Ausgold Limited announced a significantly upgraded JORC 2012 Mineral Resource Estimate (MRE) for the Company?s 100%-owned Katanning Gold Project (KGP) located 275km south-east of Perth, Western Australia. The updated Mineral Resource, comprising 89 Mt at 1.06 g/t for 3.04 million ounces, reflects the significant endowment of the Katanning Gold Project. This new Resource builds on the May 2022 Resource which was reported in May 2023 at a lower 0.45 g/t Au Cut-off grade as part of a Scoping Study to support an expanded 5Mtpa development case.

All comparison references within this announcement are in relation to the May 2023 Resource announcement. The Resource update reflects an additional 17,305m of drilling undertaken since April 2022, as well as further refinements to the geological model across all three zones and enhanced estimation techniques. With 80% of contained ounces now in the higher confidence Measured and Indicated Resource categories, the updated MRE will now be incorporated into the ongoing Definitive Feasibility Study (DFS) for the KGP, supporting Ausgold?s strategy to develop a large-scale, high-margin, long-life standalone gold operation at Katanning, adding considerable momentum to its growth plans.

Upgraded 2023 JORC Resource Mineral Resource The expanded Mineral Resource, which now totals 3.04 million ounces of gold, represents a 15% increase in total contained ounces compared with the previous MRE (22 May 2023). This resource upgrade is the latest in a sustained period of exploration success which has established the Katanning Gold Project as one of the free-milling, open cut gold development projects in Western Australia. The updated KGP MRE was reported and classified in accordance with the 2012 JORC Code and has further expanded the Northern, Central and Southern Zone Resources.

17,305m of Reverse Circulation (RC) and diamond drilling has been completed within the existing Resource areas since the May 2022 Resource Estimation, with assays returned and reported for all of this new drilling adding a further 400,000 ounces to the Resource. Importantly, the new drilling has increased Measured and Indicated Resource categories by a further 264,000 ounces, to a total of 2,420,000 ounces, which will form the basis of the Definitive Feasibility Study. The Central Zone represents the majority of the KGP Resource, including the stacked Jinkas-White Dam, Olympia and Jackson lodes, which has been updated by 14,113m of new RC and diamond drilling.

The Southern Zone Resource has been updated by over 1,924m of new RC and diamond drilling, with the Dingo Resource, which now includes the Lukin area, extending the Resource a further 1km along strike. The Datatine deposit in the Northern Zone has been updated by 1,268m of RC and diamond drilling and has seen a 39 % increase in total Resource ounces and grade since the last estimation. Significant intercepts received since the May 2022 Resource Update include: - 4m @ 17.05 g/t Au from 207m including 2m @ 33.86 g/t Au from 208m in BSRC1535 (Jinkas) - 7m @ 6.99g/t Au from 133m including 2m @ 23.30g/t Au from 133m in BSRC1537 (Jinkas) - 12m @ 3.88g/t Au from 88m including 11m @ 4.19g/t Au from 89m in BSRC1600 (White Dam) - 3m @ 13.88g/t Au from 39m including 1m @ 40.28g/t Au from 39m BSRC1602 (Jackson) - 4.2m @ 9.41g/t Au from 218.91m including 2.0m @ 19.20g/t Au from 219.58m in BSRCD1596 (Datatine) - 16m @ 2.42g/t Au from 23m including 10m @ 3.46g/t Au from 23m in BSRC1559 (White Dam) - 7.4m @ 4.54g/t Au from 231.6m including 6.0m @ 5.51g/t Au in BSRCD1597 (Datatine) - 4m @ 7.81g/t Au from 76m including 1m @ 29.70g/t Au from 78m in BSRC1656 (Jackson) - 2.7m @ 10.73g/t Au from 180.2m including 0.4m @ 63 g/t Au in BSRCD1596 (Datatine) - 4.8m @ 5.45g/t Au from 49.17m including 3.5m @ 7.48g/t Au from 49.4m in BSDD048 (Jackson) - 6m @ 4.00g/t Au from 252m including 4m @ 5.88g/t Au from 252m in BSRC1530 (Jinkas) - 18m @ 1.20g/t Au from 105m including 10m @ 1.69g/t Au from 108m in BSRC1488 (Jinkas) - 15m @ 1.43g/t Au from 9m including 4m @ 3.96g/t Au from 17m in BSRC1588 (Jackson).

Resource Upgrade Key Points: · Addition of 400,000 Resource ounces (15% increase) to the May 2023 MRE, at average cost of $11 per Resource ounce. 2.42 Moz now contained in Measured and Indicated categories - representing 80% of total contained ounces, providing a robust platform for the ongoing Definitive Feasibility Study. Jinkas Underground Resource of 0.71 Mt at 3.03 g/t Au for 71,000 ounces, reported below 150mRL at a higher 1.8 g/t cut-off grade.

Addition of 17,305m of new RC and diamond drilling in Resource areas since the May 2022 MRE update. Mineral Resource is reported at a 0.45g/t Au cut-off grade for open pit and 1.8g/t Au cut-off grade for underground, which is consistent with the re-stated MRE included in the 5Mtpa Scoping Study announced on 22 May 2023. Grade tonnage curve shows scale and grade of open-cut Resource at a variety of cut-off grades (APPENDIX 1).

A summary of the key technical aspects of the Resource update is provided in Appendix 1 and 3 as per Section 5.8.1 of the ASX Listing Rules. Independent third-party review of Resource by Snowden Optiro endorses the upgraded KGP Resource with details of their work in (APPENDIX 2). Resource is reported above 150mRL, to an approximate maximum depth of 220m from surface and is considered as predominantly open pit.

Improvements to the mineralisation model confirm continuity along strike, with three laterally extensive mineralised systems (Jinkas, White Dam and Jackson) defined from west to east (Figures 2 and 3). o Jinkas - White Dam includes new drilling of 38 holes for 5,394m1, predominantly targeting the down-plunge high-grade mineralisation hosted in the fold hinge of the monzonite intrusion as well as near-surface extensions of high-grade mineralisation in the southern portion of the Central Zone. o Olympia is extended northward with new drilling of 2 holes for 312m1 and remains open along strike to the north; it represents the northern strike extension of Jinkas mineralisation.

o Jackson includes new drilling of 91 holes for 8,407m1 targeting near-surface high-grade mineralisation in the southern portion of the Central Zone and down-dip mineralisation in the northern portion of the Central Zone. o Dingo is extended south with new drilling of 18 holes for 1,924m. The Dingo Resource area now extends into the Lukin prospect area increasing the Resource by an additional 1km south along strike.

Datatine ? new drilling of 5 holes for 1,268m targeted high-grade down-plunge Resource extensions and remodelling of mineralisation has demonstrated higher gold grades extending below the 150mRL and beneath the base of the Resource estimate.