ICENI GOLD LIMITED — Capital/Financing Update 2021

Sep 2, 2021

ASX RELEASE

ASX RELEASE 3 September 2021

ICENI GOLD EXPLORATION UPDATE

Second Significant Intersection of Alteration

ASX CODE: ICL

Exploration

BOARD

Brian Rodan Executive Chairman

Iceni Gold Limited has identified 6 key high priority target areas at the ~600km[2] tenement package around 14 Mile Well, situated on the western side of Lake Carey, ~50km from Laverton WA.

TOTK: Alteration Envelope Identified

David Nixon Technical Director

Hayley McNamara Non-Executive Director

Keith Murray Non-Executive Director

Sebastian Andre Company Secretary

REGISTERED OFFICE

Level 2, 41 Ord Street West Perth WA 6005

t: +61 08 6458 4200 e: admin@icenigold.com.au w: www.icenigold.com.au

==> picture [141 x 162] intentionally omitted <==

Diamond drilling (DD) is ongoing at TOTK to identify the underlying source of the surface gold anomalism and visible gold identified in outcrop. Drilling intersected strongly altered and sulphide bearing granite and porphyries in FMDD0012 and has now intersected a second interval of strong alteration in FMDD0015 drilled below FMDD0012 (see figure 2).

This result is highly encouraging as the orientation of the alteration zone has now been identified as vertical, which will assist in predicting the path of the zone and will drive the placement of further DD holes.

The upper 50m of the regolith profile has been subjected to intense weathering and is very strongly depleted before transitioning rapidly into fresh rock, as such anomalism is not expected within this 50m surface depletion zone.

Diamond drill core from FMDD0012 has been processed and sampled, with the samples currently being dispatched to the laboratory in Perth for assaying.

The diamond drilling is following up surface geochemical sampling, where significant rock chip results at TOTK included[1] :

• 135g/t Au, 1,220g/t Ag & 0.66g/t Te

• • 101g/t Au, 548g/t Ag & 1.26g/t Te

• 61.8g/t Au, 507g/t Ag & 2.06g/t Te

• 22.5g/t Au, 57.8g/t Ag & 0.34g/t Te

==> picture [328 x 174] intentionally omitted <==

Figure 1: Strongly altered drill core at ~210m in FMDD0015.

1Refer to Independent Geologist Report in IPO prospectus dated 3 March 2021.

ASX RELEASE

==> picture [118 x 71] intentionally omitted <==

==> picture [463 x 247] intentionally omitted <==

Figure 2 : Schematic section 6,806,850mN, looking north. Two ranging drill holes identified that the strong alteration zone previously intersected is currently interpreted to be vertical. This geometry will guide further diamond drilling along strike and down dip.

==> picture [227 x 295] intentionally omitted <==

Figure 3: 14 Mile Well project area, showing the six key target areas. TOTK lies in the North 1 target area. Image is RTP TMI magnetics, linework from regional geological interpretation.

Page 2 of 3

www.icenigold.com.au

ASX: ICL

ASX RELEASE

==> picture [118 x 71] intentionally omitted <==

Authorised by the Board of Iceni Gold Limited.

For further information, please contact:

Brian Rodan David Nixon Executive Chairman Technical Director

ABOUT ICENI GOLD LIMITED

Iceni Gold Limited is a Perth based exploration company that operates the 14 Mile Well Gold project in the Laverton Greenstone Belt.

The project consists of a ~600km[2] tenement package on the west side of Lake Carey, the majority of which has never been subject to modern systematic geological investigation.

Competent Person Statement

The information in this announcement that relates to drilling fairly represents information and supporting documentation prepared by Mr David Nixon, a competent person who is a member of the Australasian Institute of Mining and Metallurgy. Mr Nixon has a minimum of twenty years’ 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 a competent person as defined in the 2012 Edition of the Joint Ore Reserves Committee Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Nixon is a related party of the Company, being the Technical Director, and holds securities in the Company. Mr Nixon has consented to the inclusion in this announcement of the matters based on his information in the form and context in which it appears. The information in this announcement that relates to exploration results on the Fourteen Mile Well project was first released by the Company in its IPO prospectus dated 3 March 2021, and released on the ASX market announcements platform on 12 April 2021 (Prospectus). The Company confirms that it is not aware of any new information or data that materially affects the information included in the Prospectus.

– Ends –

Page 3 of 3

www.icenigold.com.au

ASX: ICL