Resources & Energy Group Limited provided an update on the Granny Venn Gold Mine. Toll Milling for the projects fourth and final production campaign (T4) were completed over the weekend. This concludes mine operations for the Granny Venn Cutback.

In July 2021 the company announced commencement of mining operations at the Granny Venn (GV) Open Cut Gold Mine. Over the weekend the fourth toll treatment (T4) for the project was completed at Golden Mile Milling's Lakewood plant. The GV cut back represented the first mining operations to take place at Granny Venn since 1998.

The production target forecast by the Company was 120kt @2.3 gt/au for 8800oz (1). This has been exceeded. A total of 126kt of ore with an estimated head grade of 2.37gt/au for 9532 oz has been processed.

This is a metallurgical estimate pending completion of gold pours at the Perth mint, and gold in circuit reconciliation for T4. First pours for T4 have been outturned at Perth, with the balance production of bullion expected to be shipped to the refinery over the next week. The completion of T4, represents the final ore production from the cutback mining proposal.

The cutback has been a highly successful project for the Company, and its mining partner BM Mining Services, production statistics. The Company expects to receive a distribution before the end June Quarter. Any remaining balance will be received after final accounts are settled, mint outturns completed, and Gold in Circuit adjustments certified.

The free cash generated from the GVCB will significantly underpin exploration efforts going forward across the broader East Menzies Goldfield Project area and into 2023. Preparations are already underway for exploration drilling over the Company's highly prospective Gigante Grande Gold Project. This includes program of work (POW) applications for drilling which have been lodged and cultural heritage surveys, which have been completed.

Interpretation of existing geophysical data sets at the Company's Springfield Magmatic Nickel Sulphide prospect are also well advanced. This includes design work for a Moving Loop EM survey over the prospect area, which is programmed for July, and additional assay and petrological investigations on drill core recently recovered from the prospect. During the development of the Granny Venn cutback the Company gained invaluable insight into the nature of the Granny Venn ore body and potential for mineralisation beyond the current pit limits.

This included previously reported drill results (3), including 10.5m@4.06gt/au from GV Probe Hole 13 which indicate the continuation of ore beyond the northern end of the pit. These observations will be followed up over the next few months with exploration drilling targeting a resource extension to the north.