ICENI GOLD LIMITED — Capital/Financing Update 2021

Apr 13, 2021

ASX RELEASE

ICENI GOLD (ICL) COMMENCES TRADING ON THE ASX

ASX RELEASE 14 April 2021

BOARD

Brian Rodan Executive Chairman

David Nixon Technical Director

Keith Murray Non-Executive Director

Hayley McNamara Non-Executive Director

Sebastian Andre Company Secretary

REGISTERED OFFICE Level 2, 41 – 43 Ord Street West Perth WA 6005

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

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Successful $20m IPO to advance exploration at 14 Mile Well

• ➢ The 14 Mile Well Gold Project consists of a large continuous land package in the 40M oz Kurnalpi Terrane in the Laverton / Leonora region of WA

• ➢ Granny Smith/ Wallaby (Gold Fields), Mt Morgans (Dacian Gold) and Sunrise Dam (Anglo Gold Ashanti) gold mines are located within 15 – 20km

• ➢ Six large high priority target areas potentially hosting 4 different styles of gold mineralisation ready for exploration to commence

Iceni Gold Limited ( ASX: ICL ) (“Iceni” or the “Company”) will commence trading on the ASX today after completion of a fully underwritten $20 million Initial Public Offering (IPO). Funds raised will be used to commence drilling and other exploration work across the Company’s 14 Mile Well tenements in the hugely endowed 40M oz Laverton / Leonora Gold Province.

Executive Chairman Brian Rodan commented “Today’s listing is a very exciting milestone for Iceni Gold and our shareholders and this is the culmination of many years of hard work from a loyal group of dedicated people that have helped make it all possible.

Iceni Gold has assembled a world class exploration team led by Technical Director David Nixon and with the application of new and advanced exploration techniques we look forward to many successful and exciting times ahead.

I would personally like to thank everybody involved in the outstanding success of the Iceni Gold IPO and a big thank you also goes out to the Morgans Financial group Australia-wide for their considerable and continuing support”.

Tenement package adjoining large tonnage regional operating gold mines

Iceni has consolidated over 160 tenements to form a large continuous land package on the western side of Lake Carey. Most of the tenements were previously held by numerous individual prospectors with limited systematic exploration undertaken to date.

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ASX RELEASE

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Six High Priority Target areas

The initial focus of the Company will be at six high priority target areas:

• ➢ Claypan Area – intrusive target located along the Celia-Claypan fault that has hosted numerous gold deposits.

• ➢ Deep Well Area – a large Dirorite / Granodiorite intrusion with identified major shear and stockwork/ alteration zones. The Deep Well prospect is targeting a similar style of mineralisation to that found at the King of the Hills deposit in Tarmoola.

• ➢ North 1 Area – located along 28km Castlemaine Fault, prospect is a large magnetic body with signatures similar to those at the Wallaby and Cameron Well gold deposits.

• ➢ TOTK Area – narrow +100m long outcropping, laminated quartz vein with an epithermal gold signature with rock chip samples including 135 g/t Au, 1,220 g/t Ag, 0.66 g/t Te, 101g/t Au, 548g/t Ag & 1.26g/t Te and 61.8g/t Au, 507g/t Ag & 2.06g/t Te.

• ➢ Danjo NE Area – large outcropping northwest striking quartz veins that are situated within a corridor linking up with the Temple of the King vein to the west. Rock chip anomalies include 24.6g/t Au, 14.5g/t Ag & 7.33g/t Te.

• ➢ Everleigh Well – historical exploration by BHP at the Tatong Prospect identified a large conceptual target on the edge of the Danjo granite, which will be tested with a systematic diamond drilling program.

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14 Mile Well Location Plan

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Authorised by the Board of Iceni Gold Limited.

For further information, please contact:

Brian Rodan - Executive Chairman +61 (8) 6458 4200

Competent Person Statement

The information in this announcement that relates to exploration results was first released by the Company in its IPO prospectus dated 3/03/2021 (released on the ASX market announcements platform on 12/04/2021), (“Initial Announcement”). The Company confirms that it is not aware of any new information or data that materially affects the information included in the Initial Announcement.

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