement grant system

• Deeper infill RC drilling at Neta has successfully defined the geometry of the mineralised body making targeting easier, as evidenced by the success of the Phase 5 drilling

• Further metallurgical testwork at Neta has recently been commissioned on fresh (unoxidised) material. This will be assessed and reported when complete.

• Follow up RC and aircore drilling is required at Perseverance, Gawler and Neta

• Ace of Hearts Cover Target: mapping and fieldwork has successfully generated a highly prospective 3km strike target zone under alluvial cover in the vicinity of the Ace of Hearts Prospect. This area is scheduled to be drilled on 2 November 2021.

• Future aircore drill testing of new targets along the 13km of strike, with the aim of finding Neta style lookalikes and new gold-bearing quartz vein systems

• Any ongoing work that assists the future development of mining activities at the Edjudina Gold Project

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8.0 Zinc-Lead Drilling Results at Iroquois Prospect: GIB JV with Strickland Resources

As flagged in GIB’s last Quarterly Report, GIB holds a 20% equity in tenement E69/2820. This legacy asset dates back to a deal done with Strickland Metals Limited (ASX: ‘STK’) in 2011. The 20% GIB equity is free-carried to completion of a Bankable Feasibility Study.

On 15 October 2021, STK announced high grade zinc-lead drilling results at the Iroquois Project situated on the STK-GIB Joint Venture tenement. These excellent results include:

• IQRC001: 23m @ 5.5% Zn + Pb from 108m (combined), including; 14m @ 4.5% Zn from 108m (true depth 90m) and 9m @ 7% Zn + Pb from 135m (true depth 110m)

• IQRC003: 12m @ 5.4% Zn + Pb from 58m (combined), including; 6m @ 6.2% Zn from 58m (true depth 50m) and 6m @ 4.6% Zn + Pb from 96m (true depth 80m)

In addition, both holes returned broad, lower grade Zn + Pb mineralisation within the oxide zone, including:

• IQRC001: 5m @ 2.9% Zn + Pb from 23m; and 22m @ 2.2% Zn + Pb from 37m

• IQRC003: 13m @ 2.1% Zn + Pb from 24m

Full details on these drill results and previous GIB drill results from Iroquois are available from the GIB website[8&9]

GIB welcomes this drilling work done by STK and also the announcement that the current RC drilling program is being expanded as a priority, with a drill rig returning to Iroquois. GIB believes a strong pipeline of drill results will flow from this ongoing exploration work to be done at Iroquois and that the project holds considerable potential to add value to the GIB share price.

9.0 Summary and Lookahead

The ongoing drilling programs at Edjudina continue to deliver high quality, complementary and wide mineralised gold intersections, with prospects continuing to grow in size. The Phase 5 drilling campaign further extended known mineralisation at Neta, successfully delineated new zones of significant mineralisation at Perseverance and generated new targets at both Prospects.

The generation of the ‘Hinge Zone’ target at Neta represents an especially exciting target for the next round of RC drilling.

The Perseverance Prospect results (including 4m @ 5.05g/t from 13m) also provides another excellent target area for follow-up drilling, with the discovery of the P2 Lode (2m @ 4.82g/t from 4m) providing outstanding potential.

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Recent field mapping by GIB geologists has generated the Ace of Hearts Cover Target and this highly prospective area will be tested imminently, with aircore drilling scheduled to commence on 2 November 2021.

Jim Richards Executive Chairman

Enquiries To: Mr Jim Richards +61 (0)408 902 314

References:

1GIB Acquires Option to Purchase the Historic and High Grade Edjudina Gold Project in the Eastern Goldfields of WA; GIB ASX Release dated 16 July 2020

2Triumph Project Exploration Report; Nexus Minerals Limited dated 15 August 2019

3Major Gold Discovery at Edjudina, WA- 36m at 4.0 g/t from 4m; GIB ASX Announcement dated 8 October 2020

4Excellent Metallurgical Recoveries from Bottle Roll Testing of the Neta Lodes Gold Discovery; GIB ASX Announcement dated 26 November 2020

5Neta Lodes Prospect Strike doubles; GIB ASX Announcement dated 21 December 2021

6Phase 3 Drilling Expands Gold Discovery at Edjudina, WA; GIB ASX Announcement dated 6 April 2021

7Phase 4 Drilling Discovers New Shallow Gold Lodes at Edjudina, WA GIB ASX Announcement dated 28 June 2021

8Iroquois Lead-Zinc Prospect (WA). First Drilling Results; Phosphate Australia Limited (now GIB) ASX Announcement dated 7 November 2011

9High Grade Mississippi Valley-Type Zinc-Lead Discovery in Earaheedy Basin; Strickland Metals Limited; ASX Announcement dated 14 October 2021

For a further list of references used in previous releases refer to GIB ASX Announcement dated 25 August 2020

Competent Persons Statement

The information in this report that relates to previously reported exploration results and new exploration results is based on information compiled by Mr. Jim Richards who is a Member of The Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Mr. Richards is a Director of Gibb River Diamonds Limited. Mr. Richards has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr. Richards consents to the inclusion in the report of the matters based on the information in the form and context in which it appears.

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Appendix A: Phase 4 Drill Results Table

Hole ID	From (m)	To (m)	Interval (m)	Au (g/t)	Prospect	Comment
GRC023 including	6	18	12	0.96	Perseverance	Hole endsin 4m@ 0.21g/tfrom 14m
	8	12	4	2.47
GRC024 including	12	19	7	3.17
	13	17	4	5.05
GRC025	23	24	1	0.18
GRC026 including	35	38	3	1.26
	35	37	2	1.73
GRC027 including	4	6	2	4.82		includes 1m @ 9.44 g/t from 4m
	47	50	3	1.23
	47	49	2	1.69
GRC028 including GRC028 including	12	19	7	0.98		includes composite:5m@ 0.35 g/t
	17	19	2	2.70
	59	65	6	0.52
	61	65	4	0.64
GRC029	29	30	1	0.11
GRC030	27	28	1	2.76
GRC031 including	8	11	3	2.47
	8	9	1	7.04
GRC032	12	24	12	0.23		includes composite:6m@ 0.22g/t
GRC033	32	38	6	0.23
	45	51	6	0.24		6mcomposite,mineralised toEOH
GRC034 including including	3	11	8	0.57
	3	4	1	2.86
	8	11	3	0.51
GRC035 including	10	16	6	1.68
	10	15	5	1.91
GRC036 including	23	30	7	0.99
	24	25	1	5.40
GRC037	7	18	11	0.61		includes 6m@ 0.81g/tfrom 12mtoEOH
GRC038 including	11	16	5	0.65
	11	15	4	0.77
GRC039	27	28	1	0.16
GRC040	37	39	2	6.01
GRC041 including	0	12	12	0.40
	8	12	4	0.81
GRC042 including	14	21	7	0.89
	15	18	3	1.70
GRC043	24	31	7	0.24		includes composite: 4m @ 0.33 g/t from 24m
GRC044 including GRC044	30	36	6	0.50		6mcomposite
	41	45	4	1.35
	42	44	2	2.54
	46	51	5	0.47		6mcomposite,mineralised toEOH
GRC045	0	6	6	0.14		6mcomposite
	51	54	3	0.25
GRC046 including	18	22	4	1.30
	18	21	3	1.66
GRC047	31	32	1	0.85

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Hole ID	From (m)	To (m)	Interval (m)	Au (g/t)	Prospect	Comment
GRC048	42	46	4	0.50
GRC049	6	12	6	0.22		includes composite: 4m @ 0.23 g/t
	16	24	8	0.65		includes composite: 6m @ 0.78 g/t from 18m
GRC050 including	15	24	9	0.30
	18	20	2	0.49
GRC051 including	30	36	6	2.77
	30	31	1	15.85
GRC052	12	18	6	0.13
	42	44	2	1.00
GRC053 including	13	16	3	0.57
	13	15	2	0.78
GRC054		no significant assay
GRC055	37	40	3	2.05
GRC056	13	14	1	0.21
	18	24	6	0.30		composite sample,mineralised toEOH
GRC057	24	26	2	0.38
GRC058	35	39	4	0.22
GRC059	34	35	1	0.43	Trio
GRC060		no significant assay
GRC061	15	20	5	0.31
GRC062	33	34	1	2.56
GRC063		no significant assay
GRC064	12	15	3	0.38
GRC065	28	30	2	1.75
	31	36	5	0.16		composite sample,mineralised toEOH
GRC066	41	43	2	0.26
GRC067		no significant assay
GRC068		no significant assay
GRC069	34	35	1	0.93
GRC070	20	24	4	0.13		composite sample,mineralised toEOH
GRC071	19	21	2	0.33
GRC072		no significant assay
GRC073	0	4	4	1.01	Neta
	40	53	13	1.72	Carlsen	includes composite: 5m @ 3.96 g/t from 40m
	71	75	4	0.15	Neta	composite sample,mineralised toEOH
GRC074	0	2	2	0.99	Neta
	8	62	54	0.21	Kasparov	includesfive 6mcomposite samples
	78	79	1	0.30	Carlsen
GRC075	0	36	36	0.30	Fischer	includes six5m/6mcomposites- fe-seraltn
	43	44	1	0.32	Neta
	55	56	1	0.52	Kasparov
	94	100	6	0.31	Carlsen	composite sample
GRC076	24	30	6	0.10	Neta	composite sample
GRC077	0	7	7	0.90	Neta	includes2m@2.50 g/tfromsurface
	24	30	6	0.22	Neta	composite sample
	36	49	13	0.23	Kasparov	includes 5m@ 0.17g/tfrom 44m
	53	54	1	0.37	Kasparov
	79	85	6	0.33	Neta	composite sample

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Hole ID	From (m)	To (m)	Interval (m)	Au (g/t)	Prospect	Comment
including GRC077	90	97	7	2.35	Carlsen	includes1m@ 9.04g/tfrom94m
	90	96	6	2.70	Carlsen	includes 1m @ 9.04 g/t from 94m
	111	117	6	1.10	Neta
GRC078 including including	0	9	9	0.24	Neta	includes composite:6m@ 0.26 g/tfrom3m
	22	26	4	0.15	Neta
	34	40	6	0.30	Fischer
	57	74	17	0.30	Kasparov	interval contains 1.95m mining void from 60m
	84	107	23	1.61	Carlsen
	96	106	10	3.40	Carlsen
	99	105	6	4.92	Carlsen
GRC079 GRC079 including GRC079 including GRC079 including	0	1	1	0.22	Neta
	23	34	11	0.69	Neta	includes composite: 6m @ 0.28 g/t from 28m
	24	26	2	2.68	Neta
	51	61	10	0.52	Neta
	55	60	5	0.91	Fischer
	80	86	6	0.36	Kasparov	includes composite: 4m@ 0.12g/t
	89	102	13	0.69	Carlsen
	98	101	3	1.67	Carlsen
GRC080 including	12	34	13	0.16	Neta	includes two composite samples
	40	51	11	0.18	Fischer	includes two composite samples
	65	71	6	0.24	Kasparov	composite sample
	80	115	35	0.73	Carlsen
	88	114	26	0.95	Carlsen	includes1m@11.88g/tfrom91m
GRC081	0	1	1	0.22	Neta
	15	27	12	0.22	Neta	two 6mcomposites
	50	56	6	0.32	Neta	composite sample
	75	94	19	0.16	Carlsen	includes three 6mcomposites
	102	112	10	0.22	Carlsen
GRC082	123	129	6	0.12	Carlsen	composite sample

Notes:

Intervals are reported as drilled and are not reported as true widths

comp (composite) samples were taken by representative spearing of the one metre samples Results are uncut

Mineralised intervals are reported in this table using the criteria of commercial potential and/or exploration significance

Results are lengthweighted average one metre assays except where annotated as including or comprising comp samples

All results reported are consecutive for that interval

Repeat and duplicate assays for individual samples were averaged for that sample Follow-up assay of mineralised comps will lead to minor changes to this table

ser is sericite; fe is iron; si is silica; qtz is quartz; vn is vein; altn is alteration; m/l is mineralisation; v is very argillic alteration may be weathering as this is not always ascertainable through visual logging

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Appendix B: Phase 5 Drill Collar Locations

HoleID	MGA zone 51	MGA zone 51	mRL	Dip (degrees)	Azi	Total Depth(m)
	mE	mN
GRC023	451829	6704117	362.2	-60	231	18
GRC024	451831	6704120	362.2	-60	231	27
GRC025	451836	6704125	362.2	-60	231	36
GRC026	451844	6704131	362.1	-60	231	45
GRC027	451852	6704137	362.1	-60	231	60
GRC028	451861	6704144	362.0	-60	231	72
GRC029	451879	6704043	362.5	-60	231	33
GRC030	451886	6704050	362.4	-60	231	45
GRC031	451862	6704056	362.4	-60	231	24
GRC032	451870	6704062	362.3	-60	231	39
GRC033	451878	6704068	362.3	-60	231	51
GRC034	451856	6704064	362.4	-60	231	18
GRC035	451860	6704067	362.4	-60	231	27
GRC036	451868	6704073	362.3	-60	231	36
GRC037	451847	6704082	362.3	-60	231	18
GRC038	451851	6704085	362.2	-60	231	24
GRC039	451859	6704091	362.2	-60	231	39
GRC040	451866	6704097	362.1	-60	231	48
GRC041	451835	6704098	362.3	-60	231	21
GRC042	451842	6704104	362.2	-60	231	30
GRC043	451850	6704110	362.2	-60	231	39
GRC044	451858	6704117	362.1	-60	231	51
GRC045	451866	6704123	362.0	-60	231	61
GRC046	451828	6704130	362.2	-60	231	30
GRC047	451835	6704137	362.2	-60	231	45
GRC048	451843	6704143	362.1	-60	231	57
GRC049	451817	6704134	362.3	-60	231	33
GRC050	451822	6704139	362.2	-60	231	33
GRC051	451830	6704145	362.1	-60	231	51
GRC052	451838	6704151	362.1	-60	231	51
GRC053	451797	6704170	362.3	-60	231	21
GRC054	451805	6704176	362.2	-60	231	36
GRC055	451813	6704182	362.1	-60	231	45
GRC056	451783	6704185	362.3	-60	231	24
GRC057	451791	6704191	362.2	-60	231	33
GRC058	451799	6704197	362.2	-60	231	42
GRC059	452179	6703947	361.2	-60	231	48
GRC060	452187	6703953	361.1	-60	231	57
GRC061	452190	6703905	361.2	-60	231	24
GRC062	452198	6703911	361.1	-60	231	39
GRC063	452205	6703918	361.1	-60	231	51
GRC064	452178	6703920	361.3	-60	231	18
GRC065	452186	6703927	361.2	-60	231	36
GRC066	452193	6703933	361.1	-60	231	51
GRC067	452152	6703951	361.5	-60	231	18

Page 18 of 25

ASX RELEASE

==> picture [84 x 49] intentionally omitted <==

HoleID	MGA zone 51	MGA zone 51	mRL	Dip (degrees)	Azi	Total Depth(m)
	mE	mN
GRC068	452160	6703958	361.4	-60	231	30
GRC069	452168	6703964	361.3	-60	231	39
GRC070	452144	6703962	361.5	-60	231	24
GRC071	452152	6703968	361.4	-60	231	27
GRC072	452159	6703975	361.3	-60	231	42
GRC073	449431	6707181	375.8	-60	231	75
GRC074	449447	6707194	375.8	-60	231	84
GRC075	449462	6707207	375.3	-60	231	108
GRC076	449493	6707266	375.3	-60	231	48
GRC077	449442	6707216	377.3	-60	231	123
GRC078	449403	6707272	375.4	-60	231	120
GRC079	449414	6707281	375.3	-60	231	117
GRC080	449395	6707293	375.2	-60	231	123
GRC081	449376	6707304	374.8	-60	231	120
GRC082	449392	6707318	374.946	-60	231	138

Page 19 of 25

Appendix C

JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Sampling	 Nature and quality of sampling (eg cut channels, random chips, or	All samples were cyclone split. Cyclone splitter set to 4% for all
techniques	specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma	drillholes (GRC022 – 082). Cyclone cleaned at the end of every hole.
	sondes, or handheld XRF instruments, etc). These examples should	Cyclone split component was placed in numbered calico bags
	not be taken as limiting the broad meaning of sampling.	(approx. 3kg sample per bag), remainder component went into a
	 Include reference to measures taken to ensure sample representivity	bucket and placed on the ground.
	and the appropriate calibration of any measurement tools or systems	Remainder component from selected drillholes was collected in green
	used.	cyclone bags and set aside for metallurgical testwork.
	 Aspects of the determination of mineralisation that are Material to the	Cyclone splitter has two openings for the split component. For
	Public Report.	samples without duplicates the split from the second port went on the
	 In cases where ‘industry standard’ work has been done this would be	ground. Sample duplicates were collected from the second port.
	relatively simple (eg ‘reverse circulation drilling was used to obtain 1	Blanks and standards were inserted during drilling by the supervising
	m samples from which 3 kg was pulverised to produce a 30 g charge	geologist.
	for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg	Composite samples were collected in selected intervals using a PVC spear. These composite samples do not have standards, duplicates, or blanks.
	submarine nodules) may warrant disclosure of detailed information.	Samples were submitted to Jinning (Kalgoorlie) for pulverization to
		generate a 30g charge for fire assay analysis.
Drilling	 Drill type (eg core, reverse circulation, open-hole hammer, rotary air	Profile Drilling RC Rig 1, 150mm hammer bit. A stabilizer rod and a
techniques	blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other	3m heavy wall rod were used behind the hammer to minimise drillhole deviation.
	type, whether core is oriented and if so, by what method, etc).	All drillholes were surveyed using a north-seeking Axis Champ Gyro
		SRO. Surveys started at 0m depth and were recorded every 30m and
		at EOH.
Drill sample	 Method of recording and assessing core and chip sample recoveries	Sample recovery visually assessed on a metre-by-metre basis.
recovery	and results assessed.  Measures taken to maximise sample recovery and ensure	Driller directed to use the minimum necessary air pressure to minimise loss of fine component.
	representative nature of the samples.	All samples cyclone split to ensure a representative sample
	 Whether a relationship exists between sample recovery and grade	distribution.
	and whether sample bias may have occurred due to preferential	No sample bias is known or expected due to preferential loss/gain of
	loss/gain of fine/coarse material.	fine/coarse material.
Logging	 Whether core and chip samples have been geologically and	All drill spoil from all holes was quantitatively geologically logged on a

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Criteria	JORC Code explanation	Commentary
	geotechnically logged to a level of detail to support appropriate	metre-by-metre basis to a sufficient level of detail to support
	Mineral Resource estimation, mining studies and metallurgical	appropriate Mineral Resource estimation, mining studies and
	studies.	metallurgical studies.
	 Whether logging is qualitative or quantitative in nature. Core (or	All drillholes were bagged on a metre-by-metre basis for use in
	costean, channel, etc) photography.	metallurgical studies.
	 The total length andpercentage of the relevant intersections logged.
Sub-	 If core, whether cut or sawn and whether quarter, half or all core	Every metre in this drill campaign was cyclone split to 4%.
sampling techniques and sample preparation	taken.  If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.  For all sample types, the nature, quality and appropriateness of the sample preparation technique.	>>99% of samples were sampled dry. Sample wetness was recorded during logging. Duplicate samples were generated in real time from the cyclone splitter. Lab samples were pulverized to -80µm to generate a 30g charge for
	 Quality control procedures adopted for all sub-sampling stages to	fire assay analysis.
	maximise representivity of samples.	GIB inserted standards, duplicates and blanks into laboratory sample
	 Measures taken to ensure that the sampling is representative of the in	submissions. This is in addition to internal lab QAQC procedures.
	situ material collected, including for instance results for field	GIB deems sample sizes to be appropriate to the grain size of the
	duplicate/second-half sampling.	material being sampled.
	 Whether sample sizes are appropriate to the grain size of the material
	being sampled.
Quality of	 The nature, quality and appropriateness of the assaying and	Samples were pulverized to -80µm to generate a 30g charge for four
assay data and laboratory tests	laboratory procedures used and whether the technique is considered partial or total.  For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their	acid digest and fire assay (FA/AAS) analysis. This is a total technique. In addition to internal laboratory QAQC procedures, GIB inserted duplicates, standards, and blanks into the lab samples. GIB’s standards are from Geostats (Fremantle) and blanks are white
	derivation, etc.	brickies sand. Duplicates are described above.
	 Nature of quality control procedures adopted (eg standards, blanks,	GIB analysed both its own QAQC samples and the internal lab QAQC
	duplicates, external laboratory checks) and whether acceptable levels	samples and deems acceptable levels of accuracy and precision
	of accuracy (ie lack of bias) and precision have been established.	have been established.
Verification	 The verification of significant intersections by either independent or	Analysis was undertaken by Jinning Kalgoorlie. At the time of writing,
of sampling and assaying	alternative company personnel.  The use of twinned holes.  Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.	no samples have been sent to other labs for cross-checking. Significant intersections have been verified by multiple GIB personnel. No twinned holes were used.
	 Discuss any adjustment to assay data.	Drilling, sampling, primary data, and data verification procedures
		were drawn up prior to fieldwork and are stored on the GIB server.
		Physical copies of all data are stored in the GIB office.
		Duplicate/repeat sampleswere averaged to create the goldvaluefor

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Criteria	JORC Code explanation	Commentary
		those samples. No other adjustments were made to assay data.
Location of	 Accuracy and quality of surveys used to locate drill holes (collar and	Drillholes were laid out by DGPS and all possible care was taken to
data points	down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	ensure drillholes were collared at their intended location. Datum is MGA94 zone 51.
	 Specification of the grid system used.	In addition to DGPS, LiDAR and high-definition drone imagery was
	 Quality and adequacy of topographic control.	used to site drillholes.
		All RC drillholes were surveyed using a north-seeking Axis Champ
		Gyro SRO. Surveys started at 0m depth and were recorded every
		30m and at EOH.
Data	 Data spacing for reporting of Exploration Results.	Drillholes were spaced on nominal 20m x 20m, 20m x 10m, or 20m x
spacing and distribution	 Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.	5m grids, with local collar adjustments due to ground conditions. No Mineral Resource or Ore Reserve procedures or classifications have been applied. Sample compositing has been applied only to duplicate/repeat
	 Whether sample compositing has been applied.	samples.
Orientation	 Whether the orientation of sampling achieves unbiased sampling of	Drillholes were (nominally) oriented at 60° towards 231. Local foliation
of data in	possible structures and the extent to which this is known, considering	strikes ~75° towards 051. As such these drillholes are oriented
relation to geological structure	the deposit type.  If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	approximately perpendicular to foliation. To the best of GIB’s current knowledge there is no sampling bias in this RC drilling program.
Sample	 The measures taken to ensure sample security.	Samples were collected by GIB personnel in real time during drilling.
security		Calico bags containing composite samples, 1m splits, standards, blanks, and duplicates, were placed in green cyclone bags and cable
		tied closed, and collected in a safe location until lab delivery.
		Samples were delivered and offloaded at the lab by GIB staff, where
		they were placed in Bulka containers prior to processing.
		After delivery, samples were kept at the fenced Lab compound. Lab
		personnel are on site during work hours and all access points are
		closed and locked overnight.
Audits or	 The results of any audits or reviews of sampling techniques and data.	An internal review of sampling techniques and data deemed GIB’s
reviews		processes to be compatible with JORC 2012 requirements.

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Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation	Commentary
Mineral	 Type, reference name/number, location and ownership including	Granted licence E31/1179 is beneficially held by GIB (100%). On 2nd
tenement	agreements or material issues with third parties such as joint	December 2020 GIBannounced it had exercised the Option to
and land tenure status	ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.  The security of the tenure held at the time of reporting along with any	acquire 100% of the Project. Registration of the change of ownership is awaiting WA State Revenue Office Stamp Duty assessment. There are no private royalties or other third party commercial interests in the tenement.
	known impediments to obtaining a licence to operate in the area.	There are no registered aboriginal heritage sites over the lease area.
		Undetermined Native Title claims over the wider eastern goldfields
		area also include E31/1179
Exploration	 Acknowledgment and appraisal of exploration by other parties.	GIB is compiling a database of historic mining and
done by		exploration activity. A brief chronology is included below:
other		The main period of mining activity on the Edjudina line of workings
parties		(the ‘Edjudina Line’) occurred between 1897 and 1921. Government Geologist Andrew Gibb Maitland made the first
		documented description of the Edjudina Line in 1903, which was
		followed up by reports in 1903 and 1905 by State Government Mining
		Engineer Alexander Montgomery. These reports described a number
		of private batteries being run on the Edjudina Line at this time, with
		some ore also carted to the nearby State Battery at Yarri.
		A minor revival in mining took place from 1936-1939, which was
		curtailed by the start of World War 2.
		In 1974-75 Australian Anglo American Ltd explored the Edjudina line,
		followed by United Nickel Exploration, Cambrian Exploration and
		Penzoil of Australia Ltd (1979-81).
		In 1993 Pancontinental picked up the ground and conducted drilling
		operations, relinquishing the ground in 1995. Little exploration work
		was conducted over the next 14 years with the exception of Gutnick
		Resources who are reported as having completed some wide spaced
		drilling during this time, however a complete dataset for this work is
		still being sourced.
		From 2010 to 2014 CoxsRocks Pty Ltd, a WA based private
		company, conducted a ground magnetic survey, auger soil
		geochemistry and limited aircore drilling.
		The Edjudina Gold Project has been held by Nexus Mt Celia Pty Ltd
		from 2014 to present with one limited RC drilling program conducted
		in that time.

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Criteria	JORC Code explanation	Commentary
		GIB has completed:
		o a 66 hole, 2,756m AC drilling program on15th September 2020,
		o a 157 hole, 6,162m AC program on29th November 2020,
		o a 22 hole, 1,971m RC drilling campaign on12thMarch 2021,and:
		o a 137 hole, 4,474m AC drilling campaign on31stMay 2021.
Geology	 Deposit type, geological setting and style of mineralisation.	Historic reports describe mineralisation as occurring within silicified
		stromatolites which were mineralized and then boudinaged during
		diagenesis and regional deformation. In this situation gold is
		stratabound and almost entirely hosted within the quartz boudins.
		At this very early stage of exploration GIB believes there may also
		have been a broader hydrothermal alteration event at Neta in which
		Au mineralisation is associated with Si-Fe alteration and possibly with
		porphyry intrusion. Pyrite and arsenopyrite are associated with gold
		mineralisation in fresh rock.
Drill hole	 A summary of all information material to the understanding of the	See Appendix B (Drill Collar Locations).
Information	exploration results including a tabulation of the following information
	for all Material drill holes:
	o easting and northing of the drill hole collar
	o elevation or RL (Reduced Level – elevation above sea level in
	metres) of the drill hole collar
	o dip and azimuth of the hole
	o down hole length and interception depth
	o 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	 In reporting Exploration Results, weighting averaging techniques,	Duplicate samples and repeat samples were averaged for samples
aggregatio n methods	maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.  Where aggregate intercepts incorporate short lengths of high grade	with multiple assays. No other changes were made to geochemical data.
	results and longer lengths of low grade results, the procedure used
	for such aggregation should be stated and some typical examples of
	such aggregations should be shown in detail.
	 The assumptions used for any reporting of metal equivalent values
	should be clearly stated.

24

Criteria	JORC Code explanation	Commentary
Relationshi	 These relationships are particularly important in the reporting of	Drillholes were (nominally) oriented at 60° towards 231. Local foliation
p between mineralisati on widths and	Exploration Results.  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 (eg ‘down hole length, true	strikes ~75° towards 051. As such these drillholes are oriented approximately perpendicular to foliation. Historic reports describe mineralisation as occurring within silicified stromatolites which were mineralised and then boudinaged during diagenesis and regional deformation. In this situation gold is
intercept	width not known’).	stratabound and almost entirely hosted within the quartz boudins.
lengths
Diagrams	 Appropriate maps and sections (with scales) and tabulations of	See Maps, Tables and Figures within the body of this announcement.
	intercepts should be included for any significant discovery being
	reported These should include, but not be limited to a plan view of
	drill hole collar locations and appropriate sectional views.
Balanced	 Where comprehensive reporting of all Exploration Results is not	n/a – see body of this Announcement for comprehensive reporting of
reporting	practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of	all exploration results.
	Exploration Results.
Other	 Other exploration data, if meaningful and material, should be reported	While historical drillhole information exists in some areas it is, in
substantive	including (but not limited to): geological observations; geophysical	aggregate, not possible to report this drilling to JORC 2012
exploration data	survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential	standards. In most cases the only data available to GIB is drillhole collar locations (local grid) and gold analyses.
	deleterious or contaminating substances.
Further	 The nature and scale of planned further work (eg tests for lateral	The Company will undertake an additional AC drilling campaign in
work	extensions or depth extensions or large-scale step-out drilling).	2021. This is being planned and is not yet at a stage to permit
	 Diagrams clearly highlighting the areas of possible extensions,	announcement.
	including the main geological interpretations and future drilling areas,
	provided this information is not commercially sensitive.

End

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