YANDAL RESOURCES LIMITED — Capital/Financing Update 2021

May 26, 2021

ASX Announcement 27 May 2021

Exploration Update - Gordons Gold Project

New high-grade RC drill intercepts expand Yandal’s pipeline of discovery targets

• Assays from shallow RC drilling at the Star of Gordon prospect located 2km along strike from the operating Gordon Sirdar gold mine have returned multiple significant intercepts from transitional and primary rocks. Mineralisation is open at depth, highlights include:

• ➢ 8m @ 4.69g/t Au from 15m including 1m @ 13.29g/t (YRLRC513)

• ➢ 10m @ 2.53g/t Au from 27m including 1m @ 8.56g/t (YRLRC514)

• ➢ 5m @ 2.44g/t Au from 21m including 1m @ 4.68g/t (YRLR493)

• Assays from AC drilling to blade refusal at the Malone and Gordons Dam SE prospects have improved definition of a large bedrock targets which are currently being tested with RC drilling with diamond drilling to follow. Highlights include:

Malone Prospect

• ➢ 5m @ 1.94g/t Au from 65m including 1m @ 8.21g/t Au (YRLAC633)

• ➢ 4m @ 1.52g/t Au from 83m at end-of-hole (YRLAC590)

• ➢ 2m @ 1.17g/t Au from 58m including 1m @ 2.07g/t at end-of-hole (YRLAC632)

• ➢ 4m @ 3.01g/t Au from 80m (YRLAC648 – 4m composite sample)

Gordons Dam SE Prospect

• ➢ 1m @ 1.33g/t Au from 73m and 1m @ 1.65g/t Au at end-of-hole (YRLAC467)

• ➢ 2m @ 1.10g/t Au from 44m including 1m @ 1.23g/t at end-of-hole (YRLAC465)

• A new deep diamond hole was completed to 342m and intersected the target porphyry hosted and related mineralisation at the Gordons Dam prospect, additional holes to follow – assay results pending.

Yandal Resources’ Managing Director; Mr Lorry Hughes commented:

“Results from first pass drilling at the Star of Gordons prospect have exceeded our expectations and provide us with a new high-priority target. Extensive shallow historic workings in the prospect area so close to an operating mine encouraged us to test it and we will now explore for extensions at depth.

In addition the Gordons gold project continues to return excellent drilling results from a number of prospects and the mineralised footprint in the Gordons Dam area is expanding with each reconnaissance AC program. There is potential for a large gold deposit at depth similar in size to those in the area. We have commenced a detailed structural study to improve geology and mineralisation models and to direct further aggressive RC and diamond drilling at depth”.

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Registered Address Yandal Resources Limited ACN 108 753 608 ABN 86 108 753 608 A 159 Stirling Highway Nedlands WA 6009 P PO Box 1104 Nedlands WA 6909	Board Members Lorry Hughes Managing Director/CEO Katina Law Chair Kelly Ross Non-Executive Director Bianca Taveira Company Secretary T +61 8 9389 9021 E yandal@yandalresources.com.au W www.yandalresources.com.au	Gold Projects Ironstone Well(100% owned) Barwidgee(100% owned) Mt McClure(100% owned) Gordons(100% owned) Shares on Issue 98,015,276 Share Price $0.64 Market Cap $62M ASX Code YRL

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Yandal Resources Ltd (ASX: YRL , “Yandal Resources” or the “Company”) is pleased to report new drilling results from Air-core (“AC”) and reverse circulation (“RC”) drilling at multiple prospects within the Gordons gold project, located in the highly prospective Kalgoorlie-Boulder Region of Western Australia (Figure 1).

Star of Gordon Prospect

A total of 43 angled RC holes for 4,197m were completed during the March Quarter 2021[1] to test ~1.5km strike length of shallow historic workings and surficial prospecting areas (Figures 1, 2 & Table 1). RC drilling was used to penetrate primary rocks as the depth of strong weathering is generally very shallow at ~10-15m. Widespread mineralisation was encountered within transitional and primary mafic, ultramafic and porphyry rock types. The mineralisation is open in all directions. Highlights include;

• ➢ 3m @ 1.37g/t Au from 10m including 1m @ 2.32g/t (YRLRC491)

• ➢ 3m @ 1.28g/t Au from 18m including 1m @ 1.69g/t (YRLRC492)

• ➢ 5m @ 2.44g/t Au from 21m including 3m @ 3.25g/t (YRLRC493)

• ➢ 6m @ 1.37g/t Au from 94m including 1m @ 6.12g/t (YRLRC501)

• ➢ 2m @ 1.57g/t Au from 51m including 1m @ 2.63g/t (YRLRC503)

• ➢ 4m @ 0.86g/t Au from 40m including 1m @ 2.99g/t (YRLRC506)

• ➢ 3m @ 2.11g/t Au from 61m including 1m @ 3.67g/t (YRLRC506A)

• ➢ 5m @ 0.95g/t Au from 35m including 1m @ 2.73g/t (YRLRC507)

• ➢ 8m @ 4.69g/t Au from 15m including 2m @ 10.20g/t and 1m @ 13.29g/t (YRLRC513)

• ➢ 10m @ 2.53g/t Au from 27m including 2m @ 6.88g/t and 1m @ 8.56g/t (YRLRC514)

The mineralisation occurs <2km directly NNW along strike from the Gordon Sirdar underground gold mine which is owned and operated by FMR Investments Pty Ltd (“FMR”). FMR are currently mining ~60,000t of ore per month using conventional underground mining methods and transporting the ore via road haulage for processing at their mill in Coolgardie.

Considering the extent of historic workings, the proximity of the intercepts to known gold deposits and the limited historic drilling into primary rocks, the Company considers the prospect to be a high priority exploration target. Planning and preparation for follow-up RC drilling to test for mineralisation at 100-150m depth is underway with commencement planned in the September Quarter.

Malone Prospect

A total of 93 vertical AC holes for 5,650m were completed in February and March along strike from and in areas adjacent to known mineralisation within shallow palaeochannel sediments, porphyry and mafic rock types (Figures 1 & 3 and Tables 2 & 3). Numerous significant intercepts from 4m composite samples were previously reported from 74 holes[1] and now individual 1m samples have returned significant mineralisation. Highlights include;

• ➢ 4m @ 1.52g/t Au from 83m at end-of-hole (YRLAC590)

• ➢ 6m @ 0.47g/t Au from 53m including 1m @ 1.02g/t at end-of-hole (YRLAC612)

• ➢ 4m @ 0.62g/t Au from 59m including 1m @ 1.82g/t (YRLAC614)

• ➢ 3m @ 1.14g/t Au from 77m including 1m @ 2.25g/t and 3m @ 0.33g/t at end-of-hole (YRLAC628)

• ➢ 2m @ 1.17g/t Au from 58m including 1m @ 2.07g/t at end-of-hole (YRLAC632)

• ➢ 5m @ 1.94g/t Au from 65m including 1m @ 8.21g/t (YRLAC633)

In addition, 4m composite samples have been returned from the remainder of the program with assays defining additional new mineralisation (Figures 1, 3 & Table 3). Highlights include:

• ➢ 8m @ 0.19g/t Au from 68m (YRLAC616) ➢ 4m @ 3.01g/t Au from 80m (YRLAC648)

1 Refer to YRL ASX announcements dated 13 April 2021 and 5 May 2021.

ASX Announcement 27 May 2021

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Inset Map
refer Figure 3
Inset Map
refer Figure 2
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14kms to Kanowna
Belle Mine
(ASX: NST)
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Figure 1 – Location map of key prospects within the Gordons gold project in relation to nearby operating third party gold mines, project tenure and regional geology.

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3m @ 0.44g/t Au (25m) incl.
-1m @ 1.11g/t Au (25m)
10m @ 2.53g/t Au (27m) incl.
OPEN -1m @ 4.35g/t Au (31m)
-2m @ 6.88g/t Au (34m)
-1m @ 5.19g/t Au (34m)
8m @ 4.69g/t Au (15m) incl. -1m @ 8.56g/t Au (35m)
-6m @ 5.88g/t Au (15m) -2m @ 2.46g/t Au (41m)
-2m @ 10.20g/t Au (19m)
-1m @ 13.29g/t Au (19m)
11m @ 0.48g/t Au (14m) incl.
-1m @ 1.23g/t Au (18m)
-1m @ 1.03g/t Au (21m) 3m @ 2.11g/t Au (61m) incl.
-1m @ 3.67g/t Au (62m)
5m @ 0.95g/t Au (35m) incl.
-1m @ 2.73g/t Au (39m)
4m @ 0.86g/t Au (40m) incl.
-1m @ 2.99g/t Au (41m)
3m @ 1.11g/t Au (59m) incl.
-1m @ 1.82g/t Au (61m)
A 4m @ 0.11g/t Au (128m) EOH
2m @ 1.57g/t Au (51m) incl.
-1m @ 2.63g/t Au (51m)
6m @ 1.37g/t Au (94m) incl. 9m @ 0.41g/t Au (24m) incl.
-1m @ 6.12g/t Au (26m) -1m @ 1.44g/t Au (26m)
2m @ 1.28g/t Au (18m) incl.
-1m @ 1.69g/t Au (19m)
-1m @ 1.12g/t Au (71m)
20m @ 0.76g/t Au (14m) incl.
-5m @ 2.44g/t Au (21m)
-1m @ 4.68g/t Au (22m)
-1m @ 3.09g/t Au (23m)
2m @ 1.91g/t Au (10m) incl.
-1m @ 2.32g/t Au (11m)
-1m @ 1.62g/t Au (50m)
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Figure 2 – Plan view drill collar map of the Star of Gordon gold prospect.

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The new results are considered highly encouraging as they currently define a large transitional and bedrock anomaly extending for over 1km in a north-south direction and for over 500m in the east-west direction. The anomaly is open to the south-west and the western part of the anomaly is interpreted to be related to a NNW – SSE trending mafic - felsic volcanic contact. The underlying regional schematic geology interpretation map shown in Figure 3, is not currently accurate as it is in the process of being updated with recent information for future releases.

Results from the area in the vicinity of hole YRLAC648 (4m @ 3.01g/t Au from 80m ) are particularly encouraging as they define a linear +300m long east-west trending zone that is open to the west (Figure 3). Additional lines of first pass AC drilling are planned to commence in the current quarter with ongoing RC and diamond (“DD”) drilling planned for immediate follow-up.

RC drilling is currently underway at the Malone prospect to test new targets generated from the earlier AC results. An ongoing RC program is underway to test beneath the anomalies to maximum depths of 150200m depending on ground conditions (Figure 3). If results are successful, deeper RC and DD drilling will immediately follow. RC assay results are pending.

Gordons Dam SE Prospect

Individual 1m assay results were returned from anomalous 4m composite intervals from angled AC holes which have also provided better definition of the bedrock targets ~600m south-east along strike from the more advanced Gordons Dam prospect (Figures 1, 3 & Table 2). Highlights include;

• ➢ 2m @ 1.10g/t Au from 44m including 1m @ 1.23g/t Au at end-of-hole (YRLAC465)

• ➢ 4m @ 0.91g/t Au from 73m including 1m @ 1.65g/t Au at end-of-hole (YRLAC465)

Follow-up RC drilling has commenced to test beneath the most encouraging bedrock anomalies and further drilling is planned once the results of a detailed structural mineralisation study at Gordons Dam are received. RC assay results are pending.

Gordons Dam Prospect

As follow-up to high-grade primary intercepts returned from March Quarter RC drilling including 1m @ 20.68g/t Au from 118m in hole YRLRC543[1] and 1m @ 20.41g/t Au from 73m in hole YRLRC539[1] , a detailed structural mineralisation study was instigated. The study will be completed by Davis Vanderhor Geological Consultants and use all available drilling data including results from a recently completed DD hole YRLDD008.

The new hole was completed to 342.1m downhole depth and was designed to intersect porphyry hosted and related mineralisation at vertical depth of ~200m (Figure 3). Significant disseminated, brecciated and quartz hosted sulphides were noted within altered porphyry and mafic rocks in the drill core commencing very close to the interpreted target depth. DD assay results are pending.

Next Steps

Key exploration activities planned during the June and September Quarter at the Gordons project include;

• Receive and review all pending AC, RC and DD drill hole results from Gordons Dam, Gordons Dam SE, Malone and Sheperd prospects and implement immediate follow-up high-impact drilling to test targets to maximum vertical depths of ~500m;

• Compile results and implement recommendations from the structural mineralisation study;

• Continue DD, RC and AC programs at the Gordons Dam, Gordons Dam SE, Malone and Star of Gordon prospects.

1 Refer to YRL ASX announcement dated 5 May 2021.

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YRLDD008
Gordons Dam
Prospect
OPEN
YRLAC590 (end-of-hole) YRLAC465 (end-of-hole)
4m @ 1.52g/t Au (83m)
2m @ 1.10g/t Au (44m) incl.
-1m @ 1.23g/t Au (45m)
YRLAC467 (end-of-hole)
YRLAC609 OPEN 4m @ 0.91g/t Au (73m) incl.
1m @ 1.06g/t Au (54m) YRLAC614 -1m @ 1.33g/t Au (73m)
4m @ 0.62g/t Au (59m) incl. 561 -1m @ 1.65g/t Au (76m)
-1m @ 1.82g/t Au (59m)
YRLAC612 (end-of-hole)
6m @ 0.47g/t Au (53m) incl.
-1m @ 1.02g/t Au (56m)
YRLAC601 OPEN
1m @ 0.90g/t Au (17m)
YRLAC628 (end-of-hole)
3m @ 1.14g/t Au (77m) incl.
-1m @ 2.25g/t Au (79m) OPEN
3m @ 0.33g/t Au (84m)
Gordons Dam
YRLAC648 (4m composite)4m @ 3.01g/t Au (80m) OPEN SE Prospect
YRLAC633
5m @ 1.94g/t Au (65m) incl.
Malone -1m @ 8.21g/t Au (65m)
Prospect
OPEN
YRLAC632 (end-of-hole)
2m @ 1.17g/t Au (58m) incl.
-1m @ 2.07g/t Au (59m)
YRLAC630 (end-of-hole)
4m @ 0.16g/t Au (74m) OPEN
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Figure 3 – Gordons Dam, Gordons Dam SE and Malone prospect collar plan showing the location of newly completed and proposed AC holes, newly completed and proposed RC holes, newly completed diamond holes and all other holes as per the legend and Tables 1-3. * Underlying regional geology units are currently being updated.

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Table 1 – Drill collar locations, depth, orientation and 1m down hole assay results for the Star of Gordons gold prospect.

Hole Id	North (m)	East (m)	Depth (m)	Dip (Deg.)	Azi. (Deg.)	From (m)	To (m)	Interval (m)	Au1 g/t (FA50)	Au2 g/t (FA50)
Star of Gordon Prospect		RC Intervals(>0.10g/t Au)
YRLRC0491	6631868	363457	120	-60	230	0	1	1	0.10
						3	4	1	0.27
						10 13		3 1.37
				including		10 12		2 1.91
				including		11 12		1 2.04 2.32
						19	20	1	0.10
						23	24	1	0.14
						37	39	2	0.20
						45	46	1	0.24
						50 51		1 1.62
						53	54	1	0.21
						91	92	1	0.12
						95	96	1	0.34
						98	99	1	0.12
YRLRC0492	6631893	363487	138	-60	230	5	6	1	0.12
						15 22		7 0.64
				including		18 21		3 1.28
				including		19 20		1 1.51 1.69
						31	32	1	0.16
						46	47	1	0.21
						57	58	1	0.17
						60	66	6	0.12
						71	76	5	0.34
						71 72		1 1.06 1.12
						87	88	1	0.12
YRLRC0493	6631951	363556	72	-60	230	14 34		20 0.76
				including		21 26		5 2.44
				including		21 24		3 3.25
				including		22 22		1 4.68 3.95
				including		23 24		1 1.34 3.09
YRLRC0494	6631977	363587	96	-60	230	NSA >0.03g/t Au
YRLRC0495	6632030	363650	72	-60	230	NSA >0.03g/t Au
YRLRC0496	6631768	363677	132	-60	230	88	90	2	0.70
						95	101	6	0.28
YRLRC0497	6632048	363516	60	-60	230	NSA >0.03g/t Au
YRLRC0498	6632074	363546	144	-60	230	24 33		9 0.41
				including		26 27		1 1.26 1.44
						62	67	5	0.24
						104	105	1	0.14
						113	114	1	0.27
						124	126	2	0.33
YRLRC0499	6632130	363459	60	-60	230	28	32	4	0.21
YRLRC0500	6632162	363498	71	-60	230	37 46		9 0.41

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Hole Id	North (m)	East (m)	Depth (m)	Dip (Deg.)	Azi. (Deg.)	From (m)	To (m)	Interval (m)	Au1 g/t (FA50)	Au2 g/t (FA50)
				including		42 43		1 1.12
						55 62		7 0.40
				including		57 58		1 0.82 1.31
						68	70	2	0.34
YRLRC0501	6632161	363342	114	-60	230	20	26	6	0.25
				including		22	24	2	0.63
						30	36	6	0.34
				including		32	34	2	0.72
						76	88	12	0.18
						94 100		6 1.37
				including		97 98		1 4.33 6.12
YRLRC0502	6632187	363372	90	-60	230	NSA>0.03g/t Au
YRLRC0503	6632238	363434	120	-60	230	39	41	2	0.20
						44	46	2	0.15
						51 53		2 1.57
				including		51 52		1 2.46 2.63
						77	79	2	0.18
						85	88	3	0.29
YRLRC0504	6632264	363464	120	-60	230	44	50	6	0.26
				including		47	48	1	0.79	0.71
						53	54	1	0.29
YRLRC0505*	6632290	363495	132	-60	230	128 132		4 0.11#
YRLRC0506	6632358	363420	64	-60	230	40 44		4 0.86
				including		41 42		1 2.87 2.99
						50	51	1	0.13
						59 64		5 0.73
				including		59 62		3 1.11
				including		61 62		1 1.82 1.74
YRLRC0506A	6632358	363420	90	-60	230	61 64		3 2.11
				including		61 63		2 3.08
				including		62 63		1 3.67
YRLRC0507	6632426	363347	120	-60	230	32 43		11 0.63
				including		35 40		5 0.95
				including		35 36		1 1.54
				including		39 40		1 2.67 2.73
YRLRC0508	6632497	363276	90	-60	230	9	10	1	0.48
YRLRC0509	6632522	363307	90	-60	230	14 25		11 0.48
				including		15 22		7 0.64
				including		18 19		1 1.23 1.16
				including		21 22		1 1.03
YRLRC0510	6632548	363337	90	-60	230	8	11	3	0.13
						15	55	7	0.13
						24	26	2	0.73
				including		24	25	1	0.87	0.96
YRLRC0511*	6632621	363424	96	-60	230	8	12	4	0.16
YRLRC0512	6632532	363161	90	-60	230	NSA>0.03g/t Au

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Hole Id	North (m)	East (m)	Depth (m)	Dip (Deg.)	Azi. (Deg.)	From (m)	To (m)	Interval (m)	Au1 g/t (FA50)	Au2 g/t (FA50)
YRLRC0513	6632609	363253	90	-60	230	9	12	3	0.39
						15 23		8 4.69
				including		15 21		6 5.88
				including		19 21		2 10.20
				including		19 20		1 11.95 13.29
YRLRC0514	6632635	363283	90	-60	230	20	23	3	0.71
						27 37		10 2.53
				including		31 32		1 4.12 4.35
				including		34 36		2 6.88
				including		34 35		1 1.45 5.19
				including		35 36		1 7.82 8.56
						41 43		2 2.46
YRLRC0515	6632692	363194	60	-60	230	NSA>0.03g/t Au
YRLRC0516	6632743	363256	90	-60	230	45	50	5	0.43
YRLRC0517	6632795	363317	60	-60	230	24	26	2	0.17
						28	31	3	0.33
				including		28	29	1	0.73
YRLRC0518	6632753	363113	96	-60	230	NSA>0.03g/t Au
YRLRC0519	6632958	363200	90	-60	230	25 28 3 0.44
				including		25 26 1 0.97 1.11
						41	44	3	0.24
						64	65	1	0.57
						67	69	2	0.27
YRLRC0520	6632818	363033	90	-60	230	32	33	1	0.23
YRLRC0521	6632909	362984	90	-60	230	32	33	1	0.28
YRLRC0522	6632857	362923	90	-60	230	NSA>0.03g/t Au
YRLRC0523	6632906	362826	90	-60	230	NSA>0.03g/t Au
YRLRC0524	6632958	362887	96	-60	230	NSA>0.03g/t Au
YRLRC0558	6632213	363403	90	-60	230	Assays pending
YRLRC0559	6631940	363387	120	-60	230	Assays pending
YRLRC0560	6631986	363443	120	-60	230	Assays pending
YRLRC0561	6631851	363437	132	-60	230	Assays pending
YRLRC0562	6631725	363443	120	-60	230	NSA>0.03g/t Au
YRLRC0563	6631788	363518	60	-60	230	Assays pending
YRLRC0564	6631800	363533	132	-60	230	Assays pending
YRLRC0565	6631710	363609	120	-60	230	Assays pending

Table 2 – Drill collar locations, depth, orientation and 1m down hole AC assay results for the Malone and Gordons Dam South East gold prospects.

Hole Id	North (m)	East (m)	Depth (m)	Dip (Deg.)	Azi. (Deg.)	From (m)	To (m)	Interval (m)	Au1 g/t (FA50)	Au2 g/t (FA50)
Malone Prospect 1m AC Intervals(>0.10g/t Au)
YRLAC0590	6633270	358884	87	-90	360	83 87		4 1.52#
YRLAC0594	6633142	359037	76	-90	360	56	58	2	0.38
YRLAC0601	6632917	359305	54	-90	360	17 18		1 0.79 0.90
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Hole Id	North (m)	East (m)	Depth (m)	Dip (Deg.)	Azi. (Deg.)	From (m)	To (m)	Interval (m)	Au1 g/t (FA50)	Au2 g/t (FA50)
YRLAC0609	6633258	358743	72	-90	360	49	52	3	0.15
						54 55		1 1.06 1.01
						57	59	2	0.35
						61	64	3	0.40
YRLAC0610	6633226	358781	78	-90	360	NSA>0.10g/t Au
YRLAC0611	6633194	358819	78	-90	360	NSA>0.10g/t Au
YRLAC0612	6633162	358858	59	-90	360	53 59 6 0.47#
				including		56 57 1 1.02
YRLAC0614	6633097	358934	72	-90	360	59 63 4 0.62
				including		59 60 1 1.59 1.82
YRLAC0628	6632892	359023	87	-90	360	77 80 3 1.14
				including		79 80 1 2.25
						84 87 3 0.33#
YRLAC0630	6632828	359100	78	-90	360	74 78 4 0.16#
YRLAC0632	6632764	359176	60	-90	360	58 60 2 1.17#
				including		59 60 1 2.07# 1.94
YRLAC0633	6632731	359215	82	-90	360	65 70 5 1.94
				including		65 66 1 8.21 8.10
YRLAC0634	6632699	359253	84	-90	360	75	76	1	0.18
						79	81	2	0.35
Gordons Dam SE Prospect 1m AC Intervals (>0.10g/t Au)
YRLAC0454	6633184	360132	66	-60	240	56	57	1	0.61	0.55
YRLAC0462	6633039	360098	47	-60	240	32	33	1	0.10
YRLAC0463	6633058	360133	49	-60	240	NSA>0.10g/t Au
YRLAC0465	6633096	360203	46	-60	240	44 46 2 1.10#
				including		45 46 1 1.23#
YRLAC0467	6633134	360273	77	-60	240	73 77 4 0.91#
				including		73 74 1 1.33 1.24
				including		76 77 1 1.58 1.65

Table 3 – Drill collar locations, depth, orientation and 4m down hole AC assay results for the Malone gold prospect.

Hole Id	North (m)	East (m)	Depth (m)	Dip (Deg.)	Azimuth (Deg.)	From (m)	To (m)	Interval (m)	Au g/t (AR50)
Malone Prospect 4m Composite AC Intervals (>0.03g/t Au)
YRLAC0561	6633288	359485	48	-90	360		NSA>0.03g/t Au
YRLAC0616	6633033	359011	82	-90	360	68	76 8 0.19
YRLAC0617	6633001	359049	75	-90	360	36	40	4	0.03
YRLAC0618	6633214	358640	27	-90	360		NSA>0.03g/t Au
YRLAC0619	6633181	358678	45	-90	360	40	44 4 0.10
YRLAC0620	6633149	358717	78	-90	360	64	72 8 0.16
YRLAC0621	6633117	358755	66	-90	360	52	60 8 0.11
YRLAC0622	6633085	358793	76	-90	360	48	60	12	0.03
YRLAC0623	6633053	358832	50	-90	360	48	50 2 0.04#
YRLAC0624	6633021	358870	81	-90	360	0	4	4	0.03
YRLAC0625	6632989	358908	90	-90	360	0	4 4 0.05

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Hole Id	North (m)	East (m)	Depth (m)	Dip (Deg.)	Azimuth (Deg.)	From (m)	To (m)	Interval (m)	Au g/t (AR50)
						64	68	4	0.03
						80	88 8 0.05
YRLAC0643	6633008	358729	74	-90	360	68	72 4 0.07
YRLAC0644	6632976	358767	97	-90	360	92	96 4 0.05
YRLAC0645	6632944	358806	96	-90	360	0	8	8	0.04
						60	64	4	0.03
						68	72 4 0.06
						84	92	8	0.04
YRLAC0646	6632912	358844	103	-90	360	0	4	4	0.03
						92	100 8 0.05
YRLAC0648	6632848	358921	118	-90	360	80	84 4 3.01
YRLAC0649	6632816	358959	114	-90	360		NSA >0.03g/t Au
YRLAC0650	6632783	358997	66	-90	360		NSA >0.03g/t Au

Notes to Table 1 - 1. An accurate dip and strike and the controls on mineralisation are only interpreted and the true width of mineralisation is unknown at this stage. 2. For AC and RC drilling, 4m composite samples are submitted are analysed using a 50g Aqua Regia digest with Flame AAS gold finish (0.01ppm detection limit), 1m samples are analysed using a 50g fire assay with ICP-MS finish gold analysis (0.01ppm detection limit) by Aurum Laboratories in Beckenham, Western Australia. 3. g/t (grams per tonne). 4. Intersections are calculated over intervals >0.15g/t or as indicated. 5. Drill type AC = Air-core, RC = Reverse Circulation. 6. Coordinates are in GDA94, MGA Z51. 7. * denotes a 4m composite assay 8. # denotes an end of hole assay.

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About Yandal Resources Limited

Yandal Resources listed on the ASX in December 2018 and has a portfolio of advanced gold exploration projects in the highly prospective Yandal and Norseman-Wiluna Greenstone Belts of Western Australia.

Yandal Resources’ Board has a track record of successful discovery, mine development and production.

November 2020 Mineral Resource Estimate Summary Table – Flushing Meadows Gold Deposit

Material Type	Indicated	Indicated		I	nferred			Total
	Tonnes	Au(g/t)	Oz	Tonnes	Au(g/t)	Oz	Tonnes	Au(g/t)	Oz
Laterite	89,853	1.26	3,631	86,671	1.23	3,422	176,524	1.24	7,054
Oxide	2,015,900	1.33	86,071	2,246,845	1.10	79,389	4,262,745	1.21	165,420
Transition	35,223	1.20	1,360	1,160,471	1.10	40,966	1,195,695	1.10	42,325
Fresh				1,751,484	0.95	53,440	1,751,484	0.95	53,440
Total	2,140,976	1.32	91,062	5,245,471	1.05	177,217	7,386,448	1.13	268,352

* Reported above 0.5g/t Au lower cut-off grade, refer to Yandal Resources Ltd ASX announcement dated 4 November 2020 for full details.

Competent Person Statement

The information in this document that relates to Exploration Results, geology and data compilation is based on information compiled by Mr Trevor Saul, a Competent Person who is a Member of The Australian Institute of Mining and Metallurgy. Mr Saul is the Exploration Manager for the Company, is a full-time employee and holds shares and options in the Company.

Mr Saul 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 Saul consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears.

The information in this announcement that relates to the Flushing Meadows Mineral Resource Estimate is based on information compiled and generated by Andrew Bewsher, an employee of BM Geological Services Pty Ltd (“BMGS”). Both Andrew Bewsher and BMGS hold shares in the company. BMGS consents to the inclusion, form and context of the relevant information herein as derived from the original resource reports. Mr Bewsher has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which is being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the JORC ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.

Authorised by the board of Yandal Resources

For further information please contact:

Lorry Hughes Bianca Taveira Managing Director Company Secretary Yandal Resources Limited +61 8 9389 9021 yandal@yandalresources.com.au yandal@yandalresources.com.au

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Appendix 1 – Gordons Gold Project JORC Code (2012) Table 1, Section 1 and 2

Mr Trevor Saul, Exploration Manager of Yandal Resources compiled the information in Section 1 and Section 2 of the following JORC Table 1 and is the Competent Person for those sections. The following Table and Sections are provided to ensure compliance with the JORC Code (2012 edition) requirements for the reporting of Mineral Resources.

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary	Commentary
Sampling	Nature and quality of sampling (e.g. cut channels, random chips,	•	4m composite samples taken with a sample scoop thrust into the RC sample bag which is laid out in
techniques	or specific specialised industry standard measurement tools		individual metres in a plastic bag on the ground. 1m single splits taken using a cone splitter at time of
	appropriate to the minerals under investigation, such as down		drilling, if 4m composites are anomalous (>100-200ppb or lower depending on location), 1m single splits
	hole gamma sondes, or handheld XRF instruments, etc.). These		are submitted for analyses. Average sample weights about 3.0kg for 4m composites and 2.0-3.0kg for
	examples should not be taken as limiting the broad meaning of		1m samples.
	sampling.	•	For AC drilling samples laid out on the ground and sampled as above. Average weights are 2.0-3.0kg
			forcomposites and2.0-3.0kgforsingles.
	Include reference to measures taken to ensure sample	•	For RC and AC drilling regular air and manual cleaning of cyclone to remove hung up clays where
	representivity and the appropriate calibration of any		present. Routinely regular standards are submitted during composite analysis and standards, blanks
	measurement tools or systems used.		and duplicates for 1m samples. Based on statistical analysis and cross checks of these results, there is
			no evidence to suggest the samples are not representative. Standards & replicate assays taken by the
			laboratory.
	Aspects of the determination of mineralisation that are Material	•	AC and RC drilling was used to obtain 1m samples from which approximately 2.0-3.0kg sample was
	to the Public Report. In cases where ‘industry standard’ work		pulverised to produce a 50g Aqua Regia digest with Flame AAS gold finish (0.01ppm detection limit) for
	has been done this would be relatively simple (e.g. ‘reverse		composite samples and a 50g fire assay with ICP-MS (inductively coupled plasma - mass spectrometry)
	circulation drilling was used to obtain 1 m samples from which 3		finish gold analysis (0.01ppm detection limit) for 1m samples by Aurum Laboratories in Beckenham,
	kg was pulverised to produce a 30 g charge for fire assay’). In		Western Australia. Samples assayed for Au, As, Cu, Pb, Zn and Ag for this program. Drilling intersected
	other cases more explanation may be required, such as where		oxide, transitional and primary mineralisation to a maximum drill depth of 132m.
	there is coarse gold that has inherent sampling problems.
	Unusual commodities or mineralisation types (e.g. submarine
	nodules) may warrant disclosure of detailed information.
Drilling	Drill type (e.g. core, reverse circulation, open-hole hammer,	•	RC drilling with a 4’ ½ inch face sampling hammer bit. AC drilling used a 3’ ½ inch blade bit.
techniques	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).
Drill sample	Method of recording and assessing core and chip sample	•	RC and AC recovery and meterage was assessed by comparing drill chip volumes or (sample bags for
recovery	recoveries and results assessed.		RC) for individual meters. Estimates of sample recoveries were recorded. Routine checks for correct
	Measures taken to maximise sample recovery and ensure representative nature of the samples.	•	sample depths are undertaken every rod. RC sample recoveries were visually checked for recovery, moisture and contamination. The cyclone was routinely cleaned ensuring no material build up.
	Whether a relationship exists between sample recovery and	•	Due to the generally good/standard drilling conditions and powerful drilling rig the geologist believes the
	grade and whether sample bias may have occurred due to		RC and AC samples are representative, some bias would occur in the advent of poor sample recovery
	preferential loss/gain of fine/coarse material.		which was logged when encountered. At depth there were some wet samples and these are recorded
			ongeological logs.
Logging	Whether core and chip samples have been geologically and	•	RC and AC drill chip logging is routinely completed on one metre intervals at the rig by the geologist.
	geotechnically logged to a level of detail to support appropriate		The logwas made to standard loggingdescriptive sheets,and transferred into Micromine software on

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Criteria	JORC Code explanation	Commentary	Commentary
	Mineral Resource estimation, mining studies and metallurgical		a computer once back at the Perth office. Logging was qualitative in nature.
	studies.	•	All intervals logged for AC and RC drilling completed during drill program with a representative sample
	Whether logging is qualitative or quantitative in nature. Core (or		placed into chip trays.
	costean, channel, etc) photography.
	The total length and percentage of the relevant intersections
	logged.
Sub-sampling	If core, whether cut or sawn and whether quarter, half or all core	•	AC and RC samples taken.
techniques	taken.	•	AC and RC samples were collected from the drill rig by spearing each 1m collection bag (RC) or from
and sample preparation	If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.	•	the ground (AC) and compiling a 4m composite sample. Single splits were automatically taken by the rig cone splitter for RC. Wet or dry samples were noted in the logs. For Yandal Resources Ltd samples, duplicate 1m samples were taken in the field, with standards and
	For all sample types, the nature, quality and appropriateness of		blanks inserted with the 1m and 4m samples for analyses.
	the sample preparation technique.	•	1m samples were consistent and weighed approximately 2.0-3.0kg for RC (2.0-3.0kg for AC) and it is
	Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.	•	common practice to review 1m results and then review sampling procedures to suit. Once samples arrived in Perth, further work including duplicates and QC was undertaken at the laboratory. Yandal Resources Ltd has determined that at the Gordons Dam prospect there is sufficient
	Measures taken to ensure that the sampling is representative of		data for a MRE however the deposit is open in many directions and will grow.
	the in situ material collected, including for instance results for	•	Mineralisation mostly occurs within intensely oxidised saprolitic and palaeochannel clays after altered
	field duplicate/second-half sampling.		mafic, porphyry and felsic rocks (typical greenstone geology). The sample size is standard practice in
	Whether sample sizes are appropriate to the grain size of the		the WA Goldfields to ensure representivity.
	material being sampled.
Quality of	The nature, quality and appropriateness of the assaying and	•	The composite 4m samples were assayed using a 50g Aqua Regia digest with Flame AAS gold finish
assay data	laboratory procedures used and whether the technique is		(0.01ppm detection limit) finish Au, Ag, As, Cu, Pb and Zn analysis (0.01ppm detection limit) by Aurum
and	considered partial or total.		Laboratories in Beckenham, Western Australia for gold only. Initial 4m samples were assayed by Aqua
laboratory tests	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.	• •	Regia with fire assay checks (0.01ppm detection limit). No geophysical assay tools were used. Laboratory QA/QC involves the use of internal lab standards using certified reference material, blanks, splits and replicates as part of the in-house procedures. QC results (blanks, duplicates, standards) were in line with commercial procedures, reproducibility and accuracy. These comparisons were deemed
	Nature of quality control procedures adopted (e.g. standards,		satisfactory. Some re-splitting with an onsite three-tier riffle splitter has been undertaken in the
	blanks, duplicates, external laboratory checks) and whether		palaeochannel area for analyses. A number of samples have been selected for future metallurgical
	acceptable levels of accuracy (i.e. lack of bias) and precision		testing. A number of 1m residues from RC assays are planned to be analysed at other laboratories for
	have been established.		comparison.
Verification of	The verification of significant intersections by either independent	•	Work was supervised by senior Aurum Laboratory staff experienced in metals assaying. QC data reports
sampling and	or alternative company personnel.		confirming the sample quality have been supplied.
assaying	The use of twinned holes.	• •	Data storage as PDF/XL files on company PC in the Perth office. No data was adjusted.
	Documentation of primary data, data entry procedures, data	•	Significant intercepts reported in Tables 1-3 by Mr Trevor Saul of Yandal Resources and were generated
	verification, data storage (physical and electronic) protocols.		by compositing to the indicated downhole thickness. Lower cut-offs were used for reporting as shown
	Discuss any adjustment to assay data.		and intersections are generally calculated with a maximum of 2m of internal dilution.

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Criteria	JORC Code explanation	Commentary	Commentary
Location of	Accuracy and quality of surveys used to locate drill holes (collar	•	All drill collar locations were initially pegged and surveyed using a hand held Garmin GPS, accurate to
data points	and down-hole surveys), trenches, mine workings and other		within 3-5m. Holes were drilled at various spacings dependent on prospect assessment. All reported
	locations used in Mineral Resource estimation.		coordinates are referenced to the GDA. The topography is very flat at the location of the Gordons Dam
	Specification of the grid system used.		prospect. Down hole surveys utilised a proshot camera at the end of hole plus every 30m while pulling out of the hole.
	Quality and adequacy of topographic control.	•	Grid MGA94 Zone 51.
		•	Topography is very flat, small differences in elevation between drill holes will have little effect on
			mineralisation widths on initial interpretation. All new holes and some available historic holes have been
			surveyed by DGPS as well as a surveyed topographical surface for compilation of MRE’s. The
			topographic surface has been generated by using the hole collar surveys. It is considered to be of
			sufficient quality to bevalidforthis stage ofexploration.
Data spacing	Data spacing for reporting of Exploration Results.	•	Holes were variably spaced in accordance with the collar details/coordinates supplied in Tables 1-3.
and distribution	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 hole spacing was determined by the Company to be sufficient when combined with confirmed historic drilling results to explore effectively. The sample spacing and the appropriateness of each hole to be included to make up data points for a Mineral Resource has not been determined. It will depend on results from all the drilling and geological interpretations when complete.
	Whether sample compositing has been applied.
Orientation of	Whether the orientation of sampling achieves unbiased	•	No, drilling angle or vertical holes is deemed to be appropriate to intersect the supergene mineralisation
data in	sampling of possible structures and the extent to which this is		and potential residual dipping structures and is appropriate for the current stage of the prospects. At
relation to	known, considering the deposit type.		depth angle holes have been used to intersect the interpreted dipping lodes. True widths are often
geological structure	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.	• •	calculated depending upon the geometry. The relationship between the drilling orientation and the orientation of mineralised structures is not considered to have introduced a sampling bias. Given the style of mineralisation and drill spacing/method, it is the most common routine for delineating shallow gold resources in Australia. Angle holes are the most appropriate for exploration style and Resource style drilling for the type and
			locationof mineralisation intersected.
Sample	The measures taken to ensure sample security.	•	Samples were collected on site under supervision of the responsible geologist. The work site is on a
security			pastoral station. Once collected samples were wrapped and transported to Perth for analysis. Dispatch
			and consignment notes were delivered and checked for discrepancies.
		•	Sample security for historical samples was highly variable and dependent on the exploration company
			however most of the companies working in the area are considered leaders in improving the sample
			security, QAQCprocedures and explorationprocedures.
Audits or	The results of any audits or reviews of sampling techniques and	•	No Audits have been commissioned.
reviews	data.

Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation	Commentarys	Commentarys
Mineral	Type, reference name/number, location and ownership	•	The drilling was conducted on E24/198, E27/583, E27/536, P27/2206, M27/237, P27/2214, P27/1911,
tenement and	including agreements or material issues with third parties such		M27/502, P27/2339, P27/2334, P27/2361 and E27/601. The tenement are 100% owned by the
	asjoint ventures, partnerships, overriding royalties, native title		Companyand there are no 3rd partyroyalties. The tenements are ingood standingand no known

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Criteria		JORC Code explanation	Commentarys	Commentarys
land	tenure	interests, historical sites, wilderness or national park and		impediments exist.
status		environmental settings.
		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.
Exploration		Acknowledgment and appraisal of exploration by other parties.	•	Previous workers in the area include among others, North Ltd, Delta Gold Ltd, Aurion Gold Ltd, Placer
done by other				Dome Asia Pacific, Barminco Investments, Mt Kersey Mining NL, Gutnick Resources NL, Pacific Arc
parties				Exploration, Geopeko, Flinders Resources Ltd, Kesli Chemicals Pty Ltd and Windsor Resources NL.
Geology		Deposit type, geological setting and style of mineralisation.	•	Archaean Orogenic Gold mineralisation hosted within the Boorara domain of the Kalgoorlie Terrane
				within the Norseman-Wiluna Archaean greenstone belt. The granite-greenstone belt is approximately
				600 km long and is characterised by very thick, possibly rift controlled accumulations of ultramafic, mafic
				and felsic volcanics, intrusive and sedimentary rocks. It is one of the granite / greenstone terrains of the
				YilgarnCratonof WA.
Drill hole		A summary of all information material to the understanding of	•	See Tables 1-3.
Information		the exploration results including a tabulation of the following	•	All holes reported from the current program are listed in Table 1 or can be viewed in Yandal’s other ASX
		information for all Material drill holes:		releases during 2018-2021.
		• easting and northing of the drill hole collar • elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar • dip and azimuth of the hole • down hole length and interception depth	• •	Other hole collars in the immediate area of the Gordons Dam prospect have been included for diagrammatic purposes and Mr Saul considers listing all of the drilling details is prohibitive and would not improve transparency or materiality of the report. Plan view diagrams are shown in the report of all drilling collars in close proximity to the new drilling for exploration context in Figures 1-3. No information is excluded.
		• 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.
Data		In reporting Exploration Results, weighting averaging	•	No weighting or averaging calculations were made, assays reported and compiled are as tabulated in
aggregation		techniques, maximum and/or minimum grade truncations (e.g.		Tables 1-3.
methods		cutting of high grades) and cut-off grades are usually Material	•	All assay intervals reported in Tables 1-3 are typically 4m downhole intervals above 0.03g/t Au lower
		and should be stated.		cut-off for AC and RC drilling or as shown. There is occasionally smaller samples for AC drilling such
		Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the	•	as 1m or 2m when the hole was completed to depth that was not a multiple of 4. No metal equivalent calculations were applied.
		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		These relationships are particularly important in the reporting of	•	Oxide and Transitional mineralisation is generally flat lying (blanket like) while mineralisation at depth
between		Exploration Results.		is generally steeper dipping. Further orientation studies are required.
mineralisatio
n widths and

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Criteria	JORC Code explanation	Commentarys	Commentarys
intercept	If the geometry of the mineralisation with respect to the drill hole	•	Drill intercepts and true width appear to be close to each other, or within reason allowing for the
lengths	angle is known, its nature should be reported.		minimum intercept width of 1m. Yandal Resources Ltd estimates that the true width is variable but
	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’).	• •	probably around 90-100% of the intercepted widths. Given the nature of AC and RC drilling, the minimum width and assay is 1m. Given the highly variable geology and mineralisation including supergene mineralisation and structurally hosted gold mineralisation there is no project wide relationship between the widths and
			interceptlengths.
Diagrams	Appropriate maps and sections (with scales) and tabulations of	•	See Figures 1-3 and Tables 1-3.
	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.
Balanced	Where comprehensive reporting of all Exploration Results is not	•	Summary results for all holes are shown in Tables 1-3 for the current drilling.
reporting	practicable, representative reporting of both low and high grades	•	Diagrammatic results are shown in Figures 1-3.
	and/or widths should be practiced to avoid misleading reporting
	of Exploration Results.
Other	Other exploration data, if meaningful and material, should be	•	There have been no historical Mineral Resource Estimates.
substantive	reported including (but not limited to): geological observations;	•	There has been no historic mining at the Gordons Dam, Gordons Dam SE and Malone prospects. There
exploration	geophysical survey results; geochemical survey results; bulk		has been some limited small scale historic mining at the Star of Gordons prospect.
data	samples – size and method of treatment; metallurgical test
	results; bulk density, groundwater, geotechnical and rock
	characteristics; potential deleterious or contaminating
	substances.
Further work	The nature and scale of planned further work (e.g. tests for	•	Additional exploration including AC, RC and DD drilling and or geophysical surveys to advance known
	lateral extensions or depth extensions or large-scale step-out		prospects is warranted. Additional exploration drilling is likely if new programs are approved by the
	drilling).		Company.
	Diagrams clearly highlighting the areas of possible extensions,
	including the main geological interpretations and future drilling
	areas, provided this information is not commercially sensitive.

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