Pearl Gull Iron : High-Grade Results from Cockatoo Island Switch Pit

ASX Announcement

ASX ANNOUNCEMENT

ASX: PLG

06 April 2022

High-Grade Results from Cockatoo Island Switch Pit

Campaign; Resource Modelling Underway

Highlights:

• • Drilling results in the Switch Pit area continue to deliver high haematite grades:

  • o Hole 21SWDD09 contains 56.9m at 68.9% Fe from 81.2m;

  • o Hole 21SWDD011 contains 83.2m at 50.4% Fe from 98.4m and 7.5m at 63.7% Fe from 181m;

  • o Results support the previously announced high grade Seawall haematite mineralisation in holes 21SWDD01 and 21SWDD02

• • Geological and resource modelling commenced and expected to be delivered in the next 6 weeks

• • Metallurgical test work is continuing at Bureau Veritas in Perth

Pearl Gull Iron Limited (ASX: PLG) ("Pearl Gull" or "the Company") is pleased to announce the fourth and final batch of results from its maiden exploration program on Cockatoo Island, conducted in the latter half of 2021.

Pearl Gull's Chairman, Russell Clark, commented: "This set of drill results from the Switch Pit target, together with previously announced results, confirms a high grade extension to the previously mined Seawall Pit. Geological modelling has commenced with the aim of producing a mineable resource that could be developed into a small scale, low capital operation. The supporting footwall mineralisation continues to be of interest with the potential for beneficiation similar to the previously successful operations on the adjoining tenements. Once our resource work is complete we look forward to updating the market with further plans for our high grade iron ore project."

Registered Address Pearl Gull Iron ACN 621 103 535 ABN 62 621 103 535

Directors

Russell Clark - Non-Executive Chairman Jonathan Fisher - Non-Executive Director Alexander Passmore - Non-Executive DirectorLevel 2, 87 Colin Street West Perth, WA 6005www.pearlgulliron.com.auE:[e-mail]: [phone]

Switch Pit Prospect

The final batch of assay results have continued to return impressive high grade iron results from the Switch Pit prospect including:

21SWDD09

• • 12.6m @ 36.7% Fe from 13.9m down hole

• • 50.5m @ 49.7% Fe from 30.7m down hole

• • 56.9m @ 68.9% Fe from 81.2m down hole

21SWDD011

• • 22.7m @ 35.3% Fe from 0.0m down hole

• • 23.0m @ 33.9% Fe from 29.4m down hole

• • 34.1m @ 45.2% Fe from 58.6m down hole

• • 83.2m @ 50.4% Fe from 98.4m down hole

• • 83.2m @ 50.4% Fe from 98.4m down hole

• • 7.5m @ 63.7% Fe from 181.6m down hole

21SWDD08

• • 5.6m @ 38.0% Fe from 0.0m down hole

• • 5.6m @ 48.5% Fe from 18.1m down hole

• • 1.1m @ 44.6% Fe from 27.3m down hole

• • 5.2m @ 34.4% Fe from 32.6m down hole

21SWDD07

• • 3.2m @ 36.1% Fe from 45.1m down hole

• • 2.4m @ 33.9% Fe from 75.0m down hole

• • 2.5m @ 57.9% Fe from 84.0m down hole

• • 5.1m @ 35.6% Fe from 92.7m down hole

21SWDD05

• • 15.2m @ 31.1% Fe from 29.5m down hole

• • 5.0m @ 50.0% Fe from 51.3m down hole

The Switch Pit diamond drilling program comprised a total of 11 holes for 1,098.8m. The latest assay results continue to display high-grade iron material from the main Seawall haematite unit and the adjacent footwall iron mineralisation. The footwall iron mineralisation ore types are currently being tested for beneficiation via Wet High Intensity Magnetic Separation (WHIMS) with results expected in the coming weeks. This type of material was previously processed on Cockatoo Island using similar beneficiation processes to produce a high grade (>66% Fe) finished product.

A plan view image of the Switch Pit drill hole traces is shown below, along with the interpreted trend of the high-grade Seawall Haematite intersected in holes 21SWDD01, 21SWDD02, 21SWDD09 and 21SWDD011 (Figure 1). The three holes 21SWDD09, 21SWDD010 (abandoned at 5.4m) and 21SWDD011 were drilled down dip to the mineralisation due to practical access reasons with the aim of confirming the continuation of the Seawall Haematite unit and the associated high iron grades. The 'Cockatoo Formation' is a key target for iron mineralisation and its surface expression has been draped over the image in transparent blue.

Figure 1: Plan view of the Switch Pit holes with iron assays, the interpreted Seawall Haematite and

Cockatoo Formation.

The cross sections below display the diamond drill hole traces with significant iron grade intersections in the Switch Pit area. All assay results have now been received from the company's 2021 drilling program.

Figure 2: Switch Pit middle cross section line looking west showing significant intersections for holes 21SWDD04, 21SWDD06, 21SWDD08 and 21SWDD09.

Figure 3: Switch Pit eastern cross section line looking west showing significant intersections for holes 21SWDD05 and 21SWDD011. Hole 21SWDD010 was abandoned at 5.4m.