Iceni Enters Farm-in Deal with Gold Road for a Value up to A$44 million

A$35 million exploration farm-in agreement signed with GOR over 154km2 of Iceni’s 100%-owned
tenements containing the Guyer Gold Trend within the 14 Mile Well Project in Western Australia, key
terms of which include:
- Initial A$5 million minimum exploration expenditure, to be managed by Iceni, with the opportunity for GOR to take management upon reaching a key success milestone.
- A further A$10 million exploration expenditure within 2 years from meeting the minimum A$5
  million exploration expenditure to earn a 50% Joint Venture interest (50 / 50 JV).
- Upon Joint Venture formation GOR, can earn an additional 20% to take its Joint Venture interest to 70% by free carrying Iceni to the completion of a Pre-Feasibility Study (PFS) (70 /30 JV).
- At the completion of the PFS, GOR can acquire an additional 10% Joint Venture interest (totaling 80%) by paying $20 million to Iceni (80/20 JV).
In addition to the Farm-in, GOR is to acquire a 9.9% interest in Iceni by subscribing for A$3.05 million in shares at a price of 10 cents per share, representing a 59% premium to the 5-day VWAP prior to execution of the Farm-in Agreement.
GOR to be issued 19,218,819 options exercisable at $0.15 on or before 31 December 2025.
GOR to be issued 13,847,016 options exercisable at $0.20 on or before 31 December 2026.
Should GOR exercise all options, and inclusive of the placement, Iceni will receive a total of $8.7m in cash.
Exploration activity on the GOR farm-in tenements is expected to commence in January 2025 under Iceni management.
Iceni retains 100% ownership of the remainder of the highly prospective 14 Mile Well Gold Project, where exploration can now be accelerated on other high priority targets within the portfolio.
Following completion of the GOR share placement Iceni will have in excess of $3.8 million cash at bank and will be well-funded to continue exploration and development activities on its remaining highly prospective 100%-owned ground.