ICENI GOLD LIMITED — Capital/Financing Update 2021

Jun 10, 2021

ASX RELEASE

ASX RELEASE 11 June 2021

ICENI GOLD EXPLORATION UPDATE

Exploration Drilling Commences at 14 Mile Well

ASX CODE: ICL

Exploration

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 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.

Drilling has commenced

Iceni Gold Limited is pleased to advise that drilling commenced at the Deep Well target area on 7 June, drilling the maiden hole FMDD0001. Drilling is following up known gold anomalism identified in historic exploration work.

Significant historic drill results at Deep Well include:[1]

• KOW013 with 4m @ 0.66g/t Au, 4m @ 0.14g/t Au & 5m @ 3.32g/t Au - KOW014 with 4m @ 0.16g/t Au, 8m @ 0.25g/t Au & 4m @ 0.55g/t Au

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Figure 1: WDD Rig 5, on hole FMDD0001, at Deep Well

The Directors and Management of Iceni Gold would like to thank Westralian Diamond Drillers (WDD) for their significant efforts in mobilising drilling equipment and staff in a safe and efficient manner to commence the Compan’ys maiden drilling campaign at 14 Mile Well and we look forward to the next 2 years of exploration drilling success.

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

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Deep Well

Gold mineralisation associated with sulphides and intrusive bodies are known to be key ingredients within the gold camps in the Leonora-Laverton District. Historic drilling at Deep Well had identified anomalous gold in several drill holes. Significantly, these holes contained sulphides hosted by granodiorite intrusive.

The initial proposed ~25-hole drilling program has been designed to test beneath the known gold anomalism and to test for extensions down dip and also along strike (Figure 2).

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Figure 2: Proposed drilling program at Deep Well, targeting historic gold in-drilling, at an interpreted structural intersection within a significant sized known intrusive body.

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Authorised by the Board of Iceni Gold Limited.

For further information, please contact:

Brian Rodan Executive Chairman

David Nixon 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.

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