Moho Resources Limited provided an update on its nickel sulphide exploration program at the Dukes Nickel Prospect. The Dukes Nickel Prospect which is part of the regional Silver Swan North Project, is located on E27/613 and E27/626, approximately 10 km northwest of the Silver Swan nickel mine and 50km km NNE of Kalgoorlie, Western Australia. Summary of Previous Exploration: No historical drilling or electromagnetic (EM) surveys have been reported for the Dukes prospect.

Surface geochemical sampling was completed on E27/613 and E27/626 in 2020 as part of Moho's project-wide gold exploration program and anomalous nickel results were announced in September 20211. Multiple zones of >100 ppm nickel were noted within a broader anomalous zone approximately 3km in length. Maximum nickel values of 2460, 1150 and 951ppm nickel were reported, with the anomalies having a strong co-incidence with an interpreted metamorphosed ultramafic rock unit.

A geochemical evaluation of the surface sampling assay data identified several coincidental nickel and copper anomalies overly a magnetic high representing the Dukes komatiites and considered prospective for nickel sulphide mineralisation. HIGHLIGHTS: A heritage survey has established that there are no sacred, ritual, burial or ceremonial Aboriginal sites within the designated project area at the Dukes nickel prospect - The recommendation of the heritage survey is that Aboriginal heritage considerations should not be an impediment to Moho's exploration activities proceeding - A surface electromagnetic (EM) survey is planned over the full length of the interpreted Dukes ultramafic unit - A Program of Works has been submitted to DMIRS for follow up RC drilling - Funds to be boosted following expected receipt of R&D rebate. NEXT STEPS: Review pending assay results of preliminary RC drill program - Undertake planned EM survey - Undertake follow-up RC drill program.

Drilling and related ground disturbing activities over most of the tenement were postponed until an aboriginal heritage survey could be undertaken. However DMIRS approval was given for an initial RC drill program of 7 holes along fence lines at two locations in the northwestern and southeastern extremities of the Ni - Cu soil and magnetic anomalies in October 20223. At the northern E-W fence line 3 drill holes intersected ultramafic lithologies with a massive gabbro overlying this sequence.

Minor disseminated sulphides were observed. At the southern N-S fence line 4 drill holes intersected the same ultramafic lithologies over a width of more than 200m, again overlain by a massive gabbro. Within the ultramafic sequence, hole SSMH0150 intersected a more gabbroic lithology with over 10% disseminated sulphides from a depth 53m to 66m.

The overall appearance of the ultramafic lithologies and the lack of observed komatiite flow features could indicate that the ultramafic at Dukes is a layered ultramafic intrusive sill rather than extrusive ultramafic volcanics. Assays results are currently awaited. Preparations for Exploration in 2023: Heritage Survey: A heritage survey was completed over the Dukes prospect in December 2022.

The survey established there are no sacred, ritual, or ceremonial Aboriginal sites and no known burial sites or former camping areas within the designated project area. In addition, the Aboriginal inspections established that there are no large artefact scatters, quarry sites, marked trees or other areas of Aboriginal heritage interest. As of result of the findings the Company's recommendation is that Aboriginal heritage considerations should not be deemed an impediment to exploration activities proceeding in the Survey Area.

The Aboriginal group identified an active mallee fowl nest in southern sector of E27/613 and an exclusion zone around the nest will be established to prevent disturbance. Proposed EM Survey and Follow up RC drilling: An EM survey has been planned to cover the entire Dukes ultramafic sequence (Figure: 3). A Program of Works has also been lodged with DMIRS for follow up RC drilling covering the same area over the Dukes ultramafic sequence.

MOHO'S INTEREST IN SILVER SWAN NORTH TENEMENTS: Moho is the 100% registered owner of granted tenements M27/263, E27/528, E27/626, P27/2232, P27/2390, P27/2441, E27/613, E27/623 and E27/633, E27/641, P27/2456, and applications for E24/235, E27/687 and E27/701 all of which comprise the Silver Swan North Project. The Company has also signed option agreements to acquire M27/488, P27/2200, P27/2216, P27/2217, P27/2218, P27/2226 and P27/2229. In October 2021, Moho entered into a binding Heads of Agreement with Yandal Resources Ltd. (Yandal).

Under the Agreement, which is still subject to due diligence conditions, in exchange for a 1.0% Net Smelter Royalty, Moho will acquire from Yandal the exclusive right to access, explore for, own, mine, recover, process and sell all nickel, copper, cobalt and Platinum Group Elements extracted from the and associated minerals on 15 granted mining tenements held by Yandal. The Company will also vend four mining tenements under option and a tenement application to Yandal while retaining the rights for nickel and NSR gold royalties.