Ausgold Limited provided an update of exploration activities at the Company's 100%-owned 2.16Moz Katanning Gold Project (KGP), following release of the recent Pre-feasibility Study (PFS) which demonstrated strong economics for the KGP. New drilling at the KGP has been designed to add to the near-surface Resource and further expand the scale of the current Ore Reserve. Reverse circulation (RC) drilling (41 holes for 5,666 metres) has targeted gold mineralisation within the KGP intercepting several significant zones of gold mineralisation both at depth and near-surface.

Jinkas Deeps: Results from RC drilling (8 holes for 2,040m) aimed at extending the high-grade Jinkas gold mineralisation at depth beyond the current Resource extends and test the potential beneath the currently designed open pits. High-grade gold mineralisation intersected in the drilling demonstrates further untested potential at depth within the KPG, including: - 4m @ 17.05 g/t Au from 207m including 2m @ 33.86 g/t Au from 208m in BSRC1535; 7m @ 6.99g/t Au from 133m including 2m @ 23.30g/t Au from 133m in BSRC1537; 6m @ 4.00g/t Au from 252m including 4m @ 5.88g/t Au from 252m in BSRC1530; 3m @ 7.01g/t Au from 168m including 1m @ 19.49g/t Au from 170m in BSRC1531; 10m @ 1.69g/t Au from 108m in BSRC1488; 4m @ 3.60g/t Au from 286m in BSRC1537; 7m @ 1.93g/t Au from 133m in BSRC1531; and 5m @ 2.08g/t Au from 274m BSRC1530. Drilling was designed to test conceptual targets which are supported with Down Hole Electromagnetics (DHEM) targets which highlight zones of semi-massive pyrrhotite alteration.

This alteration is often coincident with higher gold grades and has been used to map fold hinge zones where these sulphides are concentrated. BSRC1530 and BSRC1537 were drilled to target this hinge position of the folded Jinkas lode. BSRC1530 returned 6m @ 4.00g/t Au from 252m including 4m @ 5.88g/t Au from 252m and 5m @ 2.08g/t Au from 274m.

BSRC1537 returned 7m @ 6.99g/t Au from 133m, including 2m @ 23.30g/t Au from 133m and 4m @ 3.60g/t Au from 286m. Crucially, this hinge position remains poorly tested along strike and further down plunge. BSRC1535 was drilled to test for high-grade mineralisation at depth in the White Dam lode and returned 4m @ 17.05 g/t Au from 207m, including 2m @ 33.86 g/t Au from 208m.

These high-grade results are especially significant as they unlock potential to expand the Resource as both an open cut and as a potential underground Resource. Southern Central Zone: The near-surface gold mineralisation within the southern portion of the Central Zone has been targeted in new drilling (33 holes for 3,626m). The PFS has shown the potential of near-surface high-grade gold mineralisation early within the production schedule.

New drilling has demonstrated further potential to expand near surface zones of gold mineralisation within the southern Central Zone lodes, including: 8m @ 2.04g/t Au from 8m including 5m @ 2.96g/t Au from 10m in BSRC1473 (Jackson Lode); 5m @ 2.98g/t Au from 31m including 2m @ 6.82g/t Au from 34m in BSRC1476 (Jackson Lode); 8m @ 1.83g/t Au from 31m including 2m @ 6.26g/t Au from 37m in BSRC1531 (Jinkas Lode); 5m @ 2.59g/t Au from 36m including 3m @ 3.80g/t Au from 38m in BSRC1473 (Jackson Lode); 8m @ 1.50g/t Au from 92m including 2m @ 4.33g/t Au from 96m in BSRC1521 (White Dam Lode). These new results continue to demonstrate the growth potential of the Resource areas within 100m of surface which further build the grade and scale of an open pit mining operation. Southern Zone: Results from reconnaissance drilling within the Southern Zone, which include targets at the Rifle Range prospect have shown anomalous results intercepted within the same mafic granulite sequence which hosts gold mineralisation within the Central Zone.

Ausgold is continuing to further test these areas of anomalous gold mineralisation.