Ausgold Limited provided initial results from the 25,000m multi-rig drilling program commenced in December 2022 at the company's 100%-owned 2.16Moz Katanning Gold Project (KGP) in Western Australia. The 25,000m drilling program at KGP is designed to expand Resources and regional exploration, testing numerous targets across the 5,500km2 tenement holding in the Southwest Yilgarn. Datatine is at the northern most extent of the Northern Zone with a Resource (0.62 Mt @ 1.21g/t Au for 26 Koz Au) which is not part of the current KGP Ore Reserve.

The new results highlight the potential to further add to the KGP Resource with additional higher-grade mineralization. Results from two diamond drill holes (580.5m) demonstrate the presence of new high-grade zones of mineralization beyond the current Ore Reserve of the KGP. Datatine: High-grade gold mineralization intercepted in new drilling has coarse grained gold up to 1cm in diameter observed in both holes with high-grade zones of up to 0.3m @ 99g/t Au (from 219.9m in BSRCD1596) within broader zones of mineralization.

Significant results include: 3.3m @ 11.47g/t Au from 218.9m including 0.3m @ 99.3g/t Au and 0.3m @ 13.2g/t Au in BSRCD1596, 7.4m @ 4.54g/t Au from 231.6m including 6.0m @ 5.51g/t Au from 232.36m in BSRCD1597, 2.7m @ 10.73g/t Au from 180m including 0.4m @ 63 g/t Au in BSRCD1596. These new results demonstrate mineralization remains open down plunge of the current Resource at higher grade and adds to the regional potential of the KGP. Datatine is only 5km from the main KGP Resource and with further exploration drilling this will contribute towards increasing the average grade of the Resource and provide high- grade feed to the mining operation.

Lithium Exploration Update: Numerous pegmatites were intersected in the Lake Magenta aircore drilling program proximal to significant lithium in laterite samples (112 and 65ppm). This program covered 20km² target area. Although these pegmatites display geochemical characteristics synonymous with lithium-mineralized pegmatites, including of K/Rb values <200, no significant intervals of lithium mineralization were returned.

Ausgold have engaged with a consultancy specialized in lithium exploration, who will continue to review the 5,500km² of Ausgold's tenement holdings and assist with further target generation for lithium mineralization. Work Program Updates: Exploration Program: RC drilling has been completed targeting the White Dam high-grade lode focusing on areas of early production identified in the Prefeasibility Study. Assays are pending.

RC drilling is planned to test for extensions to mineralization along the Jackson Trend in the northern portion of the Central Zone. RC and diamond drilling is planned at Datatine to follow-up on results presented in this announcement. Definitive Feasibility Study: Diamond drilling has been completed which will contribute towards geotechnical and metallurgical test work studies for the DFS.

Hydrogeological drilling commenced in February to quantify pit dewatering requirements and identify adequate water supply for the operation.