HAWK RESOURCES LIMITED. — Capital/Financing Update 2021

Oct 14, 2021

ASX ANNOUNCEMENT 15 October 2021

Alderan commences drilling on copper-gold targets at Detroit

HIGHLIGHTS

• Alderan has commenced its planned 10-hole (~3000m) drilling programme at its Detroit copper gold project, Utah, USA.

• First hole testing the Southern chargeability anomaly distal disseminated gold target, one of seven targets to be drilled.

• Alderan has received regulatory approval for all drill sites in the 10-hole programme.

• Three sites are drill-ready and preparations are underway on seven newly approved sites.

• Results will be reported regularly with first assays expected before the end of CY2021.

• Review of data from the recently acquired Drum Gold Mine suggests mineralisation is open down dip.

• Drum Gold Mine data review results and its proposed CY2022 exploration programme expected in November 2021.

Alderan Resources Limited (ASX:AL8) ( Alderan or the Company ) is pleased to announce it has commenced drilling on its 10-hole (~3000m) drill programme at its Detroit Project located in the Drum Mountains region of western Utah, USA[1] .

It has also received approval from the Utah Division of Oil, Gas and Minerals for seven holes planned in its current ten-hole programme. The three previously approved sites are drill-ready and preparations have commenced on preparing the seven newly approved drill sites.

Following successful negotiations, Alderan executed agreements extending contractual obligations with key licence holders until late March, 2022[2] .

Alderan Managing Director Scott Caithness said:

“It is exciting to finally see drilling underway at Detroit after waiting over a month for the rig to be released by its previous client. The positive in the delay however is that Alderan has secured regulatory approval for all drill sites and multiple sites are prepared ahead of commencing the drilling programme.”

“The first two holes will test the Southern chargeability anomaly for distal disseminated gold and the Basin Main magnetic anomaly for porphyry copper mineralisation. Both have highly encouraging surface geochemistry and geophysics exploration results and are priority targets.”

Detroit Drilling Programme

Alderan contracted Major Drilling, one of the world’s leading drilling companies, to complete a ten hole (~3,000m) diamond drilling programme at the Basin Complex in its Detroit project. Surface exploration has identified multiple targets with potential for copper and gold deposits.

Drilling aims to intersect copper and gold grades over widths that suggest further exploration could result in an economic deposit. The targets are associated with magnetic and chargeability IP geophysical anomalies, favourable host rocks, known copper and gold mineralisation and potentially mineralised structures. Figure 2 shows the location of the drill sites and Table 1 provides a summary of the location, hole orientation and target rationale for the holes.

1 Alderan ASX announcement dated 1 September 2021

2 Alderan ASX announcement dated 22 September 2021

ASX ANNOUNCEMENT 15 October 2021

Drilling has commenced on site R1 to test the Southern chargeability anomaly distal disseminated gold target. The second hole will test the Basin Main magnetic anomaly porphyry copper-gold-molybdenum target (site N1).

Drilling is expected to extend into Q1 CY22 with initial assay results anticipated before the end of December 2021, depending on assay laboratory turnaround times. Results will be reported regularly throughout the programme.

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Figure 2: Basin Complex 3D inversion model chargeability anomaly (20-30 millisecond shell; yellow) overlying the Basin Main magnetic anomaly (>0.03 SI units cutoff; red) showing the location of all Stage 1 planned holes.

ASX ANNOUNCEMENT 15 October 2021

Drum Gold Mine Data Review

Following execution of the option agreement over the Drum Gold Mine[3] which lies in the southeast of Alderan’s consolidated 24.7km[2] exploration area at Detroit, the Company has commenced compiling and reviewing historical exploration data over the mine leases.

Drum Gold Mine produced 125,000oz[4] gold from 1984-89 and has received no modern exploration since ceasing operations.

In its review, Alderan has identified more than 480 drill holes with technical data located on 380 of these. The holes were drilled to a shallow average depth of approximately 40m and it is evident that historical production was primarily from near surface oxide gold mineralisation. The published section in Figure 3 below suggests that the mineralisation may be open down dip to the west and that the lower mineralised Tatow Member of the Pioche Formation which was mined in the Northeast Pit was not drilled below the Southwest Pit.

A key outcome of the data review, which is expected to be completed in November 2021, will be developing a CY22 exploration programme over the mine leases.

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Figure 3: Section through the Drum Gold Mine (from: Krahulec, K.: “Sedimentary rock-hosted gold and silver deposits of the Northeast Basin and Range, Utah”; Utah Geol Survey; Jan 2011)

3 Alderan ASX Announcement 30 September 2021

4 Krahulec, K.: “Sedimentary rock-hosted gold and silver deposits of the Northeast Basin and Range, Utah”; Utah Geol Survey; Jan 2011

ASX ANNOUNCEMENT 15 October 2021

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Figure 4 : Drum Gold Mine Northeast Pit photograph showing geological contacts; view looking to the northwest.

Detroit Project[5]

The Detroit Project is one of four projects held by Alderan (see Figure 5) in the state of Utah, USA. It lies within the Detroit Mining District, approximately 175km southwest of Salt Lake City, and contains numerous historical copper, gold and manganese mines. The district has been explored for copper and gold in the past by major mining companies such as Anaconda Copper, Kennecott, Newmont, BHP and Freeport-McMoRan but no one company was able to build a significant contiguous land position to enable district-wide modern exploration. The United States Geological Survey ( USGS ) has also explored the area, sampling extensive mineralised jasperoids.

Alderan has a consolidated exploration area at Detroit of 24.7km[2] through a series of option agreements with tenement owners. This provides the Company with the opportunity to conduct the first ever modern exploration over the entire mining district.

Prior to consolidation, Alderan completed a seven-hole drilling program in and around the Mizpah prospect with hole locations guided by tenement holdings. Post consolidation, Alderan has compiled past exploration data, completed stream sediment, rock and soil sampling, conducted ground magnetics and induced polarization (IP) geophysical surveys, carried out petrographic examinations of drill core and modelled the historical Mizpah oxide gold deposit. It has also secured and option to acquire the Drum Gold Mine, one of Utah’s largest historical gold producers.

Alderan’s exploration to date has highlighted Detroit’s potential to host porphyry copper-gold-molybdenum plus distal disseminated, skarn and structure related gold deposits.

5 Relevant Alderan ASX announcements which cover its past Detroit project activities include: 30 September, 15 October & 19 November in 2020 and 11 February, 22 February, 8 March, 11 May, 9 June, 21 July, 24 August, 1 September, 21 September & 30 September in 2021.

ASX ANNOUNCEMENT 15 October 2021

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Figure 5 : Alderan Resources’ project locations in western Utah.

END

This announcement was authorised for release by the Board of Alderan Resources Limited.

ALDERAN RESOURCES LIMITED ABN: 55 165 079 201 Suite 23, 513 Hay Street, Subiaco, 6008, WA www.alderanresources.com.au

For further information: e: info@alderanresources.com.au

p: +61 8 6143 6711 Scott Caithness Managing Director scott@alderanresources.com.au

Competent Persons Statement

The information in this announcement that relates to historical exploration results were reported by the Company in accordance with listing rule 5.7 on 30 September 2020, 15 October 2020, 19 November 2020, 22 February 2021, 8 March 2021, 11 May 2021, 9 June 2021, 21 July 2021, 24 August 2021, 1 September 2021, 21 September 2021 and 30 September 2021. The Company confirms it is not aware of any new information or data that materially affects the information included in the previous announcements.

ASX ANNOUNCEMENT 15 October 2021

Table 1 : Detroit planned drill holes

Prospect	Site	Easting	Northing	CollarElevation(mRL)	Hole Depth(m)	Azimuth	Inclination	Comments
SouthernAnomaly	R - 1	325,790	4,379,065	1868	330	090o	-70o	80 millisecond chargeability anomaly at favourable stratigraphic contactbetween Cambrian shale and limestone and across west dipping fault
BasinComplexPorphyry	N - 1	326,090	4,379,972	1855	500	205o	-80o	Magnetic anomaly interpreted to be potassic altered core of BasinComplex porphyry
	Y	325,852	4,380,114	1870	450	-	-90o	Stem of chargeability anomaly in the Basin Complex.
Copperhead	A-1	325,221	4,380,966	1989	185	-	-90o	Copperhead chargeability anomaly
	A - 2	325,289	4,380,873	1962	425	105o	-75o	Zone between Copperhead fault and favourable Cambrian shale andlimestone stratigraphy.
NorthernExtension	G	325,900	4,380,700	1864	250	090o	-60o	Chargeability anomaly near Copperhead fault zone at contact betweenfavourable Lower Cambrian Pioche and overlying Tatow units.
	E	325,743	4,380,834	1878	175	090o	-65o	Down-dip extension of Site F; chargeability anomaly near Copperheadfault zone at contact between favourable Lower Cambrian Pioche andoverlying Tatow units.
Skarn	P	326,125	4,379,560	1867	235	060o	-70o	80 millisecond chargeability anomaly on margin of skarn at the contactbetween favourable Lower Cambrian Pioche and overlying Tatow units.
Martha Mine	U	325,077	4,380,026	1945	230	090o	-65o	Favourable Cambrian Wheeler stratigraphy in a structural zone belowold mine.
Mizpah	PC#2	326,320	4,379,409	1881	220	090o	-60o	Down dip offset test for extension of gold mineralisation in DD20M-006.