Godolphin Resources Limited announced it has received final assay results for the remaining 22 diamond drillholes (GNBDD010 ­ GNBDD031) from the Company's diamond core drill program at the Narraburra Rare Earth Element and Rare Metals Project, located 12km northeast of Temora in central west New South Wales. The Narraburra area was first explored for REE associated with the Devonianaged Narraburra Granite. It is listed as a Critical Minerals Project by the Critical Minerals Office of the Australian Government's Department of Industry, Science, Energy and Resources and Australian Trade and Investment Commission1 and highlights a major lowcarbon metal opportunity in an established mining region.

To date, diamond drilling undertaken by Godolphin at Narraburra has intersected broad zones of REE and RM mineralisation in clay, saprock (clayweathered rock) and in underlying fresh rock protolith material. The primary target at Narraburra is an Ionic Adsorption Clay REE style of mineralisation. Ionadsorption clay deposits are the result of weathering of rare earthrich host rocks which, over time, results in the formation of clays.

The clays and clayweathered saprock become enriched in REE through water table effects, resulting in flat sheets of REE regolith mineralisation. This previously identified REE and RM mineralisation is now supported by a further 11 diamond drillholes drilled within the extent of previously identified mineralisation. An additional eight diamond drill holes have highlighted further zones of mineralisation outside the previously identified mineralisation in directions to the north, west, east and southeast suggesting a significantly larger REE/RM system occurs at the Project than previously identified.

Immediately following completion of the current mineralogical studies, Godolphin will commence metallurgical testing and assess additional exploration opportunities to gain a broader understanding of the Project's size, grade, mineralogy and scale. Diamond drilling program overview and results: Assay results from a further 22 diamond drillholes drilled during September and October 2022 have now been received. 11 of these drillholes were located inside the previously identified REE mineralisation envelope, with the remaining 11 drillholes located outside the previously identified mineralisation.

Two of these drill holes were drilled as twins to historic drill holes at the Project. Twinning drill holes can provide confidence in the historical drill results if the assay results are comparable and can allow for historic drilling to inform the updated MRE. In a major development, 19 of the 22 drillholes reported anomalous REE/RM mineralisation including all drillholes within the previously identified envelope.

Also, several holes intersected high levels of neodymium (Nd) and praseodymium (Pr), often with associated highest levels terbium (Tb) and dysprosium (Dy), all of which are highly sought and valuable REEs in the permanent magnet market. Total Rare Earth Oxide values for all sample intervals have been calculated from assay results by summing the Rare Earth Elements cerium (Ce), dysprosium (Dy), erbium (Er), europium (Eu), gadolinium (Gd), holmium (Ho), lanthanum (La), lutetium (Lu), neodymium (Nd), praseodymium (Pr), samarium (Sm), terbium (Tb), thulium (Tm), yttrium (Y) and ytterbium (Yb). As per industry practice, oxide conversion factors have been applied to all results reported in this announcement.

Drillholes GNBDD10, GNBDD011, and GNBDD013 were drilled in the central portion of the previously identified REE mineralisation. Hole GNBDD010 intersected 57.1m of the target clays and saprock, GNBDD011 34.05m and GNBDD013 38.9m of clay and saprock. Drillhole GNBDD010 reported 27.7m averaging 894ppm TREO from 42m downhole.

Drillhole GNBDD011 reported 11m averaging 1,686ppm TREO from 11m downhole and 27.4m averaging 1,426ppm TREO from 26m downhole. Further, drillhole GNBDD013 reported an intersection of 14.7m averaging 1,213ppm TREO from 34m downhole. Drillholes GNBDD17, GNBDD018, GNBDD019 and GNBDD025 were drilled in the northern portion of the previously identified REE mineralisation.

Hole GNBDD017 intersected 34.4m of clay and saprock, GNBDD020 40m, and GNBDD019 12.25m of clay and saprock. Drillhole GNBDD018 intersected 3.2m of surficial material above fresh rock protolith. Drillhole GNBDD017 reported 27.9m averaging 1,167ppm TREO from 17m downhole.

Eleven drillholes were drilled outside the zone of previously identified REE mineralisation, in directions to the north, east, southeast and west. Eight of these drillholes intercepted mineralisation, highlighting the potential for a significantly larger RM/REE system at the Project. Drillholes GNBDD20, GNBDD022 and GNBDD021 were drilled in the north of the Project area, outside the zone of previously identified mineralisation.

Pleasingly, two of these holes reported anomalous intersections of REE mineralisation. Hole GNBDD020 intersected 23.1m of clays and saprock, reporting 28.8m averaging 788ppm TREO from 4m downhole. Hole GNBDD022 intersected 65.6m of clay and saprock, reporting several intersections of anomalous TREO downhole including 8m at 1,742ppm TREO from 46m and 8m at 1,854ppm TREO from 57m.

Significantly, GNBDD022 is a new discovery with up to 7,956ppm TREO, including 1m at 1,090ppm Nd, 240ppm Pr from 61m and indicates potentially highgrade mineralisation is open to the north. The Company has drilled a total of 31 diamond cored drill holes to date at the Narraburra Project. Pleasingly, 27 of the 31 drillholes intersected anomalous REE and RM mineralisation.

The results from these drill holes will support the reestimation of the previously identified mineralisation to JORC 2012 standards, which is expected to be completed in first quarter 2023. Mineralised zones with significant Rare Earth Element and Rare Metal mineralisation are found in both weathered material, clays and saprock and the underlying fresh rock. Further mineralogical and metallurgical test work is required to determine the extraction pathways for the various styles of mineralisation.

The initial test work will be to determine flowsheets for Rare Earth Elements and Rare Metals from the clay and saprock zones. Ancillary to the claysaprock studies, the test work will also assess extraction from the fresh rock zone. Additional testing will commence in the coming weeks once initial mineralogical programs are completed.

The Company will provide additional updates at such time.