Cohiba Minerals Limited provided a brief update in relation to the drilling at the Horse Well Prospect. HWDD06 /HWDD06W1 was completed in 22 July 2022. HWDD06 had to be abandoned as the hole reached basement due to drilling conditions but was successfully completed via wedge hole HWDD06W1.

HWDD06 was targeting a coincident magnetic and gravity anomaly sited 5 kilometres west of BHP's up-and- coming Oak Dam deposit. Cohiba had previously tested the magnetic portion of this anomaly with drillhole HWDD03, which had intersected some strongly altered quartz-earthy hematite-K-feldspar-epidote- chlorite-(muscovite) rock, which left open the potential for a `near miss' of an IOCG (Iron Oxide-Copper-Gold) system, and hence the design of HWDD06 to test the gravity portion of the anomaly. HWDD06W1 intersected mafic intrusives, Donington Granite and a pre-Donington gneiss.

The Donington Granite is the host rock to BHP's Oak Dam and Oz Minerals' Carrapateena IOCG deposits. Alteration in HWDD06W1 is consistent with distal IOCG alteration, but not a `near miss' scenario. A Northwest-Southeast mafic intrusive body intersected in the bottom of the hole possibly represents a major fault, in which case the prospective area may lie to the north of the fault.

The gain in geological understanding from HWDD06W1 and HWDD03 can be used to refine the geophysical model in the search for unexplained anomalies that may be indicators for IOCG style mineralisation. Drill core samples have been submitted to ALS Laboratories for analysis.