Parabellum Resources Limited updated shareholders on its New South Wales exploration program. NSW project update: The Redlands/Whitbarrow, Recovery and Lunns Dam Projects in the Tottenham- Girilambone district comprises four granted exploration licenses covering approx. 690km²; and the Obley Project in the Yeoval district comprises one granted exploration license covering approx.

180km². With the majority of the ground electromagnetic program completed late in CY2022, pleasingly the final stage of this program has now commenced 3 weeks ahead of the original schedule. Once completed, final modelling and interpretation of the data will be finalised to allow the EM targets to be ranked for drill testing.

Applications to permit drilling (Environmental Assessment of Exploration Activity) were submitted by the NSW exploration team to the NSW Resources Regulator in December 2022, with approvals expected in the near-term. The Company is disappointed that the extraordinary weather conditions in NSW over the last 6 months have delayed the Company's exploration program on its NSW assets which was detailed in its IPO prospectus. The Company has explained the divergence from its IPO budget in its quarterly announcements.

However, with improving weather conditions, the Company is confident it will now be able to accelerate its exploration of these assets. Maiden Drill program: The Company is currently engaging with three drilling companies that have active programs in the region. Best endeavours will be made to collaborate with neighbouring exploration companies to reduce mobilisation and de-mobilisation costs.

Subject to the weather conditions remaining dry, an RC drilling program on the high priority EM targets is scheduled to commence in late Q1CY2023.