RESOURCES & ENERGY GROUP LIMITED — Capital/Financing Update 2021

Dec 12, 2021

13 December 2021

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ASX/Media Release

Resumption of Drilling Operations at Springfield and Gigante Grande Prospects

Resources & Energy Group Limited (ASX: REZ or the Company) are pleased to advise that drilling operations at the Companies Springfield and Gigante Grande prospects recommenced on 11[th] December. The Company is taking advantage of rig availability which has emerged for a short program prior to the Christmas shutdown.

DISCUSSION

The Springfield drilling program has been designed to follow up previously reported anomalous Nickel, Cobalt, Chromium, Zinc, Copper and Molybdenum results obtained from the initial Springfield scout program. This included the following peak down the hole assays[(1)] :

• SFRC01‐1m @1.78% Ni, 0.21% Cr, 5% S[(2)] , 269ppm Mo and 245ppm Cu from 98m.

• SFRC04‐1m @ 0.5 % Ni, 0.19% Cr, 4.4% S, from 88m

• SFRC05‐2m @ 1.02% Ni, 0.6% Cr, 0.4% Zn, from 29m and 2m @ 1.1 % Ni, 1% Cr[(3)] , 0.49% S, 0.45% Zn, 0.07% Co from 36m, included within 9m @ 0.8 % Ni, 0.62% Cr, 0.31% Zn from 29m

The Springfield area was identified by the Company following a review of historical exploration and gold mining activities. The documented occurrences of sulphides north of Springfield at Cepline, are prospective features for the occurrence of magmatic nickel sulphides, volcanic exhalative nickel sulphides and base metals deposits as well.

At this early stage of work, it is difficult to determine the style of mineralisation encountered at Springfield. RC Samples have been dispatched for preparation of thin sections for petrological and lithogeochemical evaluation by a leading industry expert‐Ben Grguric.

A total of 6 holes for an advance of 750m has been planned for Springfield. If time permits a further two holes will be drilled at Gigante Grande, where operations are investigating a large granite hosted gold system. These holes are part of a broader program of work which is being developed for the Gigante Grande prospect for implementation in early 2022.

Exploration completed by the company at Gigante Grande has intersected some impressive aggregate (4) intervals of gold mineralisation, refer Figure 1. These include:

• 20EMRC12 ‐65m at 1.72gt/au from 71m[(5)]

• 21EMRC01‐ 35m at 0.7gt/au from 11m and 19m at 2.51gt/au from 56m[(6)]

• 21EMRC04‐ 93m at 1.47gt/au from 28m[(6)]

• 21EMRC05‐ 115m at 1.33gt/au from 18m[6)]

Collar details and locations for the proposed Springfield drill holes are presented in table 1 and figure

1. The program is expected to take approximately 7 days to complete with results becoming available in mid‐January 2022.

(1) ASX Release dated 2nd November 2021

(2) Overlimit assay for Sulphur is 5% (3) Over limit assay for Chromium is 1%‐Both are subject to re‐assay

(4) At COG of 0.2g/t and inclusive of up to 8 consecutive meters of internal dilution <0.3gt/au.

(5 ASX Release dated 20th October 2020, (6) ASX Release dated 24th March 2021

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Head Office: Level 33, 52 Martin Place, Sydney, NSW, 2000 Postal: Level 33, 52 Martin Place, Sydney, NSW, 2000 T: +61 2 9227 8900 | F: +61 2 9227 8901 | E: admin@rezgroup.com.au | W: www.rezgroup.com.au

ACN 162 869 276 ABN 68 162 869 276

Twitter: @REZ_GOLD LinkedIN: REZGROUP

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Hole	Prospect	East	North	TD	Dip	Azimuth
SFRC10	Springfield	316318	6711719	150	60	0
SFRC11	Springfield	316500	6710553	150	60	90
SFRC12	Springfield	316213	6710888	150	60	90
SFRC13	Springfield	315719	6711786	150	60	90
SFRC14	Springfield	315742	6712051	150	60	270
SFRC15	Springfield	316131	6711642	150	60	90
GGPH101	Gigante Grande	319715	6715607	180	60	90
GGPH103	Gigante Grande	319735	6715607	180	60	135

Table 1 Drilling Details

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Figure 1 Cross Section through Gigante Grande Prospect N6715050 Facing North

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2

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Figure 2 Borehole Location Plan

About Resources and Energy

Resources and Energy Group Limited (ASX: REZ) is an independent, ASX‐listed mineral resources explorer, and miner with projects located in premier mining jurisdictions in Western Australia and Queensland. In Western Australia, the company’s flagship is the East Menzies Gold project (EMGP), situated 130km north of Kalgoorlie. The EMGP represents a +100km2 package of contiguous mining, exploration, and prospecting licenses, which are located within a significant orogenic lode gold province, refer figures 2 and 3.

For resource growth, the company’s focus is presently exploring the eastern and southwestern sides of the project area (Gigante Grande and Springfield Prospects). On the western side of the project area studies to investigate opportunities for renewed mining operations in M29/189 Granny Venn, M29/141 Goodenough, and M29/427 Maranoa have commenced. Most recently the company completed grade control drilling within the Granny Venn open pit and has resumed mining operations at the Granny Venn Open Pit Gold Mine. As of End July 2021, the Company has combined gold and silver resources (JORC 2012) of 192k oz/au and 862k oz/au ag; refer to table 2.

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Table 2 Gold and Silver Resource Summary

(1) ASX Release 19 May 2020, (2) ASX Release 3 November 2020, (3) ASX Release 19 February 2021, (4) ASX Release 22 November 2018

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3

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Figure 3 East Menzies Gold Project tenement and Operations Plan

In Queensland, the company has a 12km2 Mineral Development Licence over the Mount Mackenzie Mineral Resource and retains a further 15km2 as an Exploration Permit. These Development and Exploration Licences are in the Connors‐Auburn Arc and are prospective for high, intermediate, and low sulphidation gold and base metals mineralisation. The current resource has been estimated at

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4

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3.42Mt @ 1.18g/t gold and 9g/t silver for a total of 129,000 oz gold and 862k oz silver. A metallurgical test program is currently underway to investigate processing options for primary mineralisation below the current resource extents.

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Figure 4 East Menzies Gold Project Regional Location Plan

Richard Poole Executive Director

E: communications@rezgroup.com.au

P: +61 2 9227 8900

Approved for Release by the REZ Board

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