Mincor Resources NL reported further significant assay results from underground drilling targeting extensions of the Durkin North and LN04a orebodies within the highly prospective exploration zone at the Company's Long and Durkin North Operations at Kambalda in Western Australia. Modelling and interpretation of this new geological data has led to the interpretation of a considerably broader Long-Durkin North mineralised channel. The latest interpretation suggests that Long, LN04a and Durkin North orebodies all form part of the same, broad mineralised channel, which may have a strike extent of greater than 2.5km.

The high-grade massive sulphide intersections observed within this channel resemble the typical Kambalda-type ore surfaces currently being mined at Mincor's Northern Operations. This recently defined mineralised channel is believed to represent a significant exploration opportunity for the Company and further systematic step-out drilling is planned over the current financial year to determine the potential for economic mineralisation, as well as further potential strike extensions of the Durkin North orebodies. New drilling points to a broader Long-Durkin North mineralised channel: The latest drill results indicate extensions of the Durkin North orebodies with mineralised surfaces continuing beyond the existing resources and remaining open both along strike and down-dip.

In particular, the significant high-grade intercepts at Durkin North highlight the potential for strike and down-dip extensions to the west, previously untested. The Company is excited about the implications of the recently defined Long-Durkin North mineralised channel and the potential to delineate further high-grade mineralisation within areas where there has been no systematic drill testing. A significant underground drilling program will continue at the Northern Operations over the remainder of FY2023 with the focus on step-out and in-fill drilling within the recently defined Long-Durkin North mineralised channel and further grade control drilling.

LN04a: The latest round of drilling has provided additional confidence in the up-dip continuity of the LN04a orebody, with multiple high-grade intercepts returned outside of the current Mineral Resource. These results further reinforce the potential of LN04a to extend beyond the original interpretation, with mineralisation remaining open along strike and, notably, up-dip. Highlights of the recent up-dip diamond drilling intercepts include: ULG-22-130 - 1.5m @ 11.8% Ni; ULG-22-120 - 5.8m @ 3.7% Ni; and ULG-22-134 - 1.4m @ 3.7% Ni.

Maiden underground drill program at Cassini Mine: The Company recently announced that it had secured a third underground diamond drill rig to accelerate exploration activities at Cassini. Originally planned for later in CY2023, the arrival of an additional rig has substantially accelerated the early exploration programs at Cassini and represents the first underground exploration work to be undertaken at this new mine since development of the operation began. The new rig has commenced underground drilling at Cassini.

Drilling will initially take place from existing stockpile in the main Woodall Decline, with early programs targeting the highly prospective Cassini North channel (Figure 5). Similar to the Northern Operations, the potential for resource extensions at Cassini is enhanced by the proximity to existing high-quality underground infrastructure, with Cassini offering opportunities to introduce additional near-term ore sources and materially extend mine life. Cassini North Initial Target: Cassini North is a U-shaped ultramafic channel located sub-parallel to the Cassini orebody.

Mincor previously tested the uppermost portion of the interpreted channel from surface in 2020, resulting in multiple >1% Ni intersections. While the Cassini North channel is modelled to extend down-plunge, sub-parallel to the Cassini orebody, there has so far been no drill testing of the channel below approximately 550m from surface. Underground development at Cassini now provides excellent drill platforms to undertake systematic drill testing of the down-plunge extents of the Cassini North channel.

Initial drilling is aimed at better defining Cassini North channel architecture and further resource development at Cassini. Hartley Prospect: Geological interpretation and modelling of the geophysical data at the Hartley prospect is ongoing. The main objective of this work is to develop a robust geological model and enable detailed understanding of the channel architecture, both of which, once completed, will be used to guide further exploration drilling.

A moving loop electromagnetic (MLEM) program has been extended and now covers the broader prospect area. The MLEM program is expected to be competed in March 2023.