ASX Announcement

17 January 2022

onlyHorn Island Close Space Drill Results

useAdvanced gold and copper explorer, Alice Queen Limited (ASX:AQX) ("Alice Queen" or the "Company") is pleased to provide final assays from the Close Space RC drill program that informed the Scoping Study for the Company's Horn Island Gold Project, located in the Torres Strait, Queensland.

Highlights

personal

♦ Multiple high-grade gold (>5g/t Au) intercepts returned across comparable depths including

the following:

•

7m

@ 2.3g/t Au from 28m incl. 1m @ 9.8 g/t Au from 31m (21NGRC039)

•

10m

@ 11.7 g/t Au from 30m incl. 4m @ 25.9 g/t Au from 36m (21NGRC045)

•

5m

@ 6.4 g/t Au from 30m incl. 1m @ 14.0 g/t Au from 33m (21NGRC047)

•

8m

@ 2.2 g/t Au from 31m incl. 3m @ 5.3 g/t Au from 34m (21NGRC055)

•

11m

@ 2.3 g/t Au from 27m incl. 2m @ 9.4 g/t Au from 36m (21NGRC064)

•

6m

@ 5.3 g/t Au from 27m incl. 1m @ 24.5 g/t Au from 27m (21NGRC065)

•

3m

@ 2.6 g/t Au from 20m incl. 1m @ 6.0 g/t Au from 20m (21NGRC071)

•

11m

@ 1.8 g/t Au from 29m incl. 1m @ 6.9 g/t Au from 32m (21NGRC080)

•

5m

@ 2.7 g/t Au from 25m incl. 1m @ 10.6 g/t Au from 29m (21NGRC086)

•

15m

@ 1.4 g/t Au from 25m incl. 3m @ 4.5 g/t Au from 37m incl. incl. 1m @ 6.1 g/t Au

from 38m (21NGRC087)

•

4m

@ 2.7 g/t Au from 26m incl. 1m @ 7.8 g/t Au from 28m (21NGRC079)

For

Alice

Queen's Managing Director, Andrew Buxton said,

The close spaced drilling program was completed in an already well understood

area of the Mineral Resource and informed the recently completed Scoping Study

and Mineral Resource Estimate. This announcement presents the drill results in their

"

entirety including recently received assays for the surficial material that is subject to

"

additional biosecurity protocols associated with the Torres Strait quarantine zone.

Closed Spaced RC Drilling Assay Result Summary

Final assay results from a 49-hole close spaced RC drilling program have now been returned and also include recently returned surface and near surface assays that are subject to additional biosecurity onlyprotocols. This program tested a small but well understood area of the Mineral Resource Area at its south-eastern side and this program informed the recently completed Scoping Study and Mineral Resource Estimate (MRE). Drill holes were angled and spaced at 5m intervals across 7 x drill lines and

drilled to maximum depth of 40m.

The Mineral Resource Estimate (JORC 2012, Indicated and Inferred) is reported at a > 0.4g/t Au cut off for 16.7Mt at 0.98g/t Au for a total of 524,000 ounces Au (see ASX release 11 November 2021, HORN ISLAND SCOPING STUDY AND MRE).

useSurficial assays from legacy stockpiles covering areas of close space drilling were reported in ASX release 14 January 2022, "POSITIVE GOLD RESULTS FROM STOCKPILE DRILLING AT HORN ISLAND". These results do not include those previously reported in that announcement.

personalFor

Figure 1. Location of 5m Closed Spaced RC Drilling at SE area of ~0.52 Moz Horn Island Gold

Resource.

| Page 2 of 10

For personal use only

Figure 2. Drill Collar locations and significant intercepts

| Page 3 of 10

Table 1 Significant Au assay intercept results (>0.5g/t Au) from 5m close spaced drilling program at the Horn Island Gold Resource.

HoleID

from

to

interval

g/t Au

Intercept Summary

21NGRC039

2

6

4

1.6

4m

@ 1.6g/t Au from 2m

only

incl.

2

3

1

2.7

incl. 1m @ 2.7 g/t Au fr 2m

incl.

5

6

1

2.4

incl. 1m @ 2.4 g/t Au fr 5m

21NGRC039

16

17

1

0.9

1m

@ 0.9 g/t Au from 16m

21NGRC039

24

25

1

0.9

1m

@ 0.9 g/t Au from 24m

21NGRC039

28

35

7

2.3

7m

@ 2.3g/t Au from 28m

incl.

31

32

1

9.8

incl. 1m @ 9.8 g/t Au fr 31m

21NGRC040

5

7

2

1.4

2m

@ 1.4g/t Au from 5m

use

incl.

6

7

1

2.1

incl. 1m @ 2.1g/t Au fr 6m

21NGRC040

13

14

1

2.7

1m

@ 2.7g/t Au from 13m

21NGRC040

19

20

1

0.7

1m

@ 0.7g/t Au from 19m

21NGRC040

27

28

1

3.4

1m

@ 3.4 g/t Au from 27m

21NGRC040

36

37

1

0.8

1m

@ 0.8 g/t Au from 36m

21NGRC041

5

6

1

0.6

1m

@ 0.6 g/t Au from 5m

personal

21NGRC041

10

12

2

1.3

2m

@ 1.3 g/t Au from 10m

21NGRC041

19

20

1

0.6

1m

@ 0.6 g/t Au from 19m

21NGRC041

35

39

4

1.2

4m

@ 1.2 g/t Au from 35m

incl.

38

39

1

3.9

incl. 1m @ 3.9 g/t Au fr 38m

21NGRC042

9

12

3

0.8

3m

@ 0.8 g/t Au from 9m

incl.

11

12

1

1.4

incl. 1m @ 1.4 g/t Au fr 11m

21NGRC043

3

6

3

0.8

3m

@ 0.8 g/t Au from 3m

21NGRC043

14

15

1

1.8

1m

@ 1.8 g/t Au from 14m

21NGRC044

7

10

3

0.7

3m

@ 0.7 g/t Au from 7m

21NGRC044

17

18

1

0.5

1m

@ 0.5 g/t Au from 17m

21NGRC044

35

36

1

2.4

1m

@ 2.4 g/t Au from 35m

21NGRC045

3

4

1

1.6

1m

@ 1.6 g/t Au from 3m

21NGRC045

10

15

5

1.3

5m

@ 1.3 g/t Au from 10m

incl.

10

11

1

4.8

incl. 1m @ 4.8 g/t Au from 10m

For

21NGRC045

30

40

10

11.7

10m @ 11.7 g/t Au from 30m

incl.

30

32

2

6.2

incl. 2m @ 6.2 g/t Au from 30m

incl.

36

40

4

25.9

incl. 4m @ 25.9 g/t Au from 36m

incl.incl.

37

38

1

86.7

incl. incl. 1m @ 86.7 g/t Au from 37m

21NGRC046

14

15

1

0.6

1m

@ 0.6 g/t Au from 14m

21NGRC046

34

40

6

0.7

6m

@ 0.7 g/t Au from 34m

incl.

37

38

1

1.9

incl. 1m @ 1.9 g/t Au from 37m

21NGRC047

2

4

2

1.2

2m

@ 1.2 g/t Au from 2m

21NGRC047

11

15

4

2.3

4m

@ 2.3 g/t Au from 11m

incl.

13

14

1

5.5

incl. 1m @ 5.5 g/t Au from 13m

| Page 4 of 10

21NGRC047

23

25

2

5.7

2m

@ 5.7 g/t Au from 23m

incl.

23

24

1

10.4

incl. 1m @ 10.4 g/t Au from 23m

only

21NGRC047

30

35

5

6.4

5m @ 6.4 g/t Au from 30m

incl.

30

31

1

10.8

incl. 1m @ 10.8 g/t Au from 30m

21NGRC050

30

31

1

0.5

1m

@ 0.5 g/t Au from 30m

incl.

33

34

1

14.0

incl. 1m @ 14.0 g/t Au from 33m

21NGRC048

16

34

18

0.5

18m @ 0.5 g/t Au from 16m

incl.

16

17

1

2.8

incl. 1m @ 2.8 g/t Au from 16m

21NGRC049

31

38

7

0.5

7m

@ 0.5 g/t Au from 31m

21NGRC050

25

26

1

1.0

1m

@ 1.0 g/t Au from 25m

use

21NGRC050

36

38

2

0.6

2m

@ 0.6 g/t Au from 36m

21NGRC051

5

6

1

1.7

1m

@ 1.7 g/t Au from 5m

21NGRC051

10

11

1

2.3

1m

@ 2.3 g/t Au from 10m

21NGRC052

6

8

2

1.0

2m

@ 1.0 g/t Au from 6m

21NGRC052

12

13

1

1.6

1m

@ 1.6 g/t Au from 12m

21NGRC052

30

31

1

2.9

1m

@ 2.9 g/t Au from 30m

personal

21NGRC053

7

13

6

0.5

6m

@ 0.5 g/t Au from 7m

21NGRC053

33

34

1

6.8

1m

@ 6.8 g/t Au from 33m

21NGRC054

38

40

2

0.9

2m

@ 0.9 g/t Au from 38m

21NGRC055

1

2

1

1.5

1m

@ 1.5 g/t Au from 38m

21NGRC055

8

9

1

1.6

1m

@ 1.6 g/t Au from 8m

21NGRC055

14

16

2

1.2

2m

@ 1.2 g/t Au from 14m

21NGRC055

31

39

8

2.2

8m @ 2.2 g/t Au from 31m

incl.

34

37

3

5.3

incl. 3m @ 5.3 g/t Au from 34m

21NGRC056

10

11

1

0.6

1m

@ 0.6 g/t Au from 10m

21NGRC056

26

27

1

0.9

1m

@ 0.9 g/t Au from 26m

21NGRC056

38

39

1

1.4

1m

@ 1.4 g/t Au from 38m

21NGRC057

1

2

1

0.6

1m

@ 0.6 g/t Au from 1m

21NGRC057

5

6

1

1.2

1m

@ 1.2 g/t Au from 5m

21NGRC057

20

21

1

1.1

1m

@ 1.1 g/t Au from 20m

For

21NGRC057

34

36

2

0.9

2m

@ 0.9 g/t Au from 34m

21NGRC058

5

6

1

0.9

1m

@ 0.9 g/t Au from 5m

21NGRC058

9

11

2

1.9

2m

@ 1.9 g/t Au from 9m

21NGRC058

21

22

1

0.8

1m

@ 0.8 g/t Au from 21m

21NGRC059

4

5

1

1.3

1m

@ 1.3 g/t Au from 4m

21NGRC059

9

14

5

1.0

5m

@ 1.0 g/t Au from 9m

incl.

12

13

1

2.3

incl. 1m @ 2.3 g/t Au from 12m

21NGRC060

3

8

5

1.5

5m

@ 1.5 g/t Au from 3m

incl.

5

6

1

3.7

incl. 1m @ 3.7 g/t Au from 5m

21NGRC060

11

12

1

0.7

1m

@ 0.7 g/t Au from 11m

21NGRC060

15

16

1

3.6

1m

@ 3.6 g/t Au from 15m

21NGRC060

35

36

1

3.5

1m

@ 3.5 g/t Au from 35m

| Page 5 of 10

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Alice Queen Ltd. published this content on 16 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 January 2022 23:24:05 UTC.