North Stawell Minerals Ltd. to provide an update on its exploration programs. The aircore rig has continued the regional, first pass drill program, targeting mineralisation beneath shallow cover that has potential to be structural repeats of the multi-million ounce gold deposit at Stawell. North Stawell Minerals is exploring for repeats of the multi-million ounce Stawell Mine under a thin blanket of sedimentary cover (the Murray Basin). A distinct advantage of exploring for this type of mineralisation is that a basalt core controls mineralisation sites, and the basalt can be remotely mapped with geophysics (ie beneath the blanket of cover).

A high resolution airborne gravity survey conducted in the June Qtr FY21 completed the data suite required to efficiently explore. An aircore rig has been testing regional targets since October 2021. Within the basalt structures, additional targeting is possible.

Observations of controls on mineralisation in the Stawell Mine and modelling of ore-controls indicate that mineralisation is most likely to occur on the contacts (or proximal to the contacts) of the basalt cores where changing geometries create dilation zone (fold hinges, embayments, etc) and create space where mineralisation is deposited. Where these locations are interpreted in geophysics, drilling is prioritised. Holts in Detail: The first phase aircore program at Holts tested the northern tips of a pair of coincident magnetic and gravity features.

Twenty-three holes were completed at the Holts target for a total of 1,643m. The drilling intercepted pelitic and carbonaceous metasediments units with evidence of shearing. Sheared mafic units align along strike with previously logged occurrences of mafic material in historic drill holes HTA001, HTA003 & HTA007, 900m to the south.

The correlation between historic drilling and the Holts AC program increased North Stawell Minerals' confidence about local geological structures. Drilling has confirmed the link between coincident gravity and magnetic anomalies and Au mineralization with multiple short intercepts. Best anomalous air core results at Holts include: 3m at 0.16 g/t Au from 62m (NSAC0223), 3m at 0.06 g/t Au from 69m (NSAC0234), 1m at 0.05 g/t Au from 77m (NSAC0212), Historic anomalous results at Holts include: 2m at 0.152 g/t Au from 40m (HTA001), 5m at 0.233 g/t Au from 56m (HTA006), 5m at 0.103 g/t Au from 43m (HTA002), 2m at 0.058 g/t Au from 36m (HTA002), Results from the Holts AC program are encouraging as they demonstrate that the western margin of identified, prospective mafic rocks include anomalous gold grades over 900m, with potential for higher grade shoots within this zone.

Anomalous historic intercepts in HTA001 and HTA002 are extended 450m along strike to the north where additional anomalism is intersected in NSAC0223. The trend is not fully tested by the aircore drilling and has potential to extend further north. Geophysical data suggests the Holts anomaly has potential to continue for another 2,000m along strike to the south.

North Stawell Minerals are currently in discussions with landholders along the trend to establish land access. Geological observations support a prospective gold system based on multiple factors: Geology includes extensive sericite and chlorite alteration; Pyrite sulphides occur in multiple holes; Increased quartz veining occurs throughout; Coincident magnetic and gravity anomalies, with interpreted geological and structural; complexity (a known vector for mineralisation); Interpreted regional structural control ­ a common characteristic of emplacement conditions for central Victorian gold deposits.