Golden Deeps : Exceptional Copper-Vanadium Intersection at Nosib

ASX ANNOUNCEMENT

ASX : GED

04 April 2022

EXCEPTIONAL COPPER-VANADIUM-LEAD INTERSECTION FROM SURFACE AT NOSIB 53.52m @ 3.6% Copper Equivalent* (1.15% Cu, 0.62% V2O5, 3.49% Pb, 4.57g/t Ag)

*See copper equivalent (CuEq) calculation Appendix 1

- Latest intersection paves way for maiden resource estimate & project development studies

➢ Exceptionally thick, high-grade, diamond drillhole intersection in vertical hole NSBDD008, that tested the shallow copper-vanadium-lead-silver oxide zone at the Nosib Prospect, including:

-

53.52m @ 1.15% Cu, 0.62% V2O5, 3.49% Pb, 4.57 g/t Ag (3.6% CuEq*) from surface

Including: 25.74m @ 1.71% Cu, 1.17% V2O5, 6.57% Pb, 4.92 g/t Ag (6.3% CuEq*) from 2.26m

Including: 11.74m @ 2.67% Cu, 1.42% V2O5, 9.21% Pb, 7.12 g/t Ag (8.5% CuEq*) from 2.26m

*See copper equivalent (CuEq) calculation Appendix 1

• ➢ Completion of diamond drilling definition at the Nosib Prospect now allows maiden resource estimation and open pit mine optimisation studies to commence.

• ➢ Metallurgical testwork planned on aggregated drill-core samples from Nosib, to include:

  • 1) Gravity testwork to generate high-grade vanadium-copper-lead concentrate, and,

  • 2) Hydrometallurgical leach testwork to determine vanadium and base metal extraction rates for generation of high-value vanadium products with copper, lead, zinc & silver by-products.

• ➢ Bulk trial mining sample (>3 tonnes) to be excavated from surface at Nosib for large scale, Stage 2, metallurgical testing to follow the Stage 1 testwork outcomes.

• ➢ Positive Results from this staged testwork program will be incorporated into an integrated mining and processing plan for both the Nosib and Abenab1 high-grade vanadium +/- copper-lead-zinc-silver projects.

• ➢ This work will determine potential for near-term development and production of high-value copper and vanadium products, as well as lead, zinc and silver by-products, to feed the rapidly growing renewable energy battery and energy storage markets.

Golden Deeps Limited ("Golden Deeps" or "Company") is very pleased to announce exceptional, thick and high-grade, diamond drilling intersections of copper-vanadium-lead-silver mineralisation at its Nosib Block ("Nosib") Prospect, located in the Otavi Mountain Land of northern Namibia (location, Figure 3).

Diamond drillhole, NSBDD008, produced an intersection from surface of:

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53.52m @ 1.15% Cu, 0.62% V2O5, 3.49% Pb, 4.57 g/t Ag (3.6% CuEq*) from surface,

including: 25.74m @ 1.71% Cu, 1.17% V2O5, 6.57% Pb, 4.92 g/t Ag (6.3% CuEq*) from 2.26m including: 11.74m @ 2.67% Cu, 1.42% V2O5, 9.21% Pb, 7.12 g/t Ag (8.5% CuEq*) from 2.26m

*See copper equivalent (CuEq) calculation Appendix 1

Vertical diamond drillhole NSBDD008 tested the moderately dipping mineralisation from surface through the entire mineralised Nosib arenite unit (see Figure 1). A second, sulphide, intersection in this hole was

produced on the footwall: 10.60m @ 0.75% Cu, 3.75g/t Ag from 64m incl. 2.47m @ 1.75% Cu, 8.05g/t Ag.

Figure 1: Nosib cross section through NSBDD008 and deeper holes testing the copper-silver sulphide zone

The intersection in NSBDD008 is within the shallow, high-grade, copper-vanadium-lead-silver supergene zone at Nosib, that produced previous diamond drilling results including the very high-grade intersection from NSBDD0022 below:

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NSBDD002:	20.85m @ 2.0% Cu, 1.54% V2O5, 6.0% Pb, 7.7 g/t Ag (6.4% CuEq*) from 0m
incl.	12.10m @ 3.2% Cu, 2.54% V2O5, 9.8% Pb, 8.0 g/t Ag (10.3% CuEq*) from 0m
incl.	3.00m @ 6.3% Cu, 7.82% V2O5, 21.9% Pb, 6.4 g/t Ag (25.9% CuEq*) from 7.3m

*See copper equivalent (CuEq) calculation Appendix 1 of release dated 02 December 20212

This shallow, high-grade, copper-vanadium-lead-silver mineralised zone has now been tested over a 100m strike length and continues from surface to approximately 50m vertical depth. The zone remains open to the northeast and southwest at surface (see longitudinal projection, Figure 2).

Figure 2: Nosib Prospect, longitudinal projection with NSBDD008 and other key intersections

Deeper diamond drilling produced a thick stratabound intersection of copper-silver mineralisation in NSBDD007: 16.45m @ 0.46% Cu, 4.31 g/t Ag from 94m incl. 1.19m @ 2.00% Cu, 28.2 g/t Ag. This intersection is of similar "tenor" to the previously reported intersection in NSBDD0033 (see Figure 1) of:

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NSBDD003:	35.84m @ 0.45% Cu, 3.8 g/t Ag (0.53% CuEq*) from 71.0m
incl.	22.71m @ 0.54% Cu, 4.6 g/t Ag (0.64% CuEq*) from 71.0m
incl.	4.07m @ 1.13% Cu, 9.3 g/t Ag (1.27% CuEq*) from 89.03m
incl.	0.40m @ 6.81% Cu, 41.6 g/t Ag (7.3% CuEq*) from 92.7m

*See copper equivalent (CuEq) calculation Appendix 1 of release dated 22 February 20223

In addition, diamond drillhole NSBDD009 tested extensions along strike to the northeast of the mineralised zone, intersecting 25.84m @ 0.36% Cu, 2.33 g/t Au from 7.16m incl. 4.18m @ 1.28% Cu, 6.65 g/t Au, which is open to the northeast with NSBDD0010 results to come (see Figure 2).

Table 1 includes a full list of intersections in this release.

Next Steps - Metallurgical Testwork and a Maiden Resource Estimate for the Nosib Prospect:

Samples of diamond drill-core from NSBDD008 and other previous intersections (e.g. NSBDD002) will now being aggregated to produce a bulk sample for gravity concentration testwork, along similar lines to the testwork being carried out on the Abenab high-grade vanadium-lead-zinc deposit1, located 20km to the northeast of Nosib (see Figure 3).

The gravity concentration testwork will aim to generate 3 to 5kg of material, targeting a 15 times upgrade of vanadium and lead, as well as copper.

The Nosib gravity concentrate sample will then be subjected to Stage 1 Hydrometallurgical leach testwork based on the new-flowsheet developed for the Abenab project (see release dated 21 March 2022

"Outstanding Vanadium Extraction of up to 95% in Abenab Leach Tests")1.

The results of the initial testwork on the Nosib mineralisation will then be up-scaled to apply to a bulk-trial mining sample of approximately three (3) tonnes being excavated from surface.

In parallel with the testwork, a maiden resource estimate will be produced for the Nosib supergene vanadium-copper-lead-silver mineralisation prior to initial open-pit optimisation and mining studies.

Golden Deeps CEO, Jon Dugdale, commented:

"The diamond drilling program at Nosib has been very successful. Significant, thick and high-grade, copper-vanadium-lead and silver mineralisation has been defined with RC and diamond drilling, extending from surface to over 50m vertical depth.

"The high-grade zone, from surface, has an ideal geometry for open-pit mining and the project will now be fast-tracked with a maiden resource estimate, open-pit optimisation and metallurgical testing to be carried out prior to initial development and processing studies.

"The concept here is to combine the outcomes of the testwork on Nosib with the Abenab high-grade vanadium project studies to produce an integrated mining and processing plan for near-term production of high-value vanadium, copper, lead and zinc products to feed the ever-increasing demand for these metals for renewable energy battery industries."

Figure 3: Otavi Mountain Land tenements with the location of the Company's key prospects

Table 1: Nosib diamond drilling intersections:

Hole ID	From	To	m	Cu %	V2O5	Pb%	Ag g/t	Zn%	Cu Equ*	Cut off
NSBDD007	73.00	84.59	11.59	0.25	0.01	<0.01	1.66	0.11	0.33	>0.2%
incl.	94.00	110.45	16.45	0.46	0.01	<0.01	4.31	<0.01	0.51	>0.2%
incl.	96.81	98.00	1.19	2.00	0.01	<0.01	28.16	0.00	2.23	>2C.u0%
NSBDD008	0.00	74.60	74.60	0.94	0.44	2.51	3.91	0.02	2.71	>0.1%
NSBDD008	0.00	53.52	53.52	1.15	0.62	3.49	4.57	0.03	3.60	>0.4%
incl.	2.26	48.00	45.74	1.27	0.70	3.90	4.99	0.02	4.04	>0.5%
incl.	2.26	28.00	25.74	1.71	1.17	6.57	4.92	0.03	6.31	>0.8%
incl.	2.26	14.00	11.74	2.67	1.42	9.21	7.12	0.06	8.55	>1.0%
NSBDD008	64.00	74.60	10.60	0.75	0.01	<0.01	3.75	<0.01	0.80	>0.3%
incl.	66.53	69.00	2.47	1.75	0.01	<0.01	8.05	<0.01	1.85	>1C.u0%
NSBDD009	7.16	33.00	25.84	0.36	0.02	0.06	2.33	0.02	0.46	>0.2%
incl.	28.82	33.00	4.18	1.28	0.01	<0.01	6.65	<0.01	1.36	>0.4%
incl.	29.82	33.00	3.18	1.55	0.01	<0.01	7.43	<0.01	1.64	>1.0%

Cu

Appendix 1 shows the copper equivalent (CuEq) calculations.

Appendix 2 includes details of drilling completed to date with mineralised intervals. Appendix 3 includes JORC Table 1, Sections 1 and 2.