Horseshoe Metals Limited (ASX: HOR) (the 'Company') is pleased to provide the results of initial Reverse Circulation ('RC') drill testing of the significant surface materials including stockpiles and dumps at the Company's Horseshoe Lights Copper-Gold Project in Western Australia.

The Horseshoe Lights Copper-Gold Project is the original Cu/Au VMS discovery in the Bryah Basin and is located approx. 60 km west of DeGrussa Copper Mine operated by Sandfire Resources (ASX: SFR). Past production from Horseshoe Lights includes around 316,000 oz Au & 55 kt Cu metal in two phases of mining, and the deposit contains a current in situ resource 128 kt Cu metal @ 1.0% (0.5% cut-off) and 36,000 oz Au.

Phase 2 drilling completed in May included 70 holes for 778m (refer ASX releases dated 18 March and 19 May 2022) targeting selected stockpiles and dumps as an initial followup to historic reconnaissance drilling. The objective was to confirm the existence and style of mineralisation and/or infill drilling completed by the Company.

The C20 stockpile is understood to be a low grade rehandle stockpile created during the gold only CIP operations phase in the mid to late 1980's. During the subsequent 'Chalcocite' Direct Shipped Ore ('DSO') mining phase, the surface of this stockpile was used a resample area for high grade ore excavated from the margins of the DSO orebody that may have been diluted during mining.

Copper-Gold Materials Discussion

C20 Stockpile The C20 stockpile is understood to be a low grade rehandle stockpile created during the gold only CIP operations phase in the mid to late 1980's. During the subsequent 'Chalcocite' Direct Shipped Ore ('DSO') mining phase, the surface of this stockpile was used a resample area for high grade ore excavated from the margins of the DSO orebody that may have been diluted during mining.

Contact:

Kate Stoney

Tel: +61 (0) 408 909 588

Email: info@horseshoemetals.com.au

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