The first assays received from the infill drilling programme targeting high grade resources at the Stirling and Pericles Deposits at the Menzies Gold Project have returned excellent results including: KWR315: 1m @ 108 g/t Au from 36m, KWR316: 5m @ 8.49 g/t Au from 42m including 1m @ 36.69 g/t Au from 42m KWR329: 1m @ 10.0 g/t Au from 66m KWR312A: 4m @ 5.70 g/t Au from 29m including 1m @ 21.58 g/t Au from 32m KWR312: 2m @ 9.05 g/t Au from 32m including 1m @ 15.46 g/t Au from 33m KWR320: 4m @ 3.06 g/t Au from 46m including 1m @ 6.92 g/t Au from 47m KWR311: 2m @ 6.4 g/t Au from 53m KWR331: 5m @ 10.11 g/t Au from 47m - including 3m @ 15.83 g/t Au from 47m KWR333: 6m @ 3.86 g/t Au from 27m - including 1m @ 17.59 g/t Au from 27 KWR335: 1m @ 8.83 g/t Au from 32m KWR330: 1m @ 5.8 g/t Au from 47m KWR334: 1m @ 5.7 g/t Au from 47m Updated resource calculations have also identified shallow high-grade subsets of the Pericles and Stirling deposits with 45,000 ounces at 5.2g/t identified within 100m of surface: High Grade resources are near surface and are considered amenable to open pit mining 85% of High Grade resource is classified as Indicated Resources Kingwest Resources Limited ("Kingwest" or "KWR") announced high grade results from the recent RC infill drilling campaigns at the Stirling and Pericles Deposits within the flagship Menzies Gold Project. Forty RC holes (KWR307 - 345) totaling 2,094 metres have been drilled with the initial programme targeting areas of high grade mineralisation now complete. The Pericles and Stirling deposits with its near surface high grades, reflect the unique potential of the Menzies project and are expected to be a key component of the project's future development.

contains significant intercepts received to date and highlighting the success of the infill drilling program. Several deeper holes are planned for First Quarter 2023. Assays have been received for holes KWR307 - 335 with the balance expected in the coming weeks.

This recent infill drilling programme was largely designed to improve confidence in the grade and mineralisation continuity within possible pit outlines and to target high grade extensions. The holes were planned during updated resource estimation work for both Stirling and Pericles which were being completed as the drilling commenced in November. The resource estimation work has also highlighted the opportunities for high grade extensions that have not been fully tested in this current drilling campaign.

Kingwest intends to complete another drill program in First Quarter 2023. Kingwest has now received the results of the updated resources estimates and intends to incorporate the recent high grade drill results into an update resource after further First Quarter 2023 drilling has been completed. Assay results for RC drill holes KWR336-357 from infill drilling at the Pericles deposit are pending.

Planning for follow-up extension RC drilling at the Pericles and Stirling is currently underway with drilling scheduled to commence in First Quarter 2023 Updated Pericles and Stirling resources in Second Quarter 2023 The Pericles deposit is part of the northern extension of the Lady Shenton mineralised trend and is only 100m north of Lady Shenton open pit. Mineralisation is identified in two parallel lodes over a strike of 700m and drill tested to 225m. Two high grade domains, internal to the main mineralised lode have been defined with the high grade displaying a moderate to steep plunge to the south.

Mineralisation consists of multiple sub parallel gold mineralised shear/fracture zones either within a sequence of metamorphosed mafic amphibolites or at the contact between mafic amphibolite and ultramafic or metamorphosed sediments and is associated with strong chlorite and biotite alteration. Mineralisation remains open at depth and further exploration is warranted to test this potential. This Mineral Resource update builds confidence in the geological model which is showing good continuity of the high grade mineralisation near surface.

The Stirling deposit is located 1km to the south east of Lady Shenton with mineralisation confined to a single lode over a strike length of 550m which has been define to a depth of 125m below surface. A single high grade domain, internal to the main mineralised lode has been defined with the high grade displaying a moderate to steep plunge to the south. Mineralisation remains open at depth and further exploration is warranted to test this potential.

This Mineral Resource update builds confidence in the geological model which is showing good continuity of the high grade mineralisation near surface.