Gold 50 Limited announced operational updates for the Golconda Project, Arizona in 2022. Successfully completed drilling programs at Top Gun and Spitfire in Nevada, a targeted soil program at Caisson and data acquisition for Broken Hills. Activity at Golconda continues, road access, drill pad preparation and full time planning for drilling at Golconda subject to receiving the NOI.

Two drillers short listed for the 14 hole, 4,500m RC program. Prior drilling has not targeted structural zones that company believes holds the greatest potential for mineralization. Gold 50's field work indicates that structural intersections control the locus of mineralization.

Where cross-structures exist, individual veins are wider and there are multiple unnamed smaller veins stacked up along the cross structure. Work programs completed to prioritize drill targets at Golconda including geological mapping, structural analysis, and surface geochemical sampling. All data including underground workings has been incorporated into a Leapfrog 3D digital model and subsequently used to define high-priority exploration targets for drill testing.

Gold 50's initial drilling program is planned to comprise 14 holes totaling approximately 4,500m. Drilling was previously expected to begin in the current quarter; however, is now not expected to commence until September 2022. Soil sampling programs continued during the quarter.

Soil sampling to date has identified significant gold, silver, lead, zinc, rhenium and indium anomalies and most of these coincide with structurally favorable targets. The gold-silver and silver-lead-zinc veins within the Golconda Project are part of a large, zoned mineralized system related to the adjacent Mineral Park porphyry copper-molybdenum deposit. Whilst the precious and base metal veins were mined around the early 20th century and were known for their high grades, there has been no systematic modern exploration targeting the vein related mineralization.