Ora Gold : First Quarter Activity & Cashflow Report

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ASX Announcement

28 January 2022

FIRST QUARTER ACTIVITIES REPORT TO 31 DECEMBER 2021

HIGHLIGHTS

Crown Prince Gold Project (M51/886)

Native Title Agreement with Wajarri Yamatji Aboriginal Corporation and Ngoonooru Wajarri Land Committee was executed and lodged with DMIRS for approval of Mining Lease.

Air Core (AC) drilling of 366m at East Crown Prince was completed and assays are awaited.

Transylvania Gold Prospect (P51/2911)

Air Core (AC) drilling of 665m completed to follow up excellent results from previous quarter. Multiple mineralised zones intersected and assays awaited.

Lydia North Gold Prospect (M51/889)

Lydia Gold Project included in executed Crown Prince Native Title Agreement.

Abernethy Shear Zone Gold Prospects (E51/1790)

AC drilling of 1702m on exciting new highly prospective gold zone associated with a tonalite intrusive and showing multiple mineralised historical intersections. Initial target at Kingswood is 800m of strike along the target zone. Assays awaited.

Completion of successful capital raising totalling $1.403 million (before costs)

Ora Gold Limited | ABN: 74 950 465 654 | Level 2, 47 Stirling Highway, Nedlands, WA 6009 | PO Box 333, Nedlands, WA 6909

www.ora.gold| [e-mail]| Tel: [phone]

ORA GOLD LIMITED

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Figure 1. Abbotts Greenstone Belt: location of Ora Gold main targets.

ABBOTTS GREENSTONE BELT PROJECTS, WA (OAU 100%)

The Native Title Agreement for the Crown Prince and Lydia Mining Lease applications was executed during the quarter by the authorised officers of the Wajarri Yamatji Aboriginal Corporation (CN7878) and the Ngoonooru Wajarri Land Committee (announced 15 November 2021).

During the quarter, Air Core (AC) drilling of 44 holes for 2,792m was undertaken at the Transylvania, Lydia North, East Crown Prince and Abernethy (Kingswood) prospects. Samples were submitted for assay in December and results are expected during February.

Drilling at Transylvania followed up the high-grade intersections previously announced (8 September 2021) with further mineralised intersections.

The exciting new gold zone at Abernethy has been drilled by Ora Gold for the first time (announced 17 November 2021). The Kingswood prospect is located at the north end of a seven kilometre long tonalite intrusive associated with shallow gold mineralisation. No mining has taken place along this zone, since it is under some transported cover and it has been only partially tested by previous explorers.

The Company continues to increase the potential for additional resource delineation on its Garden Gully / Abbotts Greenstone Belt tenements.

There are no new gold assays to report this quarter from the drilling listed in Appendix 1.

Information about the Crown Prince Gold Project and prospects in the Abbotts Greenstone Belt / Garden Gully tenements is outlined at the end of this report.

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Abernethy Shear Zone (P51/1790)

This major structure located on the southern extremity of the Garden Gully tenements has been a gold target for various explorers since the 1970s (Figure 2). The geological and structural setting is similar to the Cue and Day Dawn areas, which host high grade deposits that extend to over 1,000m depth.

Although previous explorers drilled multiple high grade gold intersections along a 7km strike, the lack of outcrop, large variations in thickness of transported cover and the presence of anomalous arsenic in multiple (non-mineralised) black shale units, resulted in this earlier drilling being unsuccessful.

Evaluation and re-interpretation of all previous data shows that the main gold target along the Abernethy Shear Zone is the footwall contact of a tonalite intrusive unit with shale or chloritic schist units due to the competency contrast of these rocks. The hanging wall (north- western) side of the tonalite unit has given the best gold intersections to date, which are yet to be followed up, however most of these shallow high-grade gold intersections appear to be of a paleo-channel system sourced from the tonalite contact mineralisation. The more prospective footwall side of the tonalite and the tonalite itself remains a largely undrilled target.

During the quarter Ora Gold drilled 23 AC holes for 1702m on the tonalite and contact zones along the main structure at the Kingswood prospect and between the Abernethy South and Airstrip prospects where the better gold intercepts occur (Figure 3).

Figure 2. Abernethy Shear Zone showing main gold prospects, previous explorer intersections and local geology.

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Figure 3. Abernethy Shear Zone Kingswood prospect showing recent and previous drilling locations and local geology.

Transylvania Gold Prospect (P51/2911)

This increasingly attractive prospect is located five kilometres south of the Crown Prince Gold Project and together with other Garden Gully area prospects may eventually support a stand-alone project. Fourteen short AC holes for a total of 665m were completed during the fourth quarter (Figure 4). Multiple mineralised intersections were logged over about 130m of strike and assays are awaited. The holes infilled shallow gold mineralisation within the high priority Sub-Audio Magnetics (SAM) anomaly and over earlier intersections of primary gold mineralisation at depth. Further infill and extension drilling is planned.

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Figure 4. Transylvania Gold Prospect showing SAM targets, recent drilling and previous gold intercepts.

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