IGO LIMITED — Capital/Financing Update 2021

May 10, 2021

DIAMOND DRILLING TO TEST GOLD MINERALISATION AT CROSSROADS PROSPECT

HIGHLIGHTS:

• Geochemical review identifies broad zone of gold mineralisation at Crossroads prospect

• Mineralisation is surrounded by halo of W – Mo – As anomalism within a NNW – SSE trending structural zone

• Four diamond drill holes (~620m) to commence shortly

• Targets are:

  • down dip extensions of broad gold mineralised zone and location and intensity of W – Mo – As halo

  • extensions of gold mineralisation and the relationship between lithology and structures

NEXT STEPS:

• DDH assays expected – Q3 2021

• Compile DDH assays with structural and other data for target generation at Crossroads – Q3 2021

• Compile and review all surface geochemical sampling data across the project area – Q3 2021

• Further exploratory aircore and RC drilling – H2 2021/Q1 2022

“The association of a geochemical halo of W – Mo – As anomalism with the recently identified gold mineralisation from RC drilling at the Crossroads prospect is very encouraging. We are looking forward to testing the extension of this mineralisation and the relationship with lithology and structures with the upcoming diamond drilling program.”

• Mr. Shane Sadleir, Moho Managing Director

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Moho Resources Ltd (ASX:MOH) ( Moho or the Company ) is pleased to announce the imminent start of diamond drilling at the Crossroads prospect, located in the WA Wheatbelt and about 22km west of the Edna May gold mine (Figure 3). The Crossroads prospect is part of Moho’s Burracoppin Gold Project within E70/4688, which is subject to a 70:30 Joint venture with IGO Limited (“IGO”).

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Figure 1: Location of planned diamond drillholes, designed to investigate the relationship between lithology, mineralisation and structures

Consultant geochemist Richard Carver of GCXplore Pty Ltd has interpreted a broad zone of shallow, eastdipping gold mineralisation surrounded by a halo of W – Mo – As anomalism sitting within a NNW – SSE trending structural zone (Figure 2).

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The four-hole coring program of approximately 600m has been designed to follow up mineralisation intersected in the January 2021 RC drilling program (see announcement 20 April 2021 “ Extensive Gold Mineralisation at Crossroads Prospect, Burracoppin ”), with the drill hole layout determined using an analysis of multielement geochemistry, geophysics and gold assay values (Table 1, Figure 2).

The transported cover and clays of the saprolite down to the top of fresh rock will be drilled HQ[3] size (61mm diameter), and deeper fresh rock by NQ size (47mm diameter). This will maximise core recovery and minimise direct drilling costs whilst enabling the collection of high quality lithological, structural and geochemical data. The program is partially funded by the WA Government as part of its Exploration Incentive Scheme to test a potential Intrusive-Related Gold mineral system at the Crossroads prospect.

Hole ID	Northing(MGA94,Z50)	Easting(MGA94,Z50)	Dip °	Azimuth°(Mag)	Est. DHTargetDepth(m)	ProposedHoleDepth(m)	Comments
BCMH0070	6537707	639471	-50	315	100	150	Target 7.48 g/t Au intercept in BCMH0064 +potential NE-SW & N-S structures
BCMH0071	6537486	639579	-50	315	103	150	Target 0.43 g/t Au nuggety gold intercept inBCMH0051 + potential NE-SW structure
BCMH0072	6537421	639578	-50	270	65	120	Target 1.14 g/t Au intercept in BCMH0062 +potential N-S structure +/- NE-SW structure;hole depth based on RC geochemistry withbroad Au halo
BCMH0073	6537420	639870	-60	270	150	200	Carver Targets - test Au and W-Mo-As targetzones and intersection of structures

Table 1: Proposed diamond drillholes

The diamond drill program has been designed with the following aims:

• Obtain high quality core to study the geology more closely and refine Crossroads geological model, which can feed into any future drill program designs and resource modelling.

• Reconciliation of rock type and geochemical zones identified by RC drilling with lithology, alteration, structures and textures seen in the core.

• Identify the orientation of structures controlling the mineralisation.

• To apply these findings to subsequent exploration programs.

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Figure 2: Location of planned Diamond drillholes, showing 1VD magnetics underlying structural and geochemical interpretations

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NEXT STEPS:

• DDH assays expected – Q3 2021

• Compile DDH assays with structural and other data for target generation at Crossroads – Q3 2021

• Compile and review all surface geochemical sampling data across the project area – Q3 2021

• Further exploratory aircore and RC drilling – H2 2021/Q1 2022

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Figure 3: Location of Burracoppin Gold Project in relation to regional geology, gold occurrences and mine infrastructure (source: DMIRS GeoVIEW)

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MOHO’S INTEREST IN THE BURRACOPPIN PROJECT TENEMENTS:

Moho and IGO Limited (ASX:IGO) have now formed an unincorporated joint venture for the purposes of exploring and, if warranted, developing and mining on E70/4688. IGO’s 30% interest is free carried until completion of a pre-feasibility study, at which time IGO may elect to contribute pro-rata to ongoing work or convert its 30% interest to a 10% free carried interest.

In addition to Moho’s 70% interest in E70/4688, the Company owns a 100% interest in granted exploration tenements E70/5154, E70/5300-5302 and applications ELA70/5299 and E77/2671.

COMPETENT PERSON’S STATEMENT

The information in this announcement that relates to Exploration Results is based on information and supporting documentation compiled by Lyndal Money, who is a Competent Person and Member of the Australian Institute of Mining and Metallurgy (AUSIMM). Ms Money is a full-time employee and Technical Manager of Moho Resources Ltd.

Ms Money has sufficient experience relevant to the style of mineralisation under consideration and to the activity which is being undertaking 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”. Ms Money consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears.

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ABOUT MOHO RESOURCES LTD

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Moho’s project areas

Moho Resources Ltd is an Australian mining company which listed on the ASX in November 2018. The Company is focused on gold and nickel exploration at Empress Springs, Silver Swan North and Burracoppin.

Moho’s Board is chaired by Mr Terry Streeter, a well-known and highly successful West Australian businessman with extensive experience in funding and overseeing exploration and mining companies, including Jubilee Mines NL, Western Areas NL and Midas Resources Ltd.

Moho has a strong and experienced Board lead by geoscientist Shane Sadleir as Managing Director, Commercial Director Ralph Winter and Adrian Larking, lawyer and geologist, as Non-Executive Director.

Highly experienced geologist Lyndal Money (Technical Manager) is supported by leading industry consultant geophysicist Kim Frankcombe (ExploreGeo Pty Ltd) and experienced consultant geochemists Richard Carver (GCXplore Pty Ltd) and Dr Carl Brauhart (CSA Global Pty Ltd). Dr Jon Hronsky (OA) provides high level strategic and technical advice to Moho.

ENDS

The Board of Directors of Moho Resources Ltd authorised this announcement to be given to ASX.

For further information please contact:

Shane Sadleir, Managing Director Ralph Winter, Commercial Director T: +61 411 704 498 T: +61 435 336 538 E: shane@mohoresources.com.au E: ralph@mohoresources.com.au