Gascoyne Resources Limited ('Gascoyne' or 'Company') (ASX: GCY) is pleased to provide the following update on its activities for the quarter ending 31 December 2020, including operating and cost performance at its 100% owned Dalgaranga Gold Project ('Dalgaranga').

The Company advises that it will be holding a teleconference to discuss the quarterly results at 10:00am (WST) on Thursday, 21 January 2021. Dial-in and registration details to participate in the call are located at the end of this report.

Gascoyne Managing Director and CEO, Mr Richard Hay, commented: 'The December quarter results are very pleasing, in particular ending the quarter in a net cash position. The Company has achieved what we said we would do in a very short period of time since being reinstated to the ASX in October 2020.

'For the quarter we produced 20,381 ounces which has us on track to achieve the upper end of guidance of 80,000 ounces and within our AISC cost per ounce range of $1,200 to $1,300. With 53,722 ounces hedged at an average price of $2,611 Gascoyne is well placed to continue generating free cash flow.

'Furthermore, the Company successfully fired up both exploration and resource drilling across a range of targets within 15km of the Dalgaranga plant which continues to be one of the most efficient in WA with a milling cost of only $11.79 per tonne for the quarter.

'In addition, the Company's total Mineral Resources now stands at 1.3 million ounces following release of the updated estimate of 510,100 ounces at the Glenburgh project.'

Contact:

Richard Hay

Tel: +61 8 9481 3434

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