Iceni Gold Limited

• 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.

• Two programs of Aircore (AC) drilling targeting a granite-greenstone contact along the 15km long Guyer Trend outlined a broad (160m–640m wide) coherent bedrock gold anomaly over a 6km strike length.
• The results from the two reconnaissance AC drill campaigns at Guyer are considered to be highly significant and have strengthened and enhanced the gold mineralisation intersected in multiple vertical holes on five 800m spaced drill traverses, that is masked by up to 30m of transported cover.
• Significant results from the drill programs include:
  • 3m @ 1.09 g/t Au from 57m to EOH in FMAC0880
    Including 1m @ 1.79 g/t Au from 59m to EOH
  • 2m @ 1.93 g/t Au from 46m to EOH in FMAC0883
    Including 1m @ 3.63 g/t Au from 47m to EOH
  • 6m @ 0.54 g/t Au from 71m to EOH in FMAC0874
    Including 1m @ 2.63 g/t Au from 71m
  • 5m @ 0.66 g/t Au from 67m to EOH in FMAC0877
    Including 1m @ 1.25 g/t Au from 69m
• The majority of the gold intercepts within the bedrock anomaly occur at or near the end of the drillholes (EOH) and close to the granite-greenstone contact that potentially represents the regolith footprint of a primary gold system.
• A third AC drill program to test the southern 5.5kms of the contact and infill the bedrock anomaly is now complete with results expected in November.
• A gold targeting program led by consultants SensOre applying Artificial Intelligence (AI) and Machine Learning (ML) to Iceni’s high quality geoscience datasets over the 14 Mile Well Project defined twelve key SensOre target areas.
• Many of the targets generated by the SensOre work correspond to existing Iceni gold prospects, including Guyer, which further reinforces and highlights the prospectivity of the underexplored 14 Mile Well Project.

• Commanding highly prospective large 850km2 land package within a merger & acquisition hotspot
• Project is within a highly endowed geological terrain with multiple world class +1Moz Au deposits
• Focussed on four initial high impact priority drill ready targets evaluating various mineralisation styles at varying growth stages
• Complemented by SensOre AI generated targets across the project area
• Full company focus on the 14 Mile Well project with accelerated exploration activities at Guyer to be undertaken in the next 3 months
• Delivering results with success at Guyer

LOCATION, PROSPECTIVITY AND ACTIVITY OPPORTUNITY FOR DISCOVERY

• Field activities at the Christmas Gift prospect in the Everleigh Well area exposed multiple spectacular gold bearing quartz veinlets within a narrow, sheared basalt-interflow sediment contact exposed in a shallow sample trench.
• Gold collected by prospectors from a crushed bulk sample of ore bearing rock, including the quartz
  veinlets from the sample trench, produced a 9.5oz gold doré bar.
• Previous high-grade rock chip assay results returned from the outcropping gold bearing veinlets included: 18,207g/t Au, 18,179g/t Au, 16,776g/t Au, 16,659g/t Au, 14,780g/t Au
• Excavation of multiple shallow surface sample pits along the trend exposed and extended the shear
  structure over an approximately 50m strike length that is open.
• Additional high-grade rock chip assay results returned from the newly exposed sample trench include: 158.00g/t Au, 93.50g/t Au and 43.20g/t Au.
• A maiden multi-hole diamond drill program commenced during the June Quarter to test the strike extent of the gold bearing structure over 50m and evaluate the potential for parallel hanging and foot wall structures to the Christmas Gift shear.
• Iceni raised $1.7 million (before costs) in a share placement and received $1.8million from the sale of
  surplus assets for a total cash injection of $3.5million

• 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.