Golden Deeps : Nosib Very High-Grade Copper & Vanadium Intersected.

ASX ANNOUNCEMENT	ASX code: GED
22 February 2022

onlyNOSIB VERY HIGH-GRADE COPPER & VANADIUM INTERSECTED FROM SURFACE and Deeper Diamond Drilling Extends Copper-SilverSulphide Zone at Depth

• Very high-grade XRF spot readings from diamond drillhole NSBDD008 that tested the shallow copper (Cu) - vanadium (V2O5) - lead (Pb) - silver (Ag) oxide zone at the Nosib Prospect, including:

• Up to 16% Cu, 3.7% V2O5 & 15.9% Pb, ave. 1.3% Cu, 0.9% V2O5 & 3.8% Pb over 26m from surface

use			See pXRF (portable XRF) spot-readings in NSBDD008, Appendix 3.
• Final analytical results (ICP) to come from NSBDD008 will further define the copper-vanadium-lead
	oxide zone, that previously produced very high-gradediamond-core intersections including:
	- NSBDD002:	20.85m @ 2.0% Cu, 1.54% V2O5, 6.0% Pb, 7.7 g/t Ag	(6.4% CuEq*) from 0m12
personal	incl.	12.10m @ 3.2% Cu, 2.54% V2O5, 9.8% Pb, 8.0 g/t Ag	(10.3% CuEq*) from 0m
incl.	3.00m @ 6.3% Cu, 7.82% V2O5, 21.9% Pb, 6.4 g/t Ag (25.9% CuEq*) from 7.3m
			*See copper equivalent (CuEq) calculation Appendix 1
• Further drilling is in progress to extend this very high-grade oxide zone so that a maiden mineral
	resource estimate can be produced for open-pit mine and processing planning
• Metallurgical testing on drill-core will now be carried out to produce high-grade vanadium,
	copper and lead mineral concentrate prior to down-stream leach testing for high-valuebattery
	metals products to feed the rapidly growing renewable energy battery markets
• In addition, results from four diamond drillholes that tested the deeper copper-silver sulphide
	zone at Nosib have produced thick intersections of stratabound Cu-Ag mineralisation including:
	- NSBDD003:	35.84m @ 0.45% Cu, 3.7 g/t Ag (0.53% CuEq*) from 71.0m
For	incl.	11.10m @ 0.70% Cu, 5.6 g/t Ag (0.81% CuEq*) from 82.0m
incl.	4.07m @ 1.13% Cu, 9.3 g/t Ag (1.27% CuEq*) from 89.03m
	incl.	0.40m @ 6.81% Cu, 41.6 g/t Ag (7.3% CuEq*) from 92.7m
			*See copper equivalent (CuEq) calculation Appendix 1

• Results are awaited for the deepest diamond hole in the program, NSBDD007, that intersected 36.4m from 74m of disseminated to semi-massive copper sulphide mineralisation that remains open at depth within the moderately dipping Nosib arenite/conglomerate unit

• Further drilling to extend and define this deeper copper-silver zone at Nosib, as well as test the down-plunge extensions of the very-high-grade Khusib Springs deposit (previous production 300,000t @ 10% Cu, 584 g/t Ag3), 15km east of Nosib, is planned following receipt of results

Golden Deeps Limited

1st Floor, 8 Parliament Place, West Perth, WA 6005

PO Box 1618, West Perth, WA 6872

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NSBDD003:

incl.

incl.

incl.

incl.

35.84m @ 0.45% Cu, 3.8 g/t Ag (0.53% CuEq*) from 71.0m 22.71m @ 0.54% Cu, 4.6 g/t Ag (0.64% CuEq*) from 71.0m 11.10m @ 0.70% Cu, 5.6 g/t Ag (0.81% CuEq*) from 82.0m 4.07m @ 1.13% Cu, 9.3 g/t Ag (1.27% CuEq*) from 89.03m 0.40m @ 6.81% Cu, 41.6 g/t Ag (7.3% CuEq*) from 92.7m

(see Table 1 for full list of intersections):

Golden Deeps Limited ("Golden Deeps" or "Company") is very pleased to announce further intersections of very high-gradecopper-vanadium-lead mineralisation at the Nosib Block ("Nosib") Prospect, located

in the Otavi Mountain Land of northern Namibia (see location, Figure 3).

onlyDiamond drillhole, NSBDD008, tested the shallow copper-vanadium-lead-silver oxide zone from surface at the Nosib Prospect and produced exceptional copper, vanadium and lead XRF spot readings on drillcore including up to 16% copper (Cu), 3.7% vanadium (V2O5) and 15.9% lead (Pb), averaging 1.3% Cu, 0.9% V2O5 and 3.8% Pb over 26m from surface (see cross section, Figure 1).

Samples from NSBDD008 have been despatched to Intertek, Perth, for full ICP-MS/ICP-OES analyses.

The pXRF (portable XRF) spot-readings in NSBDD008 (see Appendix 3) were taken at approximate 0.5m intervals within each mineralised zone, apart from selected zones where visible sulphides are variably distributed and further readings usemay be taken. The range of values within the identified mineralised zone from surface to 29.5m vertical (downhole) depth are from 0.1% Cu to 16% Cu readings, averaging ~1.2% Cu. Vanadium values range from undetectable to 2.1% V (3.7% V2O5), averaging 0.45% V (0.8% V2O5) and lead values range from 0.17% Pb to 15.9% Pb, averaging 3.5% Pb.

The pXRF readings are unrepresentative spot indications of grade only and laboratory assays (ICP-MS/OES) are required to confirm representative grades and intervals.

Upon receipt of results, quarter-core samples from NSBDD008 will be composited for metallurgical testwork, including gravity concentration of vanadium, copper and lead (+/- Ag, Zn) minerals prior to downstream leach testing for production of high-value products for the rapidly growing battery-metals market.

Previous diamond drilling results from the shallow high-gradecopper-vanadium-lead zone include the very high-grade intersection below from NSBDD002 (announced in December 202112):

personal	- NSBDD002:	20.85m	@ 2.0% Cu, 1.54% V2O5, 6.0% Pb, 7.7 g/t Ag	(6.4% CuEq*) from 0m
incl.	12.10m	@ 3.2% Cu, 2.54% V2O5, 9.8% Pb, 8.0 g/t Ag	(10.3% CuEq*) from 0m
incl.	10.30m	@ 3.6% Cu, 2.82% V2O5, 10.5% Pb, 8.2 g/t Ag (11.4% CuEq*) from 0m
incl.	3.00m @ 6.3% Cu, 7.82% V2O5, 21.9% Pb, 6.4 g/t Ag (25.9% CuEq*) from 7.3m

*See copper equivalent (CuEq) calculation Appendix 1

Further diamond drilling is in progress, testing for extensions of this shallow, very high-grade, copper- vanadium-lead zone in an area of sub-cropping copper mineralisation to the north of the currently drilled area. The mineralised zone has so-farbeen tested over a 100m strike length and remains open to the northeast and southwest at surface (see longitudinal projection, Figure 2).

Completion of this drilling, as well as the metallurgical test-work, will allow the Company to complete a Formaiden resource estimate for the high-gradecopper-vanadium-lead-silver zone at Nosib.

In addition, results have been received from a further four diamond drillholes that tested the deeper copper-silversulphide zone at Nosib, producing thick intersections of copper-silvermineralisation including

-

*See copper equivalent (CuEq) calculation Appendix 1

Golden Deeps Limited

1st Floor, 8 Parliament Place, West Perth, WA 6005

PO Box 1618, West Perth, WA 6872

Page | 2

A further diamond drillhole into the sulphide zone, NSBDD007, completed below NSBDD003, intersected a 36.4m zone from 74m of disseminated to semi-massive copper sulphide mineralisation that included "fairly distributed specs of bornite and/or covellite, commonly associated with chalcopyrite" (field geologists' onlycomment - see Appendix 3), at the lower contact of the conglomerate/arenite (see cross section Figure 1).

NSBDD007 is the deepest hole to date testing the copper-silver sulphide zone at Nosib and confirms potential for a significant, strata-bound,copper-silver sulphide deposit.

Other diamond drillhole results received from the primary copper-silver sulphide zone include: NSBDD006 that intersected 34.6m @ 0.30% Cu, 1.89 g/t Ag from 73.4m incl. 11.95m @ 0.64% Cu, 4.18 g/t Ag and incl. 1.15m @ 2.73% Cu, 18.4 g/t Ag, open to the southwest, and NSBDD004 that intersected 25.5m @ 0.31% Cu, 1.85 g/t Ag from 24.5m incl. 1.25m @ 2.46% Cu, 15.93 g/t Ag, open to the northeast (see longitudinal projection, Figure 2, and Table 1 for full list of intersections).

For personal use
Figure 1: Nosib oblique cross section through NSBDD002 and deeper holes testing the copper-silver sulphide zone
Golden Deeps Limited	1st Floor, 8 Parliament Place, West Perth, WA 6005	PO Box 1618, West Perth, WA 6872	Page | 3

Figure 2: Nosib Prospect, longitudinal projection with NSBDD001 intersection and planned pierce points

onlyuse personalGolden Deeps CEO, Jon Dugdale, commented:

"The very successful drilling program at Nosib continues to intersect very high-gradecopper-vanadium-leadFormineralisation from the oxide zone, that remains open to the northeast where drilling is continuing.

"The completion of this program will allow metallurgical testing and resource estimation to be completed prior to initiating studies into production of high-value vanadium, copper and lead products to feed the ever- increasing demand for these metals for the renewable energy battery industries globally.

"In addition, deeper drilling has intersected significant thicknesses of strata-boundcopper-silver sulphide mineralisation at depth that indicates we may be on top of a significant, new, copper-silver discovery that shows similar characteristics to major deposits in the Kalahari Copper Belt to the south.

"The Company will continue its dual focus on defining shallow copper-vanadium-lead oxide deposit that may provide an early pathway to production of high-value products for the renewable energy battery industries, as well as targeting larger scale, copper-silver sulphide deposits at depth for the development of a major long term, production centre in the Otavi Copper Belt."

Golden Deeps Limited

1st Floor, 8 Parliament Place, West Perth, WA 6005

PO Box 1618, West Perth, WA 6872

Page | 4

Following receipt of all analytical results from this program further drilling is planned to extend the primary copper-silver sulphide zone and potentially define a significant new strata-boundcopper-silver discovery. The substantial widths of copper-silvermineralisation in the deeper sulphide zone appear

onlysuitable for low-cost underground mining, below the open-pitable,high-grade,copper-vanadium zone. The further deeper drill testing planned for the Nosib Prospect will be finalised along-side further drill planning to test the Khusib Springs deposit, located 15km to the southeast of Nosib (Figure 5). The program at Khusib Springs will be designed to test for a repeat of the very-high-grade Khusib Springs shoot, that produced approximately 300,000t at 10% Cu and 584 g/t Ag3 to only 300m depth from the 1990s, closing in 2003 (Figure 4). The decline at this mine remains accessible for possible extension in the future.

About the Nosib Block and Khusib Springs Projects:
use
The Nosib and Khusib Springs prospects are located
approximately 15km apart, within EPL3543 (Figure 5), in
the world-class Otavi Mountain Land (Otavi) Copper
District of Namibia (see Figure 3). The Otavi Copper District
includes major historic mines such as the Tsumeb deposit,
40km to the northwest of Nosib (Figure 3), that produced
30Mt of ore grading 4.3% Cu, 10% Pb and 3.5% Zn3	Figure 3: Golden Deeps Projects in Namibia
personal
between 1905 and 1996.
The current diamond drilling program at Nosib includes up
to ten diamond drillholes for approximately 1,000m of
drillcore.
The program includes three to five holes testing the
shallow, high-grade,copper-lead-vanadium zone, both
within the defined shoot for definition and metallurgical
purposes, as well as along strike where the zone is open to
the east.
A further five diamond drillholes have tested extensions of
the thick, stratabound, copper-silver zone at depth that
has produced significant true-width intersections of
copper-silver mineralisation up to 45m thick, across the
entire thickness of the arenite/conglomerate host unit1,2.
For

The diamond drilling aims to define and extend the shallow, high-grade, copper- vanadium - lead zone in parallel with deeper drilling to test the potential for a major, stratabound, copper-silver deposit at depth.

The Company previously announced high-grade intersections of copper, vanadium and lead with silver from the shallow oxide zone1,2, including:

• NSBRC007¹: 24m @ 1.33% Cu, 4.77% Pb, 1.37% V2O5, 3.67g/t Ag from 3m incl. 6m @ 3.67% Cu, 14.9% Pb, 4.40% V2O5, 12.16g/t Ag from 6m
• NSBRC010²: 29m @ 1.54% Cu, 4.49% Pb, 1.19% V2O5, 6.97g/t Ag from 2m incl. 9m @ 3.66% Cu, 11.91% Pb, 3.62% V2O5, 7.70g/t Ag from 3m

At Khusib Springs (see location, Figure 5), previous targeting work by South African based geological consultancy, Shango Solutions, in January 20218, indicated that there is significant potential for a repeat of the very-high grade Khusib Springs copper-silver orebody at depth to the north of an apparent normal fault that is interpreted to have offset the mineralised zone.

Golden Deeps Limited

1st Floor, 8 Parliament Place, West Perth, WA 6005

PO Box 1618, West Perth, WA 6872

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