KOONGULLA EXPLORATION UPDATE

BOADICEA RESOURCES LTD

ASX ANNOUNCEMENT 12 November 2021

BOADICEA RESOURCES LTD onlyACN: 149 582 687

ASX Announcement &

Media Release

ASX C de: BOA

Issued Capital:

77,699,895 Shares (BOA) use19,554,149 Options (BOAOA)

Po tal Address:

PO Box 245 Malvern 3144 Victoria

Email:

[e-mail]

Phone:

[phone]

Fax:

[phone]

Web:

www.boadicea.net.au

For

KOONGULLA EXPLORATION UPDATE

HIGHLIGHTS:

• Koongulla East licence granted (E45/5866).
• Total granted Paterson Province tenement holding is now 607km2.
• Preliminary assessment of the Koongulla East airborne geophysics survey completed.
• Multiple internal dome features identified strengthening the Telfer dome look-a-like structure of the target.
• Planning for ground gravity survey across the Koongulla Dome continues.

Boadicea Managing Director Jon Reynolds commented: "The granting of the Koongulla East licence and the identification of multiple internal dome features gives us further confidence the structure is developing more and more into a Telfer-look-alike structure. Our exploration efforts will be focused on proving the potential of this system we have identified. Koongulla has significant potential to be the next major discovery of the Paterson Province."

Boadicea Resources Ltd ("BOA")	www.boadicea.net.au
PO Box 245 Malvern	[e-mail]
3144 Victoria

KOONGULLA DOME UPDATED AIRBORNE GEOPHYSICS

For personal use only

An airborne geophysical survey has been completed on the recently granted Koongulla East tenement. More importantly this survey includes the unsurveyed areas of the previously identified Koongulla Dome (BOA: ASX Announcement 12/03/2021).

The new survey information has provided additional detail on the potential structure of the Koongulla Dome with a preliminary interpretation displaying internal 'dome' features and structural complexity. The extent of the dome structure is highlighted in Figure 1. A more detailed interpretation will follow further geophysical processing and analysis.

Boadicea Resources Ltd ("BOA")	www.boadicea.net.au
PO Box 245 Malvern	[e-mail]
3144 Victoria

Based on the interpretation of the recent geophysics, the Koongulla Dome stratigraphic feature continues to resemble the characteristics of the Telfer Dome in relation to the dimensions, orientation and now the possible identification of a multiple internal dome features.

For personal use only

KOONGULLA EAST LICENCE

BOA's Koongulla tenements, located in the highly prospective Paterson Province WA (see Figure 2) have the potential to become the next major gold - copper discovery in the region and be a significant company maker.

The focus of BOA exploration is the exciting Telfer-look-a-like dome feature which straddles the Koongulla (E45/5392) and Koongulla East (E45/5866) tenements. BOA's current tenement holding is summarised in Table 1. The Koongulla East licence was granted on 3 November 2021.

Table 1 Paterson Province Tenement Summary

Tenement #

Name

Status

BOA %

Area (km2)

E45/5392

Koongulla

Granted

95%

239.7

E45/5818

Koongulla North

Granted

100%

214.3

E45/5866

Koongulla East

Granted

100%

153.4

E45/5959

Koongulla South

Application

100%

277.6

TOTAL

885.0

Figure 2 BOA Tenement Holding - Paterson Province

Boadicea Resources Ltd ("BOA")	www.boadicea.net.au
PO Box 245 Malvern	[e-mail]
3144 Victoria

PLANNED ACTIVITIES

For personal use only

A ground based gravity survey planned for November has now been scheduled for early 2022 due to a combination of delayed licence granting, geophysical crew availability and heritage survey requirements.

Authorised by the Board of Boadicea Resources Ltd.

END

__________________________________________________________________________

Contact Information:

For further information please contact:

Jon Reynolds Managing Director Tel: [phone] [e-mail]

Competent Persons Statements:

The information in this Announcement that relates to Exploration Results and interpretations was compiled by Mr J. Reynolds, who is the Managing Director of the Company and is a Member of the Australian Institute of Mining and Metallurgy (Membership number 203138). Mr Reynolds has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves'. Mr Reynolds consents to the inclusion in the Report of the matters based on his information in the form and context in which it appears.

The information in this release that relates to Geophysical Results is based on information compiled by Karen Gilgallon, Principal Geophysicist at Southern Geoscience Consultants. Karen Gilgallon is a Member of the Australasian Institute of Geoscientists (AIG) and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Karen Gilgallon consents to the inclusion in the release of the matters based on this information in the form and context in which it appears.

Disclaimer:

Information included in this release constitutes forward looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward-looking words such as "may", "will", "expect", "intend", "plan", estimate", "anticipate", "continue" and "guidance" or other similar words, and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs. Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the company's actual results, performance, and achievements to differ materially from any future results, performance, or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which the company operates or may in the future operate, environmental conditions including extreme weather conditions, staffing and litigation.

Boadicea Resources Ltd ("BOA")	www.boadicea.net.au
PO Box 245 Malvern	[e-mail]
3144 Victoria

For personal use only

Forward looking statements are based on the company and its management's assumptions made in good faith relating to the financial, market, regulatory and other relevant environments that exist and affect the company's business operations in the future. Readers are cautioned not to place undue reliance on forward looking statements.

Forward looking statements are only current and relevant for the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the company does not undertake any obligation to publicly update or revise any of the forward-looking statements or advise of any change in events, conditions or circumstances on which such statement is based.

Boadicea Resources Ltd ("BOA")	www.boadicea.net.au
PO Box 245 Malvern	[e-mail]
3144 Victoria