HAWK RESOURCES LIMITED. — Capital/Financing Update 2022

May 24, 2022

ASX ANNOUNCEMENT 25 May 2022

Alderan confirms high grade oxide gold mineralisation in all verification drill holes at Drum

HIGHLIGHTS

• Alderan receives results from remaining drill holes at Drum gold deposit, Utah, USA - all verification holes in the completed programme intersected +1.0g/t gold mineralisation consistent with historical holes drilled 30-35 years ago.

• Heap leach oxide gold deposits are a major source of gold in the USA where resource grades are commonly 0.4-0.6g/t Au with cutoff grades 0.15-0.2g/t Au.

• Holes 9DD22-006 and 9DD22-007 intersected 3.1m @ 1.1g/t Au and 5.9m @ 1.2g/t Au in oxidized sediments from surface and from 100.5m downhole respectively.

• Hole 9DD22-007, which did not drill through the target horizon due to drill rods being sheared downhole, highlights potential for oxide gold mineralisation to +100m below surface and 150m from the West Pit.

• Potential for gold mineralisation in waste dump material highlighted by hole 9DD22-007 intersecting 15.9m @ 0.42g/t Au from surface.

• All results received for Alderan verification drill holes at Drum have intersected oxide gold mineralisation which remains open below the East and West Pits and down dip. Intersections include:

• 9DD22-001: 6.3m @ 2.9g/t Au within 16.2m @ 1.0g/t Au below north end of East Pit;

• 9DD22-003: 6.5m @ 2.5g/t Au within 17.8m @ 1.7g/t Au below south end of East Pit;

• 9DD22-004: 6.1m @ 2.3g/t Au from surface at mined north end of West Pit;

• 9DD22-005: 3.2m @ 2.0g/t Au from surface at mined north end of West Pit;

• 9DD22-006: 3.1m @ 1.1g/t Au from surface at mined south end of West Pit;

• 9DD22-007: 15.9m @ 0.42g/t Au (waste dump) and 5.9m @ 1.2g/t Au 150m down dip of West Pit.

• Mineralised intersections assay 1-2g/t Au which is consistent with Drum’s historical mined grade of 1.1-1.2g/t Au and the mineralisation has a shallow dip of 20-30[o ] to the SW which is consistent with the modelled historical drill holes.

• Mineralisation is 15-20m thick in the Tatow unit, 5-10m thick in the Chisholm Formation and can extend beyond these historically mined unit boundaries.

• Results provide confidence that Drum contains significant remnant oxide gold with Alderan to focus on delineating new mineralisation to extend the deposit in its next phase of drilling.

• Alderan drill holes at Mizpah, 2km north of Drum, indicate that the gold mineralised system is significantly larger with hole 3DD22-001 drilled 350m to the west intersecting 69m @ 0.18g/t Au supported by hole DD20M-006 drilled in 2020 which intersected 83m @ 0.41g/t Au midway between hole 3DD22-001 and the Mizpah deposit.

• Rig booked for Alderan’s next phase of drilling planned to commence in Q3 2022.

ASX ANNOUNCEMENT 25 May 2022

Alderan Resources Limited (ASX: AL8 ) ( Alderan or the Company ) is pleased to announce assay results for the final three drill holes, 9DD22-006, 9DD22-007 and 9DD22-008, in its nine-hole programme aimed at verifying oxide gold mineralisation at the historical Drum gold mine ( Drum ) and Mizpah gold prospect at the Company’s Detroit Project, located in the Drum Mountains region of western Utah.[1]

Alderan Managing Director Scott Caithness said: “All of the verification holes drilled in the Drum programme successfully intersected gold mineralisation at grades and over widths consistent with Alderan’s modelling of historical drillholes which is a great result. An added bonus is the intersection of gold in waste dump material which opens up a new target not previously considered.

“Following completion of the drilling programme we have confidence in Alderan’s estimates of exploration potential for historical Drum and Mizpah mineralisation before commencing our next phase of drilling for new mineralisation. Mizpah and Drum are only 2km apart, have the same geology, are open down dip and at Mizpah drilling has highlighted +60m gold intersections up to 350m down-dip of the modelled deposit.

Permitting is already underway at both prospects for the next round of drilling which will focus on extending the mineralisation and understanding the structural complexity the deposits. A diamond rig is booked to commence in Q3, 2022 at Drum and inquiries are in progress to access a reverse circulation rig for Mizpah.”

Drill Results

Hole 9DD22-006 was designed to intersect the Chisholm Formation and Tatow unit, the hosts of historically mined mineralisation, close to the northeast trending King Tut fault which defines the southern boundary of the Drum deposit corridor at the southern end of the West Pit. The hole was drilled from the bottom of the West Pit at an azimuth of 135[o] and dip of -60[o] and traversed below historical hole YC-169 which intersected 35m @ 4.3g/t Au from 25.9m downhole to the end of the hole at 61m. No West Pit historical drilling extended into the lower Tatow unit which was the ore host in the East Pit.

Alderan’s hole intersected 3.1m @ 1.1g/t Au in Chisholm Formation from 2.7m below the surface of the pit bottom. Chisholm Formation shales and siltstones were traversed downhole to a depth of 38.6m followed by Howell Limestone to 126m and then the Tatow unit, the mineralisation host in the East Pit, to the end of hole at 159.41m. The Tatow consists of oxidised shale, sandy carbonate and limestone. The hole did not drill through the Lower Tatow to reach the Pioche quartzite which hosts the mineralisation in hole 9DD22-003 in the East Pit.

Hole 9DD22-007 , a vertical hole located 150m down-dip to the southwest of the West Pit boundary, was designed to verify historical hole YC-174 which intersected 15.2m @ 4.5g/t Au from 73.2m downhole including 6.1m @ 10.3g/t Au in Chisholm Formation. The hole was abandoned at a depth of 109.45m, 11m short of its planned depth, due to rods being lost at the bottom of the hole.

The hole was collared on a Drum mine waste dump and traversed waste material to a depth of 23.5m before entering massive fresh limestones to a depth of 100.6m followed by oxidised and altered Chisholm formation shales and mudstones. Based on the depth drilled, the hole entered the targeted zone however logging indicates that it did not traverse the entire Chisholm Formation before being abandoned. Alderan plans to re-enter and extend the hole when drilling re-commences.

The hole intersected two zones of mineralisation, 15.85m @ 0.42g/t Au in waste dump material from surface and 5.86m @ 1.18g/t Au from 100.6m downhole. The waste dump intersection highlights the possibility that significant gold may occur in mine waste dumps surrounding the open pits while the deeper intersection, although not fully traversing the targeted Chisholm host unit, confirms that oxide gold mineralisation extends at least 150m down dip from the West Pit.

Hole 9DD22-008 , drilled at an azimuth of 057[o] and a dip angle of -65[o] from the same location as 9DD22-003, was designed to extend the mineralisation intersected in 9DD22-003 approximately 30m down dip to the southwest (see Figure 2). While modelling suggests that the mineralisation intersected in 9DD22-003 extends

1Refer to Alderan’s ASX announcements dated 25 February 2022, 22 March 2022, 5 April 2022 and 11 May 2022 for further information.

ASX ANNOUNCEMENT 25 May 2022

down dip, pit mapping highlights the structural complexity of the area and the trace of the hole is within and parallel to the King Tut Fault. It also lies within the un-mined gap between the East and West pits.

No significant gold was intersected down the hole which traversed fresh limestone to 60.6m before entering dominantly oxidised Tatow unit calcareous sediments followed by Lower Pioche unit sandstones and phyllites from 106.2m to the end of the hole at 125.5m. It is interpreted that a NE-SW trending fault cuts between holes 9DD22-003 and 9DD22-008 with the later drilled into the footwall zone which is not mineralised. Further drilling in this area, including holes cutting across the King Tut fault zone, is required to better understand the structure and distribution of gold mineralisation in this area.

==> picture [517 x 408] intentionally omitted <==

Figure 1 : Drum open pits showing Alderan and significant historical drill hole intersections within the 400m by 600m open corridor bound by the Northwest Fault and the King Tut Fault in the southeast.

Drum and Mizpah Drill Programme Outcomes

Drum

All results received for Alderan’s completed holes targeting the verification of gold mineralisation left behind when mining ceased at Drum in 1989 have intersected gold grades and/or widths of gold mineralisation which support Alderan’s modelling. Intersections include:

ASX ANNOUNCEMENT 25 May 2022

• 9DD22-001 intersected 6.3m @ 2.9g/t Au within 16.2m @ 1.0g/t Au from 60.04m downhole below the northern end of the East Pit[2]

• 9DD22-002 was abandoned at 28.95m due to technical issues.

• 9DD22-003 collared at the same site as 9DD22-002, this hole intersected 6.5m @ 2.5g/t Au within 17.8m @ 1.7g/t Au from 88m downhole below the southern end of the East Pit.[3]

• 9DD22-004 intersected 6.1m @ 2.3g/t Au from surface in an historically mined area at the northern end of the West Pit[4]

• 9DD22-005 intersected 3.2m @ 2.0g/t Au from surface in an historically mined at the northern end of the West Pit.[4]

• 9DD22-006 intersected 3.1m @ 1.1g/t Au from 2.7m downhole in an historically mined area at the southern end of the West Pit (refer to Appendix 1 of this announcement for further details).

• 9DD22-007, collared 150m downdip to the southwest of the West Pit, intersected 15.9m @ 0.42g/t Au from surface in waste dump material plus 5.9m @ 1.2g/t Au from 100.6m downhole in a 150m down dip of West Pit. This hole will be deepened as it did not reach its target depth due to rods being lost down the hole (refer to Appendix 1 of this announcement for further details).

==> picture [517 x 301] intentionally omitted <==

Figure 2: Drum section showing holes 9DD22-003 and 9DD22-008 on the block model of mineralisation built from historical drill holes. A NE-SW trending barrier fault which dips 70[o] -80[o] NW within the King Tut Fault zone has been interpreted between the two holes with hole 9DD22-008 drilling into the weakly mineralised footwall of the fault. The area between the holes is structurally complex and requires further drilling.

2Refer to Alderan’s ASX announcement dated 25 February 2022 for further information.

3 Refer to Alderan’s ASX announcement dated 5 April 2022 for further information.

4 Refer to Alderan’s ASX announcement dated 11 May 2022 for further information.

ASX ANNOUNCEMENT 25 May 2022

Key conclusions following interpretation of the Drum drill results and completion of this phase of exploration are:

• Mineralisation sits within a 400m wide and 600m long NE-SW trending structural corridor which is open.

• • The mineralisation is oxidised and likely suitable for heap leaching (historical Drum mine was a heap leach operation).

• The overall grade of gold intersections is consistent with the reported historical grade of 1.1-1.2g/t Au.

• Mineralisation can extend into geological units other than the historically mined Chisholm Formation and Tatow unit.

• Mineralised intersections below the East Pit are 15-20m thick and suggest that the host Tatow unit dips at approx 25[o] SW.

• The West Pit Chisholm Formation mineralised intersections are likely thinner than true thickness as the holes were all collared in mined areas in the pit.

• The deep intersection in hole 9DD22-007 is incomplete as the hole did not fully traverse the host Chisholm Formation.

• There is potential for significant gold mineralisation in waste dumps that surround the open pits.

• There is potential for high grade, structurally controlled primary gold mineralisation associated with bedding parallel thrusting and high angle faults.

==> picture [517 x 178] intentionally omitted <==

Figure 3: Simplified interpretive geology long section through the Drum gold deposit highlighting mineralised zones, significant historical drill hole intersections and high priority zones for future exploration.

Mizpah

Mizpah lies only 2km north of Drum in the same geological setting. Alderan completed one drill hole, 3DD22001, aimed at testing for down dip extensions to the known mineralisation. The hole was drilled 350m west of the north-western margin of the known deposit and intersected 69m @ 0.18g/t Au from 87.48m downhole (see Figure 4).[5]

The key conclusions from hole 3DD22-001 and completion of this phase of exploration are:

• The mineralised system could be signficantly larger than modelling of historical drill holes indicates. The modelled deposit covers an area of approximately 450m north-south by 300m east-west and dips at around 20[o] to the southwest. Alderan’s holes DD20M-006 (83m @ 0.41g/t Au) and 3DD22-001 are located 150m and 350m to the west respectively.[5]

5 Refer to Alderan’s ASX announcement dated 22 February 2022 for further information.

ASX ANNOUNCEMENT 25 May 2022

• Gold mineralisation not only occurs in the Chisholm Formation and Tatow unit, the mineralised host horizons at Drum, but also in the Howell Limestone which separates the Chisholm and Tatow.

• Mizpah mineralisation occurs from surface, dips gently and is un-mined hence if a mineable deposit was discovered, it would likely have a low stripping ratio.

• Mizpah mineralisation could be signifcantly thicker than historical drilling indicates as 40 holes ended in mineralisation grading >0.5g/t which includes 20 holes ending in >1g/t Au. The highest grade last assay in an historical hole is 9.1g/t Au and the average drill hole depth was less than 30m.

==> picture [517 x 401] intentionally omitted <==

Figure 4: Mizpah deposit model showing location of significant historical and Alderan drill intersections including 3DD22-001 which intersected 69.6m @ 0.18g/t Au 350m downdip of the modelled deposit.

Next Steps

Alderan is modelling and interpreting the full results of the drilling programme to assist in designing the next phase of drilling, which will focus on testing for extensions to the known mineralisation at both Drum and Mizpah. Work is underway on permitting at both prospects in preparation for the next stage of drilling. A diamond rig is already booked to commence in Q3, 2022.

At Mizpah, Alderan anticipates that drill sites will be permitted by mid-July and depending on permitting, drilling may commence at Mizpah ahead of Drum.

ASX ANNOUNCEMENT 25 May 2022

Background on USA Heap Leach Gold Deposits

Heap leach gold deposits are a major source of gold worldwide, with the USA leading global production. The USA has more than 160 heap leach deposits and a resource inventory of more than 190 million ounces of gold with Nevada regarded as the ‘birthplace’ of modern heap leaching in the 1960s (see Figure 5).

==> picture [499 x 347] intentionally omitted <==

Figure 5 : Gold resource in heap leach gold deposits by country (includes measured, indicated and inferred resources).[6]

Heap leaching is used primarily to extract gold from near surface low grade oxidized and low sulphide bearing gold deposits. Operating mines and deposits in feasibility stage in the USA commonly have resource grades of 0.4-0.6g/t Au and use mining cut-offs of 0.15-0.2g/t Au.

The summarised process for a heap leach operation is:

1. Crush gold bearing ore to a certain particle size (typically not less than 100mm)

2. Stack crushed ore in a heap on a lined leak-proof pad;

3. Spray heap with a solution to dissolve and leach the gold; and

4. Recover gold from the pregnant solution typically using absorption onto carbon

A key advantage of heap leach deposits is their low capital cost as grinding circuits and CIL plants used in conventional processing of gold rich ore are not required. They are also suitable for both small and large-scale operations with production from heap leach mines in the USA ranging from a few tens of thousands of ounces per annum to hundreds of thousands of ounces per annum.

6 https://www.mining.com/how-do-you-evaluate-gold-heap-leach-projects/

ASX ANNOUNCEMENT 25 May 2022

Drum Background

Drum gold mine historically produced 125,000oz gold but has seen no modern exploration prior to Alderan’s current drilling since mining ceased in 1989.[7] Historical data indicates that the gold mineralisation primarily occurs in two stratigraphic host horizons , the lower Tatow unit and the upper Chisholm Formation within an open 400m wide by 600m long northeast-southwest trending structural corridor bound by two steeply dipping faults (see Figures 3 & 6). Both the Tatow and Chisholm units consist of fine-grained calcareous shales, siltstones and carbonates and are separated by the massive and un-mineralised Howell Limestone. The mineralised units dip gently at 20[o] -30[o] to the southwest and strike roughly north-south. Alderan’s unmined Mizpah oxide gold deposit lies only 2km to the north.

==> picture [517 x 408] intentionally omitted <==

Figure 6: Drum interpreted geology showing the +600m long open mineralised corridor which is ~400m wide and bound by northwest and southeast faults. Bedding parallel thrust faulting is also evident within the corridor.

Alderan’s historical drill hole data constrained modelling of Drum has estimated exploration potential for approximately 42,000-67,000 ounces of gold within approximately 1.2-1.5 million tonnes grading approximately 1.1-1.4g/t Au of remnant oxide mineralisation left behind when mining ceased at Drum. In addition to this estimate, Alderan and historical drilling suggests that the mineralisation is open both down dip and along strike to the south. Historical drilling at Drum was to an average depth of only 49m from surface and the lower Tatow unit which was mined in the East Pit was not drilled down dip below the West Pit. This estimate of exploration potential quantity and grade is conceptual in nature, there has been insufficient exploration to

7Refer to Alderan’s ASX announcements dated 18 & 19 November 2021 for further information.

ASX ANNOUNCEMENT 25 May 2022

estimate Mineral Resources and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

Alderan’s holes at Drum targeted either the Tatow unit which was the prime source of historical ore in the East Pit or the Chisholm unit, the historical ore host in the West Pit. Holes were drilled at the northern and southern ends of both pits and 150m down dip to the southwest of the West Pit boundary.

At Mizpah, 2km north of Drum and in the same geology, hole 3DD22-001 drilled 350m down dip of the historical oxide gold deposit intersected 69.5m grading 0.18g/t Au from 87.48m downhole (includes 5m @ 0.77g/t Au) and suggests that the gold mineralised system could be significantly larger than that modelled from historical drilling (see Figure 4).[8] This interpretation is supported by Alderan’s 2020 hole, DD20M-006, which intersected 83m @ 0.41g/t Au midway between the Mizpah deposit and hole 3DD22-001. Mipah’s modelled exploration potential constrained to the 1980’s drilling is for approximately 40,000-100,000 ounces of gold within approximately 3.0-4.0 million tonnes grading approximately 0.4-0.8g/t gold however, like Drum, the deposit is open down dip and along strike. This estimate of exploration potential quantity and grade is conceptual in nature, that there has been insufficient exploration to estimate a Mineral Resource and that it is uncertain if further exploration will result in the estimation of a Mineral Resource.

Detroit Project

The Detroit Project is one of four Alderan projects in 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 (see Figures 7 & 8). 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.

==> picture [425 x 321] intentionally omitted <==

Figure 7 : Alderan Resources project locations in western Utah.

8Refer to Alderan’s ASX announcements dated 24 August 2021 and 22 March 2022 for further information.

ASX ANNOUNCEMENT 25 May 2022

==> picture [437 x 555] intentionally omitted <==

Figure 8 : Detroit tenement showing location of Drum and Mizpah prospects.

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

ASX ANNOUNCEMENT 25 May 2022

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 mailto:scott@alderanresources.com.au

Competent Persons Statement

The information contained in this announcement that relates to the exploration potential for both Mizpah and the Drum gold mine peripheral to the historical pits and new exploration results relating to drill holes 9DD22-006, 9DD22-007 and 9DD22-008 is based on, and fairly reflects, information compiled by Dr Marat Abzalov, who is a Fellow of the Australian Institute of Mining and Metallurgy and Mr Scott Caithness who is a member of the Australian Institute of Mining and Metallurgy. Dr Abzalov is a consultant to Alderan and Mr Caithness is the Managing Director of Alderan and both have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which is 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’. Dr Abzalov and Mr Caithness consent to the inclusion in this announcement of the matters based on his information in the form and context in which it appears. Both Dr Abzalov and Mr Caithness hold securities in the Company.

The information in this announcement that relates to historical exploration results were reported by the Company in accordance with listing rule 5.7 on 18 November 2021, 19 November 2021, 20 January 2022, 22 February 2022, 25 February 2022, 22 March 2022, 5 April 2022, 28 April 2022 and 11 May 2022. 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 25 May 2022

Appendix 1: Drill hole location details

Drill hole ID	Easting*	Northing*	RL (m)	Dip	Azimuth	Hole Depth (m)	Drill Type
9DD22-006	327 243	4377 045	1764	-60o	135o	159.41	Diamond
9DD22-007	327 096	4376 904	1818	-90	0	109.45	Diamond
9DD22-008	327 455	4377 150	1818	-65	057o	125.55	Diamond

*NAD83-z12

Appendix 2: JORC Code, 2012 Edition – Table 1 Report in relation to drilling

Section 1 - Sampling Techniques and Data

(Criterial in this section apply to all succeeding sections)

Criteria of JORC Code 2012	JORC Code (2012) explanation	Details of the Reported Project
Sampling techniques	Nature and quality of sampling (e.g. cut channels, random chips, or specific specialized industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the _broad meaning of sampling. _	Diamond drilling was used to obtain rock materials subject to pending gold and multi-element geochemical analysis. Sample lengths vary from 0.30 to 3.66 meters based on geological logging of the core. The core was sawn by diamond saw ensuring that geologic characteristics were represented equally in both the analytical sample and the half core remained in the core trays. Sample weights delivered to the analytical lab vary from 1.57 to 15.58 kilograms in weight.
	Include reference to measures taken to ensure sample representativeness and the appropriate calibration of any measurement tools or systems used.	HQ diameter drill core was used for sampling. Sample length was 0.30 to 3.66 metres, that provides good representative material. Hole 9DD22-007 was collared on a mine waste dump and drilled through 23.5m of unconsolidated waste dump material before reaching the natural ground surface. This waste dump material was sampled and analysed.
	Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge 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 (e.g. submarine nodules) may warrant disclosure of detailed information.	The drill core samples are analysed for gold. Individual samples were selected based on their geological characteristics including lithology, alteration, and mineralization styles. Materials are being analysed at ALS North American facilities. The gold method being used is the ALS procedure that uses a 30-gram charge for fire assay (Au-AA23).
Drilling techniques	Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-	Diamond drilling was used to obtain rock materials. All core was of “HQ” diameter.

	sampling bit or other type, whether core is oriented and if so, by what method, etc.).
Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed.	Core recoveries were measured by the geologist in charge of all logging. Core recovering for the entire program was excellent (> 98%).
	Measures taken to maximize sample recovery and ensure representative nature of the samples.	Industry standard practices, e.g. optimized drilling speed and regular changes of the drill bits, were used throughout to ensure no recovery or sample representation issues were encountered.
	Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	Not relationships observed between the core recovery and sample grades.
Logging	Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.	Geological, geotechnical, and geophysical (magnetic susceptibility) logging was completed on all of the core materials and is to an industry standard appropriate to the initial exploration nature of the program.
	Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.	Geologic logging is qualitative to semi-quantitative making use of an experienced geologist and high-quality binocular microscope. Geotechnical and geophysical logging results are quantitative.
	The total length and percentage of the relevant intersections logged.	100% of the drill core was logged applying the same logging and documentation principles.
Sub-sampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken	Drill core was sawn by a diamond saw and half core was sampled with remaining half core retained in the core trays.
	If non-core, whether riffled, tube sampled, rotary split, etc. and _whether sampled wet or dry. _	Not applicable, diamond drill core drilling was used.
	For all sample types, the nature, quality, and appropriateness of the sample preparation technique.	The samples are prepared in the ALS laboratory in USA. Sample preparation follows the standard procedure of the ALS lab, representing the industry common practice. Each sample was weighed, fine crushed to <2mm (70% pass) and split by a riffle splitter. The sample was then pulverized up to 250g at 85% < 75um.

==> picture [309 x 142] intentionally omitted <==

	Quality control procedures adopted for all sub-sampling stages to maximise representativeness of samples.	The logging geologist supervised sample sawing and splitting to ensure all samples were geological representative. Quality of comminutions is verified by a control sieving, which is a standard procedure of the ALS laboratories.
	Measures taken to ensure that the sampling is representative of the in- situ material collected, including for instance results for field duplicate/second-half sampling.	The diamond drill holes were oriented and drilled in such a way to attempt to cut inferred geologic controls (bedding, faults etc.) perpendicular to their strike in order to measure true thicknesses. The logging geologist supervised sample sawing and splitting to ensure all samples were geological representative.
	Whether sample sizes are appropriate to the grain size of the material being sampled.	Sample weight is in the range from 1.57 to 15.58 kgs which is appropriate for mineralisation present in this project.
Quality of assay data and laboratory tests	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.	Diamond drillcore samples were assayed at the ALS laboratory. The gold method being used is the ALS procedure that uses a 30-gram charge for fire assay, AKLS code is Au-AA23. Multi-element geochemical analysis is planned to be used on geologic composite that vary in length from 4 to 6 meters that development from remaining gold sample pulps. That ALS procedure for this is ME-MS61m. These are standard techniques commonly used for analysis of the gold mineralisation. 4acid digest assures a most complete nature of the assayed results.

	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 derivation, etc.	Not applicable. This ASX announcement reports only drilling data, portable XRF and geophysical instruments were not used.
	Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	Certified standard reference materials have been inserted in the sample sequence at a rate of two percent. These materials include certified gold pulps, blank pulps, and coarse blank materials. The logging geologist was responsible for the placement of these materials. Duplicate samples will be selected and submitted for analysis once initial gold results are received.
Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel.	Not applicable. The current announcement is reporting essentially the initial drill holes, with some assays still pending.
	The use of twinned holes.	Not applicable – no twinned holes are planned at the current exploration program. Twin holes will be used after economic mineralisation has been intersected.
	Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.	Drill core was rigorously documented by Alderan geologists. All field data are collected, entered into excel spreadsheets and validated. Assay results have been obtained electronically from the ALS laboratory. All data are safely stored in the company offices in Perth and Park City, Utah.
	Discuss any adjustment to assay data.	Not applicable – no adjustments made.
Location of data points	Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	A handheld sub-meter GPS was used for collars and geochemical samples locating. Accuracy of the GPS based techniques was deemed sufficient given the initial exploration nature of the drill program.
	Specification of the grid system used.	All data are recorded in a UTM zone 12 (North) NAD83 grid.
	Quality and adequacy of topographic control.	RL values obtained by GPS were routinely compared with the nominal elevation values that were deduced from the high resolution DTM system of the project area.
Data spacing and distribution	Data spacing for reporting of Exploration Results.	Location and spatial distribution of the drillholes are applicable for assessment of the prospectivity of the project area but the data is not suitable and was not intended to be used for quantitative assessments of the project, i.e. not intended for estimation of the Mineral Resources.
	Whether the data spacing, and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the	Location and spatial distribution of the drillholes are applicable for assessment of the prospectivity of the project area but the data is not suitable and was not intended to be used for quantitative assessments of the project, i.e. not intended for estimation of the Mineral Resources.

	Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.
	Whether sample compositing has been applied.	Sampled material was not bulked and/or composited in any of the physical manners.
Orientation of data in relation to geological structure	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.	The diamond drill holes were oriented and drilled in such a way to attempt to cut inferred geologic controls (bedding, faults etc.) perpendicular to their strike in order to measure true thicknesses. The logging geologist supervised sample sawing and splitting to ensure all samples were geological representative.
	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.	The diamond drill holes were oriented and drilled in such a way to attempt to cut inferred geologic controls (bedding, faults etc.) perpendicular to their strike in order to measure true thicknesses. The logging geologist supervised sample sawing and splitting to ensure all samples were geological representative.
Sample security	The measures taken to ensure sample security	Chain of custody was maintained at all steps of the drill and sampling procedure. Only authorised personnel handled or viewed the drill materials.
Audits or reviews	The results of any audits or reviews of sampling techniques and data.	Drilling and sampling procedures were systematically reviewed by the company personnel with Scott Caithness, Alderan’s Managing Director, acting as the project’s Competent Person.

Section 2 – Reporting of Exploration Results

(Criterial in this section apply to all succeeding sections)

Criteria of JORC Code 2012	JORC Code (2012) explanation	Details of the Reported Project
Mineral tenement and land tenure status	Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.	All drill sites are located on unpatented lode claims owned by North Exploration LLC. The claims are subject to a Mining Lease with Option to Purchase Agreement dated 27 September 2021 between North Exploration and Valyrian Resources Corp. See ASX release dated 30 September 2021. Some of North Exploration’s mining claims have been over-pegged by later applications. Legal due diligence however has confirmed that the North claims pre-date these later applications. It is Alderan’s view that North Exploration’s claims are senior and valid. Any expenditure required to prove the validity of the mining claims will be credited to required work commitment expenditures.
	The security of the tenure held at the time of reporting along with any known impediments to obtaining a license to operate in the area.	Title is maintained in accordance with the General Mining Act of 1872 and its associated regulations. The claims are valid and in good standing. The claims have been properly located and monumented. The claims may be freely transferable under the terms of the Option Agreement, subject only to the paramount title of the United States of America.
Exploration done by other parties (2.2)	Acknowledgment and appraisal of exploration by other parties.	The Drum Mountains of west central Utah were the subject of mining and exploration for gold, copper, and manganese from the 1800’s until early 1900’s. This was followed by renewed interest in beryllium, gold, manganese, and uranium in the past 20 years. Gold and copper were discovered in the Drum Mountains in 1872, and from 1904 to 1917, gold, silver, and copper were produced from siliceous replacement fissure deposits in jasperoids, limestone and dolomite, for a total value of about $46,000. Exploration for gold and base metals intermittently continued through the entire 20th century, in particular, since the early 1960’s when jasperoids similar to those commonly found in highly productive gold mining districts have been identified in the Drum Mountains of Utah. Specialised studies of the jasperoids have been undertaken by USGS and the other companies over this period and sampling of these rocks commonly reveals anomalous concentrations of gold.
Geology	Deposit type, geological setting, and style of mineralisation.	The mineralisation presented at the Drum area includes different types and mineralisation styles, main of which are Carlin-like gold, gold-bearing skarns, Cu-Mo-Au porphyries and Marigold-type distal disseminated gold. The focus of Alderan’s exploration efforts at Detroit/Drum is to discover a distal disseminated gold deposit. Key features of these deposits include: a) Favorable permeable reactive rocks (silty limestones and limey siltstones) b) Favorable structures often coincident with mineral-related intrusive c) Gold-bearing hydrothermal solutions d) Micron-sized gold in fine-grained disseminated pyrite e) Common geochemical indicators are: As, Sb, Ba, Te, Se, Hg f) Common argillization, development of the jasperoids and decalcification of the host rocks.

		This mineralisation was explored, and mineralised bodies delineated in the Detroit/Drum area by the drillhole, that is presented in this announcement. Other types of mineralisation, representing exploration targets of Alderan in the Drum mountains area includes: 1. Intrusion hosted/related gold mineralisation. 2. Carlin-like mineralisation. 3. Magnetite copper-gold skarns that were identified through ground magnetics.
Drill hole Information	A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:	Current announcement is focused on the new drilling results, the drillholes 9DD22-006, 9DD22-007 and 9DD22- 008. Location of the drillhole collar is as follows: Drill hole ID Easting* Northing* RL (m) Dip Azimuth Depth (m) Drill Type 9DD22-006 327 243 4377 045 1764 -60o 135o 159.41 Diamond 9DD22-007 327 096 4376 904 1818 -90 0 109.45 Diamond 9DD22-008 327 455 4377 150 1818 -65 057o 125.55 Diamond
	Easting and Northing of the drill hole collar. Elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar.
	Dip and azimuth of the hole.
	Down hole length and interception depth_and_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.	Not applicable. Drillhole details are presented without exclusion.
Data aggregation methods	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated.	Length weighted average was used for estimation the grade of the intersection. The samples grade of the mineralised interval varied as follows: • 9DD22-006: from 0.736 to 1.815/t Au. • 9DD22-007: from 0.193 to 0.662g/t Au (surface waste dump) and from 0.007 to 1.86g/t Au • 9DD22-008: not applicable
	Where aggregate intercepts incorporate short lengths of high- grade 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 intersections presented in this ASX announcement have been estimated using the length weighing method which is a standard technique broadly used at the mining industry.

	The assumptions used for any reporting of metal equivalent values should be clearly stated.	Not applicable, this ASX announcement reports the gold grade.
Relationship between mineralisation widths and intercept lengths	These relationships are particularly important in the reporting of Exploration Results.	Drill hole 9DD22-006 was drilled at a dip of -60o and azimuth of 135o in the West Pit to provide a test of the mineralised Chisholm unit which was historically mined. The hole was drilled at an oblique angle to the King Tut Fault which is interpreted to dip steeply NW and define the mineralised corridor at Drum. Hole 9DD22-007, collared on a waste dump in the approximate location of historical hole YC-174, is a vertical hole drilled 150m down dip to the SW of the West Pit mineralisation. The hole did not reach its planned target depth due to drilling difficulties resulting in rods being lost downhole. Hole 9DD22-008 was drilled at a dip of -65o and azimuth of 056o from the same collar location at 9DD22-003 on the margin of the East Pit. It was drilled in a structurally complex zone within the King Tut Fault.
	If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.	The mineralised unit gently dips at between 20-30o toward the southwest at an azimuth of around 220o. Holes 9DD22-006 and 9DD22-008 were drilled perpendicular to the interpreted dip of the mineralised unit and 9DD22-007 is a vertical hole.
	If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width not known’).	Grade and length of mineralised intersections estimated using 0.15g/t Au as lower cut-off. The drill holes were aimed at verifying mineralised model blocks and drill intersections in historical drill holes collared from the pre-mining surface towards the southern end of Drum’s West Pit, down dip of the West Pit and at the southern end of the East Pit. Alderan’s intersections in holes 9DD22-006 and -007 are of shorter length but similar tenor to the historical holes and are regarded as confirmations of the historical drillholes. Hole 9DD22-008 is drilled into a structurally complex area at the southern end of the East Pit and is interpreted to traverse the footwall zone of a buffer fault within the King Tut Fault.
Diagrams	Appropriate maps and sections (with scales) and tabulations of 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.	Maps and tables are presented in the text of this ASX release and in the JORC Table 1.
Balanced reporting	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	The release is focused on presenting the new drilling results verifying presence of the gold mineralisation remaining outside of the historical open pit shell.

Other substantive exploration data	Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	Alderan rock sampling of the open pits walls has identified gold mineralisation and also has confirmed presence of the remnant gold mineralisation within the open pits (Refer ASX announcement dated 16 December 2021).
Further work	The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling). Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	The extension of the Drum gold lodes and new targets will be explored by drilling during the next phase of exploration which is currently planned and will be announced separately. This will include detailed geophysical surveying and metallurgical testwork.