ICENI GOLD LIMITED — Capital/Financing Update 2021

Aug 19, 2021

ASX RELEASE

ASX RELEASE 20 August 2021

ASX CODE: ICL

BOARD

Brian Rodan Executive-Chairman

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

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Iceni Completes Placement

Iceni Gold Limited ( ASX: ICL ) ( Company ) is pleased to advise that it has issued 9,000,000 fully paid ordinary shares in the capital of the Company ( Shares ) at an issue price of $0.225 per Share raising $2,025,000 from an unrelated sophisticated investor ( Placement ). The Placement represents approximately 4.5% of the Company Shares on issue.

As previously announced, the Company has completed its initial diamond drilling campaign at the Deep Well Target and is currently undertaking its initial drilling campaign at the TOTK Target (Refer to ASX Announcements 2 August and 9 August 2021).

Drilling to date has identified significant hydrothermal alteration associated with existing gold anomalism and the Company considers that this drilling justifies a more extensive drilling program than was initially planned.

Funds raised under the Placement will be applied toward further diamond drilling at the Deep Well and TOTK Target areas as well as to undertake a detailed seismic survey along the 35km long Danjo Batholith to build on the exploration work undertaken on the 14 Mile Well Project to date.

The funds raised will also ensure that the Company’s planned exploration program at other identified targets at the 14 Mile Well Project will not be impeded.

The Company will not seek shareholder approval for the issue of the Placement Shares as they have been issued using the Company’s existing placement capacity under ASX Listing Rule 7.1.

Authorised by the Board of Iceni Gold Limited.

For further information, please contact:

Brian Rodan

Executive Chairman

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 ~600km2 tenement package on the west side of Lake Carey, the majority of which has never been subject to modern systematic geological investigation.