Godolphin Resources : Drilling Completed at Cyclops Prospect at Yeoval

ASX ANNOUNCEMENT

13 April 2022

Diamond drilling completed at Cyclops prospect at Yeoval - multiple mineralised copper veins intersected

• • Drilling completed to 405.4m depth at the Cyclops Prospect - the first of the planned 900m drill program at the 100%-owned Yeoval Porphyry Copper-Gold Project

• • Drill hole to test for mineralisation extension north of the Yeoval Mineral Resource Estimate

• • Drill core is highly encouraging and has intersected multiple zones of quartz-magnetite-chalcopyrite bearing veins and typical NSW porphyry alteration assemblages

• • Assay results anticipated early Q3 with remaining drilling at Yeoval South to be completed before the end of April.

Godolphin Resources Limited (ASX:GRL) ("Godolphin" or the "Company") is pleased to advise that it has completed the first drill hole at the Cyclops prospect at its 100%-owned Yeoval Copper-Gold Project. The initial hole has intersected multiple copper mineralised veins and porphyry style alteration assemblages.

Figure 1: Picture of GYDD001 - 124m. thick quartz-magnetite-chalcopyrite vein.

Managing Director Ms Jeneta Owens said: "The drill core from the initial hole at Cyclops has intersected multiple copper veins, which are quite spectacular with massive chalcopyrite. The core has the alteration signatures which are seen in other NSW Porphyry Copper-Gold deposits such as zoned alteration assemblages, K-feldspar alteration halos to the quartz veins and thick intervals of pervasive magnetite alteration. The initial hole has highlighted that mineralisation does extend to the north of our existing mineral resource estimate and we look forward to providing ongoing updates as the program progresses and assay results are received."

Yeoval Porphyry Copper-Gold Project - Cyclops prospects

The Yeoval tenement is located within the Lachlan Fold Belt near the township of Yeoval in the Central West of NSW. The tenement is dominated by the Yeoval Batholith, which hosts north trending Devonian-aged granites and

Godolphin Resources

ASX Code: GRL	A: Unit 13, 11-19 William Street, Orange NSW 2800	E:[e-mail]
ABN: 13 633 779 950	P: [phone]	www.godolphinresources.com.au

granodiorite rocks. The mineralisation at Yeoval appears to be associated with the intrusions rather than the major structures, as mineralisation is localised within the granodiorite rather than along strike of the faulting.

The first drill hole of the program completed at the Cyclops prospect has tested the elongated north-south trending >400ppm Cu geochemical anomaly (Figure 3), which from historic soil, rock-chip and shallow reverse circulation percussion (RC) drilling results reveals strong copper and gold anomalies. The drill hole tested for copper and gold at depth, aiming to extend the significant mineralised zones seen in the one historic diamond drillhole drilled in 1995 and three shallow RC drillholes drilled in 1994 (Figure 4).

This current Godolphin drill hole (GYDD001) has identified that the overall rock package is a moderately to strongly magnetic hornblende-rich granodiorite which exhibits strong to intense zones of chlorite-sericite alteration, magnetite veinlets, epidote-silica veining, vein selvage to patchy k-feldspar alteration and quartz-magnetite-chalcopyrite (copper) veins (Figures 1 & 2).

Figure 2: GYDD001 - A: quartz-magnetite-chalcopyrite vein at 95m drill depth; B: epidote and quartz veining with K-feldspar vein halos at 224m drill depth; and C: brecciated magnetite-rich quartz vein with chalcopyrite at 225m drill depth

The drill rig has now been mobilised to the second planned drillhole of the program, designed to test for possible southern extensions to the current Yeoval MRE (Figure 5).

Figure 3: Left - Plan view of the ≥400ppm Cu soil geochemistry contour extending between the Yeoval and Cyclops prospects.

Location of both cross-sections (while dashed lines) and the two drill hole locations (blue circles) are shown.

Figure 4: Cross-Section looking west at the 2022 Drilling Target Zone north of the Yeoval Mineral Resource Estimated Model. The 0.2% copper grade shell modelled from historic drill hole geochemistry is open in all directions

Figure 5: Cross-Section looking west at the 2022 Drilling Target Zone south of the Yeoval Estimated Resource Model. The 0.5% copper and 0.2% copper grade shells are open to the south of the deposit.

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This market announcement has been authorised for release to the market by the Board of Godolphin Resources Limited.

For further information regarding Godolphin, please visithttps://godolphinresources.com.au/ or contact:

Jeneta Owens Managing Director [phone]

Released through: Henry Jordan, Six Degrees Investor Relations, [phone]

About Godolphin Resources

Godolphin Resources (ASX: GRL) is an ASX listed resources company, with 100% controlled Australian-based Projects in the Lachlan Fold Belt ("LFB") NSW, a world-class gold-copper and REE province. Currently the Company's tenements cover 3,200km2 of highly prospective ground focussed on the Lachlan Transverse Zone, one of the key structures which controlled the formation of copper and gold deposits within the LFB. Additional prospectivity attributes of GRL tenure include the McPhillamy's gold hosting Godolphin Fault and the Boda gold-copper hosting Molong Volcanic Belt.

Godolphin is exploring for structurally hosted, epithermal gold and base-metal deposits and large, gold-copper Cadia style porphyry deposits and is pleased to announce a re-focus of exploration efforts for unlocking the potential of its East Lachlan tenement holdings, including increasing the mineral resource of its advanced Lewis Ponds Project. Reinvigoration of the exploration efforts across the tenement package is the key to discovery and represents a transformational stage for the Company and its shareholders.

COMPLIANCE STATEMENT The information in this report that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Ms Jeneta Owens, a Competent Person who is a Member of the Australian Institute of Geoscientists. Ms Owens is the Managing Director and full-time employee of Godolphin Resources Limited. Ms Owens 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, Mineral Resources and Ore Reserves. Ms Owens consents to the inclusion in the report of the matters based on her information in the form and context in which it appears.

Information in this announcement is extracted from reports lodged as market announcements referred to above and available on the Company's websitewww.godolphinresources.com.au.

The Company confirms that it is not aware of any new information that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons' findings are presented have not been materially modified from the original market announcements.

ASX ANNOUNCEMENT

Appendix 1 - JORC Code, 2012 Edition, Table 1 Yeoval Resource report

Section 1 Sampling Techniques and Data (Criteria in this section applies to all succeeding sections)

personal use only

Criteria	JORC Code explanation	Commentary
Sampling techniques	• Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report.	Sampling method Description Previous Diamond Drilling: • Reverse Circulation Drilling • Previous drilling completed by Hastings in 1972 (DHID = Y2) was collated by geologists from Auger Resources in 2009 and carefully compiled into a database. The work included: • Converting assay and geological data from feet to meters. • All assay and geological abbreviated lithology were entered into a geological database. • Data validation was completed by plotting and physical checking. • A significant proportion of the drill hole collars had been located and surveyed for spatial location by registered surveyors of hand-held GPS. • RC drilling was used to obtain 1 m samples from 8 holes. These samples were then pulverized and assayed as below: • Cu - Assayed via Atomic Absorption Spectrometry (AAS) • Mo - Assayed via Aqua Regia soluble and AAS • Au-Ag - Assayed via Acid Digest and AAS • Diamond Drilling • Previous drilling completed by Hastings in 1972 (DHID = Y1-Y15) and North Broken Hill in 1973 1nd 972 (DHID = Y16-Y24) was collated by geologists from Auger Resources in 2009 and carefully compiled into a database. The work included: • Converting assay and geological data from feet to meters. • All assay and geological abbreviated lithology were entered into a geological database. • Data validation was completed by plotting and physical checking. • A significant proportion of the drill hole collars had been located and surveyed for spatial location by registered surveyors of hand-held GPS. • Significant sections of the historic drill core have been re-assayed for Cu, Au, Ag and Mo, and this data was incorporated into the data set. • Diamond drilling was used to obtain samples from 37 holes in accordance with their host lithology. • E.g.: • Un-mineralized intervals were sampled at 1.5m or 1m lengths. • Mineralized core was sampled in accordance with its individual length and thus the sample lengths varied from 0.5m -1m. • The samples were pulverized and assayed as below: • Cu - Assayed via AAS • Mo - Assayed via Aqua Regia soluble and AAS • Au, Ag, Pb, Zn, Ni, Co - Assayed via Acid Digest and AAS

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