GODOLPHIN RESOURCES LIMITED — AGM Information 2020

Nov 12, 2020

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ANNUAL GENERAL MEETING Corporate Presentation November 2020

CORPORATE SNAPSHOT (ASX:GRL)

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CAPITAL STRUCTURE TRADE DATA

69,159,597 $0.30 Shares on issue (11 Nov 20) Share Price

$20.75 Million $0.41 / 0.10 Market Capitalisation 12 Month High / Low

BALANCE SHEET MAJOR SHAREHOLDERS $4.4 Million Ian Buchhorn & Associates 9.8% Brian O Shannassy & Associates 7.2% Cash on hand (30 Sept 20) Additional $3.5m raised Nov 20 (not yet settled)

SHARE PRICE SINCE LISTING

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Share price and market capitalisation as at close of trade 11 November 2020 2
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BOARD AND MANAGEMENT

Jeremy Read – Non‐Executive Chairman

Ian Buchhorn – NED

David Greenwood – Chief Executive Officer

Johan Lambrechts – Exploration Manager

Doug Menzies – NED

INVESTMENT HIGHLIGHTS

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Godolphin is located in in the Lachlan Fold Belt (LFB), Australia’s premier address for porphyry gold‐copper and epithermal gold projects

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Godolphin has the dominant footprint with 100% control of more than 3,000km[2 ] of this blue‐chip real estate

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Surrounded by multiple million‐ounce mines and excellent infrastructure

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Current resources of 431kozs gold* with real potential to expand the resource inventory

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Native gold at Gundagai.
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Multiple near‐term discovery catalysts as key assets are drill tested over next 3 months

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Strong balance sheet to progress targeted exploration ($4.4m in cash at 30 Sept 2020, with an additional $3.5m cash raised in Nov 2020; settlement imminent)

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Pursuing a multi‐discovery strategy with a pipeline of near‐term gold and gold/copper producing projects with low capital entry costs

*See Ardea Resources Limited (Ardea) ASX announcements: Mount Aubrey 28 August 2019; Lewis Ponds 3 September 2019; and Yeoval 15 August 2019.

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Native copper in epidote altered volcanic rock at Copper Hill East.
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A DOMINANT FOOTPRINT IN THE LACHLAN FOLD BELT

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• Lachlan Fold Belt (LFB) in NSW is a world class gold precinct

Godolphin 100% controls >3,000km[2] of highly prospective LFB tenure

Sandwiched between Cadia’s Ridgeway copper‐gold mine ‐ one of Australia’s largest and lowest cost gold mines ‐ to the south and Alkane’s Boda copper‐gold porphyry discovery to the north

Historic mining precinct; previously considered a mature region, a spate of new discoveries have unearthed LFB as true elephant country

Godolphin’s resources exceed most LFB junior explorers , using both gold only and gold‐equivalent

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5 Godolphin’s tenements shown in red above

SURROUNDED BY WORLD CLASS MINES & INFRASTRUCTURE

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Multiple million‐ounce neighbours¹

• Newcrest (Cadia/Ridgeway – 3.2Bt @ 0.26% Cu and 0.37g/t Au)

• Evolution (Lake Cowal 265Mt @ 1.06g/t Au)

• Alkane (Boda discovery)

• Regis (McPhillamys 69.8Mt @ 1.02 g/t Au)

• North Parkes (482Mt @ 0.56% Cu and 0.18g/t gold)

• Tomingley (9.4Mt @ 1.9g/t Au)

Excellent infrastructure (road, rail, power and water), proximal to Sydney

• Godolphin 100% owns 18 EL’s & 1 ML

• Key projects include Lewis Ponds (gold, silver, zinc), Mount Aubrey (gold), Copper Hill East (gold‐copper) and Gundagai North & South (gold)

All have very clear drill targets

1. See Appendix A

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DRILLING TIMELINE FOR ADVANCED PROJECTS

NOVEMBER 2020 DECEMBER 2020 Resource calculation of high grade shoots and external verification Economic modelling of resource Receive assay results from Phase 2 drill programme

JANUARY 2021

FEBRUARY 2021

Commence drill programme Q1 2021 Commence further drilling Q1 2021

Phase 2 drill programme in progress following recent porphyry style mineralisation discovery in Phase 1 drilling at Turrawonga Prospect 2‐3 deep drill holes planned in Phase 2 programme

North & South‐RC drilling programme focussing on areas of old gold workings Expected to commence 2021

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LEWIS PONDS (GOLD‐SILVER‐ZINC)

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• JORC 2012 Resource * : 20.24 Mt at 0.5g/t gold, 33g/t silver, 1.5% zinc, 0.7% lead and 0.1% copper**

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• Resource part of a larger mineral system extending over 9 km to the SE with extensive gold, copper and base metal workings

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• Historical focus on base metals – little exploration for gold

• Located 20km along structure from McPhillamys 2.3 Moz gold deposit (#) and surrounded by historical prospects ‐ Lewis Ponds, Mt Shorter, Mt Lindsay, Ophir and Calula

• *Lewis Ponds Resource Update, reported by Ardea in ASX announcement 3 September 2019 Regis Resources Ltd 2019 Annual Report .

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REDEFINING THE LEWIS PONDS OPPORTUNITY

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• Lewis Ponds actually a gold/silver resource with base metal credits

• Recent soil survey identified significant precious and base metal anomalies with exploration targets away from known resource e.g. Limestone Quarry

• Currently carrying out a comprehensive review of historical data to assess the economic potential of high‐grade gold and silver shoots within the Mineral Resource

• Exploration drilling programme to follow studies

• Potential for McPhillamys’ style gold mineralisation

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REDEFINING THE LEWIS PONDS OPPORTUNITY

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• Remodelling the mineral resource at Lewis Ponds by focussing on higher grade gold and silver areas

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• Once completed resource will be verified and signed off by an independent consultant

• Godolphin to design an exploration programme to include resource definition drilling, drilling away from the defined resource and drilling for metallurgical test work

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MOUNT AUBREY (GOLD)

Long section looking north 030° for all drillhole intercepts >3g/t Au

• Located 40km NE of Parkes

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• Historical pits mined in 1990/1991 by BHP to a depth of just 40m; extracted approx. 12k oz

• JORC 2012 Resource*: 1.21 Mt at 1.61 g/t gold

• Epithermal gold system with potential for extensions at depth

• Geophysical and soil anomalies untested by drilling

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DRILLING AT MOUNT AUBREY

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• Phase 1 RC programme completed in Q1 2020, all 14 drill holes intersected epithermal style alteration, most holes hit gold. Drill intersections included:

• MAGRC0008: 22m @ 2.15g/t from 22m

• MAGRC0011: 28m @ 0.92g/t from 62m

• Phase 2 RC commenced in August with first drill hole T‐ MAGRC0032 having significant intersection. Drill programme resumed in October 2020 after rainfall delay:

• T‐MAGRC0032: 7m @ 1.50g/t from 26m &

  • 3m @ 7.4g/t from 99m

• Targeting shallow supergene extensions and basalt/sediment contact in fresh rock

COPPER HILL EAST (GOLD‐COPPER)

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Copper Hill East (CHE) is located along the same structure as Boda (50km south) and Cadia‐Ridgeway (50km north) Strong preliminary indications:

CURRENT 2020 DRILL PROGRAMME WELL PROGRESSED

• Copper and gold in soils anomaly with 7km strike length.

• Strong magnetic anomaly with coincident Au/Cu anomaly.

• • Native copper in surface rocks with strong copper in soil anomaly.

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Above: Native copper from
surface rocks at Copper Hill East
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COPPER HILL EAST (GOLD‐COPPER)

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• Copper and gold in soils anomaly with 7km strike length

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• Strong magnetic anomaly with coincident Au/Cu anomaly • Native copper in surface rocks with strong copper in soil anomaly

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COPPER HILL EAST (GOLD‐COPPER)

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• Drill hole CHER012 intersected 32m @ 0.29g/t gold and 0.13% copper from 210 metres including 12m @ 0.45g/t gold and 0.22% copper from 230m

• First two drill holes at the Turrawonga prospect suggest we are on the margins of a gold‐copper porphyry system

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• Follow up drilling in November 2020 ‐ three deeper holes planned

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GUNDAGAI NORTH AND SOUTH (GOLD)

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• Gundagai is a historical gold mining area

• Old workings, some substantial

• High gold in soils and rock chip sampling results (2019 and early 2020)

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• Number of walk up drill targets to be tested at Gundagai North & South

• RC Drilling to commence in Q1 2021 (14 holes for 1885m)

INVESTMENT SUMMARY

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Large tenement holding in Lachlan Fold Belt – a world class exploration and mining province.

431koz gold in resources.

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Strategy to drill first order targets for discovery ‐ maximise in‐ground expenditure.

Near term drill programmes at Mt Aubrey, Copper Hill East, Lewis Ponds, Gundagai North & South. Continuing news flow from drilling.

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Strong balance sheet for junior
Highly experienced Board and
exploration company.
Management team.
($4.4m in cash at 30 September 2020)
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DISCLAIMER AND COMPETENT PERSONS STATEMENT

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COMPETENT PERSONS STATEMENT

JORC INFORMATION

This Presentation has been prepared with reference to public reports made by Ardea Resources Limited ( Ardea ) and Godolphin Resources Limited (Godolphin). Notably, the Presentation includes information relating to the:

1. Yeoval Resource Update, reported by Ardea in ASX announcement 15 August 2019 in accordance with JORC 2012 (Yeoval Resource).

2. Mount Aubrey Resource Update, reported by Ardea in ASX announcement 28 August 2019 in accordance with JORC 2012 (Mount Aubrey Resource).

3. Lewis Ponds Resource Update, reported by Ardea in ASX announcement 3 September 2019 in accordance with JORC 2012 (Lewis Ponds Resource).

(together, the Estimates ).

Godolphin confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements and that in the case of estimates, the material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed.

Godolphin’s Reporting of the Estimates

The original estimation report for the Yeoval Resource, Mount Aubrey Resource and Lewis Ponds Resource can be viewed on the Ardea and ASX web sites. Godolphin will not be entitled to refer to the Yeoval, Mount Aubrey and Resources in its listing prospectus without undertaking a technical assessment of these assets and reporting the assets in a manner consistent with the JORC Code 2012. At present, Godolphin has not completed its own assessment of the reliability of the Estimates and cautions potential investors in Godolphin against relying on the Estimates until such time as Godolphin is able to prepare its listing prospectus. Information relating to the work programs used to underpin the Estimates can be obtained in the: Yeoval Resource Update, reported by Ardea in ASX announcement 15 August 2019 in accordance with JORC 2012 (Yeoval Resource); Mount Aubrey Resource Update, reported by Ardea in ASX announcement 28 August 2019 in accordance with JORC 2012 (Mount Aubrey Resource); and Lewis Ponds Resource Update, reported by Ardea in ASX announcement 3 September 2019 in accordance with JORC 2012 (Lewis Ponds Resource). These announcements also contain the key assumptions, mining and processing parameters and methods used to prepare the estimates. Godolphin is not aware of any further material data or information that affects the data contained in the Estimates, save for site geological visits which validated historic reporting. Godolphin proposes to undertake further work on the Estimates as set out at slide 14 of this presentation and as will be further detailed in the listing prospectus. There is a risk that Godolphin may be required to undertake a further work program of pattern drilling prior to Godolphin being able to announce the Estimates in a manner consistent with JORC 2012.

A Competent Person on behalf of Godolphin has not done sufficient work to classify the estimates of Mineral Resources or Ore Reserves in accordance with the JORC Code 2012. It is possible that following evaluation and/or further exploration work the currently reported estimates may materially change and hence will need to be reported afresh under and in accordance with the JORC Code 2012 but it is noted that nothing has come to the attention of Godolphin that causes it to question the accuracy or reliability of the former owner’s estimates.

Godolphin has not independently validated the Estimates and therefore is not to be regarded as reporting, adopting or endorsing the Estimates.

DISCLAIMER

CAUTIONARY NOTE REGARDING FORWARD LOOKING INFORMATION

This Australian Securities Exchange (ASX) release contains forward‐looking statements and forward‐looking information within the meaning of applicable Australian securities laws, which are based on expectations, estimates and projections as of the date of this release.

This forward‐looking information includes, or may be based upon, without limitation, estimates, forecasts and statements as to management’s expectations with respect to, among other things, the timing and amount of funding required to execute the Company’s exploration, development and business plans, capital and exploration expenditures, the effect on the Company of any changes to existing legislation or policy, government regulation of mining operations, the length of time required to obtain permits, certifications and approvals, the success of exploration, development and mining activities, the geology of the Company’s properties, environmental risks, the availability of labour, the focus of the Company in the future, demand and market outlook for precious metals and the prices thereof, progress in development of mineral properties, the Company’s ability to raise funding privately or on a public market in the future, the Company’s future growth, results of operations, performance, and business prospects and opportunities. Wherever possible, words such as “anticipate”, “believe”, “expect”, “intend”, “may” and similar expressions have been used to identify such forward‐looking information. Forward‐looking information is based on the opinions and estimates of management at the date the information is given, and on information available to management at such time. Forward‐looking information involves significant risks, uncertainties, assumptions and other factors that could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward‐looking information. These factors including, but not limited to, fluctuations in currency markets, fluctuations in commodity prices, the ability of the Company to access sufficient capital on favourable terms or at all, changes in national and local government legislation, taxation, controls, regulations, political or economic developments in Australia or other countries in which the Company does business or may carry on business in the future, operational or technical difficulties in connection with exploration or development activities, employee relations, the speculative nature of mineral exploration and development, obtaining necessary licenses and permits, diminishing quantities and grades of mineral reserves, contests over title to properties, especially title to undeveloped properties, the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drill results and other geological data, environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave‐ins and flooding, limitations of insurance coverage and the possibility of project cost overruns or unanticipated costs and expenses, and should be considered carefully. Many of these uncertainties and contingencies can affect the Company’s actual results and could cause actual results to differ materially from those expressed or implied in any forward‐looking statements made by, or on behalf of, the Company. Prospective investors should not place undue reliance on any forward‐looking information.

Although the forward‐looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, the Company cannot assure prospective purchasers that actual results will be consistent with such forward‐looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Company nor any other person assumes responsibility for the accuracy and completeness of any such forward‐looking information. The Company does not undertake, and assumes no obligation, to update or revise any such forward‐looking statements or forward‐looking information contained herein to reflect new events or circumstances, except as may be required by law.

No securities exchange, regulation services provider, securities commission or other regulatory authority has approved or disapproved the information contained in this release.

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godolphinresources.com.au

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Suite 2/45 Ord Street
West Perth WA 6005
Australia
David Greenwood – CEO
dgreenwood@godolphinresources.com.au
+61 438 948 643
Sampling historic mine workings
at Lewis Ponds, identifying
previously unrecognised
epithermal gold‐silver
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overprint
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APPENDIX A DEPOSITS IN THE LACHLAN FOLD BELT

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	Project Lewis Ponds	Resource Type **Indicated and Inferred **	20.24Mt at 0.5g/t Au, & 0.1% Cu	Resource 33.3g/t Ag, 1.5% Zn, 0.7% Pb,	Reference 1
	Mount Aubrey	Inferred	1.21Mt @ 1.61 g/t Au		1
	McPhillamys	Indicated and Inferred	69.8Mt @ 1.02 g/t Au		2
	Lake Cowal	Global	265Mt @ 1.06g/t Au		3
	North Parkes	Global	482Mt @ 0.56% Cu and 0.18g/t Au		4
	Cadia / Ridgeway	Global	3.2Bt @ 0.26% Cu and	0.37g/t Au	5
	Tomingley	Global	9.4Mt @ 1.9 g/t Au		6

• LFB is Australia’s premier bulk‐tonnage gold and copper metal province.

• Godolphin’s resources using both gold only and gold‐equivalent exceed most LFB junior explorers.



All Godolphin resource projects have very clear drill targets to facilitate significant expansion.

Source references

1 Godolphin Resources Ltd Prospectus 29 October 2019

• 2 Regis Resources Ltd 2019 Annual Report

3 Evolution ASX Announcement 23 July 2020

4 NSW Government ‘Advanced Mineral Projects & Exploration Highlights in NSW January 2020’

5 Newcrest Mining Resource Statement at 31 December 2019

6 Alkane Resources Resource & Reserve Statement 18 August 2020

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APPENDIX B RESOURCES INVENTORY

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SUMMARY OF MINERAL RESOURCES (JORC 2012) CONTAINED WITHIN GODOLPHIN TENEMENTS

Project	Tonnes (Mt)	Au (g/t)	Ag (g/t)	Zn (%)	Pb (%)	Cu (%)	AuEq* (g/t)	Contained Au (Moz)	Contained AuEq* (Moz)
Mt Aubrey1	1.21	1.61	‐	‐	‐	‐	1.61	0.06	0.06
Yeoval2	12.80	0.14	2.20	‐	‐	0.38	0.56	0.06	0.23
Lewis Ponds3	20.24	0.50	33.30	1.5	0.7	0.10	1.80	0.31	1.16
TOTAL	34.25	0.40	20.48	0.9	0.4	0.20	1.32	0.43	1.45

Some rounding may occur.

As reported in Godolphin Resources Prospectus lodged on 29 October 2019

• Gold equivalents (AuEq) were defined using the following values (21 June 2019 US$ price, recovery): Zn ($2585/t, 80%), Au ($1393/oz, 100%), Ag ($15.50, 80%), Pb ($1915/t, 80%), Cu ($5960/t, 80%). Au equiv. = Au(g/t) + 0.011Ag(g/t) + 0.577Zn(%) + 0.428Pb(%) + 1.331Cu(%). Gold equivalence is subjective thus indicative only and is used to allow comparisons between major deposits of the region.

Godolphin confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements and that in the case of estimates, the material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed.