OZAURUM RESOURCES LIMITED — Capital/Financing Update 2021

Sep 23, 2021

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ASX Announcement

24 September 2021

New Gold Zone Defined at Mulgabbie’s Alicia Prospect

OzAurum Resources Ltd ( ASX: OZM or OzAurum or the Company ) is pleased to announce further results from the Company’s large-scale 20,000 metre (m) Reverse Circulation (RC) drilling campaign, which has so far identified significant wide zones of gold mineralisation. The current RC results include two holes for 400m of drilling at the Alicia Prospect within the Mulgabbie North Project, located North East of Kalgoorlie.

Highlights

• Significant new primary gold mineralisation intersected over a wide zone at the Alicia Prospect situated 1km south east of current RC drilling

• Gold mineralisation is open along strike and at depth

• RC holes that intersected significant gold mineralisation include:

• 33m @ 1.24 g/t gold (Au) – (from 93m) including 8m @ 3.29 g/t Au MNORC 109

• 23m @ 0.92 g/t Au – (from 89m) MNORC 109

• 6m @ 1.45 g/t Au – (from 83m) MNORC 110

• New wide zone of primary gold mineralisation extends over 80m of strike along the Relief Shear

• MNORC 109 + 110 situated 40m grid north and south of historic Gutnick Resources NL RC hole PINC 3 that intersected 24m @ 1.60 g/t from 68m including 1m @ 18.90 g/t Au

• Host rocks, alteration and mineralisation are identical to Mulgabbie North RC drilling currently situated 1km to the north

• Drill results confirm the magnitude and continuity of mineralisation over the Relief Shear, including potential for mineralisation at the Alicia Prospect to link with previously intersected gold mineralisation at the Ben Prospect also along the Relief Shear - 1km to the north

• Planned RC drilling to commence in the coming weeks to scope out the extent of this new mineralisation discovery

• 12,000m Aircore (AC) program to commence on the 28[th] September to test the 1km gap along strike to the north

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OzAurum Resources Limited ABN 63 643 244 544 Unit 1, 15 Williams St, West Kalgoorlie WA 6430 | PO Box 10396, Kalgoorlie WA 6430 | 1 info@ozaurumresources.com

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Mulgabbie North RC Drilling Results

The current RC results include two holes that were drilled for 400m - 1km south of concurrent RC drilling at the Mulgabbie North Project. The drilling is a continuation of OzAurum’s 20,000m RC drilling campaign that commenced in February this year. To date, a total of 124 RC holes have been drilled at Mulgabbie North for 18,461m.

This RC drill campaign has identified further significant gold mineralisation at the Alicia Prospect within the Mulgabbie North Project. These are the first two holes that have been drilled at the Alicia Prospect by the Company, with both holes intersecting wide zones of gold mineralisation. RC holes MNORC 109 intersected 33m @ 1.24 g/t Au from 93m including 8m @ 3.29 g/t Au and from 135m 6m @ 1.45 g/t Au also MNORC 110 intersected 23m @ 0.92 g/t Au from 89m.

The Alicia Prospect is situated 1km south of concurrent RC drilling at the Ben Prospect. The RC holes at the Alicia Prospect are located 80m apart along strike, both intersecting wide zones of gold mineralisation hosted in altered intermediate-felsic volcaniclastic rocks with pyrite and arsenopyrite mineralisation. This mineralisation is analogous to mineralisation at the Ben Prospect - located 1km to the north. This new gold mineralisation identified is also related to the Relief Shear, similar to the Ben Prospect.

RC drilling at the Alicia Prospect was first undertaken by Gutnick Resources in 1998 and 1999 with only 6 RC holes drilled in the area. Gutnick RC hole PINC3 intersected 24m @ 1.60 g/t Au including 1m @ 18.90 g/t Au . OzAurum RC hole MNORC 109 is situated 40m grid north of PINC3 and MNORC 110 is situated 40m grid south of PINC3.

These 3 RC holes MNORC 109, PINC3 and MNORC 110 have defined a continuous thick zone of gold mineralisation over 80m of strike. This new zone is currently open at depth and along strike at the Alicia Prospect.

The recently completed OzAurum drone magnetometer survey at Mulgabbie North has identified a large demagnetised zone coinciding with the location of these recent RC holes MNORC 109 + 110 and extending into current RC drilling at Mulgabbie North.

The location of RC holes MNORC 109 + 110 at the Alicia Prospect are also situated within a large gravity low trough - very similar to the gravity low trough that hosts the Northern Star (ASX: NST) Carosue Dam corridor of riches that operating gold mines Karari and Whirling Dervish are located.

The current RC drilling at Mulgabbie North has defined primary gold mineralisation for over 1km of strike and we are confident that extensional RC drilling completed will further extend this strike. Also, we believe future RC drilling will identify new primary gold mineralisation related to geochemical gold anomalies and recent AC saprolite hosted gold mineralisation.

These excellent RC results, combined with recently announced aircore (AC) results defining new zones of mineralisation now extending for 2.8 km in strike (see ASX announcement on 2nd September 2021), further highlight the potential of Mulgabbie North to be a significant gold project.

RC drilling at Mulgabbie North has also discovered wide zones of weak to moderate hematite alteration in some RC holes. Specifically, the hematite alteration indicates oxidised fluids from an intrusive complex suggesting proximity to the mineralising centre - likely to be within OzAurum’s 100% owned Mulgabbie North tenure.

Upcoming RC and AC drilling and Planned Exploration Activities:

Follow up RC drilling at Mulgabbie North at the Alicia Prospect will commence in the coming weeks, along with ongoing RC drill testing of AC saprolite gold anomalies and extensions to the Ben and James Prospects.

A 12,000m AC drill program is planned to commence on 28[th] of September to test the drilling gap between the Alicia and Ben Prospects.

Utilising best practice RC drilling, sampling and assay protocols will allow for a potential future JORC 2012 compliant resource to be estimated with confidence at Mulgabbie North.

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Due to the current high demand on assay laboratories, the Company is experiencing long delays with receiving assay results, with up to a 10 week turnaround time.

RC drilling is being undertaken on a three week on three week off campaign basis due to long delays in receiving assay results from the assay laboratory.

OzAurum’s Chief Executive Officer, Andrew Pumphrey, said:

“ The new wide zones of gold mineralisation intercepted at the Alicia Prospect,1km to the south of current RC drilling at Mulgabbie North, highlights the sheer magnitude of gold mineralisation over the project area. These results, together with previously announced widespread gold mineralisation, further demonstrate the potential of Mulgabbie North to develop into a significant gold project. Additional RC drilling is due to commence in the coming weeks to further test this exciting target at the Alicia Prospect which also coincides with a large zone of demagnetisation and a coincident gravity low trough extending through the Mulgabbie North Project. Aircore drilling will also commence later this month to test the 1.0km gap in drilling between the Alicia and Ben Prospects along the Relief Shear. This is an exciting time for OzAurum, and we believe we are on the right path to making a significant gold discovery.”

The Company will continue to provide regular market updates on exploration activities and report on drilling results as soon as they become available.

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Figure 1: Mulgabbie North Project

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Figure 2: Mulgabbie North RC drill collar plan

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Table 1: Mulgabbie North RC Drill Holes – All Intercepts greater than 0.1 g/t Au and no more than 2 metres of internal waste. Greater than 1.0 g/t Au and 5.0 g/t Au reported separately.

Hole ID	Easting	Northing	mRL	depth (m)	Dip	Azimuth	From (m)	Length (m)	g/t Au	Comments
MNORC109	443293	6663462	341	200	-60	220	93	33	1.24
						including	93	8	3.29
						including	94	1	7.47
							136	23	0.50
						including	143	1	1.07
						including	150	2	1.19
						including	154	1	1.19
							165	6	1.45
						including	166	1	4.54
						including	167	1	1.20
						including	169	1	1.17
							175	2	0.17
							188	11	0.55
						including	197	1	1.18
MNORC110	443358	6663415	341	200	-60	220	81	8	0.18
							89	23	0.92
						including	90	1	1.36
						including	93	1	1.49
						including	97	1	1.06
						including	99	1	2.16
						including	100	1	1.03
						including	106	1	1.92
						including	110	1	2.89
						including	111	2	1.44
						including	112	7	0.36
						including	132	3	0.86
						including	133	1	1.35
						including	133	1	1.35
							149	8	0.39
							190	8	0.22

For Further Information please contact;

Andrew Pumphrey Managing Director + CEO +61 419 965 976

This ASX Announcement was approved and authorised by OzAurum’s Managing Director, Andrew Pumphrey.

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About OzAurum

OzAurum Resources Ltd (ASX: OZM) is a Western Australian gold explorer with advanced gold projects located 130 km north east of Kalgoorlie. The Company’s objective to make a significant gold discovery that can be bought in production.

For more information on OzAurum Resources Ltd and to subscribe to our regular updates, please visit our website at www.ozaurumresources.com or contact our Kalgoorlie office via email on info@ozaurumresources.com .

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Competent Persons Statement

The information is this report that relates to exploration results is based on information compiled by Andrew Pumphrey who is a Member of the Australian Institute of Geoscientists and is a Member of the Australasian Institute of Mining and Metallurgy. Andrew Pumphrey is a full-time employee of OzAurum Resources Ltd and has sufficient 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 “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Pumphrey has given his consent to the inclusion in this report of the matters based on the information in the form and context in which it appears.

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JORC Code, 2012 Edition – Table 1 Report

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
Sampling techniques	Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.	The Mulgabbie North Deposit 2 RC holes (MNORC 109 - 110 200m), azimuth 220° dipping -60°. The RC samples are collected from the drill rig cyclone in a green plastic bag in 1m intervals and are laid out in rows of either 20, 30 or 40 samples. A 2-4kg representative sample is split via the rig mounted cone splitter and placed on top of the green plastic for that metre interval. Diamond drilling completed using one metre sampling lengths, core half cut adjacent to bottom of hole orientation line. Aircore samples are laid out in rows of 10.
	Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.	All sampling is undertaken using OzAurum Resources sampling procedures and QAQC in line with industry best practise which includes certified standards on average every 30 samples. The RC drill rig provides a sample at the end of each metre of drilling. A 2-4 kg sample is collected from the drill rig via a cone splitter which is representative of that metre. PQ diamond core was half cut to produce a 2- 4 kg sample for analysis. Aircore composite samples weighing between 2-4 kg are collected from four one metre samples via a sample scoop with even quantities of each 1m sample collected to form the composite sample.
	Aspects of the determination of mineralisation that are Material to the Public Report.	Historic hole collars have been recovered where possible and surveyed by a licenced surveyor using a DGPS (0.01 m).
	In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3	The RC one metre sample intervals were collected with a 2-4 kg representative sample despatched to the laboratory for gold analysis. The diamond half core sample intervals were typically a 2-4 kg representative sample despatched to the laboratory for gold analysis.

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CRITERIA	JORC CODE EXPLANATION	COMMENTARY
	kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.	The AC composite and one metre sample intervals were collected with a 2-4 kg representative sample despatched to the laboratory for gold analysis. All analysis was by 50g fire assay with AAS finish with the exception of cases where visible gold has been observed or a fire assay grade has exceeded 100 g/t or coarse gold is suspected then a screen fire assay (Au- SCR22AA) has been undertaken on those samples and those results reported instead of the fire assay result.
Drilling techniques	Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face- sampling bit or other type, whether core is oriented and if so, by what method, etc).	The RC drilling was undertaken using a face sampling percussion hammer using 137mm drill bits. The diamond drilling was undertaken using PQ3 (triple tube) and NQ3 (standard tube) techniques. The AC drilling was undertaken using a 75m blade bit and face sampling percussion hammer using 78mm drill bits.
Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed.	Each metre of RC sample is checked, and an estimate of sample recovery is made. For this program, greater than 80% of samples had a recovery of 70% or higher. Sample weights reported by laboratory can also give an indication of recoveries. Drill core was measured and compared to drilled intervals and recorded as a percentage recovery. Recovery in oxidised rock can be reasonable whereas recovery in fresh rock is excellent. Each metre of AC sample is checked, and an estimate of sample recovery is made. For this program, greater than 80% of samples had a recovery of 70% or higher. Sample weights reported by laboratory can also give an indication of recoveries.
	Measures taken to maximise sample recovery and ensure representative nature of the samples.	Driller’s experience is important. Steady drilling, using modern well maintained drilling equipment, regular cleaning of cyclone and splitter, pausing the drilling at each metre to allow sample to pass through drill string and reducing sample loss. Using a RC rig equipped with auxiliary and booster

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CRITERIA	JORC CODE EXPLANATION	COMMENTARY
		compressors is critical to maintaining good RC sample recovery. Using professional and competent core drilling contractor minimises issues with sample recoveries through the use of appropriate drilling equipment techniques and drilling fluids suited to the particular ground conditions.
	Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	RC sample recoveries from the mineralised zones are generally high although some of the weathered material is lost in drilling (dust) and some natural voids do exist. No sample was lost from 2-4 kg split from cyclone that was submitted for analysis, some loss of sample occurred from large green bags and some bias may have occurred to that sample as water was flowing from sample bag – this sample has not been analysed and therefore will not affect results reported in this release. The core sample recovery in the transitional and fresh rock zones is very high and no significant bias is expected. Recoveries in oxidised rock were lower. AC sample recoveries from the are generally high although some of the weathered material is lost in drilling (dust). Although no exhaustive studies have been undertaken, no significant bias is expected, and any potential bias is not considered material at this stage of resource development.
Logging	Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.	Each RC metre drilled underwent detailed logging through the entire hole with record kept of colour, lithology, degree of oxidation, and type and intensity of alteration veining and sulphide content. Diamond core metres underwent detailed logging through the entire hole with record kept of colour, lithology, degree of oxidation, and type and intensity of alteration, veining and sulphide content. Structural, density and geotechnical data is also collected on drill core. Each AC hole drilled underwent general logging through the entire hole with record kept of colour, lithology, degree of oxidation, and type and intensity of alteration veining and sulphide content.
	Whether logging is qualitative or quantitative in nature. Core(or	All logging is qualitative in nature and included records of lithology, oxidation state and colour

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CRITERIA	JORC CODE EXPLANATION	COMMENTARY
	costean, channel, etc) photography.	with estimates of intensity of mineralisation, alteration and veining. Wet and dry photographs were completed on the core.
	The total length and percentage of the relevant intersections logged.	All drill holes were geologically logged in full (100%).
Sub- sampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken.	Core was half cut with a diamond saw with the same half always sampled and the other half retained in core trays. In some instances, oxidised and non- competent clay zones are carefully split in half using sampling wedge and sampled as half core.
	If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.	All RC sub-samples are collected via a cone splitter system mounted on the drill rig. An estimated 30% of samples were moist to wet in nature that passed through the cyclone – splitter system.
	For all sample types, the nature, quality and appropriateness of the sample preparation technique.	All samples were analysed via a 50 gram fire assay. Following that analysis in cases where visible gold has been observed or a fire assay grade has exceeded 100 g/t or coarse gold is suspected then a screen fire assay (Au- SCR22AA) has been undertaken on those samples and those results reported instead of the fire assay result. Sample preparation and analysis were completed by ALS in Kalgoorlie. When received, samples are processed by code PREP-31 - logged in tracking system and bar code attached, wet samples dried through ovens, fine crushing to better than 70% passing 2mm, split sample using riffle splitter, split of up to 1000g pulverised to >85% sample passing 75um.
	Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.	All sampling equipment and sample bags are kept clean at all times. The RC drill rig mounted cone splitter is adjusted to ensure that the 1m split sample weighs on average between 2-4kg. The cone splitter is cleaned using an air nozzle after every drill rod – 6m.

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CRITERIA	JORC CODE EXPLANATION	COMMENTARY
		OzAurum Resources sampling procedures and QAQC is used to maximise representivity of samples.
	Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.	For drill core, the entire core is sampled at one metre intervals to ensure that samples are representative of the entire in-situ rock being tested. The laboratory ensures that the entire sample submitted is crushed and split appropriately to provide a representative sub- sample. No duplicate samples are taken from the core
	Whether sample sizes are appropriate to the grain size of the material being sampled.	The sample sizes (0.5 kg to 4 kg) are considered appropriate for the style of mineralisation at Mulgabbie North. Half cut PQ diamond core samples over 1m length (normally at the end of hole) were up to 4kg.
Quality of assay data and laboratory tests	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.	The nature, quality and appropriateness of the assaying and laboratory procedures are industry standard for Archaean mesothermal lode gold deposits. The fire assay technique will result in a total assay result. In cases where visible gold has been observed or a fire assay grade has exceeded 100 g/t or coarse gold is suspected then a screen fire assay (Au-SCR22AA) has been undertaken on those samples and reported instead of the fire assay result.
	For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.	None of these tools are used
	Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and	Certified Reference Materials (standards) are purchased from an independent supplier of such materials. Blanks are made up from samples previously collected from other drill programs at Mulgabbie North that have analysed as less than detection Au values.

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CRITERIA	JORC CODE EXPLANATION	COMMENTARY
	precision have been established.	A standard sample followed by a blank sample are inserted every 30thsample. A duplicate sample is taken every 30 samples. Evaluation of the OzAurum submitted standards and blanks analysis results indicates that assaying is accurate and without significant drift.
Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel.	At least two different company personnel visually verified intersections in the collected drill chips. At least two different company personnel visually verified intersections in the diamond core. A representative sample of each metre is collected and stored for further verification if needed. Drill core or core photos are used to verify drill intersections in diamond core samples.
	The use of twinned holes.	The spatial location and assaying accuracy of historical drilling was confirmed with RC and DD twinned holes.
	Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.	Data collected in the form of spread sheets, for drill hole collars, surveys, lithology and sampling. All geological and field data is entered into Microsoft Excel spreadsheets with lookup tables and fixed formatting (and protected from modification) thus only allowing data to be entered using the OzAurum geological code system and sample protocol. Data is verified and validated by OZM geologists and stored in a Microsoft Access Database Data is emailed to database administrator Geobase Australia Pty Ltd for validation and importation into the database and periodically into a SQL database using Datashed.
	Discuss any adjustment to assay data.	No adjustments are made to the primary assay data imported into the database.
Location of data points	Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	Initial hole collars surveyed by licenced surveyor DGPS (0.01m). Diamond drill line by surveyed back sight and foresight pegs. Dip was checked with clinometer on drill mast at set up on hole. RC holes are surveyed by down hole surveys at 30m intervals using single shot “Reflex Camera +/- 0.10 by drill contractor. Diamond holes are surveyed by down hole surveys at 30m intervals using single shot “Reflex Camera +/- 0.10 by drill contractor.

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CRITERIA	JORC CODE EXPLANATION	COMMENTARY
		All holes are surveyed for deviation at end of hole by gyroscope method by drilling contractor using a hired Reflex gyro. This is normally inside rods but may be open hole for RC drilling. Final hole collar locations surveyed by licenced surveyor (Minecomp Pty Ltd) DGPS (0.01m).
	Specification of the grid system used.	The grid system used is Geocentric Datum of Australia 1994 (GDA94).
	Quality and adequacy of topographic control.	Historical – Aerial photography used to produce digital surface topographic maps at 1:2500 1m contours. Topographic control is from an aerial photographic survey completed during 2018 with accuracy within 0.25m.
Data spacing and distribution	Data spacing for reporting of Exploration Results.	Drilling at Mulgabbie North is at: 20m line x 10m hole 20m line x 20m hole 40m line x 20m hole The holes reported in this release were on 20m spaced lines that are 20m apart along the lines.
	Whether the data spacing, and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.	The data spacing and distribution is sufficient to demonstrate spatial and grade continuity of the mineralised domains to support the current MRE classifications as Measured, Indicated and Inferred according to JORC (2012 Edition) reporting criteria.
	Whether sample compositing has been applied.	No sample compositing has been applied in the field within the mineralised zones.
Orientation of data in relation to geological structure	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.	Diamond drill holes and RC holes were orientated 225°/-60° which is perpendicular to the shear zone hosting gold mineralisation and perpendicular to geology contacts.
	If the relationship between the drilling orientation and the	It is not believed that drilling orientation has introduced a sampling bias as the dominant mineralised shear zone atMulgabbieNorth

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CRITERIA	JORC CODE EXPLANATION	COMMENTARY
	orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	hosting mineralisation strikes at 315° and dips 70°NE.
Sample security	The measures taken to ensure sample security.	Chain of custody is managed by OZM. Field samples are stored overnight onsite at site office + camp facility (if not delivered to laboratory) with staff in residence who are employees of OzAurum. Field samples are delivered to the assay laboratory in Kalgoorlie by OZM personnel once the hole is completed. Whilst in storage at the laboratory, they are kept in a locked yard. ALS Geochemistry Webtrieve is used online to track the progress of batches of samples through the laboratory. Sample pulps and coarse rejects are stored at ALS for a period of time and then returned to OZM.
Audits or reviews	The results of any audits or reviews of sampling techniques and data	No audits or reviews have been undertaken.

JORC Code, 2012 Edition – Table 2 Report

Section 2 Reporting of Exploration Results

(Criteria in this section apply to all succeeding sections.)

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
Mineral tenement and land tenure status	Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or nationalpark and environmental	The Mulgabbie North Project is located approximately 135km north east of Kalgoorlie, 2.5km west of Carosue Dam gold mine. The Mulgabbie North project is situated within mining lease M28/240 and exploration licence E31/1085. This area is accessed from the Kalgoorlie-Pinjin Road via an unsealed access. The tenements are located within the Pinjin Pastoral Station.

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CRITERIA	JORC CODE EXPLANATION	COMMENTARY
	settings.	Normal Western Australian state royalties apply. No third party royalties exist. Situated within the Mulgabbie North Project area are the reserves associated with the Mulgabbie Townsite Common. OZM purchased the Mulgabbie North property on 19th October 2020 from A. Pumphrey. The tenements are held by OzAurum Mines Pty Ltd, a wholly owned subsidiary of OzAurum Resources Ltd.
	The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	The tenements are in good standing and no known impediments exist.
Exploration done by other parties	Acknowledgment and appraisal of exploration by other parties.	No historical mining activity is found at Mulgabbie North. Freeport of Australia Incorporated in between 1984 -1987 completed 15,101m of RAB drilling, 27 RC holes for 2,793m and 2 diamond holes for 313m. Auralia Resources NL in 1988 completed 106 RAB holes for 3,942m and 10 RC holes for 549m. Main Reef Gold Ltd estimated a Mineral Resource by a manual polygonal method at a 1 g/t cut-off a non JORC resource of 624,000 tonnes at 2 g/t. A. Pumphrey during 2000-2020 drilled 25 RAB holes for 1,274m, 9 AC holes for 593m, 15 RC holes for 1279m and 1 diamond hole 174m. A. Pumphrey during 2002-2020 drilled 1092 auger holes for 907m.
Geology	Deposit type, geological setting and style of mineralisation.	The Mulgabbie North Au deposit is an Archaean mesothermal Au deposit. The Mulgabbie North local geology consists of a sequence of ultramafic, mafic felsic –intermediate volcanic and volcaniclastic rocks, with interflow carbonaceous sediments found on the lithological boundaries. Archean dolerite intrusions are conformable within the sequence. The metamorphic grade of rocks at Mulgabbie North is lower greenschist facies.

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CRITERIA	JORC CODE EXPLANATION	COMMENTARY
		The alteration assemblage associated with Better Au grades consists of quartz carbonate and sericite. Pyrite and arsenopyrite mineralisation is associated with elevated Au grades at Mulgabbie North. Mulgabbie North gold mineralisation is found within the Relief Shear that occurs on a lithological contact between mafic/ultramafic volcanic/intrusives and Intermediate/felsic volcanic volcaniclastic. This contact represents a major trans lithospheric structure situated on the eastern margin of the Carosue Dam basin. A late east – west Proterozoic dolerite dyke Dissects mineralization at the Ben Prospect.
Drill hole Information	A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: 1. easting and northing of the drill hole collar 2. elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar 3. dip and azimuth of the hole 4. down hole length and interception depth 5. hole length.	Please refer to table 1 in the report for full details.
	If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	Other relevant drill hole information can be found in Section 1-“Sampling techniques, “Drilling techniques” and “Drill sample recovery”.
	In reporting Exploration Results,

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CRITERIA	JORC CODE EXPLANATION	COMMENTARY
Data aggregation methods	weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated.	All one metre diamond drill results are reported in Appendix 1 Section 2 of JORC table 1. Holes include up to 2m of internal dilution - host unit was intersected in the 2m diluted section with significant alteration. A bottom cut-off grade of 0.1 g/t was used, and no top cut grade was applied. The procedure applied to the aggregate intercepts quoted is length weighted average (sum product of interval x corresponding interval assay grade), divided by sum of interval lengths and rounded by one decimal place. No metal equivalent values have been reported.
	Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.
	The assumptions used for any reporting of metal equivalent values should be clearly stated.
Relationship between mineralisation widths and intercept lengths	These relationships are particularly important in the reporting of Exploration Results.	These drill holes are designed to drill perpendicular to the Relief Shear that strikes at 315°. The dominant mineralisation geometries seen at the Mulgabbie North gold project are; 1. Shear zone hosted mineralisation on the lithological contact which strikes 315˚ and is moderately dipping to the east at -75°. The true width of mineralisation at the Mulgabbie North is reasonably well known from existing drilling and all drilling is designed to intersect the Relief Shear mineralised envelope at 90° orperpendicular to the strike of
	If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.
	If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g.

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CRITERIA	JORC CODE EXPLANATION	COMMENTARY
	‘down hole length, true width not known’).	the Relief Shear. The -60° planned dip of all drill holes results in the true width being 70% of the downhole intersection. For example, a downhole intersection of 10m has a true width of 7m.
Diagrams	Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. (NOTE: Any map, section, diagram, or other graphic or photo must be of high enough resolution to clearly be viewed, copied and read without distortion or loss of focus).	Please refer to the body of the report.
Balanced reporting	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	Please refer to table 1 in the body of the report.
Other substantive exploration data	Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	The diamond holes were also utilised for bulk density measurements.

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ASX | 24 September 2021

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CRITERIA	JORC CODE EXPLANATION	COMMENTARY
Further work	The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling).	Further RC & Diamond drilling is planned to further test mineralisation associated with this release.
	Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. (NOTE: Any map, section, diagram, or other graphic or photo must be of high enough resolution to clearly be viewed, copied and read without distortion or loss of focus).	Please refer to the body of the report.

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