Australian Gold and Copper : Boxdale Drilling Underway to Extend Near Surface Gold Target

29 March 2022

Australian Gold and Copper Ltd

ACN 633 936 526

Boxdale Drilling Underway to Extend

Near Surface Gold Targets

Boxdale Target (GOLD)

•  Phase 2 drilling for gold at Boxdale is underway along the 15km Boxdale-Carlisle Reefs gold-arsenic trend

•  Twenty-five RC holes planned for 2,500m targeting multiple gold targets

•  Following up recent strong RC drilling results, 5m at 4.16g/t Au from only 24m

•  Drill targets supported by close spaced soil sampling by handheld pXRF using arsenic as pathfinder

•  Assays also pending from drilling in January at Carlisle Reefs, 15km south along trend from Boxdale

Australian Gold and Copper Ltd ('AGC, the 'Company') is pleased to report that phase 2 RC drilling is underway at Boxdale, targeting extensions to near surface gold intercepts and new targets identified by pXRF soil sampling.

Drilling will follow up previous strong drill intercepts, including:

•  4m at 1.25g/t Au from 41m and 8m at 1.79g/t Au from 51m (BXRC002) (ASX AGC 2 March 2022)

•  33m at 1.10g/t Au from 3m incl. 5m at 4.16g/t Au from 24m incl. 1m at 6.74g/t Au (BXRC008) (ASX AGC 2 March 2022)

•  15m at 0.85g/t Au from 60m incl. 9m at 1.10g/t Au from 66m and

•  9m at 1.02g/t Au from 79m incl. 1m at 5.24g/t Au from 81m (BXRC014) (ASX AGC 2 March 2022)

•  19m at 1.28g/t gold from 114m, incl. 4m at 4.3g/t gold from 120m, incl. 1m at 9.55g/t gold from 123m (BDRC001) (AGC IPO Prospectus 18 Nov 2020)

•  15m @ 1.00g/t gold from 85m, incl. 6m at 2.1g/t gold from 92m (BDRC003) (AGC IPO Prospectus 18 Nov 2020)

Around twenty-five holes for 2,500m are expected to be drilled in this phase of RC drilling.

Close to a thousand (994) new pXRF soil points have been sampled since Boxdale's phase 1 RC drilling and the arsenic in soil results, both tighten known anomalies for drill targeting, as well as highlight new areas for follow up, see figure 1. At the 15km Boxdale-Carlisle Reefs trend, arsenic is strongly correlated with gold and arsenic is found in higher concentrations in the soil and therefore is used as a pathfinder to gold.

Suite 7, 55 Hampden Road, Nedlands, Western Australia 6009 P.O. Box 785, West Perth WA 6872 ACN 633 936 526

Phone [phone] [e-mail] Webwww.austgoldcopper.com.au Australian Gold and Copper Limited

1

Figure 1: Boxdale arsenic in soil highlight the prospective areas for gold where drilling is underway.

Figure 2: RC drill rig at Boxdale's phase 2 drilling.

The style of gold deposits being explored are Orogenic gold deposits whereby gold has a strong correlation with arsenic and the gold mineralisation is hosted in brittle fractures in the rock. The fractures are cemented with quartz/carbonate and sulphides such as pyrite and arsenopyrite. This cementing process creates mineralised veins which host gold.

Such deposits include the World-class, multimillion ounce Victorian gold deposits, the biggest being Bendigo and Fosterville (Kirkland Lake Gold).

Figure 3: The +15km prospective trend from Boxdale to Carlisle Reefs.

This announcement has been approved for release by the Board of AGC.

ENDS

For further information:

Glen Diemar Managing Director

Australian Gold and Copper Limited [phone]

[e-mail]

References

AGC ASX prospectus lodged 18th November 2020

AGC ASX 2 March 2022Near surface gold intersected along Boxdale-Carlisle Trend

Forward-Looking Statements

This announcement contains "forward-looking statements." All statements other than those of historical facts included in this announcement are forward-looking statements. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and based upon information currently available to the company and believed to have a reasonable basis. Although the company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and no assurance can be given that these expectations will prove to be correct as actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to, copper, gold, and other metals price volatility, currency fluctuations, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, as well as political and operational risks and governmental regulation and judicial outcomes. Readers are cautioned not to place undue reliance on forward-looking statements due to the inherent uncertainty thereof. The forward-looking statements contain in this press release are made as of the date of this press release and except as may otherwise be required pursuant to applicable laws, the Company does not undertake any obligation to release publicly any revisions to any "forward-looking statement".

Competent Persons Statement

The information in this document that relates to Exploration Results is based on information compiled by Mr Glen Diemar who is a member of the Australian Institute of Geoscientists. Mr Diemar is a full-time employee of Australian Gold and Copper Limited, and is a shareholder, however Mr Diemar believes this shareholding does not create a conflict of interest, and Mr Diemar 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 Diemar consents to the inclusion in this presentation of the matters based on his information in the form and context in which it appears.

Previously Reported Information

The information in this report that references previously reported exploration results is extracted from the Company's ASX IPO Prospectus released on the date noted in the body of the text where that reference appears. The ASX IPO Prospectus is available to view on the Company's website or on the ASX website (www.asx.com.au). The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcements.