Crater Gold Mining Limited - PRIORITY EM TARGET IDENTIFIED IN EPM 26749- NORTH QUEENSLAND

Crater Gold Mining Limited (Crater, the Company, ASX:CGN) is pleased to announce results from the NRG Electromagnetic and Magnetic Survey (EM) flown over its polymetallic tenements, EPM 26749 & 13775. A large, priority EM anomaly (W_4) has been identified in the western corner of EPM 26749.

Three other discrete lower priority anomalies were also identified, one of these (W_3) being located in the centre of EPM 26749, with the other two located in the Anomaly 1 area of EPM 13775 (Figure 1), Modelling of Anomaly W_4 indicates that the data best fits the presence of one or two shallow dipping plates, which can be tested by a 120m vertical hole with expected plate intersections at depths of 71m and 93m.

This test hole will be included in the upcoming drilling program due to start in the 2nd quarter of this year. Details of the helicopter borne EM survey were provided in ASX announcement titled 'Preliminary HEM Results Identify High Priority Targets at the Croydon Project, Nth Qld', dated 5 October 2022

Further information is detailed in Table 1.

This announcement has been authorised for release to ASX by Russ Parker, Managing

Director of Crater Gold Mining Limited.

Contact:

Russ Parker

Managing Director

Email: [e-mail]

T: [phone]

COMPETENT PERSONS STATEMENT

The information contained in this report relating to exploration activities at Croydon is based on and fairly represents information and supporting documentation prepared by Mr Ken Chapple or by appropriately qualified company and consultant personnel and reviewed by Mr Chapple, who is an Associate Member of The Australasian Institute of Mining and Metallurgy and a Fellow of the Australian Institute of Geoscientists. Mr Chapple has sufficient experience relevant to the style of mineralisation and type of deposit involved to qualify as a Competent Person as defined in the 2012 JORC Code. Mr Chapple is an independent principal geological consultant with KCICD Pty Ltd and consents to the inclusion in this report of matters based on his information in the form and context in which it appears.

Forward Looking Statements

This Announcement contains certain forward looking statements. The words 'anticipate', 'believe', 'expect', 'optimism', 'project', 'forecast', 'estimate', 'likely', 'intend', 'should', 'could', 'may', 'target', 'plan', 'encouraging', 'significant' and other similar expressions are intended to identify forward looking statements. Forward-looking statements are subject to risk factors associated with the Company's business, many of which are beyond the control of the Company. It is believed that the expectations reflected in these statements are reasonable at the time made but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially from those expressed or implied in such statements. There can be no assurance that actual outcomes will not differ materially from these statements. You should therefore not place undue reliance on forward-looking statements.

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