Iceni Gold Limited

• RC drilling commenced at high priority gold & lithium targets:
  • Claypan (intrusion related gold anomaly)
  • Breakaway Well (gold anomaly)
  • Monument (lithium anomaly)
  • Monument North (shear zone hosted gold anomaly)
  • Guyer Well (shear zone hosted gold anomaly)
• RC drilling at Guyer North – West intersected mineralisation in three adjacent holes
• Guyer NW downhole intercepts showed strong alteration, quartz veining and sulphides in RC drilling.
• Fieldwork in the North 1 target area has recovered gold in quartz at surface.
• Drilling results for campaigns conducted in Nov/Dec 2023 are expected over the coming weeks.

Highlights:

• Arrowhead is updating its coverage on Iceni Gold Limited (Iceni Gold, Iceni, or the company) with a fair value bracket of AUD 0.17 to AUD 0.24 per share (share price on January 11, 2024: AUD 0.065) based on the Relative Valuation method.
• In November, Iceni commenced the initial phase of 10,000m Stage 3 drilling program over gold and lithium targets at 14 Mile Well project, with targeted drilling at Breakaway Well, Monument lithium anomaly, Monument North shear zone and Claypan.
• In less than a month of the commencement of RC drilling, the company intersected a mineralised shear hosted in three adjacent holes in the same section at the northernmost AC line at Guyer North-West. The downhole intercepts had strong alteration, quartz veining and sulphides. The samples from the have been sent to the assay lab for analysis and the results expected in mid-January 2024.
• In October 2023, Iceni completed the heritage survey of its exploration campaign at 14 Mile Well on various targets including Guyer North and Guyer North-West, Claypan, Monument North and sites within the Everleigh Well target area, with the final report still awaited. The company plans to undertake further heritage surveys at Hages Bore and Goose Well, subject to board approval.
• Further, ICL recovered gold in quartz at surface at the fieldwork undertaken at North 1 target area in October 2023. The surface gold was located along the strike of the 2-km-long UFF anomaly 14UF015 Crossroads and pXRF analysis showed gold fineness values on 83.8%-94.9% Au.
• In the last quarter, Iceni has undergone a significant board restructuring with resignation of Mr. George Karageorge as Managing Director (MD) and Ms. Hayley McNamara as director of the company. The company appointed Mr. James Pearse as non-executive director, who is a corporate lawyer with over 10 years of experience in national, international and boutique law firms.
• More recently, Mr. David Glyn Nixon, who was serving as the company’s Technical Director, has been appointed as the General Manager, Exploration. He will continue to be a crucial member of Iceni’s senior management team.
• In Q1 2024, the company spent AUD 418k on exploration and evaluation and AUD 275k on staff, primarily for mineral exploration and sampling within the 14 Mile Well project. The closing cash balance at the end of the quarter stood at AUD 1.9 mn.

Strategic Tenement Package

• 900km2 land holding
• Eastern Goldfields contains 17 world class deposits +100t Au

Highly Prospective Ground

• Exceptional high-grade gold rock chip assays incl. > 18,000g/t Au
• +1,200 gold nuggets discovered
• Strong gold, lithium & nickel potential

Regional M&A Hotspot

• Located in the middle of a regional gold merger & acquisition hotspot (GMD, SBM, DCN, KIN)

Highlights:

• An RC drilling contractor has been engaged and is mobilising to site, with drilling activities to commence this week.
• Access and drill pads have been established on site for the commencement of drilling.
• Initial targets planned to be tested include:
  • The Breakaway Well gold anomaly.
  • Monument lithium anomaly.
  • The Monument North shear zone hosted gold anomaly.
  • Intrusion related gold anomaly at Claypan.

Highlights:

• Heritage survey completed over a number of target areas, including Everleigh, Guyer, Claypan and Monument, in preparation for drilling.
• Preparation for proposed Drilling is underway, earthworks for drill pads are established and drilling contracts are being negotiated.
• AC and DD drilling results available for Claypan and a 2oz gold nugget was recovered.
• Fieldwork in the North 1 target area has recovered Gold in quartz at surface associated with target UF14015.
• Everleigh geophysical model identified a buried intrusion beneath the surface gold anomalism.
• High-grade rock chip results received from Everleigh, including the very high-grade results from the Christmas Gift target with a peak assay value of 18,207 g/t Au.
• Identified two new lithium soil and rock chip anomalies at Monument.
• High-grade rock chip results received from Monument, with a peak assay value of 57.6 g/t Au

Highlights:

• Heritage survey successfully completed on-country for a number of targets within the 14 Mile Well tenement package, with the final report pending.
• Targets were heritage reviewed for planned drilling at Guyer North, Claypan, Monument North and Everleigh.
• Proposed drilling at the Breakaway target was cleared by an earlier heritage survey.
• Further heritage surveys may be undertaken before the end of the year, subject to board approval, in preparation for proposed drilling at a number of other targets, including Hages Bore and Goose Well.
• Establishment of site access and drill pads is underway in anticipation of the planned drill program.

Highlights:

• Appointment of Mr. James Pearse as Non-Executive Director with extensive corporate law and business experience.
• Resignation of Ms. Hayley McNamara as a Company Director to pursue other opportunities.

Highlights:

• George Karageorge has resigned as Iceni’s Managing Director, effective immediately, after contributing to major exploration projects.
• Iceni is moving forward with preparations for a new drilling program at 14 Mile Well, following a heritage survey over key exploration targets. An announcement on the start date is imminent.

Highlights:

• Arrowhead is updating its coverage on Iceni Gold with a fair value bracket of AUD 0.14 to AUD 0.25 (share price on October 4, 2023: AUD 0.072) based on the Relative Valuation (EV/Measured & Indicated Ore Resources and Inferred Ore Resources multiple of Peers).
• On September 05, 2023, the company announced that it raised AUD 2.75 mn via a placement, including a commitment of AUD 430,000 from the board and management (subject to shareholder approval) to fund RC drilling at the Guyer and Everleigh Well Gold targets and Breakaway and Monument Gold and Lithium prospects and for working capital and costs of the placement. The company’s primary focus with the additional funding was to improve the value, accelerating the next round of drilling and field programs.
• The company will launch the first part of the Stage 3 – 10,000m RC drilling programs over the Guyer North, Breakaway Well, and Everleigh Well targets commencing in October 2023. The successful capital raise will fund the first pass of RC drilling to the end of the year and help extend the program into the new year with a further 10,000m of drilling following the initial assay results. The drill pad construction and final negotiations with drilling contractors are underway.
• In September 2023, the company announced the appointment of Mr. George Karageorge as Managing Director to the board, where he would also be contributing c. AUD 250,000 to Iceni’s capital raising program. Mr. Karageorge has over 35 years of experience as a company director and geologist in senior roles across the globe for companies including Western Mining, Anglo Gold Ashanti, ASARCO, and Barrick Mines. Previously, he was a founding geologist and the first employee at Pilbara Minerals, helping to discover the significant world-class Pilgangoora lithium deposit in 2014. Mr. Karageorge’s appointment would significantly enhance the company’s Gold and Battery Metals exploration expertise.
• The company has recently restructured its board. The current Executive Chairman, Brian Rodan, will transition to Non-Executive Chairman over 3 months, and Technical Director David Nixon will move to the role of General Manager of Exploration.
• Within the Monument target area, two lithium anomalies have been discovered. These display a strong association with Lithium (Li), Cesium (Cs), Beryllium (Be), and Rubidium (Rb) anomalism, where anomalous multi-element UFF+ and rock chip assays represent both the targets. These two lithium anomalies fall within a Goldilocks Zone environment, a corridor containing suitable rock types, geological structure, and geochemistry, in which there are lithium-bearing pegmatites.

Highlights:

Strategic Tenement Package:

• 900km2 land holding
• Eastern Goldfields contains 17 world class deposits +100t Au
• Located in the middle of gold M&A hotspot (GMD, SBM, DCN, KIN)
• 3 nickel mines in close proximity

Strong Management Team:

• New Managing Director
• World class discovery track record
• Strong Director support for recent capital raising

Highly Prospective:

• Exceptional high-grade gold rock chip assays incl. > 18,000g/t Au
• +1,200 gold nuggets discovered
• >12 targets identified across 14 Mile Well
• Strong lithium & critical minerals potential

Multiple Exploration Catalysts:

• Ongoing gold, lithium & nickel target generation in partnership with SensOre
• Stage 3 – RC Drilling 25,000m planned drilling over next 6 months
• Strong news flow from critical minerals exploration