Gold 50 : Quarterly Activities / Appendix 5B Cashflow Report

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GOLD EXPLORATION

IN ARIZONA AND NEVADA

Tuesday, 26 July 2022

QUARTERLY ACTIVITIES REPORT

For period ending 30 June 2022

GOLCONDA PROJECT, ARIZONA

• Work programs including a biological survey were completed to support permitting for the Company's maiden drilling program at the flagship Golconda Project.
• The initial drilling program is expected to commence in the current quarter and is planned to comprise 14 holes totaling approximately 4,500m.
• The gold-silver and silver-lead-zinc veins within the Golconda Project are part of a large, zoned mineralised system related to the adjacent Mineral Park porphyry copper- molybdenum deposit.
• Historical mines within the Golconda Project were known for their high grades of both precious and base metals, however, there has been no systematic modern exploration.

CAISSON PROJECT, NEVADA

• An extensive soil sampling program was completed at Caisson during the quarter.
• Caisson rock chip samples averaged 7.4g/t gold and 0.21% copper, with a high of 71.9g/t gold. Gold is associated with a suite of elements including bismuth, vanadium, germanium, tellurium, selenium, copper, silver and uranium. These associations, the presence of copper occurrences and shear zones, and the lack of high-level epithermal textures in the quartz veins suggest the possibility of an intrusion-relatedgenetic model.

CORPORATE

• Gold 50 has successfully negotiated improved terms with the vendor of its four projects in Nevada.
• Managing Director visited Nevada and Arizona in May to meet with drillers and begin forward planning for our maiden drilling program at Golconda.
• Strong cash position of $5.509 million as at 30 June 2022.

Gold 50's Managing Director, Mark Wallace, commented:

"During the first half of 2022, Gold 50 completed initial drilling programs at our Top Gun and Spitfire Projects, as well as a soil sampling survey at the Caisson Project. The Company has an exciting period ahead as it continues working in Nevada at Caisson and commence the maiden drilling campaign at the flagship Golconda Project in Arizona.

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"The primary objective of Gold 50's Golconda exploration program is to delineate a near-surfacegold-silver deposit amenable to open-pit mining. The maiden Golconda drill program will focus on the major structural controls of the Tub Vein between the historical Golconda Mine and the nearby Mineral Park Mine."

GOLCONDA, ARIZONA

Gold 50 has continued to progress Golconda towards commencing drilling in the September 2022 quarter, subject to timely receipt of permitting approval. The Notice of Intent ('NOI') for this drilling program has been submitted to the Kingman, Arizona office of the Bureau of Land Management ('BLM'). Final arrangements are being made on the ground for access and drill pad preparation ahead of drilling.

Gold 50's maiden Golconda drilling campaign will be the first major campaign in the project area in nearly twenty years and follows more than twelve months of detailed surface exploration and target definition by the Gold 50 team.

Figure 1 - Location of Golconda Project

The primary objective of Gold 50's Golconda exploration program is to delineate a near-surfacegold-silver deposit amenable to open-pit mining. Such deposits are likely to occur within structurally permissive zones such as fault intersections and fault bends and jogs.

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The ores historically mined at the Golconda Project have been confined to narrow, steeply dipping, vein-type deposits. These veins typically occupy strong north-northwest trending faults and fractures cutting through the Precambrian metamorphic complex. The veins host gold-silver mineralisation with variable amounts of zinc, lead, and copper mineralisation.

Prior drilling has nottargeted structural zones that hold the greatest potential for mineralisation. Gold 50's field work indicates that structural intersections control the locus of mineralisation. Where cross-structures exist, individual veins are wider and there are multiple unnamed smaller veins stacked up along the cross structure.

Gold 50's initial drilling will primarily target structural intersections along the Tub Vein at depths of 100m to 150m. This campaign is planned to comprise approximately 4,500m of drilling in 14 reverse circulation ("RC") drill holes. The targeting is based on extensive historical data and work carried out by Gold 50 including surface geochemical sampling, magnetic surveys, geological mapping and structural analysis.

Image above: Gold 50 Exploration Manager, Danny Sims (left) with Gold 50 Consulting Geologist, Isaac Nelson (right)

UPCOMING WORK - GOLCONDA

Gold 50 is progressing work programs at Golconda including:

• road and drill pad preparation for drill rig access; and
• preparatory work for drilling to commence in September.

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NEVADA

During the June quarter, Gold 50 focussed on advancing its early-stage Caisson Project. Caisson is viewed as hosting multiple, high-grade vein type targets that would be amenable to underground mining methods. There are also larger areas of strong clay alteration that suggest the presence of a bulk-tonnage,lower-grade deposit.

Caisson rock chip samples collected by Gold 50 averaged 7.4g/t gold and 0.21% copper, with a high of 71.9g/t gold (see Figure 2 below).

Figure 2 - Gold assays of surface samples at Caisson Project (Source: Prospectus for Gold 50's Initial Public

Offering dated 21 May 2021).

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The Company's technical team believe Caisson exhibits characteristics similar to nearby significant past and current gold mines which have been interpreted as being intrusion-related gold deposits. These include the presence of high-grade gold in shear-hosted quartz veins, potentially economic- level copper values, the lack of high-level epithermal vein textures, more advanced porphyry-style alteration, and the association of gold with a distinctive suite of elements.

Based on the assay values and the density of quartz veins in and around the historic workings at the Caisson Project, there is good potential for a high-grade vein type deposit. Mineralisation amenable to bulk mining methods may also be encountered in the porphyry style alteration and/or in the shear- hosted quartz veins where the hosting shear zones dilate, intersect, or otherwise increase in widths and more significant tonnages may be encountered.

No drilling is known to have taken place at Caisson.

Gold 50 completed initial drilling programs at the Top Gun and Spitfire Projects during the first half of 2022:

• At Top Gun, drilling confirmed a previously unrecognised gold-silver epithermal system
• At Spitfire, drilling generally intercepted the targeted structures and rock types but did not intercept any multigram gold zones that had been indicated by surface sampling.

Gold 50's Broken Hills Project remains prospective for epithermal gold-silver mineralisation similar to the nearby Rawhide Mine and Paradise Peak Mine which have each produced more than 1.6 million ounces of gold. Gold 50 is reviewing the data from work completed by previous explorers in order plan further exploration.

Image above: RC drilling at Gold 50's Spitfire Project in Q1 2022.

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