OZAURUM RESOURCES LIMITED — Capital/Financing Update 2021

May 23, 2021

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ASX Announcement

24 May 2021

Spectacular High-Grade Gold Aircore Hits

OzAurum Resources Ltd ( ASX: OZM or OzAurum or the Company ) is pleased to announce additional Aircore (AC) drilling results from 75 holes for 5,447 metres (m) of drilling at its Mulgabbie North Project situated two kilometres from the Northern Star Resources (ASX: NST ) Carosue Dam Operations.

Highlights

• AC holes that intersected significant gold mineralisation from 1m samples of previously released drill holes include:

• 1m @ 162.5 g/t gold (Au) from 27m - MNOAC 120

• 1m @ 31 g/t Au from 34m - MNOAC 130

• 1m @ 15.35 g/t Au from 48m - MNOAC 020

• AC holes that intersected significant gold mineralisation from 4m composite samples include:

• 4m @ 10.2 g/t Au from 24m - MNOAC 144

• 4m @ 2.15 g/t from 20m - MNOAC 144

• 4m @ 1.49 g/t from 32m - MNOAC 134

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Photograph 1: Visible gold panned off from MNOAC 120 27-28m interval - 1m @ 162.5 g/t Au.

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OzAurum Limited ABN 63 643 244 544 42 Hannan St, Kalgoorlie WA 6430 | PO Box 10396, Kalgoorlie WA 6430 | 1 info@ozaurumresources.com

ASX | 24 May 2021

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Mulgabbie North AC Drilling Results

The 75 AC holes drilled for 5,447m form part of OzAurum’s initial 30,000m AC drilling campaign which began in February this year that has been completed with a total of 434 holes drilled for 30,992m. Results are currently pending for 229 aircore holes. The aircore drilling program has now been extended by 15,000m to undertake infill drilling at Mulgabbie North and complete an initial 4 wide spaced lines at the southern area of E28/2477 at Mulgabbie (see figure 1).

A new significant area, 1km long and up to 150m wide, of widespread gold mineralisation has been intersected by AC drilling situated along and west of the Relief Shear at Mulgabbie North.

One metre gold results have been received for previously released AC holes MNOAC 009 – 130 (see OZM ASX releases 15 March 2021 and 29 March 2021). Significant one metre intercepts include; 1m @ 162.5 g/t Au from 27m (MNOAC120), 1m @ 31 g/t Au from 34m (MNOAC130) and 1m @ 15.35 g/t Au from 48m (MNOAC 020). A number of 1m samples have results that are greater than 1 g/t Au, please see table 3.

Significant new 4m composite AC drilling results from holes MNOAC 131-205 include 4m @ 10.2 g/t Au from 24m, 4m @ 2.15 g/t Au from 20m (MNOAC 144) along with 4m @ 1.49 g/t Au from 32m (MNOAC134) all situated west of the relief shear. Numerous other anomalous gold results can be found in table 2 of this release. The results have provided the Company with exciting new targets that will be followed-up with future RC drilling.

The current interpretation is that high grade gold mineralisation intersected in hole MNOAC 120 (27-28m) is tertiary paleochannel hosted gold mineralisation. Future work will involve the ongoing interpretation of the base of this highly mineralised paleochannel position specifically locating the centre of the base of the mineralised channel facies. This new style of mineralisation will be specifically targeted via future vertical AC drill holes. An approx. 1kg sample of this high-grade interval from MNOAC 120 (27-28m) was panned using a panning dish to determine visible gold present and resulted a long tail of fine gold being observed - see photograph 1.

Another exciting aspect of the completed AC drill program at Mulgabbie North is the number of aircore holes drilled at the northern area of the project have intersected sericite, +- hematite alteration with associated pyrite and in some cases arsenopyrite + pyrite mineralisation at the end of hole sample. Gold mineralisation at Mulgabbie North typically is associated with pyrite and or arsenopyrite mineralisation. The assay results for these holes are still outstanding and we are eagerly awaiting the results of these aircore holes.

Widespread gold mineralisation at this new 1km long zone is currently open to the north. In addition, the new gold zone is co-incident with OZM gold auger calcrete geochemistry anomalies, and a gravity low trough similar to the Northern Star Carouse Dam corridor of riches in which their operating gold mines are situated, including production of about 1.5 million ounces to date.

Another important aspect of this drilling program is a 40-80m wide zone of hematite alteration being intersected in the bottom of the AC holes (as announced on 15 March 2021) now defining a trend striking NW for approximately 2.5 kms, and situated 150m west of the Relief Shear. Hematite alteration is the characteristic alteration of the adjacent Northern Star’s Karari and Whirling Dervish Gold Mines. The hematite alteration observed is indicating oxidised fluids from an intrusive complex suggesting proximity to the mineralising centre- likely to be within OzAurum’s 100% owned Mulgabbie North tenure.

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Aircore drilling is now being undertaken on the southern area of E28/2477 where holes are being drilled at 1km x 80m spacing. This area is the interpreted position of the southern extension of the Relief Shear. Transported cover up to 40m thick has prevent effective exploration of this area. There is no historic drilling in this area. Early visual signs of bottom of hole chips is encouraging with sericite altered volcaniclastic rocks being intersected with pyrite mineralisation. This drilling is expected to take up to a month to complete. Please refer to figure 1 for the location of this area.

The Mulgabbie North infill AC drilling program will be undertaken on a 100m x 40m drill spacing extending existing drill lines to the west. Of particular interest in this area is MNOAC 115 that intersected 3m @ 2.28 g/t from 71m and a number of other holes that have intersected anomalous gold mineralisation. All holes are being drilled to top of fresh rock using the AC blade bit drilling to refusal, and utilising the aircore hammer where required. This is a critical drilling technique to discover gold mineralisation in fresh rock. Historic Freeport RAB holes drilled in 1984-1988 in the same area failed to reach the top of fresh rock in the highly prospective intermediate-felsic lithology due to transported cover and the shallow water table.

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

“The Company is excited about the continued high-grade AC intercepts being received from our largescale drilling campaign. This is a new widespread zone of gold mineralisation situated west of the Relief Shear which provides even greater confidence in the Project. In particular, we are excited by the potential of this area where the host rocks are intermediate-felsic volcaniclastic units - very similar to the Northern Star Carosue Dam Karari and Whirling Dervish Gold Mines. In addition, a new 40-80m wide zone of Hematite alteration extending for 2.5km intersected for the first time in AC holes is very promising since this is a key signature of the adjacent Northern Star Carosue Dam Karari and Whirling Dervish Gold Mines that have so far produced about 1.5 million ounces of gold. Lastly, this area is under transported cover that has prevented previous effective exploration and now represents a significant exploration opportunity for the Company.”

In the coming months as drilling results become available the company will be providing the market with regular updates. Laboratory assay results are currently taking up to 8 weeks from time of delivery causing delays in results being released to the market.

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Figure 1: Mulgabbie North Planned drilling area

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Figure 2: Mulgabbie North AC drill collar plan with Max Au g/t AC 1m and composite intervals

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Figure 3: Mulgabbie North 9600N Cross Section

Table 1:Mulgabbie North AC Drill Holes Selected 4m Composite Results

Hole ID	Easting	Northing	mRL	depth (m)	Dip	Azimuth	From (m)	Length (m)	g/t Au	Comments
MNOAC134	6664896	441952	376	95	-60	225	32	4	1.49
MNOAC144	6664837	441745	372	97	-60	225	20	4	2.15
					-60	225	24	4	10.2
MNOAC149	6664974	441885	375	88	-60	225	40	20	0.52
MNOAC178	6665029	441654	370	78	-60	225	56	4	0.72
							72	4	0.68
MNOAC193	6665100	441588	371	82	-60	225	60	4	0.67

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Table 2 Mulgabbie North AC Drill Holes – All 4m composite or lessor interval Intercepts greater than 0.1 g/t Au

Hole ID	Easting	Northing	mRL	depth (m)	Dip	Azimuth	From (m)	Length (m)	g/t Au	Comments
MNOAC132	6664838	441892	375	69	-60	225	68	1	0.26
MNOAC133	6664866	441923	375	87	-60	225	56	4	0.22
					-60	225	64	4	0.21
					-60	225	68	4	0.43
MNOAC134	6664896	441952	376	95	-60	225	28	4	0.11
					-60	225	32	4	1.49
					-60	225	40	4	0.16
					-60	225	52	4	0.12
					-60	225	56	4	0.3
					-60	225	64	4	0.1
					-60	225	68	4	0.18
					-60	225	72	4	0.25
					-60	225	76	4	0.22
					-60	225	84	4	0.14
					-60	225	88	4	0.1
					-60	225	92	3	0.15
MNOAC135	6664923	441979	376	65	-60	225	0	4	0.29
					-60	225	4	4	0.15
					-60	225	60	4	0.11
MNOAC137	6664524	441422	368	102	-60	225	76	4	0.15
					-60	225	92	4	0.14
MNOAC140	6664698	441600	370	59	-60	225	52	4	0.29
					-60	225	56	3	0.1
MNOAC144	6664837	441745	372	97	-60	225	20	4	2.15
					-60	225	24	4	10.2
					-60	225	28	4	0.42
					-60	225	32	4	0.12
					-60	225	40	4	0.68
					-60	225	60	4	0.1
MNOAC145	6664860	441767	372	105	-60	225	28	4	0.13
					-60	225	52	4	0.11
					-60	225	56	4	0.15
					-60	225	60	4	0.17
					-60	225	64	4	0.65
					-60	225	68	4	0.58
MNOAC146	6664888	441799	373	77	-60	225	24	4	0.1
MNOAC148	6664945	441855	375	70	-60	225	48	4	0.46
					-60	225	52	4	0.15
					-60	225	56	4	0.2
MNOAC149	6664974	441885	375	88	-60	225	40	4	0.86
					-60	225	48	4	0.88
					-60	225	52	4	0.34

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Hole ID	Easting	Northing	mRL	depth **(m) **	Dip	Azimuth	From (m)	Length (m)	g/t Au	Comments
					-60	225	56	4	0.38
					-60	225	60	4	0.16
MNOAC150	6665001	441915	375	60	-60	225	40	4	0.17
MNOAC151	6665025	441937	375	36	-60	225	24	4	0.27
					-60	225	28	4	0.2
					-60	225	32	4	0.31
MNOAC155	6664879	441646	370	81	-60	225	20	4	0.18
					-60	225	20	4	0.17
					-60	225	44	4	0.1
MNOAC156	6664900	441668	370	77	-60	225	20	4	0.11
					-60	225	48	4	0.12
MNOAC157	6664928	441697	371	107	-60	225	24	4	0.1
					-60	225	28	4	0.1
					-60	225	48	4	0.14
MNOAC158	6664957	441725	371	94	-60	225	52	4	0.52
					-60	225	72	4	0.1
					-60	225	76	4	0.13
MNOAC159	6664985	441754	372	54	-60	225	52	2	0.26
MNOAC160	6665016	441784	372	58	-60	225	40	4	0.31
MNOAC162	6665065	441837	373	70	-60	225	48	4	0.12
					-60	225	68	2	0.32
MNOAC163	6665095	441866	373	37	-60	225	32	4	0.23
MNOAC171	6664783	441401	368	77	-60	225	60	4	0.28
					-60	225	64	4	0.1
MNOAC172	6664835	441455	368	65	-60	225	60	4	0.23
					-60	225	64	1	0.47
MNOAC173	6664891	441512	369	89	-60	225	72	2	0.14
MNOAC174	6664917	441539	369	74	-60	225	76	4	0.24
MNOAC175	6664948	441571	369	86	-60	225	32	4	0.14
MNOAC177	6665001	441628	370	96	-60	225	16	4	0.1
					-60	225	24	4	0.11
MNOAC178	6665029	441654	370	78	-60	225	32	4	0.16
					-60	225	52	4	0.23
					-60	225	56	4	0.72
					-60	225	72	4	0.89
					-60	225	76	2	0.47
MNOAC179	6665061	441687	371	73	-60	225	24	4	0.28
					-60	225	52	4	0.31
					-60	225	56	4	0.19
MNOAC182	6665144	441771	373	58	-60	225	44	4	0.2
					-60	225	52	4	0.1
					-60	225	56	2	0.13

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Hole ID	Easting	Northing	mRL	depth **(m) **	Dip	Azimuth	From (m)	Length (m)	g/t Au	Comments
MNOAC183	6665171	441797	373	70	-60	225	40	4	0.13
MNOAC184	6665201	441829	373	47	-60	225	32	4	0.21
					-60	225	36	4	0.34
					-60	225	40	4	0.17
					-60	225	44	3	0.22
MNOAC186	6664870	441922	375	49	-60	225	28	4	0.3
					-60	225	36	4	0.11
					-60	225	40	4	0.44
MNOAC187	6664710	441900	373	82	-60	225	32	4	0.13
					-60	225	36	4	0.18
					-60	225	48	4	0.27
					-60	225	52	4	0.1
					-60	225	68	4	0.12
MNOAC188	6664967	441447	368	74	-60	225	0	4	0.2
					-60	225	72	2	0.17
MNOAC190	6665016	441501	369	92	-60	225	76	4	0.13
MNOAC192	6665074	441561	370	87	-60	225	24	4	0.13
MNOAC193	6665100	441588	371	82	-60	225	60	4	0.67
MNOAC194	6665130	441618	372	102	-60	225	100	2	0.1
MNOAC196	6665190	441680	374	56	-60	225	48	4	0.13
MNOAC197	6665212	441704	374	49	-60	225	48	1	0.16
MNOAC198	6665241	441730	375	77	-60	225	64	4	0.11
MNOAC199	6665274	441759	375	62	-60	225	44	4	0.13
MNOAC204	6664588	440920	364	91	-60	225	88	3	0.17

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Table 3 Mulgabbie North AC Drill Holes – All 1m Intercepts greater than 0.1 g/t Au previous reported as composite results 15 March 2021 and 29 March 2021.

Hole ID	Easting	Northing	mRL	depth (m)	Dip	Azimuth	From (m)	Length (m)	g/t Au	Comments
MNOAC009	442536	6663930	377	81	-60	225	46	2	0.4
							51	1	0.32
MNOAC012	442621	6664015	375	59	-60	225	54	5	0.77
MNOAC019	442472	6664008	376	90	-60	225	64	3	2.07
MNOAC020	442499	6664035	376	52	-60	225	46	6	3.34
						including	48	1	15.35
MNOAC021	442528	6664063	375	53	-60	225	50	3	0.7	EOH
MNOAC023	442584	6664111	374	85	-60	225	75	8	0.9
MNOAC029	442230	6663923	375	68	-60	225	66	1	0.61
MNOAC031	442346	6664031	376	114	-60	225	93	2	0.34
MNOAC034	6664114	442428	375	67	-60	225	34	2	0.54
							50	6	0.39
							62	2	0.39
MNOAC040	6664217	442387	373	65	-60	225	32	4	1.52
MNOAC042	6663953	441974	372	87	-60	225	52	3	0.46
							58	2	0.66
MNOAC058	6664433	442338	375	63	-60	225	28	4	0.57
							50	12	0.55
MNOAC062	6664036	441778	369	83	-60	225	60	2	0.23
MNOAC063	6664096	441839	369	69	-60	225	60	1	1.99
MNOAC064	6664153	441895	370	76	-60	225	64	11	0.24
MNOAC070	6664402	442150	374	81	-60	225	64	2	0.4
							77	3	0.6
MNOAC072	6664456	442207	375	90	-60	225	24	1	5.9
MNOAC073	6664485	442237	375	72	-60	225	52	7	0.35
							64	5	0.38
MNOAC074	6664512	442262	376	52	-60	225	44	6	0.39
						including	45	1	1.44
MNOAC075	6664536	442291	377	64	-60	225	61	1	0.31
MNOAC081	6664466	442083	375	81	-60	225	65	2	1.44
MNOAC083	6664518	442139	376	69	-60	225	29	3	1.16
							36	26	0.25
						including	40	2	1.86
						including	44	4	1.2
MNOAC084	6664549	442168	377	93	-60	225	35	1	0.37
							48	20	0.45
						including	48	1	1.02
						including	59	1	1.05
						including	67	1	1.42
							77	7	0.35
							87	1	0.47

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Hole ID	Easting	Northing	mRL	depth (m)	Dip	Azimuth	From (m)	Length (m)	g/t Au	Comments
MNOAC085	6664575	442197	377	69	-60	225	50	2	0.43
							48	4	0.25
MNOAC086	6664608	442226	377	56	-60	225	36	12	0.54
						including	37	3	1.71
MNOAC094	6664457	441929	373	84	-60	225	68	1	1.77
MNOAC096	6664540	442013	375	90	-60	225	22	2	0.54
							43	4	1.04
MNOAC097	6664568	442042	375	90	-60	225	19	3	0.43
							27	1	2.39
							88	2	0.28	EOH
MNOAC098	6664596	442072	375	57	-60	225	28	8	0.64
						including	30	3	1.23
							41	16	0.71
						including	50	5	1.48
MNOAC099	6664623	442099	375	72	-60	225	22	6	0.38
							55	4	0.34
							66	4	0.25	EOH
MNOAC100	6664651	442129	376	67	-60	225	24	1	6.83
							48	19	0.82
						including	49	8	1.4
						including	63	1	1.52
MNOAC101	6664678	442158	376	70	-60	225	21	1	1.39
MNOAC104	6664669	442006	374	51	-60	225	8	4	0.3
							18	1	0.23
							45	3	0.43
MNOAC105	6664691	442029	374	51	-60	225	20	1	4.65
							28	9	0.31
MNOAC106	6664720	442058	374	65	-60	225	32	3	0.33
							50	13	1.15
						including	50	1	5.68
						including	61	1	6.32
MNOAC107	6664751	442087	375	55	-60	225	37	7	0.31
						including	42	1	1.02
							52	1	0.43
MNOAC110	6664433	441615	370	62	-60	225	54	6	0.88
						including	54	2	1.72
MNOAC112	6664545	441730	371	57	-60	225	56	1	0.15	EOH
MNOAC115	6664529	441861	372	75	-60	225	67	1	0.58
							71	3	2.28
MNOAC118	6664612	441946	373	79	-60	225	21	1	0.63
							43	1	1.13
MNOAC119	6664643	441976	374	90	-60	225	20	1	0.71

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Hole ID	Easting	Northing	mRL	depth **(m) **	Dip	Azimuth	From (m)	Length (m)	g/t Au	Comments
MNOAC120	6664681	441872	372	77	-60	225	24	1	2.1
							26	1	0.21
							27	1	162.5
							28	1	3.15
MNOAC123	6664791	441987	374	73	-60	225	64	4	0.3
MNOAC124	6664817	442014	375	79	-60	225	4	2	0.24
							59	12	0.45
						including	59	1	1.48
MNOAC125	6664847	442046	375	45	-60	225	13	23	0.27
							41	4	0.35	EOH
MNOAC129	6664755	441810	372	84	-60	225	25	3	0.23
MNOAC130	6664787	441837	373	81	-60	225	20	1	0.44
							28	2	0.94
							34	1	31
							48	4	0.62
							56	2	0.34

For Further Information please contact;

Andrew Pumphrey Managing Director + CEO Mob +61 419 965 976 Office +61 8 9093 0039

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

About OzAurum

OzAurum Resources Ltd (ASX: OZM) is a Western Australian gold explorer with two advanced gold projects located 130 km north east of Kalgoorlie. The Company’s main objective is to make a significant gold discovery that can be brought to 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 Project 75 AC holes (MN0AC 131 - 205 5447m), azimuth 225° 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 and blanks 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 4m 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. At the EOH if the composite interval is less than 4m then that will be sample interval.
	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 kg was pulverised to produce a 30	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
	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.	Drillers’ 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 compressors is critical to maintaining good RC sample recovery. Using professional and competent core drilling contractor minimisesissueswithsample

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CRITERIA	JORC CODE EXPLANATION	COMMENTARY
		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 costean, channel, etc) photography.	All logging is qualitative in nature and included records of lithology, oxidation state and colour with estimates of intensity of mineralisation, alteration and veining. Wet and dry photographs were completed on the core.

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CRITERIA	JORC CODE EXPLANATION	COMMENTARY
	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. 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

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CRITERIA	JORC CODE EXPLANATION	COMMENTARY
		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 precision have been established.	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. 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.

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CRITERIA	JORC CODE EXPLANATION	COMMENTARY
	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. 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.

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CRITERIA	JORC CODE EXPLANATION	COMMENTARY
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 orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	It is not believed that drilling orientation has introduced a sampling bias as the dominant mineralised shear zone at Mulgabbie North 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.

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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 national park and environmental settings.	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. 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.

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CRITERIA	JORC CODE EXPLANATION	COMMENTARY
		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. 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	Please refer to table 1 in the report for full details.

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CRITERIA	JORC CODE EXPLANATION	COMMENTARY
	metres) of the drill hole collar 3. dip and azimuth of the hole 4. down hole length and interception depth 5. hole length.
	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”.
Data aggregation methods	In reporting Exploration Results, 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
	If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be

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CRITERIA	JORC CODE EXPLANATION	COMMENTARY
	reported.	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° or perpendicular to the strike of 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.
	If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width not known’).
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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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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